8-KOther EventsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Corporate Update (Dec 18, 2009)

Filed December 18, 2009For Securities:EPDEPDU

Summary

This 8-K filing by Enterprise Products Partners L.P. (EPD) provides updated financial and operational information following the completion of the TEPPCO Merger. The merger, which closed on October 26, 2009, involved the combination of EPD's wholly owned subsidiaries with TEPPCO Partners, L.P. and its general partner. The transactions were accounted for as a reorganization of entities under common control, meaning TEPPCO's financial and operating activities are retroactively included as if they had always been part of EPD since January 1, 2005, due to common ownership by Dan L. Duncan. This retroactive inclusion allows for a more accurate presentation of the combined entity's historical performance and financial position. Investors should note that this filing includes recast financial statements and disclosures reflecting the integration of TEPPCO. Furthermore, EPD has revised its business segments to align with how management oversees and reviews the consolidated operations, now comprising five distinct segments: NGL Pipelines & Services; Onshore Natural Gas Pipelines & Services; Onshore Crude Oil Pipelines & Services; Offshore Pipelines & Services; and Petrochemical & Refined Products Services. This restructuring of segments is crucial for understanding how EPD will report its future financial performance.

Key Highlights

  • 1EPD completed the TEPPCO Merger on October 26, 2009, combining its operations with TEPPCO Partners, L.P.
  • 2The merger was accounted for as a reorganization of entities under common control, with retroactive financial inclusion effective January 1, 2005.
  • 3This accounting treatment reflects the common control of the combined entities by Dan L. Duncan and provides a historical view as if TEPPCO was always part of EPD.
  • 4Recast financial statements and supplemental disclosures are included in this filing to reflect the TEPPCO integration.
  • 5EPD has reorganized its business segments into five reportable segments for improved management and reporting: NGL Pipelines & Services; Onshore Natural Gas Pipelines & Services; Onshore Crude Oil Pipelines & Services; Offshore Pipelines & Services; and Petrochemical & Refined Products Services.
  • 6The filing includes consents from auditors and recast exhibits related to the merger and segment changes.

Frequently Asked Questions

The TEPPCO Merger consolidates significant midstream assets under EPD's control, enhancing its scale and diversification. The accounting treatment as a reorganization under common control means that TEPPCO's historical financial data is retroactively presented as if it were always part of EPD, providing investors with a more consistent and comprehensive view of the combined entity's performance since January 1, 2005.

EPD has reorganized its business into five new reportable segments: NGL Pipelines & Services; Onshore Natural Gas Pipelines & Services; Onshore Crude Oil Pipelines & Services; Offshore Pipelines & Services; and Petrochemical & Refined Products Services. This segmentation reflects how the company is now managed and will be the basis for future financial reporting, allowing investors to better track performance across different operational areas.

The financial statements were recast to reflect the TEPPCO Merger and the subsequent reorganization under common control. This ensures that the reported financial position and results of operations accurately represent the combined entities, including the retroactive inclusion of TEPPCO's financial and operating activities from January 1, 2005.