This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Duncan Energy Partners Reports Second Quarter 2011 Results

Stocks in this article: DEP EPD

Duncan Energy Partners L.P. (the “Partnership”) (NYSE:DEP) today announced its financial and operating results for the three and six months ended June 30, 2011. Net income attributable to Duncan Energy Partners for the second quarter of 2011 was $22.5 million, or $0.39 per common unit on a fully diluted basis, compared to $23.3 million, or $0.40 per common unit on a fully diluted basis, for the second quarter of 2010.

The Partnership’s distributable cash flow was $33.8 million for the second quarter of 2011 compared to $32.8 million for the second quarter of 2010. On July 15, 2011, the Board of Directors of Duncan Energy Partners’ general partner declared an increase in the Partnership’s quarterly cash distribution rate with respect to the second quarter of 2011 to $0.46 per common unit, or $1.84 per unit on an annualized basis. This is a 2.2 percent increase over the $0.45 per unit that was paid with respect to the second quarter of 2010. The Partnership’s distributable cash flow for the second quarter of 2011 provided approximately 1.26 times coverage of the cash distribution that will be paid on August 10, 2011 to unitholders of record on July 29, 2011. The Partnership retained approximately $7.0 million of distributable cash flow in the second quarter of 2011 that can be used to fund growth capital projects. Distributable cash flow is a non-generally accepted accounting principle (“non-GAAP”) financial liquidity measure that is defined and reconciled later in this press release to its most directly comparable U.S. GAAP financial measure, which is net cash flows provided by operating activities.

“Duncan Energy reported solid results again this quarter with each of our business segments reporting increases in gross operating margin for the second quarter of 2011 compared to the same quarter in 2010,” said W. Randall Fowler, president and chief executive officer of the general partner of Duncan Energy Partners. “We continue to benefit from increased natural gas and NGL pipeline and fractionation volumes from the Eagle Ford Shale play in South Texas. Cash flow from our fee-based assets enabled us to increase the cash distribution to our partners for the 11 th consecutive quarter while retaining cash to invest in capital projects such as the Haynesville Extension Pipeline project.”

Fowler added, “Completion of the Haynesville Extension project is on schedule. We plan to commission the pipeline in stages beginning in early August with an anticipated start up in late September. Based on this schedule we expect to begin collecting monthly demand charges on October 1, 2011.”

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs