September 3, 2008
Enterprise Completes Initial Assessment of Onshore Facilities Impacted By Hurricane Gustav; No Major Damage Reported
Enterprise Products Partners L.P. (NYSE:EPD) today announced that initial inspections by onsite field crews indicate minimal or no visible damage to its natural gas processing, fractionation and natural gas and liquids pipeline assets in Louisiana as a result of Hurricane Gustav. Enterprise expects to conduct aerial evaluations of the partnership's offshore platforms that were evacuated ahead of the storm, as well as its onshore pipelines and facilities later today.
Enterprise's 438-mile Acadian natural gas pipeline system has returned to normal operations. In addition, a flyover of the Dixie Pipeline system yesterday showed no visible damage to the pump stations or pipelines. However, Dixie remains out of service from Mont Belvieu to the Baker, Louisiana station because of a loss of power but operations are normal eastward from Petal, Mississippi to Apex, North Carolina, where the system terminates.
The loss of commercial power represents the most significant challenge facing Enterprise, but once restored, the partnership expects processing, fractionation and pipeline facilities to quickly resume operations. Enterprise continues to work closely with local electricity providers but does not have an estimate as to when power will resume at the impacted locations.
Enterprise operates or owns an interest in nine natural gas processing facilities in Louisiana, with net capacity of nearly 3 billion cubic feet per day. In addition, the partnership has four Louisiana fractionators representing net capacity of approximately 179,000 barrels per day.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships with an enterprise value of more than $21 billion, and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Enterprise transports natural gas, NGLs, crude oil and petrochemicals through more than 35,000 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE). For more information on Enterprise GP Holdings L.P., visit www.enterprisegp.com.
This news release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties include, among other things, weather-related events, insufficient cash from operations, market conditions, governmental regulations and factors discussed in Enterprise Products Partners L.P.'s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.