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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 CEST
   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 2017 25 782 M
EBIT 2017 4 077 M
Net income 2017 2 919 M
Debt 2017 22 166 M
Yield 2017 6,25%
P/E ratio 2017 19,70
P/E ratio 2018 17,61
EV / Sales 2017 3,09x
EV / Sales 2018 2,70x
Capitalization 57 378 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 33,0 $
Spread / Average Target 22%
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NameTitle
A. James Teague Chief Executive Officer & Director
W. Randall Fowler President & Director
Randa Duncan Williams Non-Executive Chairman
Graham W. Bacon Executive Vice President-Operations & Engineering
Bryan F. Bulawa Chief Financial Officer & Senior Vice President
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