Pipeline Operator Enterprise Says Bullish on Permian Oil Output
02.05.2023 By TankTerminals.com - NEWS

February 5, 2022 [Reuters] – U.S. energy pipeline operator Enterprise Products Partners (EPD.N) was bullish on oil production from the top U.S. shale basin, the firm said on Wednesday, predicting that international demand for U.S. oil and gas will rise.


The comments come as top oil producers have warned of easing crude oil production from the Permian basin, spread across Texas and New Mexico, and as Enterprise’s oil pipeline volumes fell last quarter. Rising costs, dwindling reserves and pressures to hold down spending have slowed Permian output gains.

“We think a lot of crude oil has to come from this country to satisfy demand,” said Chief Commercial Officer Brent Secrest.

Enterprise, which is looking to build a crude oil export terminal, said the market still needs the project as pipelines to top oil export port Corpus Christi are nearly full.

The pipeline operator posted a better-than-expected profit earlier in the day as its pipelines transported more natural gas. Export demand for natural gas has risen since the Ukraine crisis, providing ample opportunity for pipeline operators to move volumes to the coast.

Natural gas transportation volumes rose 20.5% to a record 17.6 trillion British thermal units per day (TBtupd), boosting operating margin in the segment by about 62%, Enterprise said.

However, its crude oil pipeline volumes dipped 2% to about 2.28 million barrels per day (bpd). Crude marine terminal volumes increased 16% to 756 million bpd.

The company also said it was targeting earnings above $9.3 billion for the full year.

Pro Trial: Access 11,340 Tank Terminal and Production Facilities

11,340 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

China Exports More Fuel Than Expected
03.22.2023 - NEWS
March 22, 2023 [Energy Intelligence] – China’s combined exports of gasoline, diesel a... Read More
Why Brazil Looks to Boost Oil Refining Capacity
03.22.2023 - NEWS
March 22, 2023 [bnamericas] – After years of relative stagnation, Brazil is likely to resum... Read More
Iraq and UAE Spearhead Downstream Expansion
03.22.2023 - NEWS
March 22, 2023 [OilPrice.com] – Oil markets have been affected by financial market challeng... Read More
Sempra, ConocoPhillips Partner to Launch Port Arthur LNG Project in South Texas
03.22.2023 - NEWS
March 22, 2023 [World Oil] – Sempra announced that its 70%-owned subsidiary, Sempra Infrast... Read More