On October 24, 2024, Jim Teague, co-CEO of Enterprise Products Partners, stated that the company is not considering the addition of a new crude oil pipeline out of the Permian shale field in West Texas. This announcement clarifies the company's near-term capital allocation strategy for crude oil infrastructure in the region.
The decision indicates a focus on optimizing existing assets or prioritizing other growth avenues rather than investing in new greenfield crude oil pipeline projects in the Permian. This strategic stance provides clarity to investors regarding the company's infrastructure development plans.
This statement is a direct communication from executive leadership, offering insight into the company's approach to managing its extensive midstream energy network. It helps define the scope of future crude oil transportation investments in one of the most prolific U.S. basins.
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