Member access

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

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

Enterprise, Enbridge Seaway Crude Oil Pipeline Starts First Flow

05/19/2012 | 06:14pm US/Eastern
Recommend:
0
   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.
Recommend :
0
React to this article
Latest news on ENTERPRISE PRODUCTS PARTNE
09/06 ENTERPRISE PRODUCTS PARTNERS : to Hold Open Season for Proposed Bakken-to-Cushin..
09/04 ENTERPRISE PRODUCTS PARTNERS : to Hold Open Season for Proposed Bakken-to-Cushin..
09/03 ENTERPRISE PRODUCTS PARTNERS : to Participate in Barclays CEO Energy–Power..
09/02 Shell CEO says U.S. should export oil to stabilize markets
09/01 Exclusive - From Seoul to Mexico City, pressure mounts to ease U.S. oil expor..
08/28 ENTERPRISE PRODUCTS PARTNERS : to Participate in Citi MLP Investor Conference
08/26 ENTERPRISE PRODUCTS PARTNERS : Management Associates and Fluke Networks Industry..
08/26 ENTERPRISE PRODUCTS PARTNERS : Amendments to Articles of Inc. or Bylaws; Change ..
08/22 ENTERPRISE PRODUCTS PARTNERS L.P. : Split: 2 for 1
08/19 ENTERPRISE PRODUCTS PARTNERS : to Participate in Citi MLP Investor Conference
Advertisement
Chart
Duration : Period :
Enterprise Products Partne Technical Analysis Chart | EPD | US2937921078 | 4-Traders
Income Statement Evolution
Enterprise Products Partne : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF