Enterprise Slashes $1 Billion From 2020 Spending Budget
- Company to spend $2.5 billion to $3 billion on growth in 2020
- Pipeline giant also entered into a credit facility in April
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Enterprise Products Partners LP is slashing its capital budget for 2020 by $1.1 billion and is in talks with joint venture partners to potentially reduce spending even further.
The pipeline partnership now expects to spend $2.5 billion to $3 billion on growth projects this year, according to a first-quarter earnings statement released Wednesday before the market opened. Enterprise also said it had entered into a credit facility earlier this month, which boosts its liquidity to roughly $8 billion on a pro-forma basis.