Enterprise Products Partners (EPD.N) said it will not go ahead with a joint venture with Energy Transfer Partners (ETP.N) to build a pipeline that would help ease a glut of landlocked U.S. crude as it did not get enough shipper interest to commercially support the project. The company -- which entered a joint venture with Energy Transfer Partners to build a 584-mile crude oil pipeline from Cushing, Oklahoma, to Houston, Texas -- had already twice extended the open commitment season in order to give shippers more time to commit pipeline capacity. "While the recently completed binding open commitment period generated significant shipper interest, agreements with the capacity and terms necessary to commercially support the project as planned were not sufficient," Enterprise said in a statement. The company said it remains committed to developing a crude oil pipeline from Cushing to the Gulf Coast and will continue to work with potential shippers to secure additional support for the project.
Enterprise Products Partners L.P. (Enterprise) is a midstream energy company providing a range of services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, refined products and certain petrochemicals. Shares of EPD fell by 3.14% or $-1.28/share to $39.45. In the past year, the shares have traded as low as $36.00 and as high as $44.35. On average, 1284190 shares of EPD exchange hands on a given day and today's volume is recorded at 2207933.
Energy Transfer Partners, L.P. (ETP or the Partnership) is a limited partnership based in the United States engaged in natural gas operations. Shares of ETP fell by 2.85% or $-1.26/share to $42.90. In the past year, the shares have traded as low as $40.25 and as high as $55.50. On average, 1003070 shares of ETP exchange hands on a given day and today's volume is recorded at 1444275.
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