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Enterprise Reports Record Results For 2012

Onshore Crude Oil Pipelines & Services – Gross operating margin from the partnership’s Onshore Crude Oil Pipelines & Services segment increased to $135 million for the fourth quarter of 2012 from $67 million for the fourth quarter of 2011. This increase in gross operating margin for the fourth quarter of 2012 was attributable to increased pipeline volumes, primarily on the Seaway pipeline and Eagle Ford production growth handled by our South Texas pipelines; improved results from our Cushing storage facility; and higher crude oil marketing volumes and margins. Total onshore crude oil pipeline volumes increased 32 percent to a record 897 MBPD for the fourth quarter of 2012 from 680 MBPD for the fourth quarter of 2011.

Offshore Pipelines & Services – Gross operating margin for the Offshore Pipelines & Services segment was $42 million for the fourth quarter of 2012 compared to $60 million for the same quarter of 2011.

The Independence Hub platform and Trail pipeline reported a $20 million decrease in aggregate gross operating margin to $14 million for the fourth quarter of 2012 from $34 million for the fourth 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 313 BBtud for the fourth quarter of 2012 compared to 429 BBtud reported for the fourth quarter of 2011. Total offshore natural gas pipeline volumes (including those for Independence Trail) decreased 275 BBtud to 786 BBtud for the fourth quarter of 2012 compared to the fourth quarter of 2011.

Gross operating margin from Enterprise’s offshore crude oil pipeline business was $26 million for the fourth quarter of 2012 compared to $20 million for the fourth quarter of 2011 primarily due to improved results from the Constitution, Poseidon and Cameron Highway pipelines. Total offshore crude oil pipeline volumes increased 54 MBPD to 336 MBPD in the fourth quarter of 2012 from 282 MBPD in the same quarter of 2011. Enterprise’s crude oil pipeline volumes for the fourth quarter of 2012 were the highest since the federal government initiated its temporary drilling moratorium in June 2010.

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