HOUSTON–(BUSINESS WIRE)–Jan. 29, 2015– Enterprise Products Partners L.P. (“Enterprise”) (NYSE:EPD) today announced its financial results for the three months and year ended December 31, 2014.
For the year ended 2014, Enterprise reported a record $5.3 billion in gross operating margin, a 9.7 percent increase over 2013. Distributable cash flow increased to $4.1 billion for 2014, an 8.8 percent increase compared to 2013. Distributions declared with respect to 2014 were $1.45 per unit, a 5.8 percent increase compared to 2013. Distributable cash flow for 2014 provided 1.5 times coverage of the distributions declared with respect to 2014 and enabled Enterprise to retain $1.4 billion of distributable cash flow to reinvest in the growth of the partnership.
“Enterprise reported another record year in 2014,” stated Michael A. Creel, chief executive officer of Enterprise’s general partner. “Our results were driven by volume growth in our fee-based businesses. Enterprise reported record volumes of 5.3 million barrels per day for its NGL, crude oil, refined products and petrochemical pipelines, 824 thousand barrels per day for its NGL fractionators and 4.8 billion cubic feet per day of fee-based natural gas processing volumes for 2014.”
“Our successes included the completion of $4.1 billion of organic growth projects that began commercial operations and contributed new sources of cash flow during 2014. These projects include our ATEX, Front Range and Seaway loop pipelines, as well as the first segment of our Aegis ethane pipeline. We also developed new projects that are currently under construction such as our ethane export terminal and South Eddy natural gas gathering and processing facilities,” said Creel.
“Another significant accomplishment was our $4.6 billion acquisition of general partner and limited partner interests inOiltanking Partners, L.P. This transaction extends and broadens Enterprise’s midstream services business by enhancing the partnership’s access to waterborne markets and increases its crude oil and petroleum products storage capacity. Our ownership in Oiltanking Partners provides new avenues for growth and secures marine terminal assets that are important to several of our businesses,” stated Creel.
“As we begin 2015, the energy sector is entering another commodity price cycle. We believe that Enterprise is well positioned to manage, adapt and prosper through this cycle. Our businesses are diversified and primarily fee-based. We enter 2015 with financial flexibility: $4.2 billion of liquidity; leverage consistent with our BBB+/Baa1 investment grade debt ratings; and healthy distribution coverage. We have over $6 billion of projects that will begin operations over the next two years and support continued distribution growth,” concluded Creel.