Summary
Enterprise Products Partners L.P. (EPD) reported its third-quarter results for the period ending September 30, 2009. The company experienced a notable decline in total revenues, falling to $4.60 billion from $6.30 billion in the prior year's quarter, primarily due to lower commodity prices impacting its NGL, natural gas, and petrochemical marketing activities. Despite the revenue decrease, operating income saw a slight increase to $364.5 million from $319.1 million, driven by improved equity in unconsolidated affiliates and a more favorable operating cost structure. Financially, EPD demonstrated strong cash flow from operations, totaling $615.4 million for the nine months ended September 30, 2009, although this was down from $973.0 million in the same period last year. The company also managed its capital expenditures effectively, with a significant reduction in spending compared to the previous year. Furthermore, EPD continued to strengthen its balance sheet through various financing activities, including equity and debt issuances, and successfully completed the significant merger with TEPPCO, expanding its asset base and market reach.
Financial Highlights
37 data points| Revenue | $6.79B |
| Operating Expenses | $6.45B |
| Operating Income | $353.40M |
| Interest Expense | -$161.00M |
| Net Income | $25.30M |
| EPS (Basic) | $0.23 |
| EPS (Diluted) | $0.23 |
Key Highlights
- 1Total revenues decreased by approximately 27% to $4.60 billion for the three months ended September 30, 2009, compared to $6.30 billion for the same period in 2008, primarily driven by lower commodity prices.
- 2Operating income increased by approximately 14% to $364.5 million for the three months ended September 30, 2009, compared to $319.1 million in the prior year.
- 3Net income attributable to Enterprise Products Partners L.P. rose slightly to $212.9 million for the third quarter of 2009, from $203.1 million in the third quarter of 2008.
- 4Cash flows from operating activities for the nine months ended September 30, 2009, were $615.4 million, a decrease from $973.0 million in the comparable period of 2008.
- 5Capital expenditures significantly decreased, with $838.3 million spent on property, plant, and equipment for the nine months ended September 30, 2009, compared to $1.46 billion in the same period of 2008.
- 6The company completed the significant merger with TEPPCO and TEPPCO GP on October 26, 2009, expanding its pipeline network and asset base.
- 7Total long-term debt remained relatively stable at $9.20 billion as of September 30, 2009, compared to $9.11 billion as of December 31, 2008.