Enterprise, TEPPCO reach merger agreement

By OGJ editors
HOUSTON, June 29
-- Enterprise Products Partners LP and TEPPCO Partners LP have agreed to a major merger of US pipeline, storage, and gas processing systems.

The combined entity will retain the Enterprise Products Partners name. It will own more than 22,000 miles of NGL, oil product, and petrochemical pipelines; 20,000 miles of natural gas pipelines; and 5,000 miles of crude oil pipelines.

Combined storage capacities will be 200 million bbl of NGL, products, and crude oil and 27 bcf of natural gas. The partnership will own one of the largest NGL terminals in the US, on the Houston Ship Channel; 60 NGL, product, and petrochemical terminals throughout the US; and crude oil terminals on the Texas Gulf Coast.

The postmerger partnership will own interests in 17 fractionation plants with more than 600,000 b/d of net capacity, 25 gas processing plants with net capacity of about 9 bcfd, and 3 butane isomerization facilities with capacity of 116,000 b/d.

Enterprise and TEPPCO have entered into definitive agreements to enact the merger. The new partnership will have an enterprise value exceeding $26 billion.

TEPPCO and its general partner, Texas Eastern Products Pipeline Co. LLC, are to become subsidiaries of Enterprise.

Parties to the agreement agreed to settle lawsuits filed after Enterprise made its initial offer in March.

Related Articles

Magellan Midstream to build condensate splitter

04/01/2014 Pipeline operator Magellan Midstream Partners LP, Tulsa, reported it will spend $250 million to build a 50,000 b/d capacity condensate splitter and...

Crestwood Midstream to expand Permian Delaware basin gathering, processing

04/01/2014 Crestwood Midstream Partners LP, Houston, will expand its Willow Lake project in the Permian Delaware basin, the company reported. Phase 2 includes...

Ineos lets contract for Grangemouth ethane terminal

03/28/2014 Ineos Europe AG, Switzerland, said it has reached the latest milestones in its $500 million survival plan to import US shale gas to its 210,000-b/d...

IHS International: US poised to lead world exports of LPG

03/25/2014 US shale gas development has the country poised to become a major global supplier of LPG, mainly to Asia, during 2015-20 with US exports outdistanc...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected