Enterprise Products cancels crude oil pipeline project

Enterprise Products Partners announced that it has decided not to move forward with the development of its proposed Bakken-to-Cushing crude oil pipeline. The move was influenced by the low level of commitments received from potential shippers during the open season announced in September. The 30-inch diameter proposed pipeline would have originated from the Williston Basin of North Dakota and serve the Powder River and Denver-Julesburg (« DJ ») Basins. It was expected to have an initial capacity of about 340,000 barrels per day (bpd) of crude oil. The Bakken-to-Cushing pipeline would have the potential to carry about six grades of crude oil and products, comprising Rockies Condensate and Processed Condensate. It would have provided transportation assurance and options to choose market, by taking advantage of its present midstream network. At Cushing, shippers would have had entry to one of the most liquid crude oil trading hubs in the world and a widespread network of storage and pipelines supplying to the U.S. Gulf Coast refining complex and waterborne transportation options.