NEW YORK—Enterprise Products Partners LP exported a record of about 27 million barrels of NGL in December, co-CEO Jim Teague said during an industry conference on Jan. 26.
Crude oil exports are likely to grow and overall company results for 2020 are expected to be close to records hit in 2019, Teague said.
“We’ve had a pretty darn good year,” he said, adding that the company’s earnings in 2020 were boosted by favorable storage economics due to a market structure known as contango, where prices for oil in the future are above prompt prices.
Oil prices plunged in April last year as the coronavirus pandemic eroded global demand and storage capacity across the world started to fill.
Going forward, Enterprise will focus on repurposing existing pipeline capacity and expanding petrochemicals capacity, Teague said, during the Argus Crude Live conference.
Enterprise expects to receive permits for the offshore crude terminal project, known as Sea Port Oil Terminal (SPOT), in the third quarter, Teague said.
The terminal is designed to load Very Large Crude Carriers at about 85,000 barrels per hour, or up to about 2 million barrels per day.
Enterprise has been working to address requests from the United States Coast Guard and Maritime Administration (MARAD) for more information such as the project description and a list of landowners that would be affected.
The discovery adds to the previous recoverable resource estimate of approximately 9 billion oil equivalent barrels.
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