Enterprise Products contracts its first export of U.S. crude oil
Enterprise Products Partners L.P. (NYSE:EPD) announced that it has agreed to provide pipeline and marine terminal services to load its first export of crude oil produced in the United States under the law enacted earlier this month. The 600,000 barrel cargo of domestic light crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel during the first week of January 2016, the Company said.
“We are excited to announce our first contract to export U.S. crude oil, which to our knowledge may be the first export cargo of U.S. crude oil from the Gulf Coast in almost 40 years,” said A.J. “Jim” Teague, chief operating officer of Enterprise’s general partner. “Enterprise’s integrated system enabled us to quickly respond to customer demand for U.S. crude oil by international markets.”
“We applaud the actions of Congress and President Obama to remove the ban on U.S. crude oil exports,” stated Teague. “This law facilitates economic growth and job creation for the United States as well as enhances our national and energy security. This action provides new markets to domestic producers, especially producers of light crude oil, and will provide global markets with supply diversification.”
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil gathering, transportation, storage and terminals; petrochemical and refined products transportation, storage and terminals; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership’s assets include approximately 49,000 miles of pipelines; 225 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.