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
 


Financing activities.  Cash used in financing activities for the year ended December 31, 2017 was $1.73 billion compared to cash provided by financing activities of $321.7 million for the year ended December 31, 2016.  The $2.05 billion year-to-year change in cash flow from financing activities was primarily due to:

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a $1.47 billion year-to-year decrease in net cash proceeds from the issuance of common units.  We issued an aggregate 40,853,745 common units, which generated $1.07 billion of net cash proceeds, in connection with our ATM program, DRIP and EUPP during the year ended December 31, 2017.  This compares to an aggregate 104,183,571 common units we issued in connection with these programs and plans during the same period in 2016, which collectively generated $2.54 billion of net cash proceeds;

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a $285.6 million year-to-year decrease in net cash inflows attributable to our consolidated debt obligations.  EPO issued $1.7 billion in principal amount of junior subordinated notes and repaid $800.0 million in principal amount of senior notes during the year ended December 31, 2017 compared to the issuance of $1.25 billion and repayment of $750.0 million in principal amount of senior notes during the year ended December 31, 2016.  In addition, net repayments under EPO’s commercial paper program were $44.2 million during 2017 compared to net issuances of $647.9 million during 2016; and

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a $269.4 million year-to-year increase in cash distributions paid to limited partners during the year ended December 31, 2017 when compared to the same period in 2016.  The increase in cash distributions is due to increases in both the number of distribution-bearing common units outstanding and the quarterly cash distribution rates per unit.

Comparison of 2016 with 2015

Operating Activities
Net cash flows provided by operating activities for the year ended December 31, 2016 increased $64.4 million when compared to the year ended December 31, 2015.  The increase in cash provided by operating activities was primarily due to a $142.4 million year-to-year increase in cash primarily due to the timing of cash receipts and payments related to operations partially offset by an $81.6 million year-to-year decrease in cash distributions received on earnings from unconsolidated affiliates primarily due to the sale of our Offshore Business in July 2015.

For information regarding significant year-to-year changes in our consolidated net income and underlying segment results, see “Results of Operations” within this Part II, Item 7.

Investing Activities
Cash used in investing activities for the year ended December 31, 2016 increased $579.9 million when compared to the year ended December 31, 2015 primarily due to:

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a $1.56 billion year-to-year decrease in cash proceeds from asset sales primarily due to the sale of our Offshore Business in July 2015, which generated proceeds of $1.53 billion; and

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an $827.5 million year-to-year decrease in capital spending for consolidated property, plant and equipment;

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an $80.3 million year-to-year decrease in aggregate cash used for business combinations and investments in and advances to unconsolidated affiliates; and

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$71.0 million of distributions received in connection with the return of capital from unconsolidated affiliates during 2016.

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