Enterprise Products Partners continues to grow its export capabilities and set ambitious goals, including one noted by CEO Jim Teague during his appearance at RBN’s recent NACON: PADD 3 conference — growing liquid hydrocarbon exports by about 50% to a remarkable 100 MMbbl per month (100 MMb/month), or about 3.33 MMb/d. And that doesn’t include the company’s planned Sea Port Oil Terminal (SPOT), which could send out up to 2 MMb/d! While that goal may seem lofty, Enterprise is already a major player in export markets and has extensive hydrocarbon delivery, storage and distribution assets in place to feed its coastal terminals. In today’s RBN blog, we look at the crude oil side of Enterprise’s export machine and show why supply will be key to meeting part of that ambitious goal.
The Crude Voyager is a weekly analysis of U.S. Gulf Coast loading activity that explains the ebbs and flows of crude loadings, destinations, and geopolitical issues impacting U.S. exports. It outlines the major paths for laden tankers hauling U.S. crude all over the world and reflects the change in tanker departures to the main regions that consume U.S. crude.
While Enterprise hasn’t spelled out how it intends to ramp up its liquid exports, we’ll walk you through one scenario on how it might all shake out. Let’s start with the big picture. For the first nine months of 2024, Enterprise reported that it was exporting nearly 67 MMb/month (2.2 MMb/d) of liquid hydrocarbons (average of last nine stacked bars to far right in Figure 1 below), with crude oil (gray bar segments) accounting for 30.2 MMb/month (992 Mb/d), NGLs (dark-blue bar segments) adding another 27 MMb/month (886 Mb/d), and refined products and petchems (light-blue segments) contributing 9.6 MMb/month (315 Mb/d). To move combined exports from 2.2 MMb/d to 3.33 MMb/d would require a jump of about 50%, or about 1.1 MMb/d. For the sake of this blog series exploring the company’s export assets, let’s assume as a starting point that the share of exports from each group will remain essentially constant, as it has since January 2021, although NGL volumes might be likely to grow more than crude oil due to Enterprise’s new gas processing plants in the Permian and new dock capacity being built in Neches River and Houston. An across-the-board increase of 50% would push crude oil exports to nearly 1.5 MMb/d, NGL exports to about 1.3 MMb/d, and refined products/petchems to about 470 Mb/d. As we said, in today’s blog we’ll focus on crude oil. (We’ll look at NGLs, refined products and ethylene in an upcoming blog.)
Figure 1. Enterprise Liquid Hydrocarbon Exports. Source: Enterprise
Join Backstage Pass to Read Full Article
About the song
“Against All Odds (Take a Look at Me Now)” was written and recorded by Phil Collins as the title song for the 1984 movie Against All Odds. Produced by Arif Mardin and released in February 1984, the single went to #1 on the Billboard Hot 100 Singles chart, #1 on the Mainstream Rock Tracks chart, and #2 on the Adult Contemporary list. Originally an unreleased song of Collins’s titled “How Can You Just Sit There,” written about the breakup between Collins and his first wife, the song was rewritten to reflect what the film was portraying. In addition to the single, the song appears on the 1984 soundtrack album, Against All Odds, and also on Collins’s 1998 Hits album and Love Songs: A Compilation, released in 2004. Personnel on the recording were: Phil Collins (vocals, drums), Rob Mounsey (piano, keyboards), and an orchestra conducted by Arif Mardin. The song won a Grammy Award for Best Pop Vocal Performance by a Male in 1985.
Phil Collins is an English singer, songwriter, drummer, multi-instrumentalist, record producer and actor. He started in show business as a child actor, and his professional musical career began as the drummer, and later lead vocalist for the British rock band Genesis. He recorded nine studio and two live albums with Genesis. Since going solo in 1979, he has released eight studio albums, one live album, and three compilation LPs, along with 45 singles. He has sold more than 150 million records worldwide. Collins has won eight Grammy Awards, six Ivor Novello Awards, four Billboard Music Awards, three American Music Awards, two Golden Globes, one MTV Video Music Award, and one Academy Award. He is a member of the Songwriters Hall of Fame, was inducted into the Rock and Roll Hall of Fame as a member of Genesis, and has a star on the Hollywood Walk of Fame. In March 2022, at the last date of Genesis’s The Last Domino? Tour, at O2 Arena in London, Collins announced that “It’s the last show for Genesis.” A five-LP Box set was released in September entitled Both Sides (All the Sides).
