Total capital spending in the third quarter of 2013 was $1.2 billion, which includes approximately $1.1 billion of growth capital expenditures and investments and $82 million of sustaining capital expenditures.
Privately held affiliates of Enterprise Products Company, which collectively own our general partner and approximately 37 percent of our limited partner interests, expect to purchase $25 million of common units from Enterprise through the partnership’s distribution reinvestment plan in connection with the distribution to be paid on November 7, 2013. This purchase would bring total purchases by these affiliates in 2013 to $100 million.
During the third quarter of 2013, Enterprise received aggregate net proceeds of $299 million from the issuance of common units through the partnership’s continuous offering, or at-the-market (“ATM”) program, and the partnership’s distribution reinvestment and employee unit purchase plans.
Conference Call to Discuss Third Quarter 2013 EarningsToday, Enterprise will host a conference call to discuss its third quarter 2013 earnings. The call will be broadcast live over the Internet beginning at 9:00 a.m. CDT and may be accessed by visiting the company’s website at www.enterpriseproducts.com. 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 present how these measures are calculated, discuss management’s reasons for providing these non-GAAP financial measures and present 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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