|Enterprise Increases Cash Distribution Rate|
HOUSTON--(BUSINESS WIRE)--Oct. 12, 2006--Enterprise Products Partners L.P. (NYSE:EPD) today announced that the Board of Directors of its general partner declared an increase in its quarterly cash distribution rate to partners to $0.46 per common unit, or $1.84 per unit on an annual basis. The quarterly distribution will be paid on November 8, 2006, to unitholders of record at the close of business on October 31, 2006. This distribution represents a 7 percent increase from the $0.43 per unit quarterly distribution paid with respect to the third quarter of 2005.
Enterprise will announce its earnings for the third quarter of 2006 on Tuesday, October 24, 2006, before the New York Stock Exchange opens for trading. Following the announcement, the company will host a conference call at 9:00 A.M. Central Time with analysts and investors to discuss third quarter earnings. The call will be broadcast live on the Internet and may be accessed at the company's website, www.epplp.com.
To listen to the webcast, participants should access the "Investor Resources" section of the company's website at least fifteen minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available for one week following the conference call and can be accessed one hour after the completion of the call.
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 leading 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 more than 34,000 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., Houston Investor Relations Randy Burkhalter, 713-381-6812 or toll-free 866-230-0745 or Media Relations Rick Rainey, 713-381-3635
SOURCE: Enterprise Products Partners L.P.