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,
|
||||||||
2017
|
2016
|
|||||||
(Unaudited)
|
||||||||
Selected Income Statement Data:
|
||||||||
Revenues
|
$
|
7,320.4
|
$
|
5,005.3
|
||||
Costs and expenses
|
6,383.6
|
4,190.8
|
||||||
Equity in income of unconsolidated affiliates
|
94.8
|
101.1
|
||||||
Operating income
|
1,031.6
|
915.6
|
||||||
Interest expense
|
249.3
|
240.6
|
||||||
Provision for income taxes
|
6.0
|
8.4
|
||||||
Net income
|
771.0
|
670.2
|
||||||
Net income attributable to noncontrolling interests
|
10.3
|
9.0
|
||||||
Net income attributable to limited partners
|
760.7
|
661.2
|
||||||
Earnings per unit, fully diluted
|
$
|
0.36
|
$
|
0.32
|
||||
Gross Operating Margin by Segment:
|
||||||||
NGL Pipelines & Services
|
$
|
856.0
|
$
|
783.7
|
||||
Crude Oil Pipelines & Services
|
264.6
|
202.3
|
||||||
Natural Gas Pipelines & Services
|
170.9
|
177.7
|
||||||
Petrochemical & Refined Products Services
|
181.8
|
154.8
|
||||||
Total segment gross operating margin (1)
|
1,473.3
|
1,318.5
|
||||||
Net adjustment for shipper make-up rights (2)
|
(4.2
|
)
|
5.8
|
|||||
Total gross operating margin
|
$
|
1,469.1
|
$
|
1,324.3
|
||||
March 31,
|
December 31,
|
|||||||
2017
|
2016
|
|||||||
(Unaudited)
|
||||||||
Selected Balance Sheet Data:
|
||||||||
Cash and cash equivalents (unrestricted)
|
$
|
62.4
|
$
|
63.1
|
||||
Total assets
|
51,507.9
|
52,194.0
|
||||||
Total debt principal outstanding, including
current maturities
|
23,624.8
|
23,901.6
|
||||||
Partners’ equity
|
22,579.3
|
22,047.0
|
||||||
Noncontrolling interests
|
220.7
|
219.0
|
||||||
(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 March 31,
|
||||||||
2017
|
2016
|
|||||||
Operating income (GAAP)
|
$
|
1,031.6
|
$
|
915.6
|
||||
Adjustments to reconcile operating income to total gross operating margin:
|
||||||||
Add depreciation, amortization and accretion expense
|
376.2
|
358.2
|
||||||
Add asset impairment and related charges in operating costs and expenses
|
11.2
|
1.7
|
||||||
Add net losses and subtract net gains attributable to asset sales and
insurance recoveries
|
(0.3
|
)
|
4.9
|
|||||
Add general and administrative costs
|
50.4
|
43.9
|
||||||
Total gross operating margin (non-GAAP)
|
$
|
1,469.1
|
$
|
1,324.3
|
Exhibit No.
|
Description
|
3.1
|
Amendment No. 1 to Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC, dated effective as of April 26, 2017.
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated May 2, 2017.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|||
By:
|
Enterprise Products Holdings LLC,
its General Partner
|
||
Date: May 2, 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
|
3.1
|
Amendment No. 1 to Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC, dated effective as of April 26, 2017.
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated May 2, 2017.
|
A.
|
WHEREAS, Section 18-305(g) of the Act provides that the rights of a member or manager to obtain information as provided in Section 18-305 of the Act may be restricted in an amendment to a limited liability company agreement approved or adopted by all of the members; and
|
B.
|
WHEREAS, DDLLC, the sole Member of the Company, deems it advisable to amend the Agreement as set forth herein.
|
MEMBER:
|
|||
DAN DUNCAN LLC
|
|||
By:
|
/s/ Richard H. Bachmann
|
||
Name:
|
Richard H. Bachmann
|
||
Title:
|
President and
Chief Executive Officer
|
![]() |
Enterprise Products Partners L.P.
P.O. Box 4324
Houston, TX 77210
(713) 381-6500
|
Exhibit 99.1
|
Three months
ended March 31,
|
||||||||
2017
|
2016
|
|||||||
($ in millions, except per unit amounts)
|
||||||||
Operating income
|
$
|
1,032
|
$
|
916
|
||||
Net income
|
$
|
771
|
$
|
670
|
||||
Fully diluted earnings per unit
|
$
|
0.36
|
$
|
0.32
|
||||
Net cash flow provided by operating activities (1)
|
$
|
854
|
$
|
900
|
||||
Total gross operating margin (2)
|
$
|
1,469
|
$
|
1,324
|
||||
Adjusted EBITDA (2)
|
$
|
1,414
|
$
|
1,327
|
||||
Distributable cash flow (2)
|
$
|
1,129
|
$
|
1,054
|
(1)
|
Net cash flow provided by operating activities includes the impact of the timing of cash receipts and payments related to operations. For the first quarters of 2017 and 2016, the net effect of changes in operating accounts, which are a component of net cash flow provided by operating activities, were reductions of $310 million and $186 million, respectively.
|
(2)
|
Total 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.
|
·
|
Net income for the first quarter of 2017 was $771 million compared to $670 million for the first quarter of 2016. Net income attributable to limited partners was $761 million, or $0.36 per unit on a fully diluted basis for the first quarter of 2017 compared to $661 million or $0.32 per unit on a fully diluted basis for the first quarter of 2016.
|
·
|
Enterprise increased its cash distribution with respect to the first quarter of 2017 by 5.1 percent over the first quarter of 2016 to $0.415 per unit, or $1.66 per unit on an annualized basis. This is the 51st consecutive quarterly increase and the 60th increase since the partnership’s initial public offering in 1998. This distribution will be paid on May 8, 2017 to unitholders of record as of the close of business on April 28, 2017.
|
·
|
Enterprise generated distributable cash flow of $1.1 billion for the first quarter of 2017, which provided approximately 1.3 times coverage of the $0.415 per unit distribution. The partnership retained $238 million of distributable cash flow for the first quarter of 2017, providing financial flexibility to fund growth capital projects, reduce debt and decrease the need to issue additional equity.
|
·
|
First Quarter Volume Highlights
|
Three months
ended March 31,
|
||||||||
2017
|
2016
|
|||||||
NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD)
|
5.4
|
5.2
|
||||||
Marine terminal volumes (million BPD)
|
1.4
|
1.3
|
||||||
Natural gas pipeline volumes (TBtu/d)
|
11.4
|
11.9
|
||||||
NGL fractionation volumes (MBPD)
|
799
|
836
|
||||||
Fee-based natural gas processing volumes (Bcf/d)
|
4.5
|
4.8
|
||||||
Equity NGL production volumes (MBPD)
|
150
|
145
|
·
|
Enterprise made capital investments of approximately $460 million during the first quarter of 2017, including $48 million of sustaining capital expenditures.
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||
Condensed Statements of Consolidated Operations – UNAUDITED
|
||||||||
($ in millions, except per unit amounts)
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Revenues
|
$
|
7,320.4
|
$
|
5,005.3
|
||||
Costs and expenses:
|
||||||||
Operating costs and expenses
|
6,333.2
|
4,146.9
|
||||||
General and administrative costs
|
50.4
|
43.9
|
||||||
Total costs and expenses
|
6,383.6
|
4,190.8
|
||||||
Equity in income of unconsolidated affiliates
|
94.8
|
101.1
|
||||||
Operating income
|
1,031.6
|
915.6
|
||||||
Other income (expense):
|
||||||||
Interest expense
|
(249.3
|
)
|
(240.6
|
)
|
||||
Other, net
|
(5.3
|
)
|
3.6
|
|||||
Total other expense
|
(254.6
|
)
|
(237.0
|
)
|
||||
Income before income taxes
|
777.0
|
678.6
|
||||||
Provision for income taxes
|
(6.0
|
)
|
(8.4
|
)
|
||||
Net income
|
771.0
|
670.2
|
||||||
Net income attributable to noncontrolling interests
|
(10.3
|
)
|
(9.0
|
)
|
||||
Net income attributable to limited partners
|
$
|
760.7
|
$
|
661.2
|
||||
Per unit data (fully diluted):
|
||||||||
Earnings per unit
|
$
|
0.36
|
$
|
0.32
|
||||
Average limited partner units outstanding (in millions)
|
2,134.9
|
2,040.5
|
||||||
Supplemental financial data:
|
||||||||
Net cash flow provided by operating activities
|
$
|
854.0
|
$
|
899.7
|
||||
Total debt principal outstanding at end of period
|
$
|
23,624.8
|
$
|
22,946.4
|
||||
Non-GAAP distributable cash flow (1)
|
$
|
1,128.6
|
$
|
1,053.6
|
||||
Non-GAAP Adjusted EBITDA (2)
|
$
|
1,414.4
|
$
|
1,327.2
|
||||
Gross operating margin by segment:
|
||||||||
NGL Pipelines & Services
|
$
|
856.0
|
$
|
783.7
|
||||
Crude Oil Pipelines & Services
|
264.6
|
202.3
|
||||||
Natural Gas Pipelines & Services
|
170.9
|
177.7
|
||||||
Petrochemical & Refined Products Services
|
181.8
|
154.8
|
||||||
Total segment gross operating margin (3)
|
1,473.3
|
|
1,318.5
|
|||||
Net adjustment for shipper make-up rights (4)
|
(4.2
|
)
|
5.8
|
|||||
Non-GAAP total gross operating margin (5)
|
$
|
1,469.1
|
$
|
1,324.3
|
||||
Capital spending:
|
||||||||
Capital expenditures, net (6)
|
$
|
430.4
|
$
|
995.0
|
||||
Investments in unconsolidated affiliates
|
13.7
|
70.4
|
||||||
Other investing activities
|
16.0
|
--
|
||||||
Total capital spending
|
$
|
460.1
|
$
|
1,065.4
|
||||
(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 March 31,
|
||||||||
2017
|
2016
|
|||||||
Selected operating data: (1)
|
||||||||
NGL Pipelines & Services, net:
|
||||||||
NGL pipeline transportation volumes (MBPD)
|
3,225
|
2,954
|
||||||
NGL marine terminal volumes (MBPD)
|
569
|
456
|
||||||
NGL fractionation volumes (MBPD)
|
799
|
836
|
||||||
Equity NGL production (MBPD) (2)
|
150
|
145
|
||||||
Fee-based natural gas processing (MMcf/d) (3)
|
4,489
|
4,781
|
||||||
Crude Oil Pipelines & Services, net:
|
||||||||
Crude oil pipeline transportation volumes (MBPD)
|
1,356
|
1,393
|
||||||
Crude oil marine terminal volumes (MBPD)
|
475
|
479
|
||||||
Natural Gas Pipelines & Services, net:
|
||||||||
Natural gas pipeline transportation volumes (BBtus/d) (4)
|
11,429
|
11,895
|
||||||
Petrochemical & Refined Products Services, net:
|
||||||||
Propylene fractionation volumes (MBPD)
|
80
|
69
|
||||||
Butane isomerization volumes (MBPD)
|
92
|
110
|
||||||
Standalone DIB processing volumes (MBPD)
|
83
|
96
|
||||||
Octane additive and related plant production volumes (MBPD)
|
20
|
10
|
||||||
Pipeline transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
827
|
852
|
||||||
Refined products and petrochemicals marine terminal volumes
(MBPD)
|
399
|
347
|
||||||
Total, net:
|
||||||||
NGL, crude oil, petrochemical and refined products
pipeline transportation volumes (MBPD)
|
5,408
|
5,199
|
||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
11,429
|
11,895
|
||||||
Equivalent pipeline transportation volumes (MBPD) (5)
|
8,416
|
8,329
|
||||||
NGL, crude oil, refined products and petrochemical
marine terminal volumes (MBPD)
|
1,443
|
1,282
|
||||||
(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
|
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)
|
|
|||||||||||||||||||||
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
|
||||||||||||||||||||
2017 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
3.32
|
$
|
0.23
|
$
|
0.71
|
$
|
0.98
|
$
|
0.94
|
$
|
1.10
|
$
|
0.47
|
$
|
0.32
|
$
|
51.91
|
$
|
53.52
|
||||||||||||||||||||
(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 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,
|
||||||||
2017
|
2016
|
|||||||
Net income attributable to limited partners (GAAP)
|
$
|
760.7
|
$
|
661.2
|
||||
Adjustments to GAAP net income attributable to limited partners to derive non-GAAP
distributable cash flow:
|
||||||||
Add depreciation, amortization and accretion expenses
|
402.3
|
382.1
|
||||||
Add distributions received from unconsolidated affiliates
|
102.5
|
115.8
|
||||||
Subtract equity in income of unconsolidated affiliates
|
(94.8
|
)
|
(101.1
|
)
|
||||
Subtract sustaining capital expenditures (1)
|
(48.0
|
)
|
(59.3
|
)
|
||||
Add net losses or subtract net gains attributable to asset sales
|
(0.3
|
)
|
4.9
|
|||||
Add cash proceeds from asset sales
|
2.0
|
13.4
|
||||||
Add non-cash expense or subtract benefit attributable to changes in fair
value of the Liquidity Option Agreement
|
5.5
|
(2.2
|
)
|
|||||
Add non-cash expense or subtract benefit attributable to changes in
fair value of derivative instruments
|
(20.3
|
)
|
20.1
|
|||||
Add deferred income tax expense
|
0.1
|
4.1
|
||||||
Add non-cash asset impairment and related charges
|
11.2
|
1.7
|
||||||
Add or subtract other miscellaneous adjustments to derive non-GAAP
distributable cash flow, as applicable
|
7.7
|
12.9
|
||||||
Distributable cash flow (non-GAAP)
|
1,128.6
|
1,053.6
|
||||||
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
|
48.0
|
59.3
|
||||||
Subtract cash proceeds from asset sales reflected in distributable cash flow
|
(2.0
|
)
|
(13.4
|
)
|
||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
(310.4
|
)
|
(186.4
|
)
|
||||
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
|
(10.2
|
)
|
(13.4
|
)
|
||||
Net cash flow provided by operating activities (GAAP)
|
$
|
854.0
|
$
|
899.7
|
||||
(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,
|
||||||||||||
2017
|
2016
|
2017
|
||||||||||
Net income (GAAP)
|
$
|
771.0
|
$
|
670.2
|
$
|
2,653.8
|
||||||
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
|
||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(94.8
|
)
|
(101.1
|
)
|
(355.7
|
)
|
||||||
Add distributions received from unconsolidated affiliates
|
102.5
|
115.8
|
438.2
|
|||||||||
Add interest expense, including related amortization
|
249.3
|
240.6
|
991.3
|
|||||||||
Add provision for income taxes
|
6.0
|
8.4
|
21.0
|
|||||||||
Add depreciation, amortization and accretion in costs and expenses
|
384.3
|
367.1
|
1,504.1
|
|||||||||
Add non-cash asset impairment and related charges
|
11.2
|
1.7
|
63.0
|
|||||||||
Add non-cash net losses or subtract net gains attributable to asset sales
|
(0.3
|
)
|
6.6
|
(9.4
|
)
|
|||||||
Add non-cash expense or subtract benefit attributable to changes in fair
value of the Liquidity Option Agreement
|
5.5
|
(2.2
|
)
|
32.2
|
||||||||
Add losses or subtract gains attributable to unrealized changes
in the fair market value of derivative instruments
|
(20.3
|
)
|
20.1
|
4.6
|
||||||||
Adjusted EBITDA (non-GAAP)
|
1,414.4
|
1,327.2
|
5,343.1
|
|||||||||
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
|
(249.3
|
)
|
(240.6
|
)
|
(991.3
|
)
|
||||||
Subtract provision for income taxes reflected in
Adjusted EBITDA
|
(6.0
|
)
|
(8.4
|
)
|
(21.0
|
)
|
||||||
Subtract distributions received for return of capital from
unconsolidated affiliates |
(12.0
|
)
|
(9.1
|
)
|
(73.9
|
)
|
||||||
Add deferred income tax expense
|
0.1
|
4.1
|
2.6
|
|||||||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
(310.4
|
)
|
(186.4
|
)
|
(304.9
|
)
|
||||||
Add or subtract miscellaneous non-cash and other amounts to reconcile
non-GAAP Adjusted EBITDA with GAAP net cash flow provided by
operating activities
|
17.2
|
12.9
|
66.5
|
|||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
854.0
|
$
|
899.7
|
$
|
4,021.1
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||
Gross Operating Margin – UNAUDITED
|
||||||||
($ in millions)
|
||||||||
For the Three Months
Ended March 31,
|
||||||||
2017
|
2016
|
|||||||
Total gross operating margin (non-GAAP)
|
$
|
1,469.1
|
$
|
1,324.3
|
||||
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
|
(376.2
|
)
|
(358.2
|
)
|
||||
Subtract non-cash asset impairment charges not reflected in gross
operating margin
|
(11.2
|
)
|
(1.7
|
)
|
||||
Add net gains or subtract net losses attributable to asset sales
not reflected in gross operating margin
|
0.3
|
(4.9
|
)
|
|||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(50.4
|
)
|
(43.9
|
)
|
||||
Operating income (GAAP)
|
$
|
1,031.6
|
$
|
915.6
|
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