Summary
Enterprise Products Partners L.P. (EPD) filed an 8-K on July 9, 2019, primarily announcing its second-quarter 2019 cash distribution to limited partners. A key operational change disclosed is the partnership's decision to utilize common units purchased on the open market to satisfy its Distribution Reinvestment Plan (DRIP) and Employee Unit Purchase Plan obligations, rather than issuing new common units. This shift is effective immediately with the upcoming quarterly distribution and will remain in place until further notice, though it is subject to change based on future equity capital needs.
Key Highlights
- 1EPD announced its second-quarter 2019 cash distribution for limited partners.
- 2Effective with the Q2 2019 distribution, EPD will use treasury units (common units bought on the open market) instead of issuing new units for its DRIP and Employee Unit Purchase Plan.
- 3This change aims to potentially reduce unit dilution and manage equity capital needs.
- 4The decision to use treasury units is subject to change based on EPD's future need for equity capital.
- 5The filing incorporates by reference a press release detailing these announcements.