Onshore Crude Oil Pipelines & Services – Gross operating margin from Enterprise’s Onshore Crude Oil Pipelines & Services segment increased $51 million, or 76 percent, to a record $118 million for the third quarter of 2012 from $67 million for the third quarter of 2011. Total onshore crude oil pipeline volumes increased by 95 MBPD, or 13 percent, to a record 820 MBPD for the third quarter of 2012 from 725 MBPD for the third quarter of 2011.
Most of Enterprise’s major onshore crude oil pipelines and associated marketing activities reported increases in gross operating margin for the third quarter of 2012 due to higher volumes and sales margins. Enterprise’s South Texas crude oil pipeline system reported a $20 million increase in gross operating margin on a 98 percent, or 75 MBPD, increase in volume compared to the third quarter of last year. Enterprise’s share of equity income from the Seaway Crude Oil Pipeline increased by $18 million for the third quarter of 2012 compared to the same quarter in 2011.
Offshore Pipelines & Services – Gross operating margin for the Offshore Pipelines & Services segment decreased by $13 million to $41 million for the third quarter of 2012 from $54 million for the same quarter of 2011.
The Independence Hub platform and Trail pipeline reported a $21 million decrease in aggregate gross operating margin to $13 million for the third quarter of 2012 from $34 million for the third quarter of 2011 attributable to lower demand fee revenues and lower volumes. The Independence Hub platform earned demand fee revenues of approximately $4.6 million per month over a 60-month period that began when it commenced operations in March 2007 until that period expired in March 2012. Natural gas volumes on the Independence Trail pipeline were 287 BBtud for the third quarter of 2012 compared to 429 BBtud reported for the third quarter of 2011. Total offshore natural gas pipeline volumes (including those for Independence Trail) decreased 249 BBtud to 760 BBtud for the third quarter of 2012 compared to the third quarter of 2011.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts