Enterprise Products Partners L.P.

SEC Filings

8-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 8-K on 11/02/2017
Entire Document
 

Condensed Consolidated Financial Highlights – Third Quarter 2017 Results (Unaudited)

On November 2, 2017, Enterprise announced its consolidated financial results for the three and nine months ended September 30, 2017.  The following table presents condensed consolidated financial highlights for the periods and at the dates indicated (dollars in millions, except per unit amounts):

   
For the Three Months
Ended September 30,
   
For the Nine Months
Ended September 30,
 
   
2017
   
2016
   
2017
   
2016
 
   
(Unaudited)
   
(Unaudited)
 
Selected Income Statement Data:
                       
   Revenues
 
$
6,886.9
   
$
5,920.4
   
$
20,814.9
   
$
16,543.5
 
   Costs and expenses
   
6,121.1
     
5,107.7
     
18,280.6
     
14,155.8
 
   Equity in income of unconsolidated affiliates
   
113.4
     
92.3
     
315.2
     
269.8
 
   Operating income
   
879.2
     
905.0
     
2,849.5
     
2,657.5
 
   Interest expense
   
243.9
     
250.9
     
739.0
     
735.6
 
   Provision for income taxes
   
5.4
     
4.8
     
20.1
     
13.1
 
   Net income
   
621.3
     
643.1
     
2,058.3
     
1,883.3
 
   Net income attributable to noncontrolling interests
   
10.4
     
8.5
     
33.0
     
29.0
 
   Net income attributable to limited partners
   
610.9
     
634.6
     
2,025.3
     
1,854.3
 
                                 
   Earnings per unit, fully diluted
 
$
0.28
   
$
0.30
   
$
0.94
   
$
0.89
 
                                 
Gross Operating Margin by Segment:
                               
   NGL Pipelines & Services
 
$
770.9
   
$
703.5
   
$
2,386.8
   
$
2,206.3
 
   Crude Oil Pipelines & Services
   
190.4
     
254.0
     
691.7
     
633.7
 
   Natural Gas Pipelines & Services
   
170.7
     
178.5
     
536.0
     
533.6
 
   Petrochemical & Refined Products Services
   
172.4
     
171.6
     
542.6
     
501.9
 
   Total segment gross operating margin (1)
   
1,304.4
     
1,307.6
     
4,157.1
     
3,875.5
 
   Net adjustment for shipper make-up rights (2)
   
8.9
     
4.4
     
3.2
     
15.0
 
   Non-GAAP total gross operating margin
 
$
1,313.3
   
$
1,312.0
   
$
4,160.3
   
$
3,890.5
 
                                 
   
September 30,
   
December 31,
                 
   
2017
   
2016
                 
   
(Unaudited)
                         
Selected Balance Sheet Data:
                               
   Cash and cash equivalents (unrestricted)
 
$
32.9
   
$
63.1
                 
   Total assets
   
53,300.6
     
52,194.0
                 
   Total debt principal outstanding, including
      current maturities
   
24,934.4
     
23,901.6
                 
   Partners’ equity
   
22,330.6
     
22,047.0
                 
   Noncontrolling interests
   
218.3
     
219.0
                 
(1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”).
(2) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC.
 

Earnings per unit amounts discussed in this Item 8.01 are on a fully diluted basis.

For the third quarter of 2017, depreciation, amortization and accretion expenses totaled $413 million, cash distributions received from unconsolidated affiliates were $123 million and the non-cash expense attributable to changes in the fair market value of the Liquidity Option Agreement was $9 million.  In addition, for the third quarter of 2017, our total capital investments were approximately $1.0 billion, which includes $54 million of sustaining capital expenditures.

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