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Enterprise Reports Results For The Third Quarter Of 2012

Review of Third Quarter 2012 Results

Net income for the third quarter of 2012 increased 23 percent to $588 million from $480 million for the third quarter of 2011. Net income attributable to limited partners for the third quarter of 2012 increased 20 percent to $0.66 per unit on a fully diluted basis compared to $0.55 per unit on a fully diluted basis for the third quarter of 2011. Net income for the third quarter of 2012 was reduced by $43 million, or $0.05 per unit on a fully diluted basis, for non-cash asset impairment charges. Net income for the third quarter of 2012 also included a $24 million, or $0.03 per unit on a fully diluted basis, benefit associated with cash proceeds from the settlement of certain litigation.

On October 10, 2012, we announced that the Board of Directors of Enterprise’s general partner approved an increase in the partnership’s quarterly cash distribution rate with respect to the third quarter of 2012 to $0.65 per unit, which represents a 6.1 percent increase over the $0.6125 per unit rate that was paid with respect to the third quarter of 2011. Enterprise generated distributable cash flow of $743 million for the third quarter of 2012 compared to $856 million for the third quarter of 2011. Distributable cash flow for the third quarter of 2012 included a $24 million benefit from the settlement of certain litigation and a $70 million loss on the settlement of interest rate hedges associated with Enterprise’s issuance of senior notes in August 2012. The loss on the interest rate hedges were a result of the historically low current interest rate environment from which, in the aggregate, Enterprise benefited. Distributable cash flow for the third quarters of 2012 and 2011 included $8 million and $190 million, respectively, of net proceeds from the sale of assets and investments.

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