EnergyEnterprise Products oil pipeline Q1 volumes drop amid winter storms
Devika Kumar
3 minute read
The headquarters of energy pipeline operator Enterprise Products Partners seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams
Enterprise Products Partners LP (EPD.N) on Monday said volumes across its pipelines dropped by 13% in the first quarter as producers and refiners were hit by winter storms, causing damage to facilities and disrupting shipments.
Overall pipeline volumes dropped 13% to 6 million barrels per day (bpd) while total crude oil pipeline transportation volumes fell to 1.9 million bpd in the first quarter from 2.4 million bpd a year earlier.
Still, the company had a net benefit of about $250 million in the first quarter from the storms, helped by sales of natural gas to electricity generators, natural gas utilities and industrial customers.
Enterprise Products Partners (EPD) Q1 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
Author Bio
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2 Min Read
(Reuters) -Oil and gas supplier Enterprise Products Partners on Monday sued CPS Energy, a Texas gas and power utility, alleging failure to pay nearly $100 million for natural gas delivered during the state’s February winter storm.
FILE PHOTO: The headquarters of energy pipeline operator Enterprise Products Partners seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams
The lawsuit is the latest to emerge from a severe cold snap that drove prices and demand for natural gas and electricity to hundreds of times their pre-storm levels. Houston gas prices bit.ly/3noiRVL hit $400 per million British thermal units (mmBtu) from about $4.50/mmBtu a week earlier.