Delaware
|
76-0568219
|
||
(State or Other Jurisdiction of
|
(I.R.S. Employer Identification No.)
|
||
Incorporation or Organization)
|
|||
1100 Louisiana Street, 10th Floor
|
|||
Houston, Texas 77002
|
|||
(Address of Principal Executive Offices, including Zip Code)
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(713) 381-6500
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(Registrant’s Telephone Number, including Area Code)
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Large accelerated filer þ
|
Accelerated filer o
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Non-accelerated filer o (Do not check if a smaller reporting company)
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Smaller reporting company o
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Page No.
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June 30,
|
December 31,
|
|||||||
ASSETS
|
2012
|
2011
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 14.5 | $ | 19.8 | ||||
Restricted cash
|
-- | 38.5 | ||||||
Accounts receivable – trade, net of allowance for doubtful accounts of $13.0 at
June 30, 2012 and $13.4 at December 31, 2011
|
3,724.9 | 4,501.8 | ||||||
Accounts receivable – related parties
|
2.3 | 43.5 | ||||||
Inventories
|
892.9 | 1,111.7 | ||||||
Prepaid and other current assets
|
434.8 | 353.4 | ||||||
Total current assets
|
5,069.4 | 6,068.7 | ||||||
Property, plant and equipment, net
|
23,760.6 | 22,191.6 | ||||||
Investments in unconsolidated affiliates
|
913.2 | 1,859.6 | ||||||
Intangible assets, net of accumulated amortization of $1,019.3 at June 30, 2012
and $990.4 at December 31, 2011
|
1,619.2 | 1,656.2 | ||||||
Goodwill
|
2,092.3 | 2,092.3 | ||||||
Other assets
|
212.4 | 256.7 | ||||||
Total assets
|
$ | 33,667.1 | $ | 34,125.1 | ||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt
|
$ | 1,700.0 | $ | 500.0 | ||||
Accounts payable – trade
|
762.6 | 773.0 | ||||||
Accounts payable – related parties
|
70.2 | 211.6 | ||||||
Accrued product payables
|
4,039.7 | 5,047.1 | ||||||
Accrued interest
|
289.1 | 288.1 | ||||||
Other current liabilities
|
756.7 | 612.6 | ||||||
Total current liabilities
|
7,618.3 | 7,432.4 | ||||||
Long-term debt (see Note 9)
|
13,346.7 | 14,029.4 | ||||||
Deferred tax liabilities
|
23.8 | 91.2 | ||||||
Other long-term liabilities
|
202.2 | 352.8 | ||||||
Commitments and contingencies (see Note 14)
|
||||||||
Equity: (see Note 10)
|
||||||||
Partners’ equity:
|
||||||||
Limited partners:
|
||||||||
Common units (884,174,991 units outstanding at June 30, 2012
and 881,620,418 units outstanding at December 31, 2011)
|
12,566.5 | 12,346.3 | ||||||
Class B units (4,520,431 units outstanding at June 30, 2012
and December 31, 2011)
|
118.5 | 118.5 | ||||||
Accumulated other comprehensive loss
|
(318.7 | ) | (351.4 | ) | ||||
Total partners’ equity
|
12,366.3 | 12,113.4 | ||||||
Noncontrolling interests
|
109.8 | 105.9 | ||||||
Total equity
|
12,476.1 | 12,219.3 | ||||||
Total liabilities and equity
|
$ | 33,667.1 | $ | 34,125.1 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
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Ended June 30,
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|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues:
|
||||||||||||||||
Third parties
|
$ | 9,764.2 | $ | 11,072.3 | $ | 20,985.9 | $ | 21,005.9 | ||||||||
Related parties
|
25.6 | 144.2 | 56.4 | 394.3 | ||||||||||||
Total revenues (see Note 11)
|
9,789.8 | 11,216.5 | 21,042.3 | 21,400.2 | ||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
8,788.0 | 10,140.6 | 19,106.8 | 19,252.1 | ||||||||||||
Related parties
|
221.5 | 392.7 | 369.9 | 818.3 | ||||||||||||
Total operating costs and expenses
|
9,009.5 | 10,533.3 | 19,476.7 | 20,070.4 | ||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
16.7 | 16.3 | 40.3 | 29.2 | ||||||||||||
Related parties
|
25.8 | 34.1 | 48.5 | 59.1 | ||||||||||||
Total general and administrative costs
|
42.5 | 50.4 | 88.8 | 88.3 | ||||||||||||
Total costs and expenses (see Note 11)
|
9,052.0 | 10,583.7 | 19,565.5 | 20,158.7 | ||||||||||||
Equity in income of unconsolidated affiliates
|
11.3 | 11.1 | 21.2 | 27.3 | ||||||||||||
Operating income
|
749.1 | 643.9 | 1,498.0 | 1,268.8 | ||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(186.6 | ) | (188.3 | ) | (373.1 | ) | (372.1 | ) | ||||||||
Interest income
|
0.1 | 0.3 | 0.4 | 0.6 | ||||||||||||
Other, net (see Note 2)
|
13.1 | -- | 71.5 | 0.2 | ||||||||||||
Total other expense, net
|
(173.4 | ) | (188.0 | ) | (301.2 | ) | (371.3 | ) | ||||||||
Income before income taxes
|
575.7 | 455.9 | 1,196.8 | 897.5 | ||||||||||||
Benefit from (provision for) income taxes (see Note 2)
|
(8.5 | ) | (7.4 | ) | 25.9 | (14.5 | ) | |||||||||
Net income
|
567.2 | 448.5 | 1,222.7 | 883.0 | ||||||||||||
Net income attributable to noncontrolling interests (see Note 10)
|
(0.9 | ) | (14.8 | ) | (5.1 | ) | (28.6 | ) | ||||||||
Net income attributable to limited partners
|
$ | 566.3 | $ | 433.7 | $ | 1,217.6 | $ | 854.4 | ||||||||
Earnings per unit: (see Note 13)
|
||||||||||||||||
Basic earnings per unit
|
$ | 0.66 | $ | 0.53 | $ | 1.42 | $ | 1.05 | ||||||||
Diluted earnings per unit
|
$ | 0.64 | $ | 0.51 | $ | 1.37 | $ | 1.00 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
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Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net income
|
$ | 567.2 | $ | 448.5 | $ | 1,222.7 | $ | 883.0 | ||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges:
|
||||||||||||||||
Commodity derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
105.0 | (21.7 | ) | 45.4 | (173.1 | ) | ||||||||||
Reclassification of gains and losses to net income
|
14.2 | 74.8 | 36.2 | 143.7 | ||||||||||||
Interest rate derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
(84.0 | ) | (60.1 | ) | (55.1 | ) | (46.0 | ) | ||||||||
Reclassification of gains and losses to net income
|
3.7 | 1.5 | 6.4 | 3.0 | ||||||||||||
Total cash flow hedges
|
38.9 | (5.5 | ) | 32.9 | (72.4 | ) | ||||||||||
Change in funded status of pension and postretirement plans, net of tax
|
-- | (0.9 | ) | (1.2 | ) | (0.6 | ) | |||||||||
Proportionate share of other comprehensive income (loss) of
unconsolidated affiliate
|
-- | 0.3 | 1.0 | (0.7 | ) | |||||||||||
Change in fair value of available-for-sale equity securities
|
(15.8 | ) | -- | -- | -- | |||||||||||
Total other comprehensive income (loss)
|
23.1 | (6.1 | ) | 32.7 | (73.7 | ) | ||||||||||
Comprehensive income
|
590.3 | 442.4 | 1,255.4 | 809.3 | ||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(0.9 | ) | (14.8 | ) | (5.1 | ) | (28.6 | ) | ||||||||
Comprehensive income attributable to limited partners
|
$ | 589.4 | $ | 427.6 | $ | 1,250.3 | $ | 780.7 |
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Operating activities:
|
||||||||
Net income
|
$ | 1,222.7 | $ | 883.0 | ||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
537.7 | 484.8 | ||||||
Non-cash asset impairment charges
|
14.5 | -- | ||||||
Equity in income of unconsolidated affiliates
|
(21.2 | ) | (27.3 | ) | ||||
Distributions received from unconsolidated affiliates
|
50.5 | 84.8 | ||||||
Gains related to asset sales
|
(3.8 | ) | (23.6 | ) | ||||
Gains related to property damage insurance recoveries (see Note 16)
|
(27.7 | ) | -- | |||||
Gains related to sales of Energy Transfer Equity common units (see Note 7)
|
(68.8 | ) | -- | |||||
Deferred income tax expense (benefit)
|
(64.9 | ) | 2.3 | |||||
Changes in fair market value of derivative instruments
|
(21.6 | ) | (10.7 | ) | ||||
Net effect of changes in operating accounts (see Note 15)
|
(280.3 | ) | 361.4 | |||||
Other operating activities
|
1.2 | (0.2 | ) | |||||
Net cash flows provided by operating activities
|
1,338.3 | 1,754.5 | ||||||
Investing activities:
|
||||||||
Capital expenditures
|
(1,813.1 | ) | (1,716.2 | ) | ||||
Contributions in aid of construction costs
|
10.0 | 6.4 | ||||||
Decrease (increase) in restricted cash
|
38.5 | (17.5 | ) | |||||
Investments in unconsolidated affiliates
|
(125.5 | ) | (11.8 | ) | ||||
Proceeds from asset sales (see Note 15)
|
1,129.0 | 250.5 | ||||||
Proceeds from property damage insurance recoveries (see Note 16)
|
27.7 | -- | ||||||
Other investing activities
|
(16.4 | ) | (3.6 | ) | ||||
Cash used in investing activities
|
(749.8 | ) | (1,492.2 | ) | ||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
2,414.6 | 3,791.1 | ||||||
Repayments of debt
|
(1,891.0 | ) | (3,033.5 | ) | ||||
Debt issuance costs
|
(7.5 | ) | (12.8 | ) | ||||
Monetization of interest rate derivative instruments (see Note 4)
|
(77.6 | ) | (5.7 | ) | ||||
Cash distributions paid to limited partners (see Note 10)
|
(1,068.6 | ) | (966.5 | ) | ||||
Cash distributions paid to noncontrolling interests (see Note 10)
|
(8.1 | ) | (34.8 | ) | ||||
Cash contributions from noncontrolling interests (see Note 10)
|
5.9 | 2.6 | ||||||
Net cash proceeds from issuance of common units
|
57.7 | 45.1 | ||||||
Other financing activities
|
(19.2 | ) | (4.2 | ) | ||||
Cash used in financing activities
|
(593.8 | ) | (218.7 | ) | ||||
Net change in cash and cash equivalents
|
(5.3 | ) | 43.6 | |||||
Cash and cash equivalents, January 1
|
19.8 | 65.5 | ||||||
Cash and cash equivalents, June 30
|
$ | 14.5 | $ | 109.1 |
Partners’ Equity
|
||||||||||||||||
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
|||||||||||||
Balance, December 31, 2011
|
$ | 12,464.8 | $ | (351.4 | ) | $ | 105.9 | $ | 12,219.3 | |||||||
Net income
|
1,217.6 | -- | 5.1 | 1,222.7 | ||||||||||||
Cash distributions paid to limited partners
|
(1,068.6 | ) | -- | -- | (1,068.6 | ) | ||||||||||
Cash distributions paid to noncontrolling interests
|
-- | -- | (8.1 | ) | (8.1 | ) | ||||||||||
Cash contributions from noncontrolling interests
|
-- | -- | 5.9 | 5.9 | ||||||||||||
Net cash proceeds from issuance of common units
|
57.7 | -- | -- | 57.7 | ||||||||||||
Amortization of fair value of equity-based awards
|
31.8 | -- | -- | 31.8 | ||||||||||||
Cash flow hedges
|
-- | 32.9 | -- | 32.9 | ||||||||||||
Other
|
(18.3 | ) | (0.2 | ) | 1.0 | (17.5 | ) | |||||||||
Balance, June 30, 2012
|
$ | 12,685.0 | $ | (318.7 | ) | $ | 109.8 | $ | 12,476.1 |
Partners’ Equity
|
||||||||||||||||
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
|||||||||||||
Balance, December 31, 2010
|
$ | 11,406.7 | $ | (32.5 | ) | $ | 526.6 | $ | 11,900.8 | |||||||
Net income
|
854.4 | -- | 28.6 | 883.0 | ||||||||||||
Cash distributions paid to limited partners
|
(966.5 | ) | -- | -- | (966.5 | ) | ||||||||||
Cash distributions paid to noncontrolling interests
|
-- | -- | (34.8 | ) | (34.8 | ) | ||||||||||
Cash contributions from noncontrolling interests
|
-- | -- | 2.6 | 2.6 | ||||||||||||
Net cash proceeds from issuance of common units
|
45.1 | -- | -- | 45.1 | ||||||||||||
Amortization of fair value of equity-based awards
|
25.2 | -- | 0.1 | 25.3 | ||||||||||||
Cash flow hedges
|
-- | (72.4 | ) | -- | (72.4 | ) | ||||||||||
Other
|
(4.5 | ) | (1.3 | ) | (2.0 | ) | (7.8 | ) | ||||||||
Balance, June 30, 2011
|
$ | 11,360.4 | $ | (106.2 | ) | $ | 521.1 | $ | 11,775.3 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Gain on sales of Energy Transfer Equity common units (1)
|
$ | 15.5 | $ | -- | $ | 68.8 | $ | -- | ||||||||
Distribution income from Energy Transfer Equity
|
-- | -- | 4.1 | -- | ||||||||||||
Other
|
(2.4 | ) | -- | (1.4 | ) | 0.2 | ||||||||||
Total
|
$ | 13.1 | $ | -- | $ | 71.5 | $ | 0.2 | ||||||||
(1) See Note 7 for information regarding our previously held investment in Energy Transfer Equity.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Restricted common unit awards
|
$ | 15.7 | $ | 12.1 | $ | 30.5 | $ | 23.5 | ||||||||
Unit option awards
|
0.3 | 0.8 | 1.0 | 1.7 | ||||||||||||
Other (1)
|
0.5 | 0.3 | 1.4 | (0.2 | ) | |||||||||||
Total compensation expense
|
$ | 16.5 | $ | 13.2 | $ | 32.9 | $ | 25.0 | ||||||||
(1) Primarily consists of unit appreciation rights (“UARs”), phantom units and similar awards.
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
|||||||
Restricted common units at December 31, 2011
|
3,868,216 | $ | 34.22 | |||||
Granted (2,3)
|
1,538,438 | $ | 51.92 | |||||
Vested (3)
|
(1,236,352 | ) | $ | 34.77 | ||||
Forfeited
|
(95,575 | ) | $ | 38.43 | ||||
Restricted common units at June 30, 2012
|
4,074,727 | $ | 40.64 | |||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2) The aggregate grant date fair value of restricted common unit awards issued in 2012 was $79.9 million based on a grant date market price ranging from $51.92 to $52.26 per unit. An estimated annual forfeiture rate of 3.25% was applied to these awards.
(3) Includes awards granted to the independent directors of the board of directors of Enterprise GP as part of their annual compensation for 2012. A total of 10,038 restricted common units were issued in February 2012 to the independent directors of Enterprise GP that immediately vested upon issuance.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cash distributions paid to restricted common unit holders
|
$ | 3.0 | $ | 2.7 | $ | 5.4 | $ | 4.8 | ||||||||
Total intrinsic value of our restricted common unit awards vesting during period
|
30.1 | 20.5 | 62.7 | 35.2 |
Number of
Units
|
Weighted-
Average
Strike Price
(dollars/unit)
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
Aggregate
Intrinsic
Value (1)
|
|||||||||||||
Unit options at December 31, 2011
|
3,753,420 | $ | 28.08 | 2.6 | $ | 11.1 | ||||||||||
Exercised
|
(712,280 | ) | $ | 30.76 | ||||||||||||
Forfeited
|
(130,000 | ) | $ | 27.12 | ||||||||||||
Unit options at June 30, 2012
|
2,911,140 | $ | 27.46 | 2.5 | $ | 14.4 | ||||||||||
Options exercisable at June 30, 2012
|
-- | -- | -- | |||||||||||||
(1) Aggregate intrinsic value reflects fully vested unit options at the date indicated.
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Total intrinsic value of unit option awards exercised during period
|
$ | -- | $ | -- | $ | 14.0 | $ | -- | ||||||||
Cash received from EPCO in connection with the exercise of unit option awards
|
-- | -- | 10.2 | -- | ||||||||||||
Unit option-related reimbursements to EPCO
|
-- | -- | 14.0 | -- |
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
Senior Notes AA
|
10 fixed-to-floating swaps
|
$750.0
|
1/2011 to 2/2016
|
3.2% to 1.5%
|
Fair value hedge
|
Undesignated swaps
|
6 floating-to-fixed swaps
|
$600.0
|
5/2010 to 7/2014
|
0.5% to 2.0%
|
Mark-to-market
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Expected
Termination
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
Future debt offering
|
7 forward starting swaps
|
$350.0
|
8/2012
|
3.7%
|
Cash flow hedge
|
Future debt offering
|
16 forward starting swaps
|
$1,000.0
|
3/2013
|
3.7%
|
Cash flow hedge
|
Volume (1)
|
Accounting
|
||
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (“PTR”) (3)
|
15.3 Bcf
|
n/a
|
Cash flow hedge
|
Forecasted sales of NGLs (4)
|
1.6 MMBbls
|
n/a
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchases of NGLs
|
0.2 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products
|
2.0 MMBbls
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Forecasted sales of natural gas
|
1.2 Bcf
|
n/a
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
11.1 Bcf
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products
|
3.2 MMBbls
|
0.5 MMBbls
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products
|
3.7 MMBbls
|
0.5 MMBbls
|
Cash flow hedge
|
Refined products marketing:
|
|||
Forecasted purchases of refined products
|
0.1 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products
|
0.5 MMBbls
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities
|
0.2 MMBbls
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|||
Forecasted purchases of crude oil
|
2.8 MMBbls
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil
|
4.1 MMBbls
|
n/a
|
Cash flow hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (5,6)
|
241.0 Bcf
|
56.0 Bcf
|
Mark-to-market
|
Refined products risk management activities (6)
|
1.1 MMBbls
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (6)
|
5.7 MMBbls
|
n/a
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2013, March 2013 and October 2015, respectively.
(3) PTR represents the British thermal unit (“Btu”) equivalent of the NGLs extracted from natural gas by a processing plant, and includes the natural gas used as plant fuel to extract those liquids, plant flare and other shortages.
(4) Forecasted sales of NGL volumes under natural gas processing exclude 2.2 MMBbls of additional hedges executed under contracts that have been designated as normal sales agreements.
(5) Current volumes include approximately 62.5 Bcf of physical derivative instruments that are predominantly priced at an index plus a premium or minus a discount related to location differences.
(6) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§
|
The objective of our natural gas processing strategy is to hedge an amount of gross margin associated with our natural gas processing activities. We achieve this objective by using physical and financial instruments to lock in the purchase prices of natural gas consumed as PTR and the
|
|
sales prices of the related NGL products. This program consists of (i) the forward sale of a portion of our expected equity NGL production at fixed prices through December 2012, which is achieved through the use of forward physical sales contracts and commodity derivative instruments and (ii) the purchase of commodity derivative instruments having a notional amount based on the volume of natural gas expected to be consumed as PTR in the production of such equity NGL production.
|
§
|
The objective of our NGL, refined products and crude oil sales hedging program is to hedge the margins of anticipated future sales of inventory by locking in sales prices through the use of forward physical sales contracts and commodity derivative instruments.
|
§
|
The objective of our natural gas and refined products inventory hedging program is to hedge the fair value of natural gas and refined products currently held in inventory by locking in the sales price of the inventory through the use of commodity derivative instruments.
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||||||||
June 30, 2012
|
December 31, 2011
|
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
|||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$ | 18.6 |
Other current
assets
|
$ | 43.7 |
Other current
liabilities
|
$ | 230.6 |
Other current
liabilities
|
$ | 163.6 | ||||||||
Interest rate derivatives
|
Other assets
|
26.6 |
Other assets
|
44.2 |
Other liabilities
|
-- |
Other liabilities
|
127.1 | ||||||||||||
Total interest rate derivatives
|
45.2 | 87.9 | 230.6 | 290.7 | ||||||||||||||||
Commodity derivatives
|
Other current
assets
|
127.4 |
Other current
assets
|
20.3 |
Other current
liabilities
|
74.6 |
Other current
liabilities
|
30.3 | ||||||||||||
Commodity derivatives
|
Other assets
|
4.8 |
Other assets
|
-- |
Other liabilities
|
2.1 |
Other liabilities
|
0.2 | ||||||||||||
Total commodity derivatives (1)
|
132.2 | 20.3 | 76.7 | 30.5 | ||||||||||||||||
Total derivatives designated as hedging instruments
|
$ | 177.4 | $ | 108.2 | $ | 307.3 | $ | 321.2 | ||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||
Interest rate derivatives
|
Other current
assets
|
$ | -- |
Other current
assets
|
$ | -- |
Other current
liabilities
|
$ | 11.0 |
Other current
liabilities
|
$ | 10.1 | ||||||||
Interest rate derivatives
|
Other assets
|
-- |
Other assets
|
-- |
Other liabilities
|
8.6 |
Other liabilities
|
10.6 | ||||||||||||
Total interest rate derivatives
|
-- | -- | 19.6 | 20.7 | ||||||||||||||||
Commodity derivatives
|
Other current
assets
|
26.0 |
Other current
assets
|
34.4 |
Other current
liabilities
|
19.4 |
Other current
liabilities
|
32.5 | ||||||||||||
Commodity derivatives
|
Other assets
|
4.4 |
Other assets
|
12.6 |
Other liabilities
|
1.8 |
Other liabilities
|
2.0 | ||||||||||||
Total commodity derivatives
|
30.4 | 47.0 | 21.2 | 34.5 | ||||||||||||||||
Total derivatives not designated as hedging instruments
|
$ | 30.4 | $ | 47.0 | $ | 40.8 | $ | 55.2 | ||||||||||||
(1) Represents commodity derivative instrument transactions that have either not settled or have settled and cash has not been paid or received. Settled and unpaid or unreceived amounts are reflected in either accounts receivable or accounts payable depending on the outcome of the transaction.
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain/(Loss) Recognized in
Income on Derivative
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | 4.6 | $ | 21.1 | $ | 3.1 | $ | 8.8 | ||||||||
Commodity derivatives
|
Revenue
|
(16.4 | ) | (1.6 | ) | (15.7 | ) | (1.3 | ) | ||||||||
Total
|
$ | (11.8 | ) | $ | 19.5 | $ | (12.6 | ) | $ | 7.5 |
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain/(Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (4.5 | ) | $ | (21.0 | ) | $ | (3.4 | ) | $ | (9.7 | ) | ||||
Commodity derivatives
|
Revenue
|
15.9 | 0.2 | 16.3 | (1.1 | ) | |||||||||||
Total
|
$ | 11.4 | $ | (20.8 | ) | $ | 12.9 | $ | (10.8 | ) |
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value
Recognized in Other Comprehensive Income/(Loss) on
Derivative (Effective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Interest rate derivatives
|
$ | (84.0 | ) | $ | (60.1 | ) | $ | (55.1 | ) | $ | (46.0 | ) | ||||
Commodity derivatives – Revenue
|
99.8 | (19.4 | ) | 60.2 | (174.8 | ) | ||||||||||
Commodity derivatives – Operating costs and expenses
|
5.2 | (2.3 | ) | (14.8 | ) | 1.7 | ||||||||||
Total
|
$ | 21.0 | $ | (81.8 | ) | $ | (9.7 | ) | $ | (219.1 | ) |
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain/(Loss) Reclassified
from Accumulated Other Comprehensive
Income/(Loss) to Income (Effective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (3.7 | ) | $ | (1.5 | ) | $ | (6.4 | ) | $ | (3.0 | ) | ||||
Commodity derivatives
|
Revenue
|
(2.6 | ) | (79.3 | ) | (12.6 | ) | (148.5 | ) | ||||||||
Commodity derivatives
|
Operating costs and expenses
|
(11.6 | ) | 4.5 | (23.6 | ) | 4.8 | ||||||||||
Total
|
$ | (17.9 | ) | $ | (76.3 | ) | $ | (42.6 | ) | $ | (146.7 | ) |
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain/(Loss) Recognized in Income
on Derivative (Ineffective Portion)
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
Commodity derivatives
|
Revenue
|
$ | 0.9 | $ | 0.3 | $ | 0.9 | $ | 0.2 | ||||||||
Commodity derivatives
|
Operating costs and expenses
|
-- | -- | 0.3 | -- | ||||||||||||
Total
|
$ | 0.9 | $ | 0.3 | $ | 1.2 | $ | 0.2 |
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain/(Loss) Recognized in
Income on Derivative
|
|||||||||||||||
For the Three Months
|
For the Six Months
|
||||||||||||||||
Ended June 30,
|
Ended June 30,
|
||||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||||
Interest rate derivatives
|
Interest expense
|
$ | (1.1 | ) | $ | (11.9 | ) | $ | (3.3 | ) | $ | (10.5 | ) | ||||
Commodity derivatives
|
Revenue
|
9.3 | 9.5 | 30.1 | 13.3 | ||||||||||||
Commodity derivatives
|
Operating costs and expenses
|
-- | -- | (2.8 | ) | -- | |||||||||||
Total
|
$ | 8.2 | $ | (2.4 | ) | $ | 24.0 | $ | 2.8 |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices
|
||||||||||||||||
in Active
|
||||||||||||||||
Markets for
|
Significant
|
Significant
|
Carrying
|
|||||||||||||
Identical Assets
|
Observable
|
Unobservable
|
Value
|
|||||||||||||
and Liabilities
|
Inputs
|
Inputs
|
at June 30,
|
|||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
2012
|
|||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$ | -- | $ | 45.2 | $ | -- | $ | 45.2 | ||||||||
Commodity derivatives
|
81.6 | 73.1 | 7.9 | 162.6 | ||||||||||||
Total
|
$ | 81.6 | $ | 118.3 | $ | 7.9 | $ | 207.8 | ||||||||
Financial liabilities:
|
||||||||||||||||
Interest rate derivatives
|
$ | -- | $ | 250.2 | $ | -- | $ | 250.2 | ||||||||
Commodity derivatives
|
39.1 | 55.8 | 3.0 | 97.9 | ||||||||||||
Total
|
$ | 39.1 | $ | 306.0 | $ | 3.0 | $ | 348.1 |
For the Six Months
|
|||||||||
Ended June 30,
|
|||||||||
Location
|
2012
|
2011
|
|||||||
Balance, January 1
|
$ | 0.4 | $ | (25.9 | ) | ||||
Total gains (losses) included in:
|
|||||||||
Net income (1)
|
Revenue
|
0.5 | (0.5 | ) | |||||
Other comprehensive income (loss)
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
0.5 | 16.2 | ||||||
Settlements
|
(0.5 | ) | 0.8 | ||||||
Transfers out of Level 3 (2)
|
-- | 9.8 | |||||||
Balance, March 31
|
0.9 | 0.4 | |||||||
Total gains (losses) included in:
|
|||||||||
Net income (1)
|
Revenue
|
(1.3 | ) | 1.9 | |||||
Other comprehensive income (loss)
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
6.0 | -- | ||||||
Settlements
|
(0.7 | ) | (0.2 | ) | |||||
Balance, June 30
|
$ | 4.9 | $ | 2.1 | |||||
(1) There were $2.0 million and $1.9 million of unrealized losses included in these amounts for the three and six months ended June 30, 2012, respectively. There were $2.0 million and $1.8 million of unrealized gains included in these amounts for the three and six months ended June 30, 2011, respectively.
(2) Transfers out of Level 3 into Level 2 during 2011 were primarily due to the change in observability of forward NGL prices.
|
Fair Value
|
|||||||||||
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
|||||||
Commodity derivatives – Propane
|
$ | 4.7 | $ | 0.9 |
Discounted cash flow
|
Forward commodity price
|
$0.86-$0.92 /gallon
|
||||
Commodity derivatives – Natural gasoline
|
2.7 | -- |
Discounted cash flow
|
Forward commodity price
|
$1.83-$1.83 /gallon
|
||||||
Commodity derivatives – Crude oil
|
0.3 | 2.0 |
Discounted cash flow
|
Forward commodity price
|
$84.96-$88.71 /barrel
|
||||||
Commodity derivatives – Natural gas
|
0.2 | 0.1 |
Discounted cash flow
|
Forward commodity price
|
$3.90-$4.13 /million Btu
|
||||||
Total
|
$ | 7.9 | $ | 3.0 |
Fair Value Measurements Using
|
Total
|
|||||||||||||||||||
Non-Cash Asset
|
||||||||||||||||||||
Quoted Prices
|
Impairment
|
|||||||||||||||||||
in Active
|
Significant
|
Significant
|
Carrying
|
Charges for the
|
||||||||||||||||
Markets for
|
Observable
|
Unobservable
|
Value at
|
Six Months
|
||||||||||||||||
Identical Assets
|
Inputs
|
Inputs
|
June 30,
|
Ended
|
||||||||||||||||
(Level 1)
|
(Level 2)
|
(Level 3)
|
2012
|
June 30, 2012
|
||||||||||||||||
NGL Pipelines & Services
|
||||||||||||||||||||
Property, plant and equipment, net
|
$ | -- | $ | -- | $ | -- | $ | -- | $ | 8.0 | ||||||||||
Onshore Crude Oil Pipelines & Services
|
||||||||||||||||||||
Property, plant and equipment, net
|
-- | -- | -- | -- | 6.2 | |||||||||||||||
Petrochemical & Refined Products Services
|
||||||||||||||||||||
Long-lived fixed assets held for sale
|
-- | -- | 0.5 | 0.5 | 0.3 | |||||||||||||||
Total
|
$ | -- | $ | -- | $ | 0.5 | $ | 0.5 | $ | 14.5 |
Available-for-Sale Inventory by
Product Type
|
June 30,
2012
|
December 31,
2011
|
||||||
NGLs
|
$ | 553.4 | $ | 563.6 | ||||
Petrochemicals and refined products
|
246.1 | 443.4 | ||||||
Crude oil
|
46.5 | 39.2 | ||||||
Natural gas
|
46.9 | 65.5 | ||||||
Total
|
$ | 892.9 | $ | 1,111.7 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Cost of sales (1)
|
$ | 8,195.2 | $ | 9,790.3 | $ | 17,861.0 | $ | 18,609.6 | ||||||||
Lower of cost or market adjustments
|
8.0 | 0.5 | 13.9 | 1.7 | ||||||||||||
(1) Cost of sales is a component of “Operating costs and expenses,” as presented on our Unaudited Condensed Statements of Consolidated Operations. Period-to-period fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
Estimated
Useful Life
in Years
|
June 30,
2012
|
December 31,
2011
|
||||||||||
Plants, pipelines and facilities (1)
|
3-45 (6) | $ | 24,105.7 | $ | 22,354.4 | |||||||
Underground and other storage facilities (2)
|
5-40 (7) | 1,455.9 | 1,388.6 | |||||||||
Platforms and facilities (3)
|
20-31 | 637.5 | 637.5 | |||||||||
Transportation equipment (4)
|
3-10 | 158.4 | 151.5 | |||||||||
Marine vessels (5)
|
15-30 | 660.3 | 615.9 | |||||||||
Land
|
141.7 | 136.1 | ||||||||||
Construction in progress
|
2,275.7 | 2,145.6 | ||||||||||
Total
|
29,435.2 | 27,429.6 | ||||||||||
Less accumulated depreciation
|
5,674.6 | 5,238.0 | ||||||||||
Property, plant and equipment, net
|
$ | 23,760.6 | $ | 22,191.6 | ||||||||
(1) Plants and pipelines include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; office furniture and equipment; buildings; laboratory and shop equipment and related assets.
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3) Platforms and facilities include offshore platforms and related facilities and other associated assets located in the Gulf of Mexico.
(4) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(5) Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(6) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; office furniture and equipment, 3-20 years; buildings, 20-40 years; and laboratory and shop equipment, 5-35 years.
(7) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Depreciation expense (1)
|
$ | 222.0 | $ | 189.8 | $ | 434.0 | $ | 376.3 | ||||||||
Capitalized interest (2)
|
29.5 | 24.8 | 60.1 | 42.0 | ||||||||||||
(1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) We capitalize interest cost incurred on funds used to construct property, plant and equipment. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. Capitalized interest reduces interest expense during the period it is recorded.
|
ARO liability balance, December 31, 2011
|
$ | 112.0 | ||
Liabilities incurred during period
|
1.1 | |||
Liabilities settled during period
|
(5.9 | ) | ||
Revisions in estimated cash flows
|
8.9 | |||
Accretion expense
|
2.7 | |||
ARO liability balance, June 30, 2012
|
$ | 118.8 |
Remainder
of 2012
|
2013
|
2014
|
2015
|
2016
|
||||||||||||||
$ | 2.8 | $ | 6.0 | $ | 6.5 | $ | 6.2 | $ | 6.5 |
Ownership
Interest at
June 30,
2012
|
June 30,
2012
|
December 31,
2011
|
|||||||||
NGL Pipelines & Services:
|
|||||||||||
Venice Energy Service Company, L.L.C.
|
13.1% | $ | 31.1 | $ | 35.5 | ||||||
K/D/S Promix, L.L.C.
|
50% | 40.9 | 40.7 | ||||||||
Baton Rouge Fractionators LLC
|
32.2% | 20.6 | 21.0 | ||||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50% | 37.4 | 35.0 | ||||||||
Texas Express Pipeline LLC (“Texas Express”)
|
35% | 39.2 | 13.9 | ||||||||
Texas Express Gathering LLC (“TEG”) (1)
|
45% | 8.9 | -- | ||||||||
Front Range Pipeline LLC (“Front Range”)
|
33.3% | 6.3 | -- | ||||||||
Onshore Natural Gas Pipelines & Services:
|
|||||||||||
Evangeline (2)
|
-- | -- | 4.4 | ||||||||
White River Hub, LLC
|
50% | 25.5 | 25.7 | ||||||||
Onshore Crude Oil Pipelines & Services:
|
|||||||||||
Seaway Crude Pipeline LLC
|
50% | 179.2 | 170.7 | ||||||||
Offshore Pipelines & Services:
|
|||||||||||
Poseidon Oil Pipeline Company, L.L.C. (“Poseidon”)
|
36% | 50.6 | 55.4 | ||||||||
Cameron Highway Oil Pipeline Company
|
50% | 218.2 | 222.8 | ||||||||
Deepwater Gateway, L.L.C.
|
50% | 93.7 | 94.6 | ||||||||
Neptune Pipeline Company, L.L.C.
|
25.7 | 48.3 | 51.1 | ||||||||
Southeast Keathley Canyon Pipeline Company L.L.C.
|
50% | 51.7 | 1.0 | ||||||||
Petrochemical & Refined Products Services:
|
|||||||||||
Baton Rouge Propylene Concentrator, LLC
|
30% | 8.9 | 9.5 | ||||||||
Centennial Pipeline LLC (“Centennial”)
|
50% | 49.4 | 51.8 | ||||||||
Other (3)
|
Various
|
3.3 | 3.4 | ||||||||
Other Investments:
|
|||||||||||
Energy Transfer Equity (4)
|
-- | -- | 1,023.1 | ||||||||
Total
|
$ | 913.2 | $ | 1,859.6 | |||||||
|
|||||||||||
(1) In April 2012, we, along with Enbridge Midcoast Energy, LP (“Enbridge”) and WGR Asset Holding Company LLC formed a new joint venture, TEG, to design and construct two gas gathering systems to complement the Texas Express Pipeline. Enbridge will construct and operate the systems, which are expected to begin service in the second quarter of 2013.
(2) In June 2012, we acquired the remaining ownership interests in Evangeline and it became a wholly owned subsidiary of ours.
(3) Other unconsolidated affiliates include a 50% interest in a propylene pipeline extending from Mont Belvieu, Texas to La Porte, Texas and a 25% interest in a company that provides logistics communications solutions between petroleum pipelines and their customers.
(4) We ceased using the equity method to account for our investment in Energy Transfer Equity limited partner units effective January 18, 2012 and began accounting for them as available-for-sale securities. We completed the sale of the remaining Energy Transfer Equity units in April 2012 (see below).
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
NGL Pipelines & Services
|
$ | 3.8 | $ | 6.2 | $ | 9.0 | $ | 12.1 | ||||||||
Onshore Natural Gas Pipelines & Services
|
1.2 | 1.5 | 2.6 | 2.7 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
3.6 | (1.6 | ) | 4.1 | (2.1 | ) | ||||||||||
Offshore Pipelines & Services
|
4.1 | 6.6 | 11.0 | 14.9 | ||||||||||||
Petrochemical & Refined Products Services
|
(1.4 | ) | (4.3 | ) | (7.9 | ) | (9.3 | ) | ||||||||
Other Investments (1)
|
-- | 2.7 | 2.4 | 9.0 | ||||||||||||
Total
|
$ | 11.3 | $ | 11.1 | $ | 21.2 | $ | 27.3 | ||||||||
(1) With respect to the six months ended June 30, 2012, the amount presented reflects our equity in the income of Energy Transfer Equity from January 1, 2012 to January 18, 2012.
|
June 30,
2012
|
December 31,
2011
|
|||||||
NGL Pipelines & Services
|
$ | 24.2 | $ | 24.7 | ||||
Onshore Crude Oil Pipelines & Services
|
18.9 | 19.2 | ||||||
Offshore Pipelines & Services
|
14.2 | 14.8 | ||||||
Petrochemical & Refined Products Services
|
2.8 | 2.9 | ||||||
Other Investments (1)
|
-- | 1,119.0 | ||||||
Total
|
$ | 60.1 | $ | 1,180.6 | ||||
(1) On January 18, 2012, we discontinued using the equity method to account for our investment in Energy Transfer Equity common units and began accounting for this investment as an available-for-sale security. As a result, we no longer recognized any excess cost amounts associated with this investment.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
NGL Pipelines & Services
|
$ | 0.3 | $ | 0.2 | $ | 0.5 | $ | 0.5 | ||||||||
Onshore Crude Oil Pipelines & Services
|
0.1 | 0.2 | 0.3 | 0.4 | ||||||||||||
Offshore Pipelines & Services
|
0.3 | 0.3 | 0.6 | 0.6 | ||||||||||||
Petrochemical & Refined Products Services
|
-- | -- | 0.1 | -- | ||||||||||||
Other Investments (1)
|
-- | 8.4 | 0.3 | 17.5 | ||||||||||||
Total
|
$ | 0.7 | $ | 9.1 | $ | 1.8 | $ | 19.0 | ||||||||
(1) Reflects amortization of excess cost amounts related to our investment in Energy Transfer Equity from January 1, 2012 through January 18, 2012, which is the date we ceased using the equity method to account for this investment.
|
Summarized Income Statement Information for the Three Months Ended
|
||||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
|||||||||||||||||||||||
Revenues
|
Operating
Income (Loss)
|
Net
Income (Loss)
|
Revenues
|
Operating
Income (Loss)
|
Net
Income (Loss)
|
|||||||||||||||||||
NGL Pipelines & Services
|
$ | 71.5 | $ | 15.3 | $ | 15.2 | $ | 116.4 | $ | 30.5 | $ | 30.6 | ||||||||||||
Onshore Natural Gas Pipelines & Services
|
2.9 | 1.9 | 1.9 | 54.7 | 2.7 | 2.7 | ||||||||||||||||||
Onshore Crude Oil Pipelines & Services
|
21.5 | 7.4 | 7.3 | 9.6 | (2.1 | ) | (2.1 | ) | ||||||||||||||||
Offshore Pipelines & Services
|
39.1 | 12.8 | 12.5 | 43.7 | 17.7 | 17.5 | ||||||||||||||||||
Petrochemical & Refined Products Services
|
5.9 | (0.3 | ) | (2.4 | ) | 9.2 | (5.4 | ) | (7.6 | ) | ||||||||||||||
Other Investments
|
-- | -- | -- | 1,974.9 | 260.6 | 66.3 |
Summarized Income Statement Information for the Six Months Ended
|
||||||||||||||||||||||||
June 30, 2012
|
June 30, 2011
|
|||||||||||||||||||||||
Revenues
|
Operating
Income (Loss)
|
Net
Income (Loss)
|
Revenues
|
Operating
Income
|
Net
Income (Loss)
|
|||||||||||||||||||
NGL Pipelines & Services
|
$ | 182.4 | $ | 42.3 | $ | 42.2 | $ | 216.5 | $ | 53.9 | $ | 54.0 | ||||||||||||
Onshore Natural Gas Pipelines & Services
|
5.7 | 3.7 | 3.7 | 90.2 | 5.3 | 5.3 | ||||||||||||||||||
Onshore Crude Oil Pipelines & Services
|
33.8 | 8.2 | 8.1 | 20.8 | (1.6 | ) | (1.6 | ) | ||||||||||||||||
Offshore Pipelines & Services
|
80.2 | 31.9 | 30.9 | 90.0 | 36.6 | 36.2 | ||||||||||||||||||
Petrochemical & Refined Products Services
|
11.3 | (9.7 | ) | (13.8 | ) | 19.3 | (12.4 | ) | (16.8 | ) | ||||||||||||||
Other Investments
|
-- | -- | -- | 3,964.0 | 624.8 | 154.9 |
June 30, 2012
|
December 31, 2011
|
|||||||||||||||||||||||
Gross
Value
|
Accum.
Amort.
|
Carrying
Value
|
Gross
Value
|
Accum.
Amort.
|
Carrying
Value
|
|||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$ | 340.8 | $ | (138.0 | ) | $ | 202.8 | $ | 340.8 | $ | (128.2 | ) | $ | 212.6 | ||||||||||
Contract-based intangibles
|
284.7 | (147.1 | ) | 137.6 | 298.4 | (169.7 | ) | 128.7 | ||||||||||||||||
Segment total
|
625.5 | (285.1 | ) | 340.4 | 639.2 | (297.9 | ) | 341.3 | ||||||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,163.6 | (230.5 | ) | 933.1 | 1,163.6 | (209.7 | ) | 953.9 | ||||||||||||||||
Contract-based intangibles
|
468.3 | (301.7 | ) | 166.6 | 464.8 | (290.9 | ) | 173.9 | ||||||||||||||||
Segment total
|
1,631.9 | (532.2 | ) | 1,099.7 | 1,628.4 | (500.6 | ) | 1,127.8 | ||||||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
9.7 | (4.4 | ) | 5.3 | 9.7 | (4.1 | ) | 5.6 | ||||||||||||||||
Contract-based intangibles
|
0.4 | (0.2 | ) | 0.2 | 0.4 | (0.2 | ) | 0.2 | ||||||||||||||||
Segment total
|
10.1 | (4.6 | ) | 5.5 | 10.1 | (4.3 | ) | 5.8 | ||||||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
205.8 | (134.3 | ) | 71.5 | 205.8 | (129.2 | ) | 76.6 | ||||||||||||||||
Contract-based intangibles
|
1.2 | (0.4 | ) | 0.8 | 1.2 | (0.3 | ) | 0.9 | ||||||||||||||||
Segment total
|
207.0 | (134.7 | ) | 72.3 | 207.0 | (129.5 | ) | 77.5 | ||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
104.3 | (30.9 | ) | 73.4 | 104.3 | (28.4 | ) | 75.9 | ||||||||||||||||
Contract-based intangibles
|
59.7 | (31.8 | ) | 27.9 | 57.6 | (29.7 | ) | 27.9 | ||||||||||||||||
Segment total
|
164.0 | (62.7 | ) | 101.3 | 161.9 | (58.1 | ) | 103.8 | ||||||||||||||||
Total all segments
|
$ | 2,638.5 | $ | (1,019.3 | ) | $ | 1,619.2 | $ | 2,646.6 | $ | (990.4 | ) | $ | 1,656.2 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
NGL Pipelines & Services
|
$ | 9.6 | $ | 10.0 | $ | 19.8 | $ | 20.4 | ||||||||
Onshore Natural Gas Pipelines & Services
|
15.8 | 20.2 | 31.6 | 40.1 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
0.1 | 0.1 | 0.3 | 0.2 | ||||||||||||
Offshore Pipelines & Services
|
2.6 | 2.8 | 5.2 | 5.8 | ||||||||||||
Petrochemical & Refined Products Services
|
3.2 | 4.3 | 6.7 | 8.6 | ||||||||||||
Total
|
$ | 31.3 | $ | 37.4 | $ | 63.6 | $ | 75.1 |
Remainder
of 2012
|
2013
|
2014
|
2015
|
2016
|
||||||||||||||
$ | 60.0 | $ | 111.6 | $ | 107.1 | $ | 106.6 | $ | 107.8 |
June 30,
2012
|
December 31,
2011
|
|||||||
EPO senior debt obligations:
|
||||||||
Senior Notes S, 7.625% fixed-rate, due February 2012
|
$ | -- | $ | 490.5 | ||||
Senior Notes P, 4.60% fixed-rate, due August 2012
|
500.0 | 500.0 | ||||||
Senior Notes C, 6.375% fixed-rate, due February 2013
|
350.0 | 350.0 | ||||||
Senior Notes T, 6.125% fixed-rate, due February 2013
|
182.5 | 182.5 | ||||||
Senior Notes M, 5.65% fixed-rate, due April 2013
|
400.0 | 400.0 | ||||||
Senior Notes U, 5.90% fixed-rate, due April 2013
|
237.6 | 237.6 | ||||||
Senior Notes O, 9.75% fixed-rate, due January 2014
|
500.0 | 500.0 | ||||||
Senior Notes G, 5.60% fixed-rate, due October 2014
|
650.0 | 650.0 | ||||||
Senior Notes I, 5.00% fixed-rate, due March 2015
|
250.0 | 250.0 | ||||||
Senior Notes X, 3.70% fixed-rate, due June 2015
|
400.0 | 400.0 | ||||||
Senior Notes AA, 3.20% fixed-rate, due February 2016
|
750.0 | 750.0 | ||||||
$3.5 Billion Multi-Year Revolving Credit Facility, variable-rate, due September 2016
|
427.0 | 150.0 | ||||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0 | 800.0 | ||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7 | 349.7 | ||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0 | 700.0 | ||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0 | 500.0 | ||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0 | 1,000.0 | ||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022
|
650.0 | 650.0 | ||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0 | 500.0 | ||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0 | 350.0 | ||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0 | 250.0 | ||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6 | 399.6 | ||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0 | 600.0 | ||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0 | 600.0 | ||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0 | 750.0 | ||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0 | 600.0 | ||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0 | -- | ||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 7.625% fixed-rate, due February 2012
|
-- | 9.5 | ||||||
TEPPCO Senior Notes, 6.125% fixed-rate, due February 2013
|
17.5 | 17.5 | ||||||
TEPPCO Senior Notes, 5.90% fixed-rate, due April 2013
|
12.4 | 12.4 | ||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018
|
0.3 | 0.3 | ||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4 | 0.4 | ||||||
Total principal amount of senior debt obligations
|
13,477.0 | 12,950.0 | ||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066
|
550.0 | 550.0 | ||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067
|
285.8 | 285.8 | ||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068
|
682.7 | 682.7 | ||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067
|
14.2 | 14.2 | ||||||
Total principal amount of senior and junior debt obligations
|
15,009.7 | 14,482.7 | ||||||
Other, non-principal amounts:
|
||||||||
Change in fair value of debt hedged in fair value hedging relationship (1)
|
39.7 | 73.8 | ||||||
Unamortized discounts, net of premiums
|
(32.6 | ) | (30.0 | ) | ||||
Unamortized deferred net gains related to terminated interest rate swaps (1)
|
29.9 | 2.9 | ||||||
Total other, non-principal amounts
|
37.0 | 46.7 | ||||||
Less current maturities of debt (2)
|
(1,700.0 | ) | (500.0 | ) | ||||
Total long-term debt
|
$ | 13,346.7 | $ | 14,029.4 | ||||
(1) See Note 4 for information regarding our interest rate hedging activities.
(2) We expect to refinance the current maturities of our debt obligations prior to their maturity.
|
Scheduled Maturities of Debt
|
||||||||||||||||||||||||||||
Total
|
Remainder of 2012
|
2013
|
2014
|
2015
|
2016
|
After
2016
|
||||||||||||||||||||||
Revolving Credit Facility
|
$ | 427.0 | $ | -- | $ | -- | $ | -- | $ | -- | $ | 427.0 | $ | -- | ||||||||||||||
Senior Notes
|
13,050.0 | 500.0 | 1,200.0 | 1,150.0 | 650.0 | 750.0 | 8,800.0 | |||||||||||||||||||||
Junior Subordinated Notes
|
1,532.7 | -- | -- | -- | -- | -- | 1,532.7 | |||||||||||||||||||||
Total
|
$ | 15,009.7 | $ | 500.0 | $ | 1,200.0 | $ | 1,150.0 | $ | 650.0 | $ | 1,177.0 | $ | 10,332.7 |
Range of
Interest Rates
Paid
|
Weighted-Average
Interest Rate
Paid
|
|
EPO $3.5 Billion Multi-Year Revolving Credit Facility
|
1.54% to 3.63%
|
1.61%
|
Common
Units
|
Class B
Units
|
Treasury
Units
|
||||||||||
Number of units outstanding at December 31, 2011
|
881,620,418 | 4,520,431 | -- | |||||||||
Common units issued in connection with DRIP and EUPP
|
1,270,609 | -- | -- | |||||||||
Common units issued in connection with equity-based awards
|
214,492 | -- | -- | |||||||||
Restricted common unit awards issued
|
1,538,438 | -- | -- | |||||||||
Forfeiture of restricted common unit awards
|
(95,575 | ) | -- | -- | ||||||||
Acquisition of treasury units in connection with vesting of equity-based awards
|
(373,391 | ) | -- | 373,391 | ||||||||
Cancellation of treasury units
|
-- | -- | (373,391 | ) | ||||||||
Number of units outstanding at June 30, 2012
|
884,174,991 | 4,520,431 | -- |
June 30,
2012
|
December 31,
2011
|
|||||||
Commodity derivative instruments (1)
|
$ | 60.2 | $ | (21.4 | ) | |||
Interest rate derivative instruments (1)
|
(377.7 | ) | (329.0 | ) | ||||
Foreign currency translation adjustment (2)
|
1.7 | 1.7 | ||||||
Pension and postretirement benefit plans
|
(2.9 | ) | (1.7 | ) | ||||
Other
|
-- | (1.0 | ) | |||||
Total accumulated other comprehensive loss
|
$ | (318.7 | ) | $ | (351.4 | ) | ||
(1) See Note 4 for additional information regarding our derivative instruments.
(2) Relates to transactions of a Canadian subsidiary.
|
June 30,
2012
|
December 31,
2011
|
|||||||
Joint venture partners (1)
|
$ | 109.8 | $ | 105.9 | ||||
(1) Represents third party ownership interests in joint ventures that we consolidate, including Tri-States NGL Pipeline L.L.C., Independence Hub LLC, Rio Grande Pipeline Company and Wilprise Pipeline Company LLC.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Former owners of Duncan Energy Partners
|
$ | -- | $ | 9.4 | $ | -- | $ | 17.3 | ||||||||
Joint venture partners
|
0.9 | 5.4 | 5.1 | 11.3 | ||||||||||||
Total
|
$ | 0.9 | $ | 14.8 | $ | 5.1 | $ | 28.6 |
For the Six Months
Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Cash distributions paid to noncontrolling interests:
|
||||||||
Former owners of Duncan Energy Partners
|
$ | -- | $ | 21.9 | ||||
Joint venture partners
|
8.1 | 12.9 | ||||||
Total cash distributions paid to noncontrolling interests
|
$ | 8.1 | $ | 34.8 | ||||
Cash contributions from noncontrolling interests:
|
||||||||
Former owners of Duncan Energy Partners
|
$ | -- | $ | 1.5 | ||||
Joint venture partners
|
5.9 | 1.1 | ||||||
Total cash contributions from noncontrolling interests
|
$ | 5.9 | $ | 2.6 |
Distribution Per Common Unit
|
Record
Date
|
Payment
Date
|
||||
2012
|
||||||
1st Quarter
|
$ | 0.6275 |
04/30/12
|
05/09/12
|
||
2nd Quarter
|
$ | 0.6350 |
07/31/12
|
08/08/12
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 9,789.8 | $ | 11,216.5 | $ | 21,042.3 | $ | 21,400.2 | ||||||||
Less: Operating costs and expenses
|
(9,009.5 | ) | (10,533.3 | ) | (19,476.7 | ) | (20,070.4 | ) | ||||||||
Add: Equity in income of unconsolidated affiliates
|
11.3 | 11.1 | 21.2 | 27.3 | ||||||||||||
Depreciation, amortization and accretion (1)
|
261.3 | 233.3 | 515.9 | 464.1 | ||||||||||||
Non-cash asset impairment charges
|
9.1 | -- | 14.5 | -- | ||||||||||||
Operating lease expenses paid by EPCO
|
-- | 0.1 | -- | 0.3 | ||||||||||||
Gains related to asset sales (2)
|
(1.3 | ) | (5.2 | ) | (3.8 | ) | (23.6 | ) | ||||||||
Gains related to property damage insurance recoveries (see Note 16)
|
(27.7 | ) | -- | (27.7 | ) | -- | ||||||||||
Total segment gross operating margin
|
$ | 1,033.0 | $ | 922.5 | $ | 2,085.7 | $ | 1,797.9 | ||||||||
(1) Amount is a component of “Depreciation, amortization and accretion” as presented on the Unaudited Condensed Statements of Consolidated Cash Flows.
(2) Amounts presented for the second quarter of 2011 and the six months ended June 30, 2011 include $5.4 million of gains related to the sale of a portion of our previously held equity method investment in Energy Transfer Equity (see Note 7).
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Total segment gross operating margin
|
$ | 1,033.0 | $ | 922.5 | $ | 2,085.7 | $ | 1,797.9 | ||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
(261.3 | ) | (233.3 | ) | (515.9 | ) | (464.1 | ) | ||||||||
Non-cash asset impairment charges
|
(9.1 | ) | -- | (14.5 | ) | -- | ||||||||||
Operating lease expenses paid by EPCO
|
-- | (0.1 | ) | -- | (0.3 | ) | ||||||||||
Gains related to asset sales
|
1.3 | 5.2 | 3.8 | 23.6 | ||||||||||||
Gains related to property damage insurance recoveries (see Note 16)
|
27.7 | -- | 27.7 | -- | ||||||||||||
General and administrative costs
|
(42.5 | ) | (50.4 | ) | (88.8 | ) | (88.3 | ) | ||||||||
Operating income
|
749.1 | 643.9 | 1,498.0 | 1,268.8 | ||||||||||||
Other expense, net
|
(173.4 | ) | (188.0 | ) | (301.2 | ) | (371.3 | ) | ||||||||
Income before income taxes
|
$ | 575.7 | $ | 455.9 | $ | 1,196.8 | $ | 897.5 |
Reportable Business Segments
|
||||||||||||||||||||||||||||||||
NGL
Pipelines
& Services
|
Onshore
Natural Gas
Pipelines
& Services
|
Onshore
Crude Oil
Pipelines
& Services
|
Offshore
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Other
Investments
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
|||||||||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2012
|
$ | 3,327.9 | $ | 700.9 | $ | 4,188.7 | $ | 47.5 | $ | 1,499.2 | $ | -- | $ | -- | $ | 9,764.2 | ||||||||||||||||
Three months ended June 30, 2011
|
3,960.1 | 862.5 | 4,281.6 | 61.1 | 1,907.0 | -- | -- | 11,072.3 | ||||||||||||||||||||||||
Six months ended June 30, 2012
|
7,682.0 | 1,505.8 | 8,662.3 | 101.9 | 3,033.9 | -- | -- | 20,985.9 | ||||||||||||||||||||||||
Six months ended June 30, 2011
|
8,015.5 | 1,734.2 | 7,652.2 | 121.7 | 3,482.3 | -- | -- | 21,005.9 | ||||||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2012
|
4.6 | 19.5 | -- | 1.5 | -- | -- | -- | 25.6 | ||||||||||||||||||||||||
Three months ended June 30, 2011
|
76.8 | 64.8 | -- | 2.6 | -- | -- | -- | 144.2 | ||||||||||||||||||||||||
Six months ended June 30, 2012
|
5.0 | 48.2 | -- | 3.2 | -- | -- | -- | 56.4 | ||||||||||||||||||||||||
Six months ended June 30, 2011
|
278.2 | 109.7 | -- | 6.4 | -- | -- | -- | 394.3 | ||||||||||||||||||||||||
Intersegment and intrasegment
revenues:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2012
|
2,276.5 | 179.0 | 1,735.5 | 1.7 | 438.7 | -- | (4,631.4 | ) | -- | |||||||||||||||||||||||
Three months ended June 30, 2011
|
3,228.2 | 253.9 | 1,477.6 | 0.1 | 445.5 | -- | (5,405.3 | ) | -- | |||||||||||||||||||||||
Six months ended June 30, 2012
|
5,094.7 | 402.7 | 3,466.4 | 5.0 | 878.6 | -- | (9,847.4 | ) | -- | |||||||||||||||||||||||
Six months ended June 30, 2011
|
6,702.8 | 524.8 | 2,184.7 | 1.8 | 918.6 | -- | (10,332.7 | ) | -- | |||||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2012
|
5,609.0 | 899.4 | 5,924.2 | 50.7 | 1,937.9 | -- | (4,631.4 | ) | 9,789.8 | |||||||||||||||||||||||
Three months ended June 30, 2011
|
7,265.1 | 1,181.2 | 5,759.2 | 63.8 | 2,352.5 | -- | (5,405.3 | ) | 11,216.5 | |||||||||||||||||||||||
Six months ended June 30, 2012
|
12,781.7 | 1,956.7 | 12,128.7 | 110.1 | 3,912.5 | -- | (9,847.4 | ) | 21,042.3 | |||||||||||||||||||||||
Six months ended June 30, 2011
|
14,996.5 | 2,368.7 | 9,836.9 | 129.9 | 4,400.9 | -- | (10,332.7 | ) | 21,400.2 | |||||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2012
|
3.8 | 1.2 | 3.6 | 4.1 | (1.4 | ) | -- | -- | 11.3 | |||||||||||||||||||||||
Three months ended June 30, 2011
|
6.2 | 1.5 | (1.6 | ) | 6.6 | (4.3 | ) | 2.7 | -- | 11.1 | ||||||||||||||||||||||
Six months ended June 30, 2012
|
9.0 | 2.6 | 4.1 | 11.0 | (7.9 | ) | 2.4 | -- | 21.2 | |||||||||||||||||||||||
Six months ended June 30, 2011
|
12.1 | 2.7 | (2.1 | ) | 14.9 | (9.3 | ) | 9.0 | -- | 27.3 | ||||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||||||
Three months ended June 30, 2012
|
565.8 | 175.8 | 95.8 | 38.3 | 157.3 | -- | -- | 1,033.0 | ||||||||||||||||||||||||
Three months ended June 30, 2011
|
497.7 | 161.1 | 67.8 | 53.4 | 139.8 | 2.7 | -- | 922.5 | ||||||||||||||||||||||||
Six months ended June 30, 2012
|
1,220.7 | 382.0 | 135.1 | 90.4 | 255.1 | 2.4 | -- | 2,085.7 | ||||||||||||||||||||||||
Six months ended June 30, 2011
|
1,002.1 | 320.3 | 99.6 | 114.7 | 252.2 | 9.0 | -- | 1,797.9 | ||||||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||||||
At June 30, 2012
|
8,534.7 | 10,419.1 | 1,315.5 | 2,001.9 | 3,838.4 | -- | 2,275.7 | 28,385.3 | ||||||||||||||||||||||||
At December 31, 2011
|
7,966.4 | 9,949.6 | 944.6 | 2,000.9 | 3,769.5 | 1,023.1 | 2,145.6 | 27,799.7 | ||||||||||||||||||||||||
Property, plant and equipment, net: (see Note 6)
|
||||||||||||||||||||||||||||||||
At June 30, 2012
|
7,668.7 | 8,997.6 | 819.6 | 1,385.0 | 2,614.0 | -- | 2,275.7 | 23,760.6 | ||||||||||||||||||||||||
At December 31, 2011
|
7,137.8 | 8,495.4 | 456.9 | 1,416.4 | 2,539.5 | -- | 2,145.6 | 22,191.6 | ||||||||||||||||||||||||
Investments in unconsolidated affiliates: (see Note 7)
|
||||||||||||||||||||||||||||||||
At June 30, 2012
|
184.4 | 25.5 | 179.2 | 462.5 | 61.6 | -- | -- | 913.2 | ||||||||||||||||||||||||
At December 31, 2011
|
146.1 | 30.1 | 170.7 | 424.9 | 64.7 | 1,023.1 | -- | 1,859.6 | ||||||||||||||||||||||||
Intangible assets, net: (see Note 8)
|
||||||||||||||||||||||||||||||||
At June 30, 2012
|
340.4 | 1,099.7 | 5.5 | 72.3 | 101.3 | -- | -- | 1,619.2 | ||||||||||||||||||||||||
At December 31, 2011
|
341.3 | 1,127.8 | 5.8 | 77.5 | 103.8 | -- | -- | 1,656.2 | ||||||||||||||||||||||||
Goodwill: (see Note 8)
|
||||||||||||||||||||||||||||||||
At June 30, 2012
|
341.2 | 296.3 | 311.2 | 82.1 | 1,061.5 | -- | -- | 2,092.3 | ||||||||||||||||||||||||
At December 31, 2011
|
341.2 | 296.3 | 311.2 | 82.1 | 1,061.5 | -- | -- | 2,092.3 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$ | 3,133.9 | $ | 3,832.2 | $ | 7,249.2 | $ | 7,889.9 | ||||||||
Midstream services
|
198.6 | 204.7 | 437.8 | 403.8 | ||||||||||||
Total
|
3,332.5 | 4,036.9 | 7,687.0 | 8,293.7 | ||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
510.8 | 719.5 | 1,083.4 | 1,432.2 | ||||||||||||
Midstream services
|
209.6 | 207.8 | 470.6 | 411.7 | ||||||||||||
Total
|
720.4 | 927.3 | 1,554.0 | 1,843.9 | ||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
4,174.0 | 4,257.9 | 8,621.6 | 7,606.1 | ||||||||||||
Midstream services
|
14.7 | 23.7 | 40.7 | 46.1 | ||||||||||||
Total
|
4,188.7 | 4,281.6 | 8,662.3 | 7,652.2 | ||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
-- | 0.3 | 0.1 | 0.6 | ||||||||||||
Sales of crude oil
|
-- | 2.5 | 1.4 | 5.8 | ||||||||||||
Midstream services
|
49.0 | 60.9 | 103.6 | 121.7 | ||||||||||||
Total
|
49.0 | 63.7 | 105.1 | 128.1 | ||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,316.8 | 1,718.7 | 2,668.0 | 3,101.5 | ||||||||||||
Midstream services
|
182.4 | 188.3 | 365.9 | 380.8 | ||||||||||||
Total
|
1,499.2 | 1,907.0 | 3,033.9 | 3,482.3 | ||||||||||||
Total consolidated revenues
|
$ | 9,789.8 | $ | 11,216.5 | $ | 21,042.3 | $ | 21,400.2 | ||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
$ | 8,195.2 | $ | 9,790.3 | $ | 17,861.0 | $ | 18,609.6 | ||||||||
Other operating costs and expenses (1)
|
572.9 | 514.9 | 1,116.8 | 1,020.3 | ||||||||||||
Depreciation, amortization and accretion
|
261.3 | 233.3 | 515.9 | 464.1 | ||||||||||||
Gains related to asset sales
|
(1.3 | ) | (5.2 | ) | (3.8 | ) | (23.6 | ) | ||||||||
Gains related to property damage insurance recoveries
|
(27.7 | ) | -- | (27.7 | ) | -- | ||||||||||
Non-cash asset impairment charges
|
9.1 | -- | 14.5 | -- | ||||||||||||
General and administrative costs
|
42.5 | 50.4 | 88.8 | 88.3 | ||||||||||||
Total consolidated costs and expenses
|
$ | 9,052.0 | $ | 10,583.7 | $ | 19,565.5 | $ | 20,158.7 | ||||||||
(1) Represents cost of operating our plants, pipelines and other fixed assets, excluding non-cash depreciation, amortization and accretion charges.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues – related parties:
|
||||||||||||||||
Energy Transfer Equity and subsidiaries
|
$ | -- | $ | 86.7 | $ | -- | $ | 296.9 | ||||||||
Other unconsolidated affiliates
|
25.6 | 57.5 | 56.4 | 97.4 | ||||||||||||
Total revenue – related parties
|
$ | 25.6 | $ | 144.2 | $ | 56.4 | $ | 394.3 | ||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and affiliates
|
$ | 240.1 | $ | 192.4 | $ | 406.1 | $ | 365.4 | ||||||||
Energy Transfer Equity and subsidiaries
|
-- | 223.0 | -- | 490.4 | ||||||||||||
Other unconsolidated affiliates
|
7.2 | 11.4 | 12.3 | 21.6 | ||||||||||||
Total costs and expenses – related parties
|
$ | 247.3 | $ | 426.8 | $ | 418.4 | $ | 877.4 |
June 30,
2012
|
December 31,
2011
|
|||||||
Accounts receivable - related parties:
|
||||||||
Energy Transfer Equity and subsidiaries
|
$ | -- | $ | 28.4 | ||||
Other unconsolidated affiliates
|
2.3 | 15.1 | ||||||
Total accounts receivable – related parties
|
$ | 2.3 | $ | 43.5 | ||||
Accounts payable - related parties:
|
||||||||
EPCO and affiliates
|
$ | 61.8 | $ | 108.3 | ||||
Energy Transfer Equity and subsidiaries
|
-- | 92.6 | ||||||
Other unconsolidated affiliates
|
8.4 | 10.7 | ||||||
Total accounts payable – related parties
|
$ | 70.2 | $ | 211.6 |
Number of Units
|
Percentage of
Total Units
Outstanding
|
338,930,881 (1)
|
38.1%
|
(1) Includes 4,520,431 Class B units.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Operating costs and expenses
|
$ | 213.6 | $ | 157.9 | $ | 356.3 | $ | 305.3 | ||||||||
General and administrative expenses
|
26.5 | 34.5 | 49.8 | 60.1 | ||||||||||||
Total costs and expenses
|
$ | 240.1 | $ | 192.4 | $ | 406.1 | $ | 365.4 |
For the Three Months
Ended June 30
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to limited partners
|
$ | 566.3 | $ | 433.7 | $ | 1,217.6 | $ | 854.4 | ||||||||
Denominator:
|
||||||||||||||||
Weighted-average number of:
|
||||||||||||||||
Distribution-bearing common units outstanding
|
857.9 | 815.1 | 857.3 | 814.5 | ||||||||||||
Basic earnings per unit:
|
||||||||||||||||
Net income attributable to limited partners
|
$ | 0.66 | $ | 0.53 | $ | 1.42 | $ | 1.05 | ||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Numerator:
|
||||||||||||||||
Net income attributable to limited partners
|
$ | 566.3 | $ | 433.7 | $ | 1,217.6 | $ | 854.4 | ||||||||
Denominator:
|
||||||||||||||||
Weighted-average number of:
|
||||||||||||||||
Distribution-bearing common units outstanding
|
857.9 | 815.1 | 857.3 | 814.5 | ||||||||||||
Class B units
|
4.5 | 4.5 | 4.5 | 4.5 | ||||||||||||
Designated Units (see Note 10)
|
26.1 | 30.6 | 26.1 | 30.6 | ||||||||||||
Incremental option units
|
1.4 | 1.2 | 1.4 | 1.3 | ||||||||||||
Total
|
889.9 | 851.4 | 889.3 | 850.9 | ||||||||||||
Diluted earnings per unit:
|
||||||||||||||||
Net income attributable to limited partners
|
$ | 0.64 | $ | 0.51 | $ | 1.37 | $ | 1.00 |
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$ | 785.5 | $ | (474.2 | ) | |||
Accounts receivable – related parties
|
35.7 | (0.2 | ) | |||||
Inventories
|
(20.8 | ) | 266.5 | |||||
Prepaid and other current assets
|
(13.9 | ) | (55.8 | ) | ||||
Other assets
|
(53.7 | ) | (34.2 | ) | ||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
(45.7 | ) | 110.9 | |||||
Accounts payable – related parties
|
(141.3 | ) | 49.9 | |||||
Accrued product payables
|
(880.2 | ) | 479.0 | |||||
Accrued interest
|
1.0 | 18.1 | ||||||
Other current liabilities
|
84.1 | (10.4 | ) | |||||
Other liabilities
|
(31.0 | ) | 11.8 | |||||
Net effect of changes in operating accounts
|
$ | (280.3 | ) | $ | 361.4 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$ | 28.1 | $ | 34.3 | $ | (47.9 | ) | $ | 14.5 | $ | -- | $ | -- | $ | 14.5 | |||||||||||||
Accounts receivable – trade, net
|
1,151.8 | 2,579.7 | (6.6 | ) | 3,724.9 | -- | -- | 3,724.9 | ||||||||||||||||||||
Accounts receivable – related parties
|
323.6 | 1,566.5 | (1,871.6 | ) | 18.5 | (16.8 | ) | 0.6 | 2.3 | |||||||||||||||||||
Inventories
|
766.4 | 127.6 | (1.1 | ) | 892.9 | -- | -- | 892.9 | ||||||||||||||||||||
Prepaid and other current assets
|
181.9 | 267.4 | (14.8 | ) | 434.5 | 0.3 | -- | 434.8 | ||||||||||||||||||||
Total current assets
|
2,451.8 | 4,575.5 | (1,942.0 | ) | 5,085.3 | (16.5 | ) | 0.6 | 5,069.4 | |||||||||||||||||||
Property, plant and equipment, net
|
1,599.2 | 22,170.8 | (9.4 | ) | 23,760.6 | -- | -- | 23,760.6 | ||||||||||||||||||||
Investments in unconsolidated affiliates
|
26,978.9 | 1,483.2 | (27,548.9 | ) | 913.2 | 12,382.7 | (12,382.7 | ) | 913.2 | |||||||||||||||||||
Intangible assets, net
|
155.2 | 1,477.1 | (13.1 | ) | 1,619.2 | -- | -- | 1,619.2 | ||||||||||||||||||||
Goodwill
|
458.9 | 1,633.4 | -- | 2,092.3 | -- | -- | 2,092.3 | |||||||||||||||||||||
Other assets
|
125.3 | 87.8 | (0.8 | ) | 212.3 | 0.1 | -- | 212.4 | ||||||||||||||||||||
Total assets
|
$ | 31,769.3 | $ | 31,427.8 | $ | (29,514.2 | ) | $ | 33,682.9 | $ | 12,366.3 | $ | (12,382.1 | ) | $ | 33,667.1 | ||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$ | 1,670.1 | $ | 29.9 | $ | -- | $ | 1,700.0 | $ | -- | $ | -- | $ | 1,700.0 | ||||||||||||||
Accounts payable – trade
|
245.1 | 565.4 | (47.9 | ) | 762.6 | -- | -- | 762.6 | ||||||||||||||||||||
Accounts payable – related parties
|
1,778.4 | 158.0 | (1,866.8 | ) | 69.6 | -- | 0.6 | 70.2 | ||||||||||||||||||||
Accrued product payables
|
1,554.7 | 2,496.4 | (11.4 | ) | 4,039.7 | -- | -- | 4,039.7 | ||||||||||||||||||||
Accrued interest
|
288.4 | 0.7 | -- | 289.1 | -- | -- | 289.1 | |||||||||||||||||||||
Other current liabilities
|
427.3 | 343.0 | (13.7 | ) | 756.6 | -- | 0.1 | 756.7 | ||||||||||||||||||||
Total current liabilities
|
5,964.0 | 3,593.4 | (1,939.8 | ) | 7,617.6 | -- | 0.7 | 7,618.3 | ||||||||||||||||||||
Long-term debt
|
13,331.8 | 14.9 | -- | 13,346.7 | -- | -- | 13,346.7 | |||||||||||||||||||||
Deferred tax liabilities
|
5.8 | 19.7 | (0.8 | ) | 24.7 | -- | (0.9 | ) | 23.8 | |||||||||||||||||||
Other long-term liabilities
|
23.7 | 178.5 | -- | 202.2 | -- | -- | 202.2 | |||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
12,444.0 | 27,544.1 | (27,624.0 | ) | 12,364.1 | 12,366.3 | (12,364.1 | ) | 12,366.3 | |||||||||||||||||||
Noncontrolling interests
|
-- | 77.2 | 50.4 | 127.6 | -- | (17.8 | ) | 109.8 | ||||||||||||||||||||
Total equity
|
12,444.0 | 27,621.3 | (27,573.6 | ) | 12,491.7 | 12,366.3 | (12,381.9 | ) | 12,476.1 | |||||||||||||||||||
Total liabilities and equity
|
$ | 31,769.3 | $ | 31,427.8 | $ | (29,514.2 | ) | $ | 33,682.9 | $ | 12,366.3 | $ | (12,382.1 | ) | $ | 33,667.1 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$ | 48.2 | $ | 21.3 | $ | (11.2 | ) | $ | 58.3 | $ | -- | $ | -- | $ | 58.3 | |||||||||||||
Accounts receivable – trade, net
|
1,599.4 | 2,913.2 | (10.8 | ) | 4,501.8 | -- | -- | 4,501.8 | ||||||||||||||||||||
Accounts receivable – related parties
|
141.1 | 2,155.5 | (2,252.0 | ) | 44.6 | (1.1 | ) | -- | 43.5 | |||||||||||||||||||
Inventories
|
943.6 | 170.5 | (2.4 | ) | 1,111.7 | -- | -- | 1,111.7 | ||||||||||||||||||||
Prepaid and other current assets
|
216.8 | 152.6 | (16.0 | ) | 353.4 | -- | -- | 353.4 | ||||||||||||||||||||
Total current assets
|
2,949.1 | 5,413.1 | (2,292.4 | ) | 6,069.8 | (1.1 | ) | -- | 6,068.7 | |||||||||||||||||||
Property, plant and equipment, net
|
1,477.5 | 20,723.7 | (9.6 | ) | 22,191.6 | -- | -- | 22,191.6 | ||||||||||||||||||||
Investments in unconsolidated affiliates
|
27,060.0 | 8,266.7 | (33,467.1 | ) | 1,859.6 | 12,114.5 | (12,114.5 | ) | 1,859.6 | |||||||||||||||||||
Intangible assets, net
|
142.4 | 1,527.4 | (13.6 | ) | 1,656.2 | -- | -- | 1,656.2 | ||||||||||||||||||||
Goodwill
|
458.9 | 1,633.4 | -- | 2,092.3 | -- | -- | 2,092.3 | |||||||||||||||||||||
Other assets
|
146.4 | 107.5 | 2.8 | 256.7 | -- | -- | 256.7 | |||||||||||||||||||||
Total assets
|
$ | 32,234.3 | $ | 37,671.8 | $ | (35,779.9 | ) | $ | 34,126.2 | $ | 12,113.4 | $ | (12,114.5 | ) | $ | 34,125.1 | ||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$ | 500.0 | $ | -- | $ | -- | $ | 500.0 | $ | -- | $ | -- | $ | 500.0 | ||||||||||||||
Accounts payable – trade
|
205.6 | 578.6 | (11.2 | ) | 773.0 | -- | -- | 773.0 | ||||||||||||||||||||
Accounts payable – related parties
|
2,407.2 | 71.9 | (2,267.5 | ) | 211.6 | -- | -- | 211.6 | ||||||||||||||||||||
Accrued product payables
|
2,141.0 | 2,912.4 | (6.3 | ) | 5,047.1 | -- | -- | 5,047.1 | ||||||||||||||||||||
Accrued interest
|
287.1 | 1.0 | -- | 288.1 | -- | -- | 288.1 | |||||||||||||||||||||
Other current liabilities
|
298.1 | 321.8 | (7.4 | ) | 612.5 | -- | 0.1 | 612.6 | ||||||||||||||||||||
Total current liabilities
|
5,839.0 | 3,885.7 | (2,292.4 | ) | 7,432.3 | -- | 0.1 | 7,432.4 | ||||||||||||||||||||
Long-term debt
|
13,975.1 | 54.3 | -- | 14,029.4 | -- | -- | 14,029.4 | |||||||||||||||||||||
Deferred tax liabilities
|
22.2 | 67.1 | 2.8 | 92.1 | -- | (0.9 | ) | 91.2 | ||||||||||||||||||||
Other long-term liabilities
|
155.3 | 197.5 | -- | 352.8 | -- | -- | 352.8 | |||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
12,242.7 | 28,799.8 | (28,946.4 | ) | 12,096.1 | 12,113.4 | (12,096.1 | ) | 12,113.4 | |||||||||||||||||||
Noncontrolling interests
|
-- | 4,667.4 | (4,543.9 | ) | 123.5 | -- | (17.6 | ) | 105.9 | |||||||||||||||||||
Total equity
|
12,242.7 | 33,467.2 | (33,490.3 | ) | 12,219.6 | 12,113.4 | (12,113.7 | ) | 12,219.3 | |||||||||||||||||||
Total liabilities and equity
|
$ | 32,234.3 | $ | 37,671.8 | $ | (35,779.9 | ) | $ | 34,126.2 | $ | 12,113.4 | $ | (12,114.5 | ) | $ | 34,125.1 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary Issuer (EPO)
|
Other Subsidiaries (Non-guarantor)
|
EPO and Subsidiaries Eliminations and Adjustments
|
Consolidated EPO and Subsidiaries
|
Enterprise Products Partners L.P. (Guarantor)
|
Eliminations and Adjustments
|
Consolidated Total
|
||||||||||||||||||||||
Revenues
|
$ | 6,033.6 | $ | 6,696.0 | $ | (2,939.8 | ) | $ | 9,789.8 | $ | -- | $ | -- | $ | 9,789.8 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
5,864.4 | 6,083.0 | (2,937.9 | ) | 9,009.5 | -- | -- | 9,009.5 | ||||||||||||||||||||
General and administrative costs
|
9.1 | 32.6 | -- | 41.7 | 0.8 | -- | 42.5 | |||||||||||||||||||||
Total costs and expenses
|
5,873.5 | 6,115.6 | (2,937.9 | ) | 9,051.2 | 0.8 | -- | 9,052.0 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
598.8 | (51.0 | ) | (536.5 | ) | 11.3 | 567.1 | (567.1 | ) | 11.3 | ||||||||||||||||||
Operating income
|
758.9 | 529.4 | (538.4 | ) | 749.9 | 566.3 | (567.1 | ) | 749.1 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(185.7 | ) | (0.9 | ) | -- | (186.6 | ) | -- | -- | (186.6 | ) | |||||||||||||||||
Other, net
|
-- | 13.2 | -- | 13.2 | -- | -- | 13.2 | |||||||||||||||||||||
Total other expense, net
|
(185.7 | ) | 12.3 | -- | (173.4 | ) | -- | -- | (173.4 | ) | ||||||||||||||||||
Income before income taxes
|
573.2 | 541.7 | (538.4 | ) | 576.5 | 566.3 | (567.1 | ) | 575.7 | |||||||||||||||||||
Provision for income taxes
|
(4.6 | ) | (3.7 | ) | -- | (8.3 | ) | -- | (0.2 | ) | (8.5 | ) | ||||||||||||||||
Net income
|
568.6 | 538.0 | (538.4 | ) | 568.2 | 566.3 | (567.3 | ) | 567.2 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
-- | 40.2 | (41.7 | ) | (1.5 | ) | -- | 0.6 | (0.9 | ) | ||||||||||||||||||
Net income attributable to entity
|
$ | 568.6 | $ | 578.2 | $ | (580.1 | ) | $ | 566.7 | $ | 566.3 | $ | (566.7 | ) | $ | 566.3 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Revenues
|
$ | 7,959.5 | $ | 7,194.7 | $ | (3,937.7 | ) | $ | 11,216.5 | $ | -- | $ | -- | $ | 11,216.5 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
7,824.2 | 6,646.7 | (3,937.6 | ) | 10,533.3 | -- | -- | 10,533.3 | ||||||||||||||||||||
General and administrative costs
|
3.4 | 43.8 | -- | 47.2 | 3.2 | -- | 50.4 | |||||||||||||||||||||
Total costs and expenses
|
7,827.6 | 6,690.5 | (3,937.6 | ) | 10,580.5 | 3.2 | -- | 10,583.7 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
492.8 | 24.9 | (506.6 | ) | 11.1 | 436.9 | (436.9 | ) | 11.1 | |||||||||||||||||||
Operating income
|
624.7 | 529.1 | (506.7 | ) | 647.1 | 433.7 | (436.9 | ) | 643.9 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(184.0 | ) | (6.2 | ) | 1.9 | (188.3 | ) | -- | -- | (188.3 | ) | |||||||||||||||||
Other, net
|
1.9 | 0.3 | (1.9 | ) | 0.3 | -- | -- | 0.3 | ||||||||||||||||||||
Total other expense, net
|
(182.1 | ) | (5.9 | ) | -- | (188.0 | ) | -- | -- | (188.0 | ) | |||||||||||||||||
Income before income taxes
|
442.6 | 523.2 | (506.7 | ) | 459.1 | 433.7 | (436.9 | ) | 455.9 | |||||||||||||||||||
Provision for income taxes
|
(5.7 | ) | (1.6 | ) | -- | (7.3 | ) | -- | (0.1 | ) | (7.4 | ) | ||||||||||||||||
Net income
|
436.9 | 521.6 | (506.7 | ) | 451.8 | 433.7 | (437.0 | ) | 448.5 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
-- | (7.5 | ) | (7.5 | ) | (15.0 | ) | -- | 0.2 | (14.8 | ) | |||||||||||||||||
Net income attributable to entity
|
$ | 436.9 | $ | 514.1 | $ | (514.2 | ) | $ | 436.8 | $ | 433.7 | $ | (436.8 | ) | $ | 433.7 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Revenues
|
$ | 13,673.4 | $ | 13,854.5 | $ | (6,485.6 | ) | $ | 21,042.3 | $ | -- | $ | -- | $ | 21,042.3 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
13,274.2 | 12,686.6 | (6,484.1 | ) | 19,476.7 | -- | -- | 19,476.7 | ||||||||||||||||||||
General and administrative costs
|
24.5 | 63.3 | -- | 87.8 | 1.0 | -- | 88.8 | |||||||||||||||||||||
Total costs and expenses
|
13,298.7 | 12,749.9 | (6,484.1 | ) | 19,564.5 | 1.0 | -- | 19,565.5 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,193.3 | 27.4 | (1,199.5 | ) | 21.2 | 1,218.6 | (1,218.6 | ) | 21.2 | |||||||||||||||||||
Operating income
|
1,568.0 | 1,132.0 | (1,201.0 | ) | 1,499.0 | 1,217.6 | (1,218.6 | ) | 1,498.0 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(371.3 | ) | (1.8 | ) | -- | (373.1 | ) | -- | -- | (373.1 | ) | |||||||||||||||||
Other, net
|
0.1 | 71.8 | -- | 71.9 | -- | -- | 71.9 | |||||||||||||||||||||
Total other expense, net
|
(371.2 | ) | 70.0 | -- | (301.2 | ) | -- | -- | (301.2 | ) | ||||||||||||||||||
Income before income taxes
|
1,196.8 | 1,202.0 | (1,201.0 | ) | 1,197.8 | 1,217.6 | (1,218.6 | ) | 1,196.8 | |||||||||||||||||||
Benefit from income taxes
|
22.4 | 3.7 | -- | 26.1 | -- | (0.2 | ) | 25.9 | ||||||||||||||||||||
Net income
|
1,219.2 | 1,205.7 | (1,201.0 | ) | 1,223.9 | 1,217.6 | (1,218.8 | ) | 1,222.7 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
-- | (4.2 | ) | (2.0 | ) | (6.2 | ) | -- | 1.1 | (5.1 | ) | |||||||||||||||||
Net income attributable to entity
|
$ | 1,219.2 | $ | 1,201.5 | $ | (1,203.0 | ) | $ | 1,217.7 | $ | 1,217.6 | $ | (1,217.7 | ) | $ | 1,217.6 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Revenues
|
$ | 16,284.3 | $ | 13,273.4 | $ | (8,157.5 | ) | $ | 21,400.2 | $ | -- | $ | -- | $ | 21,400.2 | |||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
16,002.4 | 12,225.3 | (8,157.3 | ) | 20,070.4 | -- | -- | 20,070.4 | ||||||||||||||||||||
General and administrative costs
|
4.3 | 77.5 | -- | 81.8 | 6.5 | -- | 88.3 | |||||||||||||||||||||
Total costs and expenses
|
16,006.7 | 12,302.8 | (8,157.3 | ) | 20,152.2 | 6.5 | -- | 20,158.7 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
950.8 | 56.7 | (980.2 | ) | 27.3 | 860.9 | (860.9 | ) | 27.3 | |||||||||||||||||||
Operating income
|
1,228.4 | 1,027.3 | (980.4 | ) | 1,275.3 | 854.4 | (860.9 | ) | 1,268.8 | |||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(363.0 | ) | (12.9 | ) | 3.8 | (372.1 | ) | -- | -- | (372.1 | ) | |||||||||||||||||
Other, net
|
3.9 | 0.7 | (3.8 | ) | 0.8 | -- | -- | 0.8 | ||||||||||||||||||||
Total other expense, net
|
(359.1 | ) | (12.2 | ) | -- | (371.3 | ) | -- | -- | (371.3 | ) | |||||||||||||||||
Income before income taxes
|
869.3 | 1,015.1 | (980.4 | ) | 904.0 | 854.4 | (860.9 | ) | 897.5 | |||||||||||||||||||
Provision for income taxes
|
(8.5 | ) | (5.9 | ) | -- | (14.4 | ) | -- | (0.1 | ) | (14.5 | ) | ||||||||||||||||
Net income
|
860.8 | 1,009.2 | (980.4 | ) | 889.6 | 854.4 | (861.0 | ) | 883.0 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
-- | (10.9 | ) | (18.2 | ) | (29.1 | ) | -- | 0.5 | (28.6 | ) | |||||||||||||||||
Net income attributable to entity
|
$ | 860.8 | $ | 998.3 | $ | (998.6 | ) | $ | 860.5 | $ | 854.4 | $ | (860.5 | ) | $ | 854.4 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Comprehensive income
|
$ | 503.8 | $ | 625.9 | $ | (538.4 | ) | $ | 591.3 | $ | 589.4 | $ | (590.4 | ) | $ | 590.3 | ||||||||||||
Comprehensive income attributable to noncontrolling interests
|
-- | 40.2 | (41.7 | ) | (1.5 | ) | -- | 0.6 | (0.9 | ) | ||||||||||||||||||
Comprehensive income attributable to entity
|
$ | 503.8 | $ | 666.1 | $ | (580.1 | ) | $ | 589.8 | $ | 589.4 | $ | (589.8 | ) | $ | 589.4 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Comprehensive income
|
$ | 382.1 | $ | 570.3 | $ | (506.7 | ) | $ | 445.7 | $ | 427.6 | $ | (430.9 | ) | $ | 442.4 | ||||||||||||
Comprehensive income attributable to noncontrolling interests
|
-- | (7.5 | ) | (7.5 | ) | (15.0 | ) | -- | 0.2 | (14.8 | ) | |||||||||||||||||
Comprehensive income attributable to entity
|
$ | 382.1 | $ | 562.8 | $ | (514.2 | ) | $ | 430.7 | $ | 427.6 | $ | (430.7 | ) | $ | 427.6 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Comprehensive income
|
$ | 1,183.6 | $ | 1,274.0 | $ | (1,201.0 | ) | $ | 1,256.6 | $ | 1,250.3 | $ | (1,251.5 | ) | $ | 1,255.4 | ||||||||||||
Comprehensive income attributable to noncontrolling interests
|
-- | (4.2 | ) | (2.0 | ) | (6.2 | ) | -- | 1.1 | (5.1 | ) | |||||||||||||||||
Comprehensive income attributable to entity
|
$ | 1,183.6 | $ | 1,269.8 | $ | (1,203.0 | ) | $ | 1,250.4 | $ | 1,250.3 | $ | (1,250.4 | ) | $ | 1,250.3 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Comprehensive income
|
$ | 817.2 | $ | 979.1 | $ | (980.4 | ) | $ | 815.9 | $ | 780.7 | $ | (787.3 | ) | $ | 809.3 | ||||||||||||
Comprehensive income attributable to noncontrolling interests
|
-- | (10.9 | ) | (18.2 | ) | (29.1 | ) | -- | 0.5 | (28.6 | ) | |||||||||||||||||
Comprehensive income attributable to entity
|
$ | 817.2 | $ | 968.2 | $ | (998.6 | ) | $ | 786.8 | $ | 780.7 | $ | (786.8 | ) | $ | 780.7 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$ | 1,219.2 | $ | 1,205.7 | $ | (1,201.0 | ) | $ | 1,223.9 | $ | 1,217.6 | $ | (1,218.8 | ) | $ | 1,222.7 | ||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
66.4 | 472.0 | (0.7 | ) | 537.7 | -- | -- | 537.7 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,193.3 | ) | (27.4 | ) | 1,199.5 | (21.2 | ) | (1,218.6 | ) | 1,218.6 | (21.2 | ) | ||||||||||||||||
Distributions received from unconsolidated affiliates
|
1,589.2 | 40.0 | (1,578.7 | ) | 50.5 | 1,082.4 | (1,082.4 | ) | 50.5 | |||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(1,148.6 | ) | 722.3 | (34.5 | ) | (460.8 | ) | 9.2 | 0.2 | (451.4 | ) | |||||||||||||||||
Net cash flows provided by operating activities
|
532.9 | 2,412.6 | (1,615.4 | ) | 1,330.1 | 1,090.6 | (1,082.4 | ) | 1,338.3 | |||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(83.5 | ) | (1,719.6 | ) | -- | (1,803.1 | ) | -- | -- | (1,803.1 | ) | |||||||||||||||||
Proceeds from asset sales
|
1,104.8 | 24.2 | -- | 1,129.0 | -- | -- | 1,129.0 | |||||||||||||||||||||
Other investing activities
|
(961.9 | ) | (54.2 | ) | 940.4 | (75.7 | ) | (60.4 | ) | 60.4 | (75.7 | ) | ||||||||||||||||
Cash used in investing activities
|
59.4 | (1,749.6 | ) | 940.4 | (749.8 | ) | (60.4 | ) | 60.4 | (749.8 | ) | |||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
2,414.6 | -- | -- | 2,414.6 | -- | -- | 2,414.6 | |||||||||||||||||||||
Repayments of debt
|
(1,881.5 | ) | (9.5 | ) | -- | (1,891.0 | ) | -- | -- | (1,891.0 | ) | |||||||||||||||||
Cash distributions paid to partners
|
(1,082.4 | ) | (1,586.9 | ) | 1,586.9 | (1,082.4 | ) | (1,068.6 | ) | 1,082.4 | (1,068.6 | ) | ||||||||||||||||
Cash distributions paid to noncontrolling interests
|
-- | -- | (8.1 | ) | (8.1 | ) | -- | -- | (8.1 | ) | ||||||||||||||||||
Cash contributions from noncontrolling interests
|
-- | -- | 5.9 | 5.9 | -- | -- | 5.9 | |||||||||||||||||||||
Net cash proceeds from issuance of common units
|
-- | -- | -- | -- | 57.7 | -- | 57.7 | |||||||||||||||||||||
Cash contributions from owners
|
60.4 | 946.4 | (946.4 | ) | 60.4 | -- | (60.4 | ) | -- | |||||||||||||||||||
Other financing activities
|
(85.0 | ) | -- | -- | (85.0 | ) | (19.3 | ) | -- | (104.3 | ) | |||||||||||||||||
Cash provided by (used in) financing activities
|
(573.9 | ) | (650.0 | ) | 638.3 | (585.6 | ) | (1,030.2 | ) | 1,022.0 | (593.8 | ) | ||||||||||||||||
Net change in cash and cash equivalents
|
18.4 | 13.0 | (36.7 | ) | (5.3 | ) | -- | -- | (5.3 | ) | ||||||||||||||||||
Cash and cash equivalents, January 1
|
9.7 | 21.3 | (11.2 | ) | 19.8 | -- | -- | 19.8 | ||||||||||||||||||||
Cash and cash equivalents, June 30
|
$ | 28.1 | $ | 34.3 | $ | (47.9 | ) | $ | 14.5 | $ | -- | $ | -- | $ | 14.5 |
EPO and Subsidiaries
|
||||||||||||||||||||||||||||
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
||||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$ | 860.8 | $ | 1,009.2 | $ | (980.4 | ) | $ | 889.6 | $ | 854.4 | $ | (861.0 | ) | $ | 883.0 | ||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
56.6 | 428.9 | (0.7 | ) | 484.8 | -- | -- | 484.8 | ||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(950.8 | ) | (56.7 | ) | 980.2 | (27.3 | ) | (860.9 | ) | 860.9 | (27.3 | ) | ||||||||||||||||
Distributions received from unconsolidated affiliates
|
115.3 | 111.9 | (142.4 | ) | 84.8 | 979.8 | (979.8 | ) | 84.8 | |||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
1,076.0 | (383.2 | ) | (365.1 | ) | 327.7 | 1.5 | -- | 329.2 | |||||||||||||||||||
Net cash flows provided by operating activities
|
1,157.9 | 1,110.1 | (508.4 | ) | 1,759.6 | 974.8 | (979.9 | ) | 1,754.5 | |||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(50.6 | ) | (1,659.2 | ) | -- | (1,709.8 | ) | -- | -- | (1,709.8 | ) | |||||||||||||||||
Other investing activities
|
(466.5 | ) | 231.9 | 452.2 | 217.6 | (49.2 | ) | 49.2 | 217.6 | |||||||||||||||||||
Cash used in investing activities
|
(517.1 | ) | (1,427.3 | ) | 452.2 | (1,492.2 | ) | (49.2 | ) | 49.2 | (1,492.2 | ) | ||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
3,372.1 | 419.0 | -- | 3,791.1 | -- | -- | 3,791.1 | |||||||||||||||||||||
Repayments of debt
|
(2,976.0 | ) | (57.5 | ) | -- | (3,033.5 | ) | -- | -- | (3,033.5 | ) | |||||||||||||||||
Cash distributions paid to partners
|
(979.8 | ) | (440.0 | ) | 440.0 | (979.8 | ) | (966.5 | ) | 979.8 | (966.5 | ) | ||||||||||||||||
Cash distributions paid to noncontrolling interests
|
-- | (72.8 | ) | 38.0 | (34.8 | ) | -- | -- | (34.8 | ) | ||||||||||||||||||
Cash contributions from noncontrolling interests
|
-- | 449.4 | (446.6 | ) | 2.8 | -- | (0.2 | ) | 2.6 | |||||||||||||||||||
Net cash proceeds from issuance of common units
|
-- | -- | -- | -- | 45.1 | -- | 45.1 | |||||||||||||||||||||
Cash contributions from owners
|
49.2 | 5.6 | (5.6 | ) | 49.2 | -- | (49.2 | ) | -- | |||||||||||||||||||
Other financing activities
|
(18.5 | ) | -- | -- | (18.5 | ) | (4.2 | ) | -- | (22.7 | ) | |||||||||||||||||
Cash provided by (used in) financing activities
|
(553.0 | ) | 303.7 | 25.8 | (223.5 | ) | (925.6 | ) | 930.4 | (218.7 | ) | |||||||||||||||||
Net change in cash and cash equivalents
|
87.8 | (13.5 | ) | (30.4 | ) | 43.9 | -- | (0.3 | ) | 43.6 | ||||||||||||||||||
Cash and cash equivalents, January 1
|
0.5 | 67.9 | (2.9 | ) | 65.5 | -- | -- | 65.5 | ||||||||||||||||||||
Cash and cash equivalents, June 30
|
$ | 88.3 | $ | 54.4 | $ | (33.3 | ) | $ | 109.4 | $ | -- | $ | (0.3 | ) | $ | 109.1 |
/d
|
= per day
|
MMBbls
|
= million barrels
|
||
BBtus
|
= billion British thermal units
|
MMBPD
|
= million barrels per day
|
||
Bcf
|
= billion cubic feet
|
MMBtus
|
= million British thermal units
|
||
BPD
|
= barrels per day
|
MMcf
|
= million cubic feet
|
||
MBPD
|
= thousand barrels per day
|
TBtus
|
= trillion British thermal units
|
|
Eagle Ford Expansion of Our South Texas Crude Oil Pipeline System Commences Operations
|
|
Plans to Construct Two Additional NGL Fractionators at Mont Belvieu
|
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
$ | 9,789.8 | $ | 11,216.5 | $ | 21,042.3 | $ | 21,400.2 | ||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
8,195.2 | 9,790.3 | 17,861.0 | 18,609.6 | ||||||||||||
Other operating costs and expenses
|
572.9 | 514.9 | 1,116.8 | 1,020.3 | ||||||||||||
Depreciation, amortization and accretion
|
261.3 | 233.3 | 515.9 | 464.1 | ||||||||||||
Gains related to asset sales
|
(1.3 | ) | (5.2 | ) | (3.8 | ) | (23.6 | ) | ||||||||
Gains related to property damage insurance recoveries
|
(27.7 | ) | -- | (27.7 | ) | -- | ||||||||||
Non-cash asset impairment charges
|
9.1 | -- | 14.5 | -- | ||||||||||||
Total operating costs and expenses
|
9,009.5 | 10,533.3 | 19,476.7 | 20,070.4 | ||||||||||||
General and administrative costs
|
42.5 | 50.4 | 88.8 | 88.3 | ||||||||||||
Total costs and expenses
|
9,052.0 | 10,583.7 | 19,565.5 | 20,158.7 | ||||||||||||
Equity in income of unconsolidated affiliates
|
11.3 | 11.1 | 21.2 | 27.3 | ||||||||||||
Operating income
|
749.1 | 643.9 | 1,498.0 | 1,268.8 | ||||||||||||
Interest expense
|
(186.6 | ) | (188.3 | ) | (373.1 | ) | (372.1 | ) | ||||||||
Other, net
|
13.2 | 0.3 | 71.9 | 0.8 | ||||||||||||
Benefit from (provision for) income taxes
|
(8.5 | ) | (7.4 | ) | 25.9 | (14.5 | ) | |||||||||
Net income
|
567.2 | 448.5 | 1,222.7 | 883.0 | ||||||||||||
Net income attributable to noncontrolling interests
|
(0.9 | ) | (14.8 | ) | (5.1 | ) | (28.6 | ) | ||||||||
Net income attributable to limited partners
|
$ | 566.3 | $ | 433.7 | $ | 1,217.6 | $ | 854.4 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$ | 3,133.9 | $ | 3,832.2 | $ | 7,249.2 | $ | 7,889.9 | ||||||||
Midstream services
|
198.6 | 204.7 | 437.8 | 403.8 | ||||||||||||
Total
|
3,332.5 | 4,036.9 | 7,687.0 | 8,293.7 | ||||||||||||
Onshore Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
510.8 | 719.5 | 1,083.4 | 1,432.2 | ||||||||||||
Midstream services
|
209.6 | 207.8 | 470.6 | 411.7 | ||||||||||||
Total
|
720.4 | 927.3 | 1,554.0 | 1,843.9 | ||||||||||||
Onshore Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
4,174.0 | 4,257.9 | 8,621.6 | 7,606.1 | ||||||||||||
Midstream services
|
14.7 | 23.7 | 40.7 | 46.1 | ||||||||||||
Total
|
4,188.7 | 4,281.6 | 8,662.3 | 7,652.2 | ||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
-- | 0.3 | 0.1 | 0.6 | ||||||||||||
Sales of crude oil
|
-- | 2.5 | 1.4 | 5.8 | ||||||||||||
Midstream services
|
49.0 | 60.9 | 103.6 | 121.7 | ||||||||||||
Total
|
49.0 | 63.7 | 105.1 | 128.1 | ||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
1,316.8 | 1,718.7 | 2,668.0 | 3,101.5 | ||||||||||||
Midstream services
|
182.4 | 188.3 | 365.9 | 380.8 | ||||||||||||
Total
|
1,499.2 | 1,907.0 | 3,033.9 | 3,482.3 | ||||||||||||
Total consolidated revenues
|
$ | 9,789.8 | $ | 11,216.5 | $ | 21,042.3 | $ | 21,400.2 |
Polymer
|
Refinery
|
|||||||||||||||||||||||||||||||||||
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
||||||||||||||||||||||||||||||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
Crude Oil,
|
||||||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
||||||||||||||||||||||||||||
(1) | (2) | (2) | (2) | (2) | (2) | (3) | (3) | (4) | ||||||||||||||||||||||||||||
2011
|
||||||||||||||||||||||||||||||||||||
1st Quarter
|
$ | 4.11 | $ | 0.66 | $ | 1.37 | $ | 1.75 | $ | 1.85 | $ | 2.27 | $ | 0.76 | $ | 0.68 | $ | 94.10 | ||||||||||||||||||
2nd Quarter
|
$ | 4.32 | $ | 0.78 | $ | 1.49 | $ | 1.87 | $ | 2.02 | $ | 2.48 | $ | 0.89 | $ | 0.79 | $ | 102.56 | ||||||||||||||||||
3rd Quarter
|
$ | 4.20 | $ | 0.78 | $ | 1.54 | $ | 1.88 | $ | 2.09 | $ | 2.37 | $ | 0.78 | $ | 0.67 | $ | 89.76 | ||||||||||||||||||
4th Quarter
|
$ | 3.54 | $ | 0.86 | $ | 1.44 | $ | 1.89 | $ | 2.26 | $ | 2.24 | $ | 0.59 | $ | 0.44 | $ | 94.06 | ||||||||||||||||||
2011 Averages
|
$ | 4.04 | $ | 0.77 | $ | 1.46 | $ | 1.85 | $ | 2.06 | $ | 2.34 | $ | 0.76 | $ | 0.64 | $ | 95.12 | ||||||||||||||||||
2012
|
||||||||||||||||||||||||||||||||||||
1st Quarter
|
$ | 2.72 | $ | 0.56 | $ | 1.26 | $ | 1.93 | $ | 2.04 | $ | 2.39 | $ | 0.69 | $ | 0.60 | $ | 102.93 | ||||||||||||||||||
2nd Quarter
|
$ | 2.21 | $ | 0.40 | $ | 0.98 | $ | 1.62 | $ | 1.75 | $ | 2.05 | $ | 0.66 | $ | 0.51 | $ | 93.49 | ||||||||||||||||||
2012 Averages
|
$ | 2.47 | $ | 0.48 | $ | 1.12 | $ | 1.77 | $ | 1.89 | $ | 2.22 | $ | 0.67 | $ | 0.55 | $ | 98.21 | ||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub I-FERC commercial index prices.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
(3) Polymer-grade propylene prices represent average contract pricing for such product as reported by Chemical Market Associates, Inc. (“CMAI”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by CMAI.
(4) Crude oil prices are based on commercial index prices for West Texas Intermediate as measured on the New York Mercantile Exchange (“NYMEX”).
|
§
|
The weighted-average indicative market price for NGLs (based on prices for such products at Mont Belvieu, Texas) was $1.09 per gallon during the second quarter of 2012 versus $1.50 per gallon during the second quarter of 2011 – a 27% quarter-to-quarter decrease. The weighted-average indicative market price for NGLs for the first six months of 2012 was $1.22 per gallon compared to $1.43 per gallon during the first six months of 2011 – a 15% period-to-period decrease.
|
§
|
The market price of natural gas (as measured at Henry Hub in Louisiana) averaged $2.21 per MMBtu during the second quarter of 2012 versus $4.32 per MMBtu during the second quarter of 2011 – a 49% quarter-to-quarter decrease. The Henry Hub market price of natural gas for the first six months of 2012 averaged $2.47 per MMBtu compared to $4.21 per MMBtu during the first six months of 2011 – a 41% period-to-period decrease.
|
§
|
The market price of crude oil (as measured on the NYMEX) averaged $93.49 per barrel during the second quarter of 2012 compared to $102.56 per barrel during the second quarter of 2011 – a 9% quarter-to-quarter decrease. The NYMEX market price of crude oil for the first six months of 2012 averaged $98.21 per barrel compared to $98.33 per barrel during the first six months of 2011.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Natural gas processing and related NGL
marketing activities
|
$ | 338.8 | $ | 303.2 | $ | 760.5 | $ | 580.9 | ||||||||
NGL pipelines and related storage
|
157.8 | 142.6 | 326.2 | 322.5 | ||||||||||||
NGL fractionation
|
69.2 | 51.9 | 134.0 | 98.7 | ||||||||||||
Total
|
$ | 565.8 | $ | 497.7 | $ | 1,220.7 | $ | 1,002.1 | ||||||||
Selected volumetric data:
|
||||||||||||||||
NGL transportation volumes (MBPD)
|
2,440 | 2,253 | 2,409 | 2,309 | ||||||||||||
NGL fractionation volumes (MBPD)
|
654 | 545 | 638 | 547 | ||||||||||||
Equity NGL production (MBPD) (1)
|
96 | 120 | 104 | 119 | ||||||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
4,232 | 3,687 | 4,183 | 3,692 | ||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities. In general, equity NGL production decreased in 2012 compared to 2011 due to reduced ethane recoveries associated with the weakness in natural gas processing margins resulting from lower NGL prices.
(2) Volumes reported correspond to the revenue streams earned by our gas plants.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Segment gross operating margin
|
$ | 175.8 | $ | 161.1 | $ | 382.0 | $ | 320.3 | ||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
13,793 | 11,891 | 13,436 | 11,804 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Segment gross operating margin
|
$ | 95.8 | $ | 67.8 | $ | 135.1 | $ | 99.6 | ||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
725 | 642 | 716 | 654 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Segment gross operating margin
|
$ | 38.3 | $ | 53.4 | $ | 90.4 | $ | 114.7 | ||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
907 | 1,039 | 934 | 1,097 | ||||||||||||
Crude oil transportation volumes (MBPD)
|
285 | 279 | 287 | 289 | ||||||||||||
Platform natural gas processing (MMcf/d)
|
326 | 417 | 341 | 431 | ||||||||||||
Platform crude oil processing (MBPD)
|
18 | 19 | 19 | 17 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Propylene fractionation and related activities
|
$ | 42.8 | $ | 31.2 | $ | 103.9 | $ | 80.0 | ||||||||
Butane isomerization
|
25.1 | 34.7 | 45.7 | 60.4 | ||||||||||||
Octane enhancement and related plant operations
|
50.7 | 37.2 | 37.6 | 43.3 | ||||||||||||
Refined products pipelines
|
18.1 | 22.2 | 30.2 | 40.5 | ||||||||||||
Marine transportation and other
|
20.6 | 14.5 | 37.7 | 28.0 | ||||||||||||
Total
|
$ | 157.3 | $ | 139.8 | $ | 255.1 | $ | 252.2 | ||||||||
Selected volumetric data:
|
||||||||||||||||
Propylene fractionation volumes (MBPD)
|
73 | 68 | 73 | 71 | ||||||||||||
Butane isomerization volumes (MBPD)
|
100 | 103 | 91 | 96 | ||||||||||||
Octane additive and associated plant
production volumes (MBPD)
|
22 | 19 | 14 | 17 | ||||||||||||
Transportation volumes, primarily refined
products and petrochemicals (MBPD)
|
596 | 761 | 628 | 752 |
For the Six Months
|
||||||||
Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Net cash flows provided by operating activities
|
$ | 1,338.3 | $ | 1,754.5 | ||||
Cash used in investing activities
|
749.8 | 1,492.2 | ||||||
Cash used in financing activities
|
593.8 | 218.7 |
§
|
Net borrowings under our consolidated debt agreements decreased $234.0 million period-to-period. EPO issued $750.0 million and repaid $500.0 million in principal amount of senior notes during the six months ended June 30, 2012, compared to the issuance of $1.5 billion and repayment of $450.0 million in principal amount of senior notes during the six months ended June 30, 2011. In addition, net borrowings under our consolidated revolving bank credit facilities and term loans during the six months ended June 30, 2012 were $277.0 million compared to net repayments of $286.5 million during the six months ended June 30, 2011.
|
§
|
Monetization of interest rate derivative instruments during the six months ended June 30, 2012 resulted in a net cash outflow of $77.6 million compared to a $5.7 million outflow for similar activities during the six months ended June 30, 2011. For information regarding our interest rate hedging activities, see Note 4 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
§
|
Cash distributions paid to limited partners increased $102.1 million period-to-period primarily due to a higher number of distribution-bearing common units outstanding and the associated quarterly distribution rates.
|
For the Six Months
Ended June 30,
|
||||||||
2012
|
2011
|
|||||||
Capital spending for property, plant and equipment, net of contributions in aid of construction costs
|
$ | 1,803.1 | $ | 1,709.8 | ||||
Capital spending for investments in unconsolidated affiliates
|
125.5 | 11.8 | ||||||
Other investing activities
|
16.6 | 3.6 | ||||||
Total capital spending
|
$ | 1,945.2 | $ | 1,725.2 |
For the Three Months
|
For the Six Months
|
|||||||||||||||
Ended June 30,
|
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Expensed
|
$ | 17.9 | $ | 14.1 | $ | 36.9 | $ | 21.8 | ||||||||
Capitalized
|
27.0 | 16.0 | 39.9 | 26.7 | ||||||||||||
Total
|
$ | 44.9 | $ | 30.1 | $ | 76.8 | $ | 48.5 |
§
|
depreciation methods and estimated useful lives of property, plant and equipment;
|
§
|
measuring recoverability of long-lived assets and equity method investments;
|
§
|
amortization methods and estimated useful lives of qualifying intangible assets;
|
§
|
methods we employ to measure the fair value of goodwill;
|
§
|
revenue recognition policies and the use of estimates when recording revenue and expense accruals; and
|
§
|
reserves for environmental matters and litigation contingencies.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
NGL Pipelines & Services
|
$ | 565.8 | $ | 497.7 | $ | 1,220.7 | $ | 1,002.1 | ||||||||
Onshore Natural Gas Pipelines & Services
|
175.8 | 161.1 | 382.0 | 320.3 | ||||||||||||
Onshore Crude Oil Pipelines & Services
|
95.8 | 67.8 | 135.1 | 99.6 | ||||||||||||
Offshore Pipelines & Services
|
38.3 | 53.4 | 90.4 | 114.7 | ||||||||||||
Petrochemical & Refined Products Services
|
157.3 | 139.8 | 255.1 | 252.2 | ||||||||||||
Other Investments (1)
|
-- | 2.7 | 2.4 | 9.0 | ||||||||||||
Total segment gross operating margin
|
$ | 1,033.0 | $ | 922.5 | $ | 2,085.7 | $ | 1,797.9 | ||||||||
(1) Represents the equity earnings we recorded from our previously held investment in Energy Transfer Equity. Our reporting for this segment ceased on January 18, 2012 when we stopped using the equity method to account for this investment. See Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for additional information regarding the liquidation of our investment in Energy Transfer Equity.
|
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Total segment gross operating margin
|
$ | 1,033.0 | $ | 922.5 | $ | 2,085.7 | $ | 1,797.9 | ||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Amounts included in operating costs and expenses:
|
||||||||||||||||
Depreciation, amortization and accretion
|
(261.3 | ) | (233.3 | ) | (515.9 | ) | (464.1 | ) | ||||||||
Non-cash asset impairment charges
|
(9.1 | ) | -- | (14.5 | ) | -- | ||||||||||
Operating lease expenses paid by EPCO
|
-- | (0.1 | ) | -- | (0.3 | ) | ||||||||||
Gains related to asset sales
|
1.3 | 5.2 | 3.8 | 23.6 | ||||||||||||
Gains related to property damage insurance recoveries (1)
|
27.7 | -- | 27.7 | -- | ||||||||||||
General and administrative costs
|
(42.5 | ) | (50.4 | ) | (88.8 | ) | (88.3 | ) | ||||||||
Operating income
|
749.1 | 643.9 | 1,498.0 | 1,268.8 | ||||||||||||
Other expense, net
|
(173.4 | ) | (188.0 | ) | (301.2 | ) | (371.3 | ) | ||||||||
Income before income taxes
|
$ | 575.7 | $ | 455.9 | $ | 1,196.8 | $ | 897.5 | ||||||||
(1) See “Other Items – Insurance Matters” within this Item 2.
|
Interest Rate Swap Portfolio
Aggregate Fair Value at
|
|||||||||||||
Resulting
|
December 31,
|
June 30,
|
July 17,
|
||||||||||
Scenario
|
Classification
|
2011
|
2012
|
2012
|
|||||||||
FV assuming no change in underlying interest rates
|
Asset
|
$ | 67.2 | $ | 25.6 | $ | 29.6 | ||||||
FV assuming 10% increase in underlying interest rates
|
Asset
|
64.4 | 24.4 | 28.5 | |||||||||
FV assuming 10% decrease in underlying interest rates
|
Asset
|
70.0 | 26.9 | 30.8 |
Forward Starting Swap Portfolio
Aggregate Fair Value at
|
|||||||||||||
Resulting
|
December 31,
|
June 30,
|
July 17,
|
||||||||||
Scenario
|
Classification
|
2011
|
2012
|
2012
|
|||||||||
FV assuming no change in underlying interest rates
|
Liability
|
$ | (290.7 | ) | $ | (230.6 | ) | $ | (250.3 | ) | |||
FV assuming 10% increase in underlying interest rates
|
Liability
|
(251.8 | ) | (205.8 | ) | (227.1 | ) | ||||||
FV assuming 10% decrease in underlying interest rates
|
Liability
|
(330.6 | ) | (255.8 | ) | (273.8 | ) |
§
|
The objective of our natural gas processing strategy is to hedge an amount of gross margin associated with our natural gas processing activities. We achieve this objective by using physical and financial instruments to lock in the purchase prices of natural gas consumed as plant thermal reduction (“PTR”) and the sales prices of the related NGL products. This program consists of (i) the forward sale of a portion of our expected equity NGL production at fixed prices through December 2012, which is achieved through the use of forward physical sales contracts and commodity derivative instruments and (ii) the purchase of commodity derivative instruments having a notional amount based on the volume of natural gas expected to be consumed as PTR in the production of such equity NGL production.
|
§
|
The objective of our NGL, refined products and crude oil sales hedging program is to hedge the margins of anticipated future sales of inventory by locking in sales prices through the use of forward physical sales contracts and commodity derivative instruments.
|
§
|
The objective of our natural gas and refined products inventory hedging program is to hedge the fair value of natural gas and refined products currently held in inventory by locking in the sales price of the inventory through the use of commodity derivative instruments.
|
Portfolio Fair Value at
|
|||||||||||||
Resulting
|
December 31,
|
June 30,
|
July 17,
|
||||||||||
Scenario
|
Classification
|
2011
|
2012
|
2012
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset
|
$ | 22.2 | $ | 12.7 | $ | 12.2 | ||||||
FV assuming 10% increase in underlying commodity prices
|
Asset
|
14.9 | 7.0 | 6.6 | |||||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
29.5 | 18.3 | 17.8 |
Portfolio Fair Value at
|
|||||||||||||
Resulting
|
December 31,
|
June 30,
|
July 17,
|
||||||||||
Scenario
|
Classification
|
2011
|
2012
|
2012
|
|||||||||
FV assuming no change in underlying commodity prices
|
Asset (Liability)
|
$ | (12.3 | ) | $ | 60.5 | $ | 34.4 | |||||
FV assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
(32.2 | ) | 26.2 | (0.8 | ) | |||||||
FV assuming 10% decrease in underlying commodity prices
|
Asset
|
7.6 | 94.8 | 69.6 |
Portfolio Fair Value at
|
|||||||||||||
Resulting
|
December 31,
|
June 30,
|
July 17,
|
||||||||||
Scenario
|
Classification
|
2011
|
2012
|
2012
|
|||||||||
FV assuming no change in underlying commodity prices
|
Liability
|
$ | (7.6 | ) | $ | (8.5 | ) | $ | (9.8 | ) | |||
FV assuming 10% increase in underlying commodity prices
|
Liability
|
(10.0 | ) | (13.8 | ) | (14.0 | ) | ||||||
FV assuming 10% decrease in underlying commodity prices
|
Liability
|
(5.0 | ) | (3.1 | ) | (5.6 | ) |
(i)
|
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
|
(ii)
|
that our disclosure controls and procedures are effective.
|
Maximum
|
||||||||||||||||
Total Number of
|
Number of Units
|
|||||||||||||||
Average
|
Units Purchased
|
That May Yet
|
||||||||||||||
Total Number of
|
Price Paid
|
as Part of Publicly
|
Be Purchased
|
|||||||||||||
Period
|
Units Purchased
|
per Unit
|
Announced Plans
|
Under the Plans
|
||||||||||||
February 2012 (1)
|
187,343 | $ | 51.55 | -- | -- | |||||||||||
May 2012 (2)
|
186,048 | $ | 49.82 | -- | -- | |||||||||||
(1) Of the 632,298 restricted common units that vested in February 2012 and converted to common units, 187,343 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 604,054 restricted common units that vested in May 2012 and converted to common units, 186,048 units were sold back to us by employees to cover related withholding tax requirements.
|
Exhibit
Number
|
Exhibit*
|
2.1
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003).
|
2.2
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004).
|
2.3
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003).
|
2.4
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 21, 2004).
|
2.5
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003).
|
2.6
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed June 29, 2009).
|
2.7
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed June 29, 2009).
|
2.8
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise ETE LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2010).
|
2.9
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products GP, LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed September 7, 2010).
|
2.10
|
Contribution Agreement, dated as of September 30, 2010, by and between Enterprise Products Company and Enterprise Products Partners L.P. (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2010).
|
2.11
|
Agreement and Plan of Merger, dated as of April 28, 2011, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPD MergerCo LLC, Duncan Energy Partners L.P. and DEP Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 29, 2011).
|
3.1
|
Certificate of Limited Partnership of Enterprise Products Partners L.P. (incorporated by reference to Exhibit 3.6 to Form 10-Q filed November 9, 2007).
|
3.2
|
Certificate of Amendment to Certificate of Limited Partnership of Enterprise Products Partners L.P., filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.6 to Form 8-K filed November 23, 2010).
|
3.3
|
Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated November 22, 2010 (incorporated by reference to Exhibit 3.2 to Form 8-K filed November 23, 2010).
|
3.4
|
Amendment No. 1 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 11, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
3.5
|
Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC) (incorporated by reference to Exhibit 3.3 to Form S-1/A Registration Statement, Reg. No. 333-124320, filed by Enterprise GP Holdings L.P. on July 22, 2005).
|
3.6
|
Certificate of Amendment to Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC), filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.5 to Form 8-K filed November 23, 2010).
|
3.7
|
Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC dated effective as of September 7, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed September 8, 2011).
|
3.8
|
Company Agreement of Enterprise Products Operating LLC dated June 30, 2007 (incorporated by reference to Exhibit 3.3 to Form 10-Q filed August 8, 2007).
|
3.9
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
3.10
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
4.1
|
Form of Common Unit certificate (incorporated by reference to Exhibit A to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
4.2
|
Indenture, dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000).
|
4.3
|
First Supplemental Indenture, dated as of January 22, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.4
|
Second Supplemental Indenture, dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003).
|
4.5
|
Third Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and U.S. Bank National Association, as successor Trustee (incorporated by reference to Exhibit 4.55 to Form 10-Q filed August 8, 2007).
|
4.6
|
Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 6, 2004).
|
4.7
|
Third Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 6, 2004).
|
4.8
|
Fourth Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 6, 2004).
|
4.9
|
Fifth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed March 3, 2005).
|
4.10
|
Sixth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 3, 2005).
|
4.11
|
Eighth Supplemental Indenture, dated as of July 18, 2006, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.12
|
Ninth Supplemental Indenture, dated as of May 24, 2007, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed May 24, 2007).
|
4.13
|
Tenth Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.54 to Form 10-Q filed August 8, 2007).
|
4.14
|
Eleventh Supplemental Indenture, dated as of September 4, 2007, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed September 5, 2007).
|
4.15
|
Twelfth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.16
|
Thirteenth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.17
|
Fourteenth Supplemental Indenture, dated as of December 8, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.18
|
Fifteenth Supplemental Indenture, dated as of June 10, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.19
|
Sixteenth Supplemental Indenture, dated as of October 5, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.20
|
Seventeenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 28, 2009).
|
4.21
|
Eighteenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 28, 2009).
|
4.22
|
Nineteenth Supplemental Indenture, dated as of May 20, 2010, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 20, 2010).
|
4.23
|
Twentieth Supplemental Indenture, dated as of January 13, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed January 13, 2011).
|
4.24
|
Twenty-First Supplemental Indenture, dated as of August 24, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 24, 2011).
|
4.25
|
Twenty-Second Supplemental Indenture, dated as of February 15, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed on May 10, 2012).
|
4.26
|
Global Note representing $350.0 million principal amount of 6.375% Series B Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Registration Statement on Form S-4, Reg. No. 333-102776, filed January 28, 2003).
|
4.27
|
Global Note representing $499.2 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 10-K filed March 31, 2003).
|
4.28
|
Global Notes representing $450.0 million principal amount of 7.50% Senior Notes due 2011 (incorporated by reference to Exhibit 4.1 to Form 8-K filed January 25, 2001).
|
4.29
|
Global Note representing $500.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.17 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.30
|
Global Note representing $150.0 million principal amount of 5.60% Series B Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.18 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.31
|
Global Note representing $350.0 million principal amount of 6.65% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.32
|
Global Note representing $250.0 million principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed November 4, 2005).
|
4.33
|
Global Note representing $250.0 million principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed November 4, 2005).
|
4.34
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.35
|
Global Note representing $800.0 million principal amount of 6.30% Senior Notes due 2017 with attached Guarantee (incorporated by reference to Exhibit 4.38 to Form 10-Q filed November 9, 2007).
|
4.36
|
Form of Global Note representing $400.0 million principal amount of 5.65% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed April 3, 2008).
|
4.37
|
Form of Global Note representing $700.0 million principal amount of 6.50% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.38
|
Form of Global Note representing $500.0 million principal amount of 9.75% Senior Notes due 2014 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed December 8, 2008).
|
4.39
|
Form of Global Note representing $500.0 million principal amount of 4.60% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed June 10, 2009).
|
4.40
|
Form of Global Note representing $500.0 million principal amount of 5.25% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.41
|
Form of Global Note representing $600.0 million principal amount of 6.125% Senior Notes due 2039 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.42
|
Form of Global Note representing $490.5 million principal amount of 7.625% Senior Notes due 2012 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 28, 2009).
|
4.43
|
Form of Global Note representing $182.6 million principal amount of 6.125% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 28, 2009).
|
4.44
|
Form of Global Note representing $237.6 million principal amount of 5.90% Senior Notes due 2013 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 28, 2009).
|
4.45
|
Form of Global Note representing $349.7 million principal amount of 6.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.6 to Form 8-K filed October 28, 2009).
|
4.46
|
Form of Global Note representing $399.6 million principal amount of 7.55% Senior Notes due 2038 with attached Guarantee (incorporated by reference to Exhibit 4.7 to Form 8-K filed October 28, 2009).
|
4.47
|
Form of Global Note representing $285.8 million principal amount of 7.000% Junior Subordinated Notes due 2067 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 8-K filed October 28, 2009).
|
4.48
|
Form of Global Note representing $400.0 million principal amount of 3.70% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.49
|
Form of Global Note representing $1.0 billion principal amount of 5.20% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.50
|
Form of Global Note representing $600.0 million principal amount of 6.45% Senior Notes due 2040 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.51
|
Form of Global Note representing $750.0 million principal amount of 3.20% Senior Notes due 2016 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.52
|
Form of Global Note representing $750.0 million principal amount of 5.95% Senior Notes due 2041 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.53
|
Form of Global Note representing $650.0 million principal amount of 4.05% Senior Notes due 2022 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.54
|
Form of Global Note representing $600.0 million principal amount of 5.70% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.55
|
Form of Global Note representing $750.0 million principal amount of 4.85% Senior Notes due 2042 with attached Guarantee (included in Exhibit 4.25 above).
|
4.56
|
Replacement Capital Covenant, dated May 24, 2007, executed by Enterprise Products Operating L.P. and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed May 24, 2007).
|
4.57
|
First Amendment to Replacement Capital Covenant dated August 25, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 25, 2006).
|
4.58
|
Replacement Capital Covenant, dated October 27, 2009, among Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.9 to Form 8-K filed October 28, 2009).
|
4.59
|
Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.2 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.60
|
First Supplemental Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.3 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.61
|
Second Supplemental Indenture, dated June 27, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Initial Subsidiary Guarantors, Val Verde Gas Gathering Company, L.P., as New Subsidiary Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.6 to the Form 10-Q filed by TEPPCO Partners, L.P. on August 14, 2002).
|
4.62
|
Third Supplemental Indenture, dated January 20, 2003, by and among TEPPCO Partners, L.P. as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Jonah Gas Gathering Company and Val Verde Gas Gathering Company, L.P. as Subsidiary Guarantors, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.7 to the Form 10-K filed by TEPPCO Partners, L.P. on March 21, 2003).
|
4.63
|
Full Release of Guarantee, dated July 31, 2006, by Wachovia Bank, National Association, as Trustee, in favor of Jonah Gas Gathering Company (incorporated by reference to Exhibit 4.8 to the Form 10-Q filed by TEPPCO Partners, L.P. on November 7, 2006).
|
4.64
|
Fourth Supplemental Indenture, dated June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Val Verde Gas Gathering Company, L.P., TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.65
|
Fifth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.11 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.66
|
Sixth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.12 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.67
|
Seventh Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.13 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.68
|
Eighth Supplemental Indenture, dated October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.69
|
Full Release of Guarantee, dated November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.64 to Form 10-K filed on March 1, 2010).
|
4.70
|
Indenture, dated May 14, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 99.1 of the Form 8-K filed by TEPPCO Partners, L.P. on May 15, 2007).
|
4.71
|
First Supplemental Indenture, dated May 18, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on May 18, 2007).
|
4.72
|
Replacement of Capital Covenant, dated May 18, 2007, executed by TEPPCO Partners, L.P., TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P. in favor of the covered debt holders described therein (incorporated by reference to Exhibit 99.1 to the Form 8-K of TEPPCO Partners, L.P. on May 18, 2007).
|
4.73
|
Second Supplemental Indenture, dated as of June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Existing Subsidiary Guarantors, TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as New Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.74
|
Third Supplemental Indenture, dated as of October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.75
|
Full Release of Guarantee, dated as of November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.70 to Form 10-K filed on March 1, 2010).
|
10.1
|
Equity Distribution Agreement, dated May 31, 2012, by and among Enterprise Products Partners L.P., Enterprise Products OLPGP, Inc., Enterprise Products Operating LLC and Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc., Knight Capital Americas, L.P., Mizuho Securities USA Inc., Raymond James & Associates, Inc., RBS Securities Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., UBS Securities LLC and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 1.1 to Form 8-K filed on May 31, 2012).
|
12.1#
|
Computation of ratio of earnings to fixed charges for the six months ended June 30, 2012 and for each of the five years ended December 31, 2011, 2010, 2009, 2008 and 2007.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of Michael A. Creel for Enterprise Products Partners L.P.’s for the June 30, 2012 quarterly report on Form 10-Q.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P.’s for the June 30, 2012 quarterly report on Form 10-Q.
|
32.1#
|
Sarbanes-Oxley Section 906 certification of Michael A. Creel for Enterprise Products Partners L.P.’s for the June 30, 2012 quarterly report on Form 10-Q.
|
32.2#
|
Sarbanes-Oxley Section 906 certification of W. Randall Fowler for Enterprise Products Partners L.P.’s for the June 30, 2012 quarterly report on Form 10-Q.
|
101.CAL#
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
XBRL Definition Linkbase Document
|
101.INS#
|
XBRL Instance Document
|
101.LAB#
|
XBRL Labels Linkbase Document
|
101.PRE#
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
XBRL Schema Document
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P., TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
***
|
Identifies management contract and compensatory plan arrangements.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|
(A Delaware Limited Partnership)
|
|
By:
|
Enterprise Products Holdings LLC, as General Partner
|
By:
|
/s/ Michael J. Knesek
|
Name:
|
Michael J. Knesek
|
Title:
|
Senior Vice President, Controller and Principal Accounting
Officer of the General Partner
|
For the Six Months Ended June 30, 2012
|
For the Year Ended December 31,
|
||||||||||||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
|||||||||||||||||||||
Consolidated income
|
$ | 1,222.7 | $ | 2,088.3 | $ | 1,383.7 | $ | 1,140.3 | $ | 1,145.1 | $ | 762.0 | |||||||||||||
Add:
|
Provision for (benefit from) taxes
|
(25.9 | ) | 27.2 | 26.1 | 25.3 | 31.0 | 15.8 | |||||||||||||||||
Less:
|
Equity in earnings from unconsolidated affiliates
|
(21.2 | ) | (46.4 | ) | (62.0 | ) | (92.3 | ) | (66.2 | ) | (13.6 | ) | ||||||||||||
Consolidated pre-tax income before equity in earnings from unconsolidated affiliates
|
1,175.6 | 2,069.1 | 1,347.8 | 1,073.3 | 1,109.9 | 764.2 | |||||||||||||||||||
Add:
|
Fixed charges
|
448.2 | 879.5 | 813.4 | 760.6 | 717.9 | 594.4 | ||||||||||||||||||
Amortization of capitalized interest
|
9.8 | 17.5 | 16.8 | 15.3 | 13.4 | 11.6 | |||||||||||||||||||
Distributed income of equity investees
|
50.5 | 156.4 | 191.9 | 169.3 | 157.2 | 116.9 | |||||||||||||||||||
Subtotal
|
1,684.1 | 3,122.5 | 2,369.9 | 2,018.5 | 1,998.4 | 1,487.1 | |||||||||||||||||||
Less:
|
Capitalized interest
|
(60.1 | ) | (106.7 | ) | (47.2 | ) | (53.1 | ) | (90.7 | ) | (86.5 | ) | ||||||||||||
Net income attributable to noncontrolling interests
|
(5.1 | ) | (20.5 | ) | (25.5 | ) | (26.4 | ) | (23.0 | ) | (14.8 | ) | |||||||||||||
Total earnings
|
$ | 1,618.9 | $ | 2,995.3 | $ | 2,297.2 | $ | 1,939.0 | $ | 1,884.7 | $ | 1,385.8 | |||||||||||||
Fixed charges:
|
|||||||||||||||||||||||||
Interest expense
|
$ | 373.1 | $ | 744.1 | $ | 741.9 | $ | 687.3 | $ | 608.3 | $ | 487.4 | |||||||||||||
Capitalized interest
|
60.1 | 106.7 | 47.2 | 53.1 | 90.7 | 86.5 | |||||||||||||||||||
Interest portion of rental expense
|
15.0 | 28.7 | 24.3 | 20.2 | 18.9 | 20.5 | |||||||||||||||||||
Total
|
$ | 448.2 | $ | 879.5 | $ | 813.4 | $ | 760.6 | $ | 717.9 | $ | 594.4 | |||||||||||||
Ratio of earnings to fixed charges
|
3.6x | 3.4x | 2.8x | 2.6x | 2.6x | 2.3x |
·
|
consolidated pre-tax income from continuing operations before adjustment for income or loss from equity investees;
|
·
|
fixed charges;
|
·
|
amortization of capitalized interest;
|
·
|
distributed income of equity investees; and
|
·
|
our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges.
|
·
|
interest capitalized;
|
·
|
preference security dividend requirements of consolidated subsidiaries; and
|
·
|
the noncontrolling interests in pre-tax income of subsidiaries that have not incurred fixed charges.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Michael A. Creel
|
||
Name:
|
Michael A. Creel
|
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings
LLC, the General Partner of Enterprise Products Partners
L.P.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ W. Randall Fowler
|
|||
Name:
|
W. Randall Fowler
|
||
Title:
|
Chief Financial Officer of Enterprise Products Holdings
LLC, the General Partner of Enterprise Products Partners
L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ Michael A. Creel
|
|
Name:
|
Michael A. Creel
|
Title:
|
Chief Executive Officer of Enterprise Products Holdings LLC,
|
the General Partner of Enterprise Products Partners L.P.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
/s/ W. Randall Fowler
|
|
Name:
|
W. Randall Fowler
|
Title:
|
Chief Financial Officer of Enterprise Products Holdings LLC,
|
the General Partner of Enterprise Products Partners L.P.
|