Enterprise Makes Final Payment for EFS Midstream Assets
July 11 2016 - 10:15AM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) today announced it
has paid the second, and final, installment of $1.0 billion to
acquire 100 percent of the membership interests in EFS Midstream
LLC (“EFS Midstream”). Consistent with the terms of the
transaction, the payment comes within one year of the initial $1.15
billion Enterprise paid when it closed on the purchase of EFS
Midstream on July 8, 2015.
After the $1.0 billion payment for the member interests in EFS
Midstream, Enterprise has consolidated liquidity of approximately
$4.0 billion, which is comprised of unrestricted cash on hand and
available borrowing capacity under its $4.0 billion multi-year
revolving credit facility and $1.5 billion 364-day credit
facility.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals; crude oil gathering,
transportation, storage and terminals; petrochemical and refined
products transportation, storage and terminals; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. The partnership’s
assets include approximately 49,000 miles of pipelines; 250 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 billion cubic feet of natural gas
storage capacity.
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
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, 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 Enterprise’s reports filed with
the Securities and Exchange Commission. 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, Enterprise
does not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160711005841/en/
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812Investor RelationsorRick Rainey, (713) 381-3635Media
Relations
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Enterprise Products Part... (NYSE:EPD)
Historical Stock Chart
From Apr 2023 to Apr 2024