Enterprise Product Partners experienced record levels of liquid pipeline volumes and marine terminal volumes in the second quarter of 2016.
The growth has been attributed to the expansion of the company’s LPG marine terminal, the ramp up of contracted volumes on its Aegis and ATEX ethane pipelines and the acquisition of EFS Midstream.
Additionally, the company successfully completed construction and began commercial service for $600 million of growth capital projects in the second quarter including more than two million barrels of additional crude oil storage capacity at its Houston terminal and Beaumont Marine West terminals.
In its crude oil pipelines and services segment, the gross operating margin was down from $236 million in the second quarter of 2015 to $177 million this year. However, the additional capacity at its terminals in Houston as well as Beaumont West contributed to an $11 million increase in gross operating margin.
Its petrochemical and refined products services segment saw volumes increase but gross operating margin figures decrease. However, its refined products pipeline and related services business reported a 68% increase in gross operating margin from refined products marketing activities, which increased by $15 million.
Jim Teague, CEO of Enterprise’s general partner says: ‘We are on schedule to complete and begin commercial service on another $1.4 billion of growth projects during the remainder of 2016. In addition, we have $5.2 billion of growth capital projects scheduled to be completed in 2017 and 2018.