Enterprise’s marine transportation and other services business reported $18 million of gross operating margin in the third quarter of 2013 compared to $44 million in the third quarter of 2012. This decrease in gross operating margin was primarily due to the inclusion of a $24 million benefit from the settlement of certain litigation in the third quarter of 2012.
Offshore Pipelines & Services – Gross operating margin for the Offshore Pipelines & Services segment was $38 million for the third quarter of 2013 compared to $41 million for the same quarter of 2012.
Gross operating margin from Enterprise’s offshore crude oil pipeline business was $24 million for the third quarter of 2013 compared to $22 million for the third quarter of 2012. Total offshore crude oil pipeline volumes increased 7 percent to 314 MBPD in the third quarter of 2013 compared to the same quarter of 2012.
The Independence Hub platform and Independence Trail pipeline reported aggregate gross operating margin of $11 million for the third quarter of 2013 compared to $13 million for the third quarter of 2012 attributable to lower volumes. Natural gas volumes on the Independence Trail pipeline were 262 BBtud for the third quarter of 2013 compared to 287 BBtud in the third quarter of 2012. Total offshore natural gas pipeline volumes (including those for Independence Trail) were 665 BBtud for the third quarter of 2013 compared to 760 BBtud in the third quarter of 2012.Capitalization Total debt principal outstanding at September 30, 2013 was $17.5 billion, including $1.5 billion of junior subordinated notes to which the nationally recognized debt rating agencies ascribe partial equity content. At September 30, 2013, Enterprise had consolidated liquidity (defined as unrestricted cash on hand plus available borrowing capacity under our revolving credit facilities) of approximately $3.9 billion, which includes $10 million of unrestricted cash.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts