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Enterprise Reports Record Results For 2012

Enterprise’s marine transportation and other services business reported gross operating margin of $19 million for the fourth quarter of 2012 compared to $17 million for the fourth quarter of 2011.

Review of Other Items for the Fourth Quarter of 2012

General and administrative costs for the fourth quarter of 2012 decreased to $40 million from $44 million in the fourth quarter of 2011. General and administrative costs for the fourth quarter of 2011 included approximately $3 million for costs associated with the sale of the partnership’s Mississippi natural gas storage facilities and the merger with Duncan Energy Partners L.P.

Interest expense for the fourth quarter of 2012 was $199 million compared to $183 million for the fourth quarter of 2011 primarily due to a higher average debt balance in the fourth quarter of 2012 compared to the fourth quarter of 2011.


Total debt principal outstanding at December 31, 2012 was approximately $16.2 billion, including $1.5 billion of junior subordinated notes to which the nationally recognized debt rating agencies ascribe partial equity content. At December 31, 2012, Enterprise had consolidated liquidity (defined as unrestricted cash on hand and available borrowing capacity under our revolving credit facility) of approximately $3.2 billion.

Total capital spending in the fourth quarter of 2012 was approximately $1.2 billion, which includes $84 million of sustaining capital expenditures. We currently expect sustaining capital expenditures for 2013 will be approximately $350 million.

Tax Year 2012 K-1 Availability

Enterprise expects to complete the mailing of the partnership’s Schedule K-1s for tax year 2012 to unitholders by Thursday, March 28, 2013.

In addition, electronic delivery is a new option available for 2012 K-1s. To request electronic delivery of a 2012 K-1, unitholders must register by March 15, 2013 at The K-1s are scheduled to be available online by Noon CT on Friday, March 22, 2013.

Conference Call to Discuss Fourth Quarter 2012 Earnings

Today, Enterprise will host a conference call to discuss fourth quarter 2012 earnings. The call will be broadcast live over the Internet beginning at 9:00 a.m. CT and may be accessed by visiting the company’s website at

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of gross operating margin, distributable cash flow and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly-titled measures of other companies because they may not calculate such measures in the same manner as we do.

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