|Enterprise Increases Annual Cash Distribution by $0.10 Per Unit|
|HOUSTON--(BUSINESS WIRE)--June 9, 2000--Enterprise Products Partners L.P. (NYSE:EPD) announced today that it will increase its annual cash distribution by $0.10 per unit to an indicated annual distribution of $2.10 per unit. This increase will be effective with the second quarter distribution which is payable in August 2000. On a quarterly basis, the distribution will increase by 5 percent, or $0.025 per unit, from $0.50 to $0.525.
"We are pleased to announce our second distribution increase in the past six months. During this time period, we have increased the cash distribution to our unitholders by 16.7 percent. This increase reflects the growth in our cash flows attributable to over $600 million of investment in new projects and accretive acquisitions made during the past eighteen months," stated O.S. "Dub" Andras, president and chief executive officer. "In 2000, we plan to invest an additional $160 million in pipeline and plant projects that we believe will provide attractive economic returns."
"Our objective is to increase cash flow and distributions through accretive acquisitions of midstream assets, investments in projects with strategic partners and increases in demand for our processing, transportation and storage services," continued Andras. "As an integral part of this plan, we have positioned the company to benefit from the increase in natural gas production from deepwater developments in the Gulf of Mexico, which are rich in natural gas liquids."
Enterprise Products Partners L.P. is second largest publicly traded, energy services partnership with an enterprise value of over $2.1 billion. Enterprise is a leading integrated provider of processing, fractionation, storage, transportation and terminaling 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 www.epplp.com