Enbridge Energy Partners Announces Bakken Access Expansion Program
(firmenpresse) - HOUSTON, TX -- (Marketwire) -- 10/28/11 -- Enbridge Energy Partners, L.P. (NYSE: EEP) (the "Partnership") announced today that it is undertaking a series of projects, totaling approximately $90 million, to expand the gathering capacity on its North Dakota system by 100,000 barrels per day (bpd), herein referred to as the Bakken Access Program ("BAP"). This upstream expansion project is expected to be in service by early 2013, and it involves increasing pipeline capacities, construction of additional storage tanks and addition of truck access facilities at multiple locations in western North Dakota.
"This expansion project substantially enhances our gathering capabilities on the western side of our North Dakota system and complements our 120,000 bpd Bakken Expansion Program, which is being undertaken with significant term capacity commitments," said Mark Maki, president of the Partnership. "Production forecasts from the prolific Bakken and Three Forks formations have recently doubled, accompanied by a corresponding increase in drilling activity. We are very excited about The Bakken Access Program, which builds upon the 2011 Bakken Expansion Program and will enable the Partnership to continue to provide attractive transportation options to our customers in the Bakken and Three Forks formations," concluded Maki.
Enbridge Energy Partners, L.P. owns and operates a diversified portfolio of crude oil and natural gas transportation systems in the United States. Its principal crude oil system is the largest transporter of growing oil production from western Canada. The system's deliveries to refining centers and connected carriers in the United States account for approximately 13 percent of total U.S. oil imports; while deliveries to Ontario, Canada satisfy approximately 70 percent of refinery demand in that region. The Partnership's natural gas gathering, treating, processing and transmission assets, which are principally located onshore in the active U.S. Mid-Continent and Gulf Coast area, deliver approximately 2.5 billion cubic feet of natural gas daily.
Enbridge Energy Management, L.L.C. (NYSE: EEQ) manages the business and affairs of the Partnership and its sole asset is an approximate 14 percent interest in the Partnership. Enbridge Energy Company, Inc., an indirect wholly owned subsidiary of Enbridge Inc. of Calgary, Alberta, (NYSE: ENB) (TSX: ENB) is the general partner and holds an approximate 24.5 percent interest in the Partnership.
LEGAL NOTICE
This news release includes forward-looking statements and projections, which are statements that do not relate strictly to historical or current facts. These statements frequently use the following words, variations thereon or comparable terminology: "anticipate," "believe," "continue," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "projection," "strategy" or "will." Forward-looking statements involve risks, uncertainties and assumptions and are not guarantees of performance. Future actions, conditions or events and future results of operations may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results are beyond Enbridge Partners' ability to control or predict. Specific factors that could cause actual results to differ from those in the forward-looking statements include: (1) changes in the demand for or the supply of, forecast data for, and price trends related to crude oil, liquid petroleum, natural gas and NGLs, including the rate of development of the Alberta Oil Sands; (2) Enbridge Partners' ability to successfully complete and finance expansion projects; (3) the effects of competition, in particular, by other pipeline systems; (4) shut-downs or cutbacks at facilities of Enbridge Partners or refineries, petrochemical plants, utilities or other businesses for which Enbridge Partners transports products or to whom Enbridge Partners sells products; (5) hazards and operating risks that may not be covered fully by insurance; (6) changes in or challenges to Enbridge Partners' tariff rates; (7) changes in laws or regulations to which Enbridge Partners is subject, including compliance with environmental and operational safety regulations that may increase costs of system integrity testing and maintenance.
Reference should also be made to Enbridge Partners' filings with the U.S. Securities and Exchange Commission; including its Annual Report on Form 10-K for the most recently completed fiscal year and its subsequently filed Quarterly Reports on Form 10-Q, for additional factors that may affect results. These filings are available to the public over the Internet at the SEC's web site () and at the Partnership's web site.
Investor Relations Contact:
Douglas Montgomery
Toll-free: (866) EEP INFO or (866) 337-4636
E-mail:
Media Contact:
Terri Larson
Telephone: (713) 353-6317
E-mail:
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Datum: 28.10.2011 - 13:38 Uhr
Sprache: Deutsch
News-ID 1051165
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