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TheStreet Open House

Enterprise Reports Record Results For 2013

Stocks in this article: EPD

Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three months and year ended December 31, 2013. For the year ended 2013, Enterprise reported record results for each of the following: net income of $2.6 billion; earnings per unit of $2.82 on a fully diluted basis; and gross operating margin of $4.8 billion. Distributable cash flow for 2013 was $3.8 billion.

“Enterprise had another record year in 2013,” stated Michael A. Creel, chief executive officer of Enterprise’s general partner. “We benefited from record volumes in our fee-based businesses attributable to production growth and from strong domestic and international demand for NGLs, particularly from the U.S. petrochemical industry. In 2013, our integrated pipeline system transported a record 5 million barrels per day of NGLs, crude oil, refined products and petrochemicals; our NGL fractionators averaged a record 726,000 barrels per day and our natural gas processing plants had record fee-based volumes of 4.6 billion cubic feet per day.”

“We generated $3.8 billion of distributable cash flow and increased our cash distributions with respect to 2013 by 6.5 percent to $2.74 per unit. Enterprise has increased its cash distribution rate for each of the last 38 consecutive quarters, the longest period for any of the publicly traded energy partnerships, and in excess of 5 percent for each of the last nine years. In 2013, we retained approximately $1.3 billion of distributable cash flow to reinvest in our growth projects and reduce our need to issue additional equity. Distributable cash flow provided 1.5 times coverage of the distributions paid with respect to 2013. We begin 2014 with approximately $4.1 billion of liquidity in unrestricted cash and availability under our bank credit facilities,” said Creel.

“During 2013, we successfully completed and began operations for major growth projects totaling $2.3 billion of investment. Most of these projects were completed on or under budget and on time or ahead of schedule. During the fourth quarter of 2013, we completed $800 million of large projects including our eighth NGL fractionator and the Texas Express Pipeline. In January 2014, we began commercial operations on our ATEX pipeline, which can be expanded to transport up to 265,000 barrels per day of ethane from the Marcellus and Utica shale regions to petrochemical markets on the U.S. Gulf Coast,” continued Creel.

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