Energy Transfer Recontracts DAPL for Long-Term Stability and Ballymore Production Surge Elevates Chevron Supply Chain
DAPL Gains Incremental Commitments and Prepares for Enbridge-Optimized Flows; Rising Gulf Volumes Feed Pascagoula Refinery Gains
Energy Transfer Secures Recontracting on Dakota Access Pipeline Amid Canadian Crude Integration Plans
In its fourth quarter 2025 earnings call, Energy Transfer announced the successful recontracting of a substantial portion of its Bakken capacity on the Dakota Access Pipeline (DAPL). This effort aligns with plans to incorporate additional Canadian light crude volumes through Enbridge’s Mainline Optimization Phase 2 (MLO2) project, which aims to divert and optimize flows from Enbridge’s Mainline system to DAPL, enabling transport to Patoka and other Midwest hubs. The company stated that the open season added incremental volumes beyond current contracted levels and extended commitments into the mid-2030s. While specific rates were not disclosed, management described them as “market rates reflective of the value of the asset.”
As we have discussed in previous posts, netbacks via other Bakken egress routes are on par with or even more competitive than DAPL given current tariffs. Locking up additional contracted volumes ahead of potential MLO2 volumes should be viewed as a significant win for the pipeline. However, given the competitiveness of the egress market, these volumes will likely come at the cost of lower tariff rates, mitigating revenue and earnings upside.
The Ballymore Field Ramp-Up Boosts Gulf Pipe Flows and Chevron’s Downstream Operations
Since achieving first oil in April 2025, the Ballymore field in the deepwater Gulf of Mexico has delivered a strong and steady production ramp up. Co-owned by Chevron (60%) and TotalEnergies (40%), the field feeds directly into the Williams Mountaineer offshore pipeline, which connects to Chevron’s Breton Sound pipeline near the Louisiana coastline. Throughput on Breton Sound climbed significantly through the end of 2025 (see figure below), surpassing 120,000 bpd compared with the pre-Ballymore range of ~30,000 bpd.
The added volumes from Ballymore appear to support stronger operations at Chevron’s Pascagoula refinery in Mississippi. Crude delivered through Breton Sound reaches the Empire Terminal, from which the Chevron operated Cal-Ky pipeline carries oil to the refinery. Flows on the Cal-Ky pipeline reached decade high levels of 240,000 bpd in December 2025 (see figure below). Although the line was previously rated at a nameplate capacity of 150,000 bpd, recent performance indicates successful expansions or optimizations that allow for much higher utilization. This enhanced supply chain positions Chevron to capture greater value from its integrated Gulf of Mexico production and downstream assets.
Flow/Transaction Updates and New Assets Under Coverage
Plainview has over 300 assets with crude oil flow or transactional data on our platform and continues to add more each week. Data for existing assets under coverage are posted as soon as they become available. Below are the assets that were updated this week or newly added to coverage.
