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

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Enterprise, Enbridge Seaway Crude Oil Pipeline Starts First Flow

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05/20/2012 | 12:14am CET
   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.
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Financials ($)
Sales 2016 22 400 M
EBIT 2016 3 606 M
Net income 2016 2 528 M
Debt 2016 23 139 M
Yield 2016 6,38%
P/E ratio 2016 20,90
P/E ratio 2017 18,32
EV / Sales 2016 3,42x
EV / Sales 2017 2,99x
Capitalization 53 405 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 32,1 $
Spread / Average Target 26%
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Managers
NameTitle
A. James Teague Chief Executive Officer & Director
W. Randall Fowler President & Director
Randa Duncan Williams Non-Executive Chairman
Bryan F. Bulawa Chief Financial Officer & Senior Vice President
Paul G. Flynn Chief Information Officer & Vice President
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Sector and Competitors
1st jan.Capitalization (M$)
ENTERPRISE PRODUCTS PA..-0.78%53 405
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ENBRIDGE INC22.24%39 125
TRANSCANADA CORPORATIO..32.53%38 436
WILLIAMS COMPANIES INC22.14%23 569
ENERGY TRANSFER PARTNE..1.57%18 592
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