Thursday, February 26, 2015
Enterprise Products Partners LP (Houston), Anadarko Petroleum Corp. (The Woodlands, Texas), DCP Midstream Partners (Denver), and MarkWest Energy Partners LP (Denver) have formed a joint venture under which Enterprise will assign 45% ownership in Panola Pipeline Co. LLC. The interest will be evenly divided among Anadarko’s affiliate, WGR Asset Holding Co. LLC, DCP Midstream, and MarkWest. Enterprise will serve as operator of the Panola Pipeline and own the remaining 55% interest.
The Panola Pipeline, which transports natural gas liquids, originates in Carthage, Texas and extends 181 miles to Mont Belvieu. Following a successful open season, Enterprise will install 60 miles of new pipeline, as well as pumps and other associated equipment as part of an expansion project designed to increase capacity by 50,000 bbld. The incremental capacity is expected to be available in the first quarter of 2016.
“Developing win-win relationships with strategic partners that bring volume commitments or other contributions to the joint venture is a cornerstone of Enterprise’s growth,” said Michael A. Creel, CEO of Enterprise’s general partner. “We are pleased to form this joint venture that benefits and aligns our partners from wellhead through the fractionator.”
In other news, Enterprise Products said Feb. 13 that it had completed a merger with Oiltanking Partners. As a result, Oiltanking is now a wholly owned subsidiary of Enterprise and it will cease to trade on the New York Stock Exchange. “The completion of this merger is a significant milestone for our partnership,” said Creel. “Our ownership of Oiltanking Partners provides new avenues for growth and adds important marine terminals along the Texas Gulf Coast to our portfolio of assets. The combination of Enterprise’s system of midstream assets and Oiltanking Partners’ access to waterborne markets and crude oil and petroleum products storage assets will extend and broaden our midstream energy service business.”
The Panola Pipeline, which transports natural gas liquids, originates in Carthage, Texas and extends 181 miles to Mont Belvieu. Following a successful open season, Enterprise will install 60 miles of new pipeline, as well as pumps and other associated equipment as part of an expansion project designed to increase capacity by 50,000 bbld. The incremental capacity is expected to be available in the first quarter of 2016.
“Developing win-win relationships with strategic partners that bring volume commitments or other contributions to the joint venture is a cornerstone of Enterprise’s growth,” said Michael A. Creel, CEO of Enterprise’s general partner. “We are pleased to form this joint venture that benefits and aligns our partners from wellhead through the fractionator.”
In other news, Enterprise Products said Feb. 13 that it had completed a merger with Oiltanking Partners. As a result, Oiltanking is now a wholly owned subsidiary of Enterprise and it will cease to trade on the New York Stock Exchange. “The completion of this merger is a significant milestone for our partnership,” said Creel. “Our ownership of Oiltanking Partners provides new avenues for growth and adds important marine terminals along the Texas Gulf Coast to our portfolio of assets. The combination of Enterprise’s system of midstream assets and Oiltanking Partners’ access to waterborne markets and crude oil and petroleum products storage assets will extend and broaden our midstream energy service business.”
