ENTERPRISE PRODUCTS PARTNERS L.P. Annual Report, Year Ended Dec 31, 2009

Enterprise Products Partners L.P. (EPD) reported its annual results for the fiscal year ending December 30, 2009. The company, a significant North American midstream energy provider, emphasized its integrated network of assets spanning natural gas, NGLs, crude oil, and refined products. A major development during the year was the completion of the TEPPCO Merger in October 2009, which significantly expanded EPD's operations and capital structure through the issuance of new common and Class B units. The company's business strategy focuses on capitalizing on the development of natural gas and NGL production, meeting growing demand, expanding its asset base through organic growth and acquisitions, and enhancing stable cash flows via fee-based businesses. Financially, 2009 saw a decrease in revenues compared to 2008, primarily due to lower commodity prices, although the company managed to increase gross operating margin in its NGL Pipelines & Services segment, driven by higher volumes and improved processing margins. EPD continued to invest in growth capital projects, with a significant outlook for 2010. Despite the challenging economic environment, the company demonstrated resilience and maintained its focus on operational efficiency and strategic expansion. Investors should note EPD's significant debt levels, which were approximately $11.3 billion in principal outstanding at year-end 2009, and the company's ongoing capital expenditure plans. The TEPPCO merger also introduced Class B units, which will convert to common units, impacting future unit counts and distribution per unit. The company's diversified business segments, particularly NGLs and natural gas services, are central to its performance.