|Enterprise Products Partners Raises $60 million through Distribution Reinvestment Plan; Chairman Reinvests $53 Million|
HOUSTON--(BUSINESS WIRE)--Aug. 10, 2006--Enterprise Products Partners L.P. (NYSE:EPD) announced today that it has received approximately $60 million in proceeds from the issuance of approximately 2.4 million common units through the reinvestment of distributions paid on August 10, 2006 by limited partners participating in the partnership's distribution reinvestment plan. Enterprise received an additional $1.2 million from its general partner's associated equity contribution. These proceeds include approximately $53 million of distributions reinvested by affiliates of EPCO, Inc., a privately-held company controlled by Dan L. Duncan, the chairman of its general partner, to purchase approximately 2.1 million additional Enterprise common units
Enterprise's distribution reinvestment plan (the "Plan"), established in July 2003, provides a simple, convenient and no-fee means of investing for holders of Enterprise common units. The Plan offers unitholders the opportunity to reinvest all or part of their quarterly cash distributions to purchase additional common units of the partnership at a discount to the market price, currently set at 5 percent. Inclusive of this reinvestment, affiliates of EPCO, Inc. own approximately 146.5 million Enterprise common units, which represent approximately 35% of Enterprise's total number of common units outstanding. Affiliates of EPCO, Inc. also own 86.5 percent of Enterprise GP Holdings L.P., which owns 100 percent of the general partner of Enterprise Products Partners L.P.
Enterprise Products Partners L.P. is one of the largest publicly traded energy partnerships with an enterprise value of approximately $16 billion, and is a North American provider of midstream energy services to producers and consumers of natural gas, NGLs and crude oil. Enterprise transports natural gas, NGLs and crude oil through approximately 33,100 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. For more information, visit Enterprise on the web at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE). For more information on Enterprise GP Holdings L.P., visit its website at www.enterprisegp.com.
This press release contains various forward-looking statements and information that are based on Enterprise's beliefs and those of its general partner, as well as assumptions made by and information currently available to Enterprise. When used in this press release, words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "intend," "could," "believe," "may," and similar expressions and statements regarding the plans and objectives of Enterprise for future operations, are intended to identify forward-looking statements. Although Enterprise and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither Enterprise nor its general partner can give assurances that such expectations will prove to be correct. Such statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Enterprise's actual results may vary materially from those Enterprise anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on Enterprise's results of operations and financial condition are:
-- fluctuations in oil, natural gas and NGL prices and production due to weather and other natural and economic forces;
-- a reduction in demand for its products by the petrochemical, refining or heating industries;
-- the effects of its debt level on its future financial and operating flexibility;
-- a decline in the volumes of NGLs delivered by its facilities;
-- the failure of its credit risk management efforts to adequately protect it against customer non-payment;
-- terrorist attacks aimed at its facilities; and
-- the failure to successfully integrate its operations with assets or companies, if any that it may acquire in the future.
Enterprise has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Enterprise Products Partners L.P.
SOURCE: Enterprise Products Partners L.P.