HOUSTON--(BUSINESS WIRE)--Feb. 24, 2015--
Enterprise Products Partners L.P. (NYSE:EPD), Anadarko Petroleum
Corporation (NYSE:APC), DCP Midstream Partners, LP (NYSE:DPM) and
MarkWest Energy Partners, L.P. (NYSE:MWE) today announced the formation
of a joint venture under which Enterprise will assign 45 percent
ownership interest in its wholly owned Panola Pipeline Company, LLC. The
interest will be evenly divided among Anadarko’s affiliate, WGR Asset
Holding Company LLC (WGR), DCP Midstream Partners and MarkWest.
Enterprise will continue to serve as operator of the Panola Pipeline and
own the remaining 55 percent interest.
The Panola Pipeline, which transports natural gas liquids (“NGL”),
originates in Carthage, Texas and extends 181 miles to Mont Belvieu,
Texas. Following a successful open season, Enterprise recently announced
plans to install 60 miles of new pipeline, as well as pumps and other
associated equipment as part of an expansion project designed to
increase capacity by 50,000 barrels per day (“BPD”). The incremental
capacity is expected to be available in the first quarter of 2016.
“Developing win-win relationships with strategic partners that bring
volume commitments or other contributions to the joint venture is a
cornerstone of Enterprise’s growth,” said Michael A. Creel, chief
executive officer of Enterprise’s general partner. “We are pleased to
form this joint venture that benefits and aligns our partners from the
wellhead through the fractionator.”
“With Anadarko’s valuable position in the liquids-rich East Texas area,
this joint venture provided an excellent opportunity to expand NGL
takeaway incrementally to help facilitate future activity and growth,”
said Jacqui Dimpel, Anadarko vice president, Midstream.
“DCP Midstream Partners is excited about our joint venture with these
strong partners in the Panola Pipeline system that will support
continued growth in East Texas and benefit DPM’s extensive gathering and
processing infrastructure in this area,” said Wouter van Kempen,
chairman and chief executive officer of DCP Midstream Partners.
“The expansion of the Panola Pipeline system will provide additional
capacity for producers’ growing NGL production and enable us to continue
growing our midstream presence in Panola County, Texas,” commented Frank
Semple, chairman, president, and chief executive officer of MarkWest.
“We are pleased to be partnering with Enterprise, WGR and DPM to
construct this new joint venture project.”
Enterprise Products Partners L.P. is one of the largest publicly traded
partnerships and a leading North American provider of midstream energy
services to producers and consumers of natural gas, NGLs, crude oil,
refined products and petrochemicals. Our services include: natural gas
gathering, treating, processing, transportation and storage; NGL
transportation, fractionation, storage and import and export terminals;
crude oil and refined products transportation, storage and terminals;
offshore production platforms; petrochemical transportation and
services; and a marine transportation business that operates primarily
on the United States inland and Intracoastal Waterway systems and in the
Gulf of Mexico. Additional information regarding Enterprise can be found
on its website, www.enterpriseproducts.com.
Anadarko Petroleum Corporation’s mission is to deliver a competitive and
sustainable rate of return to shareholders by exploring for, acquiring
and developing oil and natural gas resources vital to the world’s health
and welfare. As of year-end 2014, the company had approximately 2.86
billion barrels-equivalent of proved reserves, making it one of the
world’s largest independent exploration and production companies. For
more information about Anadarko and APC Flash Feed updates, please visit www.anadarko.com.
DCP Midstream Partners, LP (NYSE:DPM) is a midstream master limited
partnership engaged in the business of gathering, compressing, treating,
processing, transporting, storing and selling natural gas; producing,
fractionating, transporting, storing and selling NGLs and recovering and
selling condensate; and transporting, storing and selling propane in
wholesale markets. DCP Midstream Partners, LP is managed by its general
partner, DCP Midstream GP, LP, which in turn is managed by its general
partner, DCP Midstream GP, LLC, which is 100% owned by DCP Midstream,
LLC, a joint venture between Phillips 66 and Spectra Energy. For more
information, visit the DCP Midstream Partners, LP website at www.dcppartners.com.
MarkWest Energy Partners, L.P. is a master limited partnership engaged
in the gathering, processing and transportation of natural gas; the
gathering, transportation, fractionation, storage and marketing of
natural gas liquids; and the gathering and transportation of crude oil.
MarkWest has a leading presence in many unconventional gas plays
including the Marcellus Shale, Utica Shale, Huron/Berea Shale,
Haynesville Shale, Woodford Shale and Granite Wash formation. Additional
information regarding MarkWest can be found at its website, www.markwest.com.
This press release includes “forward-looking statements” as defined
by the Securities and Exchange Commission. All statements, other than
statements of historical fact, included herein that address activities,
events, developments or transactions that Enterprise, Anadarko,
MarkWest, DCP Midstream Partners and their respective general partners
or other affiliates expect, believe or anticipate will or may occur in
the future are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that may cause actual
results to differ materially from expectations, including required
approvals by regulatory agencies, the possibility that the anticipated
benefits from such activities, events, developments or transactions
cannot be fully realized, the possibility that costs or difficulties
related thereto will be greater than expected, the impact of
competition, and other risk factors included in Enterprise’s,
Anadarko’s, MarkWest’s and DCP Midstream Partner’s (or their respective
affiliates’) reports filed with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. Except
as required by law, Enterprise, Anadarko, MarkWest and DCP Midstream
Partners do not intend to update or revise their forward-looking
statements, whether as a result of new information, future events or
Source: Enterprise Products Partners L.P. and Anadarko Petroleum Corporation and DCP Midstream Partners, LP and MarkWest Energy Partners, L.P.
Randy Burkhalter, Investor Relations (713)
381-6812 or (866) 230-0745
Rick Rainey, Media Relations (713)
John Christiansen, Media
Relations (832) 636-8736
Attel, Investor Relations (303) 605-1741
Sarah Rasmussen, Media
Relations (303) 446-4170
Hallenbeck, VP of Finance and Treasurer (866) 858-0482