Published: May 7, 2024 |

[Click image to enlarge]

Enterprise Products Partners said it expects to have two contracts for its proposed deepwater oil export terminal by May 31 and reach a final investment decision before year-end.

Enterprise’s ambitious Sea Port Oil Terminal (SPOT), proposed off for a site off the coast of Texas, would be able to load two supertankers at a single time. It received a key government license this month, but is yet to sign any commercial customers.

The cost of the project has soared to about $3 billion, Reuters reported this month, citing industry experts.

Commercialization of the project is continuing, Co-Chief Executive Officer Jim Teague said on call to discussion first quarter earnings.

He declined to provide the cost of building SPOT, but said the $3 billion capital estimate for SPOT was high.

Enterprise expects organic growth capital investments to range between $3.25 billion and $3.75 billion in 2024 and 2025.

The company will not move forward with the SPOT project until it has contracts to support it, Chief Commercial Officer Brent Secrest said on the call.

The company transported about 2.38 million barrels per day (bpd) of crude oil on its pipelines in the three months ended March 31, about 3.5 percent higher than a year earlier.

Total crude oil marine terminal volumes were a record 1.1 million (bpd) in the quarter, a 30 percent increase compared to the same quarter last year.

Net income rose by 4.3 percent to $1.48 billion in the first quarter. Adjusted earnings of 66 cents, missed analysts expectations by 1 cent.

Source: Reuters

Enterprise Products Partners 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. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals, and refined products; and 14 billion cubic feet of natural gas storage capacity.

Be in-the-know when you’re on-the-go!