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Enterprise Reports Results For The Third Quarter Of 2012

Enterprise’s butane isomerization business reported gross operating margin of $26 million in the third quarter of 2012 compared to $33 million in the third quarter of 2011 due primarily to a decrease in isomerization fees and lower revenues from the sales of by-products. Butane isomerization volumes during the third quarter of 2012 were 104 MBPD compared to 105 MBPD in the third quarter of 2011.

Enterprise’s refined products pipelines and related services business reported gross operating margin of $7 million for the third quarter of 2012 compared to $22 million for the third quarter of 2011. This decrease in gross operating margin was largely due to a 22 percent decrease in pipeline volumes, which was partially attributable to less demand to transport refined products from the Gulf Coast to the Midwest. Total pipeline volumes for this business were 571 MBPD for the third quarter of 2012 compared to 677 MPBD for the third quarter of 2011.

Enterprise’s marine transportation and other services business reported a $29 million increase in gross operating margin to $44 million for the third quarter of 2012 compared with the same quarter of 2011. This increase was due to a $24 million benefit from the settlement of certain litigation, as well as higher marine transportation fees, revenues from new boats and barges put in service and lower operating expenses associated with our fleet of marine vessels.

Capitalization

Total debt principal outstanding at September 30, 2012 was $15.9 billion, including $1.5 billion of junior subordinated notes to which the nationally recognized debt rating agencies ascribe partial equity content. At September 30, 2012, Enterprise had consolidated liquidity (defined as unrestricted cash on hand plus available borrowing capacity under our revolving credit facility) of approximately $3.4 billion.

Total capital spending in the third quarter of 2012, net of contributions in aid of construction costs, was $1.1 billion, which includes $1.0 billion of growth capital expenditures and investment and $102 million of sustaining capital expenditures.

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