Houston energy infrastructure giant Enterprise Products Partners saw its profits jump 15 percent as the oil and gas sector slowly begins to return to viability.
Reporting record pipeline volumes and terminal activity, Enterprise said its net income grew to $761 million versus a $661 million gain during the first quarter of 2016. Quarterly revenues of $7.3 billion grew even more from $5 billion.
“The U.S. energy industry is finally entering the much awaited multi-year period of growing demand, both domestically and abroad,” said Enterprise Chief Executive Jim Teague.
Teague cited growing demand abroad for exports of both crude oil and liquefied natural gas, as well as the increasing need domestically for natural gas liquids like ethane to feed the Gulf Coast’s surging petrochemical sector.
As such, Enterprise is building new natural gas liquids processing plants and petrochemical facilities in Mont Belvieu. Likewise, Enterprise is constructing a massive 571-mile natural gas liquids pipeline from the booming Permian Basin in Midland to the Houston area.