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| 8-K - CURRENT REPORT - ENTERPRISE PRODUCTS PARTNERS L.P. | epdform8k_020110.htm |
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Enterprise
Products Partners L.P.
P.O.
Box 4324
Houston,
TX 77210
(713)
381-6500
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Exhibit 99.1
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Enterprise
Reports Record Results for 2009
Houston,
Texas (Monday, February 1, 2010) – Enterprise Products Partners L.P. (NYSE: EPD)
today announced its financial results for the three months and year ended
December 31, 2009. Results for 2009 and 2008 have been recast to
reflect the merger of TEPPCO Partners, L.P. with Enterprise as a reorganization
of entities under common control in a manner similar to a pooling of
interests. The merger was completed on October 26, 2009.
Highlights:
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·
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For
the fourth quarter of 2009, Enterprise reported record gross operating
margin of $865 million. Net income attributable to Enterprise
for the fourth quarter of 2009 was a record $406 million, or $0.60 per
unit. Net income for the fourth quarter of 2009 included the
benefit of $24 million, or $0.04 per unit, related to the settlement of a
rate case for our Mid-America pipeline; $16 million, or $0.03 per unit, of
proceeds received from insurance associated with the effects of Hurricanes
Ike and Katrina; and $9 million, or $0.01 per unit, for insurance proceeds
associated with the repairs of the flex joint on the Independence Trail
pipeline in 2008. Net income attributable to Enterprise for the
fourth quarter of 2008 was $228 million, or $0.43 per
unit;
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·
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For
2009, Enterprise reported record gross operating margin and net income
attributable to Enterprise of $2.8 billion and $1.0 billion,
respectively. Earnings per unit for 2009 were $1.73 per
unit;
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4th
Quarter
|
Year
Ended
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||||||
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$Millions,
except per unit
|
2009
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2008
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2009
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2008
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|||
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Gross
operating margin
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$ 865
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$ 651
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$ 2,840
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$ 2,609
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|||
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Operating
income
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$ 612
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$ 423
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$ 1,824
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$ 1,748
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|||
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Adjusted
EBITDA
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$ 831
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$ 654
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$ 2,686
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$ 2,546
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|||
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Net
income
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$ 439
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$ 275
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$ 1,155
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$ 1,189
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|||
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Net
income attributable to Enterprise
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$ 406
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$ 228
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$ 1,031
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$ 954
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|||
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Earnings
per unit
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$ 0.60
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$ 0.43
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$ 1.73
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$ 1.84
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|||
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·
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Enterprise
increased its cash distribution rate with respect to the fourth quarter of
2009 to $0.56 per unit, or $2.24 per unit on an annualized basis, which
represents a 5.7 percent increase from the distribution rate paid with
respect to the fourth quarter of 2008. This is the 22nd
consecutive quarterly increase and the 31st increase since the
partnership’s IPO in 1998. The distribution with respect to the
fourth quarter of 2009 is payable on February 4,
2010;
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·
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Enterprise
reported record distributable cash flow of $570 million for the fourth
quarter of 2009, which provided 1.5 times coverage of the $0.56 per unit
cash distribution declared for limited
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1
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partners. Enterprise
retained approximately $164 million of distributable cash flow for the
fourth quarter of 2009;
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·
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Distributable
cash flow for 2009 was a record $1.6 billion and provided 1.2 times
coverage of the $2.195 per unit of limited partner distributions declared
with respect to 2009. Enterprise retained approximately $264
million of distributable cash flow for
2009.
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·
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Enterprise’s
natural gas liquid (“NGL”), crude oil, refined products and petrochemical
pipeline volumes for the fourth quarter of 2009 were a record 4.3 million
barrels per day while total natural gas pipeline volumes were 11.5
trillion British thermal units per day (“TBtud”), representing increases
of 15 percent and 2 percent, respectively, over the same quarter in
2008. Growth in NGL, crude oil, refined products and
petrochemical pipeline volumes was primarily attributable to the Shenzi,
Cameron Highway and Poseidon crude oil pipelines; the Mid-America and
Seminole pipelines; and the NGL import/export terminal on the Houston Ship
Channel and its associated pipeline. NGL fractionation volumes
for the fourth quarter of 2009 increased 5 percent to a record 477
thousand barrels per day (“MBPD”). Equity NGL production for
the fourth quarter of 2009 was a record 120
MBPD;
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|
·
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Enterprise
made $517 million of capital investments during the fourth quarter of
2009, including $58 million of sustaining capital
expenditures. For 2009, Enterprise made $1.7 billion of capital
investments, including $184 million of sustaining capital
expenditures;
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·
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After
giving effect to $343 million of net proceeds from an offering of
10,925,000 common units which closed on January 12, 2010, Enterprise had
liquidity (unrestricted cash and available capacity under credit
facilities) of approximately $2.0 billion;
and
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|
·
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Affiliates
of Enterprise Products Company (formerly known as EPCO, Inc.), a private
company controlled by Dan Duncan and the largest unitholder of Enterprise
Products Partners L.P., have expressed their willingness to consider
investing up to $200 million during 2010 to purchase additional
partnership units from Enterprise Products Partners L.P. This
includes their commitment to reinvest $50 million through Enterprise
Products Partner’s distribution reinvestment plan for the distribution to
be paid on February 4, 2010 to purchase additional common
units.
|
Review and Comment on Fourth
Quarter 2009 Results
Net
income attributable to Enterprise for the fourth quarter of 2009 was $406
million, or $0.60 per unit on a fully diluted basis, versus $228 million, or
$0.43 per unit on a fully diluted basis, for the fourth quarter of
2008. Net income for the fourth quarter of 2009 was positively
impacted by notable items totaling approximately $49 million, or $0.08 per unit,
consisting of $24 million, or $0.04 per unit, related to the settlement of a
rate case for our Mid-America pipeline; $16 million, or $0.03 per unit, for
proceeds received from insurance associated with the effects of Hurricanes Ike
and Katrina; and $9 million, or $0.01 per unit, for insurance proceeds
associated with the 2008 repairs to the flex joint at Independence Trail
pipeline.
On
January 12, 2010, the Board of Directors of Enterprise’s general partner
approved an increase in the partnership’s quarterly cash distribution rate with
respect to the fourth quarter of 2009 to $0.56 per unit, representing a 5.7
percent increase over the $0.53 per unit rate that was paid with respect to the
fourth quarter of 2008. Enterprise generated record distributable
cash flow of $570 million during the fourth quarter of 2009 compared to $332
million for the fourth quarter of 2008. Enterprise’s distributable
cash flow for the fourth quarter of 2009 provided 1.5 times coverage of the cash
distributions to be paid to limited partners on February 4, 2010. The
partnership retained approximately $164 million of distributable cash flow in
the fourth quarter of 2009, which is available to reinvest in growth capital
projects, reduce debt, and decrease the need to issue additional
equity. For 2009, Enterprise generated over $1.6 billion of
distributable cash flow, of which it retained $264 million, or 16 percent, to
reinvest in the partnership and provide additional financial
flexibility. Since the partnership’s initial public offering in 1998,
Enterprise has generated over $7.7 billion of distributable cash flow, of which
it has retained
2
over $1.1
billion, or approximately 15 percent. Distributable cash flow is a
non-generally accepted accounting principle (“non-GAAP”) financial measure that
is defined and reconciled later in this press release to its most directly
comparable U.S. GAAP financial measure, net cash flows provided by operating
activities.
“We would
like to thank our employees and our debt and equity investors for their
contribution in enabling Enterprise to successfully navigate the volatile
economic conditions and capital markets that defined 2009. We are
pleased with Enterprise’s performance during 2009 as the partnership reported
record volumes and financial results for both the fourth quarter and the full
year of 2009,” said Michael A. Creel, president and chief executive officer of
Enterprise. “For the fourth quarter of 2009, NGL, crude oil, refined
products and petrochemical pipeline volumes were a record 4.3 million barrels
per day, while NGL fractionation volumes and equity NGL production were a record
477,000 and 120,000 barrels per day, respectively. Our natural gas
pipeline systems continued to run at near record levels of 11.5 trillion Btus
per day. Driven by volume growth, strong natural gas processing
margins and profits realized from forward sales of NGLs, Enterprise reported
record gross operating margin and distributable cash flow of $865 million and
$570 million, respectively, for the fourth quarter of 2009. For 2009,
gross operating margin and distributable cash flow were a record $2.8 billion
and $1.6 billion, respectively.”
“Enterprise’s
gross operating margin for the fourth quarter of 2009 increased by $214 million,
or 33 percent, compared to the fourth quarter of 2008 with most of our
significant assets generating year over year growth. Generally, this
growth was supported by the overall improvement in economic activity in the
United States and globally; strong demand for NGLs by the petrochemical industry
as an attractive alternative to more costly crude oil derivatives; natural gas
and NGL production growth in the Rockies; and the rebound of crude oil, natural
gas and NGL production from the Gulf of Mexico, which had been severely impacted
by the effects of Hurricanes Gustav and Ike in the fourth quarter of 2008,”
stated Creel.
“Our
commercial, operating and financial teams have made excellent progress in
combining the Enterprise and TEPPCO businesses. In addition to the
$20 million of public company and redundancy cost savings that we estimated at
the time of the merger, we have already taken steps to capture approximately
$35 million per year of opportunities to either increase revenues or reduce
expenses that had not been previously identified. These opportunities
include tariff revisions on the Enterprise Refined Products Pipeline System,
electing to process certain volumes of natural gas on the Val Verde natural gas
pipeline system and lower credit spreads on our $1.1 billion of debt that was
issued in October 2009. With our broader footprint and capabilities
in the midstream energy business, we are beginning to identify complementary
opportunities that would have been difficult to achieve as two stand alone
companies,” stated Creel.
“We ended
2009 with a strong financial position to begin funding our growth capital
investment plan in 2010. With the completion of our equity offering
in early January and our retention of $164 million of distributable cash flow in
the fourth quarter of 2009, we had liquidity of approximately $2.0 billion to
begin 2010. We estimate that we will invest approximately $1.5
billion in growth capital projects in 2010 based on projects already
approved. The largest of these projects include the completion of our
Trinity River Basin Lateral natural gas pipeline serving the Barnett Shale
region, the Haynesville Extension of our Acadian intrastate natural gas pipeline
system in Louisiana, a new NGL fractionator at our complex in Mont Belvieu and
expansions of our South Texas natural gas, NGL and crude oil pipeline systems to
facilitate near term production growth from the developing Eagle Ford shale
region,” concluded Creel.
Certain
of Enterprise’s revenues, operating costs and expenses can fluctuate
significantly based on the prices of natural gas, NGLs and crude oil without
necessarily affecting gross operating margin and operating income to the same
degree. Revenue for the fourth quarter of 2009 increased to $8.4
billion from $5.9 billion in the same quarter of 2008 primarily attributable to
an increase in sales volumes and energy prices. Gross operating
margin was $865 million for the fourth quarter of 2009 compared to $651 million
for the fourth quarter of 2008. Operating income was $612 million for
the fourth quarter of 2009 versus $423 million for the same quarter of
2008. Adjusted earnings before interest, taxes, depreciation and
amortization (“Adjusted EBITDA”) for the fourth quarter of 2009 was $831 million
compared to $654 million for the fourth quarter of 2008. Gross
operating margin, Adjusted EBITDA and operating income for the fourth quarter of
2009 were positively impacted by a total of $52 million consisting of the
settlement of the rate case for Mid-America pipeline; proceeds received from
insurance associated with the effects of Hurricanes Ike and Katrina; and
insurance proceeds associated with the 2008 repairs to the flex joint at
Independence Trail pipeline.
3
Review of Segment
Performance for the Fourth Quarter of 2009
NGL Pipelines & Services –
Gross operating margin for the NGL Pipelines & Services segment increased 44
percent to $511 million for the fourth quarter of 2009 compared to $354 million
for the same quarter of 2008.
Enterprise’s
natural gas processing business recorded a $96 million increase in gross
operating margin to $299 million for the fourth quarter of 2009 from $203
million for the fourth quarter of 2008. The partnership’s Louisiana,
Rocky Mountain and Texas natural gas processing plants accounted for
approximately $63 million of this increase generally as a result of an increase
in equity NGL production and higher processing margins. NGL marketing
activities contributed $43 million of the increase in gross operating margin for
this business primarily due to recognition of earnings associated with forward
sales transactions that were settled during the fourth quarter of
2009. During 2009, the partnership was able to significantly increase
the volume of forward sales transactions, which contributed toward the increased
utilization of certain of our pipeline and storage facilities. These
increases in gross operating margin were partially
offset by decreases in gross operating margin from Enterprise’s Chaco, Indian
Basin and Indian Springs natural gas processing plants.
Equity
NGL production (the NGLs that Enterprise earns as a result of providing
processing services) for the fourth quarter of 2009 increased to a record 120
MBPD compared to 108 MBPD in the fourth quarter of 2008. This
increase in equity NGL production was due to a 12 MBPD increase in volumes from
the partnership’s Rocky Mountain plants and a 6 MBPD increase in volumes from
its South Louisiana plants compared to the fourth quarter of 2008 when certain
Louisiana plants were impacted by volume disruptions caused by the effects of
Hurricanes Gustav and Ike. Enterprise reported fee-based processing
volumes of over 2.5 billion cubic feet per day for the fourth quarter of 2009
compared to 2.7 billion cubic feet per day for the fourth quarter of 2008
primarily reflecting a decrease in fee-based processing volumes at plants in
South Texas.
Gross
operating margin from the partnership’s NGL pipeline and storage business
increased by 44 percent to $176 million in the fourth quarter of 2009 from $122
million in the fourth quarter of 2008. This $54 million increase in
gross operating margin was primarily due to a $26 million benefit related to the
settlement of the rate case for Mid-America pipeline, which covered the period
beginning May 2005 through December 31, 2009, and a 16 percent, or 328 MBPD,
increase in NGL transportation volumes. The Mid-America and Seminole
pipelines accounted for 105 MBPD of this increase while the partnership’s NGL
import/export terminal on the Houston Ship Channel and its related pipeline
accounted for 88 MBPD of the increase in transportation volumes. NGL
transportation volumes for the fourth quarter of 2009 were 2.4 million barrels
per day compared to 2.1 million barrels per day in the fourth quarter of
2008.
Gross
operating margin from Enterprise’s NGL fractionation business was $36 million
for the fourth quarter of 2009, a 24 percent increase compared to the $29
million reported for the same quarter of 2008. Gross operating margin
for this business was higher due to record fractionation volumes of 477 MBPD,
higher fractionation fees and lower operating expenses. Fractionation
volumes for the fourth quarter of 2008 were 456 MBPD.
Onshore Natural Gas Pipelines &
Services – Enterprise’s Onshore Natural Gas Pipelines & Services
segment reported gross operating margin of $110 million for the fourth quarter
of 2009, a $27 million decrease from the $137 million reported for the fourth
quarter of 2008. Our natural gas marketing business reported a $12
million decrease in gross operating margin due to lower unit margins and higher
transportation and storage expenses. The remainder of the decline in
gross operating margin for the fourth quarter of 2009 compared to the fourth
quarter of 2008 was largely attributable to decreases in gross operating margin
from the San Juan, Val Verde and Carlsbad systems due to lower volumes and
higher operating expenses. These decreases in gross operating margin
were partially offset by a $4 million increase in the aggregate gross operating
margin generated by the Jonah gathering system, Piceance Basin gathering system,
Exxon central treating facility and White River hub in the fourth quarter of
2009 compared to the fourth quarter of 2008 on an 800 billion British thermal
unit per day (“BBtud”) increase in total volume.
Total
onshore natural gas pipeline volumes increased 2 percent to 10.2 TBtud for the
fourth quarter of 2009 versus 10.1 TBtud for the same quarter of
2008.
4
Onshore Crude Oil Pipelines &
Services – Gross operating margin for the fourth quarter of 2009 from the
partnership’s onshore crude oil pipelines and services business was $38 million
compared to $23 million for the fourth quarter of 2008. This $15
million increase was due to higher gross operating margin
from crude oil marketing activities and approximately $8 million of losses from
the sale of crude oil inventory incurred in the fourth quarter of
2008. Crude oil transportation volumes were 672 MBPD for the fourth
quarter of 2009 compared to 715 MBPD for the fourth quarter of
2008.
Offshore Pipelines &
Services – Gross operating margin for the Offshore Pipelines &
Services segment was $98 million in the fourth quarter of 2009 compared to $54
million in the same quarter of 2008. This $44 million increase in
gross operating margin included a $13 million benefit from insurance recoveries
related to Hurricanes Ike and Katrina; a $9 million benefit from insurance
proceeds related to flex joint repairs on the Independence Trail pipeline; and a
$28 million increase in gross operating margin from offshore crude oil
pipelines, which more than offset lower gross operating margin from Independence
Hub platform and Trail pipeline and certain other natural gas
pipelines.
The
Independence Hub platform and Trail pipeline reported aggregate gross operating
margin of $53 million for the fourth quarter of 2009, which includes the $9
million insurance benefit, compared to $56 million for the fourth quarter of
2008. Natural gas volumes on the Independence system were 642 BBtud
for the fourth quarter of 2009, a 252 BBtud decrease from the 894 BBtud reported
for the fourth quarter of 2008 partly due to scheduled maintenance activities
during the fourth quarter of 2009. Total Offshore natural gas
pipeline volumes were 1.3 TBtud for the fourth quarters of 2009 and
2008.
Gross
operating margin from Enterprise’s offshore crude oil pipeline business
increased to $32 million for the fourth quarter of 2009 compared to $4 million
for the fourth quarter of 2008. The Shenzi pipeline, which commenced
operations in April 2009, accounted for $15 million of this
increase. All of the partnership’s remaining offshore crude oil
pipelines reported increases in gross operating margin and volumes due to these
pipelines either being in limited service or out of service in the fourth
quarter of 2008 due to volume disruptions caused by the effects of Hurricanes
Gustav and Ike and modest increases in volumes at certain
facilities. Most of these pipelines returned to normal operations
during the third quarter of 2009. Total offshore oil pipeline volumes
were a record 387 MBPD in the fourth quarter of 2009 versus 109 MBPD in the same
quarter of 2008.
Petrochemical & Refined Product
Services – Gross operating margin for the Petrochemical & Refined
Products Services segment increased 30 percent to $109 million in the fourth
quarter of 2009 from $84 million in the fourth quarter of 2008.
Enterprise’s
refined products pipelines and related services business reported gross
operating margin of $47 million for the fourth quarter of 2009 compared to $30
million in the fourth quarter of 2008. Gross operating margin for the
fourth quarter of 2008 included charges totaling approximately $10 million for
losses on sale and write down of product inventory balances. The
remainder of the increase in gross operating margin for this business was
primarily due to higher average transportation fees which more than offset the
effect of slightly lower transportation volumes. Transportation
volumes for the refined products and terminal business were 706 MBPD for the
fourth quarter of 2009 compared to 712 MPBD for the fourth quarter of
2008.
The
partnership’s propylene business reported gross operating margin of $21 million
for both the fourth quarters of 2009 and 2008. Propylene
fractionation volumes increased 29 percent to 71 MBPD in the fourth quarter of
2009 compared to 55 MBPD for the same quarter of 2008. While
propylene fractionation volumes were significantly higher in the fourth quarter
of 2009 compared to the fourth quarter of 2008, this benefit was offset by lower
sales margins in the fourth quarter of 2009. Related petrochemical
pipeline transportation volumes were 104 MBPD during the fourth quarter of 2009
compared to 93 MBPD in the fourth quarter of 2008.
Enterprise’s
butane isomerization business reported gross operating margin of $19 million in
the fourth quarter of 2009 versus $18 million in the fourth quarter of
2008. The increase in gross operating margin was primarily
attributable to an increase in revenues from sales of by-products and higher
volumes. Isomerization volumes during the fourth quarter of 2009 were
93 MBPD compared to 90 MBPD in the fourth quarter of 2008.
Gross
operating margin for Enterprise’s octane enhancement business increased by $13
million to $7 million in the fourth quarter of 2009 from a loss of $6 million in
the fourth quarter of 2008 due to higher revenues
5
from
sales of by-products and a slight increase in volume. Octane
enhancement production was 13 MBPD for the fourth quarter of 2009 compared to 12
MBPD for the same quarter of 2008.
Enterprise’s
marine transportation and other service businesses reported gross operating
margin of $15 million for the fourth quarter of 2009 compared to $21 million for
the fourth quarter of 2008. The $6 million decrease in gross
operating margin was primarily due to lower day rates in the fourth quarter of
2009 which more than offset the benefit of the acquisition of 19 push boats and
28 barges in June 2009.
Capitalization
Total
debt principal outstanding at December 31, 2009 was approximately $11.3 billion,
including $1.5 billion of junior subordinated notes to which the nationally
recognized debt rating agencies ascribe, on average, approximately 58 percent
equity content. Enterprise’s consolidated debt at December 31, 2009
also included $457 million of debt of Duncan Energy Partners L.P. for which
Enterprise does not have the payment obligation. During the fourth
quarter of 2009, Enterprise received proceeds of $32 million from the issuance
of 1,177,999 common units through the partnership’s distribution reinvestment
plan. On January 12, 2010, Enterprise received net proceeds of
approximately $343 million from the issuance of 10,925,000 common units through
a public offering. At December 31, 2009 after adjusting to give
effect to the proceeds from the January 2010 common unit offering, Enterprise
had liquidity of approximately $2.0 billion, which included availability under
Enterprise’s credit facilities and unrestricted cash.
Total
capital spending in the fourth quarter of 2009, net of contributions in aid of
construction costs, was approximately $517 million, which includes $58 million
of sustaining capital expenditures. For 2009, total capital spending,
net of contributions in aid of construction costs, was approximately $1.7
billion, which includes $184 million of sustaining capital expenditures on a
recast basis. To calculate distributable cash flow for Enterprise for
2009, sustaining capital expenditures were $167 million, which excludes the
sustaining capital expenditures that TEPPCO incurred during the first half of
2009. Currently, based on approved projects, Enterprise expects to
invest $1.5 billion for growth capital expenditures in 2010. In
addition, the partnership expects sustaining capital expenditures for 2010 to be
approximately $250 million. The estimated increase in sustaining
capital expenditures from 2009 to 2010 is primarily due to pipeline integrity
projects. We estimate that sustaining capital expenditures in 2011
will be in the range of $210 to $220 million.
Interest
expense for the fourth quarter of 2009 was $170 million on an average debt
balance of $11.8 billion, compared to interest expense of $144
million in the fourth quarter of 2008, which had an average debt balance of
$11.2 billion. The increase in the average debt balance between the
two periods was primarily due to debt incurred to fund the partnership’s capital
investment program and working capital
needs. In addition, part of the increase in interest expense for the
fourth quarter of 2009 compared to the fourth quarter of 2008 was due to a $10
million decrease in the amount of capitalized interest attributable to capital
projects under construction. Interest expense for the fourth quarter
of 2009 included approximately $3 million of interest related to the amount
refunded under the Mid-America pipeline rate case settlement.
Conference Call to Discuss
Fourth Quarter 2009 Earnings
Today,
Enterprise will host a conference call to discuss fourth quarter 2009
earnings. The call will be broadcast live over the Internet at 8:00
a.m. CT and may be accessed by visiting the company’s website at www.epplp.com.
Use of Non-GAAP Financial
Measures
This
press release and accompanying schedules include the non-GAAP financial measures
of gross operating margin, distributable cash flow and Adjusted
EBITDA. The accompanying schedules provide reconciliations of these
non-GAAP financial measures to their most directly comparable financial measure
calculated and presented in accordance with GAAP. Our non-GAAP
financial measures should not be considered as
6
alternatives
to GAAP measures such as net income, operating income, net cash flows provided
by operating activities or any other measure of financial performance calculated
and presented in accordance with GAAP. Our non-GAAP financial
measures may not be comparable to similarly-titled measures of other companies
because they may not calculate such measures in the same manner as we
do.
Gross
operating margin. We evaluate segment performance based on the
non-GAAP financial measure of gross operating margin. Gross operating
margin (either in total or by individual segment) is an important performance
measure of the core profitability of our operations. This measure
forms the basis of our internal financial reporting and is used by management in
deciding how to allocate capital resources among business
segments. We believe that investors benefit from having access to the
same financial measures that management uses in evaluating segment
results. The GAAP financial measure most directly comparable to total
segment gross operating margin is operating income.
We define
total segment gross operating margin as operating income before: (1)
depreciation, amortization and accretion expense; (2) non-cash consolidated
asset impairment charges; (3) operating lease expenses for which we do not have
the payment obligation; (4) gains and losses from asset sales and related
transactions; and (5) general and administrative costs. Gross
operating margin by segment is calculated by subtracting segment operating costs
and expenses (net of the adjustments noted above) from segment revenues, with
both segment totals before the elimination of intercompany
transactions. In accordance with GAAP, intercompany accounts and
transactions are eliminated in consolidation. Gross operating margin
is exclusive of other income and expense transactions, provision for income
taxes, the cumulative effect of changes in accounting principles and
extraordinary charges. Gross operating margin is presented on a 100
percent basis before the allocation of earnings to noncontrolling
interests.
We
include equity earnings from unconsolidated affiliates in our measurement of
segment gross operating margin. Our equity investments with industry
partners are a vital component of our business strategy. They are a
means by which we conduct our operations to align our interests with those of
our customers and/or suppliers. This method of operation also enables
us to achieve favorable economies of scale relative to the level of investment
and business risk assumed versus what we could accomplish on a stand
alone basis. Many of these businesses perform supporting or
complementary roles to our other business operations.
Distributable
cash flow. We define distributable cash flow as net income or
loss attributable to Enterprise adjusted for: (1) the addition of depreciation,
amortization and accretion expense; (2) the addition of operating lease expenses
for which we do not have the payment obligation; (3) the addition of cash
distributions received from unconsolidated affiliates less equity earnings from
unconsolidated affiliates; (4) the subtraction of sustaining capital
expenditures and cash payments to settle asset retirement obligations; (5) the
addition of losses or subtraction of gains from asset sales and related
transactions; (6) the addition of cash proceeds from asset sales or related
transactions; (7) the return of an investment in an unconsolidated affiliate or
related transactions; (8) the addition of losses or subtraction of gains on the
monetization of financial instruments recorded in accumulated other
comprehensive income (loss), if any, less related amortization of such amounts
to earnings; (9) the addition of net income attributable to the noncontrolling
interest associated with the public unitholders of Duncan Energy Partners L.P.
(“DEP”), less related cash distributions to be paid to such unitholders with
respect to the period of calculation; and (10) the addition or subtraction of
other miscellaneous non-cash amounts (as applicable) that affect net income or
loss for the period.
Sustaining
capital expenditures are capital expenditures (as defined by GAAP) resulting
from improvements to and major renewals of existing assets. Such
expenditures serve to maintain existing operations but do not generate
additional revenues.
Management
compares the distributable cash flow we generate to the cash distributions we
expect to pay our partners. Using this metric, management computes
our distribution coverage ratio. Distributable cash flow is an
important non-GAAP financial measure for our limited partners since it serves as
an indicator of our success in providing a cash return on
investment. Specifically, this financial measure indicates to
investors whether or not we are generating cash flows at a level that can
sustain or support an increase in our quarterly cash
distributions. Distributable cash flow is also a quantitative
standard used by the investment community with respect to publicly traded
partnerships because the value of a partnership unit is in part measured by its
yield, which is based on the
7
amount of
cash distributions a partnership can pay to a unitholder. The GAAP
measure most directly comparable to distributable cash flow is net cash flows
provided by operating activities.
Adjusted
EBITDA. We
define Adjusted EBITDA as net income or loss minus equity earnings from
unconsolidated affiliates; plus distributions received from unconsolidated
affiliates, interest expense, provision for income taxes and depreciation,
amortization and accretion expense. Adjusted EBITDA is commonly used
as a supplemental financial measure by management and external users of our
financial statements, such as investors, commercial banks, research analysts and
rating agencies, to assess: (1) the financial performance of our assets without
regard to financing methods, capital structures or historical cost basis; (2)
the ability of our assets to generate cash sufficient to pay interest and
support our indebtedness; and (3) the viability of projects and the overall
rates of return on alternative investment opportunities. Since
Adjusted EBITDA excludes some, but not all, items that affect net income or loss
and because these measures may vary among other companies, the Adjusted EBITDA
data presented in this press release may not be comparable to similarly titled
measures of other companies. The GAAP measure most directly
comparable to Adjusted EBITDA is net cash flows provided by operating
activities.
Company Information and Use
of Forward-Looking Statements
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 partnership’s
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 services; 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
press release includes forward-looking statements. Except for the
historical information contained herein, the matters discussed in this press
release are forward-looking statements that involve certain risks and
uncertainties, such as the partnership’s expectations regarding future results,
capital expenditures, project completions, liquidity and financial market
conditions. These risks and uncertainties include, among other
things, insufficient cash from operations, adverse market conditions,
governmental regulations and other factors discussed in Enterprise’s filings
with the U.S. Securities and Exchange Commission. If any of these
risks or uncertainties materialize, 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, Investor
Relations, (713) 381-6812
|
|
|
Rick
Rainey, Media Relations, (713)
381-3635
|
|
|
###
|
8
|
Enterprise
Products Partners L.P.
|
Exhibit
A
|
|||||||||||||||
|
Condensed
Statements of Consolidated Operations – UNAUDITED
|
||||||||||||||||
|
($
in millions, except per unit amounts)
|
||||||||||||||||
|
Three
Months Ended December 31,
|
Twelve
Months Ended December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Revenues
|
$ | 8,400.3 | $ | 5,925.5 | $ | 25,510.9 | $ | 35,469.6 | ||||||||
|
Costs and
expenses:
|
||||||||||||||||
|
Operating
costs and expenses
|
7,768.9 | 5,468.7 | 23,565.8 | 33,618.9 | ||||||||||||
|
General
and administrative costs
|
39.0 | 36.8 | 172.3 | 137.2 | ||||||||||||
|
Total
costs and expenses
|
7,807.9 | 5,505.5 | 23,738.1 | 33,756.1 | ||||||||||||
|
Equity in income of
unconsolidated affiliates
|
19.2 | 3.1 | 51.2 | 34.9 | ||||||||||||
|
Operating
income
|
611.6 | 423.1 | 1,824.0 | 1,748.4 | ||||||||||||
|
Other income
(expense):
|
||||||||||||||||
|
Interest
expense
|
(169.8 | ) | (144.4 | ) | (641.8 | ) | (540.7 | ) | ||||||||
|
Other,
net
|
(4.0 | ) | 7.0 | (1.8 | ) | 12.2 | ||||||||||
|
Total
other expense
|
(173.8 | ) | (137.4 | ) | (643.6 | ) | (528.5 | ) | ||||||||
|
Income before
provision for income taxes
|
437.8 | 285.7 | 1,180.4 | 1,219.9 | ||||||||||||
|
Provision
for income taxes
|
1.5 | (10.9 | ) | (25.3 | ) | (31.0 | ) | |||||||||
|
Net
income
|
439.3 | 274.8 | 1,155.1 | 1,188.9 | ||||||||||||
|
Net income
attributable to noncontrolling interests
|
(33.2 | ) | (46.8 | ) | (124.2 | ) | (234.9 | ) | ||||||||
|
Net income
attributable to Enterprise Products Partners L.P.
|
$ | 406.1 | $ | 228.0 | $ | 1,030.9 | $ | 954.0 | ||||||||
|
Net income allocated
to:
|
||||||||||||||||
|
Limited
partners
|
$ | 347.6 | $ | 191.0 | $ | 852.2 | $ | 811.5 | ||||||||
|
General
partner
|
$ | 58.5 | $ | 37.0 | $ | 178.7 | $ | 142.5 | ||||||||
|
Per unit data (fully
diluted):
|
||||||||||||||||
|
Earnings
per unit
|
$ | 0.60 | $ | 0.43 | $ | 1.73 | $ | 1.84 | ||||||||
|
Average
limited partner units outstanding (in millions)
|
571.5 | 439.8 | 487.0 | 437.6 | ||||||||||||
|
Other financial
data:
|
||||||||||||||||
|
Net
cash flows provided by operating activities
|
$ | 1,485.5 | $ | 316.0 | $ | 2,377.2 | $ | 1,567.1 | ||||||||
|
Cash
used in investing activities
|
$ | 474.7 | $ | 882.4 | $ | 1,546.9 | $ | 3,246.9 | ||||||||
|
Cash
provided by (used in) financing activities
|
$ | (1,033.6 | ) | $ | 560.0 | $ | (837.1 | ) | $ | 1,690.7 | ||||||
|
Distributable
cash flow
|
$ | 570.4 | $ | 331.9 | $ | 1,643.2 | $ | 1,378.2 | ||||||||
|
Adjusted
EBITDA
|
$ | 831.4 | $ | 654.4 | $ | 2,686.1 | $ | 2,546.1 | ||||||||
|
Depreciation,
amortization and accretion
|
$ | 213.5 | $ | 197.1 | $ | 833.4 | $ | 737.8 | ||||||||
|
Distributions
received from unconsolidated affiliates
|
$ | 31.4 | $ | 30.3 | $ | 86.6 | $ | 80.8 | ||||||||
|
Total
debt principal outstanding at end of period
|
$ | 11,297.0 | $ | 11,562.8 | $ | 11,297.0 | $ | 11,562.8 | ||||||||
|
Capital
spending:
|
||||||||||||||||
|
Capital
expenditures, net of contributions in aid of construction costs, for
property, plant and equipment
|
$ | 478.9 | $ | 690.2 | $ | 1,566.5 | $ | 2,512.4 | ||||||||
|
Cash
used for business combinations, net of cash acquired
|
32.8 | 144.7 | 107.3 | 553.5 | ||||||||||||
|
Acquisition
of intangible assets
|
-- | 0.4 | 1.4 | 5.8 | ||||||||||||
|
Investments
in unconsolidated affiliates
|
4.9 | 40.8 | 18.8 | 64.7 | ||||||||||||
|
Total
capital spending
|
$ | 516.6 | $ | 876.1 | $ | 1,694.0 | $ | 3,136.4 | ||||||||
9
|
Enterprise
Products Partners L.P.
|
Exhibit
B
|
|||||||||||||||
|
Condensed
Operating Data – UNAUDITED
|
||||||||||||||||
|
($
in millions)
|
||||||||||||||||
|
Three
Months Ended December 31,
|
Twelve
Months Ended December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Gross operating margin
by segment:
|
||||||||||||||||
|
NGL
Pipelines & Services
|
$ | 510.6 | $ | 354.1 | $ | 1,628.7 | $ | 1,325.0 | ||||||||
|
Onshore
Natural Gas Pipelines & Services
|
110.0 | 137.1 | 501.5 | 589.9 | ||||||||||||
|
Onshore
Crude Oil Pipelines & Services
|
37.7 | 22.7 | 164.4 | 132.2 | ||||||||||||
|
Offshore
Pipelines & Services
|
97.5 | 53.7 | 180.5 | 187.0 | ||||||||||||
|
Petrochemical
& Refined Products Services
|
109.1 | 83.8 | 364.7 | 374.9 | ||||||||||||
|
Total
gross operating margin
|
864.9 | 651.4 | 2,839.8 | 2,609.0 | ||||||||||||
|
Adjustments
to reconcile non-GAAP gross operating margin to
|
||||||||||||||||
|
GAAP
operating income:
|
||||||||||||||||
|
Amounts
included in operating costs and expenses:
|
||||||||||||||||
|
Depreciation,
amortization and accretion
|
(206.4 | ) | (193.1 | ) | (809.3 | ) | (725.4 | ) | ||||||||
|
Non-cash
impairment charges
|
(7.2 | ) | -- | (33.5 | ) | -- | ||||||||||
|
Operating
lease expenses paid by EPCO
|
(0.2 | ) | (0.4 | ) | (0.7 | ) | (2.0 | ) | ||||||||
|
Gain
(loss) from asset sales and related transactions
|
(0.5 | ) | 2.0 | -- | 4.0 | |||||||||||
|
General
and administrative costs
|
(39.0 | ) | (36.8 | ) | (172.3 | ) | (137.2 | ) | ||||||||
|
Operating
income
|
$ | 611.6 | $ | 423.1 | $ | 1,824.0 | $ | 1,748.4 | ||||||||
|
Selected operating
data: (1)
|
||||||||||||||||
|
NGL
Pipelines & Services, net:
|
||||||||||||||||
|
NGL
transportation volumes (MBPD)
|
2,437 | 2,109 | 2,196 | 2,021 | ||||||||||||
|
NGL
fractionation volumes (MBPD)
|
477 | 456 | 461 | 441 | ||||||||||||
|
Equity
NGL production (MBPD)
|
120 | 108 | 117 | 108 | ||||||||||||
|
Fee-based
natural gas processing (MMcf/d)
|
2,545 | 2,688 | 2,650 | 2,524 | ||||||||||||
|
Onshore
Natural Gas Pipelines & Services, net:
|
||||||||||||||||
|
Natural
gas transportation volumes (BBtus/d)
|
10,234 | 10,059 | 10,435 | 9,612 | ||||||||||||
|
Onshore
Crude Oil Pipelines & Services, net:
|
||||||||||||||||
|
Crude
oil transportation volumes (MBPD)
|
672 | 715 | 680 | 696 | ||||||||||||
|
Offshore
Pipelines & Services, net:
|
||||||||||||||||
|
Natural
gas transportation volumes (BBtus/d)
|
1,305 | 1,284 | 1,420 | 1,408 | ||||||||||||
|
Crude
oil transportation volumes (MBPD)
|
387 | 109 | 308 | 169 | ||||||||||||
|
Platform
natural gas processing (MMcf/d)
|
579 | 760 | 700 | 632 | ||||||||||||
|
Platform
crude oil processing (MBPD)
|
19 | 4 | 12 | 15 | ||||||||||||
|
Petrochemical
& Refined Products Services, net:
|
||||||||||||||||
|
Butane
isomerization volumes (MBPD)
|
93 | 90 | 97 | 86 | ||||||||||||
|
Propylene
fractionation volumes (MBPD)
|
71 | 55 | 68 | 58 | ||||||||||||
|
Octane
additive production volumes (MBPD)
|
13 | 12 | 10 | 9 | ||||||||||||
|
Transportation
volumes, primarily refined products
and
petrochemicals (MBPD)
|
835 | 824 | 806 | 818 | ||||||||||||
|
Total,
net:
|
||||||||||||||||
|
NGL,
crude oil, refined products and petrochemical transportation
volumes
(MBPD)
|
4,331 | 3,757 | 3,990 | 3,704 | ||||||||||||
|
Natural
gas transportation volumes (BBtus/d)
|
11,539 | 11,343 | 11,855 | 11,020 | ||||||||||||
|
Equivalent
transportation volumes (MBPD) (2)
|
7,368 | 6,742 | 7,110 | 6,604 | ||||||||||||
|
(1)
Operating
rates are reported on a net basis, taking into account our ownership
interests in certain joint ventures, and include volumes for newly
constructed assets from the related in-service dates and for recently
purchased assets from the related acquisition dates.
(2)
Reflects
equivalent energy volumes where 3.8 MMBtus of natural gas are equivalent
to one barrel of NGLs.
|
||||||||||||||||
10
|
Enterprise
Products Partners L.P.
|
Exhibit
C
|
|||||||||||||||
|
Reconciliation
of Unaudited GAAP Financial Measures to Non-GAAP Financial
Measures
|
||||||||||||||||
|
Distributable
Cash Flow
|
||||||||||||||||
|
($
in millions)
|
||||||||||||||||
|
Three
Months Ended December 31,
|
Twelve
Months Ended December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Net
income attributable to Enterprise Products Partners L.P.
|
$ | 406.1 | $ | 228.0 | $ | 1,030.9 | $ | 954.0 | ||||||||
|
Adjustments
to GAAP net income attributable to Enterprise Products Partners
L.P. to derive non-GAAP distributable cash
flow:
|
||||||||||||||||
|
Depreciation,
amortization and accretion
|
213.5 | 148.6 | 725.5 | 562.2 | ||||||||||||
|
Operating
lease expenses paid by EPCO
|
0.2 | 0.5 | 0.7 | 2.0 | ||||||||||||
|
Distributions
received from unconsolidated affiliates
|
31.4 | 28.7 | 127.4 | 98.6 | ||||||||||||
|
Equity
in income of unconsolidated affiliates
|
(19.2 | ) | (11.0 | ) | (61.4 | ) | (59.1 | ) | ||||||||
|
Sustaining
capital expenditures
|
(58.3 | ) | (59.4 | ) | (166.6 | ) | (188.7 | ) | ||||||||
|
Cash
payments to settle asset retirement obligations
|
(2.5 | ) | -- | (12.4 | ) | (7.2 | ) | |||||||||
|
Loss
(gain) from asset sales and related transactions
|
0.5 | (2.0 | ) | 0.1 | (3.7 | ) | ||||||||||
|
Proceeds
from asset sales and related transactions
|
0.7 | 14.3 | 3.5 | 16.0 | ||||||||||||
|
Monetization
of interest rate hedging derivative instruments
|
0.2 | 7.7 | 0.2 | (14.4 | ) | |||||||||||
|
Amortization
of net losses (gains) related to monetization of derivative
instruments
|
0.9 | (0.4 | ) | 1.0 | (4.4 | ) | ||||||||||
|
Net
income attributable to noncontrolling interest – DEP public
unitholders
|
9.5 | 5.4 | 31.3 | 17.2 | ||||||||||||
|
Distribution
to be paid to DEP public unitholders with respect to
period
|
(10.8 | ) | (6.4 | ) | (38.0 | ) | (25.1 | ) | ||||||||
|
Net
loss of TEPPCO for third quarter of 2009
|
-- | -- | (42.1 | ) | -- | |||||||||||
|
Other
miscellaneous adjustments to derive distributable cash
flow
|
(1.8 | ) | (22.1 | ) | 43.1 | 30.8 | ||||||||||
|
Distributable
cash flow
|
570.4 | 331.9 | 1,643.2 | 1,378.2 | ||||||||||||
|
Adjustments
to non-GAAP distributable cash flow to derive
GAAP net cash flows provided by operating activities:
|
||||||||||||||||
|
Sustaining
capital expenditures
|
58.3 | 59.4 | 166.6 | 188.7 | ||||||||||||
|
Cash
payments to settle asset retirement obligations
|
2.5 | -- | 12.4 | 7.2 | ||||||||||||
|
Proceeds
from asset sales and related transactions
|
(0.7 | ) | (14.3 | ) | (3.5 | ) | (16.0 | ) | ||||||||
|
Monetization
of interest rate hedging derivative instruments
|
(0.2 | ) | (7.7 | ) | (0.2 | ) | 14.4 | |||||||||
|
Amortization
of net gains (losses) related to monetization of derivative
instruments
|
(0.9 | ) | 0.4 | (1.0 | ) | 4.4 | ||||||||||
|
Net
income attributable to noncontrolling interest – DEP public
unitholders
|
(9.5 | ) | (5.4 | ) | (31.3 | ) | (17.2 | ) | ||||||||
|
Distribution
to be paid to DEP public unitholders with respect to
period
|
10.8 | 6.4 | 38.0 | 25.1 | ||||||||||||
|
Net
income attributable to noncontrolling interest
|
33.2 | 12.1 | 75.7 | 41.4 | ||||||||||||
|
Miscellaneous
non-cash and other amounts to reconcile distributable cash
flow with net cash flows provided by operating activities
|
0.8 | 10.4 | (5.2 | ) | (31.6 | ) | ||||||||||
|
Net
effect of changes in operating accounts
|
820.8 | (129.0 | ) | 284.7 | (357.4 | ) | ||||||||||
|
Net cash flows provided by
operating activities (pre-recast) (1)
|
$ | 264.2 | $ | 1,237.2 | ||||||||||||
|
Operating
cash flows for the six months ended June 30, 2009
attributable
to inclusion of TEPPCO amounts in our recast financial
statements
|
-- | 197.8 | ||||||||||||||
|
Net cash flows provided by
operating activities (recast) (2)
|
$ | 1,485.5 | $ | 2,377.2 | ||||||||||||
|
(1)
Distributable
cash flow for 2008 is calculated based on and reconciled to the historical
financial results (pre-recast) of Enterprise Products Partners L.P. prior
to the TEPPCO Merger. As such, amounts presented for 2008 do not
include any amounts attributable to TEPPCO Partners L.P. and its
consolidated subsidiaries. Enterprise Products Partners L.P. filed its
recast financial statements for the years ended December 31, 2008, 2007
and 2006 and nine months ended September 30, 2009 on a Current Report on
Form 8-K dated December 4, 2009.
(2)
Distributable
cash flow for 2009 prior to the 3rd
quarter is calculated based on historical results (pre-recast) of
Enterprise Products Partners L.P. prior to the TEPPCO
Merger. Distributable cash flow for the 3rd
and 4th
quarters of 2009 are calculated and reconciled to the recast financial
results of Enterprise Products Partners L.P., which includes amounts
attributable to TEPPCO Partners L.P. and its consolidated subsidiaries
prior to October 26, 2009 (the effective date of the TEPPCO
Merger).
|
||||||||||||||||
11
|
Enterprise
Products Partners L.P.
|
Exhibit
D
|
|||||||||||||||
|
Reconciliation
of Unaudited GAAP Financial Measures to Non-GAAP Financial
Measures
|
||||||||||||||||
|
Adjusted
EBITDA
|
||||||||||||||||
|
($
in millions)
|
||||||||||||||||
|
Three
Months Ended December 31,
|
Twelve
Months Ended December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Net
income
|
$ | 439.3 | $ | 274.8 | $ | 1,155.1 | $ | 1,188.9 | ||||||||
|
Adjustments
to GAAP net income to derive non-GAAP Adjusted
EBITDA:
|
||||||||||||||||
|
Equity
in income of unconsolidated affiliates
|
(19.2 | ) | (3.1 | ) | (51.2 | ) | (34.9 | ) | ||||||||
|
Distributions
received from unconsolidated affiliates
|
31.4 | 30.3 | 86.6 | 80.8 | ||||||||||||
|
Interest
expense (including related amortization)
|
169.8 | 144.4 | 641.8 | 540.7 | ||||||||||||
|
Provision
for income taxes
|
(1.5 | ) | 10.9 | 25.3 | 31.0 | |||||||||||
|
Depreciation,
amortization and accretion in operating costs and expenses
|
211.6 | 197.1 | 828.5 | 739.6 | ||||||||||||
|
Adjusted
EBITDA
|
831.4 | 654.4 | 2,686.1 | 2,546.1 | ||||||||||||
|
Adjustments
to non-GAAP Adjusted EBITDA to derive GAAP net cash flows
provided
by operating activities:
|
||||||||||||||||
|
Interest
expense
|
(169.8 | ) | (144.4 | ) | (641.8 | ) | (540.7 | ) | ||||||||
|
Provision
for income taxes
|
1.5 | (10.9 | ) | (25.3 | ) | (31.0 | ) | |||||||||
|
Operating
lease expenses paid by EPCO
|
0.2 | 0.4 | 0.7 | 2.0 | ||||||||||||
|
Loss
(gain) from asset sales and related transactions
|
0.5 | (2.0 | ) | -- | (4.0 | ) | ||||||||||
|
Loss
on forfeiture of investment in Texas Offshore Port System
|
-- | -- | 68.4 | -- | ||||||||||||
|
Non-cash
impairment charge
|
7.2 | -- | 33.5 | -- | ||||||||||||
|
Miscellaneous
non-cash and other amounts to reconcile Adjusted
EBITDA
and net cash flows provided by operating activities
|
(6.3 | ) | (11.5 | ) | 9.7 | 5.8 | ||||||||||
|
Net
effect of changes in operating accounts
|
820.8 | (170.0 | ) | 245.9 | (411.1 | ) | ||||||||||
|
Net
cash flows provided by operating activities
|
$ | 1,485.5 | $ | 316.0 | $ | 2,377.2 | $ | 1,567.1 | ||||||||
Amounts presented in the preceding
table for periods prior to October 26, 2009 (the effective date of the TEPPCO
Merger) reflect the recast financial information of Enterprise Products Partners
L.P. The recast financial information combined the financial results
of Enterprise Products Partners L.P. and TEPPCO Partners L.P. and their
respective consolidated subsidiaries since both companies have been under common
control since February 2005. Enterprise Products Partners L.P. filed
its recast financial statements for the years ended December 31, 2008, 2007 and
2006 and nine months ended September 30, 2009 on a Current Report on Form 8-K
dated December 4, 2009.
12