Enterprise Products Says Demand Continues to Recover -- Commodity Comment
07.30.2021 - NEWS

July 30, 2021 [MarketWatch] – Enterprise Products Partners LP saw ongoing recovery in demand for crude oil, natural gas liquids, primary petrochemicals and refined products as the global economy continues to emerge from Covid-related lockdowns, said A.J. Teague, co-chief executive officer of Enterprise’s general partner.


On volumes:

“Our liquids pipelines transported 6.4 million BPD for the second quarter of 2021, which is within four percent of our 2019 volumes of 6.7 million BPD,” Mr. Teague said.

“Enterprise’s natural gas pipelines transported 14.2 TBtus/d for the second quarter, equaling our 2019 volumes.”

“NGL fractionation volumes for the second quarter of 2021 remained strong at near record levels of 1.2 million BPD.”

“Our propylene production for the second quarter of 2021 was a record 113 MBPD.”

“Liquid volumes handled by our marine terminals for the second quarter of this year were 1.6 million BPD, which still lagged 2019 volumes of 1.9 million BPD, primarily due to weakness in crude oil and refined product exports.”

“Total transportation volumes on the TE Products Pipeline System increased by a net 146 MBPD for the second quarter of this year compared to the same quarter in 2020, primarily due to recovering demand for motor fuels,” the company said.

On gross operating margin:

“The partnership generated $2.1 billion of gross operating margin for the second quarter of 2021, primarily attributable to record results for our propylene business, improved natural gas processing margins and volumes, higher product values across our system and $66 million of payments received from the Texas Load Resources Demand Response Program,” Mr. Teague said.

“Higher average gas processing margins, including contributions from hedging activities, from the partnership’s Rocky Mountain, South Texas and Louisiana and Mississippi processing plants accounted for a $79 million increase in gross operating margin,” the company said.

“Gross operating margin from the partnership’s Permian Basin Gathering System increased $32 million for the second quarter of 2021 compared to the second quarter of 2020, primarily due to higher average condensate sales prices and volumes, and higher natural gas gathering volumes of 534 BBtus/d. The increase in gathering volumes correspond to deliveries to Enterprise’s Orla and Mentone processing facilities.”

On the company’s projects:

“Enterprise’s major construction projects remain on-time and on-budget. The next two growth projects scheduled for completion in the fourth quarter of 2021 are the Gillis natural gas pipeline that will connect Haynesville Shale production with the LNG markets in southwest Louisiana and a natural gasoline treater in Chambers County, Texas,” Mr. Teague said.

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