Enterprise Products Partners L.P.

SEC Filings

424B5
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 424B5 on 02/02/2018
Entire Document
 


Table of Contents

Recent Developments

Concurrent Subordinated Notes Offering

Concurrent with this offering, we announced the concurrent subordinated notes offering, which we expect will price concurrently with the pricing of the notes offered hereby. The junior subordinated notes are being offered in the concurrent subordinated notes offering by means of a separate prospectus supplement and accompanying base prospectus and not by means of this prospectus supplement. The completion of this offering and the completion of the concurrent subordinated notes offering are not conditioned on each other. We estimate that we will receive net proceeds of approximately $691.8 million from the concurrent subordinated notes offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We cannot give any assurance that the concurrent subordinated notes offering will be completed. We anticipate using the net proceeds from the concurrent subordinated notes offering for the repurchase or redemption of all or a portion of EPO’s outstanding Junior Subordinated Notes B due January 2068 (the “Junior Subordinated Notes B”) and for general company purposes.

This prospectus supplement is not an offer to sell or a solicitation of an offer to buy the securities being offered in the concurrent subordinated notes offering.

Condensed Financial Highlights—Fourth Quarter and Fiscal Year 2017 Results (Unaudited)

The following table sets forth selected financial highlights for the periods indicated (dollars in millions, except per unit amounts):

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2017     2016     2017     2016  
     (Unaudited)     (Unaudited)     (Unaudited)        

Selected Income Statement Data:

        

Revenues

   $ 8,426.6     $ 6,478.8     $ 29,241.5     $ 23,022.3  

Operating income

     1,079.4       923.2       3,928.9       3,580.7  

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  

Selected Balance Sheet Data at December 31 of each period:

        

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 interest

         213.5       219.0  

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  
  

 

 

   

 

 

   

 

 

   

 

 

 


 

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