Enterprise Products’ crude oil pipelines and services segment has seen a 28% increase in its gross operating margin.
The segment increased its margin to $236 million (€215 million) and total crude oil transportation volumes were I.5 million barrels per day for the second quarter of 2015, compare to 1.3 million BPD for the same period the previous year.
The increase in gross operating margin is associated with crude oil operations at the partnership’s Houston Ship Channel terminal, part of the Oiltanking acquisition.
The West Texas crude oil pipeline system reported a $6 million (€5.4 million) increase in gross operating margin on higher volumes of 30 million barrels per day during the second quarter of 2015.
The South Texas crude oil pipeline system saw a $20 million decrease in gross operating margin due to a decrease in transportation volumes.
Michael Creel, CEO of Enterprise’s general partner says: ‘We benefited from steady performance from our fee-based businesses, contributions from assets acquired from Oiltanking, the expansion of the Seaway crude oil pipeline and lower operating expenses.
‘This led to a 3% increase in gross operating margin and a 5% increase in distributable cash flow.’