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‘Full’ pipelines boosted Enterprise revenues in Q1

May 2, 2022

Enterprise Products Partners said Monday that its revenues are rising with increased volumes of oil, gas and chemicals flowing through its pipelines. 

Revenue at the Houston pipeline company rose by 42 percent to $13 billion from $9 billion a year ago, though the company made just slightly less year over year. Enterprise said it made $1.33 billion in the first quarter compared with $1.36 billion in the same period in 2021. Co-CEO Jim Teague called the results "strong" and said he is bullish on the outlook for his company and for the U.S. oil industry, which he said is primed to replace Russian oil and gas as its war with Ukraine continues. To accomplish that, he said, federal regulators should loosen their grip and "unleash God-given shale resources that we are blessed with."

"Unless we’re ready to take a huge step back in human development," he said, "U.S. oil and gas production must continue to grow."

And it is growing, the company said, despite reports that U.S. output is lagging because of supply chain challenges and industry fiscal restraint. Oil and gas volumes coming from the Delaware Basin, in the western edge of the Permian Basin, are increasing, the company said, with forecasts showing that more pipeline capacity will be needed.

"I hear what they’re saying, but what we’re seeing contradicts it a little bit," said Zach Strait, vice president of unregulated natural gas liquids. 

The company has $4.6 billion in projects under construction, including natural gas processing plants in the Midland and Delaware basins, a natural gas liquids processing plant in Chambers County and an expansion of its Acadian Gas Pipeline System that moves gas from Haynesville to LNG facilities in Louisiana.

By Amanda Drane, Houston Chronicle