September 14, 2008
Enterprise Completes Initial Assessment of Onshore Facilities; No Major Damage Reported
Enterprise Products Partners L.P. (NYSE:EPD) today announced that initial inspections by onsite field crews indicated minimal to no visible damage to its company-operated onshore assets on the Texas and Louisiana Gulf Coast. Tomorrow, Enterprise expects to begin aerial evaluations of the partnership's offshore platforms that were evacuated ahead of the storm, as well as certain of its onshore pipelines and facilities. Enterprise's company headquarters located in downtown Houston did not sustain any noteworthy damage.
The loss of commercial power at the company's facilities in Texas represents the most significant challenge facing Enterprise. Once restored, the partnership expects most of its facilities to quickly resume operations. In the meantime, Enterprise is in the process of deploying back up and temporary generators to restore limited service to certain of its assets. This includes the ability for Enterprise's storage facilities at Mont Belvieu, Texas to currently receive approximately 120,000 barrels per day of mixed natural gas liquids.In the eastern Gulf of Mexico, service and operations on the Independence Hub platform and Trail pipeline are expected to resume today. Enterprise is expected to re-man their other offshore platforms beginning tomorrow after initial assessments are completed.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships with an enterprise value of more than $20 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. For more information on Enterprise Products Partners L.P., visit www.epplp.com. 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, such as the partnership's expectations regarding the resumption of operations. 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.