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TheStreet Open House

Enterprise Reports Record Results For 2012

Stocks in this article: EPD

Enterprise’s NGL fractionation business reported record gross operating margin of $82 million for the fourth quarter of 2012 compared to $69 million reported for the same quarter of 2011. This increase was attributable to a $24 million increase in gross operating margin at the partnership’s Mont Belvieu fractionators on a 100 MBPD increase in volume, which more than offset an $11 million decline in gross operating margin from Norco due to lower volumes and NGL prices. Enterprise began operations at its sixth NGL fractionator at Mont Belvieu in October 2012. Fractionation volumes for the fourth quarter of 2012 increased 15 percent to a record 707 MBPD compared to the same quarter in 2011.

Onshore Natural Gas Pipelines & Services – Enterprise’s Onshore Natural Gas Pipelines & Services segment reported an $11 million increase in gross operating margin for the fourth quarter of 2012 to a record $210 million from $199 million for the fourth quarter of 2011. Total onshore natural gas pipeline volumes were 13.4 TBtud in the fourth quarter of 2012 compared to 13.2 TBtud in the fourth quarter of 2011.

Gross operating margin from the Texas Intrastate system increased $18 million from the fourth quarter of 2011 on a 9 percent increase in pipeline volumes, including growing production from the Eagle Ford Shale. The Acadian Gas system reported a $14 million increase in gross operating margin as a result of a full quarter of operations from its Haynesville Extension pipeline, which began operations on November 1, 2011. The Jonah, Haynesville, San Juan and Fairplay gathering systems reported an aggregate $12 million decrease in gross operating margin for the fourth quarter of 2012 compared to the fourth quarter of 2011 on an aggregate net decrease in volumes of 378 billion British thermal units per day (“BBtud”). Enterprise had a $5 million decrease in gross operating margin from our Mississippi natural gas storage facilities, which were sold in December 2011.

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