Summary
Enterprise Products Partners L.P. (EPD) presented a strong financial performance in its 2013 10-K filing, driven by significant growth across its midstream energy asset network. The partnership operates across five key segments: NGL Pipelines & Services, Onshore Natural Gas Pipelines & Services, Onshore Crude Oil Pipelines & Services, Offshore Pipelines & Services, and Petrochemical & Refined Products Services. EPD's business model leverages its extensive pipeline, storage, and processing infrastructure to connect producers with consumers, capitalizing on the increasing North American production of natural gas, NGLs, and crude oil, particularly from shale plays. The company highlighted substantial capital investments in growth projects throughout 2013, with further significant capital spending planned for 2014. Key developments included the commencement of operations for several major pipelines, such as the Front Range, ATEX Express, and Texas Express pipelines, and expansions of LPG export terminal capacity. These projects are designed to enhance EPD's infrastructure and expand its reach into crucial domestic and international markets. Financially, EPD demonstrated robust revenue growth, supported by increased volumes and strategic asset expansions. The company also maintained a healthy liquidity position and managed its debt effectively, with clear plans for future financing through capital markets and credit facilities. The filing indicates a strategic focus on leveraging the abundant North American energy supply to drive further growth and shareholder value.
Financial Highlights
42 data points| Revenue | $47.73B |
| Cost of Revenue | $40.77B |
| Gross Profit | $6.96B |
| Operating Expenses | $44.43B |
| Operating Income | $3.47B |
| Interest Expense | $802.50M |
| Net Income | $2.60B |
| Shares Outstanding (Diluted) | 1.84B |
Key Highlights
- 1EPD reported significant growth in revenues and operating income in 2013, driven by increased volumes across its midstream energy segments, particularly in NGL and crude oil transportation and services.
- 2The company highlighted substantial capital expenditures in 2013, with approximately $4.5 billion invested in growth capital projects, including key pipeline expansions and new facility constructions.
- 3Several major growth projects commenced operations or neared completion in early 2014, including the Front Range, ATEX Express, and Texas Express pipelines, bolstering EPD's infrastructure and market access.
- 4EPD's NGL Pipelines & Services segment showed strong performance, benefiting from increased NGL production from shale plays and expanded fractionation and export capabilities.
- 5The Onshore Crude Oil Pipelines & Services segment saw significant growth, driven by increased volumes from shale plays like the Eagle Ford and the reversal and expansion of pipelines like Seaway.
- 6The company maintained a strong liquidity position with approximately $4.1 billion in consolidated liquidity at the end of 2013, and expressed confidence in its ability to fund future capital expenditures and operations.
- 7EPD's distribution per unit continued to show a steady increase, reflecting the company's commitment to returning capital to unitholders.