Enterprise Increases Cash Distribution Rate
Enterprise Products Partners L.P. (NYSE:EPD) today announced that the board of directors of its general partner declared an increase in its quarterly cash distribution rate to partners to $0.5225 per common unit, or $2.09 per unit on an annualized basis. The quarterly distribution will be paid on November 12, 2008, to unitholders of record at the close of business October 31, 2008. This distribution represents a 6.6 percent increase compared to the $0.49 per unit quarterly distribution declared for the third quarter of 2007.
“We continue to benefit from our large, diversified asset position across the midstream energy value chain and look forward to the scheduled completion of three large capital growth projects this quarter: the expansion of our Meeker natural gas processing plant and the completion of the Exxon central treating facility in the growing Piceance basin, and the expansion of the Sherman Extension to our Texas Intrastate natural gas pipeline system serving the prolific Barnett Shale area. We expect to continue our disciplined financial strategy of retaining cash flow this quarter, adding to the $212 million of cash retained through the first six months this year,” said Michael A. Creel, Enterprise president and chief executive officer.
Enterprise has now increased its cash distribution rate 17 consecutive quarters, representing the 26th increase since its initial public offering in 1998.
Enterprise will announce its earnings for the third quarter 2008 on Thursday, October 23, 2008, before the New York Stock Exchange opens for trading. Following the announcement, the company will host a conference call at 9 a.m. CT with analysts and investors to discuss third quarter 2008 earnings. The call will be broadcast live on the Internet and may be accessed at the company’s website, www.epplp.com.
To listen to the webcast, participants should access the “Investor Resources” section of the company’s website at least fifteen minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available for one week following the conference call and can be accessed one hour after the completion of the call.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Enterprise transports natural gas, NGLs, crude oil and petrochemicals through more than 35,000 miles of onshore and offshore pipelines. Services include natural gas transportation, gathering, processing and storage; NGL fractionation (or separation), transportation, storage, and import and export terminaling; crude oil transportation and offshore production platform services. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP LLC, which is wholly owned by Enterprise GP Holdings L.P. (NYSE:EPE). For more information on Enterprise GP Holdings L.P., visit www.enterprisegp.com.