Enterprise Products Partners LP announced that its wholly owned affiliate, Enterprise Marine Services LLC, has entered into a multi-year contract with SeaRiver, Inc. to provide the ExxonMobil subsidiary with transportation services. Under the terms of the agreement, which took effect January 1, 2013, Enterprise is committing five tugs and 10 barges for the transportation of refined products and other hydrocarbon products along the nation’s inland waterway system.
“We are very pleased to execute this long-term agreement with SeaRiver, one of the largest consumers of marine transportation services in the energy industry,” Gerald R. “Jerry” Cardillo, president of Enterprise Marine Services LLC, said in a release. “We believe our selection as one of SeaRiver’s preferred vendors reflects our quality fleet, operational reliability and experienced personnel. We believe the agreement is also an acknowledgement of Enterprise Marine’s ‘best in the industry’ financial strength based on our affiliation with Enterprise Products Partners, one of the largest publicly traded partnerships, with an enterprise value of $62 billion and investment-grade debt ratings.”
Enterprise Marine Services owns and operates approximately 200 vessels that transport petroleum and petrochemical products throughout the nation’s network of inland waterways, as well as the Gulf of Mexico. Its fleet of double-hulled barges is among the youngest in the industry and meets or exceeds federal requirements for safety. Reflecting Enteprise’s commitment to growing its Marine Services business, Enterprise’s 64th tug, the Dan L, named after founder Dan Duncan, was placed into service in 2012. Four more tugs and six barges are under construction and expected to be completed in 2013.
Recommended Reading
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
2024-05-04 - Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Analyst Questions Kimmeridge’s Character, Ben Dell Responds
2024-05-02 - The analyst said that “they don’t seem to be particularly good actors.” Ben Dell, Kimmeridge Energy Partners managing partner, told Hart Energy that “our reputation is unparalleled.”
Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production
2024-05-02 - Tellurian’s Driftwood LNG received an extension through 2029 with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
Zeta Energy Appoints Michael Everett as COO
2024-05-02 - Prior to joining Zeta Energy, a lithium-sulfur battery developer, Michael Everett previously served as president and COO at Advanced Battery Concepts.