- Enterprise Products Partners (NYSE:EPD) says it will not move forward with development of its crude oil pipeline from North Dakota to the Cushing, Okla., storage hub, apparently hindered by competition from other shippers and lower crude oil prices.
- EPD does not say whether the price decline from $100/bbl in June, when the project was announced, to below $60 this week prompted it to scrap the project, but COO Jim Teague had told analysts in October, when prices had slipped to $80, that such prices "aren't going to help that project."
- EPD also had competition from other Bakken pipeline projects; crude traders say fewer tariffs, better destinations and more options from other projects could be more of a factor in EPD's decision than lower oil prices.