EPIC Crude Holdings, LP (“EPIC Crude” or “the Company”) today announced that Platts will include the Company’s Crude Marine Terminal in Corpus Christi as a pre-approved terminal for WTI Midland crude oil in its Platts Dated Brent and Cash BFOE* Market-on-Close (“Dated Brent”) price assessment beginning with June 2023 deliveries.
Dated Brent is the world’s leading crude benchmark and a critical component of the Brent Complex which includes the trading of physically delivered oil as well as financially settled derivatives. WTI Midland will be the first non-North Sea grade of oil to be included in Dated Brent and will only reflect WTI Midland cargoes loaded from pre-approved terminals.
“EPIC is honored to be accepted by Platts to deliver WTI Midland crude oil into the Brent Complex," said Brian Freed, Chief Executive Officer of EPIC. "This addition recognizes the strict export quality grade crude oil EPIC delivers, and further highlights the strategic importance of Corpus Christi in meeting the global energy demands.”
EPIC Crude delivers up to 600,000 barrels per day of crude oil from it’s ~3.5 million barrel Robstown Terminal to export terminals and refineries in Corpus Christi and Ingleside, including EPIC’s Crude Marine Terminal capable of loading Aframax-sized tankers.
About EPIC Crude Holdings, LP
EPIC Crude Holdings, LP (“EPIC Crude”) was formed in 2017 to build and operate the EPIC Crude Oil Pipeline, a 700-mile, 30” crude oil pipeline that extends from Orla, Texas to the Port of Corpus Christi and services the Delaware, Midland, and Eagle Ford basins. The Crude Oil Pipeline is currently operating at a capacity of 600,000 barrels per day (bpd), as well as total operational storage of approximately 7,000,000 million barrels. The project includes terminals in Orla, Pecos, Crane, Wink, Midland, Hobson, and Gardendale, with connectivity to the Port of Corpus Christi, including the EPIC Marine Terminal, third-party export terminals and local refineries. EPIC Crude is backed by capital commitments from funds managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES) as well as additional equity ownership by Chevron Corporation (NYSE: CVX), Kinetik Holdings Inc (NASDAQ: KNTK) and Diamondback Energy Inc (NASDAQ: FANG). For more information, visit www.epicmid.com.
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