Enterprise Declares 45th Consecutive Quarterly Distribution Increase; Enterprise Products Company Intends to Reinvest $50 Million of November Distributions
Enterprise Products Partners L.P. (EPD) (“Enterprise”) announced today that the board of directors of its general partner declared an increase in the quarterly cash distribution paid to partners to $0.385 per common unit, or $1.54 per unit on an annualized basis. The quarterly distribution will be paid on Friday, November 6, 2015, to unitholders of record as of the close of business on Friday, October 30, 2015. This distribution, which represents a 5.5 percent increase over the distribution declared with respect to the third quarter of 2014, is the 54th distribution increase since Enterprise’s initial public offering in 1998 and the 45th consecutive quarterly increase.
Affiliates of privately held Enterprise Products Company (“EPCO”), which collectively own Enterprise’s general partner and approximately 34 percent of its outstanding limited partner interests, have indicated to Enterprise management that they intend to purchase $50 million of common units through Enterprise’s distribution reinvestment plan in November 2015. This would bring EPCO’s total investment in Enterprise common units to $200 million for 2015.
Enterprise will announce its earnings for the third quarter of 2015 on Thursday, October 29, 2015, before the New York Stock Exchange opens for trading. Following the announcement, the partnership will host a conference call at 9 a.m. CT with analysts and investors to discuss earnings. The call will be webcast live on the Internet and may be accessed through the “Investors” section of the partnership’s website,www.enterpriseproducts.com.
To listen to the webcast, participants should access the partnership’s website at least 15 minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available for one week following the conference call and may be accessed one hour after completion of the call.
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 import and export terminals; crude oil gathering, transportation, storage and terminals; petrochemical and refined products transportation, storage and terminals; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. The partnership’s assets include approximately 49,000 miles of pipelines; 225 million barrels of storage capacity for NGLs, petrochemicals, refined products and crude oil; and 14 billion cubic feet of natural gas storage capacity.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.