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Tuesday, June 24, 2014

Enterprise Products plans Bakken-to-Cushing pipeline, (NYSE: EPD)

Enterprise Products Partners LP said on Tuesday it would build a 1,200-mile pipeline from North Dakota's Bakken oil fields to Cushing, Oklahoma. The pipeline, Enterprise's first in North Dakota, would help transport more of the state's crude oil to Cushing, a key gathering and distribution hub for oil produced around the United States.The pipeline would originate in Stanley, North Dakota, and be 30 inches in diameter. It will have a daily capacity of 340,000 barrels of oil and should be online by the end of 2016, said Brent Secrest, vice president of onshore crude oil, pipelines and terminals for Enterprise."Our business right now is focused on Texas and Oklahoma," Secrest said when announcing the project at a pipeline summit hosted by North Dakota's governor. "The goal is we go further north."

Enterprise Products Partners L.P. (Enterprise) owns and operates natural gas liquids (NGLs) related businesses of Enterprise Products Company (EPCO). Shares of EPD traded higher by 0.38% or $0.29/share to $76.57. In the past year, the shares have traded as low as $56.11 and as high as $76.50. On average, 1004570 shares of EPD exchange hands on a given day and today's volume is recorded at 514895.