|Enterprise Announces Increase in Common Unit Repurchase Program|
HOUSTON--(BUSINESS WIRE)--Aug. 15, 2000--Enterprise Products Partners L.P. (NYSE:EPD) announced today that certain of its affiliates have increased the size of their common unit repurchase program by an additional 150,000 common units. The units will be purchased from time to time in the open market.
The additional 150,000 units may be held for investment purposes or used in a long-term unit option compensation plan for management and key employees. This brings the total number of units authorized to be repurchased by such affiliates under the program, which was announced in 1998, to 1.3 million common units. To date, approximately 1.15 million units have been repurchased by such affiliates.
"Enterprise's affiliates intend to increase the size of their repurchase program because of their belief that the units are an attractive investment at current market prices," said O.S. "Dub" Andras, president and CEO of Enterprise.
Enterprise Products Partners L.P. is one of the largest publicly traded master limited partnerships with an enterprise value of approximately $2.3 billion. Enterprise is a leading integrated provider of processing, fractionation, storage, transportation and terminalling services to producers and consumers of natural gas liquids ("NGLs") and other liquid hydrocarbons. The company's assets are geographically focused on the United States' Gulf Coast, which accounts for approximately 55 percent of domestic NGL production and 75 percent of domestic NGL demand.
This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company, as well as assumptions made by, and information currently available to, management. Although Enterprise believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
CONTACT: Enterprise Products Partners L.P., Houston
Randy Fowler, 713/880-6694