Enterprise Acquires Additional Interest in Dixie Pipeline Company

abarrelfullabarrelfull wrote on 13 Jan 2014 12:04

Latest News

{"module":"feed\/FeedModule","params":{"src":"http:\/\/killajoules.wikidot.com\/feed\/pages\/pagename\/blog%3A_start\/category\/blog\/limit\/10\/t\/My+Blog","limit":"4","module_body":"* %%linked_title%%"}}
  • Want a weekly review of refining news?

Oct. 9, 2000

Enterprise Products Partners L.P. (NYSE:EPD) today announced that one of its wholly owned subsidiaries has completed the purchase of an additional 8.38% ownership interest in the Dixie Pipeline Company from an affiliate of Conoco Inc. (NYSE:COCA)(NYSE:COCB). Enterprise and its subsidiaries now own approximately 20% of Dixie Pipeline Company. The price of the acquisition was not disclosed.

Dixie Pipeline Company owns Dixie Pipeline, which is a major propane pipeline that transports propane from natural gas liquid (NGL) fractionators and refineries in Texas, Louisiana and Mississippi, to customers throughout the southeastern United States. The pipeline extends approximately 1,100 miles from Mont Belvieu, Texas, to near Raleigh, N.C. The pipeline includes a 204-mile lateral into Georgia.

"Enterprise is a major shipper on Dixie Pipeline and we are pleased to increase our ownership interest in this attractive pipeline asset. This purchase is consistent with our objective to grow our portfolio of fee-based assets in the natural gas and NGL value chain," said O.S. "Dub" Andras, president and chief executive officer of the general partner of Enterprise Products Partners L.P.

"Conoco has enjoyed its many years of affiliation with Dixie and will continue its role as a major shipper and marketer of propane for our customers in the southeastern U.S. on the Dixie system," noted Mike Johnson, vice president and general manager, Natural Gas & Gas Products, Conoco Inc. "The proceeds from the transaction will be deployed into more strategic and core assets as part of our ongoing portfolio optimization effort."

Unless otherwise stated, the content of this page is licensed under Creative Commons Attribution-ShareAlike 3.0 License