Summary
Enterprise Products Partners L.P. (EPD) reported solid financial results for the nine months ending September 30, 2011, with total revenues reaching $32.7 billion, a substantial increase from the previous year, driven by higher commodity prices and volumes across its midstream energy services segments. The company demonstrated strong operational performance, evidenced by a significant rise in gross operating margin across most segments, particularly NGL Pipelines & Services and Onshore Crude Oil Pipelines & Services. EPD also reported significant capital expenditures, mainly focused on growth projects like the Haynesville Extension and Eagle Ford Shale expansions, indicating a strategic commitment to expanding its infrastructure and accommodating growing production from key shale plays. The company's liquidity remained strong, supported by operating cash flows and a newly established $3.5 billion revolving credit facility. EPD also successfully executed several debt issuances and managed its debt obligations, maintaining compliance with financial covenants. Key recent developments include strategic asset sales and new pipeline development projects, such as the proposed long-haul ethane pipeline and the crude oil pipeline with Enbridge, signaling continued investment in long-term growth and market access for its services.
Financial Highlights
46 data points| Revenue | $11.33B |
| Cost of Revenue | $9.79B |
| Gross Profit | $1.54B |
| Operating Expenses | $10.65B |
| Operating Income | $681.10M |
| Interest Expense | $189.00M |
| Net Income | $471.40M |
| EPS (Basic) | $0.28 |
| EPS (Diluted) | $0.28 |
| Shares Outstanding (Basic) | 2K |
| Shares Outstanding (Diluted) | 1.72B |
Key Highlights
- 1Total revenues increased by 35% year-over-year to $32.7 billion for the first nine months of 2011.
- 2Gross operating margin increased by 14.3% to $2.77 billion for the first nine months of 2011.
- 3Net income attributable to partners grew significantly from $161 million in the first nine months of 2010 to $1.33 billion in the same period of 2011.
- 4Capital expenditures for the first nine months of 2011 were $2.8 billion, primarily directed towards growth projects in the Eagle Ford and Haynesville Shale regions.
- 5The company maintained a strong liquidity position with $2.81 billion in available liquidity as of September 30, 2011.
- 6EPD entered into a new $3.5 billion revolving credit facility in September 2011, enhancing its financial flexibility.
- 7Significant strategic developments included announcing plans for a new long-haul ethane pipeline and a joint venture for a crude oil pipeline from Cushing to the Gulf Coast.