Enterprise’s Pipelines Transport Record Volumes of Products for Q3 2022
(Reuters) — Enterprise Products Partners LP's pipelines transported a record amount of natural gas liquids, crude oil and other products during the third quarter of 2022, the company announced Tuesday in an earnings statement.
Enterprise's pipelines moved 11.3 million barrels per day equivalent of the products, while the company's natural gas pipelines transported a record 17.5 trillion British thermal units per day, the company said. It posted an 11% increase in total gross operating margin to $2.3 billion for the third quarter of 2022 versus the same time last year.
The higher results were driven by contributions from its Midland Basin natural gas gathering and processing business, and higher gross operating margin from its natural gas processing, octane enhancement and natural gas pipeline businesses, the company said.
Enterprise's natural gas processing and related NGL marketing business reported a gross operating margin of $485 million for the third quarter of 2022, an 84% increase from the same time last year. Higher natural gas liquids prices during the quarter benefited the company as well.
For crude oil pipelines and services, the company's gross operating margin was $415 million, compared with $423 million for the third quarter of 2021. The gross operating margin from Enterprise's EFS Midstream System fell due to lower deficiency fees, while the gross operating margin from the Seaway Pipeline decreased because of lower average transportation fees.
For its natural gas pipelines and services, gross operating margin increased to $278 million, a 25% rise from the same time last year.
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