May 3, 2017 [OPIS] - Enterprise Product Partners announced Tuesday that the company's first-quarter net income rose to $771 million from $670 million a year ago. The net income attributable to limited partners advanced to $0.36 per unit, up from $0.32 per unit in the first quarter of 2016.
The company stated that 1Q natural gas liquids equity production volume climbed to 150,000 barrels per day from 145,000 b/d a year ago while NGL fractionation volume slid to 799,000 barrels per day from 836,000 b/d. NGL, crude oil, refined products and petrochemical pipeline volumes rose to 5.4 million b/d from 5.2 million b/d a year ago. Gross operating margin from the NGL Pipelines and Services segment increased 9% to a record $856 million from $784 million in 1Q 2016. The gross operating margin from Enterprise’s NGL pipelines and storage business advanced $28 million or 7%, to $455 million. The partnership revealed in its press release that its NGL marine terminal volume was a record 569,000 b/d, up from 456,000 b/d in 1Q 2016.
“Enterprise reported strong operational and financial results,” said Jim Teague, chief executive officer of Enterprise’s general partner, “driven by record liquid pipeline and marine terminal volumes.”
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