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Enterprise (EPD) Receives Deepwater Port License for SPOT Project
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Enterprise Product Partners L.P. (EPD - Free Report) ), a major player in the energy industry, has secured a milestone in its endeavor to construct the Sea Port Oil Terminal (“SPOT”) on the Texas Gulf Coast. The U.S. Department of Transportation has granted Enterprise Products the deepwater port license necessary to proceed with the development, marking a pivotal step forward in enhancing the region's oil infrastructure.
A Long-Awaited Achievement
After five years of dedicated effort, Enterprise has successfully secured the deepwater port license, marking a pivotal moment in the journey of SPOT. A.J. "Jim" Teague, co-chief executive officer of Enterprise's general partner, expressed his appreciation for the team's dedication and perseverance throughout the process.
A Green Solution for Global Markets
SPOT promises to revolutionize crude oil transportation, offering a more environmentally friendly, safe, efficient and cost-effective alternative for delivering crude oil to global markets. With U.S. exports of crude oil at 4 million barrels per day (b/d), SPOT's capacity to load 2 million b/d should significantly contribute to meeting global energy demands.
By reducing emissions and minimizing the need for ship-to-ship transfers, SPOT aims to protect marine ecosystems and support marine life, serving as a beacon of responsible energy infrastructure development.
Extensive Collaboration and Transparency
Enterprise has diligently collaborated with federal, state and local authorities, engaging in extensive public outreach and addressing environmental concerns. This rigorous process has resulted in more than 30,000 pages of documentation, ensuring complete transparency and accountability.
SPOT's Operational Excellence
The SPOT offshore platform, situated approximately 30 nautical miles off the Brazoria County coast in Texas, is equipped to handle Very Large Crude Carriers (VLCCs) and other crude oil tankers. This ensures operational excellence and safety.
SPOT boasts a cutting-edge capability, with a loading rate of up to 85,000 barrels per hour. The platform's connection with Enterprise's midstream network and Houston ECHO terminal further enhances accessibility to more than 40 crude oil grades.
With advanced vapor combustion capabilities and autonomous safety features, SPOT sets a new standard for operational excellence and environmental responsibility. It is estimated to cut crude vapor emissions by 95% and total greenhouse gases by 65%.
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.
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 EPS is pegged at $4.96. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
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Enterprise (EPD) Receives Deepwater Port License for SPOT Project
Enterprise Product Partners L.P. (EPD - Free Report) ), a major player in the energy industry, has secured a milestone in its endeavor to construct the Sea Port Oil Terminal (“SPOT”) on the Texas Gulf Coast. The U.S. Department of Transportation has granted Enterprise Products the deepwater port license necessary to proceed with the development, marking a pivotal step forward in enhancing the region's oil infrastructure.
A Long-Awaited Achievement
After five years of dedicated effort, Enterprise has successfully secured the deepwater port license, marking a pivotal moment in the journey of SPOT. A.J. "Jim" Teague, co-chief executive officer of Enterprise's general partner, expressed his appreciation for the team's dedication and perseverance throughout the process.
A Green Solution for Global Markets
SPOT promises to revolutionize crude oil transportation, offering a more environmentally friendly, safe, efficient and cost-effective alternative for delivering crude oil to global markets. With U.S. exports of crude oil at 4 million barrels per day (b/d), SPOT's capacity to load 2 million b/d should significantly contribute to meeting global energy demands.
By reducing emissions and minimizing the need for ship-to-ship transfers, SPOT aims to protect marine ecosystems and support marine life, serving as a beacon of responsible energy infrastructure development.
Extensive Collaboration and Transparency
Enterprise has diligently collaborated with federal, state and local authorities, engaging in extensive public outreach and addressing environmental concerns. This rigorous process has resulted in more than 30,000 pages of documentation, ensuring complete transparency and accountability.
SPOT's Operational Excellence
The SPOT offshore platform, situated approximately 30 nautical miles off the Brazoria County coast in Texas, is equipped to handle Very Large Crude Carriers (VLCCs) and other crude oil tankers. This ensures operational excellence and safety.
SPOT boasts a cutting-edge capability, with a loading rate of up to 85,000 barrels per hour. The platform's connection with Enterprise's midstream network and Houston ECHO terminal further enhances accessibility to more than 40 crude oil grades.
With advanced vapor combustion capabilities and autonomous safety features, SPOT sets a new standard for operational excellence and environmental responsibility. It is estimated to cut crude vapor emissions by 95% and total greenhouse gases by 65%.
A few stocks for investors interested in the energy sector are Murphy USA Inc. (MUSA - Free Report) , Global Partners (GLP - Free Report) and Sunoco LP (SUN - Free Report) .
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.
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 EPS is pegged at $4.96. The company has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.