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Enterprise and Jicarilla Apache Nation Form Joint Venture for San Juan Natural Gas Gathering Assets
HOUSTON - Enterprise Products Partners L.P. (NYSE:EPD) and the Jicarilla Apache Nation today announced the formation of a joint venture to own and operate natural gas gathering assets located on and near Jicarilla Apache Nation reservation lands. The joint venture will own and operate gathering assets in northwest New Mexico that were previously 100 percent owned by Enterprise. In order to officially take effect, the agreements related to the joint venture must be approved by the U.S. Department of the Interior.
Under the terms of the joint venture agreement, Enterprise will receive relatively equivalent value for its contributions of 545 miles of gathering lines, which have an approximate throughput of 31 million cubic feet per day (MMcf/d); related gathering assets; and 40 MMcf/d of redelivery and natural gas processing capacity through its San Juan Gathering System. The Jicarilla Apache Nation will contribute rights for access and use of reservation lands for operation and expansion of the joint venture gathering system, which will be operated by Enterprise. The joint venture assets are currently part of Enterprise’s San Juan Gathering System, which is comprised of more than 6,000 miles of natural gas pipelines in New Mexico and Colorado that gather more than 1 billion cubic feet per day.
“We are very pleased to enter into this agreement which will provide our customers in this prolific energy producing area with a seamless transition, long-term stability and midstream service options allowing them to optimize the value of their products,” said Enterprise President and Chief Executive Officer Michael A. Creel. “In addition, Enterprise is honored to be part of the Jicarilla Apache Nation’s strategic efforts to build value for its natural resources. We look forward to a long and productive relationship.”
“This joint venture with Enterprise will establish a strong foundation for the Jicarilla Apache Nation to work with producers on the Reservation to encourage continued development of our natural gas reserves,” said Jicarilla Apache Nation President Levi Pesata. “The Jicarilla Apache Nation looks for long-term partners for economic development and we have found a strong and innovative partner in Enterprise.”
About Jicarilla Apache Nation:
The Jicarilla Apache Nation is a federally-recognized Indian tribe, whose Reservation was established in 1887 and now consists of approximately 880,000 acres of land located on the eastern edge of the San Juan Basin. Natural gas production has been the driving force of the Jicarilla Apache economy since 1953. A brief history of the Jicarilla Apache Nation and its people is available at http://www.jicarillaonline.com .
Enterprise Products Partners L.P.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships with an enterprise value of approximately $21 billion, and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Enterprise transports natural gas, NGLs, crude oil and petrochemicals through approximately 35,000 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. For more information, visit Enterprise on the web. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP, LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE). For more information on Enterprise GP Holdings L.P., visit http://www.enterprisegp.com .
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Forward-Looking Statements
This news release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve certain risks and uncertainties, such as the partnership’s expectations regarding its joint ventures and future operating results. These risks and uncertainties include, among other things, insufficient cash from operations, market conditions, governmental regulations and factors discussed in Enterprise Products Partners L.P.’s filings with the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.
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For more information please contact:
Enterprise Products Partners L.P., Houston
Investor Relations
Randy Burkhalter
Phone no: 713-381-6812 or 866-230-0745
or
Media Relations
Rick Rainey
Phone No: 713-381-3635
Source: Enterprise Products Partners L.P.
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