Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Enterprise Products Partners L.P.    EPD   US2937921078

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Enterprise, Enbridge Seaway Crude Oil Pipeline Starts First Flow

05/19/2012 | 06:14pm US/Eastern
   By Ben Dummett 
   Of  
 

Enterprise Products Partners LP (>> Enterprise Products Partners L.P.) and Enbridge Inc. (ENB, ENB.T) said Saturday that the Seaway pipeline has started to accept crude oil at the Cushing, Okla. storage hub for delivery to the U.S. Gulf Coast.

The bottleneck at the critical Cushing storage hub where crude-oil inventories had reached historic highs had contributed to benchmark U.S. oil prices being as much as $20 below European benchmark Brent. But on Thursday, Enterprise and Enbridge announced completion of the much-awaited reversal of the Seaway pipeline, setting the stage for crude oil to flow from the storage hub to the Gulf Coast refining hub. At that time, the companies also indicated they would start shipping oil this weekend.

Enterprise and Enbridge, which control the pipeline through a 50/50 joint venture, said the pipeline will have an initial capacity of 150,000 barrels a day. Capacity will expand to 400,000 barrels a day in the first quarter of 2013.

The two companies announced the reversal project in November 2011 after Enbridge bought ConocoPhillips's (COP) 50% stake in the pipeline for $1.1 billion.

-By Ben Dummett; Dow Jones Newswires; ben.dummett@dowjones.com

--Ben Lefebvre in Houston contributed to this article.

Stocks mentioned in the article : Enterprise Products Partners L.P.
React to this article
Latest news on ENTERPRISE PRODUCTS PARTNE
05/27 ENTERPRISE PRODUCTS PARTNERS : to Participate in Master Limited Partnership Inve..
05/27 ENTERPRISE PRODUCTS PARTNERS : $600 million bond approved
05/20 ENTERPRISE PRODUCTS PARTNERS : to Participate in Master Limited Partnership Inve..
05/20 ENTERPRISE PRODUCTS PARTNERS : to Participate in Investor Conferences
05/15 ENTERPRISE PRODUCTS PARTNERS : to Participate in Investor Meetings
05/14 ENTERPRISE PRODUCTS PARTNERS : and Occidental Petroleum Form Company to Build Na..
05/13 ENTERPRISE PRODUCTS PARTNERS : to Participate in Investor Conferences
05/11 ENTERPRISE PRODUCTS PARTNERS : to Participate in Investor Conferences
05/08 MarkWest Energy Partners Reports First Quarter Financial Results
05/08 ENTERPRISE PRODUCTS PARTNERS : Management's Discussion and Analysis of Financial..
Advertisement
Chart
Duration : Period :
Enterprise Products Partne Technical Analysis Chart | EPD | US2937921078 | 4-Traders
Income Statement Evolution
More Financials