Enterprise Offering Additional Capacity on Aegis Ethane Pipeline System
Enterprise Products Partners L.P. (NYSE:EPD) today announced it will be conducting a binding open commitment period to gauge shipper support for a proposed expansion of the Aegis pipeline. The 270-mile Aegis system is designed to transport purity ethane from Enterprise’s Mont Belvieu, Texas liquids storage complex to petrochemical facilities in Texas and Louisiana.
Energy Transfer Partners Announces Binding Open Season for Crude Oil Pipeline in Texas and New Mexico
Energy Transfer Partners, L.P. (NYSE: ETP) today announced that its affiliate, ETP Crude LLC (“ETP Crude”), will commence a binding Open Season for a new pipeline, the Delaware Basin Crude Gathering Pipeline (“Delaware Pipeline” or “Pipeline”), that will have the capacity to accept approximately 120,000 barrels per day of crude oil from receipt points located in Reeves County, Texas and Lea County, New Mexico for transportation to delivery points in Loving County, Texas and Lea County, New Mexico. Interstate service on the Delaware Pipeline will be subject to the jurisdiction of the Federal Energy Regulatory Commission.
Enterprise Signs Additional Commitment for Aegis Ethane Pipeline
Enterprise Products Partners L.P. (NYSE:EPD) today announced it has executed a long-term agreement for incremental ethane transportation capacity on the partnership’s Aegis pipeline. With this agreement, total capacity commitments for the Aegis pipeline will ramp up over the next four years to more than 300,000 barrels per day ("BPD").
Hess Announces Bakken Midstream Joint Venture Valued at $5.35 Billion
Hess Corporation (NYSE: HES) (the “Company”) announced today that it has agreed to sell a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners, a leading global infrastructure investor with an extensive midstream energy investment track record, for cash consideration of $2.675 billion. Hess and Global Infrastructure Partners will create a premier midstream joint venture – Hess Infrastructure Partners. Upon closing, the joint venture will incur $600 million of debt through a 5-year Term Loan A facility with proceeds distributed equally to both partners, resulting in total after-tax cash proceeds, net to Hess, of $3.0 billion. In addition the joint venture will have independent access to capital including a $400 million 5-year Senior Revolving Credit Facility, which is fully committed. The joint venture upon closing plans to continue to pursue a proposed initial public offering (IPO) of Hess Midstream Partners LP common units.
Enterprise to Build New Crude Oil and Condensate Pipeline from Midland to Houston
Enterprise Products Partners L.P. (NYSE:EPD) today announced it has executed long-term agreements that support development of a new 416-mile, 24-inch diameter pipeline to transport crude oil and condensate from the company’s Midland, Texas terminal to its Sealy storage facility west of Houston. From Sealy, the new pipeline would link to Enterprise’s ECHO terminal through an interconnect with the Rancho II pipeline, which is scheduled to be in service in July 2015. Through ECHO, customers will have direct access to every refinery in Houston, Texas City, Beaumont and Port Arthur, as well as Enterprise’s dock facilities.