|Enterprise Declares $0.50 Per Unit Cash Distribution|
HOUSTON--(BUSINESS WIRE)--Jan. 17, 2000--Enterprise Products Partners L.P. (NYSE:EPD) declared today an increase in its quarterly cash distribution to $0.50 per unit. This represents a $0.05 per unit, or an 11.1%, increase from its previous distribution rate of $0.45 per unit. The distribution will be paid on Feb. 10, 2000 to Common and Subordinated Unitholders of record at the close of business on Jan. 31, 2000.
"We are pleased to declare our first distribution increase. This 11% increase signifies the growth in cash flow that Enterprise has achieved through the completion of new projects, improved results from our base businesses and accretive acquisitions," stated O.S. "Dub" Andras, president and CEO of Enterprise. "This new level of distribution is supported by the cash flows generated from our large base of fee-based business which has experienced substantial growth."
Enterprise Products Partners L.P., with an enterprise value of approximately $2 billion, is one of the leading midstream energy service companies in North America, providing the complete services of processing, fractionation, transportation and storage to producers of natural gas liquids (NGLs) and consumers of NGL products. Enterprise has ownership interests in and operates some of the largest natural gas processing and NGL fractionation facilities in the United States, the largest commercial isobutane complex in the United States, two propylene fractionation facilities, an NGL import/export terminal, approximately 43.7 million barrels of net storage capacity, a 2,400-mile network of pipelines and an MTBE production facility, all located on the U.S. Gulf Coast. The Gulf Coast accounts for approximately 55% of U.S. NGL production and 75% of U.S. demand for NGLs.
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 http://www.epplp.com