Enterprise Products reports $1.3 billion profit, new projects in Houston, Permian [Houston Chronicle]
Oct. 31–Houston’sEnterprise Products Partners reported a $1.3 billion quarterly profit Wednesday that more than doubled its $611 million net gain a year ago.
The pipeline, processing and exporting company also announced expansions in the Houston area and in West Texas’ Permian Basin to increase its capacity to process natural gas and natural gas liquids.
Enterprise’s quarterly revenue also jumped nearly 40 percent to $9.6 billion from $6.9 billion in the year prior.
Enterprise said it will build a cryogenic natural gas processing plant in Mentone in West Texas’Loving County. The facility, which is expected to open in the first quarter of 2020, would have the capacity to process 300 million cubic feet per day of natural gas and extract in excess of 40,000 barrels per day of natural gas liquids.
Enterprise said it will expand NGL fractionation capacity at its large Mont Belvieu campus east of Houston by 150,000 barrels a day, increasing the total capacity there to more than 1 million barrels daily.
Fractionators take the streams of natural gas liquids from oil and gas wells and separate the NGLs into their individual parts, such as ethane, butane and propane.
Enterprise already is building its 10th fractionator in Mont Belvieu at what is already the world’s largest natural gas liquids complex.
“The current environment of strong demand for midstream energy services, coupled with productive discussions with customers to develop new infrastructure projects across all four of our business segments, is the strongest business climate we have seen in recent memory,” Enterprise Chief Executive Jim Teague said, citing its gas, NGL, crude and petrochemical segments.
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