Enterprise Products Partners' first-quarter crude oil pipeline volumes edged slightly higher, the pipeline and storage company said on Tuesday, helped by production growth in the top U.S. shale basin.
The headquarters of energy pipeline operator Enterprise Products Partners seen in Houston, Texas, U.S. September 27, 2020. Picture taken September 27, 2020. REUTERS/Gary McWilliams/File Photofirst-quarter crude oil pipeline volumes edged slightly higher, the pipeline and storage company said on Tuesday, helped by production growth in the top U.S. shale basin.
The company's Sea Port Oil Terminal project received a record of decision late last year, a major milestone in the process to obtain a license. "Across our integrated system we continue to see crude oil, natural gas and NGL production growth from the Permian Basin," Teague said in a statement, adding that domestic and international demand for U.S. energy and energy products remains resilient.
Total crude oil pipeline transportation volumes rose to 2.3 million barrels per day in the three months to March 31, from 2.2 million bpd a year earlier, the company said.However, gross operating margin from its crude oil pipelines and services segment eased 4.3% to $397 million in the first quarter, partly due to expiration of minimum volume commitments on a key pipeline.The results are "a healthy start to 2023 earnings," wrote Tudor Pickering Holt & Co analyst Colton Bean.
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