Enterprise Products Partners L.P. said its third-quarter profit
grew 17% as the pipeline company grew its volume.
The company's topline, however, came in slightly below Wall
Street expectations.
Enterprise Products, which operates natural gas-processing
plants and pipelines, said total volume for natural gas liquids,
crude oil, refined products and petrochemicals increased 2% to a
record 5.2 million barrels a day.
Michael A. Creel, chief executive of the company's general
partner, said the company has been working to diversify its
business recently, citing projects including a crude oil pipeline
in the Gulf of Mexico and pipeline connections to facilitate
natural gas deliveries to Canada that were completed in the
quarter.
Mr. Creel said the company has about $6.3 billion of assets
under construction that are expected to begin operations in the
next two years.
Earlier this month, Enterprise bought a stake in Oiltanking
Partners L.P. and proposed plans to acquire the rest of the
marine-terminal owner in a two-step merger deal that could help
position Enterprise for broad oil exporting.
Overall, the company posted a profit of $691.1 million, or 37
cents a unit, up from $592 million, or 32 cents a unit, in the
prior-year period.
Revenue increased 2% to $12.3 billion.
Analysts had projected per-share earnings of 37 cents and
revenue of $12.96 billion.
Total costs and expenses grew 1.3% to $11.5 billion.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
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