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Enterprise income remains flat YOY, sustained by record liquids numbers

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Enterprise income remains flat YOY, sustained by record liquids numbers

on April 28 reported 2016 first-quarter net income of $670.2 million, comparedto $650.6 million in the year-ago quarter.

Net income attributableto limited partners for the first quarter was reported at $661.2 million, or 32cents per unit, compared to $636.1 million, or 32 cents per unit, in theyear-ago quarter.

The S&PGlobal Market Intelligence consensus normalized EPS estimate for the firstquarter was 33 cents.

Net incomeand fully diluted earnings per unit for the first quarters of 2016 and 2015included non-cash impairment charges of about $2 million, or less than 1 centper unit, and $33 million, or 2 cents per unit, respectively, according to theearnings release.

First-quarteradjusted EBITDA amounted to $1.33 billion, compared to $1.33 billion in thesame period last year. Distributable cash flow for the first quarter of 2016totaled $1.05 billion, compared to $1.03 billion in the first quarter of 2015.

Thefirst-quarter 2016 distributable cash flow of $1.1 billion provided 1.3xcoverage of the increasedquarterly distribution of 39.5 cents per unit. Enterprise retained$229 million of its first-quarter DCF, which it may use to fund growth capitalprojects, reduce debt and decrease the need to issue additional equity.

Total grossoperating margin for the first quarter was $1.32 billion, compared to $1.33billion in the year-ago quarter. Capital investments for the first quarteramounted to about $1.1 billion, which included $59 million of sustainingcapital expenditures. About $300 million of organic growth projects werecompleted in the first quarter.

"Enterprise'sdiversified and integrated business model enabled us to successfully navigatethe ongoing challenges for the energy industry in the first quarter of2016," said Jim Teague, CEO of Enterprise's general partner. "Ourresults were driven by increases in gross operating margin attributable torecord NGL pipeline and LPG export volumes, the , and newlyconstructed assets that largely offset lower earnings from our commodity andspread sensitive businesses, the sale of our offshore business and lowervolumes on certain crude oil and natural gas pipelines."