Products

Enterprise Products Partners LP on Monday said it had tripled its total ownership interest from 20% to 66% in Dixie Pipeline Co., which owns and operates a 1,300-mile propane pipeline from supply areas in Texas, Louisiana and Mississippi to markets throughout the southeastern United States.

Enterprise Products Partners announced Monday that it began receiving the first of what eventually will be very large natural gas and oil production flows from several major deepwater fields in the Gulf of Mexico into the Manta Ray Offshore Gathering System, the Nautilus Gas Pipeline and the recently completed Cameron Highway Oil Pipeline System.

Enterprise Products Partners LP, which merged with GulfTerra Energy Partners LP last year, more than tripled its net income in the fourth quarter, reporting earnings of $115.4 million (28 cents/unit), compared with $34.2 million (13 cents) in 4Q2003. For the year, Enterprise earned $268.3 million (87 cents/unit), compared with $104.5 million (41 cents) in 2003.

Enterprise Products Partners LP, which merged with GulfTerra Energy Partners LP last year, more than tripled its net income in the fourth quarter, reporting earnings of $115.4 million (28 cents/unit), compared with $34.2 million (13 cents) in 4Q2003. For the year, Enterprise earned $268.3 million (87 cents/unit), compared with $104.5 million (41 cents) in 2003.

Enterprise Products Partners announced Monday that it began receiving the first of what eventually will be very large natural gas and oil production flows from several major deepwater fields in the Gulf of Mexico into the Manta Ray Offshore Gathering System, the Nautilus Gas Pipeline and the recently completed Cameron Highway Oil Pipeline System.

Enterprise Products Partners LP has added two more El Paso Corp. properties to its portfolio with the purchase of its East Texas natural gas subsidiaries. Enterprise paid $74.5 million for the natural gas gathering system and natural gas cryogenic processing plant, and the acquisition is expected to be immediately accretive to cash flow in 2005. According to Enterprise, the East Texas plants, located in Polk County, TX, own an 80% equity interest in three gathering systems, which represent a combined 89 miles of two-inch to 12-inch pipeline system, and a 75% equity interest in the Indian Springs gas processing facility. The Indian Springs processing plant has capacity to process up to 120 MMcf/d. In addition, there is an idle 20 MMcf/d train available for restart to support an increase in gas volumes. The gas processed at the Indian Springs plant is sourced from the Polk County gas gathering systems, as well as the nearby Big Thicket gathering system. Big Thicket is a 240-mile pipeline system located in Tyler and Hardin counties that is owned and operated by Enterprise. Together, these gathering systems cover a significant portion of the prolific Woodbine, Wilcox and Yegua production areas in East Texas.

Enterprise Products Partners LP announced Monday it added more El Paso Corp. properties to its portfolio with the purchase of two East Texas natural gas subsidiaries. Enterprise paid $74.5 million for the natural gas gathering system and natural gas cryogenic processing plant, and the acquisition is expected to be immediately accretive to cash flow in 2005.

Just days after Enterprise Products Partners LP bought the remaining stake in its partnership from El Paso Corp., the company said it will begin beefing up its existing natural gas liquids (NGL) fractionator at the Mont Belvieu complex by 15,000 bbl/d to a total of 225,000 bbl/d, as part of a plan to pump up production from the prolific Rocky Mountain basins.

El Paso Corp. on Friday sold its remaining interests in Enterprise Products Partners LP. for $425 million to EPCO Inc., a privately held company formed by Enterprise’s founder, Dan L. Duncan. The sale includes El Paso’s 9.9% interest and 13.5 million common units in the general partner of Enterprise.