Why Enterprise Products Partners Tumbled 10% in September
Units of Enterprise Products Partners (NYSE: EPD) slumped by about 10% in September, according to data provided by S&P Global Market Intelligence. Weighing on the MLP was an update on its growth prospects.
Enterprise Products Partners and certain of its customers amended their crude oil contracts last month. As a result, the company agreed to use its existing pipelines to support these oil transportation agreements and cancel construction of the Midland-to-ECHO 4 (M2E4) pipeline. M2E4, which would have shipped 450,000 barrels of oil per day, was initially expected to be ready to go into service in the first half of 2021.
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Source Fool.com
