Enterprise Products (EPD) Announces Seaway Oil Pipeline System Fully Restored After Leak
Enterprise Products Partners L.P. (NYSE:EPD) is one of the best dividend stocks to buy. On August 15, EPD confirmed that the Seaway crude oil pipeline system was restored after a southeast Houston leak.
A part of the Seaway pipeline was shut down on the night of August 12, which disrupted the flow of crude oil. The pipeline runs from Cushing, Oklahoma, to Freeport, Texas, where it links with the Enterprise Crude Houston (ECHO) terminal.
The firm mentioned that the restart took place gradually, with shipments resuming on the evening of August 14, but they declined to say how much oil the leak had impacted.
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The price of WTI crude at MEH in East Houston traded $1.25 above WTI at Cushing on August 14, which was roughly 45 cents higher compared to the price right before the leak.
ECHO acts as a hub for Midland crude in Houston, where it stores oil for customers and connects them to major Texas Gulf Coast refineries. It also connects to marine terminals that move crude to both local and international refineries.
Enterprise, responsible for operating the Seaway pipeline, and Canada’s Enbridge are 50-50 partners in the project.
Enterprise Products Partners L.P. (NYSE:EPD) is a Texas-based provider of midstream services for natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products.
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