Enterprise said on Tuesday it expects the SPOT project to receive other permits and a license in the second half of 2023, Jim Teague, the company's co-chief executive officer, told analysts on a conference call.
"Across our integrated system we continue to see crude oil,
natural gas and NGL production growth from the Permian Basin,"
Teague said in a statement, adding that domestic and
international demand for U.S. energy and energy products remains
resilient.
Enterprise sees growth opportunities from gathering and
processing in the Permian broadly, the company said.
Total crude oil pipeline transportation volumes rose to 2.3
million barrels per day (bpd) in the three months to March 31,
from 2.2 million bpd a year earlier, the company said.
Crude oil marine terminal volumes rose 5.7% to 841,000 bpd. However, gross operating margin from its crude oil pipelines and services segment eased 4.3% to $397 million in the first quarter, partly due to expiration of minimum volume commitments on a key pipeline.
Overall net income rose 6.8% to $1.4 billion, or 63 cents per share.
The results are "a healthy start to 2023 earnings," wrote
Tudor Pickering Holt & Co analyst Colton Bean. He said they bode
well for EPD's unofficial target of $9.3 billion in full-year
earnings before interest, taxes, depreciation and amortization.
Natural gas transportation volumes increased to a record
18.0 trillion British thermal units per day (TBtupd) in the
first quarter compared with 16.4 TBtupd a year ago.
Enterprise, however, warned that lower natural gas prices
were beginning to temper activity and growth in dry natural gas
plays such as the Haynesville and Eagle Ford.
(Reporting by Arathy Somasekhar in Houston; additional
reporting by Stephanie Kelly in New York
Editing by Mark Potter and Matthew Lewis)
