Enterprise Products Partners 1Q profit more than doubles
HOUSTON—Enterprise Products Partners LP, which transports, processes and stores natural gas, said Monday its first-quarter profit more than doubled on stronger shipping volumes.
Net income for the three months ended March 31 surged to $259.6 million, or 51 cents per unit, compared with $112 million, or 20 cents per unit.
Analysts polled by Thomson Financial expected, on average, earnings per unit of 33 cents.
Revenue jumped to $5.68 billion from $3.32 billion. Analysts expected revenue of $4.72 billion.
Onshore natural gas transportation volumes increased 16 percent.
"Demand for (natural gas liquids), natural gas and crude oil and our midstream infrastructure services resulted in each of our business segments having an exceptional quarter," Chief Executive Michael A. Creel said in a statement.
"Cash flow and volume contributions from new assets such as the Independence project, Meeker and Pioneer as well as solid year-over-year performance from our other assets resulted in a substantial increase in (earnings before interest, taxes, depreciation and amortization) and distributable cash flow."
