logo
Plus   Neg
Share
Email

Enterprise Products Partners To Cancel Midland-to-ECHO 4 Crude Oil Pipeline Project

Enterprise Products Partners L.P. (EPD) said the company and certain of its customers have amended agreements that provide Enterprise the ability to use the partnership's
existing pipelines to support its crude oil transportation agreements and to cancel the 450,000 barrels per day Midland-to-ECHO 4 crude oil pipeline project. The company said the cancellation of M2E4 will reduce aggregate growth capital expenditures for 2020, 2021 and 2022 by approximately $800 million.

As a result of the cancellation, the company expects to record an impairment charge of approximately $45 million to its earnings for the third quarter of 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
RELATED NEWS
Follow RTT