January 29, 2016 [OPIS] - Enterprise Products Partners reported Thursday that its fourth-quarter income climbed to $694 million from $681 million a year ago. The partnership stated that its net income attributable to limited partners was $0.34 per unit, flat from the fourth quarter of 2014.
Enterprise also reported that its 2015 net income was $2.558 billion, down 9.7% from $2.834 billion in 2014, with income attributable to limited partners at $1.26 per unit, falling from $1.47 in 2014.
On Jan. 4, Enterprise announced an increase in the partnership’s quarterly cash distribution with respect to the fourth quarter of 2015 to $0.39 per unit, a 5.4% increase from the fourth quarter of 2014.
Enterprise reported that gross operating margin for its Natural Gas Liquids Pipelines and Services segment rose 4% to $730 million for the fourth quarter of 2015 from $705 million in the fourth quarter of 2014. Gross operating margin from the NGL pipelines and storage business increased $58 million to $375 million in the fourth quarter from 4Q 2014.
The NGL fractionation segment reported 4Q gross operating margin of $124 million, down from $132 million a year ago. The decline was attributed to lower revenues from product blending and other fees.
“Enterprise reported a solid year in 2015,” Jim Teague, Chief Executive Officer of Enterprise’s general partner, said in a statement accompanying the earnings report. “We are pleased with the results given the challenging year for the energy industry due to lower commodity prices,” he added. Teague stated that the larger expansion of the partnership’s LPG export facility on the Houston Ship Channel and the final segment of its Aegis ethane pipeline were completed at the end of 2015, and will provide additional earnings and cash flow in 2016.
