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MarketScreener Homepage  >  Equities  >  Nyse  >  Enterprise Products Partners L.P.    EPD

ENTERPRISE PRODUCTS PARTNERS L.P.

(EPD)
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China not signing deals to buy U.S. crude oil: Enterprise CEO

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05/21/2019 | 07:20pm EDT

HOUSTON (Reuters) - Chinese companies looking to sign long-term agreements to buy crude oil from U.S. oil exporters have virtually disappeared, the chief executive of Enterprise Products Partners LP said on Tuesday.

The United States and China have been embroiled in an increasingly bitter trade dispute for nearly a year, and it escalated recently with the U.S. imposition of 25% tariffs on $200 billion of Chinese goods.

The trade war has all but shut down shipments of U.S. crude to China, and it is unlikely Chinese buyers will sign long-term offtake agreements with U.S. crude exporters right now, Enterprise CEO Jim Teague said on the sidelines of a Houston energy industry conference.

"When I was in China, I heard two words at every meeting: 'Trump' and 'tariffs,'" Teague said.

The Obama administration ended a 40-year ban on U.S. crude exports in 2015 and they have risen sharply ever since. The country now routinely exports more than 3 million barrels per day (bpd) of crude.

In the first half of 2018, China was the biggest importer of U.S. crude, averaging 377,000 bpd. In the six months ended February, the most recent data available, it has dropped to 41,600 bpd, according to the U.S. Energy Information Administration.

Enterprise, an oil pipeline and terminal operator, filed for permits in January to build a deep-water crude export terminal capable of handling supertankers some 35 miles (56 km) off the coast of Houston, joining at least seven other firms racing to build such facilities as U.S. exports climb.

Teague said demand for U.S. crude will shift to other countries as U.S. producers pump additional volumes.

"Demand will be what it is regardless of the trade war because trade patterns will just change," he said. "The big (U.S. oil producers) will be the ones who will make it work."

(Reporting by Collin Eaton in Houston; Editing by Tom Brown)

By Collin Eaton

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Financials ($)
Sales 2019 37 033 M
EBIT 2019 5 892 M
Net income 2019 4 558 M
Debt 2019 26 858 M
Yield 2019 6,28%
P/E ratio 2019 13,57
P/E ratio 2020 13,13
EV / Sales 2019 2,39x
EV / Sales 2020 2,26x
Capitalization 61 674 M
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Mean consensus BUY
Number of Analysts 25
Average target price 34,0 $
Spread / Average Target 21%
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Managers
NameTitle
A. James Teague Chief Executive Officer & Director
W. Randall Fowler President, Chief Financial Officer & Director
Randa Duncan Williams Non-Executive Chairman
Graham W. Bacon Executive Vice President-Operations & Engineering
Paul G. Flynn Chief Information Officer & Vice President
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