Biden Urged to Halt Oil Export Projects After Terminal Approved
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 09 2024
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Source: Bloomberg
- Climate Activists Target Oil Export Facilities: Climate activists are shifting focus to proposed crude oil shipping facilities after successfully halting new US liquefied natural gas exports, urging the Biden administration to stop approvals of deepwater oil export facilities.
- Concerns Raised by Environmental Groups: The Sierra Club and other environmental groups have raised concerns about the approval process for deepwater oil export projects, citing threats to climate, communities, ecosystems, public health, and national security.
- Transportation Department's Response: The Transportation Department defends its approval process, stating that extensive environmental reviews are already required for deepwater port licenses, emphasizing benefits like reducing greenhouse gas emissions and improving safety.
- Record Oil Export Boom in the US: Approval of the Sea Port Oil Terminal comes amid a record oil export boom in the US, with the terminal expected to load supertankers and result in significant greenhouse gas emissions over its 30-year license.
- Political Pressures on Biden: President Biden faces pressure from various fronts regarding crude and natural gas exports, balancing concerns about climate change, environmental justice, gasoline prices, and appealing to young voters.
Analyst Views on EPD
Wall Street analysts forecast EPD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for EPD is 35.17 USD with a low forecast of 33.00 USD and a high forecast of 38.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Analyst Rating
6 Buy
5 Hold
1 Sell
Moderate Buy
Current: 33.190
Low
33.00
Averages
35.17
High
38.00
Current: 33.190
Low
33.00
Averages
35.17
High
38.00
About EPD
Enterprise Products Partners L.P. is a provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, refined products and petrochemicals. Its NGL Pipelines & Services segment includes natural gas processing and related NGL marketing activities, NGL pipelines, NGL fractionation facilities, NGL and related product storage facilities and NGL marine terminals. Its Crude Oil Pipelines & Services segment includes crude oil pipelines, crude oil storage and marine terminals and related crude oil marketing activities. Its Natural Gas Pipelines & Services segment includes natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas. Its Petrochemical & Refined Products Services segment includes propylene production facilities; butane isomerization complex and related deisobutanizer (DIB) operations; octane enhancement, iBDH and HPIB production facilities; refined products pipelines, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
