Enterprise Products Sees Minimal Ike Damage To Onshore Facilities

Sep 15, 2008 (financialwire.net via COMTEX) -- EPD | Quote | Chart | News | PowerRating -- September 15, 2008 (FinancialWire) -- Natural gas pipeline operator Enterprise Products Partners L.P. (NYSE: EPD | Quote | Chart | News | PowerRating) (Current Market Cap: US$11.66 Bil.) said that initial inspections by onsite field crews indicated minimal to no visible damage to its company operated onshore assets on the Texas and Louisiana Gulf Coast.

The company said it plans to begin aerial evaluations of the partnership's offshore platforms that were evacuated ahead of the storm, as well as certain of its onshore pipelines and facilities. Enterprise said that its headquarters, which is located in downtown Houston, did not sustain any noteworthy damage.

Enterprise said that the loss of commercial power at the company's facilities in Texas represents "the most significant challenge" facing the company. The company said it expects most of its facilities to "quickly" resume operations once power is restored.

Enterprise said it is in the process of deploying back up and temporary generators to restore limited service to certain of its assets. This includes the ability for Enterprise's storage facilities at Mont Belvieu, Texas to currently receive around 120,000 barrels per day of mixed natural gas liquids.

The company said that, among its operations in the eastern Gulf of Mexico, service and operations on its Independence Hub platform and Trail pipeline would resume on September 14. Enterprise said it plans to re-man the company's other offshore platforms beginning on September 15, after initial assessments are completed.

Houston-based Enterprise Products Partners is a provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. The company transports natural gas, NGLs, crude oil and petrochemicals through more than 35,000 miles of onshore and offshore pipelines.