FERC Policy Revision to Have No Material Impact to Enterprise Financial Results
March 15 2018 - 2:34PM
Business Wire
Enterprise Products Partners L.P. (NYSE:EPD) announced that
revisions announced today by the Federal Energy Regulatory
Commission (“FERC”) with regard to its 2005 policy for recovery of
income taxes are not expected to have a material impact to the
earnings and cash flow of Enterprise. The FERC announced today that
it would revise its 2005 Policy Statement for Recovery of Income
Tax costs so that it no longer will allow interstate pipelines
owned by master limited partnerships to recover an income tax
allowance in the cost of service.
“We do not expect the revisions to the FERC’s policy on the
recovery of income taxes to materially impact our earnings and cash
flow,” said A.J. “Jim” Teague, chief executive officer of
Enterprise’s general partner. “The cost-based tariff rates that are
in effect for all of our interstate pipelines are based on a cost
of service for those pipelines whereby the disallowance for the
recovery of an income tax allowance will not have a material
effect, if any, to the posted tariffs.”
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 50,000 miles of pipelines; 260 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180315006243/en/
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812 or (866) 230-0745Investor RelationsorRick Rainey, (713)
381-3635Media Relations
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