Enterprise Products Records 15% Growth in Q4 Crude Pipeline Volumes
(Reuters) — U.S. pipeline operator Enterprise Products Partners said on Thursday its crude oil volumes last quarter grew 15% to a record 2.6 million barrels per day, as more oil flowed through its lines despite lower prices.
The pipeline and fuel storage company said net income rose 10% to $1.6 million, or 72 cents per share. Excluding items, the company earned 72 cents per share, above analysts estimate of 68 cents per share.
The company said it expects growth capital investments this year will be between $3.25 billion and $3.75 billion, about $250 million higher than its previous forecast.
Enterprise also is awaiting a U.S. license for its export facility Sea Port Oil Terminal (SPOT) in the first quarter of 2024.
The company had seen a draft of the license and the Maritime Administration had accepted changes requested by Enterprise, Robert Sanders, an executive vice president, said during a conference call.
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