Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and nine months ended September 30, 2013. Net income attributable to limited partners for the third quarter of 2013 was $592 million compared to $587 million for the third quarter of 2012. Earnings per unit for the third quarter of 2013 were $0.64 per unit on a fully diluted basis compared to $0.66 per unit on a fully diluted basis for the third quarter of 2012.
On October 14, 2013, Enterprise declared an increase in its quarterly cash distribution rate with respect to the third quarter of 2013 to $0.69 per unit, which represents a 6 percent increase over the $0.65 per unit rate that was paid with respect to the third quarter of 2012. Enterprise generated distributable cash flow of $908 million for the third quarter of 2013 compared to $743 million for the third quarter of 2012. Enterprise’s distributable cash flow for the third quarter of 2013 provided 1.5 times coverage of the cash distribution that will be paid on November 7, 2013 to unitholders of record on October 31, 2013.
Distributable cash flow for the third quarters of 2013 and 2012 included aggregate proceeds from asset sales and insurance recoveries of $57 million and $11 million, respectively. Distributable cash flow for the third quarter of 2012 included a $70 million loss on the settlement of interest rate hedges associated with senior notes we issued during the third quarter of 2012. Excluding proceeds from the sale of assets and insurance recoveries and the loss on the interest rate hedges, distributable cash flow would have been $851 million for the third quarter of 2013 and $802 million for the third quarter of 2012. Using these adjusted amounts, distributable cash flow for the third quarter of 2013 would have provided 1.4 times coverage of the cash distribution declared with respect to the third quarter of 2013 and would have represented a 6 percent increase in distributable cash flow compared to the third quarter of 2012. For the third quarter of 2013, the partnership retained $286 million of distributable cash flow, which is available to reinvest in growth capital projects, reduce debt, and decrease the need to issue additional equity. During the first nine months of 2013, Enterprise retained $907 million of distributable cash flow. Distributable cash flow is a non-generally accepted accounting principle (“non-GAAP”) financial measure that is discussed and reconciled later in this press release.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV