Houston pipeline operator Enterprise Products Partners has announced it is looking at ways to trim its multi-billion-dollar capital expenditure budgets for 2020.
Enterprise Co-CEO Jim Teague said: “While substantially all of our major growth capital projects are supported by long-term, bilateral agreements, we are in discussions with our customers and evaluating opportunities to reduce or defer capital expenditures, as well as continuing to explore joint venture opportunities with strategic partners.”
Specialising in moving crude oil from shale plays to export terminals it owns along the Gulf Coast, Enterprise also owns pipelines, processing plants, storage facilities and export terminals for natural gas liquids such as ethane, propane and butane. The company set a $3 billion to $4 billion capital expenditure budget for expansion projects in 2020, as well as a $400 million budget for operations and maintenance.
A decision on where the expenditure tightening will come will be announced when Enterprise reports the company’s first quarter results on April 29.
Founded in 1968 with a pair of propane delivery trucks, the Houston pipeline operator has evolved into a vertically integrated company with pipelines, processing plants and marine terminals with more than 7,000 employees across the United States.
Touted as the largest exporter of crude oil and natural gas liquids in the United States, Enterprise reported a $4.6 billion profit on $32.8 billion of revenue. The company handles nearly one-third of all US crude oil exports, more than 80 per cent of US ethane exports and about 40 per cent of propane and butane exports.
For more information visit www.enterpriseproducts.com