Enterprise Products Partners L.P.

SEC Filings

8-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 8-K on 01/31/2018
Entire Document
 


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

On January 31, 2018, Enterprise announced its consolidated financial results for the three months and year ended December 31, 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 December 31,
   
For the Year
Ended December 31,
 
   
2017
   
2016
   
2017
   
2016
 
   
(Unaudited)
   
(Unaudited)
 
Selected Income Statement Data:
                       
   Revenues
 
$
8,426.6
   
$
6,478.8
   
$
29,241.5
   
$
23,022.3
 
   Costs and expenses
   
7,458.0
     
5,647.8
     
25,738.6
     
19,803.6
 
   Equity in income of unconsolidated affiliates
   
110.8
     
92.2
     
426.0
     
362.0
 
   Operating income
   
1,079.4
     
923.2
     
3,928.9
     
3,580.7
 
   Interest expense
   
245.6
     
247.0
     
984.6
     
982.6
 
   Provision for income taxes
   
5.6
 
   
10.3
 
   
25.7
 
   
23.4
 
   Net income
   
797.3
     
669.7
     
2,855.6
     
2,553.0
 
   Net income attributable to noncontrolling interests
   
23.3
     
10.9
     
56.3
     
39.9
 
   Net income attributable to limited partners
   
774.0
     
658.8
     
2,799.3
     
2,513.1
 
                                 
   Earnings per unit, fully diluted
 
$
0.36
   
$
0.31
   
$
1.30
   
$
1.20
 
                                 
Gross Operating Margin by Segment:
                               
   NGL Pipelines & Services
 
$
871.5
   
$
784.3
   
$
3,258.3
   
$
2,990.6
 
   Crude Oil Pipelines & Services
   
295.5
     
220.9
     
987.2
     
854.6
 
   Natural Gas Pipelines & Services
   
178.5
     
201.3
     
714.5
     
734.9
 
   Petrochemical & Refined Products Services
   
172.0
     
148.7
     
714.6
     
650.6
 
   Total segment gross operating margin (1)
   
1,517.5
     
1,355.2
     
5,674.6
     
5,230.7
 
   Net adjustment for shipper make-up rights (2)
   
2.6
     
2.1
     
5.8
     
17.1
 
   Non-GAAP total gross operating margin
 
$
1,520.1
   
$
1,357.3
   
$
5,680.4
   
$
5,247.8
 
                                 
   
December 31,
   
December 31,
                 
     2017    
2016
                 
   
(Unaudited)
                         
Selected Balance Sheet Data:
                               
   Cash and cash equivalents (unrestricted)
 
$
5.1
   
$
63.1
                 
   Total assets
   
54,418.2
     
52,194.0
                 
   Total debt principal outstanding, including
      current maturities
   
24,780.1
     
23,901.6
                 
   Partners’ equity
   
22,547.2
     
22,047.0
                 
   Noncontrolling interests
   
213.5
     
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 fourth quarter of 2017, depreciation, amortization and accretion expenses totaled $423 million, cash distributions received from unconsolidated affiliates were $130 million and the non-cash expense attributable to changes in the fair market value of the Liquidity Option Agreement was $31 million.  In addition, for the fourth quarter of 2017, our total capital investments were approximately $1.0 billion, which includes $80 million of sustaining capital expenditures.

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