Enterprise Products Partners L.P.

SEC Filings

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

Enterprise increased its cash distribution with respect to the fourth quarter of 2017 by 3.7 percent over the fourth quarter of 2016 to $0.425 per unit, or $1.70 per unit on an annualized basis.  This is the 54th consecutive quarterly increase and the 63rd increase since the partnership’s initial public offering in 1998.  This distribution will be paid on February 7, 2018 to unitholders of record as of the close of business on January 31, 2018;

Excluding proceeds from asset sales, Enterprise reported a 19 percent increase in distributable cash flow to a record $1.2 billion for the fourth quarter of 2017 compared to the fourth quarter of 2016, which provided 1.3 times coverage of the $0.425 per unit cash distribution.  Enterprise retained $335 million of distributable cash flow in the fourth quarter of 2017.

Fourth Quarter Volume Highlights
Three months
December 31,
NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD)
Marine terminal volumes (million BPD)
Natural gas pipeline volumes (TBtu/d)
NGL fractionation volumes (MBPD)
Fee-based natural gas processing volumes (Bcf/d)
Equity NGL production volumes (MBPD)
As used in this press release, “NGL” means natural gas liquids, “BPD” means barrels per day, “MBPD” means thousand barrels per day, “Bcf/d” means billion cubic feet per day; and “TBtu/d” means trillion British thermal units per day.

Capital investments were $1.0 billion in the fourth quarter of 2017, including $80 million of sustaining capital expenditures.  Total capital investments for 2017 was $3.4 billion, which included $244 million of sustaining capital expenditures.

Affiliates of privately held Enterprise Products Company (“EPCO”), which collectively own Enterprise’s general partner and approximately 32 percent of Enterprise’s outstanding limited partner interests, have indicated to Enterprise management that they plan to purchase $100 million of Enterprise common units through the partnership’s distribution reinvestment plan (“DRIP”) with the February 2018 distribution.

Teague said, “Enterprise completed 2017 with a record fourth quarter. Operationally, our record performance included liquids pipeline volumes of 6.0 million barrels per day; marine terminal volumes of 1.7 million barrels per day; NGL fractionation volumes of 863,000 barrels per day; as well as near record onshore natural gas pipeline volumes of 12.9 trillion Btus per day.  In NGLs, this performance was largely attributable to an increase in NGL volumes on our pipelines serving the Permian and Marcellus shale plays and record ethane export volumes of 135,000 barrels per day.  In our crude oil business, our Midland-to-ECHO crude oil pipeline began