Enterprise Reports Record 2017 Results
HOUSTON–(BUSINESS WIRE)–Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today
announced its financial results for the three months and twelve months
ended December 31, 2017.
Enterprise reported a 10 percent increase in operating income to $3.9
billion for 2017 compared to $3.6 billion for 2016. Total gross
operating margin for 2017 increased 8 percent to a record $5.7 billion
from $5.2 billion in 2016. Net cash flow provided by operating
activities for 2017 increased 14 percent to $4.6 billion from $4.1
billion in 2016. Distributable cash flow, excluding proceeds from asset
sales, increased 10 percent to a record $4.5 billion in 2017 from $4.1
billion in 2016. Total gross operating margin and distributable cash
flow are non-generally accepted accounting principle (“non-GAAP”)
financial measures that are defined and reconciled later in this press
release.
Enterprise declared distributions with respect to 2017 representing a
4.5 percent increase compared to those declared with respect to 2016.
Distributable cash flow provided 1.2 times coverage of the distributions
declared with respect to 2017. Enterprise retained $867 million of
distributable cash flow in 2017 to reinvest in the growth of the
partnership.
“Enterprise reported record operating and financial results in 2017 as
the energy industry began to emerge from a challenging three-year
commodity cycle,” stated Jim Teague, chief executive officer of
Enterprise’s general partner. “We posted record liquid pipeline volumes
and marine terminal volumes. Our strong financial performance in 2017
provided us the financial flexibility to provide our partners with 4.5
percent distribution growth and 1.2 times distribution coverage for the
year while self-funding approximately 55 percent of the equity portion
of our $3.1 billion of investments in organic growth capital projects
and acquisitions during the year. Based on expected distributable cash
flow growth from new projects and our existing assets, we believe we can
deliver on our goal of providing our partners moderate distribution
growth and fully self-funding the equity portion of our growth capital
investments in 2019, assuming $2.5 billion to $3.0 billion in growth
capital expenditures. We believe we can accomplish this while
maintaining one of the strongest investment grade balance sheets in the
midstream sector.”
Teague added, “During 2017, Enterprise completed construction and either
began service or commissioning activities on projects representing $4.5
billion of capital investment. In the fourth quarter, we began limited
service on our Midland-to-ECHO pipeline moving a single grade of crude
oil from the Permian Basin to the Houston refining and export market. We
expect to be in full service on this pipeline early in the second
quarter of 2018. Also during the quarter, we began commissioning
activities at our new propane dehydrogenation, or PDH, facility. This
plant has been running near full capacity and is in the latter stages of
the commissioning phase. During 2017, other major growth projects
completed include an expansion of our ATEX ethane pipeline; expansion of
our propylene pipeline infrastructure on the U.S. Gulf Coast; and
expansion of our refined products and crude oil marine terminals in
Beaumont.”
“Enterprise currently has another $5.5 billion of growth projects under
construction. In 2018, we expect to complete projects representing $2.7
billion of capital investment. These major projects include: completing
the Midland-to-ECHO crude oil pipeline system and bringing it into full
commercial service; our ninth NGL fractionator at Mont Belvieu; two
natural gas processing plants at our Orla Complex in the Delaware Basin;
and expansion of Enterprise’s NGL, crude oil and refined products
storage facilities,” said Teague.
“Our success in 2017 would not have been possible without the daily
creativity and hustle by our team of over 6,700 employees. This success
included the best year in our history in terms of safety achievement.
Our employees are the foundation of our safe and reliable operations and
the heart of our customer service. Looking ahead, we are excited about
the potential for 2018. We are actively working to develop and
underwrite growth capital projects in all four of our business segments.
I would also like to thank our debt and equity investors for their
continued support as we invest to expand Enterprise’s integrated
midstream energy system,” Teague concluded.
|
Fourth Quarter and Full Year Financial |
||||||||
|
Three months ended December 31, |
Twelve months ended December 31, |
|||||||
| 2017 | 2016 | 2017 | 2016 | |||||
| ($ in millions, except per unit amounts) | ||||||||
| Operating income | $ | 1,079 | $ | 923 | $ | 3,929 | $ | 3,581 |
|
Net income(1) |
$ | 797 | $ | 670 | $ | 2,856 | $ | 2,553 |
|
Fully diluted earnings per unit(1) |
$ | 0.36 | $ | 0.31 | $ | 1.30 | $ | 1.20 |
|
Net cash flow provided by operating activities(2) |
$ |
1,820 |
$ |
1,408 |
$ |
4,640 |
$ |
4,067 |
|
Total gross operating margin(3) |
$ | 1,520 | $ | 1,357 | $ | 5,680 | $ | 5,248 |
|
Adjusted EBITDA(3) |
$ | 1,542 | $ | 1,355 | $ | 5,615 | $ | 5,256 |
|
Distributable cash flow(3)(4) |
$ | 1,257 | $ | 1,031 | $ | 4,502 | $ | 4,103 |
| (1) |
Net income and fully diluted earnings per unit for the fourth quarters of 2017 and 2016 include non-cash impairment charges of approximately $15 million, or $0.01 per unit, and $24 million, or $0.01 per unit, respectively. For the years ended December 31, 2017 and 2016, net income and fully diluted earnings per unit include non-cash impairment and related charges of $50 million, or $0.02 per unit, and $54 million, or $0.03 per unit, respectively. |
| (2) |
Net cash flow provided by operating activities includes the impact of timing of cash receipts and payments related to operations. For the fourth quarters of 2017 and 2016, the net effect of changes in operating accounts, which are a component of net cash flow provided by operating activities, were net increases of $518 million and $309 million, respectively. For the years ended December 31, 2017 and 2016, the net effect of changes in operating accounts were a net increase of $6 million and a net decrease of $181 million, respectively. |
| (3) |
Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and distributable cash flow are non-GAAP financial measures that are defined and reconciled later in this press release. |
| (4) |
Distributable cash flow included proceeds from asset sales of $34 million and $3 million for the fourth quarters of 2017 and 2016, respectively, and $40 million and $47 million for the years ended December 31, 2017 and 2016, respectively. |
-
Enterprise increased its cash distribution with respect to the fourth
quarter of 2017 by 3.7 percent over the fourth quarter of 2016 to
$0.425 per unit, or $1.70 per unit on an annualized basis. This is the
54th consecutive quarterly increase and the 63rd
increase since the partnership’s initial public offering in 1998. This
distribution will be paid on February 7, 2018 to unitholders of record
as of the close of business on January 31, 2018;
-
Excluding proceeds from asset sales, Enterprise reported a 19 percent
increase in distributable cash flow to a record $1.2 billion for the
fourth quarter of 2017 compared to the fourth quarter of 2016, which
provided 1.3 times coverage of the $0.425 per unit cash distribution.
Enterprise retained $335 million of distributable cash flow in the
fourth quarter of 2017.
|
Fourth Quarter Volume Highlights |
||
|
Three months ended
December 31, |
||
| 2017 | 2016 | |
|
NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD) |
6.0 |
5.3 |
| Marine terminal volumes (million BPD) | 1.7 | 1.3 |
| Natural gas pipeline volumes (TBtu/d) | 12.9 | 11.5 |
| NGL fractionation volumes (MBPD) | 863 | 846 |
| Fee-based natural gas processing volumes (Bcf/d) | 4.3 | 4.4 |
| Equity NGL production volumes (MBPD) | 153 | 156 |
As used in this press release, “NGL” means natural gas liquids, “BPD”
means barrels per day, “MBPD” means thousand barrels per day, “Bcf/d”
means billion cubic feet per day; and “TBtu/d” means trillion British
thermal units per day.
-
Capital investments were $1.0 billion in the fourth quarter of 2017,
including $80 million of sustaining capital expenditures. Total
capital investments for 2017 was $3.4 billion, which included $244
million of sustaining capital expenditures. -
Affiliates of privately held Enterprise Products Company (“EPCO”),
which collectively own Enterprise’s general partner and approximately
32 percent of Enterprise’s outstanding limited partner interests, have
indicated to Enterprise management that they plan to purchase $100
million of Enterprise common units through the partnership’s
distribution reinvestment plan (“DRIP”) with the February 2018
distribution.
Teague said, “Enterprise completed 2017 with a record fourth quarter.
Operationally, our record performance included liquids pipeline volumes
of 6.0 million barrels per day; marine terminal volumes of 1.7 million
barrels per day; NGL fractionation volumes of 863,000 barrels per day;
as well as near record onshore natural gas pipeline volumes of 12.9
trillion Btus per day. In NGLs, this performance was largely
attributable to an increase in NGL volumes on our pipelines serving the
Permian and Marcellus shale plays and record ethane export volumes of
135,000 barrels per day. In our crude oil business, our Midland-to-ECHO
crude oil pipeline began commissioning and limited service in November
2017. We also benefited from record crude oil export volumes of 451,000
barrels per day during the fourth quarter. In our natural gas business,
we had record volumes on our gathering and Acadian Gas systems serving
the Haynesville shale and a resurgence of volume in the Jonah/Pinedale
and Piceance regions.
“This operational performance, coupled with higher natural gas
processing margins and lower turnaround expenses in our petrochemical
segment, led to record quarterly financial performance in terms of
operating income, gross operating margin, Adjusted EBITDA, and
distributable cash flow excluding proceeds from asset sales,” stated
Teague.
Review of Fourth Quarter 2017 Segment
Performance
NGL Pipelines & Services – Gross operating margin for the NGL
Pipelines & Services segment increased 11 percent to $872 million for
the fourth quarter of 2017 from $784 million for the fourth quarter of
2016.
Enterprise’s natural gas processing and related NGL marketing business
reported gross operating margin of $225 million for the fourth quarter
of 2017 compared to $228 million for the fourth quarter of 2016. Gross
operating margin from our natural gas processing business increased $41
million primarily due to higher average processing margins from our
Rocky Mountain and Louisiana gas plants and the receipt of $19 million
of business interruption insurance proceeds related to an event and
resulting downtime at our Pascagoula processing plant in June 2016.
Total fee-based processing volumes were 4.3 Bcf/d for the fourth quarter
of 2017 compared to 4.4 Bcf/d for the fourth quarter of 2016, while
total equity NGL production decreased to 153 MBPD this quarter from 156
MBPD for the fourth quarter of 2016.
Gross operating margin from Enterprise’s NGL marketing activities
decreased $44 million for the fourth quarter of 2017 compared to the
same quarter in 2016 due to lower average sales margins and volumes.
Approximately $14 million of this decrease is attributable to higher
non-cash, mark-to-market loss activity in the fourth quarter of 2017
compared to the fourth quarter of 2016.
Gross operating margin from the partnership’s NGL pipelines and storage
business increased 20 percent, to $495 million for the fourth quarter of
2017 from $413 million for the fourth quarter of 2016. NGL pipeline
volumes were a record 3.3 million BPD for the fourth quarter of 2017
compared to 3.1 million BPD for the same quarter of 2016. Total NGL
marine terminal volumes increased 28 percent to 564 MBPD for the fourth
quarter of 2017 compared to 440 MBPD for the fourth quarter of 2016.
Enterprise’s ATEX ethane pipeline reported a $22 million increase in
gross operating margin for the fourth quarter of 2017 compared to the
fourth quarter of 2016, primarily due to a 31 MBPD increase in volume.
Average transportation volumes on the ATEX pipeline were 144 MBPD for
the fourth quarter of 2017 versus 113 MBPD for the same quarter of 2016.
Gross operating margin from the partnership’s ethane export terminal at
Morgan’s Point and related Houston Ship Channel pipeline increased $24
million, primarily due to a 121 MBPD increase in ethane loadings during
the fourth quarter of 2017 compared to the fourth quarter of 2016.
Gross operating margin from the Mid-America and Seminole pipelines, and
related assets increased by $16 million to $143 million for the fourth
quarter of 2017 compared to the same quarter in 2016. Aggregate volumes
on these pipelines increased 60 MBPD to 1.0 million BPD for the fourth
quarter of 2017. Enterprise’s NGL storage business reported a $14
million increase in gross operating margin for the fourth quarter of
2017 compared to the fourth quarter of 2016, primarily due to higher
storage fees.
Gross operating margin from the partnership’s NGL fractionation business
increased 6 percent to $152 million for the fourth quarter of 2017
compared to the fourth quarter of 2016. This increase was primarily due
to higher fees, product blending, and higher fractionation volumes from
Enterprise’s Mont Belvieu and Hobbs NGL fractionators. Total NGL
fractionation volumes were a record 863 MBPD for the fourth quarter of
2017 compared to 846 MBPD for the fourth quarter of 2016.
Crude Oil Pipelines & Services – Gross operating margin for
the Crude Oil Pipelines & Services segment increased 34 percent to $296
million for the fourth quarter of 2017 from $221 million for the fourth
quarter of 2016. Total crude oil pipeline volumes were a record 2.0
million BPD for the fourth quarter of 2017 compared to 1.4 million BPD
for the fourth quarter of 2016. Total crude oil marine terminal volumes
increased to 703 MBPD for the fourth quarter of 2017 from 468 MBPD for
the fourth quarter of 2016.
Enterprise’s Midland-to-ECHO crude oil pipeline, which began
commissioning and providing limited services in November 2017,
contributed $63 million in gross operating margin on average volumes of
333 MBPD for the quarter. This pipeline is expected to begin full
commercial service with committed shippers after construction of all
pump stations, connections and related storage facilities are completed
in the second quarter of 2018.
Enterprise’s South Texas and Eagle Ford Crude Oil Pipeline Systems
reported an aggregate $36 million increase in gross operating margin for
the fourth quarter of 2017 compared to the fourth quarter of 2016,
primarily due to higher volumes. The South Texas system includes the
Rancho II pipeline, which benefited from volumes delivered on the
Midland-to-ECHO pipeline. Total volumes on the South Texas and Eagle
Ford pipelines, net to our interest, increased 144 MBPD this quarter to
504 MBPD compared to the fourth quarter of 2016. Gross operating margin
from the EFS Midstream assets increased $10 million for the fourth
quarter of 2017 compared to the fourth quarter of 2016, primarily due to
higher fees.
Gross operating margin from Enterprise’s terminal on the Houston Ship
Channel and its Beaumont terminals increased $6 million on an increase
in crude oil loadings. Average loading volumes increased to 389 MBPD in
the fourth quarter of 2017 from 90 MBPD in the fourth quarter of 2016.
Gross operating margin from Enterprise’s crude oil marketing and related
activities decreased $50 million for the fourth quarter of 2017 compared
to the same quarter in 2016. This decrease was primarily due to lower
sales margins and a $14 million increase in non-cash, mark-to-market
losses compared to the fourth quarter of 2016.
Natural Gas Pipelines & Services –The Natural Gas Pipelines &
Services segment reported gross operating margin of $179 million for the
fourth quarter of 2017 compared to $201 million for the fourth quarter
of 2016. Total natural gas transportation volumes were 12.9 TBtu/d for
the fourth quarter of 2017 compared to 11.5 TBtu/d for the fourth
quarter of 2016.
The partnership’s Texas Intrastate system reported a $31 million
decrease in gross operating margin this quarter compared to the fourth
quarter of 2016. Gross operating margin for the fourth quarter of 2016
included the benefit of a $28 million lump sum payment associated with
the termination of certain transportation contracts. Natural gas
pipeline volumes for the Texas Intrastate system were 4.4 TBtu/d for
both of the fourth quarters of 2017 and 2016.
The partnership’s Haynesville and BTA natural gas gathering systems
reported an aggregate $11 million increase in gross operating margin for
the fourth quarter of 2017 compared to the same quarter in 2016 due to
higher volumes. Total volumes for these systems increased 0.6 TBtu/d to
a record 0.8 TBtu/d in the fourth quarter of 2017 compared to the fourth
quarter of 2016. We acquired the BTA gathering system as part of the
Azure acquisition in April 2017.
Petrochemical & Refined Products Services – Gross operating
margin for the Petrochemical & Refined Products Services segment
increased 16 percent to $172 million for the fourth quarter of 2017
compared to the fourth quarter of 2016. Total petrochemical and refined
products transportation volumes for the fourth quarter of 2017 were 766
MBPD compared to 840 MBPD reported for the fourth quarter of 2016.
Gross operating margin for Enterprise’s butane isomerization and related
operations increased $21 million for the fourth quarter of 2017 compared
to the fourth quarter of 2016, primarily due to downtime and costs
associated with the turnaround of two processing units in the fourth
quarter of 2016. Butane isomerization volumes were 108 MBPD for the
fourth quarter of 2017 compared to 94 MBPD for the same quarter of 2016.
Gross operating margin for Enterprise’s octane enhancement and
high-purity isobutylene business increased $16 million for the fourth
quarter of 2017 compared to the fourth quarter of 2016, primarily due to
lower operating costs and higher sales volumes. Total plant production
volumes were 27 MBPD for the fourth quarter of 2017 compared to 26 MBPD
for the fourth quarter of 2016.
Higher transportation fees on our TE Products pipeline and related
terminals led to a $7 million increase in gross operating margin for the
fourth quarter of 2017 compared to the fourth quarter of 2016.
Enterprise’s Houston and Beaumont products terminals and related
marketing activities reported a $13 million decrease in gross operating
margin for the fourth quarter of 2017 compared to the same quarter of
2016, primarily due to higher maintenance expenses as a result of
Hurricane Harvey.
The partnership’s propylene fractionation business reported a $3 million
decrease in gross operating margin for the fourth quarter of 2017
compared to the fourth quarter of 2016, primarily due to higher PDH
commissioning costs. Propylene fractionation volumes were 81 MBPD for
the fourth quarter of 2017 compared to 67 MBPD for the fourth quarter of
last year.
Capitalization
Total debt principal outstanding at December 31, 2017 was $24.8 billion,
including $3.2 billion of junior subordinated notes, to which the debt
rating agencies ascribe partial equity content. At December 31, 2017,
Enterprise had consolidated liquidity of approximately $3.7 billion,
which was comprised of unrestricted cash on hand and available borrowing
capacity under our revolving credit facilities.
Total capital spending in the fourth quarter of 2017 was $1.0 billion,
which includes $80 million of sustaining capital expenditures. Capital
spending for the year was $3.4 billion, which included $244 million of
sustaining capital expenditures. For 2018, we currently expect to invest
approximately $3 billion for growth capital projects and approximately
$325 million for sustaining capital expenditures.
2017 K-1 Tax Packages
The Enterprise K-1 tax packages are expected to be made available online
through our website at www.enterpriseproducts.com
by noon (CT) on February 23, 2018 and will be mailed beginning that day
as well.
Conference Call to Discuss Fourth Quarter 2017
Earnings
Enterprise will host a conference call today to discuss fourth quarter
2017 earnings. The call will be broadcast live over the Internet
beginning at 9:00 a.m. (CT) and may be accessed by visiting the
partnership’s website.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP
financial measures of total gross operating margin, distributable cash
flow and Adjusted EBITDA. The accompanying schedules provide definitions
of these non-GAAP financial measures and reconciliations to their most
directly comparable financial measure calculated and presented in
accordance with GAAP. Our non-GAAP financial measures should not be
considered as alternatives to GAAP measures such as net income,
operating income, net cash flow 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.
Company Information and Use of Forward-Looking
Statements
Enterprise Products Partners L.P. is one of the largest publicly traded
partnerships and a leading North American provider of midstream energy
services to producers and consumers of natural gas, NGLs, crude oil,
refined products and petrochemicals. Our services include: natural gas
gathering, treating, processing, transportation and storage; NGL
transportation, fractionation, storage and export and import terminals;
crude oil gathering, transportation, storage and export and import
terminals; petrochemical and refined products transportation, storage,
export and import terminals and related services; and a marine
transportation business that operates primarily on the United States
inland and Intracoastal Waterway systems. The partnership’s assets
include approximately 50,000 miles of pipelines; 260 million barrels of
storage capacity for NGLs, crude oil, refined products and
petrochemicals; and 14 Bcf of natural gas storage capacity.
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.
|
Enterprise Products Partners L.P. |
Exhibit A | |||||||
| Condensed Statements of Consolidated Operations – UNAUDITED | ||||||||
| ($ in millions, except per unit amounts) | ||||||||
|
For the Three Months
Ended December 31, |
For the Year
Ended December 31, |
|||||||
| 2017 | 2016 | 2017 | 2016 | |||||
|
Revenues |
$ | 8,426.6 | $ | 6,478.8 | $ | 29,241.5 | $ | 23,022.3 |
|
Costs and expenses: |
||||||||
| Operating costs and expenses | 7,414.3 | 5,608.7 | 25,557.5 | 19,643.5 | ||||
| General and administrative costs | 43.7 | 39.1 | 181.1 | 160.1 | ||||
| Total costs and expenses | 7,458.0 | 5,647.8 | 25,738.6 | 19,803.6 | ||||
|
Equity in income of unconsolidated affiliates |
110.8 | 92.2 | 426.0 | 362.0 | ||||
|
Operating income |
1,079.4 | 923.2 | 3,928.9 | 3,580.7 | ||||
|
Other income (expense): |
||||||||
| Interest expense | (245.6 | ) | (247.0 | ) | (984.6 | ) | (982.6 | ) |
| Other, net | (30.9 | ) | 3.8 | (63.0 | ) | (21.7 | ) | |
| Total other expense | (276.5 | ) | (243.2 | ) | (1,047.6 | ) | (1,004.3 | ) |
|
Income before income taxes |
802.9 | 680.0 | 2,881.3 | 2,576.4 | ||||
| Provision for income taxes | (5.6 | ) | (10.3 | ) | (25.7 | ) | (23.4 | ) |
|
Net income |
797.3 | 669.7 | 2,855.6 | 2,553.0 | ||||
|
Net income attributable to noncontrolling |
(23.3 | ) | (10.9 | ) | (56.3 | ) | (39.9 | ) |
|
Net income attributable to limited partners |
$ | 774.0 | $ | 658.8 | $ | 2,799.3 | $ | 2,513.1 |
|
Per unit data (fully diluted): |
||||||||
| Earnings per unit | $ | 0.36 | $ | 0.31 | $ | 1.30 | $ | 1.20 |
| Average limited partner units outstanding (in millions) | 2,167.0 | 2,116.6 | 2,154.3 | 2,089.1 | ||||
|
Supplemental financial data: |
||||||||
| Net cash flows provided by operating activities | $ | 1,819.7 | $ | 1,407.8 | $ | 4,639.6 | $ | 4,066.8 |
| Total debt principal outstanding at end of period | $ | 24,780.1 | $ | 23,901.6 | $ | 24,780.1 | $ | 23,901.6 |
| Non-GAAP distributable cash flow (1) | $ | 1,256.9 | $ | 1,031.1 | $ | 4,502.3 | $ | 4,102.8 |
| Non-GAAP Adjusted EBITDA (2) | $ | 1,542.0 | $ | 1,355.1 | $ | 5,615.3 | $ | 5,255.9 |
| Gross operating margin by segment: | ||||||||
| NGL Pipelines & Services | $ | 871.5 | $ | 784.3 | $ | 3,258.3 | $ | 2,990.6 |
| Crude Oil Pipelines & Services | 295.5 | 220.9 | 987.2 | 854.6 | ||||
| Natural Gas Pipelines & Services | 178.5 | 201.3 | 714.5 | 734.9 | ||||
| Petrochemical & Refined Products Services | 172.0 | 148.7 | 714.6 | 650.6 | ||||
| Total segment gross operating margin (3) | 1,517.5 | 1,355.2 | 5,674.6 | 5,230.7 | ||||
| Net adjustment for shipper make-up rights (4) | 2.6 | 2.1 | 5.8 | 17.1 | ||||
| Non-GAAP total gross operating margin (5) | $ | 1,520.1 | $ | 1,357.3 | $ | 5,680.4 | $ | 5,247.8 |
| Capital spending: | ||||||||
| Capital expenditures | $ | 983.6 | $ | 574.3 | $ | 3,101.8 | $ | 2,984.1 |
| Cash used for business combinations, net | — | — | 198.7 | 1,000.0 | ||||
| Investments in unconsolidated affiliates | 17.7 | 18.9 | 50.5 | 138.8 | ||||
| Other investing activities | — | — | — | 0.4 | ||||
| Total capital spending, cash and non-cash | $ | 1,001.3 | $ | 593.2 | $ | 3,351.0 | $ | 4,123.3 |
Contacts
Enterprise Products Partners L.P.
Randy Burkhalter, 713-381-6812
Vice
President, Investor Relations
or
Rick Rainey, 713-381-3635
Vice
President, Media Relations
