Enterprise Products Partners L.P. (NYSE:EPD) today announced it has paid
the second, and final, installment of $1.0 billion to acquire 100
percent of the membership interests in EFS Midstream LLC (“EFS
Midstream”). Consistent with the terms of the transaction, the payment
comes within one year of the initial $1.15 billion Enterprise paid when
it closed on the purchase of EFS Midstream on July 8, 2015.
After the $1.0 billion payment for the member interests in EFS
Midstream, Enterprise has consolidated liquidity of approximately $4.0
billion, which is comprised of unrestricted cash on hand and available
borrowing capacity under its $4.0 billion multi-year revolving credit
facility and $1.5 billion 364-day credit facility.
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; and a marine transportation business that operates primarily
on the United States inland and Intracoastal Waterway systems. The
partnership’s assets include approximately 49,000 miles of pipelines;
250 million barrels of storage capacity for NGLs, crude oil, refined
products and petrochemicals; 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160711005841/en/
Copyright Business Wire 2016
Source: Business Wire
(July 11, 2016 - 10:15 AM EDT)
News by QuoteMedia
www.quotemedia.com