Drilling cuts and producer shut-ins amid historically weak oil demand forced Plains All American Pipeline LP to write down the value of its assets and swing to a steep first quarter loss.
Plains All American
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More crude oil takeaway is set to be built from the Permian Basin to Cushing, OK, following a successful open season by a subsidiary of Plains All American Pipeline LP (PAA).
Plains All American Pipeline LP (PAA) is expanding the capacity on itsCactus Pipeline from McCamey to Gardendale, TX, to 390,000 b/d. The expansion, to move increasing production from the Permian Basin to Corpus Christi, TX, and other delivery points along the system, includes manifold and metering enhancements at the system’s origination station, which are anticipated to be completed in 3Q2017. Cactus is a 310-mile, 20-inch diameter crude oil pipeline running from the Permian to the PAA/Enterprise Products Partners LP Eagle Ford Joint Venture (JV) Pipeline. It has a capacity of 660,000 b/d and serves the Three Rivers and Corpus Christi markets directly and can supply the Houston-area market through a connection to the Enterprise South Texas Crude Oil Pipeline. Crude oil delivered on Cactus has access to the Eagle Ford JV barge dock facility in the Corpus Christi area and dock capacity at third-party facilities in Corpus Christi and Ingleside, TX, via connections with the Eagle Ford JV pipeline.