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Name | Symbol | Market | Type |
---|---|---|---|
Enterprise Products Partners LP | NYSE:EPD | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.29 | -1.03% | 27.79 | 28.18 | 27.66 | 28.11 | 6,150,806 | 23:23:23 |
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,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Selected Income Statement Data:
|
||||||||||||||||
Revenues
|
$
|
6,155.0
|
$
|
10,190.3
|
$
|
27,027.9
|
$
|
47,951.2
|
||||||||
Costs and expenses
|
5,291.6
|
9,349.7
|
23,861.3
|
44,435.0
|
||||||||||||
Equity in income of unconsolidated affiliates
|
71.1
|
80.4
|
373.6
|
259.5
|
||||||||||||
Operating income
|
934.5
|
921.0
|
3,540.2
|
3,775.7
|
||||||||||||
Interest expense
|
238.6
|
241.4
|
961.8
|
921.0
|
||||||||||||
Benefit from (provision for) income taxes
|
6.9
|
(0.6
|
)
|
2.5
|
(23.1
|
)
|
||||||||||
Net income
|
693.5
|
681.1
|
2,558.4
|
2,833.5
|
||||||||||||
Net income attributable to noncontrolling interests
|
8.7
|
21.3
|
37.2
|
46.1
|
||||||||||||
Net income attributable to limited partners
|
684.8
|
659.8
|
2,521.2
|
2,787.4
|
||||||||||||
Earnings per unit, fully diluted
|
$
|
0.34
|
$
|
0.34
|
$
|
1.26
|
$
|
1.47
|
||||||||
Non-GAAP Gross Operating Margin by Segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
730.3
|
$
|
705.3
|
$
|
2,771.6
|
$
|
2,877.7
|
||||||||
Crude Oil Pipelines & Services
|
257.7
|
228.0
|
961.9
|
762.5
|
||||||||||||
Natural Gas Pipelines & Services
|
194.3
|
184.5
|
782.6
|
803.3
|
||||||||||||
Petrochemical & Refined Products Services
|
171.1
|
198.6
|
718.5
|
681.0
|
||||||||||||
Offshore Pipelines & Services
|
--
|
42.0
|
97.5
|
162.0
|
||||||||||||
Total gross operating margin
|
$
|
1,353.4
|
$
|
1,358.4
|
$
|
5,332.1
|
$
|
5,286.5
|
||||||||
December 31,
|
December 31,
|
|||||||||||||||
2015
|
2014
|
|||||||||||||||
(Unaudited)
|
||||||||||||||||
Selected Balance Sheet Data:
|
||||||||||||||||
Cash and cash equivalents (unrestricted)
|
$
|
19.0
|
$
|
74.4
|
||||||||||||
Total assets
|
48,952.0
|
47,201.0
|
||||||||||||||
Total debt principal outstanding, including
current maturities
|
22,738.5
|
21,389.2
|
||||||||||||||
Partners' equity
|
20,295.1
|
18,063.2
|
||||||||||||||
Noncontrolling interests
|
206.0
|
1,629.0
|
Enterprise Products Partners L.P.
|
||||||||||||||||
Gross Operating Margin – UNAUDITED
|
||||||||||||||||
($ in millions)
|
||||||||||||||||
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
1,353.4
|
$
|
1,358.4
|
$
|
5,332.1
|
$
|
5,286.5
|
||||||||
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
|
(346.2
|
)
|
(346.2
|
)
|
(1,428.2
|
)
|
(1,282.7
|
)
|
||||||||
Subtract non-cash impairment charges not reflected in
gross operating margin
|
(23.5
|
)
|
(15.8
|
)
|
(162.6
|
)
|
(34.0
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset
sales and insurance recoveries not reflected in gross
operating margin
|
(0.9
|
)
|
3.1
|
(15.6
|
)
|
102.1
|
||||||||||
Subtract non-refundable deferred revenues attributable to
shipper make-up rights on new pipeline projects
reflected in gross operating margin
|
(14.3
|
)
|
(17.8
|
)
|
(53.6
|
)
|
(84.6
|
)
|
||||||||
Add subsequent recognition of deferred revenues
attributable to make-up rights
|
15.4
|
2.9
|
60.7
|
2.9
|
||||||||||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(49.4
|
)
|
(63.6
|
)
|
(192.6
|
)
|
(214.5
|
)
|
||||||||
Operating income (GAAP)
|
$
|
934.5
|
$
|
921.0
|
$
|
3,540.2
|
$
|
3,775.7
|
Exhibit No.
|
Description
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated January 28, 2016.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
|
|||
By: Enterprise Products Holdings LLC,
its General Partner
|
|||
Date: January 28, 2016
|
By:
|
/s/ Michael J. Knesek
|
|
Name:
|
Michael J. Knesek
|
||
Title:
|
Senior Vice President, Controller and Principal
Accounting Officer of Enterprise Products Holdings LLC
|
Exhibit No.
|
Description
|
99.1
|
Enterprise Products Partners L.P. earnings press release dated January 28, 2016.
|
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,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
($ in millions, except per unit amounts)
|
||||||||||||||||
Gross operating margin (1)
|
$
|
1,353
|
$
|
1,358
|
$
|
5,332
|
$
|
5,287
|
||||||||
Net income (2) (3)
|
$
|
694
|
$
|
681
|
$
|
2,558
|
$
|
2,834
|
||||||||
Fully diluted earnings per unit (2) (3)
|
$
|
0.34
|
$
|
0.34
|
$
|
1.26
|
$
|
1.47
|
||||||||
Adjusted EBITDA (1)
|
$
|
1,335
|
$
|
1,368
|
$
|
5,267
|
$
|
5,291
|
||||||||
Distributable cash flow (1) (4)
|
$
|
1,089
|
$
|
1,063
|
$
|
5,607
|
$
|
4,079
|
(1)
|
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.
|
(2)
|
Net income and fully diluted earnings per unit for the fourth quarters of 2015 and 2014 included non-cash impairment charges of approximately $24 million, or $0.01 per unit, and $16 million, or $0.01 per unit, respectively. For the years ended December 31, 2015 and 2014, net income and fully diluted earnings per unit included non-cash impairment and related charges of $203 million, or $0.10 per unit, and $34 million, or $0.02 per unit, respectively.
|
(3)
|
Net income and fully diluted earnings per unit included net losses attributable to asset sales and insurance recoveries of $16 million, or $0.01 per unit for the year ended December 31, 2015, and net gains of $102 million, or $0.06 per unit for the year ended December 31, 2014.
|
(4)
|
Distributable cash flow included proceeds from asset sales and insurance recoveries of $71 million and $24 million for the fourth quarters of 2015 and 2014, respectively, and $1.6 billion and $145 million for the years ended December 31, 2015 and 2014, respectively.
|
·
|
Enterprise increased its cash distribution with respect to the fourth quarter of 2015 by 5.4 percent over the fourth quarter of 2014 to $0.39 per unit, or $1.56 per unit on an annualized basis. This is the 46th consecutive quarterly increase and the 55th increase since the partnership's initial public offering in 1998. This distribution will be paid on February 5, 2016 to unitholders of record as of the close of business on January 29, 2016;
|
·
|
Excluding proceeds from asset sales, Enterprise reported distributable cash flow of $1 billion for the fourth quarter of 2015, which provided 1.3 times coverage of the $0.39 per unit cash distribution. Enterprise retained $302 million of distributable cash flow in the fourth quarter of 2015 including $71 million of proceeds from asset sales;
|
·
|
Enterprise's natural gas liquid ("NGL"), crude oil, refined products and petrochemical pipeline volumes for the fourth quarter of 2015 were 5.0 million barrels per day ("BPD") compared to 5.1 million BPD for the fourth quarter of 2014. Total NGL, crude oil, refined products and petrochemical marine terminal loading and unloading volumes for the fourth quarter of 2015 were 1.1 million BPD compared to 1.2 million BPD for the fourth quarter of 2014. Total natural gas pipeline volumes were 11.9 trillion British thermal units per day ("TBtud") for the fourth quarter of 2015 compared to 12.9 TBtud in the fourth quarter of 2014. NGL fractionation volumes for the fourth quarter of 2015 increased to 846 thousand barrels per day ("MBPD") from 837 MBPD in the fourth quarter of 2014. Fee-based natural gas processing volumes for the fourth quarter of 2015 increased 8 percent to 4.9 billion cubic feet per day ("Bcf/d") from 4.5 Bcf/d in the fourth quarter of 2014, while equity NGL production for the fourth quarter of 2015 increased 63 percent to 147 MBPD; and
|
·
|
Enterprise made capital investments of approximately $1.2 billion during the fourth quarter of 2015, including $77 million of sustaining capital expenditures. Total capital investment for 2015 was $6.4 billion, which included $1.4 billion of equity consideration issued in the acquisition of Oiltanking Partners, L.P., $1.1 billion for the first installment payment in the acquisition of EFS Midstream and $273 million of sustaining capital expenditures.
|
·
|
Enterprise management announced plans to recommend to the board of its general partner distributions totaling $1.61 per unit with respect to 2016, which, if approved by the board, would
|
|
represent a 5.2 percent increase compared to a total of $1.53 per unit of distributions declared with respect to 2015.
|
·
|
In January 2016, affiliates of Enterprise's general partner and Enterprise Products Company (collectively "EPCO") purchased approximately $100 million of Enterprise common units through the partnership's at-the-market equity issuance program. EPCO plans to purchase an additional $100 million of Enterprise common units through the partnership's distribution reinvestment plan with the February 2016 distribution.
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||||||||||
Condensed Statements of Consolidated Operations – UNAUDITED
|
||||||||||||||||
($ in millions, except per unit amounts)
|
||||||||||||||||
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues
|
$
|
6,155.0
|
$
|
10,190.3
|
$
|
27,027.9
|
$
|
47,951.2
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses
|
5,242.2
|
9,286.1
|
23,668.7
|
44,220.5
|
||||||||||||
General and administrative costs
|
49.4
|
63.6
|
192.6
|
214.5
|
||||||||||||
Total costs and expenses
|
5,291.6
|
9,349.7
|
23,861.3
|
44,435.0
|
||||||||||||
Equity in income of unconsolidated affiliates
|
71.1
|
80.4
|
373.6
|
259.5
|
||||||||||||
Operating income
|
934.5
|
921.0
|
3,540.2
|
3,775.7
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(238.6
|
)
|
(241.4
|
)
|
(961.8
|
)
|
(921.0
|
)
|
||||||||
Other, net
|
(9.3
|
)
|
2.1
|
(22.5
|
)
|
1.9
|
||||||||||
Total other expense
|
(247.9
|
)
|
(239.3
|
)
|
(984.3
|
)
|
(919.1
|
)
|
||||||||
Income before income taxes
|
686.6
|
681.7
|
2,555.9
|
2,856.6
|
||||||||||||
Benefit from (provision for) income taxes
|
6.9
|
(0.6
|
)
|
2.5
|
(23.1
|
)
|
||||||||||
Net income
|
693.5
|
681.1
|
2,558.4
|
2,833.5
|
||||||||||||
Net income attributable to noncontrolling interests
|
(8.7
|
)
|
(21.3
|
)
|
(37.2
|
)
|
(46.1
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
684.8
|
$
|
659.8
|
$
|
2,521.2
|
$
|
2,787.4
|
||||||||
Per unit data (fully diluted):
|
||||||||||||||||
Earnings per unit
|
$
|
0.34
|
$
|
0.34
|
$
|
1.26
|
$
|
1.47
|
||||||||
Average limited partner units outstanding (in millions)
|
2,014.4
|
1,940.5
|
1,998.6
|
1,895.2
|
||||||||||||
Supplemental financial data:
|
||||||||||||||||
Non-GAAP distributable cash flow (1)
|
$
|
1,088.8
|
$
|
1,063.0
|
$
|
5,607.3
|
$
|
4,078.6
|
||||||||
Non-GAAP Adjusted EBITDA (2)
|
$
|
1,335.1
|
$
|
1,367.6
|
$
|
5,267.3
|
$
|
5,290.6
|
||||||||
Non-GAAP gross operating margin by segment: (3)
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
730.3
|
$
|
705.3
|
$
|
2,771.6
|
$
|
2,877.7
|
||||||||
Crude Oil Pipelines & Services
|
257.7
|
228.0
|
961.9
|
762.5
|
||||||||||||
Natural Gas Pipelines & Services
|
194.3
|
184.5
|
782.6
|
803.3
|
||||||||||||
Petrochemical & Refined Products Services
|
171.1
|
198.6
|
718.5
|
681.0
|
||||||||||||
Offshore Pipelines & Services
|
--
|
42.0
|
97.5
|
162.0
|
||||||||||||
Total gross operating margin
|
$
|
1,353.4
|
$
|
1,358.4
|
$
|
5,332.1
|
$
|
5,286.5
|
||||||||
Net cash flows provided by operating activities
|
$
|
1,411.2
|
$
|
1,457.8
|
$
|
4,002.4
|
$
|
4,162.2
|
||||||||
Total debt principal outstanding at end of period
|
$
|
22,738.5
|
$
|
21,389.2
|
$
|
22,738.5
|
$
|
21,389.2
|
||||||||
Capital spending:
|
||||||||||||||||
Capital expenditures, net (4)
|
$
|
1,192.5
|
$
|
1,004.5
|
$
|
3,811.6
|
$
|
2,864.0
|
||||||||
Equity consideration issued for Oiltanking acquisition
|
--
|
2,171.5
|
1,408.7
|
2,171.5
|
||||||||||||
Cash used for business combinations, net of cash received
|
11.4
|
2,416.8
|
1,056.5
|
2,416.8
|
||||||||||||
Investments in unconsolidated affiliates
|
31.9
|
139.1
|
162.6
|
722.4
|
||||||||||||
Other investing activities
|
--
|
(0.2
|
)
|
5.3
|
5.8
|
|||||||||||
Total capital spending, cash and non-cash
|
$
|
1,235.8
|
$
|
5,731.7
|
$
|
6,444.7
|
$
|
8,180.5
|
||||||||
(1) See Exhibit D for reconciliation to GAAP net cash flows provided by operating activities.
(2) See Exhibit E for reconciliation to GAAP net cash flows provided by operating activities.
(3) See Exhibit F for reconciliation to GAAP operating income.
(4) 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,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Selected operating data: (1)
|
||||||||||||||||
NGL Pipelines & Services, net:
|
||||||||||||||||
NGL pipeline transportation volumes (MBPD)
|
2,858
|
2,662
|
2,700
|
2,634
|
||||||||||||
NGL marine terminal volumes (MBPD)
|
327
|
282
|
302
|
258
|
||||||||||||
NGL fractionation volumes (MBPD)
|
846
|
837
|
826
|
824
|
||||||||||||
Equity NGL production (MBPD) (2)
|
147
|
90
|
133
|
116
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (3)
|
4,886
|
4,532
|
4,905
|
4,786
|
||||||||||||
Crude Oil Pipelines & Services, net:
|
||||||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
1,377
|
1,288
|
1,474
|
1,278
|
||||||||||||
Crude oil marine terminal volumes (MBPD)
|
443
|
680
|
557
|
691
|
||||||||||||
Natural Gas Pipelines & Services, net:
|
||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
11,912
|
12,284
|
12,321
|
12,476
|
||||||||||||
Petrochemical & Refined Products Services, net:
|
||||||||||||||||
Propylene fractionation volumes (MBPD)
|
71
|
81
|
71
|
75
|
||||||||||||
Butane isomerization volumes (MBPD)
|
115
|
90
|
96
|
93
|
||||||||||||
Standalone DIB processing volumes (MBPD)
|
78
|
86
|
79
|
82
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
15
|
22
|
17
|
17
|
||||||||||||
Pipeline transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
804
|
794
|
784
|
758
|
||||||||||||
Refined products and petrochemicals marine terminal volumes
(MBPD)
|
336
|
284
|
355
|
270
|
||||||||||||
Offshore Pipelines & Services, net:
|
||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
--
|
644
|
587
|
627
|
||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
--
|
331
|
357
|
330
|
||||||||||||
Platform natural gas processing (MMcf/d)
|
--
|
129
|
101
|
145
|
||||||||||||
Platform crude oil processing (MBPD)
|
--
|
15
|
13
|
14
|
||||||||||||
Total, net:
|
||||||||||||||||
NGL, crude oil, petrochemical and refined products
pipeline transportation volumes (MBPD)
|
5,039
|
5,075
|
5,315
|
5,000
|
||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
11,912
|
12,928
|
12,908
|
13,103
|
||||||||||||
Equivalent pipeline transportation volumes (MBPD) (4)
|
8,174
|
8,477
|
8,712
|
8,448
|
||||||||||||
NGL, crude oil, refined products and petrochemical
marine terminal volumes (MBPD)
|
1,106
|
1,246
|
1,214
|
1,219
|
||||||||||||
(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) Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 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)
|
|
|||||||||||||||||||||
2014 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
4.95
|
$
|
0.34
|
$
|
1.30
|
$
|
1.39
|
$
|
1.42
|
$
|
2.12
|
$
|
0.73
|
$
|
0.61
|
$
|
98.68
|
$
|
104.43
|
||||||||||||||||||||
2nd Quarter
|
$
|
4.68
|
$
|
0.29
|
$
|
1.06
|
$
|
1.25
|
$
|
1.30
|
$
|
2.21
|
$
|
0.70
|
$
|
0.57
|
$
|
102.99
|
$
|
105.55
|
||||||||||||||||||||
3rd Quarter
|
$
|
4.07
|
$
|
0.24
|
$
|
1.04
|
$
|
1.25
|
$
|
1.28
|
$
|
2.11
|
$
|
0.71
|
$
|
0.58
|
$
|
97.21
|
$
|
100.94
|
||||||||||||||||||||
4th Quarter
|
$
|
4.04
|
$
|
0.21
|
$
|
0.76
|
$
|
0.98
|
$
|
0.99
|
$
|
1.49
|
$
|
0.69
|
$
|
0.52
|
$
|
73.15
|
$
|
76.08
|
||||||||||||||||||||
YTD 2014 Averages
|
$
|
4.43
|
$
|
0.27
|
$
|
1.04
|
$
|
1.22
|
$
|
1.25
|
$
|
1.98
|
$
|
0.71
|
$
|
0.57
|
$
|
93.01
|
$
|
96.75
|
||||||||||||||||||||
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
|
||||||||||||||||||||
(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 Chemical Market Associates, Inc. ("CMAI"). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by CMAI.
(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,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income attributable to limited partners (GAAP)
|
$
|
684.8
|
$
|
659.8
|
$
|
2,521.2
|
$
|
2,787.4
|
||||||||
Adjustments to GAAP net income attributable to limited partners to derive non-
GAAP distributable cash flow:
|
||||||||||||||||
Add depreciation, amortization and accretion expenses
|
368.3
|
368.1
|
1,516.0
|
1,360.5
|
||||||||||||
Add distributions received from unconsolidated affiliates
|
99.7
|
114.4
|
462.1
|
375.1
|
||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(71.1
|
)
|
(80.4
|
)
|
(373.6
|
)
|
(259.5
|
)
|
||||||||
Subtract sustaining capital expenditures (1)
|
(76.8
|
)
|
(107.0
|
)
|
(272.6
|
)
|
(369.0
|
)
|
||||||||
Add net losses or subtract net gains attributable to asset sales and
insurance recoveries
|
0.9
|
(3.1
|
)
|
15.6
|
(102.1
|
)
|
||||||||||
Add cash proceeds from asset sales and insurance recoveries
|
71.3
|
23.8
|
1,608.6
|
145.3
|
||||||||||||
Add non-cash expense attributable to changes in fair value of the
Liquidity Option Agreement
|
9.6
|
--
|
25.4
|
--
|
||||||||||||
Add gains from the monetization of interest rate
derivative instruments
|
--
|
27.6
|
--
|
27.6
|
||||||||||||
Add deferred income tax expense or subtract benefit
|
(7.3
|
)
|
3.5
|
(20.6
|
)
|
6.1
|
||||||||||
Add non-cash impairment charges
|
23.5
|
15.8
|
162.6
|
34.0
|
||||||||||||
Add or subtract other miscellaneous adjustments to derive non-GAAP
distributable cash flow, as applicable
|
(14.1
|
)
|
40.5
|
(37.4
|
)
|
73.2
|
||||||||||
Distributable cash flow (non-GAAP)
|
1,088.8
|
1,063.0
|
5,607.3
|
4,078.6
|
||||||||||||
Adjustments to non-GAAP distributable cash flow to derive GAAP net cash flows
provided by operating activities:
|
||||||||||||||||
Add sustaining capital expenditures reflected in distributable cash flow
|
76.8
|
107.0
|
272.6
|
369.0
|
||||||||||||
Subtract cash proceeds from asset sales and insurance recoveries reflected in
distributable cash flow
|
(71.3
|
)
|
(23.8
|
)
|
(1,608.6
|
)
|
(145.3
|
)
|
||||||||
Subtract gains from the monetization of interest rate
derivative instruments
|
--
|
(27.6
|
)
|
--
|
(27.6
|
)
|
||||||||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
304.6
|
327.6
|
(323.3
|
)
|
(108.2
|
)
|
||||||||||
Add or subtract miscellaneous non-cash and other amounts to reconcile non-
GAAP distributable cash flow with GAAP net cash flows provided by
operating activities, as applicable
|
12.3
|
11.6
|
54.4
|
(4.3
|
)
|
|||||||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
1,411.2
|
$
|
1,457.8
|
$
|
4,002.4
|
$
|
4,162.2
|
||||||||
(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,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net income (GAAP)
|
$
|
693.5
|
$
|
681.1
|
$
|
2,558.4
|
$
|
2,833.5
|
||||||||
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
|
||||||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(71.1
|
)
|
(80.4
|
)
|
(373.6
|
)
|
(259.5
|
)
|
||||||||
Add distributions received from unconsolidated affiliates
|
99.7
|
114.4
|
462.1
|
375.1
|
||||||||||||
Add interest expense, including related amortization
|
238.6
|
241.4
|
961.8
|
921.0
|
||||||||||||
Add provision for or subtract benefit from income taxes
|
(6.9
|
)
|
0.6
|
(2.5
|
)
|
23.1
|
||||||||||
Add depreciation, amortization and accretion in costs and expenses
|
357.5
|
358.9
|
1,472.6
|
1,325.1
|
||||||||||||
Add non-cash asset impairment charges
|
23.5
|
15.8
|
162.6
|
34.0
|
||||||||||||
Add non-cash losses attributable to asset sales
|
1.4
|
1.4
|
18.9
|
7.7
|
||||||||||||
Add non-cash expense attributable to changes in fair value of the
Liquidity Option Agreement
|
9.6
|
--
|
25.4
|
--
|
||||||||||||
Add losses or subtract gains attributable to unrealized changes
in the fair market value of derivative instruments
|
(10.7
|
)
|
34.4
|
(18.4
|
)
|
30.6
|
||||||||||
Adjusted EBITDA (non-GAAP)
|
1,335.1
|
1,367.6
|
5,267.3
|
5,290.6
|
||||||||||||
Adjustments to non-GAAP Adjusted EBITDA to derive GAAP net cash flows
provided by operating activities:
|
||||||||||||||||
Subtract interest expense, including related amortization, reflected in
Adjusted EBITDA
|
(238.6
|
)
|
(241.4
|
)
|
(961.8
|
)
|
(921.0
|
)
|
||||||||
Add benefit or subtract provision for income taxes reflected in
Adjusted EBITDA
|
6.9
|
(0.6
|
)
|
2.5
|
(23.1
|
)
|
||||||||||
Subtract gains attributable to asset sales and insurance recoveries
|
(0.5
|
)
|
(4.5
|
)
|
(3.3
|
)
|
(109.8
|
)
|
||||||||
Add deferred income tax expense or subtract benefit
|
(7.3
|
)
|
3.5
|
(20.6
|
)
|
6.1
|
||||||||||
Add or subtract the net effect of changes in operating accounts, as applicable
|
304.6
|
327.6
|
(323.3
|
)
|
(108.2
|
)
|
||||||||||
Add or subtract miscellaneous non-cash and other amounts to reconcile
non-GAAP Adjusted EBITDA with GAAP net cash flows provided by
operating activities
|
11.0
|
5.6
|
41.6
|
27.6
|
||||||||||||
Net cash flows provided by operating activities (GAAP)
|
$
|
1,411.2
|
$
|
1,457.8
|
$
|
4,002.4
|
$
|
4,162.2
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||||||||||
Gross Operating Margin – UNAUDITED
|
||||||||||||||||
($ in millions)
|
||||||||||||||||
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
1,353.4
|
$
|
1,358.4
|
$
|
5,332.1
|
$
|
5,286.5
|
||||||||
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
|
(346.2
|
)
|
(346.2
|
)
|
(1,428.2
|
)
|
(1,282.7
|
)
|
||||||||
Subtract non-cash impairment charges not reflected in gross
operating margin
|
(23.5
|
)
|
(15.8
|
)
|
(162.6
|
)
|
(34.0
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset sales and
insurance recoveries not reflected in gross operating margin
|
(0.9
|
)
|
3.1
|
(15.6
|
)
|
102.1
|
||||||||||
Subtract non-refundable deferred revenues attributable to
shipper make-up rights on new pipeline projects reflected
in gross operating margin
|
(14.3
|
)
|
(17.8
|
)
|
(53.6
|
)
|
(84.6
|
)
|
||||||||
Add subsequent recognition of deferred revenues attributable to
make-up rights
|
15.4
|
2.9
|
60.7
|
2.9
|
||||||||||||
Subtract general and administrative costs not reflected in
gross operating margin
|
(49.4
|
)
|
(63.6
|
)
|
(192.6
|
)
|
(214.5
|
)
|
||||||||
Operating income (GAAP)
|
$
|
934.5
|
$
|
921.0
|
$
|
3,540.2
|
$
|
3,775.7
|
1 Year Enterprise Products Part... Chart |
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