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Enterprise's (EPD) Deepwater Oil Facility Gets Legal Green Signal
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Enterprise Product Partners L.P. (EPD - Free Report) ), a leading provider of midstream energy services, celebrates a significant legal victory as the Fifth U.S. Circuit Court of Appeals upheld federal approval for its proposed deepwater oil export facility along the Texas Gulf Coast. This decision, reported by Reuters on Thursday, reinforces the company's ambitious plans for expanding its energy infrastructure.
According to the report, Judge Dana Douglas, speaking on behalf of a three-judge panel from the Fifth Circuit Court, stated that the U.S. Maritime Administration had meticulously evaluated the environmental impacts of the proposed facility before granting its deepwater port license. Douglas also indicated that the maritime agency reasonably determined that surplus crude oil in the United States would be exported through alternative means rather than the proposed port.
Although Enterprise secured a record of decision for its Sea Port Oil Terminal late last year, the company is still awaiting formal approval from the U.S. government for the project. Additionally, a final investment decision is yet to be disclosed.
Despite this legal triumph, the project has faced opposition from environmental groups. These groups have urged for a comprehensive review, asserting that the environmental assessment of the project has inadequately addressed concerns such as the risk of oil spills, emissions and its potential impact on marine life.
Enterprise remains steadfast in its commitment to the project, emphasizing its adherence to stringent environmental standards and its dedication to safe and responsible energy development practices. With a favorable resolution of the legal hurdle, the company moves closer to realizing its vision for expanding oil export capabilities along the Texas Gulf Coast.
Zacks Rank & Key Picks
Currently, Enterprise carries a Zack Rank #3 (Hold).
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 earnings per share (EPS) is pegged at $4.96. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.35. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 60 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024.
The Zacks Consensus Estimate for Global Partners’ 2024 and 2025 EPS is pegged at $3.90 and $4.47, respectively. GLP currently has a Zacks Style Score of A for Value.
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Enterprise's (EPD) Deepwater Oil Facility Gets Legal Green Signal
Enterprise Product Partners L.P. (EPD - Free Report) ), a leading provider of midstream energy services, celebrates a significant legal victory as the Fifth U.S. Circuit Court of Appeals upheld federal approval for its proposed deepwater oil export facility along the Texas Gulf Coast. This decision, reported by Reuters on Thursday, reinforces the company's ambitious plans for expanding its energy infrastructure.
According to the report, Judge Dana Douglas, speaking on behalf of a three-judge panel from the Fifth Circuit Court, stated that the U.S. Maritime Administration had meticulously evaluated the environmental impacts of the proposed facility before granting its deepwater port license. Douglas also indicated that the maritime agency reasonably determined that surplus crude oil in the United States would be exported through alternative means rather than the proposed port.
Although Enterprise secured a record of decision for its Sea Port Oil Terminal late last year, the company is still awaiting formal approval from the U.S. government for the project. Additionally, a final investment decision is yet to be disclosed.
Despite this legal triumph, the project has faced opposition from environmental groups. These groups have urged for a comprehensive review, asserting that the environmental assessment of the project has inadequately addressed concerns such as the risk of oil spills, emissions and its potential impact on marine life.
Enterprise remains steadfast in its commitment to the project, emphasizing its adherence to stringent environmental standards and its dedication to safe and responsible energy development practices. With a favorable resolution of the legal hurdle, the company moves closer to realizing its vision for expanding oil export capabilities along the Texas Gulf Coast.
Zacks Rank & Key Picks
Currently, Enterprise carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Sunoco LP (SUN - Free Report) , Murphy USA Inc. (MUSA - Free Report) and Global Partners (GLP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN’s 2024 earnings per share (EPS) is pegged at $4.96. The stock has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA’s 2024 EPS is pegged at $26.35. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 60 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024.
The Zacks Consensus Estimate for Global Partners’ 2024 and 2025 EPS is pegged at $3.90 and $4.47, respectively. GLP currently has a Zacks Style Score of A for Value.