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
 


2017, other major growth projects completed include an expansion of our ATEX ethane pipeline; expansion of our propylene pipeline infrastructure on the U.S. Gulf Coast; and expansion of our refined products and crude oil marine terminals in Beaumont.”

“Enterprise currently has another $5.5 billion of growth projects under construction.  In 2018, we expect to complete projects representing $2.7 billion of capital investment.  These major projects include: completing the Midland-to-ECHO crude oil pipeline system and bringing it into full commercial service; our ninth NGL fractionator at Mont Belvieu; two natural gas processing plants at our Orla Complex in the Delaware Basin; and expansion of Enterprise’s NGL, crude oil and refined products storage facilities,” said Teague.

“Our success in 2017 would not have been possible without the daily creativity and hustle by our team of over 6,700 employees. This success included the best year in our history in terms of safety achievement. Our employees are the foundation of our safe and reliable operations and the heart of our customer service.  Looking ahead, we are excited about the potential for 2018.  We are actively working to develop and underwrite growth capital projects in all four of our business segments.  I would also like to thank our debt and equity investors for their continued support as we invest to expand Enterprise’s integrated midstream energy system,” Teague concluded.
 

Fourth Quarter and Full Year Financial Highlights

   
Three months ended
December 31,
   
Twelve months ended
December 31,
 
   
2017
   
2016
   
2017
   
2016
 
($ in millions, except per unit amounts)
                       
Operating income
 
$
1,079
   
$
923
   
$
3,929
   
$
3,581
 
Net income (1)
 
$
797
   
$
670
   
$
2,856
   
$
2,553
 
Fully diluted earnings per unit (1)
 
$
0.36
   
$
0.31
   
$
1.30
   
$
1.20
 
Net cash flow provided by operating activities (2)
 
$
1,820
   
$
1,408
   
$
4,640
   
$
4,067
 
Total gross operating margin (3)
 
$
1,520
   
$
1,357
   
$
5,680
   
$
5,248
 
Adjusted EBITDA (3)
 
$
1,542
   
$
1,355
   
$
5,615
   
$
5,256
 
Distributable cash flow (3) (4)
 
$
1,257
   
$
1,031
   
$
4,502
   
$
4,103
 
 
(1)
Net income and fully diluted earnings per unit for the fourth quarters of 2017 and 2016 include non-cash impairment charges of approximately $15 million, or $0.01 per unit, and $24 million, or $0.01 per unit, respectively.  For the years ended December 31, 2017 and 2016, net income and fully diluted earnings per unit include non-cash impairment and related charges of $50 million, or $0.02 per unit, and $54 million, or $0.03 per unit, respectively.
(2)
Net cash flow provided by operating activities includes the impact of timing of cash receipts and payments related to operations. For the fourth quarters of 2017 and 2016, the net effect of changes in operating accounts, which are a component of net cash flow provided by operating activities, were net increases of $518 million and $309 million, respectively.  For the years ended December 31, 2017 and 2016, the net effect of changes in operating accounts were a net increase of $6 million and a net decrease of $181 million, respectively.
(3)
Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and distributable cash flow are non-GAAP financial measures that are defined and reconciled later in this press release.
(4)
Distributable cash flow included proceeds from asset sales of $34 million and $3 million for the fourth quarters of 2017 and 2016, respectively, and $40 million and $47 million for the years ended December 31, 2017 and 2016, respectively.
 
 
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