8-KOther EventsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Corporate Update (Jun 24, 2005)

Filed June 24, 2005For Securities:EPDEPDU

Summary

This 8-K filing by Enterprise Products Partners L.P. (EPD) on June 24, 2005, primarily serves to disclose the unaudited condensed consolidated balance sheet of Enterprise Products GP, LLC as of March 31, 2005. The filing provides a snapshot of the company's financial position, detailing significant assets, liabilities, and equity. Key financial information includes substantial property, plant, and equipment, significant long-term debt, and a notable minority interest. Investors can glean insights into the company's operational scale through its extensive asset base, including property, plant, and equipment valued at over $8 billion. The balance sheet also highlights substantial inventory levels and investments in unconsolidated affiliates. On the liabilities side, the company carries considerable long-term debt, amounting to over $4.4 billion, alongside a significant minority interest figure of over $5.3 billion, indicating substantial non-controlling ownership stakes in subsidiaries. The report also details recent business combinations and provides updates on accounting standards being evaluated.

Key Highlights

  • 1The filing includes the unaudited condensed consolidated balance sheet for Enterprise Products GP, LLC as of March 31, 2005.
  • 2Total assets reported were $11,527,765,000.
  • 3Property, plant, and equipment represent a significant portion of assets, valued at $8,059,247,000 net.
  • 4Total liabilities amounted to $10,013,372,000, with long-term debt being $4,490,082,000.
  • 5Minority interest represents a substantial portion of liabilities and equity, totaling $5,315,188,000.
  • 6The company acquired interests in Indian Springs Gathering System and Teco Gas Processing, LLC, and increased its ownership in Dixie Pipeline in January and February 2005.
  • 7The report discusses the evaluation of new accounting standards, including SFAS No. 123(R), FIN 46(R)-5, and FIN 47.

Frequently Asked Questions

The primary purpose of this 8-K filing is to provide investors with the unaudited condensed consolidated balance sheet of Enterprise Products GP, LLC as of March 31, 2005. This gives a snapshot of the company's assets, liabilities, and equity at that specific point in time.

As of March 31, 2005, the most significant asset is Property, plant, and equipment, net, valued at $8,059,247,000. Other substantial assets include Inventories ($309,552,000), Investments in and advances to unconsolidated affiliates ($557,979,000), and Intangible assets, net ($960,137,000).

The minority interest of $5,315,188,000 represents third-party and related party ownership interests in the net assets of certain of EPD's subsidiaries. This includes ownership stakes held by EPD's limited partners (non-affiliates and affiliates of EPGP) and joint venture partners.

Yes, in early 2005, the company acquired membership interests in Teco Gas Gathering, LLC and Teco Gas Processing, LLC (Indian Springs acquisition) and increased its ownership in Dixie Pipeline, making it a consolidated subsidiary. The filing also mentions the sale of its ownership interest in Starfish to meet regulatory requirements related to the GulfTerra Merger.