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Enterprise Products drifts lower after in-line Q3

Published 10/27/2016, 03:21 PM
Enterprise Products drifts lower after in-line Q3
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  • Enterprise Products Partners (EPD -1%) as its largely in-line Q3 results, in which its $635M quarterly profit fell by only 2% for last year while $5.92B in revenues fell from $6.3B a year ago, did little to excite investors.
  • EPD says it generated $1B in distributable cash flow, increased distribution to partners by 5.2% and retained $124M of distributable cash flow to reinvest in the business; the distributable cash flow coverage ratio was 1.15x.
  • EPD says it has $5.6B of growth capital projects under construction that will begin commercial service by the end of 2018 that will support continued distribution growth, including the PDH facility, the Midland-to-Sealy crude oil pipeline and a third natural gas processing plant in the Delaware Basin.
  • CEO Jim Teague says signs of life are returning to the largely depleted Eagle Ford and Haynesville shale plays, in addition to the active Permian Basin.

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