Summary
Enterprise Products Partners L.P. (EPD) reported solid financial results for the nine months ended September 30, 2013, with total revenues increasing to $34.6 billion and net income attributable to limited partners reaching $1.9 billion. This represents a notable increase over the same period in the prior year, driven by strong performance across several key segments, particularly crude oil pipelines and services, and NGL fractionation. The company highlighted significant operational progress, including the commencement of operations for the Texas Express Pipeline and related gathering systems in October 2013, which is crucial for NGL takeaway capacity. EPD also announced plans for a second LPG export terminal and an expansion of its existing Houston Ship Channel terminal, alongside the start-up of its seventh NGL fractionator at Mont Belvieu. These strategic growth initiatives underscore EPD's commitment to expanding its midstream infrastructure and capitalizing on the increasing North American NGL and crude oil production. Financially, EPD maintained a healthy liquidity position with $3.86 billion in consolidated liquidity. Capital expenditures for the nine months were $3.16 billion, primarily focused on growth projects. The company's debt levels increased as expected to support these investments, with total debt principal outstanding at $17.53 billion. EPD's consistent increase in quarterly unit distribution reflects its confidence in ongoing operations and cash flow generation.
Financial Highlights
42 data points| Revenue | $12.09B |
| Cost of Revenue | $10.37B |
| Gross Profit | $1.72B |
| Operating Expenses | $11.32B |
| Operating Income | $819.90M |
| Interest Expense | $208.30M |
| Net Income | $592.00M |
| Shares Outstanding (Diluted) | 1.85B |
Key Highlights
- 1Total revenues increased to $34.6 billion for the nine months ended September 30, 2013, up from $31.5 billion in the prior year's comparable period.
- 2Net income attributable to limited partners rose to $1.9 billion for the nine months ended September 30, 2013, compared to $1.8 billion in the prior year.
- 3Gross operating margin increased to $3.5 billion for the nine months ended September 30, 2013, from $3.2 billion in the same period of 2012.
- 4The Texas Express Pipeline and related gathering systems commenced operations in October 2013, enhancing NGL takeaway capacity.
- 5EPD announced plans for a second LPG export terminal and an expansion of its existing Houston Ship Channel terminal, increasing export capacity.
- 6The company placed its seventh NGL fractionator at Mont Belvieu into service in September 2013, increasing total NGL fractionation capacity.
- 7Consolidated liquidity remained strong at $3.86 billion as of September 30, 2013, with capital expenditures totaling $3.16 billion for the nine-month period.