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 September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Selected Income Statement Data:
|
||||||||||||||||
Revenues
|
$
|
6,307.9
|
$
|
12,330.2
|
$
|
20,872.9
|
$
|
37,760.9
|
||||||||
Costs and expenses
|
5,501.6
|
11,464.8
|
18,569.7
|
35,085.3
|
||||||||||||
Equity in income of unconsolidated affiliates
|
103.1
|
72.3
|
302.5
|
179.1
|
||||||||||||
Operating income
|
909.4
|
937.7
|
2,605.7
|
2,854.7
|
||||||||||||
Interest expense
|
243.7
|
229.8
|
723.2
|
679.6
|
||||||||||||
Provision for income taxes
|
5.5
|
7.7
|
4.4
|
22.5
|
||||||||||||
Net income
|
657.7
|
699.2
|
1,864.9
|
2,152.4
|
||||||||||||
Net income attributable to noncontrolling interests
|
8.4
|
8.1
|
28.5
|
24.8
|
||||||||||||
Net income attributable to limited partners
|
649.3
|
691.1
|
1,836.4
|
2,127.6
|
||||||||||||
Earnings per unit, fully diluted
|
$
|
0.32
|
$
|
0.37
|
$
|
0.92
|
$
|
1.13
|
||||||||
Non-GAAP Gross Operating Margin by Segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
695.5
|
$
|
711.5
|
$
|
2,041.3
|
$
|
2,172.4
|
||||||||
Crude Oil Pipelines & Services
|
254.6
|
190.8
|
704.2
|
534.5
|
||||||||||||
Natural Gas Pipelines & Services
|
192.4
|
195.4
|
588.3
|
618.8
|
||||||||||||
Petrochemical & Refined Products Services
|
191.5
|
190.3
|
547.4
|
482.4
|
||||||||||||
Offshore Pipelines & Services
|
7.1
|
47.1
|
97.5
|
120.0
|
||||||||||||
Total gross operating margin
|
$
|
1,341.1
|
$
|
1,335.1
|
$
|
3,978.7
|
$
|
3,928.1
|
||||||||
September 30,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
|||||||||||||||
(Unaudited)
|
||||||||||||||||
Selected Balance Sheet Data:
|
||||||||||||||||
Cash and cash equivalents (unrestricted)
|
$
|
80.5
|
$
|
74.4
|
||||||||||||
Total assets
|
48,527.8
|
47,201.0
|
||||||||||||||
Total debt principal outstanding, including
current maturities
|
22,497.8
|
21,389.2
|
||||||||||||||
Partners’ equity
|
20,162.1
|
18,063.2
|
||||||||||||||
Noncontrolling interests
|
190.8
|
1,629.0
|
Enterprise Products Partners L.P.
|
||||||||||||||||
Gross Operating Margin – UNAUDITED
|
||||||||||||||||
($ in millions)
|
||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
1,341.1
|
$
|
1,335.1
|
$
|
3,978.7
|
$
|
3,928.1
|
||||||||
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
|
(351.1
|
)
|
(322.7
|
)
|
(1,082.0
|
)
|
(936.5
|
)
|
||||||||
Subtract non-cash impairment charges not reflected in
gross operating margin
|
(26.8
|
)
|
(5.7
|
)
|
(139.1
|
)
|
(18.2
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset
sales and insurance recoveries not reflected in gross
operating margin
|
(12.3
|
)
|
2.6
|
(14.7
|
)
|
99.0
|
||||||||||
Subtract non-refundable deferred revenues attributable to
shipper make-up rights on new pipeline projects
reflected in gross operating margin
|
(3.4
|
)
|
(21.6
|
)
|
(39.3
|
)
|
(66.8
|
)
|
||||||||
Add subsequent recognition of deferred revenues
attributable to make-up rights
|
10.9
|
--
|
45.3
|
--
|
||||||||||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(49.0
|
)
|
(50.0
|
)
|
(143.2
|
)
|
(150.9
|
)
|
||||||||
Operating income (GAAP)
|
$
|
909.4
|
$
|
937.7
|
$
|
2,605.7
|
$
|
2,854.7
|
§
|
North Dean pipeline conversion and expansion – The 149-mile pipeline will be converted from refinery grade propylene (“RGP”) service to PGP service. The conversion is scheduled for completion in January 2017. Originating at our Mont Belvieu, Texas complex, the converted pipeline will serve petrochemical facilities as far south as Seadrift, Texas in Calhoun County. Construction of a 33-mile lateral pipeline, new metering stations and additional pumping capacity will accommodate the additional volumes and increase total PGP delivery capacity to more than 150 MBPD.
|
§
|
Lou-Tex propylene pipeline conversion – The 263-mile, bi-directional pipeline, which currently transports chemical grade propylene between Sorrento, Louisiana and Mont Belvieu, Texas will be converted to PGP service. The conversion is scheduled for completion in 2020.
|
§
|
RGP pipeline and rail terminal expansion – Construction of a new 65-mile, 10-inch diameter pipeline, which will transport RGP between Sorrento and Breaux Bridge, Louisiana, is scheduled for completion
|
|
in early 2017. Rail receipt facilities at Mont Belvieu are also being expanded to give us the capability to unload up to 100 RGP rail cars per day.
|
Exhibit No.
|
Description
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated October 29, 2015.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|||
By: Enterprise Products Holdings LLC,
its General Partner
|
|||
Date: October 29, 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 October 29, 2015.
|
|
Enterprise Products Partners L.P.
P.O. Box 4324
Houston, TX 77210
(713) 381-6500
|
Exhibit 99.1
|
Three months ended
September 30,
|
Nine months ended
September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
($ in millions, except per unit amounts)
|
||||||||||||||||
Gross operating margin (1)
|
$
|
1,341
|
$
|
1,335
|
$
|
3,979
|
$
|
3,928
|
||||||||
Net income (2) (3)
|
$
|
658
|
$
|
699
|
$
|
1,865
|
$
|
2,152
|
||||||||
Fully diluted earnings per unit (2) (3)
|
$
|
0.32
|
$
|
0.37
|
$
|
0.92
|
$
|
1.13
|
||||||||
Adjusted EBITDA (1)
|
$
|
1,310
|
$
|
1,309
|
$
|
3,932
|
$
|
3,923
|
||||||||
Distributable cash flow (1) (4)
|
$
|
2,501
|
$
|
975
|
$
|
4,519
|
$
|
3,016
|
(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)
|
Net income and fully diluted earnings per unit for the third quarters of 2015 and 2014 included non-cash impairment charges of approximately $27 million, or $0.01 per unit, and $6 million, or less than $0.01 per unit, respectively. Non-cash impairment and related charges for the nine months ended September 30, 2015 and 2014 were $179 million, or $0.09 per unit, and $18 million, or $0.01 per unit, respectively.
|
(3)
|
Net income and fully diluted earnings per unit included net losses attributable to asset sales and insurance recoveries of $12 million, or $0.01 per unit, for the third quarter of 2015, and $15 million, or $0.01 per unit, for the nine months ended September 30, 2015, which was primarily from the sale of the partnership’s offshore business in July 2015. Net income and fully diluted earnings per unit included net gains of approximately $3 million, or less than $0.01 per unit for the third quarter of 2014, and $99 million, or $0.05 per unit, for the nine months ended September 30, 2014.
|
(4)
|
Distributable cash flow included proceeds from asset sales and insurance recoveries of $1.5 billion and $8 million for the third quarters of 2015 and 2014, respectively, and $1.5 billion and $122 million for the nine months ended September 30, 2015 and 2014, respectively.
|
·
|
Enterprise announced an increase in its cash distribution with respect to the third quarter of 2015 by 5.5 percent to $0.385 per unit compared to the third quarter of 2014;
|
·
|
Enterprise reported distributable cash flow of $2.5 billion for the third quarter of 2015, which included $1.5 billion of proceeds from the sale of its offshore Gulf of Mexico business. After adjusting for these sales proceeds, distributable cash flow was $970 million, which provided 1.3 times coverage of the $0.385 per unit cash distribution and resulted in $209 million of retained distributable cash flow; and
|
·
|
Affiliates of privately held Enterprise Products Company (“EPCO”), which collectively own Enterprise’s general partner and approximately 34 percent of Enterprise’s 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 privately held affiliates’ total investment made in 2015 in Enterprise common units to $200 million.
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||||||||||
Condensed Statements of Consolidated Operations – UNAUDITED
|
||||||||||||||||
($ in millions, except per unit amounts)
|
||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$
|
6,307.9
|
$
|
12,330.2
|
$
|
20,872.9
|
$
|
37,760.9
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses
|
5,452.6
|
11,414.8
|
18,426.5
|
34,934.4
|
||||||||||||
General and administrative costs
|
49.0
|
50.0
|
143.2
|
150.9
|
||||||||||||
Total costs and expenses
|
5,501.6
|
11,464.8
|
18,569.7
|
35,085.3
|
||||||||||||
Equity in income of unconsolidated affiliates
|
103.1
|
72.3
|
302.5
|
179.1
|
||||||||||||
Operating income
|
909.4
|
937.7
|
2,605.7
|
2,854.7
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(243.7
|
)
|
(229.8
|
)
|
(723.2
|
)
|
(679.6
|
)
|
||||||||
Other, net
|
(2.5
|
)
|
(1.0
|
)
|
(13.2
|
)
|
(0.2
|
)
|
||||||||
Total other expense
|
(246.2
|
)
|
(230.8
|
)
|
(736.4
|
)
|
(679.8
|
)
|
||||||||
Income before income taxes
|
663.2
|
706.9
|
1,869.3
|
2,174.9
|
||||||||||||
Provision for income taxes
|
(5.5
|
)
|
(7.7
|
)
|
(4.4
|
)
|
(22.5
|
)
|
||||||||
Net income
|
657.7
|
699.2
|
1,864.9
|
2,152.4
|
||||||||||||
Net income attributable to noncontrolling interests
|
(8.4
|
)
|
(8.1
|
)
|
(28.5
|
)
|
(24.8
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
649.3
|
$
|
691.1
|
$
|
1,836.4
|
$
|
2,127.6
|
||||||||
Per unit data (fully diluted):
|
||||||||||||||||
Earnings per unit
|
$
|
0.32
|
$
|
0.37
|
$
|
0.92
|
$
|
1.13
|
||||||||
Average limited partner units outstanding (in millions)
|
2,010.5
|
1,883.4
|
1,993.3
|
1,880.0
|
||||||||||||
Supplemental financial data:
|
||||||||||||||||
Non-GAAP distributable cash flow (1)
|
$
|
2,501.3
|
$
|
974.8
|
$
|
4,518.5
|
$
|
3,015.6
|
||||||||
Non-GAAP Adjusted EBITDA (2)
|
$
|
1,309.9
|
$
|
1,309.0
|
$
|
3,932.2
|
$
|
3,923.0
|
||||||||
Non-GAAP gross operating margin by segment: (3)
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
695.5
|
$
|
711.5
|
$
|
2,041.3
|
$
|
2,172.4
|
||||||||
Crude Oil Pipelines & Services
|
254.6
|
190.8
|
704.2
|
534.5
|
||||||||||||
Natural Gas Pipelines & Services
|
192.4
|
195.4
|
588.3
|
618.8
|
||||||||||||
Petrochemical & Refined Products Services
|
191.5
|
190.3
|
547.4
|
482.4
|
||||||||||||
Offshore Pipelines & Services
|
7.1
|
47.1
|
97.5
|
120.0
|
||||||||||||
Total gross operating margin
|
$
|
1,341.1
|
$
|
1,335.1
|
$
|
3,978.7
|
$
|
3,928.1
|
||||||||
Net cash flows provided by operating activities
|
$
|
689.6
|
$
|
832.5
|
$
|
2,591.2
|
$
|
2,704.4
|
||||||||
Total debt principal outstanding at end of period
|
$
|
22,497.8
|
$
|
19,672.7
|
$
|
22,497.8
|
$
|
19,672.7
|
||||||||
Capital spending:
|
||||||||||||||||
Capital expenditures, net (4)
|
$
|
988.9
|
$
|
687.0
|
$
|
2,619.1
|
$
|
1,859.5
|
||||||||
Equity consideration issued for Oiltanking acquisition
|
--
|
--
|
1,408.7
|
--
|
||||||||||||
Cash used for business combinations, net of cash received
|
1,045.1
|
--
|
1,045.1
|
--
|
||||||||||||
Investments in unconsolidated affiliates
|
16.6
|
84.5
|
130.7
|
583.3
|
||||||||||||
Other investing activities
|
--
|
--
|
5.3
|
6.0
|
||||||||||||
Total capital spending, cash and non-cash
|
$
|
2,050.6
|
$
|
771.5
|
$
|
5,208.9
|
$
|
2,448.8
|
||||||||
(1) See Exhibit D for reconciliation to GAAP net cash flows provided by operating activities.
(2) See Exhibit E for reconciliation to GAAP net cash flows provided by operating activities.
(3) See Exhibit F for reconciliation to GAAP operating income.
(4) 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 September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Selected operating data: (1)
|
||||||||||||||||
NGL Pipelines & Services, net:
|
||||||||||||||||
NGL transportation volumes (MBPD)
|
3,156
|
2,866
|
2,942
|
2,862
|
||||||||||||
NGL fractionation volumes (MBPD)
|
837
|
823
|
819
|
820
|
||||||||||||
Equity NGL production (MBPD) (2)
|
129
|
103
|
129
|
125
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (3)
|
5,035
|
4,958
|
4,911
|
4,872
|
||||||||||||
Crude Oil Pipelines & Services, net:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
1,535
|
1,266
|
1,507
|
1,274
|
||||||||||||
Natural Gas Pipelines & Services, net:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
12,387
|
12,486
|
12,459
|
12,541
|
||||||||||||
Petrochemical & Refined Products Services, net:
|
||||||||||||||||
Butane isomerization and deisobutanizer volumes (MBPD)
|
197
|
181
|
169
|
174
|
||||||||||||
Propylene fractionation volumes (MBPD)
|
72
|
73
|
71
|
72
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
20
|
20
|
17
|
15
|
||||||||||||
Transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
904
|
809
|
862
|
782
|
||||||||||||
Offshore Pipelines & Services, net:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
565
|
683
|
587
|
621
|
||||||||||||
Crude oil transportation volumes (MBPD)
|
344
|
335
|
357
|
329
|
||||||||||||
Platform natural gas processing (MMcf/d)
|
82
|
152
|
101
|
150
|
||||||||||||
Platform crude oil processing (MBPD)
|
9
|
16
|
13
|
14
|
||||||||||||
Total, net:
|
||||||||||||||||
NGL, crude oil, refined products and petrochemical
transportation volumes (MBPD)
|
5,939
|
5,276
|
5,668
|
5,247
|
||||||||||||
Natural gas transportation volumes (BBtus/d)
|
12,952
|
13,169
|
13,046
|
13,162
|
||||||||||||
Equivalent transportation volumes (MBPD) (4)
|
9,347
|
8,742
|
9,101
|
8,711
|
||||||||||||
(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. “MMcf/d” means million cubic feet per day.
(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
|
||||||||||||||||||||
2nd Quarter
|
$
|
2.65
|
$
|
0.18
|
$
|
0.46
|
$
|
0.59
|
$
|
0.60
|
$
|
1.26
|
$
|
0.42
|
$
|
0.29
|
$
|
57.94
|
$
|
62.97
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.77
|
$
|
0.19
|
$
|
0.40
|
$
|
0.55
|
$
|
0.55
|
$
|
0.98
|
$
|
0.33
|
$
|
0.21
|
$
|
46.43
|
$
|
50.17
|
||||||||||||||||||||
YTD 2015 Averages
|
$
|
2.80
|
$
|
0.19
|
$
|
0.46
|
$
|
0.61
|
$
|
0.61
|
$
|
1.11
|
$
|
0.42
|
$
|
0.29
|
$
|
51.00
|
$
|
55.32
|
||||||||||||||||||||
(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 September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income attributable to limited partners (GAAP)
|
$
|
649.3
|
$
|
691.1
|
$
|
1,836.4
|
$
|
2,127.6
|
||||||||
Adjustments to GAAP net income attributable to limited partners to derive non-
GAAP distributable cash flow:
|
||||||||||||||||
Add depreciation, amortization and accretion expenses
|
372.8
|
341.4
|
1,147.7
|
992.4
|
||||||||||||
Add distributions received from unconsolidated affiliates
|
96.9
|
103.6
|
362.4
|
260.7
|
||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(103.1
|
)
|
(72.3
|
)
|
(302.5
|
)
|
(179.1
|
)
|
||||||||
Subtract sustaining capital expenditures (1)
|
(84.3
|
)
|
(106.8
|
)
|
(195.8
|
)
|
(262.0
|
)
|
||||||||
Add net losses or subtract net gains attributable to asset sales and
insurance recoveries
|
12.3
|
(2.6
|
)
|
14.7
|
(99.0
|
)
|
||||||||||
Add cash proceeds from asset sales and insurance recoveries
|
1,531.4
|
8.3
|
1,537.3
|
121.5
|
||||||||||||
Add non-cash expense attributable to changes in fair value of the
Liquidity Option Agreement
|
4.3
|
--
|
15.8
|
--
|
||||||||||||
Add deferred income tax expense or subtract benefit
|
(1.6
|
)
|
2.0
|
(13.3
|
)
|
2.6
|
||||||||||
Add non-cash impairment charges
|
26.8
|
5.7
|
139.1
|
18.2
|
||||||||||||
Add or subtract other miscellaneous adjustments to derive non-GAAP
distributable cash flow, as applicable
|
(3.5
|
)
|
4.4
|
(23.3
|
)
|
32.7
|
||||||||||
Distributable cash flow (non-GAAP)
|
2,501.3
|
974.8
|
4,518.5
|
3,015.6
|
||||||||||||
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
|
84.3
|
106.8
|
195.8
|
262.0
|
||||||||||||
Subtract cash proceeds from asset sales and insurance recoveries reflected in
distributable cash flow
|
(1,531.4
|
)
|
(8.3
|
)
|
(1,537.3
|
)
|
(121.5
|
)
|
||||||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
(377.2
|
)
|
(237.2
|
)
|
(627.9
|
)
|
(435.8
|
)
|
||||||||
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
|
12.6
|
(3.6
|
)
|
42.1
|
(15.9
|
)
|
||||||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
689.6
|
$
|
832.5
|
$
|
2,591.2
|
$
|
2,704.4
|
||||||||
(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
September 30,
|
||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||||||
2015
|
2014
|
2015
|
2014
|
2015
|
||||||||||||||||
Net income (GAAP)
|
$
|
657.7
|
$
|
699.2
|
$
|
1,864.9
|
$
|
2,152.4
|
$
|
2,546.0
|
||||||||||
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
|
||||||||||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(103.1
|
)
|
(72.3
|
)
|
(302.5
|
)
|
(179.1
|
)
|
(382.9
|
)
|
||||||||||
Add distributions received from unconsolidated affiliates
|
96.9
|
103.6
|
362.4
|
260.7
|
476.8
|
|||||||||||||||
Add interest expense, including related amortization
|
243.7
|
229.8
|
723.2
|
679.6
|
964.6
|
|||||||||||||||
Add provision for income taxes
|
5.5
|
7.7
|
4.4
|
22.5
|
5.0
|
|||||||||||||||
Add depreciation, amortization and accretion in costs and expenses
|
362.3
|
332.7
|
1,115.1
|
966.2
|
1,474.0
|
|||||||||||||||
Add non-cash asset impairment charges
|
26.8
|
5.7
|
139.1
|
18.2
|
154.9
|
|||||||||||||||
Add non-cash losses attributable to asset sales
|
13.6
|
0.2
|
17.5
|
6.3
|
18.9
|
|||||||||||||||
Add non-cash expense attributable to changes in fair value of the
Liquidity Option Agreement
|
4.3
|
--
|
15.8
|
--
|
15.8
|
|||||||||||||||
Add losses or subtract gains attributable to unrealized changes
in the fair market value of derivative instruments
|
2.2
|
2.4
|
(7.7
|
)
|
(3.8
|
)
|
26.7
|
|||||||||||||
Adjusted EBITDA (non-GAAP)
|
1,309.9
|
1,309.0
|
3,932.2
|
3,923.0
|
5,299.8
|
|||||||||||||||
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
|
(243.7
|
)
|
(229.8
|
)
|
(723.2
|
)
|
(679.6
|
)
|
(964.6
|
)
|
||||||||||
Subtract provision for income taxes reflected in Adjusted EBITDA
|
(5.5
|
)
|
(7.7
|
)
|
(4.4
|
)
|
(22.5
|
)
|
(5.0
|
)
|
||||||||||
Subtract gains attributable to asset sales and insurance recoveries
|
(1.3
|
)
|
(2.8
|
)
|
(2.8
|
)
|
(105.3
|
)
|
(7.3
|
)
|
||||||||||
Add deferred income tax expense or subtract benefit
|
(1.6
|
)
|
2.0
|
(13.3
|
)
|
2.6
|
(9.8
|
)
|
||||||||||||
Add or subtract the net effect of changes in operating accounts, as
applicable
|
(377.2
|
)
|
(237.2
|
)
|
(627.9
|
)
|
(435.8
|
)
|
(300.3
|
)
|
||||||||||
Add or subtract miscellaneous non-cash and other amounts to reconcile
non-GAAP Adjusted EBITDA with GAAP net cash flows provided by
operating activities
|
9.0
|
(1.0
|
)
|
30.6
|
22.0
|
36.2
|
||||||||||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
689.6
|
$
|
832.5
|
$
|
2,591.2
|
$
|
2,704.4
|
$
|
4,049.0
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||||||||||
Gross Operating Margin – UNAUDITED
|
||||||||||||||||
($ in millions)
|
||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
1,341.1
|
$
|
1,335.1
|
$
|
3,978.7
|
$
|
3,928.1
|
||||||||
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
|
(351.1
|
)
|
(322.7
|
)
|
(1,082.0
|
)
|
(936.5
|
)
|
||||||||
Subtract non-cash impairment charges not reflected in gross
operating margin
|
(26.8
|
)
|
(5.7
|
)
|
(139.1
|
)
|
(18.2
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset sales and
insurance recoveries not reflected in gross operating margin
|
(12.3
|
)
|
2.6
|
(14.7
|
)
|
99.0
|
||||||||||
Subtract non-refundable deferred revenues attributable to
shipper make-up rights on new pipeline projects reflected
in gross operating margin
|
(3.4
|
)
|
(21.6
|
)
|
(39.3
|
)
|
(66.8
|
)
|
||||||||
Add subsequent recognition of deferred revenues attributable to
make-up rights
|
10.9
|
--
|
45.3
|
--
|
||||||||||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(49.0
|
)
|
(50.0
|
)
|
(143.2
|
)
|
(150.9
|
)
|
||||||||
Operating income (GAAP)
|
$
|
909.4
|
$
|
937.7
|
$
|
2,605.7
|
$
|
2,854.7
|
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