Enterprise Products - propylene Q3 fractionation volumes up
25 Oct '06
3 min read
Enterprise Products Partners L.P. announced its financial results for the three months and nine months ended September 30, 2006. The partnership reported record net income of $208 million, or $0.43 per unit on a fully diluted basis, for the third quarter of 2006, a 59% increase from net income of $131 million, or $0.29 per unit, in the third quarter of 2005.
Distributable cash flow generated in the third quarter of 2006 increased by 36%, or $80 million, to a record $302 million compared to $222 million for the third quarter of last year. On October 12, 2006, Enterprise's board of directors approved an increase in the partnership's quarterly cash distribution to $0.46 per unit with respect to the third quarter of 2006.
"During the third quarter, our expansive network of pipelines transported a record 2 million barrels per day of NGLs, crude oil and petrochemicals and over 7.6 trillion Btus of natural gas. Our fractionation, isomerization and octane enhancement facilities processed almost 500,000 barrels per day of hydrocarbons - another record."
Review of Segment Performance NGL Pipelines & Services - Gross operating margin for this segment increased 51% to $232 million in the third quarter of 2006 from $154 million in the third quarter of 2005. Approximately $30 million of this $78 million increase was due to recoveries under business interruption insurance.
The Natural Gas Liquid fractionation business reported a $24 million increase in gross operating margin, excluding recoveries under business interruption insurance, to $37 million for the third quarter of this year compared to $13 million for the third quarter of 2005.
marketing@alchempro.com
