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Enterprise Products Partners reported Tuesday that quarterly net income attributable to its limited partners rose 16 percent to $754 million from $651 million for the first quarter of 2012.
A competitor pipeline to Keystone XL already is funneling oil sands crude to Texas refineries at a rate of 100,000 barrels per day, despite environmentalists’ attempts to block the southward flow of the Canadian oil.
Enterprise Products Partners LP told shippers today that capacity was limited on its expanded Seaway Pipeline due to “unforeseen constraints in outbound takeaway” at the Jones Creek terminal.
The Seaway expansion now carries the glut of oil at the Cushing, Okla. hub to Gulf Coast refineres, helping to lift prices of West Texas Intermediate crude. Forecasts of cold weather in the Northeast also are boosting crude.
Enterprise Products Partners LP and Enbridge Inc. have completed an expansion of the Seaway pipeline that will increase the supply of crude oil from the U.S. Midwest to refineries along the Gulf Coast.
Work to more than double the capacity of a pipeline carrying crude oil from Cushing, Okla., to the Gulf Coast should be completed by the end of next week.
Owners of the Seaway project said the pipeline will begin carrying up to 150,000 barrels of crude per day to the Gulf Coast refining market this weekend.
The joint venture of Enterprise Products Partners and Enbridge Inc. to carry oversupplied crude at the Cushing hub to Gulf Coast refiners will begin seeking customer commitments next month, the companies said.