Delaware
|
1-14323
|
76-0568219
|
(State or other jurisdiction of
|
(Commission File Number)
|
(IRS Employer
|
incorporation)
|
Identification No.)
|
1100 Louisiana Street, 10th Floor, Houston, Texas
|
77002
|
(Address of principal executive offices)
|
(Zip Code)
|
For the Three Months
Ended March 31,
|
||||||||
2015
|
2014
|
|||||||
(Unaudited)
|
||||||||
Selected Income Statement Data:
|
||||||||
Revenues
|
$
|
7,472.5
|
$
|
12,909.9
|
||||
Costs and expenses
|
6,665.7
|
11,933.7
|
||||||
Equity in income of unconsolidated affiliates
|
89.2
|
56.5
|
||||||
Operating income
|
896.0
|
1,032.7
|
||||||
Interest expense
|
239.1
|
220.9
|
||||||
Provision for income taxes
|
6.8
|
4.8
|
||||||
Net income
|
650.6
|
806.7
|
||||||
Net income attributable to noncontrolling interests
|
14.5
|
7.9
|
||||||
Net income attributable to limited partners
|
636.1
|
798.8
|
||||||
Earnings per unit, fully diluted
|
$
|
0.32
|
$
|
0.43
|
||||
Non-GAAP Gross Operating Margin by Segment:
|
||||||||
NGL Pipelines & Services
|
$
|
695.2
|
$
|
780.0
|
||||
Onshore Natural Gas Pipelines & Services
|
204.5
|
220.4
|
||||||
Onshore Crude Oil Pipelines & Services
|
214.0
|
159.7
|
||||||
Offshore Pipelines & Services
|
46.1
|
39.3
|
||||||
Petrochemical & Refined Products Services
|
174.6
|
130.4
|
||||||
Total gross operating margin
|
$
|
1,334.4
|
$
|
1,329.8
|
||||
March 31,
|
December 31,
|
|||||||
2015
|
2014
|
|||||||
(Unaudited)
|
||||||||
Selected Balance Sheet Data:
|
||||||||
Cash and cash equivalents (unrestricted)
|
$
|
81.1
|
$
|
74.4
|
||||
Total assets
|
46,505.3
|
47,100.7
|
||||||
Total debt principal outstanding, including
current maturities
|
21,620.7
|
21,389.2
|
||||||
Partners’ equity
|
19,835.7
|
18,063.2
|
||||||
Noncontrolling interests
|
222.4
|
1,629.0
|
Enterprise Products Partners L.P.
|
||||||||
Gross Operating Margin – UNAUDITED
|
||||||||
($ in millions)
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2015
|
2014
|
|||||||
Total gross operating margin (non-GAAP)
|
$
|
1,334.4
|
$
|
1,329.8
|
||||
Adjustments to reconcile non-GAAP gross operating margin to
GAAP operating income:
|
||||||||
Subtract depreciation, amortization and accretion expense
amounts not reflected in gross operating margin
|
(345.3
|
)
|
(301.4
|
)
|
||||
Subtract impairment charges not reflected in gross
operating margin
|
(33.3
|
)
|
(8.8
|
)
|
||||
Add net gains attributable to asset sales and insurance
recoveries not reflected in gross operating margin
|
0.1
|
89.6
|
||||||
Subtract non-refundable deferred revenues attributable to
shipper make-up rights on new pipeline projects reflected
in gross operating margin
|
(30.7
|
)
|
(23.3
|
)
|
||||
Add subsequent recognition of deferred revenues attributable to
make-up rights not reflected in gross operating margin
|
20.1
|
--
|
||||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(49.3
|
)
|
(53.2
|
)
|
||||
Operating income (GAAP)
|
$
|
896.0
|
$
|
1,032.7
|
§
|
the merger of a wholly owned subsidiary of Enterprise with and into Oiltanking, with Oiltanking surviving the merger as a wholly owned subsidiary of Enterprise; and
|
§
|
all outstanding common units of Oiltanking at the effective time of the merger held by Oiltanking’s public unitholders (which consisted of Oiltanking unitholders other than Enterprise and its subsidiaries) to be cancelled and converted into Enterprise common units based on an exchange ratio of 1.30 Enterprise common units for each Oiltanking common unit.
|
Exhibit No.
|
Description
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated April 30, 2015.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|||
By: Enterprise Products Holdings LLC,
its General Partner
|
|||
Date: April 30, 2015
|
By:
|
/s/ Michael J. Knesek
|
|
Name:
|
Michael J. Knesek
|
||
Title:
|
Senior Vice President, Controller and Principal
Accounting Officer of Enterprise Products Holdings LLC
|
Exhibit No.
|
Description
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated April 30, 2015.
|
Enterprise Products Partners L.P.
P.O. Box 4324
Houston, TX 77210
(713) 381-6500
|
Three months ended
March 31,
|
||||||||
2015
|
2014
|
|||||||
($ in millions, except per unit amounts)
|
||||||||
Gross operating margin (1)
|
$
|
1,334
|
$
|
1,330
|
||||
Net income (2) (3)
|
$
|
651
|
$
|
807
|
||||
Fully diluted earnings per unit (2) (3)
|
$
|
0.32
|
$
|
0.43
|
||||
Adjusted EBITDA (1)
|
$
|
1,326
|
$
|
1,366
|
||||
Distributable cash flow (1)
|
$
|
1,030
|
$
|
1,087
|
(1)
|
Gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and distributable cash flow are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release.
|
(2)
|
For the three months ended March 31, 2014, net income and fully diluted earnings per unit included net gains of $90 million, or $0.05 per unit, attributable to asset sales and insurance recoveries.
|
(3)
|
For the three months ended March 31, 2015 and 2014, net income and fully diluted earnings per unit included non-cash asset impairment charges of $33 million, or $0.02 per unit, and $9 million, or less than $0.01 per unit, respectively.
|
Three months ended
March 31,
|
||||||||
2015
|
2014
|
|||||||
NGL, crude oil, refined products and petrochemical
transportation volumes (MBPD) (1)
|
5,217
|
5,136
|
||||||
Natural gas transportation volumes (BBtus/d) (2)
|
13,122
|
13,089
|
||||||
NGL fractionation volumes (MBPD) (1)
|
798
|
792
|
||||||
Fee-based natural gas processing volumes (MMcf/d) (3)
|
4,784
|
4,715
|
||||||
Equity NGL production (MBPD) (1)
|
134
|
137
|
(1)
|
“NGL” means natural gas liquids and “MBPD” means thousand barrels per day.
|
(2)
|
“BBtus/d” means billion British thermal units per day.
|
(3)
|
“MMcf/d” means million cubic feet per day.
|
·
|
Enterprise increased its cash distribution with respect to the first quarter of 2015 by 5.6 percent to $0.375 per unit compared to the first quarter of 2014;
|
·
|
Enterprise reported distributable cash flow of $1.0 billion for the first quarter of 2015, which provided 1.4 times coverage of the $0.375 per unit cash distribution and resulted in $295 million of retained distributable cash flow; and
|
·
|
Affiliates of privately held Enterprise Products Company (“EPCO”), which collectively own our general partner and approximately 35 percent of our outstanding limited partner interests, purchased $100 million of common units from Enterprise during the first quarter of 2015 and expect to purchase an additional $50 million of common units through Enterprise’s distribution reinvestment plan in May 2015.
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||
Condensed Statements of Consolidated Operations – UNAUDITED
|
||||||||
($ in millions, except per unit amounts)
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2015
|
2014
|
|||||||
Revenues
|
$
|
7,472.5
|
$
|
12,909.9
|
||||
Costs and expenses:
|
||||||||
Operating costs and expenses
|
6,616.4
|
11,880.5
|
||||||
General and administrative costs
|
49.3
|
53.2
|
||||||
Total costs and expenses
|
6,665.7
|
11,933.7
|
||||||
Equity in income of unconsolidated affiliates
|
89.2
|
56.5
|
||||||
Operating income
|
896.0
|
1,032.7
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(239.1
|
)
|
(220.9
|
)
|
||||
Other, net
|
0.5
|
(0.3
|
)
|
|||||
Total other expense, net
|
(238.6
|
)
|
(221.2
|
)
|
||||
Income before income taxes
|
657.4
|
811.5
|
||||||
Provision for income taxes
|
(6.8
|
)
|
(4.8
|
)
|
||||
Net income
|
650.6
|
806.7
|
||||||
Net income attributable to noncontrolling interests
|
(14.5
|
)
|
(7.9
|
)
|
||||
Net income attributable to limited partners
|
$
|
636.1
|
$
|
798.8
|
||||
Per unit data (fully diluted): (1)
|
||||||||
Earnings per unit
|
$
|
0.32
|
$
|
0.43
|
||||
Average limited partner units outstanding (in millions)
|
1,966.7
|
1,875.9
|
||||||
Supplemental financial data:
|
||||||||
Non-GAAP distributable cash flow (2)
|
$
|
1,029.7
|
$
|
1,087.0
|
||||
Non-GAAP Adjusted EBITDA (3)
|
$
|
1,326.0
|
$
|
1,365.8
|
||||
Non-GAAP gross operating margin by segment: (4)
|
||||||||
NGL Pipelines & Services
|
$
|
695.2
|
$
|
780.0
|
||||
Onshore Natural Gas Pipelines & Services
|
204.5
|
220.4
|
||||||
Onshore Crude Oil Pipelines & Services
|
214.0
|
159.7
|
||||||
Offshore Pipelines & Services
|
46.1
|
39.3
|
||||||
Petrochemical & Refined Products Services
|
174.6
|
130.4
|
||||||
Total gross operating margin
|
$
|
1,334.4
|
$
|
1,329.8
|
||||
Net cash flows provided by operating activities
|
$
|
954.0
|
$
|
1,404.1
|
||||
Total debt principal outstanding at end of period
|
$
|
21,620.7
|
$
|
18,382.7
|
||||
Capital spending:
|
||||||||
Capital expenditures, net (5)
|
$
|
793.2
|
$
|
695.4
|
||||
Equity consideration issued for Oiltanking acquisition
|
1,408.7
|
--
|
||||||
Investments in unconsolidated affiliates
|
68.3
|
284.7
|
||||||
Total capital spending, cash and non-cash
|
$
|
2,270.2
|
$
|
980.1
|
||||
(1) On July 15, 2014, the partnership announced that its general partner had approved a two-for-one unit split. The additional common units were distributed on August 21, 2014. All per unit amounts and number of units outstanding presented on this Exhibit A are on a post-split basis.
(2) See Exhibit D for reconciliation to GAAP net cash flows provided by operating activities.
(3) See Exhibit E for reconciliation to GAAP net cash flows provided by operating activities.
(4) See Exhibit F for reconciliation to GAAP operating income.
(5) Capital expenditures for property, plant and equipment are presented net of contributions in aid of construction cost.
|
Enterprise Products Partners L.P.
|
Exhibit B
|
|||||||
Selected Operating Data – UNAUDITED
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2015
|
2014
|
|||||||
Selected operating data: (1)
|
||||||||
NGL Pipelines & Services, net:
|
||||||||
NGL transportation volumes (MBPD)
|
2,690
|
2,838
|
||||||
NGL fractionation volumes (MBPD)
|
798
|
792
|
||||||
Equity NGL production (MBPD) (2)
|
134
|
137
|
||||||
Fee-based natural gas processing (MMcf/d) (3)
|
4,784
|
4,715
|
||||||
Onshore Natural Gas Pipelines & Services, net:
|
||||||||
Natural gas transportation volumes (BBtus/d)
|
12,503
|
12,520
|
||||||
Onshore Crude Oil Pipelines & Services, net:
|
||||||||
Crude oil transportation volumes (MBPD)
|
1,384
|
1,260
|
||||||
Offshore Pipelines & Services, net:
|
||||||||
Natural gas transportation volumes (BBtus/d)
|
619
|
569
|
||||||
Crude oil transportation volumes (MBPD)
|
340
|
335
|
||||||
Platform natural gas processing (MMcf/d)
|
124
|
147
|
||||||
Platform crude oil processing (MBPD)
|
15
|
17
|
||||||
Petrochemical & Refined Products Services, net:
|
||||||||
Butane isomerization and deisobutanizer volumes (MBPD)
|
127
|
154
|
||||||
Propylene fractionation volumes (MBPD)
|
74
|
73
|
||||||
Octane additive and related plant production volumes (MBPD)
|
8
|
6
|
||||||
Transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
803
|
703
|
||||||
Total, net:
|
||||||||
NGL, crude oil, refined products and petrochemical
transportation volumes (MBPD)
|
5,217
|
5,136
|
||||||
Natural gas transportation volumes (BBtus/d)
|
13,122
|
13,089
|
||||||
Equivalent transportation volumes (MBPD) (4)
|
8,670
|
8,580
|
||||||
(1) Operating rates are reported on a net basis, which takes 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) Represents the NGL volumes we earn and take title to in connection with our processing activities.
(3) Volumes reported correspond to the revenue streams earned by our gas plants.
(4) Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 MMBtus of natural gas transportation volumes are equivalent to one barrel of NGLs transported.
|
Enterprise Products Partners L.P.
|
Exhibit C
|
|||||||||||||||||||||||||||||||||||||||
Selected Commodity Price Information
|
||||||||||||||||||||||||||||||||||||||||
Polymer
|
Refinery
|
|||||||||||||||||||||||||||||||||||||||
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
WTI
|
LLS
|
||||||||||||||||||||||||||||||||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
Crude Oil,
|
Crude Oil,
|
|||||||||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
|||||||||||||||||||||||||||||||
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
|||||||||||||||||||||
2014 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
4.95
|
$
|
0.34
|
$
|
1.30
|
$
|
1.39
|
$
|
1.42
|
$
|
2.12
|
$
|
0.73
|
$
|
0.61
|
$
|
98.68
|
$
|
104.43
|
||||||||||||||||||||
2nd Quarter
|
$
|
4.68
|
$
|
0.29
|
$
|
1.06
|
$
|
1.25
|
$
|
1.30
|
$
|
2.21
|
$
|
0.70
|
$
|
0.57
|
$
|
102.99
|
$
|
105.55
|
||||||||||||||||||||
3rd Quarter
|
$
|
4.07
|
$
|
0.24
|
$
|
1.04
|
$
|
1.25
|
$
|
1.28
|
$
|
2.11
|
$
|
0.71
|
$
|
0.58
|
$
|
97.21
|
$
|
100.94
|
||||||||||||||||||||
4th Quarter
|
$
|
4.04
|
$
|
0.21
|
$
|
0.76
|
$
|
0.98
|
$
|
0.99
|
$
|
1.49
|
$
|
0.69
|
$
|
0.52
|
$
|
73.15
|
$
|
76.08
|
||||||||||||||||||||
YTD 2014 Averages
|
$
|
4.43
|
$
|
0.27
|
$
|
1.04
|
$
|
1.22
|
$
|
1.25
|
$
|
1.98
|
$
|
0.71
|
$
|
0.57
|
$
|
93.01
|
$
|
96.75
|
||||||||||||||||||||
2015 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.99
|
$
|
0.19
|
$
|
0.53
|
$
|
0.68
|
$
|
0.68
|
$
|
1.10
|
$
|
0.50
|
$
|
0.37
|
$
|
48.63
|
$
|
52.83
|
||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
(3) Polymer-grade propylene prices represent average contract pricing for such product as reported by Chemical Market Associates, Inc. (“CMAI”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by CMAI.
(4) Crude oil prices are based on commercial index prices for West Texas Intermediate (“WTI”) as measured on the New York Mercantile Exchange (“NYMEX”) and for Louisiana Light Sweet (“LLS”) as reported by Platts.
|
Enterprise Products Partners L.P.
|
Exhibit D
|
|||||||
Distributable Cash Flow – UNAUDITED
|
||||||||
($ in millions)
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2015
|
2014
|
|||||||
Net income attributable to limited partners (GAAP)
|
$
|
636.1
|
$
|
798.8
|
||||
Adjustments to GAAP net income attributable to limited partners to derive non-GAAP
distributable cash flow:
|
||||||||
Add depreciation, amortization and accretion expenses
|
367.4
|
319.9
|
||||||
Add distributions received from unconsolidated affiliates
|
134.4
|
71.7
|
||||||
Subtract equity in income of unconsolidated affiliates
|
(89.2
|
)
|
(56.5
|
)
|
||||
Subtract sustaining capital expenditures (1)
|
(50.7
|
)
|
(78.3
|
)
|
||||
Subtract net gains attributable to asset sales and
insurance recoveries
|
(0.1
|
)
|
(89.6
|
)
|
||||
Add cash proceeds from asset sales and insurance recoveries
|
0.5
|
96.3
|
||||||
Add deferred income tax expense or subtract benefit, as applicable
|
1.5
|
0.2
|
||||||
Add impairment charges
|
33.3
|
8.8
|
||||||
Add or subtract other miscellaneous adjustments to derive non-GAAP
distributable cash flow, as applicable
|
(3.5
|
)
|
15.7
|
|||||
Distributable cash flow (non-GAAP)
|
1,029.7
|
1,087.0
|
||||||
Adjustments to non-GAAP distributable cash flow to derive GAAP net cash flows
provided by operating activities:
|
||||||||
Add sustaining capital expenditures reflected in distributable cash flow
|
50.7
|
78.3
|
||||||
Subtract cash proceeds from asset sales and insurance recoveries reflected in
distributable cash flow
|
(0.5
|
)
|
(96.3
|
)
|
||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
(139.0
|
)
|
342.5
|
|||||
Add or subtract miscellaneous non-cash and other amounts to reconcile non-
GAAP distributable cash flow with GAAP net cash flows provided by
operating activities, as applicable
|
13.1
|
(7.4
|
)
|
|||||
Net cash flows provided by operating activities (GAAP)
|
$
|
954.0
|
$
|
1,404.1
|
||||
(1) 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.
|
Enterprise Products Partners L.P.
|
Exhibit E
|
|||||||||||
Adjusted EBITDA - UNAUDITED
|
||||||||||||
($ in millions)
|
For the Twelve Months Ended
March 31,
|
|||||||||||
For the Three Months
Ended March 31,
|
||||||||||||
2015
|
2014
|
2015
|
||||||||||
Net income (GAAP)
|
$
|
650.6
|
$
|
806.7
|
$
|
2,677.4
|
||||||
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
|
||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(89.2
|
)
|
(56.5
|
)
|
(292.2
|
)
|
||||||
Add distributions received from unconsolidated affiliates
|
134.4
|
71.7
|
437.8
|
|||||||||
Add interest expense, including related amortization
|
239.1
|
220.9
|
939.2
|
|||||||||
Add provision for income taxes
|
6.8
|
4.8
|
25.1
|
|||||||||
Add depreciation, amortization and accretion in costs and expenses
|
355.6
|
311.1
|
1,369.6
|
|||||||||
Add non-cash losses attributable to asset sales
|
--
|
6.1
|
1.6
|
|||||||||
Add losses and subtract gains attributable to unrealized changes
in the fair market value of derivative instruments
|
(4.6
|
)
|
(7.8
|
)
|
33.8
|
|||||||
Add non-cash asset impairment charges
|
33.3
|
8.8
|
58.5
|
|||||||||
Adjusted EBITDA (non-GAAP)
|
1,326.0
|
1,365.8
|
5,250.8
|
|||||||||
Adjustments to non-GAAP Adjusted EBITDA to derive GAAP net cash flows
provided by operating activities:
|
||||||||||||
Subtract interest expense, including related amortization, reflected in
Adjusted EBITDA
|
(239.1
|
)
|
(220.9
|
)
|
(939.2
|
)
|
||||||
Subtract provision for income taxes reflected in
Adjusted EBITDA
|
(6.8
|
)
|
(4.8
|
)
|
(25.1
|
)
|
||||||
Subtract gains attributable to asset sales and insurance recoveries
|
(0.1
|
)
|
(95.7
|
)
|
(14.2
|
)
|
||||||
Add deferred income tax expense or subtract benefit, as applicable
|
1.5
|
0.2
|
7.4
|
|||||||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
(139.0
|
)
|
342.5
|
(589.7
|
)
|
|||||||
Add miscellaneous non-cash and other amounts to reconcile non-GAAP
Adjusted EBITDA with GAAP net cash flows provided by operating
activities
|
11.5
|
17.0
|
22.1
|
|||||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
954.0
|
$
|
1,404.1
|
$
|
3,712.1
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||
Gross Operating Margin – UNAUDITED
|
||||||||
($ in millions)
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2015
|
2014
|
|||||||
Total gross operating margin (non-GAAP)
|
$
|
1,334.4
|
$
|
1,329.8
|
||||
Adjustments to reconcile non-GAAP gross operating margin to
GAAP operating income:
|
||||||||
Subtract depreciation, amortization and accretion expense
amounts not reflected in gross operating margin
|
(345.3
|
)
|
(301.4
|
)
|
||||
Subtract impairment charges not reflected in gross
operating margin
|
(33.3
|
)
|
(8.8
|
)
|
||||
Add net gains attributable to asset sales and insurance
recoveries not reflected in gross operating margin
|
0.1
|
89.6
|
||||||
Subtract non-refundable deferred revenues attributable to shipper
make-up rights on major new pipeline projects included
in gross operating margin
|
(30.7
|
)
|
(23.3
|
)
|
||||
Add subsequent recognition of deferred revenues attributable to
make-up rights
|
20.1
|
--
|
||||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(49.3
|
)
|
(53.2
|
)
|
||||
Operating income (GAAP)
|
$
|
896.0
|
$
|
1,032.7
|
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