Enterprise Products Earnings Rise 91%


NEW YORK (TheStreet) -- Enterprise Products (EPD) said net income for the second quarter rose 91% to $357.2 million from $186.6 million a year earlier as the company continued to see strong volumes across its midstream system, which operated at or near record levels.

Earnings per unit were 46 cents vs. 32 cents the previous year.

Revenue was at $7.54 billion vs. $5.43 billion the previous year. During the quarter, NGL (natural gas liquid), crude oil, refined products and petrochemical pipeline volumes averaged 4 million barrels per day, while natural gas pipeline volumes were at a record 12.7 trillion Btu a day and equity NGL production was at a record 125,000 barrels a day.

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The Wall Street consensus for Enterprise Products' second-quarter earnings was 44 cents a unit on revenue of $7.99 billion.

After rising to as high as $39.29 in the morning, from an opening price of $38.97, shares of Enterprise Products are trading at $38.49, down 0.6% on the day.
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-- Reported by Andrea Tse in New York

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