Enterprise reports 91 percent increase in second quarter profit
Reported by: Eric crwenewswire Mideast correspondent
Enterprise Products Partner LC (EPD) reported a jump of 91 percent in its second quarter net profit. The Company’s total revenue doubled to $7.54 billion for the quarter.
Enterprise net profit for the quarter was $357.2 million with earning per share of $0.46 as compared to net profit of $186.6 million with EPS of $0.32 for the same period last year.
Analysts had project revenues of $7.99 billion with earning per share of $0.44 for the quarter.
Its line of aggressive profitable acquisitions is attributed to their high profitability. The company acquired Teppco last year in a $3.3 billion transaction to become the biggest pipeline company in the United States.
Enterprise Products Partner acquired M2 Midstream LLC’s natural gas properties in Louisiana and Texas for $1.2 billion. Further the company is considering an infrastructure project in Texas to deal with their high volume of Natural gas reserves.
Other than acquisition of Teppco, a high demand for natural gas liquids also boosted the profits in the last quarter. Further low natural gas prices made natural gas liquids look more attractive for consumers than crude based feedstocks which added more to its profitability.
About Enterprise Products Partner LC:
Enterprise Products Partner LC is a network of oil pipeline and processing companies which are owned and managed by the family of the late Texas billionaire Dan Duncan. The core function of these companies is to connect wells and consumers which have been regarded as the most understated but profitable area of the energy sector.
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Tags: About Enterprise Products Partner LC, energy sector, oil pipeline and processing companies
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