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 December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Selected Income Statement Data:
|
||||||||||||||||
Revenues
|
$
|
6,478.8
|
$
|
6,155.0
|
$
|
23,022.3
|
$
|
27,027.9
|
||||||||
Costs and expenses
|
5,647.8
|
5,291.6
|
19,803.6
|
23,861.3
|
||||||||||||
Equity in income of unconsolidated affiliates
|
92.2
|
71.1
|
362.0
|
373.6
|
||||||||||||
Operating income
|
923.2
|
934.5
|
3,580.7
|
3,540.2
|
||||||||||||
Interest expense
|
247.0
|
238.6
|
982.6
|
961.8
|
||||||||||||
Benefit from (provision for) income taxes
|
(10.3
|
)
|
6.9
|
(23.4
|
)
|
2.5
|
||||||||||
Net income
|
669.7
|
693.5
|
2,553.0
|
2,558.4
|
||||||||||||
Net income attributable to noncontrolling interests
|
10.9
|
8.7
|
39.9
|
37.2
|
||||||||||||
Net income attributable to limited partners
|
658.8
|
684.8
|
2,513.1
|
2,521.2
|
||||||||||||
Earnings per unit, fully diluted
|
$
|
0.31
|
$
|
0.34
|
$
|
1.20
|
$
|
1.26
|
||||||||
Gross Operating Margin by Segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
784.3
|
$
|
730.3
|
$
|
2,990.6
|
$
|
2,771.6
|
||||||||
Crude Oil Pipelines & Services
|
220.9
|
257.7
|
854.6
|
961.9
|
||||||||||||
Natural Gas Pipelines & Services
|
201.3
|
194.3
|
734.9
|
782.6
|
||||||||||||
Petrochemical & Refined Products Services
|
148.7
|
171.1
|
650.6
|
718.5
|
||||||||||||
Offshore Pipelines & Services
|
--
|
--
|
--
|
97.5
|
||||||||||||
Total segment gross operating margin (1)
|
1,355.2
|
1,353.4
|
5,230.7
|
5,332.1
|
||||||||||||
Net adjustment for shipper make-up rights (2)
|
2.1
|
1.1
|
17.1
|
7.1
|
||||||||||||
Total gross operating margin
|
$
|
1,357.3
|
$
|
1,354.5
|
$
|
5,247.8
|
$
|
5,339.2
|
||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
|||||||||||||||
(Unaudited)
|
||||||||||||||||
Selected Balance Sheet Data:
|
||||||||||||||||
Cash and cash equivalents (unrestricted)
|
$
|
63.1
|
$
|
19.0
|
||||||||||||
Total assets
|
52,194.0
|
48,802.2
|
||||||||||||||
Total debt principal outstanding, including
current maturities
|
23,901.6
|
22,738.5
|
||||||||||||||
Partners’ equity
|
22,047.0
|
20,295.1
|
||||||||||||||
Noncontrolling interests
|
219.0
|
206.0
|
||||||||||||||
(1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”).
(2) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC.
|
For the Three Months Ended
December 31,
|
For the Year Ended
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Operating income (GAAP)
|
$
|
923.2
|
$
|
934.5
|
$
|
3,580.7
|
$
|
3,540.2
|
||||||||
Adjustments to reconcile operating income to total gross operating margin:
|
||||||||||||||||
Add depreciation, amortization and accretion expense
|
371.1
|
346.2
|
1,456.7
|
1,428.2
|
||||||||||||
Add asset impairment and related charges
|
24.1
|
23.5
|
52.8
|
162.6
|
||||||||||||
Add net losses and subtract net gains attributable to
asset sales and insurance recoveries
|
(0.2
|
)
|
0.9
|
(2.5
|
)
|
15.6
|
||||||||||
Add general and administrative costs
|
39.1
|
49.4
|
160.1
|
192.6
|
||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
1,357.3
|
$
|
1,354.5
|
$
|
5,247.8
|
$
|
5,339.2
|
Exhibit No.
|
Description
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated January 30, 2017.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|||
By:
|
Enterprise Products Holdings LLC,
its General Partner
|
||
Date: January 30, 2017
|
By:
|
/s/ R. Daniel Boss
|
|
Name:
|
R. Daniel Boss
|
||
Title:
|
Senior Vice President-Accounting and Risk Control
of Enterprise Products Holdings LLC
|
||
By:
|
/s/ Michael W. Hanson
|
||
Name:
|
Michael W. Hanson
|
||
Title:
|
Vice President and Principal Accounting Officer
of Enterprise Products Holdings LLC
|
Exhibit No.
|
Description
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated January 30, 2017.
|
![]() |
Enterprise Products Partners L.P.
P.O. Box 4324
Houston, TX 77210
(713) 381-6500
|
Exhibit 99.1
|
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
($ in millions, except per unit amounts)
|
||||||||||||||||
Operating income
|
$
|
923
|
$
|
935
|
$
|
3,581
|
$
|
3,540
|
||||||||
Net income (1)
|
$
|
670
|
$
|
694
|
$
|
2,553
|
$
|
2,558
|
||||||||
Fully diluted earnings per unit (1)
|
$
|
0.31
|
$
|
0.34
|
$
|
1.20
|
$
|
1.26
|
||||||||
Net cash flow provided by operating activities (2)
|
$
|
1,408
|
$
|
1,411
|
$
|
4,067
|
$
|
4,002
|
||||||||
Total gross operating margin (3)
|
$
|
1,357
|
$
|
1,355
|
$
|
5,248
|
$
|
5,339
|
||||||||
Adjusted EBITDA (3)
|
$
|
1,355
|
$
|
1,335
|
$
|
5,256
|
$
|
5,267
|
||||||||
Distributable cash flow (3) (4)
|
$
|
1,031
|
$
|
1,089
|
$
|
4,103
|
$
|
5,607
|
(1)
|
Net income and fully diluted earnings per unit for the fourth quarters of 2016 and 2015 include non-cash impairment charges of approximately $24 million, or $0.01 per unit, for each period. For the years ended December 31, 2016 and 2015, net income and fully diluted earnings per unit include non-cash impairment and related charges of $53 million, or $0.02 per unit, and $203 million, or $0.10 per unit, respectively.
|
(2)
|
Net cash flow provided by operating activities includes the impact of timing of cash receipts and payments related to operations. For the fourth quarters of 2016 and 2015, the net effect of changes in operating accounts, which are a component of net cash flow provided by operating activities, were net increases of $309 million and $305 million, respectively. For the years ended December 31, 2016 and 2015, the net effect of changes in operating accounts were net decreases of $181 million and $323 million, respectively.
|
(3)
|
Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) and distributable cash flow are non-GAAP financial measures that are defined and reconciled later in this press release.
|
(4)
|
Distributable cash flow included proceeds from asset sales and insurance recoveries of $3 million and $71 million for the fourth quarters of 2016 and 2015, respectively, and $47 million and $1.6 billion for the years ended December 31, 2016 and 2015, respectively.
|
·
|
Enterprise increased its cash distribution with respect to the fourth quarter of 2016 by 5.1 percent over the fourth quarter of 2015 to $0.41 per unit, or $1.64 per unit on an annualized basis. This is the 50th consecutive quarterly increase and the 59th increase since the partnership’s initial public offering in 1998. This distribution will be paid on February 7, 2017 to unitholders of record as of the close of business on January 31, 2017;
|
·
|
Enterprise reported distributable cash flow of $1 billion for the fourth quarter of 2016, which provided 1.2 times coverage of the $0.41 per unit cash distribution, and retained $159 million of distributable cash flow in the fourth quarter of 2016.
|
·
|
Fourth Quarter Volume Highlights
|
|
Three months ended
December 31,
|
|||||||
|
2016
|
2015
|
||||||
NGL, crude oil, refined products & petrochemical pipeline
volumes (million BPD)
|
5.3
|
5.0
|
||||||
Marine terminal volumes (million BPD)
|
1.3
|
1.1
|
||||||
Natural gas pipeline volumes (TBtu/d)
|
11.5
|
11.9
|
||||||
NGL fractionation volumes (MBPD)
|
846
|
846
|
||||||
Fee-based natural gas processing volumes (Bcf/d)
|
4.4
|
4.9
|
||||||
Equity NGL production volumes (MBPD)
|
156
|
147
|
||||||
|
|
·
|
Capital investments were $553 million in the fourth quarter of 2016, including $73 million of sustaining capital expenditures. Total capital investment for 2016 was $4.1 billion, which includes $1.0 billion that Enterprise paid in July 2016 for the second and final installment payment for the acquisition of the EFS Midstream assets and $252 million of sustaining capital expenditures.
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||||||||||
Condensed Statements of Consolidated Operations – UNAUDITED
|
||||||||||||||||
($ in millions, except per unit amounts)
|
||||||||||||||||
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenues
|
$
|
6,478.8
|
$
|
6,155.0
|
$
|
23,022.3
|
$
|
27,027.9
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses
|
5,608.7
|
5,242.2
|
19,643.5
|
23,668.7
|
||||||||||||
General and administrative costs
|
39.1
|
49.4
|
160.1
|
192.6
|
||||||||||||
Total costs and expenses
|
5,647.8
|
5,291.6
|
19,803.6
|
23,861.3
|
||||||||||||
Equity in income of unconsolidated affiliates
|
92.2
|
71.1
|
362.0
|
373.6
|
||||||||||||
Operating income
|
923.2
|
934.5
|
3,580.7
|
3,540.2
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(247.0
|
)
|
(238.6
|
)
|
(982.6
|
)
|
(961.8
|
)
|
||||||||
Other, net
|
3.8
|
(9.3
|
)
|
(21.7
|
)
|
(22.5
|
)
|
|||||||||
Total other expense
|
(243.2
|
)
|
(247.9
|
)
|
(1,004.3
|
)
|
(984.3
|
)
|
||||||||
Income before income taxes
|
680.0
|
686.6
|
2,576.4
|
2,555.9
|
||||||||||||
Benefit from (provision for) income taxes
|
(10.3
|
)
|
6.9
|
(23.4
|
)
|
2.5
|
||||||||||
Net income
|
669.7
|
693.5
|
2,553.0
|
2,558.4
|
||||||||||||
Net income attributable to noncontrolling interests
|
(10.9
|
)
|
(8.7
|
)
|
(39.9
|
)
|
(37.2
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
658.8
|
$
|
684.8
|
$
|
2,513.1
|
$
|
2,521.2
|
||||||||
Per unit data (fully diluted):
|
||||||||||||||||
Earnings per unit
|
$
|
0.31
|
$
|
0.34
|
$
|
1.20
|
$
|
1.26
|
||||||||
Average limited partner units outstanding (in millions)
|
2,116.6
|
2,014.4
|
2,089.1
|
1,998.6
|
||||||||||||
Supplemental financial data:
|
||||||||||||||||
Net cash flow provided by operating activities
|
$
|
1,407.8
|
$
|
1,411.2
|
$
|
4,066.8
|
$
|
4,002.4
|
||||||||
Total debt principal outstanding at end of period
|
$
|
23,901.6
|
$
|
22,738.5
|
$
|
23,901.6
|
$
|
22,738.5
|
||||||||
Non-GAAP distributable cash flow (1)
|
$
|
1,031.1
|
$
|
1,088.8
|
$
|
4,102.8
|
$
|
5,607.3
|
||||||||
Non-GAAP Adjusted EBITDA (2)
|
$
|
1,355.1
|
$
|
1,335.1
|
$
|
5,255.9
|
$
|
5,267.3
|
||||||||
Gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
784.3
|
$
|
730.3
|
$
|
2,990.6
|
$
|
2,771.6
|
||||||||
Crude Oil Pipelines & Services
|
220.9
|
257.7
|
854.6
|
961.9
|
||||||||||||
Natural Gas Pipelines & Services
|
201.3
|
194.3
|
734.9
|
782.6
|
||||||||||||
Petrochemical & Refined Products Services
|
148.7
|
171.1
|
650.6
|
718.5
|
||||||||||||
Offshore Pipelines & Services
|
--
|
--
|
--
|
97.5
|
||||||||||||
Total segment gross operating margin (3)
|
1,355.2
|
1,353.4
|
5,230.7
|
5,332.1
|
||||||||||||
Net adjustment for shipper make-up rights (4)
|
2.1
|
1.1
|
17.1
|
7.1
|
||||||||||||
Non-GAAP total gross operating margin (5)
|
$
|
1,357.3
|
$
|
1,354.5
|
$
|
5,247.8
|
$
|
5,339.2
|
||||||||
Capital spending:
|
||||||||||||||||
Capital expenditures, net (6)
|
$
|
534.3
|
$
|
1,192.5
|
$
|
2,984.1
|
$
|
3,811.6
|
||||||||
Equity consideration issued for Step 2 of Oiltanking acquisition
|
--
|
--
|
--
|
1,408.7
|
||||||||||||
Cash used for business combinations, net of cash received
|
--
|
11.4
|
1,000.0
|
1,056.5
|
||||||||||||
Investments in unconsolidated affiliates
|
18.9
|
31.9
|
138.8
|
162.6
|
||||||||||||
Other investing activities
|
--
|
--
|
0.4
|
5.3
|
||||||||||||
Total capital spending, cash and non-cash
|
$
|
553.2
|
$
|
1,235.8
|
$
|
4,123.3
|
$
|
6,444.7
|
||||||||
(1) See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities.
(2) See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities.
(3) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”).
(4) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with recently issued guidance from the SEC.
(5) See Exhibit F for reconciliation to GAAP total operating income.
(6) 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 December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Selected operating data: (1)
|
||||||||||||||||
NGL Pipelines & Services, net:
|
||||||||||||||||
NGL pipeline transportation volumes (MBPD)
|
3,062
|
2,858
|
2,965
|
2,700
|
||||||||||||
NGL marine terminal volumes (MBPD)
|
440
|
327
|
436
|
302
|
||||||||||||
NGL fractionation volumes (MBPD)
|
846
|
846
|
828
|
826
|
||||||||||||
Equity NGL production (MBPD) (2)
|
156
|
147
|
141
|
133
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (3)
|
4,384
|
4,886
|
4,736
|
4,905
|
||||||||||||
Crude Oil Pipelines & Services, net:
|
||||||||||||||||
Crude oil transportation volumes (MBPD)
|
1,402
|
1,377
|
1,388
|
1,474
|
||||||||||||
Crude oil marine terminal volumes (MBPD)
|
468
|
443
|
495
|
557
|
||||||||||||
Natural Gas Pipelines & Services, net:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d) (4)
|
11,476
|
11,912
|
11,874
|
12,321
|
||||||||||||
Petrochemical & Refined Products Services, net:
|
||||||||||||||||
Propylene fractionation volumes (MBPD)
|
67
|
71
|
73
|
71
|
||||||||||||
Butane isomerization volumes (MBPD)
|
94
|
115
|
108
|
96
|
||||||||||||
Standalone DIB processing volumes (MBPD)
|
84
|
78
|
89
|
79
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
26
|
15
|
22
|
17
|
||||||||||||
Pipeline transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
840
|
804
|
837
|
784
|
||||||||||||
Refined products and petrochemicals marine terminal volumes
(MBPD)
|
417
|
336
|
389
|
355
|
||||||||||||
Offshore Pipelines & Services, net:
|
||||||||||||||||
Natural gas transportation volumes (BBtus/d)
|
--
|
--
|
--
|
587
|
||||||||||||
Crude oil transportation volumes (MBPD)
|
--
|
--
|
--
|
357
|
||||||||||||
Platform natural gas processing (MMcf/d)
|
--
|
--
|
--
|
101
|
||||||||||||
Platform crude oil processing (MBPD)
|
--
|
--
|
--
|
13
|
||||||||||||
Total, net:
|
||||||||||||||||
NGL, crude oil, refined products and petrochemical
transportation volumes (MBPD)
|
5,304
|
5,039
|
5,190
|
5,315
|
||||||||||||
Natural gas transportation volumes (BBtus/d)
|
11,476
|
11,912
|
11,874
|
12,908
|
||||||||||||
Equivalent transportation volumes (MBPD) (5)
|
8,324
|
8,174
|
8,315
|
8,712
|
||||||||||||
NGL, crude oil, refined products and petrochemical
marine terminal volumes (MBPD)
|
1,325
|
1,106
|
1,320
|
1,214
|
||||||||||||
(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) “BBtus/d” means billion British thermal units per day.
(5) Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units (“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
Grade
Propylene,
|
Refinery
Grade
Propylene,
|
|||||||||||||||||||||||||||||||||||||||
Natural
Gas,
|
Normal
Butane,
|
Natural
Gasoline,
|
WTI
|
LLS
|
||||||||||||||||||||||||||||||||||||
Ethane,
|
Propane,
|
Isobutane,
|
Crude Oil,
|
Crude Oil,
|
||||||||||||||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
|||||||||||||||||||||||||||||||
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
|||||||||||||||||||||
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
|
||||||||||||||||||||
4th Quarter
|
$
|
2.27
|
$
|
0.18
|
$
|
0.42
|
$
|
0.60
|
$
|
0.61
|
$
|
0.97
|
$
|
0.31
|
$
|
0.18
|
$
|
42.18
|
$
|
43.54
|
||||||||||||||||||||
YTD 2015 Averages
|
$
|
2.67
|
$
|
0.18
|
$
|
0.45
|
$
|
0.61
|
$
|
0.61
|
$
|
1.08
|
$
|
0.39
|
$
|
0.26
|
$
|
48.80
|
$
|
52.38
|
||||||||||||||||||||
2016 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.09
|
$
|
0.16
|
$
|
0.38
|
$
|
0.53
|
$
|
0.53
|
$
|
0.76
|
$
|
0.31
|
$
|
0.18
|
$
|
33.45
|
$
|
35.11
|
||||||||||||||||||||
2nd Quarter
|
$
|
1.95
|
$
|
0.20
|
$
|
0.49
|
$
|
0.62
|
$
|
0.63
|
$
|
0.96
|
$
|
0.33
|
$
|
0.19
|
$
|
45.59
|
$
|
47.35
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.81
|
$
|
0.19
|
$
|
0.47
|
$
|
0.63
|
$
|
0.67
|
$
|
0.98
|
$
|
0.38
|
$
|
0.24
|
$
|
44.94
|
$
|
46.52
|
||||||||||||||||||||
4th Quarter
|
$
|
2.98
|
$
|
0.24
|
$
|
0.58
|
$
|
0.83
|
$
|
0.90
|
$
|
1.08
|
$
|
0.36
|
$
|
0.24
|
$
|
49.29
|
$
|
50.53
|
||||||||||||||||||||
YTD 2016 Averages
|
$
|
2.46
|
$
|
0.20
|
$
|
0.48
|
$
|
0.65
|
$
|
0.68
|
$
|
0.94
|
$
|
0.34
|
$
|
0.21
|
$
|
43.32
|
$
|
44.88
|
||||||||||||||||||||
(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 IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical.
(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 December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income attributable to limited partners (GAAP)
|
$
|
658.8
|
$
|
684.8
|
$
|
2,513.1
|
$
|
2,521.2
|
||||||||
Adjustments to GAAP net income attributable to limited partners to derive non-
GAAP distributable cash flow:
|
||||||||||||||||
Add depreciation, amortization and accretion expenses
|
396.7
|
368.3
|
1,552.0
|
1,516.0
|
||||||||||||
Add distributions received from unconsolidated affiliates
|
118.0
|
99.7
|
451.5
|
462.1
|
||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(92.2
|
)
|
(71.1
|
)
|
(362.0
|
)
|
(373.6
|
)
|
||||||||
Subtract sustaining capital expenditures (1)
|
(72.6
|
)
|
(76.8
|
)
|
(252.0
|
)
|
(272.6
|
)
|
||||||||
Add net losses or subtract net gains attributable to asset sales and insurance
recoveries
|
(0.2
|
)
|
0.9
|
(2.5
|
)
|
15.6
|
||||||||||
Add cash proceeds from asset sales and insurance recoveries
|
2.6
|
71.3
|
46.5
|
1,608.6
|
||||||||||||
Add non-cash expense or subtract benefit attributable to changes in fair
value of the Liquidity Option Agreement
|
(3.5
|
)
|
9.6
|
24.5
|
25.4
|
|||||||||||
Add non-cash expense or subtract benefit attributable to changes in
fair value of derivative instruments
|
2.9
|
(10.7
|
)
|
45.0
|
(18.4
|
)
|
||||||||||
Add monetization of derivative instruments
|
6.1
|
--
|
6.1
|
--
|
||||||||||||
Add deferred income tax expense (benefit)
|
1.3
|
(7.3
|
)
|
6.6
|
(20.6
|
)
|
||||||||||
Add non-cash asset impairment and related charges
|
24.4
|
23.5
|
53.5
|
162.6
|
||||||||||||
Add or subtract other miscellaneous adjustments to derive non-GAAP
distributable cash flow, as applicable
|
(11.2
|
)
|
(3.4
|
)
|
20.5
|
(19.0
|
)
|
|||||||||
Distributable cash flow (non-GAAP)
|
1,031.1
|
1,088.8
|
4,102.8
|
5,607.3
|
||||||||||||
Adjustments to non-GAAP distributable cash flow to derive GAAP net cash flow
provided by operating activities:
|
||||||||||||||||
Add sustaining capital expenditures reflected in distributable cash flow
|
72.6
|
76.8
|
252.0
|
272.6
|
||||||||||||
Subtract cash proceeds from asset sales and insurance recoveries reflected
in distributable cash flow
|
(2.6
|
)
|
(71.3
|
)
|
(46.5
|
)
|
(1,608.6
|
)
|
||||||||
Subtract monetization of derivative instruments
|
(6.1
|
)
|
--
|
(6.1
|
)
|
--
|
||||||||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
308.8
|
304.6
|
(180.9
|
)
|
(323.3
|
)
|
||||||||||
Add or subtract miscellaneous non-cash and other amounts to reconcile non-
GAAP distributable cash flow with GAAP net cash flow provided by
operating activities, as applicable
|
4.0
|
12.3
|
(54.5
|
)
|
54.4
|
|||||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
1,407.8
|
$
|
1,411.2
|
$
|
4,066.8
|
$
|
4,002.4
|
||||||||
(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 Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income (GAAP)
|
$
|
669.7
|
$
|
693.5
|
$
|
2,553.0
|
$
|
2,558.4
|
||||||||
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
|
||||||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(92.2
|
)
|
(71.1
|
)
|
(362.0
|
)
|
(373.6
|
)
|
||||||||
Add distributions received from unconsolidated affiliates
|
118.0
|
99.7
|
451.5
|
462.1
|
||||||||||||
Add interest expense, including related amortization
|
247.0
|
238.6
|
982.6
|
961.8
|
||||||||||||
Add provision for or subtract benefit from income taxes
|
10.3
|
(6.9
|
)
|
23.4
|
(2.5
|
)
|
||||||||||
Add depreciation, amortization and accretion in costs and expenses
|
378.7
|
357.5
|
1,486.9
|
1,472.6
|
||||||||||||
Add non-cash asset impairment and related charges
|
24.4
|
23.5
|
53.5
|
162.6
|
||||||||||||
Add non-cash net losses or subtract net gains attributable to asset sales and
insurance recoveries
|
(0.2
|
)
|
1.4
|
(2.5
|
)
|
18.9
|
||||||||||
Add non-cash expense or subtract benefit attributable to changes in fair
value of the Liquidity Option Agreement
|
(3.5
|
)
|
9.6
|
24.5
|
25.4
|
|||||||||||
Add non-cash expense or subtract benefit attributable to changes
in fair value of derivative instruments
|
2.9
|
(10.7
|
)
|
45.0
|
(18.4
|
)
|
||||||||||
Adjusted EBITDA (non-GAAP)
|
1,355.1
|
1,335.1
|
5,255.9
|
5,267.3
|
||||||||||||
Adjustments to non-GAAP Adjusted EBITDA to derive GAAP net cash flow
provided by operating activities:
|
||||||||||||||||
Subtract interest expense, including related amortization, reflected in
Adjusted EBITDA
|
(247.0
|
)
|
(238.6
|
)
|
(982.6
|
)
|
(961.8
|
)
|
||||||||
Subtract provision for or add benefit from income taxes reflected in
Adjusted EBITDA
|
(10.3
|
)
|
6.9
|
(23.4
|
)
|
2.5
|
||||||||||
Subtract distributions received for return of capital from
unconsolidated affiliates |
(19.1
|
)
|
--
|
(71.0
|
)
|
--
|
||||||||||
Add deferred income tax expense or subtract benefit
|
1.3
|
(7.3
|
)
|
6.6
|
(20.6
|
)
|
||||||||||
Add or subtract the net effect of changes in operating
accounts, as applicable |
308.8
|
304.6
|
(180.9
|
)
|
(323.3
|
)
|
||||||||||
Add or subtract miscellaneous non-cash and other amounts to
reconcile non-GAAP Adjusted EBITDA with GAAP net cash
flows provided by operating activities
|
19.0
|
10.5
|
62.2
|
38.3
|
||||||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
1,407.8
|
$
|
1,411.2
|
$
|
4,066.8
|
$
|
4,002.4
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||||||||||
Total Gross Operating Margin – UNAUDITED
|
||||||||||||||||
($ in millions)
|
||||||||||||||||
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
1,357.3
|
$
|
1,354.5
|
$
|
5,247.8
|
$
|
5,339.2
|
||||||||
Adjustments to reconcile non-GAAP total gross operating margin to
GAAP total operating income:
|
||||||||||||||||
Subtract depreciation, amortization and accretion expense
amounts not reflected in gross operating margin
|
(371.1
|
)
|
(346.2
|
)
|
(1,456.7
|
)
|
(1,428.2
|
)
|
||||||||
Subtract non-cash asset impairment and related charges included
in operating expenses not reflected in gross operating margin |
(24.1
|
)
|
(23.5
|
)
|
(52.8
|
)
|
(162.6
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset sales
and insurance recoveries not reflected
in gross operating margin
|
0.2
|
(0.9
|
)
|
2.5
|
(15.6
|
)
|
||||||||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(39.1
|
)
|
(49.4
|
)
|
(160.1
|
)
|
(192.6
|
)
|
||||||||
Total operating income (GAAP)
|
$
|
923.2
|
$
|
934.5
|
$
|
3,580.7
|
$
|
3,540.2
|
/\ T?)0!)\5?B!#X$\-$Q>8=6OTDBL0JC",
M ,R,2",+N4X(.20,8R1\@3SS75Q+<7$LDT\KEY))&+,[$Y))/))/>NH^(WC-
MO'7C&XU=8Y(K146"TBDV[DB7.,X[EBS=3C=C) %U
MW_MW_P#1$=?7]?('QM_Y*]KO_;O_ .B(Z //Z*** /H#]F7_ )FG_MT_]K5[
M_7@'[,O_ #-/_;I_[6KW^@#QOX^^!UUCP^/%%G%(VH::@2<*6.^VR2?E /*L
MV[/ "[R