Enterprise Products Partners LP
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Houston, Texas-based Enterprise Products Partners LP (NYSE: EPD) is a natural gas pipeline, storage and processing company. It owns a huge pipeline network for transporting natural gas liquids in the American South and West.
At the end of June, 2009 Enterprise announced that it had acquired an affiliated company, Teppco Partners LP, which owned two gasoline pipelines that cut across Pennsylvania. Reportedly, the new combined entity was to become the bigest oil and gas pipeline company that is publically traded in the U.S.
To some extent the acquistion was largely an administrative matter since the two firms already shared a common headquarters office building in Houston and were owned by the same general partner. One motivation for the activity appeared to have been Enterprise's desire to piggyback a natural gas pipeline on Teppco's Pennsylvania gasoline pipeline right-of-way. This gas pipeline could then support exploration and production companies producing in the Marcellus shale. Such a future Marcellus pipeline could be tied into the existing 36,000 miles of Enterprise pipeline network. Enterprise also owns 25 gas processing plants and storage capacity for 150 million bbl.
- Dan Duncan, legendary Houston investor, through a private holding company, owns a 70% stake in Enterprise GP Holdings which in turn is a general parnership that owns both Enterprise Products and Teppco Partners.
- Michael Creel is the CEO of Enterprise.
- Jim Teague is Enterprise’s Chief Commercial Officer.