8-KOther EventsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Corporate Update (Dec 4, 2009)

Filed December 4, 2009For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K on December 3, 2009, to disclose the completion of the TEPPCO Merger, which effectively combined EPD with TEPPCO Partners, L.P. and its general partner. This transaction was accounted for as a reorganization of entities under common control, meaning the historical financial data of both entities has been recast to reflect their combined operations as if they were always one entity, dating back to January 1, 2005. This provides investors with a more cohesive view of the business prior to the merger. The report also details the restructuring of EPD's business segments to reflect the integration of TEPPCO. The company now reports under five distinct segments: NGL Pipelines & Services, Onshore Natural Gas Pipelines & Services, Onshore Crude Oil Pipelines & Services, Offshore Pipelines & Services, and Petrochemical & Refined Products Services. Investors should note that the filing includes updated risk factors in Exhibit 99.1, which are crucial for understanding potential impacts on the company's business, financial position, results of operations, and cash flows.

Key Highlights

  • 1EPD completed the merger with TEPPCO Partners, L.P. and its general partner on October 26, 2009.
  • 2The TEPPCO Merger was accounted for as a reorganization of entities under common control, providing recast historical financial data.
  • 3Recast financial and operating information now includes TEPPCO and TEPPCO GP, effective January 1, 2005.
  • 4EPD revised its business segments to reflect the integration of TEPPCO, establishing five new reportable segments.
  • 5The new business segments are: NGL Pipelines & Services, Onshore Natural Gas Pipelines & Services, Onshore Crude Oil Pipelines & Services, Offshore Pipelines & Services, and Petrochemical & Refined Products Services.
  • 6Exhibit 99.1 contains updated key risk factors for investors to consider.
  • 7The filing aims to provide investors with a consolidated view of the combined entities' historical performance.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce and provide updated financial and operational information following the completion of the TEPPCO Merger. This includes recasting historical data to reflect the combined operations of Enterprise Products Partners and TEPPCO Partners, L.P., and presenting revised business segment information.

The merger was accounted for as a reorganization of entities under common control, similar to a pooling of interests. This means the historical financial statements of EPD have been restated to include TEPPCO's results as if they were always combined, providing a more consistent historical view for investors to analyze performance trends.

Following the TEPPCO Merger, Enterprise Products Partners has reorganized its business segments into five reportable areas: NGL Pipelines & Services, Onshore Natural Gas Pipelines & Services, Onshore Crude Oil Pipelines & Services, Offshore Pipelines & Services, and Petrochemical & Refined Products Services.

Updated key risk factors related to the combined entity are provided in Exhibit 99.1 of this Current Report on Form 8-K. Investors are strongly encouraged to review these risk factors to understand potential challenges and impacts on the company's future performance.