Enterprise Increases Quarterly Distribution
July 07 2022 - 9:18AM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”)
announced today that the board of directors of its general partner
declared the quarterly cash distribution paid to limited partners
holding Enterprise common units with respect to the second quarter
of 2022 of $0.475 per unit, or $1.90 per unit on an annualized
basis.
The quarterly distribution will be paid Friday, August 12, 2022,
to common unitholders of record as of the close of business Friday,
July 29, 2022. This distribution represents a 5.6 percent increase
over the distribution declared with regard to the second quarter of
2021.
This distribution increase is the partnership’s 74th
distribution increase since its initial public offering in 1998.
This year will be the 24th consecutive year of distribution growth.
During the second quarter of 2022, Enterprise repurchased $35
million of its common units in the open market. Inclusive of these
purchases, the partnership has utilized 26 percent of its
authorized $2.0 billion buyback program.
Enterprise will announce its earnings for the second quarter of
2022 on Wednesday, August 3, 2022, before the New York Stock
Exchange opens for trading. Following the announcement, the
partnership will host a conference call at 9 a.m. CDT with analysts
and investors to discuss earnings. The call will be webcast live on
the Internet and may be accessed through the “Investors” section of
the partnership’s website at www.enterpriseproducts.com. A replay
of the webcast will be available for one week following the
conference call and may be accessed approximately one hour after
completion of the call.
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. Services
include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and marine terminals; crude oil gathering, transportation,
storage and marine terminals; petrochemical and refined products
transportation, storage and marine terminals; and a marine
transportation business that operates on key U.S. inland and
intracoastal waterway systems. The partnership’s assets currently
include more than 50,000 miles of pipelines; over 260 million
barrels of storage capacity for NGLs, crude oil, petrochemicals and
refined products; and 14 billion cubic feet of natural gas storage
capacity.
This release is intended to be a qualified notice under Treasury
Regulation Section 1.1446-4(b). Brokers and nominees should treat
one hundred percent (100.0 percent) of Enterprise’s distributions
to non-U.S. investors as being attributable to income that is
effectively connected with a United States trade or business.
Accordingly, Enterprise’s distributions to non-U.S. investors are
subject to federal income tax withholding at the highest applicable
effective tax rate.
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: https://www.businesswire.com/news/home/20220707005432/en/
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866)
230-0745 Rick Rainey, Media Relations, (713) 381-3635
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