Enterprise reports record results for second quarter 2018
Enterprise Products Partners L.P. saw its net income for the second quarter of 2018 decline by $322m, or $0.15 per unit on a fully diluted basis, of non-cash mark-to-market losses.
“Substantially all of these mark-to-market losses were incurred in connection with our hedging activities related to the Midland-to-ECHO Pipeline,” the company said.
Adjusted EBITDA increased 32% to a record $1.8bn in the second quarter of 2018 compared to $1.3bn for the second quarter of 2017. Enterprise reported distributable cash flow of $1.4bn for the second quarter of 2018, which provided 1.5 times coverage of the $0.43 per unit cash distribution and resulted in $491m of retained distributable cash flow.
Likewise, distributable cash flow of $2.8bn for the first six months of 2018 provided 1.5 times coverage of the aggregate $0.8575 per unit cash distribution and resulted in $948m of retained distributable cash flow. Retained distributable cash flow is available to reinvest in growth capital projects and reduces our need to issue additional equity.
For more information, visit: www.enterpriseproducts.com
6th August 2018