• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Enterprise Completes Repairs to Toca Natural Gas Processing Plant

Posted on: Wednesday, 30 November 2005, 21:00 CST

Enterprise Products Partners L.P. (NYSE:EPD) announced today that the second natural gas processing plant at its Toca facility in St. Bernard Parish, Louisiana has returned to service after repairs of damage caused by Hurricane Katrina were completed. The plant's total natural gas processing capacity of 1.1 billion cubic feet per day is now fully operational. The Toca facility is currently processing approximately 550 million cubic feet per day ("MMcfd") of natural gas originating from the Southern Natural Gas and the Tennessee Gas pipelines.

Traditionally, the Toca plant has processed natural gas exclusively from the Southern Natural Gas Pipeline system while volumes from the Tennessee Gas Pipeline system were dedicated to the Yscloskey natural gas processing plant. Due to hurricane damage to the Yscloskey plant, the Toca plant is currently processing approximately 100 MMcfd of natural gas from the Tennessee system. Our current expectations are for volumes at the Toca facility to increase to approximately 750 MMcfd by the end of 2005 and return to pre-storm levels of approximately 550 MMcfd once the Yscloskey processing facility is fully operational in 2006.

"We are pleased to announce that the repairs to our Toca natural gas processing facility have been completed," said Robert G. Phillips, President and Chief Executive Officer of Enterprise. "We would like to recognize the extraordinary and tireless efforts of our employees, contractors and suppliers in restoring this facility so quickly despite the challenges of the working conditions. We would also like to thank city, parish, state and federal officials for their help in facilitating our efforts."

Enterprise owns approximately 60.3% of the Toca plant and is the operator. Enterprise owns approximately 29.4% of the Yscloskey facility, which is operated by Targa Resources, Inc.

Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of approximately $14 billion, and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs and crude oil. Enterprise transports natural gas, NGLs and crude oil through 32,500 miles of onshore and offshore pipelines and is an industry leader in the development of midstream infrastructure in the Deepwater Trend of the Gulf of Mexico. 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, visit Enterprise on the web at 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 its website at www.enterprisegp.com

This press release contains various forward-looking statements and information that are based on Enterprise's beliefs and those of its general partner, as well as assumptions made by and information currently available to Enterprise. When used in this press release, words such as "anticipate,""project,""expect,""plan,""goal,""forecast,""intend,""could,""believe,""may," and similar expressions and statements regarding the plans and objectives of Enterprise for future operations, are intended to identify forward-looking statements. Although Enterprise and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither Enterprise nor its general partner can give assurances that such expectations will prove to be correct. Such statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Enterprise's actual results may vary materially from those Enterprise anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on Enterprise's results of operations and financial condition are:

-- fluctuations in oil, natural gas and NGL prices and production due to weather and other natural and economic forces;

-- a reduction in demand for its products by the petrochemical, refining or heating industries;

-- the effects of its debt level on its future financial and operating flexibility;

-- a decline in the volumes of NGLs delivered by its facilities;

-- the failure of its credit risk management efforts to adequately protect it against customer non-payment;

-- terrorist attacks aimed at its facilities; and,

-- the failure to successfully integrate its operations with assets or companies, if any that it may acquire in the future.

Enterprise has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Source: Business Wire

More News in this Category