Enterprise Declares Quarterly Distribution

Rhea-AI Summary

Enterprise Products Partners L.P. declares a quarterly cash distribution to be paid to common unitholders, representing a 5.3 percent increase over the previous quarter.

Positive

• The quarterly distribution will be $0.50 per unit, or $2.00 per unit on an annualized basis.
• This year marks the partnership’s 25th consecutive year of distribution growth.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) announced today that the board of directors of its general partner declared a quarterly cash distribution to be paid to Enterprise common unitholders with respect to the third quarter of 2023 of $0.50 per unit, or $2.00 per unit on an annualized basis.

The quarterly distribution will be paid Tuesday, November 14, 2023, to common unitholders of record as of the close of business Tuesday, October 31, 2023. This distribution represents a 5.3 percent increase over the distribution declared with respect to the third quarter of 2022. This year marks the partnership’s 25^th consecutive year of distribution growth.

Enterprise will announce its earnings for the third quarter of 2023 on Tuesday, October 31, 2023, before the New York Stock Exchange opens for trading. Following the announcement, the partnership will host a conference call at 9 a.m. CDT with analysts and investors to discuss earnings. The call will be webcast live on the Internet and may be accessed through the “Investors” section of the partnership’s website at www.enterpriseproducts.com. A replay of the webcast will be available following the conference call and may be accessed approximately one hour after completion of the call.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.

Qualified Notice for Non-U.S. Unitholder Income Tax Withholding

This release is intended to serve as qualified notice under Treasury Regulation Section 1.1446-4(b)(4) and (d). Brokers and nominees should treat one hundred percent of Enterprise’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Enterprise’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not Enterprise Products Partners L.P., are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign investors.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231005261989/en/

Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745

Rick Rainey, Media Relations, (713) 381-3635

Source: Enterprise Products Partners L.P.

FAQ

What is the amount of the quarterly distribution?

The quarterly distribution will be $0.50 per unit.

What is the annualized basis for the distribution?

The annualized basis for the distribution is $2.00 per unit.

How much is the increase in distribution compared to the previous quarter?

The distribution represents a 5.3 percent increase over the previous quarter.

How many consecutive years of distribution growth has the partnership achieved?

This year marks the partnership’s 25th consecutive year of distribution growth.

When will the distribution be paid?

The distribution will be paid on Tuesday, November 14, 2023.

When will the earnings for the third quarter of 2023 be announced?

The earnings for the third quarter of 2023 will be announced on Tuesday, October 31, 2023.

Where can I access the conference call to discuss earnings?

The conference call can be accessed through the “Investors” section of the partnership’s website at www.enterpriseproducts.com.

What are the services provided by Enterprise Products Partners L.P.?

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products, and petrochemicals.

What are the assets of the partnership?

The partnership’s assets currently include more than 50,000 miles of pipelines, over 260 million barrels of storage capacity, and 14 billion cubic feet of natural gas storage capacity.