By Houston Business Journal

Shares of Enterprise Products Partners LP hit a new 52-week high as the company announced positive second quarter results Monday.

Enterprise reported a net income of $357 million, or 46 cents per unit, on revenue of $7.5 billion for the second quarter, compared to $187 million, or 32 cents per unit, on revenue of $5.4 billion for the same period in 2009.

Analysts polled by Thomson First Call were on average expecting the company to post earnings per share of 44 cents.

Shares of the company rose to $39.29 in mid-morning trading Monday after opening at $38.73 per share and closing at $38.48.

Houston-based Enterprise (NYSE: EPD) credits the increase to strong demand for midstream oil and gas services.

⿿During the second quarter of 2010, we continued to see strong volumes across our midstream system which operated at or near record levels,⿝ Michael Creel, president and chief executive of Enterprise, said in a statement.

NGL, crude oil, refined products and petrochemical pipeline volumes averaged 4 million barrels per day, while natural gas pipeline volumes were a record 12.7 trillion Btu per day and equity NGL production was a record 125,000 barrels per day, according to Creel.

Copyright 2010 American City Business Journals
Copyright 2010