July 11, 2016 - 10:15 AM EDT
Print Email Article Font Down Font Up Charts

Enterprise Makes Final Payment for EFS Midstream Assets

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.

Enterprise Products Partners L.P.
Randy Burkhalter, (713) 381-6812
Investor Relations
or
Rick Rainey, (713) 381-3635
Media Relations


Source: Business Wire (July 11, 2016 - 10:15 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice