Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 


Item 6.  Selected Financial Data.

The following table presents selected historical consolidated financial data of our partnership.  This information has been derived from and should be read in conjunction with our audited financial statements included under Part II, Item 8 of this annual report, which presents our audited balance sheets as of December 31, 2017 and 2016 and related statements of consolidated operations, comprehensive income, cash flows and equity for the three years ended December 31, 2017, 2016 and 2015, respectively.  As presented in the table, amounts are in millions (except per unit data).

   
For the Year Ended December 31,
 
   
2017
   
2016
   
2015
   
2014
   
2013
 
Statements of operations data:
                             
Total revenues
 
$
29,241.5
   
$
23,022.3
   
$
27,027.9
   
$
47,951.2
   
$
47,727.0
 
Cost of sales
   
21,487.0
     
15,710.9
     
19,612.9
     
40,464.1
     
40,770.2
 
Other costs and expenses
   
4,251.6
     
4,092.7
     
4,248.4
     
3,970.9
     
3,656.8
 
Equity in income of unconsolidated affiliates
   
426.0
     
362.0
     
373.6
     
259.5
     
167.3
 
Operating income
   
3,928.9
     
3,580.7
     
3,540.2
     
3,775.7
     
3,467.3
 
Interest expense
   
984.6
     
982.6
     
961.8
     
921.0
     
802.5
 
Net income
   
2,855.6
     
2,553.0
     
2,558.4
     
2,833.5
     
2,607.1
 
                                         
Net income attributable to noncontrolling interests
   
56.3
     
39.9
     
37.2
     
46.1
     
10.2
 
Net income attributable to limited partners
   
2,799.3
     
2,513.1
     
2,521.2
     
2,787.4
     
2,596.9
 
                                         
Earnings per unit:
                                       
Basic ($/unit)
   
1.30
     
1.20
     
1.28
     
1.51
     
1.45
 
Diluted ($/unit)
   
1.30
     
1.20
     
1.26
     
1.47
     
1.41
 
                                         
Cash distributions paid with respect to period ($/unit)
   
1.6825
     
1.6100
     
1.5300
     
1.4500
     
1.3700
 
                                         
   
As of December 31,
 
   
2017
   
2016
   
2015
   
2014
   
2013
 
Balance sheet data:
                                       
Property, plant and equipment, net
 
$
35,620.4
   
$
33,292.5
   
$
32,034.7
   
$
29,881.6
   
$
26,946.6
 
Investments in unconsolidated affiliates
   
2,659.4
     
2,677.3
     
2,628.5
     
3,042.0
     
2,437.1
 
Total assets
   
54,418.1
     
52,194.0
     
48,802.2
     
47,057.7
     
40,025.5
 
Long-term debt, including current maturities
   
24,568.7
     
23,697.7
     
22,540.8
     
21,220.5
     
17,238.3
 
Total liabilities
   
31,645.7
     
29,928.0
     
28,301.1
     
27,365.5
     
24,585.1
 
Equity:
                                       
   Partners’ equity
 
$
22,547.2
   
$
22,047.0
   
$
20,295.1
   
$
18,063.2
   
$
15,214.8
 
   Noncontrolling interests
   
225.2
     
219.0
     
206.0
     
1,629.0
     
225.6
 
   Total equity
 
$
22,772.4
   
$
22,266.0
   
$
20,501.1
   
$
19,692.2
   
$
15,440.4
 
                                         
Limited partner units outstanding (millions)
   
2,161.1
     
2,117.6
     
2,012.6
     
1,937.3
     
1,871.4
 

Fluctuations in our consolidated revenues and cost of sales amounts are explained in large part by changes in energy commodity prices.  Energy commodity prices fluctuate for a variety of reasons, including supply and demand imbalances and geopolitical tensions.  For additional information regarding energy commodity prices, see “Selected Energy Commodity Price Data” included under Part II, Item 7 of this annual report.  General information regarding our results of operations can also be found under Part II, Item 7 of this annual report.

Property, plant and equipment balances increased in each of the years presented due to our ongoing capital expenditure program, which includes business combinations such as EFS Midstream and Oiltanking.   For information regarding our capital spending program, see “Capital Spending” included under Part II, Item 7 of this annual report. For information regarding our recent business combinations, see Note 12 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report.

Investments in unconsolidated affiliates decreased in 2015 primarily due to the sale of our Offshore Business, which included a number of pipeline and platform joint ventures operating in the Gulf of Mexico.   See Note 10 of the Notes to Consolidated Financial Statements included under Part II, Item 8 of this annual report for additional information regarding the sale of this business.
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