8-KRegulation FDExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Regulation FD Disclosure (Oct 27, 2005)

Filed October 27, 2005For Securities:EPDEPDU

Summary

This Form 8-K from Enterprise Products Partners L.P. (EPD) on October 27, 2005, announces that the company's representatives will be making presentations to financial analysts. These presentations will cover growth strategies, capital projects, and financial results. A copy of the presentation is filed as Exhibit 99.1 and is also available on the company's website. The filing also provides detailed definitions and reconciliations for key non-GAAP financial measures, including gross operating margin, distributable cash flow, and EBITDA, which management uses for performance evaluation and strategic decision-making. Investors should note that the company emphasizes these non-GAAP measures should not be seen as replacements for GAAP measures. The report details how these metrics are calculated and why they are considered important by management for assessing operational profitability, liquidity, and overall financial performance, particularly in comparison to industry peers. The filing also includes forward-looking statements regarding capital project forecasts, with a disclaimer about the inherent risks and uncertainties associated with such projections.

Key Highlights

  • 1Enterprise Products Partners L.P. (EPD) is presenting to financial analysts on October 27-28, 2005, to discuss growth strategies, capital projects, and financial results.
  • 2An analyst presentation, filed as Exhibit 99.1, provides detailed information on these topics and is accessible on the company's website.
  • 3The filing clarifies and defines key non-GAAP financial measures used by EPD: gross operating margin, distributable cash flow, and EBITDA.
  • 4Management uses these non-GAAP measures for internal performance evaluation, capital allocation, and to assess operational profitability and financial health.
  • 5The company stresses that these non-GAAP measures are supplemental and should not replace standard GAAP financial reporting.
  • 6Definitions and reconciliations are provided to help investors understand the relationship between non-GAAP metrics and their GAAP counterparts.
  • 7The presentation also includes information on capital project financial forecasts, with an explicit warning about the inherent risks and uncertainties of these forward-looking statements.

Frequently Asked Questions

The primary purpose of this 8-K filing is to publicly disclose information that Enterprise Products Partners L.P. intends to present to financial analysts. This includes updates on the company's growth strategies, ongoing capital projects, and recent financial performance. It also serves to provide detailed definitions and reconciliations of key non-GAAP financial measures used by the company.

The key non-GAAP financial measures discussed are gross operating margin, distributable cash flow, and EBITDA. Management uses these metrics to evaluate segment performance, assess core profitability, determine capital allocation, measure liquidity, and compare financial performance against industry peers, without the influence of financing methods or capital structure. They provide insights into the operational cash generation and profitability that management considers crucial.

Enterprise Products Partners L.P. clearly states that its non-GAAP financial measures (gross operating margin, distributable cash flow, EBITDA) should not be considered as alternatives to GAAP measures such as net income, operating income, or cash flow from operating activities. They are presented as supplemental information that management uses and believes is beneficial for investors to understand segment performance and liquidity, but they must be analyzed in conjunction with the company's GAAP financial statements.

Yes, the filing includes disclaimers regarding forecasts for capital projects. The company states that these forecasts are based on key assumptions and are subject to various risks and uncertainties. They explicitly warn investors not to place undue reliance on these forward-looking statements and mention they have no obligation to update or revise them. Actual results could differ materially from those anticipated.