Enterprise Products Partners L.P. (NYSE: EPD) announced today that the
board of directors of its general partner declared an increase in the
quarterly cash distribution rate paid to partners to $0.59 per common
unit, or $2.36 per unit on an annualized basis. The quarterly
distribution will be paid on Monday, February 7, 2011, to unitholders of
record as of the close of business on Monday, January 31, 2011. This
distribution rate, which represents a 5.4 percent increase over the
$0.56 per unit distribution rate declared with respect to the fourth
quarter of 2009, is the 35th distribution increase since
EPD’s initial public offering in 1998 and the 26th
consecutive quarterly increase.
The partnership also announced that, its 2010 tax packages, including
the Schedule K-1, for unitholders of EPD are scheduled to be available
online by noon on Friday, April 1, 2011. The 2010 tax packages,
including the Schedule K-1, for former unitholders of Enterprise GP
Holdings L.P. (EPE), are expected to be available online by noon on
Wednesday, March 16, 2011. Once available, Schedule K-1s for both
partnerships may be accessed through the EPD website at www.epplp.com.
EPD expects to complete the mailing of the 2010 tax packages to
unitholders of EPD by Friday, April 8, 2011 and to former unitholders of
EPE by Tuesday, March 22, 2011.
On November 22, 2010, EPE merged with and into a subsidiary of EPD.
Under the terms of the merger agreement, EPE unitholders are entitled to
receive 1.50 EPD common units for each EPE unit owned at the effective
time of the merger. All unitholders who held EPE units as of the
effective time of the merger will receive a Schedule K-1 from EPE for
the period January 1 – November 22, 2010 and from EPD for the period
November 23 – December 31, 2010.
For additional information, EPD unitholders may call K-1 Tax Package
Support toll free at (800) 599-9985 weekdays between 8 a.m. and 5 p.m.
CST. Former unitholders of EPE may also call K-1 Tax Package Support
toll free at (866) 792-0043 weekdays between 8 a.m. and 5 p.m. CST.
EPD will announce earnings for the fourth quarter 2010 on Thursday,
February 17, 2011, before the New York Stock Exchange opens for trading.
Following the announcement, the company will host a conference call at 9
a.m. CST with analysts and investors to discuss fourth quarter earnings.
The call will be broadcast live on the Internet and may be accessed at
the company’s website.
To listen to the webcast, participants should access the "Investor
Relations” section of the company’s website at least 15 minutes prior to
the start of the conference call to download and install any necessary
audio software. A replay of the webcast will be available for one week
following the conference call and can be accessed one hour after the
completion of the call.
Enterprise Products Partners L.P. is the largest publicly traded
partnership and a leading North American provider of midstream energy
services to producers and consumers of natural gas, NGLs, crude oil,
refined products and petrochemicals. EPD’s assets include approximately:
49,100 miles of onshore and offshore pipelines; 195 million barrels of
storage capacity for NGLs, refined products and crude oil; and 27
billion cubic feet of natural gas storage capacity. Services include:
natural gas transportation, gathering, processing and storage; NGL
fractionation, transportation, storage, and import and export
terminaling; crude oil and refined products storage, transportation and
terminaling; offshore production platform; petrochemical transportation
and storage; and a marine transportation business that operates
primarily on the United States inland and Intracoastal Waterway systems
and in the Gulf of Mexico.
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 EPD expects, believes or
anticipates will or may occur in the future, including anticipated
benefits and other aspects of such activities, events, developments or
transactions, are forward-looking statements.
These
forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially, 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 the reports filed with the Securities
and Exchange Commission by EPD. 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, EPD does not intend to
update or revise its forward-looking statements, whether as a result of
new information, future events or otherwise.
