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8-K - FORM 8-K - ENTERPRISE PRODUCTS PARTNERS L.P. | h69211e8vk.htm |
Exhibit 99.1
Enterprise Board of Directors Adopts Equity Ownership
Guidelines for Directors and Executive Officers
Guidelines for Directors and Executive Officers
Houston, Texas(January 4, 2010)Enterprise Products Partners L.P. (NYSE: EPD) today
announced that the board of directors of its general partner has approved and adopted equity
ownership guidelines for directors and executive officers of the general partner. The guidelines,
which became effective January 1, 2010, require non-management directors to own Enterprise Products
Partners L.P. units (EPD units) having an aggregate value of at least three times the dollar
amount of the non-management directors aggregate annual cash retainer for the most recently
completed calendar year. Based on the annual retainer
that went into effect January 1, 2010, this equates to at least $225,000 of EPD units.
The guidelines also require each executive officer (including management directors) to own EPD
units with an aggregate value equal to at least three times the officers salary for the most
recently completed calendar year. However, if any executive officer of Enterprise Products
general partner also serves as an executive officer of the general partner of Duncan Energy
Partners L.P. and/or Enterprise GP Holdings L.P., the value of that officers partnership units in
such affiliated partnership(s) shall be counted toward the equity ownership requirements described
above. To transition into this requirement, each director and executive officer subject to these
equity ownership requirements will have until January 1, 2015 to comply.
These new equity ownership guidelines reflect our commitment to strong management ownership
of the partnership, which is already among the highest in the midstream sector, said Michael A.
Creel, president and chief executive officer of Enterprise Products Partners. The boards actions
will further align the interests and actions of the directors and executive management with those
of our unitholders.
2
Enterprise Products Partners L.P. is the largest publicly traded partnership and a leading
North American provider of midstream energy services to producers and consumers of natural gas,
NGLs, crude oil, refined products and petrochemicals. The partnerships assets include: more than
48,000 miles of onshore and offshore pipelines; approximately 200 million barrels of storage
capacity for NGLs, refined products and crude oil; and 27 billion cubic feet of natural gas storage
capacity. Services include: natural gas transportation, gathering, processing and storage; NGL
fractionation (or separation), transportation, storage, and import and export terminaling; crude
oil and refined products storage, transportation and terminaling; offshore production platform;
petrochemical transportation and storage; and a marine transportation business that operates
primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico.
For additional information visit www.epplp.com. Enterprise Products Partners L.P. is managed by
its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings
L.P. (NYSE: EPE). For more information on Enterprise GP Holdings L.P., visit
www.enterprisegp.com.
This news release includes forward-looking statements. Except for the historical
information contained herein, the matters discussed in this news release are forward-looking
statements that involve certain risks and uncertainties. These risks and uncertainties include,
among other things, weather-related events, insufficient cash from operations, market conditions,
governmental regulations and factors discussed in Enterprise Products Partners L.P.s filings with
the Securities and Exchange Commission. If any of these risks or uncertainties materializes, or
should underlying assumptions prove incorrect, actual results or outcomes may vary materially from
those expected. The partnership disclaims any intention or obligation to update publicly or reverse
such statements, whether as a result of new information, future events or otherwise.
Contacts: | Randy Burkhalter, 713-381-6812 (Investor Relations) Rick Rainey, 713-381-3635 (Media Relations) |