Delaware
|
|
76-0568219
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
1100 Louisiana Street, 10th Floor
|
Houston, Texas 77002
|
(Address of Principal Executive Offices, including Zip Code)
|
|
(713) 381-6500
|
(Registrant’s Telephone Number, including Area Code)
|
Large accelerated filer
|
Accelerated filer
|
Non-accelerated filer (Do not check if a smaller reporting company)
|
Smaller reporting company
|
|
|
Page No.
|
|
||
|
||
|
||
|
||
|
||
|
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|
|
|
|
||
|
||
|
||
|
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|
||
|
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|
||
|
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|
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|
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|
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|
|
|
|
|
|
Item 1. |
Financial Statements.
|
September 30,
2016
|
December 31,
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
57.1
|
$
|
19.0
|
||||
Restricted cash
|
277.3
|
15.9
|
||||||
Accounts receivable – trade, net of allowance for doubtful accounts
of $14.0 at September 30, 2016 and $12.1 at December 31, 2015
|
2,944.1
|
2,569.9
|
||||||
Accounts receivable – related parties
|
1.7
|
1.2
|
||||||
Inventories
|
1,762.5
|
1,038.1
|
||||||
Derivative assets
|
241.4
|
258.6
|
||||||
Prepaid and other current assets
|
457.5
|
395.6
|
||||||
Total current assets
|
5,741.6
|
4,298.3
|
||||||
Property, plant and equipment, net
|
33,119.4
|
32,034.7
|
||||||
Investments in unconsolidated affiliates
|
2,687.2
|
2,628.5
|
||||||
Intangible assets, net of accumulated amortization of $1,365.9 at
September 30, 2016 and $1,235.8 at December 31, 2015 (see Note 6)
|
3,907.2
|
4,037.2
|
||||||
Goodwill (see Note 6)
|
5,745.2
|
5,745.2
|
||||||
Other assets
|
57.8
|
58.3
|
||||||
Total assets
|
$
|
51,258.4
|
$
|
48,802.2
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Current maturities of debt (see Note 7)
|
$
|
2,838.1
|
$
|
1,863.9
|
||||
Accounts payable – trade
|
453.7
|
860.1
|
||||||
Accounts payable – related parties
|
97.7
|
84.1
|
||||||
Accrued product payables
|
3,087.5
|
2,484.4
|
||||||
Accrued liability related to EFS Midstream acquisition
|
--
|
993.2
|
||||||
Accrued interest
|
202.7
|
352.1
|
||||||
Derivative liabilities
|
464.2
|
140.6
|
||||||
Other current liabilities
|
424.4
|
388.2
|
||||||
Total current liabilities
|
7,568.3
|
7,166.6
|
||||||
Long-term debt (see Note 7)
|
21,121.2
|
20,676.9
|
||||||
Deferred tax liabilities
|
51.6
|
46.1
|
||||||
Other long-term liabilities
|
478.6
|
411.5
|
||||||
Commitments and contingencies (see Note 14)
|
||||||||
Equity:
|
||||||||
Partners’ equity:
|
||||||||
Limited partners:
|
||||||||
Common units (2,102,796,228 units outstanding at September 30, 2016
and 2,012,553,024 units outstanding at December 31, 2015)
|
22,127.9
|
20,514.3
|
||||||
Accumulated other comprehensive loss
|
(308.7
|
)
|
(219.2
|
)
|
||||
Total partners’ equity
|
21,819.2
|
20,295.1
|
||||||
Noncontrolling interests
|
219.5
|
206.0
|
||||||
Total equity
|
22,038.7
|
20,501.1
|
||||||
Total liabilities and equity
|
$
|
51,258.4
|
$
|
48,802.2
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Revenues:
|
||||||||||||||||
Third parties
|
$
|
5,904.7
|
$
|
6,294.0
|
$
|
16,499.0
|
$
|
20,845.6
|
||||||||
Related parties
|
15.7
|
13.9
|
44.5
|
27.3
|
||||||||||||
Total revenues (see Note 9)
|
5,920.4
|
6,307.9
|
16,543.5
|
20,872.9
|
||||||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Third parties
|
4,781.2
|
5,167.9
|
13,199.4
|
17,642.6
|
||||||||||||
Related parties
|
284.5
|
284.7
|
835.4
|
783.9
|
||||||||||||
Total operating costs and expenses
|
5,065.7
|
5,452.6
|
14,034.8
|
18,426.5
|
||||||||||||
General and administrative costs:
|
||||||||||||||||
Third parties
|
15.0
|
20.8
|
35.9
|
57.9
|
||||||||||||
Related parties
|
27.0
|
28.2
|
85.1
|
85.3
|
||||||||||||
Total general and administrative costs
|
42.0
|
49.0
|
121.0
|
143.2
|
||||||||||||
Total costs and expenses (see Note 9)
|
5,107.7
|
5,501.6
|
14,155.8
|
18,569.7
|
||||||||||||
Equity in income of unconsolidated affiliates
|
92.3
|
103.1
|
269.8
|
302.5
|
||||||||||||
Operating income
|
905.0
|
909.4
|
2,657.5
|
2,605.7
|
||||||||||||
Other income (expense):
|
||||||||||||||||
Interest expense
|
(250.9
|
)
|
(243.7
|
)
|
(735.6
|
)
|
(723.2
|
)
|
||||||||
Change in fair market value of Liquidity Option
Agreement (see Note 14)
|
(6.9
|
)
|
(4.3
|
)
|
(28.0
|
)
|
(15.8
|
)
|
||||||||
Other, net
|
0.7
|
1.8
|
2.5
|
2.6
|
||||||||||||
Total other expense, net
|
(257.1
|
)
|
(246.2
|
)
|
(761.1
|
)
|
(736.4
|
)
|
||||||||
Income before income taxes
|
647.9
|
663.2
|
1,896.4
|
1,869.3
|
||||||||||||
Provision for income taxes
|
(4.8
|
)
|
(5.5
|
)
|
(13.1
|
)
|
(4.4
|
)
|
||||||||
Net income
|
643.1
|
657.7
|
1,883.3
|
1,864.9
|
||||||||||||
Net income attributable to noncontrolling interests (see Note 8)
|
(8.5
|
)
|
(8.4
|
)
|
(29.0
|
)
|
(28.5
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
634.6
|
$
|
649.3
|
$
|
1,854.3
|
$
|
1,836.4
|
||||||||
|
||||||||||||||||
Earnings per unit: (see Note 10)
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.30
|
$
|
0.33
|
$
|
0.89
|
$
|
0.94
|
||||||||
Diluted earnings per unit
|
$
|
0.30
|
$
|
0.32
|
$
|
0.89
|
$
|
0.92
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
|
||||||||||||||||
Net income
|
$
|
643.1
|
$
|
657.7
|
$
|
1,883.3
|
$
|
1,864.9
|
||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Cash flow hedges:
|
||||||||||||||||
Commodity derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
22.7
|
85.8
|
(52.2
|
)
|
112.3
|
|||||||||||
Reclassification of gains to net income
|
(26.9
|
)
|
(46.8
|
)
|
(48.7
|
)
|
(128.1
|
)
|
||||||||
Interest rate derivative instruments:
|
||||||||||||||||
Changes in fair value of cash flow hedges
|
(6.9
|
)
|
--
|
(16.3
|
)
|
--
|
||||||||||
Reclassification of losses to net income
|
9.4
|
8.9
|
27.8
|
26.3
|
||||||||||||
Total cash flow hedges
|
(1.7
|
)
|
47.9
|
(89.4
|
)
|
10.5
|
||||||||||
Other
|
--
|
--
|
(0.1
|
)
|
0.4
|
|||||||||||
Total other comprehensive income (loss)
|
(1.7
|
)
|
47.9
|
(89.5
|
)
|
10.9
|
||||||||||
Comprehensive income
|
641.4
|
705.6
|
1,793.8
|
1,875.8
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
(8.5
|
)
|
(8.4
|
)
|
(29.0
|
)
|
(28.5
|
)
|
||||||||
Comprehensive income attributable to limited partners
|
$
|
632.9
|
$
|
697.2
|
$
|
1,764.8
|
$
|
1,847.3
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2016
|
2015
|
||||||
Operating activities:
|
||||||||
Net income
|
$
|
1,883.3
|
$
|
1,864.9
|
||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||
Depreciation, amortization and accretion
|
1,155.3
|
1,147.7
|
||||||
Asset impairment charges (see Note 12)
|
22.0
|
139.1
|
||||||
Loss due to Pascagoula fire (see Note 4)
|
7.1
|
--
|
||||||
Equity in income of unconsolidated affiliates
|
(269.8
|
)
|
(302.5
|
)
|
||||
Distributions received on earnings from unconsolidated affiliates
|
281.6
|
362.4
|
||||||
Net losses (gains) attributable to asset sales
|
(2.3
|
)
|
14.7
|
|||||
Gains on early extinguishment of debt
|
--
|
(1.4
|
)
|
|||||
Deferred income tax expense (benefit)
|
5.3
|
(13.3
|
)
|
|||||
Change in fair market value of derivative instruments
|
42.1
|
(7.7
|
)
|
|||||
Change in fair market value of Liquidity Option Agreement (see Note 14)
|
28.0
|
15.8
|
||||||
Net effect of changes in operating accounts (see Note 15)
|
(489.7
|
)
|
(627.9
|
)
|
||||
Other operating activities
|
(3.9
|
)
|
(0.6
|
)
|
||||
Net cash flows provided by operating activities
|
2,659.0
|
2,591.2
|
||||||
Investing activities:
|
||||||||
Capital expenditures
|
(2,443.9
|
)
|
(2,630.5
|
)
|
||||
Contributions in aid of construction costs
|
34.1
|
11.4
|
||||||
Increase in restricted cash
|
(261.4
|
)
|
(46.2
|
)
|
||||
Cash used for business combinations, net of cash received
|
(1,000.0
|
)
|
(1,045.1
|
)
|
||||
Investments in unconsolidated affiliates
|
(119.9
|
)
|
(130.7
|
)
|
||||
Distributions received for return of capital from unconsolidated affiliates
|
51.9
|
--
|
||||||
Proceeds from asset sales
|
43.9
|
1,537.3
|
||||||
Other investing activities
|
(0.4
|
)
|
(4.4
|
)
|
||||
Cash used in investing activities
|
(3,695.7
|
)
|
(2,308.2
|
)
|
||||
Financing activities:
|
||||||||
Borrowings under debt agreements
|
50,183.8
|
17,113.7
|
||||||
Repayments of debt
|
(48,776.5
|
)
|
(16,139.2
|
)
|
||||
Debt issuance costs
|
(10.5
|
)
|
(23.9
|
)
|
||||
Cash distributions paid to limited partners (see Note 8)
|
(2,448.3
|
)
|
(2,185.1
|
)
|
||||
Cash payments made in connection with distribution equivalent rights
|
(8.5
|
)
|
(5.6
|
)
|
||||
Cash distributions paid to noncontrolling interests
|
(35.7
|
)
|
(33.2
|
)
|
||||
Cash contributions from noncontrolling interests
|
20.1
|
37.4
|
||||||
Net cash proceeds from the issuance of common units
|
2,170.4
|
1,011.4
|
||||||
Other financing activities
|
(20.0
|
)
|
(52.4
|
)
|
||||
Cash provided by (used in) financing activities
|
1,074.8
|
(276.9
|
)
|
|||||
Net change in cash and cash equivalents
|
38.1
|
6.1
|
||||||
Cash and cash equivalents, January 1
|
19.0
|
74.4
|
||||||
Cash and cash equivalents, September 30
|
$
|
57.1
|
$
|
80.5
|
|
Partners’ Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2015
|
$
|
20,514.3
|
$
|
(219.2
|
)
|
$
|
206.0
|
$
|
20,501.1
|
|||||||
Net income
|
1,854.3
|
--
|
29.0
|
1,883.3
|
||||||||||||
Cash distributions paid to limited partners
|
(2,448.3
|
)
|
--
|
--
|
(2,448.3
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(8.5
|
)
|
--
|
--
|
(8.5
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(35.7
|
)
|
(35.7
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
20.1
|
20.1
|
||||||||||||
Net cash proceeds from the issuance of common units
|
2,170.4
|
--
|
--
|
2,170.4
|
||||||||||||
Amortization of fair value of equity-based awards
|
67.7
|
--
|
--
|
67.7
|
||||||||||||
Cash flow hedges
|
--
|
(89.4
|
)
|
--
|
(89.4
|
)
|
||||||||||
Other
|
(22.0
|
)
|
(0.1
|
)
|
0.1
|
(22.0
|
)
|
|||||||||
Balance, September 30, 2016
|
$
|
22,127.9
|
$
|
(308.7
|
)
|
$
|
219.5
|
$
|
22,038.7
|
|
Partners’ Equity
|
|||||||||||||||
|
Limited
Partners
|
Accumulated
Other
Comprehensive
Income (Loss)
|
Noncontrolling
Interests
|
Total
|
||||||||||||
Balance, December 31, 2014
|
$
|
18,304.8
|
$
|
(241.6
|
)
|
$
|
1,629.0
|
$
|
19,692.2
|
|||||||
Net income
|
1,836.4
|
--
|
28.5
|
1,864.9
|
||||||||||||
Cash distributions paid to limited partners
|
(2,185.1
|
)
|
--
|
--
|
(2,185.1
|
)
|
||||||||||
Cash payments made in connection with distribution equivalent rights
|
(5.6
|
)
|
--
|
--
|
(5.6
|
)
|
||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
--
|
(33.2
|
)
|
(33.2
|
)
|
||||||||||
Cash contributions from noncontrolling interests
|
--
|
--
|
37.4
|
37.4
|
||||||||||||
Common units issued in connection with Step 2 of Oiltanking acquisition
|
1,408.7
|
--
|
(1,408.7
|
)
|
--
|
|||||||||||
Removal of noncontrolling interests in connection with sale of Offshore Business
|
--
|
--
|
(62.1
|
)
|
(62.1
|
)
|
||||||||||
Net cash proceeds from the issuance of common units
|
1,011.4
|
--
|
--
|
1,011.4
|
||||||||||||
Amortization of fair value of equity-based awards
|
72.9
|
--
|
--
|
72.9
|
||||||||||||
Cash flow hedges
|
--
|
10.5
|
--
|
10.5
|
||||||||||||
Other
|
(50.7
|
)
|
0.4
|
(0.1
|
)
|
(50.4
|
)
|
|||||||||
Balance, September 30, 2015
|
$
|
20,392.8
|
$
|
(230.7
|
)
|
$
|
190.8
|
$
|
20,352.9
|
|
September 30,
2016
|
December 31,
2015
|
||||||
NGLs
|
$
|
1,202.4
|
$
|
639.9
|
||||
Petrochemicals and refined products
|
230.4
|
148.0
|
||||||
Crude oil
|
299.3
|
222.1
|
||||||
Natural gas
|
30.4
|
28.1
|
||||||
Total
|
$
|
1,762.5
|
$
|
1,038.1
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Cost of sales (1)
|
$
|
4,088.6
|
$
|
4,419.9
|
$
|
11,135.6
|
$
|
15,355.9
|
||||||||
Lower of cost or market adjustments within cost of sales
|
1.5
|
2.1
|
7.6
|
6.1
|
||||||||||||
(1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
|
|
Estimated
Useful Life
in Years
|
September 30,
2016
|
December 31,
2015
|
|||||||||
Plants, pipelines and facilities (1)
|
3-45 (5)
|
|
$
|
34,752.7
|
$
|
32,525.0
|
||||||
Underground and other storage facilities (2)
|
5-40 (6)
|
|
3,309.2
|
3,000.5
|
||||||||
Transportation equipment (3)
|
3-10
|
162.9
|
159.9
|
|||||||||
Marine vessels (4)
|
15-30
|
792.0
|
769.8
|
|||||||||
Land
|
264.6
|
262.7
|
||||||||||
Construction in progress
|
3,276.4
|
3,894.0
|
||||||||||
Total
|
42,557.8
|
40,611.9
|
||||||||||
Less accumulated depreciation
|
9,438.4
|
8,577.2
|
||||||||||
Property, plant and equipment, net
|
$
|
33,119.4
|
$
|
32,034.7
|
||||||||
(1) Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5) In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
(6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Depreciation expense (1)
|
$
|
309.4
|
$
|
286.2
|
$
|
903.5
|
$
|
870.1
|
||||||||
Capitalized interest (2)
|
38.9
|
40.3
|
127.8
|
105.6
|
||||||||||||
(1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
|
ARO liability balance, December 31, 2015
|
$
|
58.5
|
||
Liabilities incurred
|
4.1
|
|||
Liabilities settled
|
(2.9
|
)
|
||
Revisions in estimated cash flows
|
4.0
|
|||
Accretion expense
|
2.8
|
|||
ARO liability balance, September 30, 2016
|
$
|
66.5
|
|
Ownership
Interest at
September 30,
2016
|
September 30,
2016
|
December 31,
2015
|
|||||||||
NGL Pipelines & Services:
|
||||||||||||
Venice Energy Service Company, L.L.C.
|
13.1%
|
|
$
|
25.0
|
$
|
25.9
|
||||||
K/D/S Promix, L.L.C.
|
50%
|
|
35.2
|
38.3
|
||||||||
Baton Rouge Fractionators LLC
|
32.2%
|
|
17.1
|
18.5
|
||||||||
Skelly-Belvieu Pipeline Company, L.L.C.
|
50%
|
|
40.0
|
39.8
|
||||||||
Texas Express Pipeline LLC
|
35%
|
|
330.1
|
342.0
|
||||||||
Texas Express Gathering LLC
|
45%
|
|
36.1
|
36.8
|
||||||||
Front Range Pipeline LLC
|
33.3%
|
|
168.0
|
171.2
|
||||||||
Delaware Basin Gas Processing LLC
|
50%
|
|
96.0
|
46.2
|
||||||||
Crude Oil Pipelines & Services:
|
||||||||||||
Seaway Crude Pipeline Company LLC
|
50%
|
|
1,405.7
|
1,396.0
|
||||||||
Eagle Ford Pipeline LLC
|
50%
|
|
383.6
|
388.8
|
||||||||
Eagle Ford Terminals Corpus Christi LLC
|
50%
|
|
49.4
|
28.6
|
||||||||
Natural Gas Pipelines & Services:
|
||||||||||||
White River Hub, LLC
|
50%
|
|
22.0
|
22.5
|
||||||||
Petrochemical & Refined Products Services:
|
||||||||||||
Baton Rouge Propylene Concentrator, LLC
|
30%
|
|
4.6
|
5.4
|
||||||||
Centennial Pipeline LLC
|
50%
|
|
62.7
|
65.6
|
||||||||
Other
|
Various
|
11.7
|
2.9
|
|||||||||
Total investments in unconsolidated affiliates
|
$
|
2,687.2
|
$
|
2,628.5
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
NGL Pipelines & Services
|
$
|
15.9
|
$
|
18.9
|
$
|
45.0
|
$
|
43.0
|
||||||||
Crude Oil Pipelines & Services
|
78.4
|
81.2
|
234.3
|
220.5
|
||||||||||||
Natural Gas Pipelines & Services
|
1.0
|
0.9
|
2.9
|
2.8
|
||||||||||||
Petrochemical & Refined Products Services
|
(3.0
|
)
|
(3.3
|
)
|
(12.4
|
)
|
(10.4
|
)
|
||||||||
Offshore Pipelines & Services
|
--
|
5.4
|
--
|
46.6
|
||||||||||||
Total
|
$
|
92.3
|
$
|
103.1
|
$
|
269.8
|
$
|
302.5
|
|
September 30,
2016
|
December 31,
2015
|
||||||
NGL Pipelines & Services
|
$
|
24.4
|
$
|
25.3
|
||||
Crude Oil Pipelines & Services
|
18.7
|
19.3
|
||||||
Petrochemical & Refined Products Services
|
2.2
|
2.3
|
||||||
Total
|
$
|
45.3
|
$
|
46.9
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Income Statement Data:
|
||||||||||||||||
Revenues
|
$
|
328.9
|
$
|
368.2
|
$
|
991.9
|
$
|
1,121.4
|
||||||||
Operating income
|
193.6
|
225.4
|
589.0
|
662.7
|
||||||||||||
Net income
|
192.0
|
223.0
|
585.5
|
654.1
|
|
September 30, 2016
|
December 31, 2015
|
||||||||||||||||||||||
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
Gross
Value
|
Accumulated
Amortization
|
Carrying
Value
|
||||||||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
$
|
447.4
|
$
|
(168.9
|
)
|
$
|
278.5
|
$
|
447.4
|
$
|
(156.9
|
)
|
$
|
290.5
|
||||||||||
Contract-based intangibles
|
283.5
|
(204.3
|
)
|
79.2
|
283.0
|
(193.2
|
)
|
89.8
|
||||||||||||||||
Segment total
|
730.9
|
(373.2
|
)
|
357.7
|
730.4
|
(350.1
|
)
|
380.3
|
||||||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
2,204.4
|
(74.2
|
)
|
2,130.2
|
2,204.4
|
(39.1
|
)
|
2,165.3
|
||||||||||||||||
Contract-based intangibles
|
281.0
|
(109.3
|
)
|
171.7
|
281.4
|
(69.2
|
)
|
212.2
|
||||||||||||||||
Segment total
|
2,485.4
|
(183.5
|
)
|
2,301.9
|
2,485.8
|
(108.3
|
)
|
2,377.5
|
||||||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
1,350.3
|
(384.1
|
)
|
966.2
|
1,350.3
|
(366.3
|
)
|
984.0
|
||||||||||||||||
Contract-based intangibles
|
464.7
|
(368.2
|
)
|
96.5
|
464.7
|
(361.0
|
)
|
103.7
|
||||||||||||||||
Segment total
|
1,815.0
|
(752.3
|
)
|
1,062.7
|
1,815.0
|
(727.3
|
)
|
1,087.7
|
||||||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||||||||||
Customer relationship intangibles
|
185.5
|
(42.5
|
)
|
143.0
|
185.5
|
(38.3
|
)
|
147.2
|
||||||||||||||||
Contract-based intangibles
|
56.3
|
(14.4
|
)
|
41.9
|
56.3
|
(11.8
|
)
|
44.5
|
||||||||||||||||
Segment total
|
241.8
|
(56.9
|
)
|
184.9
|
241.8
|
(50.1
|
)
|
191.7
|
||||||||||||||||
Total intangible assets
|
$
|
5,273.1
|
$
|
(1,365.9
|
)
|
$
|
3,907.2
|
$
|
5,273.0
|
$
|
(1,235.8
|
)
|
$
|
4,037.2
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
NGL Pipelines & Services
|
$
|
7.6
|
$
|
9.7
|
$
|
23.1
|
$
|
24.9
|
||||||||
Crude Oil Pipelines & Services
|
23.2
|
29.0
|
75.6
|
62.3
|
||||||||||||
Natural Gas Pipelines & Services
|
8.1
|
10.7
|
25.0
|
30.5
|
||||||||||||
Petrochemical & Refined Products Services
|
2.3
|
2.3
|
6.8
|
7.0
|
||||||||||||
Offshore Pipelines & Services
|
--
|
--
|
--
|
4.5
|
||||||||||||
Total
|
$
|
41.2
|
$
|
51.7
|
$
|
130.5
|
$
|
129.2
|
Remainder
of 2016
|
2017
|
2018
|
2019
|
2020
|
||||||||||||||
$
|
44.6
|
$
|
176.4
|
$
|
171.8
|
$
|
167.3
|
$
|
166.4
|
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined
Products
Services
|
Consolidated
Total
|
|||||||||||||||
Balance at December 31, 2015
|
$
|
2,651.7
|
$
|
1,841.0
|
$
|
296.3
|
$
|
956.2
|
$
|
5,745.2
|
||||||||||
Balance at September 30, 2016
|
$
|
2,651.7
|
$
|
1,841.0
|
$
|
296.3
|
$
|
956.2
|
$
|
5,745.2
|
|
September 30,
2016
|
December 31,
2015
|
||||||
EPO senior debt obligations:
|
||||||||
Commercial Paper Notes, variable-rates
|
$
|
2,038.6
|
$
|
1,114.1
|
||||
Senior Notes AA, 3.20% fixed-rate, due February 2016
|
--
|
750.0
|
||||||
Senior Notes L, 6.30% fixed-rate, due September 2017
|
800.0
|
800.0
|
||||||
364-Day Credit Agreement, variable-rate, due September 2017
|
--
|
--
|
||||||
Senior Notes V, 6.65% fixed-rate, due April 2018
|
349.7
|
349.7
|
||||||
Senior Notes OO, 1.65% fixed-rate, due May 2018
|
750.0
|
750.0
|
||||||
Senior Notes N, 6.50% fixed-rate, due January 2019
|
700.0
|
700.0
|
||||||
Senior Notes LL, 2.55% fixed-rate, due October 2019
|
800.0
|
800.0
|
||||||
Senior Notes Q, 5.25% fixed-rate, due January 2020
|
500.0
|
500.0
|
||||||
Senior Notes Y, 5.20% fixed-rate, due September 2020
|
1,000.0
|
1,000.0
|
||||||
Multi-Year Revolving Credit Facility, variable-rate, due September 2020
|
--
|
--
|
||||||
Senior Notes RR, 2.85% fixed-rate, due April 2021
|
575.0
|
--
|
||||||
Senior Notes CC, 4.05% fixed-rate, due February 2022
|
650.0
|
650.0
|
||||||
Senior Notes HH, 3.35% fixed-rate, due March 2023
|
1,250.0
|
1,250.0
|
||||||
Senior Notes JJ, 3.90% fixed-rate, due February 2024
|
850.0
|
850.0
|
||||||
Senior Notes MM, 3.75% fixed-rate, due February 2025
|
1,150.0
|
1,150.0
|
||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026
|
875.0
|
875.0
|
||||||
Senior Notes SS, 3.95% fixed-rate, due February 2027
|
575.0
|
--
|
||||||
Senior Notes D, 6.875% fixed-rate, due March 2033
|
500.0
|
500.0
|
||||||
Senior Notes H, 6.65% fixed-rate, due October 2034
|
350.0
|
350.0
|
||||||
Senior Notes J, 5.75% fixed-rate, due March 2035
|
250.0
|
250.0
|
||||||
Senior Notes W, 7.55% fixed-rate, due April 2038
|
399.6
|
399.6
|
||||||
Senior Notes R, 6.125% fixed-rate, due October 2039
|
600.0
|
600.0
|
||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040
|
600.0
|
600.0
|
||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041
|
750.0
|
750.0
|
||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042
|
600.0
|
600.0
|
||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042
|
750.0
|
750.0
|
||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043
|
1,100.0
|
1,100.0
|
||||||
Senior Notes II, 4.85% fixed-rate, due March 2044
|
1,400.0
|
1,400.0
|
||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045
|
1,150.0
|
1,150.0
|
||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046
|
975.0
|
875.0
|
||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054
|
400.0
|
400.0
|
||||||
TEPPCO senior debt obligations:
|
||||||||
TEPPCO Senior Notes, 6.65% fixed-rate, due April 2018
|
0.3
|
0.3
|
||||||
TEPPCO Senior Notes, 7.55% fixed-rate, due April 2038
|
0.4
|
0.4
|
||||||
Total principal amount of senior debt obligations
|
22,688.6
|
21,264.1
|
||||||
EPO Junior Subordinated Notes A, fixed/variable-rate, due August 2066 (1)
|
521.1
|
521.1
|
||||||
EPO Junior Subordinated Notes C, fixed/variable-rate, due June 2067 (2)
|
256.4
|
256.4
|
||||||
EPO Junior Subordinated Notes B, fixed/variable-rate, due January 2068 (3)
|
682.7
|
682.7
|
||||||
TEPPCO Junior Subordinated Notes, fixed/variable-rate, due June 2067
|
14.2
|
14.2
|
||||||
Total principal amount of senior and junior debt obligations
|
24,163.0
|
22,738.5
|
||||||
Other, non-principal amounts
|
(203.7
|
)
|
(197.7
|
)
|
||||
Less current maturities of debt
|
(2,838.1
|
)
|
(1,863.9
|
)
|
||||
Total long-term debt
|
$
|
21,121.2
|
$
|
20,676.9
|
||||
(1) Fixed rate of 8.375% was paid through August 1, 2016; thereafter, a variable rate is in effect based on 3-month LIBOR plus 3.708%.
(2) Fixed rate of 7.000% through September 1, 2017 (i.e., first call date without a make-whole redemption premium); thereafter, variable rate based on 3-month LIBOR plus 2.778%.
(3) Fixed rate of 7.034% through January 15, 2018 (i.e., first call date without a make-whole redemption premium); thereafter, the rate will be the greater of 7.034% or a variable rate based on 3-month LIBOR plus 2.680%.
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
2,038.6
|
$
|
2,038.6
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Senior Notes
|
20,650.0
|
--
|
800.0
|
1,100.0
|
1,500.0
|
1,500.0
|
15,750.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,474.4
|
--
|
--
|
--
|
--
|
--
|
1,474.4
|
|||||||||||||||||||||
Total
|
$
|
24,163.0
|
$
|
2,038.6
|
$
|
800.0
|
$
|
1,100.0
|
$
|
1,500.0
|
$
|
1,500.0
|
$
|
17,224.4
|
|
Range of Interest
Rates Paid
|
Weighted-Average
Interest Rate Paid
|
Commercial Paper Notes
|
0.56% to 1.18%
|
0.89%
|
Junior Subordinated Notes A
|
4.46%
|
4.46%
|
Multi-Year Revolving Credit Facility
|
1.43% to 1.43%
|
1.43%
|
Common
Units
(Unrestricted)
|
Restricted
Common
Units
|
Total
Common
Units
|
||||||||||
Number of units outstanding at December 31, 2015
|
2,010,592,504
|
1,960,520
|
2,012,553,024
|
|||||||||
Common units issued in connection with ATM program
|
76,113,492
|
--
|
76,113,492
|
|||||||||
Common units issued in connection with DRIP and EUPP
|
13,334,558
|
--
|
13,334,558
|
|||||||||
Common units issued in connection with the vesting of phantom unit awards
|
1,149,450
|
--
|
1,149,450
|
|||||||||
Common units issued in connection with the vesting of restricted common unit awards
|
1,214,178
|
(1,214,178
|
)
|
--
|
||||||||
Forfeiture of restricted common unit awards
|
--
|
(41,774
|
)
|
(41,774
|
)
|
|||||||
Acquisition and cancellation of treasury units in connection with the
vesting of equity-based awards
|
(403,229
|
)
|
--
|
(403,229
|
)
|
|||||||
Other
|
90,707
|
--
|
90,707
|
|||||||||
Number of units outstanding at September 30, 2016
|
2,102,091,660
|
704,568
|
2,102,796,228
|
|
Gains (Losses) on
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Balance, December 31, 2015
|
$
|
56.6
|
$
|
(279.5
|
)
|
$
|
3.7
|
$
|
(219.2
|
)
|
||||||
Other comprehensive loss before reclassifications
|
(52.2
|
)
|
(16.3
|
)
|
(0.1
|
)
|
(68.6
|
)
|
||||||||
Amounts reclassified from accumulated other comprehensive loss (income)
|
(48.7
|
)
|
27.8
|
--
|
(20.9
|
)
|
||||||||||
Total other comprehensive income (loss)
|
(100.9
|
)
|
11.5
|
(0.1
|
)
|
(89.5
|
)
|
|||||||||
Balance, September 30, 2016
|
$
|
(44.3
|
)
|
$
|
(268.0
|
)
|
$
|
3.6
|
$
|
(308.7
|
)
|
|
Gains (Losses) on
Cash Flow Hedges
|
|||||||||||||||
|
Commodity
Derivative
Instruments
|
Interest Rate
Derivative
Instruments
|
Other
|
Total
|
||||||||||||
Balance, December 31, 2014
|
$
|
69.9
|
$
|
(314.8
|
)
|
$
|
3.3
|
$
|
(241.6
|
)
|
||||||
Other comprehensive income before reclassifications
|
112.3
|
--
|
0.4
|
112.7
|
||||||||||||
Amounts reclassified from accumulated other comprehensive loss (income)
|
(128.1
|
)
|
26.3
|
--
|
(101.8
|
)
|
||||||||||
Total other comprehensive income (loss)
|
(15.8
|
)
|
26.3
|
0.4
|
10.9
|
|||||||||||
Balance, September 30, 2015
|
$
|
54.1
|
$
|
(288.5
|
)
|
$
|
3.7
|
$
|
(230.7
|
)
|
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
Location |
2016
|
2015
|
2016
|
2015
|
||||||||||||
Losses (gains) on cash flow hedges:
|
|||||||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
9.4
|
$
|
8.9
|
$
|
27.8
|
$
|
26.3
|
||||||||
Commodity derivatives
|
Revenue
|
(23.0
|
)
|
(46.8
|
)
|
(47.6
|
)
|
(128.6
|
)
|
||||||||
Commodity derivatives
|
Operating costs and expenses
|
(3.9
|
)
|
--
|
(1.1
|
)
|
0.5
|
||||||||||
Total
|
|
$
|
(17.5
|
)
|
$
|
(37.9
|
)
|
$
|
(20.9
|
)
|
$
|
(101.8
|
)
|
|
Distribution Per
Common Unit
|
Record
Date
|
Payment
Date
|
|||
2015:
|
||||||
1st Quarter
|
$
|
0.3750
|
4/30/2015
|
5/7/2015
|
||
2nd Quarter
|
$
|
0.3800
|
7/31/2015
|
8/7/2015
|
||
3rd Quarter
|
$
|
0.3850
|
10/30/2015
|
11/6/2015
|
||
2016:
|
|
|
||||
1st Quarter
|
$
|
0.3950
|
4/29/2016
|
5/6/2016
|
||
2nd Quarter
|
$
|
0.4000
|
7/29/2016
|
8/5/2016
|
||
3rd Quarter
|
$
|
0.4050
|
10/31/2016
|
11/7/2016
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Revenues
|
$
|
5,920.4
|
$
|
6,307.9
|
$
|
16,543.5
|
$
|
20,872.9
|
||||||||
Subtract operating costs and expenses
|
(5,065.7
|
)
|
(5,452.6
|
)
|
(14,034.8
|
)
|
(18,426.5
|
)
|
||||||||
Add equity in income of unconsolidated affiliates
|
92.3
|
103.1
|
269.8
|
302.5
|
||||||||||||
Add depreciation, amortization and accretion expense amounts not reflected in gross operating margin
|
367.1
|
351.1
|
1,085.6
|
1,082.0
|
||||||||||||
Add asset impairment charges not reflected in gross operating margin
|
6.8
|
26.8
|
21.6
|
139.1
|
||||||||||||
Add net losses or subtract net gains attributable to asset sales, insurance recoveries and related property damage not reflected in gross operating margin
|
(8.9
|
)
|
12.3
|
4.8
|
14.7
|
|||||||||||
Add non-refundable payments attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin
|
1.2
|
3.4
|
10.1
|
39.3
|
||||||||||||
Subtract subsequent revenue recognition of deferred revenues attributable to make-up rights not reflected in gross operating margin
|
(5.6
|
)
|
(10.9
|
)
|
(25.1
|
)
|
(45.3
|
)
|
||||||||
Total segment gross operating margin
|
$
|
1,307.6
|
$
|
1,341.1
|
$
|
3,875.5
|
$
|
3,978.7
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Total segment gross operating margin
|
$
|
1,307.6
|
$
|
1,341.1
|
$
|
3,875.5
|
$
|
3,978.7
|
||||||||
Adjustments to reconcile total segment gross operating margin to operating income:
|
||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin
|
(367.1
|
)
|
(351.1
|
)
|
(1,085.6
|
)
|
(1,082.0
|
)
|
||||||||
Subtract asset impairment charges not reflected in gross operating margin
|
(6.8
|
)
|
(26.8
|
)
|
(21.6
|
)
|
(139.1
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset sales, insurance recoveries and related property damage not reflected in gross operating margin
|
8.9
|
(12.3
|
)
|
(4.8
|
)
|
(14.7
|
)
|
|||||||||
Subtract non-refundable payments attributable to shipper make-up rights on new pipeline projects reflected in gross operating margin
|
(1.2
|
)
|
(3.4
|
)
|
(10.1
|
)
|
(39.3
|
)
|
||||||||
Add subsequent revenue recognition of deferred revenues attributable to make-up rights not reflected in gross operating margin
|
5.6
|
10.9
|
25.1
|
45.3
|
||||||||||||
Subtract general and administrative costs not reflected in gross operating margin
|
(42.0
|
)
|
(49.0
|
)
|
(121.0
|
)
|
(143.2
|
)
|
||||||||
Operating income
|
905.0
|
909.4
|
2,657.5
|
2,605.7
|
||||||||||||
Other expense, net
|
(257.1
|
)
|
(246.2
|
)
|
(761.1
|
)
|
(736.4
|
)
|
||||||||
Income before income taxes
|
$
|
647.9
|
$
|
663.2
|
$
|
1,896.4
|
$
|
1,869.3
|
|
Business Segments
|
|||||||||||||||||||||||||||
|
NGL
Pipelines
& Services
|
Crude Oil
Pipelines
& Services
|
Natural Gas
Pipelines
& Services
|
Petrochemical
& Refined Products Services
|
Offshore
Pipelines
& Services
|
Adjustments
and
Eliminations
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues from third parties:
|
||||||||||||||||||||||||||||
Three months ended September 30, 2016
|
$
|
2,414.2
|
$
|
1,712.9
|
$
|
711.3
|
$
|
1,066.3
|
$
|
--
|
$
|
--
|
$
|
5,904.7
|
||||||||||||||
Three months ended September 30, 2015
|
2,284.6
|
2,316.4
|
705.2
|
980.0
|
7.8
|
--
|
6,294.0
|
|||||||||||||||||||||
Nine months ended September 30, 2016
|
7,328.9
|
4,641.8
|
1,792.5
|
2,735.8
|
--
|
--
|
16,499.0
|
|||||||||||||||||||||
Nine months ended September 30, 2015
|
7,223.2
|
8,080.4
|
2,117.5
|
3,347.6
|
76.9
|
--
|
20,845.6
|
|||||||||||||||||||||
Revenues from related parties:
|
||||||||||||||||||||||||||||
Three months ended September 30, 2016
|
2.7
|
10.1
|
2.9
|
--
|
--
|
--
|
15.7
|
|||||||||||||||||||||
Three months ended September 30, 2015
|
2.2
|
6.2
|
4.5
|
--
|
1.0
|
--
|
13.9
|
|||||||||||||||||||||
Nine months ended September 30, 2016
|
7.3
|
29.8
|
7.4
|
--
|
--
|
--
|
44.5
|
|||||||||||||||||||||
Nine months ended September 30, 2015
|
6.0
|
8.6
|
10.8
|
--
|
1.9
|
--
|
27.3
|
|||||||||||||||||||||
Intersegment and intrasegment revenues:
|
||||||||||||||||||||||||||||
Three months ended September 30, 2016
|
4,772.4
|
2,445.2
|
201.2
|
315.4
|
--
|
(7,734.2
|
)
|
--
|
||||||||||||||||||||
Three months ended September 30, 2015
|
2,461.0
|
1,142.1
|
180.2
|
267.3
|
0.1
|
(4,050.7
|
)
|
--
|
||||||||||||||||||||
Nine months ended September 30, 2016
|
12,828.0
|
6,390.3
|
472.8
|
865.8
|
--
|
(20,556.9
|
)
|
--
|
||||||||||||||||||||
Nine months ended September 30, 2015
|
7,685.1
|
3,958.9
|
519.7
|
875.8
|
0.6
|
(13,040.1
|
)
|
--
|
||||||||||||||||||||
Total revenues:
|
||||||||||||||||||||||||||||
Three months ended September 30, 2016
|
7,189.3
|
4,168.2
|
915.4
|
1,381.7
|
--
|
(7,734.2
|
)
|
5,920.4
|
||||||||||||||||||||
Three months ended September 30, 2015
|
4,747.8
|
3,464.7
|
889.9
|
1,247.3
|
8.9
|
(4,050.7
|
)
|
6,307.9
|
||||||||||||||||||||
Nine months ended September 30, 2016
|
20,164.2
|
11,061.9
|
2,272.7
|
3,601.6
|
--
|
(20,556.9
|
)
|
16,543.5
|
||||||||||||||||||||
Nine months ended September 30, 2015
|
14,914.3
|
12,047.9
|
2,648.0
|
4,223.4
|
79.4
|
(13,040.1
|
)
|
20,872.9
|
||||||||||||||||||||
Equity in income (loss) of unconsolidated affiliates:
|
||||||||||||||||||||||||||||
Three months ended September 30, 2016
|
15.9
|
78.4
|
1.0
|
(3.0
|
)
|
--
|
--
|
92.3
|
||||||||||||||||||||
Three months ended September 30, 2015
|
18.9
|
81.2
|
0.9
|
(3.3
|
)
|
5.4
|
--
|
103.1
|
||||||||||||||||||||
Nine months ended September 30, 2016
|
45.0
|
234.3
|
2.9
|
(12.4
|
)
|
--
|
--
|
269.8
|
||||||||||||||||||||
Nine months ended September 30, 2015
|
43.0
|
220.5
|
2.8
|
(10.4
|
)
|
46.6
|
--
|
302.5
|
||||||||||||||||||||
Gross operating margin:
|
||||||||||||||||||||||||||||
Three months ended September 30, 2016
|
703.5
|
254.0
|
178.5
|
171.6
|
--
|
--
|
1,307.6
|
|||||||||||||||||||||
Three months ended September 30, 2015
|
695.5
|
254.6
|
192.4
|
191.5
|
7.1
|
--
|
1,341.1
|
|||||||||||||||||||||
Nine months ended September 30, 2016
|
2,206.3
|
633.7
|
533.6
|
501.9
|
--
|
--
|
3,875.5
|
|||||||||||||||||||||
Nine months ended September 30, 2015
|
2,041.3
|
704.2
|
588.3
|
547.4
|
97.5
|
--
|
3,978.7
|
|||||||||||||||||||||
Property, plant and equipment, net:
(see Note 4)
|
||||||||||||||||||||||||||||
At September 30, 2016
|
14,040.1
|
4,074.1
|
8,473.7
|
3,255.1
|
--
|
3,276.4
|
33,119.4
|
|||||||||||||||||||||
At December 31, 2015
|
12,909.7
|
3,550.3
|
8,620.0
|
3,060.7
|
--
|
3,894.0
|
32,034.7
|
|||||||||||||||||||||
Investments in unconsolidated affiliates:
(see Note 5)
|
||||||||||||||||||||||||||||
At September 30, 2016
|
747.5
|
1,838.7
|
22.0
|
79.0
|
--
|
--
|
2,687.2
|
|||||||||||||||||||||
At December 31, 2015
|
718.7
|
1,813.4
|
22.5
|
73.9
|
--
|
--
|
2,628.5
|
|||||||||||||||||||||
Intangible assets, net: (see Note 6)
|
||||||||||||||||||||||||||||
At September 30, 2016
|
357.7
|
2,301.9
|
1,062.7
|
184.9
|
--
|
--
|
3,907.2
|
|||||||||||||||||||||
At December 31, 2015
|
380.3
|
2,377.5
|
1,087.7
|
191.7
|
--
|
--
|
4,037.2
|
|||||||||||||||||||||
Goodwill: (see Note 6)
|
||||||||||||||||||||||||||||
At September 30, 2016
|
2,651.7
|
1,841.0
|
296.3
|
956.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
At December 31, 2015
|
2,651.7
|
1,841.0
|
296.3
|
956.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
Segment assets:
|
||||||||||||||||||||||||||||
At September 30, 2016
|
17,797.0
|
10,055.7
|
9,854.7
|
4,475.2
|
--
|
3,276.4
|
45,459.0
|
|||||||||||||||||||||
At December 31, 2015
|
16,660.4
|
9,582.2
|
10,026.5
|
4,282.5
|
--
|
3,894.0
|
44,445.6
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
1,959.0
|
$
|
1,844.9
|
$
|
5,962.9
|
$
|
5,936.2
|
||||||||
Midstream services
|
457.9
|
441.9
|
1,373.3
|
1,293.0
|
||||||||||||
Total
|
2,416.9
|
2,286.8
|
7,336.2
|
7,229.2
|
||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
1,538.5
|
2,147.3
|
4,141.8
|
7,689.3
|
||||||||||||
Midstream services
|
184.5
|
175.3
|
529.8
|
399.7
|
||||||||||||
Total
|
1,723.0
|
2,322.6
|
4,671.6
|
8,089.0
|
||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
483.7
|
455.0
|
1,104.4
|
1,361.2
|
||||||||||||
Midstream services
|
230.5
|
254.7
|
695.5
|
767.1
|
||||||||||||
Total
|
714.2
|
709.7
|
1,799.9
|
2,128.3
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
871.3
|
780.5
|
2,137.9
|
2,764.2
|
||||||||||||
Midstream services
|
195.0
|
199.5
|
597.9
|
583.4
|
||||||||||||
Total
|
1,066.3
|
980.0
|
2,735.8
|
3,347.6
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
--
|
0.4
|
--
|
3.2
|
||||||||||||
Midstream services
|
--
|
8.4
|
--
|
75.6
|
||||||||||||
Total
|
--
|
8.8
|
--
|
78.8
|
||||||||||||
Total consolidated revenues
|
$
|
5,920.4
|
$
|
6,307.9
|
$
|
16,543.5
|
$
|
20,872.9
|
||||||||
|
||||||||||||||||
Consolidated costs and expenses
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
$
|
4,088.6
|
$
|
4,419.9
|
$
|
11,135.6
|
$
|
15,355.9
|
||||||||
Other operating costs and expenses (1)
|
612.1
|
642.5
|
1,787.2
|
1,834.8
|
||||||||||||
Depreciation, amortization and accretion
|
367.1
|
351.1
|
1,085.6
|
1,082.0
|
||||||||||||
Asset impairment charges
|
6.8
|
26.8
|
21.6
|
139.1
|
||||||||||||
Loss due to Pascagoula fire
|
--
|
--
|
7.1
|
--
|
||||||||||||
Net losses (gains) attributable to asset sales
|
(8.9
|
)
|
12.3
|
(2.3
|
)
|
14.7
|
||||||||||
General and administrative costs
|
42.0
|
49.0
|
121.0
|
143.2
|
||||||||||||
Total consolidated costs and expenses
|
$
|
5,107.7
|
$
|
5,501.6
|
$
|
14,155.8
|
$
|
18,569.7
|
||||||||
(1) Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment charges; losses due to property damage events (e.g., the fire at our Pascagoula Facility (see Note 4)); and net losses (or gains) attributable to asset sales.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
BASIC EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
634.6
|
$
|
649.3
|
$
|
1,854.3
|
$
|
1,836.4
|
||||||||
Undistributed earnings allocated and cash payments on phantom unit awards (1)
|
(3.2
|
)
|
(2.2
|
)
|
(9.7
|
)
|
(6.6
|
)
|
||||||||
Net income available to common unitholders
|
$
|
631.4
|
$
|
647.1
|
$
|
1,844.6
|
$
|
1,829.8
|
||||||||
|
||||||||||||||||
Basic weighted-average number of common units outstanding
|
2,097.5
|
1,969.3
|
2,072.2
|
1,952.3
|
||||||||||||
|
||||||||||||||||
Basic earnings per unit
|
$
|
0.30
|
$
|
0.33
|
$
|
0.89
|
$
|
0.94
|
||||||||
|
||||||||||||||||
DILUTED EARNINGS PER UNIT
|
||||||||||||||||
Net income attributable to limited partners
|
$
|
634.6
|
$
|
649.3
|
$
|
1,854.3
|
$
|
1,836.4
|
||||||||
|
||||||||||||||||
Diluted weighted-average number of units outstanding:
|
||||||||||||||||
Distribution-bearing common units
|
2,097.5
|
1,969.3
|
2,072.2
|
1,952.3
|
||||||||||||
Designated Units
|
--
|
35.4
|
--
|
35.4
|
||||||||||||
Phantom units (1)
|
8.0
|
5.7
|
7.6
|
5.4
|
||||||||||||
Incremental option units
|
--
|
0.1
|
--
|
0.2
|
||||||||||||
Total
|
2,105.5
|
2,010.5
|
2,079.8
|
1,993.3
|
||||||||||||
|
||||||||||||||||
Diluted earnings per unit
|
$
|
0.30
|
$
|
0.32
|
$
|
0.89
|
$
|
0.92
|
||||||||
(1) Each phantom unit award includes a DER, which entitles the recipient to receive cash payments equal to the product of the number of phantom unit awards and the cash distribution per unit paid to our common unitholders. Cash payments made in connection with DERs are nonforfeitable. As a result, the phantom units are considered participating securities for purposes of computing basic earnings per unit.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Equity-classified awards:
|
||||||||||||||||
Phantom unit awards
|
$
|
19.9
|
$
|
20.3
|
$
|
58.6
|
$
|
60.2
|
||||||||
Restricted common unit awards
|
0.8
|
3.1
|
3.7
|
13.1
|
||||||||||||
Profits interest awards
|
1.5
|
--
|
3.8
|
--
|
||||||||||||
Liability-classified awards
|
0.1
|
--
|
0.4
|
0.2
|
||||||||||||
Total
|
$
|
22.3
|
$
|
23.4
|
$
|
66.5
|
$
|
73.5
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Phantom unit awards at December 31, 2015
|
5,426,949
|
$
|
33.63
|
|||||
Granted (2)
|
4,486,910
|
$
|
21.88
|
|||||
Vested
|
(1,728,388
|
)
|
$
|
33.13
|
||||
Forfeited
|
(364,506
|
)
|
$
|
28.71
|
||||
Phantom unit awards at September 30, 2016
|
7,820,965
|
$
|
27.23
|
|||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2) The aggregate grant date fair value of phantom unit awards issued during 2016 was $98.2 million based on grant date market prices of our common units ranging from $21.86 per unit to $27.39 per unit. An estimated annual forfeiture rate of 3.9% was applied to these awards.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Cash payments made in connection with DERs
|
$
|
3.2
|
$
|
2.2
|
$
|
8.5
|
$
|
5.6
|
||||||||
Total intrinsic value of phantom unit awards that vested during period
|
3.0
|
2.3
|
40.1
|
31.0
|
|
Number of
Units
|
Weighted-
Average Grant
Date Fair Value
per Unit (1)
|
||||||
Restricted common units at December 31, 2015
|
1,960,520
|
$
|
27.88
|
|||||
Vested
|
(1,214,178
|
)
|
$
|
27.45
|
||||
Forfeited
|
(41,774
|
)
|
$
|
28.46
|
||||
Restricted common units at September 30, 2016
|
704,568
|
$
|
28.58
|
|||||
(1) Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Cash distributions paid to restricted common unitholders
|
$
|
0.3
|
$
|
0.8
|
$
|
1.4
|
$
|
3.2
|
||||||||
Total intrinsic value of restricted common unit awards that vested during period
|
0.7
|
1.5
|
28.0
|
66.9
|
|
For the Three
Months Ended
September 30,
2015
|
For the Nine
Months Ended September 30,
2015
|
||||||
Total intrinsic value of unit option awards exercised during period
|
$
|
0.2
|
$
|
19.8
|
||||
Cash received from EPCO in connection with the exercise of unit option awards
|
0.2
|
11.5
|
||||||
Unit option award-related cash reimbursements to EPCO
|
0.2
|
19.8
|
Employee
Partnership
|
Enterprise
Common Units
owned by
Employee
Partnership
|
Class A
Capital
Base (1)
|
Class A
Partner
Preferred
Return
Rate (2)
|
Expected
Liquidation
Date
|
Estimated
Grant Date
Fair Value of
Profits Interest
Awards (3)
|
Unrecognized
Compensation
Cost (4)
|
|||
PubCo I
|
2,723,052 units
|
$63.5 million
|
6.6638%
|
|
Feb. 2020
|
$13.2 million
|
$11.2 million
|
||
PubCo II
|
2,834,198 units
|
$66.1 million
|
6.6638%
|
|
Feb. 2021
|
$14.8 million
|
$12.9 million
|
||
PubCo III
|
105,000 units
|
$2.5 million
|
6.5381%
|
|
Apr. 2020
|
$0.5 million
|
$0.5 million
|
||
PrivCo I
|
1,111,438 units
|
$25.9 million
|
6.6638%
|
|
Feb. 2021
|
$5.8 million
|
$1.1 million
|
||
(1) Represents fair market value of the Enterprise common units contributed to each Employee Partnership at the applicable contribution date.
(2) For each period and Employee Partnership, the Class A Preference Return amount equals the Class A Capital Base, after adjusting for certain retained cash distributions and other amounts as defined in the underlying agreements, multiplied by the applicable Class A Partner Preferred Return Rate divided by 365 or 366 days, as the case may be during such calendar year, multiplied by the number of days in the applicable period.
(3) Represents the total grant date fair value of the profits interest awards irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates.
(4) Represents our expected share of the unrecognized compensation cost at September 30, 2016. We expect to recognize our share of the unrecognized compensation cost for PubCo I, PubCo II, PubCo III and PrivCo I over a weighted-average period of 3.4 years, 4.4 years, 3.5 years and 4.4 years, respectively.
|
Expected
|
Risk-Free
|
Expected
|
Expected Unit
|
|
Employee
|
Life
|
Interest
|
Distribution
|
Price
|
Partnership
|
of Award
|
Rate
|
Yield
|
Volatility
|
PubCo I
|
4.0 years
|
0.9% to 1.1%
|
6.2% to 6.7%
|
29% to 40%
|
PubCo II
|
5.0 years
|
1.1% to 1.3%
|
6.2% to 6.7%
|
27% to 40%
|
PubCo III
|
4.0 years
|
0.9% to 1.0%
|
6.2%
|
29% to 40%
|
PrivCo I
|
5.0 years
|
1.1% to 1.3%
|
6.2% to 6.7%
|
27% to 40%
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes OO
|
10 fixed-to-floating swaps
|
$
|
750.0
|
5/2015 to 5/2018
|
1.65% to 1.27%
|
Fair value hedge
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Expected
Settlement
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
|||
Future long-term debt offering
|
4 forward starting swaps
|
$
|
250.0
|
9/2017
|
1.91%
|
Cash flow hedge
|
||
Future long-term debt offering
|
4 forward starting swaps
|
$
|
275.0
|
5/2018
|
2.02%
|
Cash flow hedge
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
24.4
|
3.3
|
Cash flow hedge
|
Forecasted sales of NGLs (MMBbls)
|
12.1
|
3.5
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchase of NGLs (MMBbls)
|
1.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
1.4
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Forecasted purchases of natural gas for fuel (Bcf)
|
3.3
|
0.5
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
8.2
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
78.2
|
2.3
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
99.0
|
7.0
|
Cash flow hedge
|
Refined products marketing:
|
|
||
Forecasted purchases of refined products (MMBbls)
|
0.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
0.4
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
2.1
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
7.4
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
11.5
|
n/a
|
Cash flow hedge
|
Crude oil inventory management activities (MMBbls)
|
0.2
|
n/a
|
Fair value hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (Bcf) (3,4)
|
98.2
|
20.9
|
Mark-to-market
|
NGL risk management activities (MMBbls) (4)
|
7.2
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
28.5
|
0.9
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2017, June 2017 and March 2020, respectively.
(3) Current and long-term volumes include 25.4 Bcf and 1.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
|
The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices through the use of derivative instruments and related contracts.
|
|
The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing sales contracts for a portion of our expected equity NGL production using derivative instruments and related contracts. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged using derivative instruments and related contracts.
|
|
The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of derivative instruments and related contracts.
|
|
Asset Derivatives
|
Liability Derivatives
|
||||||||||||||||||||
|
September 30, 2016
|
December 31, 2015
|
September 30, 2016
|
December 31, 2015
|
||||||||||||||||||
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
Balance
Sheet
Location
|
Fair
Value
|
||||||||||||||
Derivatives designated as hedging instruments
|
||||||||||||||||||||||
Interest rate derivatives
|
Current assets
|
$
|
3.0
|
Current assets
|
$
|
3.2
|
Current
liabilities
|
$
|
--
|
Current
liabilities
|
$
|
--
|
||||||||||
Interest rate derivatives
|
Other assets
|
0.5
|
Other assets
|
--
|
Other liabilities
|
16.3
|
Other liabilities
|
3.7
|
||||||||||||||
Total interest rate derivatives
|
3.5
|
3.2
|
16.3
|
3.7
|
||||||||||||||||||
Commodity derivatives
|
Current assets
|
202.6
|
Current assets
|
253.8
|
Current
liabilities
|
407.1
|
Current
liabilities
|
137.5
|
||||||||||||||
Commodity derivatives
|
Other assets
|
5.7
|
Other assets
|
0.2
|
Other liabilities
|
6.0
|
Other liabilities
|
1.4
|
||||||||||||||
Total commodity derivatives
|
|
208.3
|
|
254.0
|
|
413.1
|
|
138.9
|
||||||||||||||
Total derivatives designated as hedging instruments
|
$
|
211.8
|
$
|
257.2
|
$
|
429.4
|
$
|
142.6
|
||||||||||||||
|
|
|
|
|||||||||||||||||||
Derivatives not designated as hedging instruments
|
||||||||||||||||||||||
Commodity derivatives
|
Current assets
|
$
|
35.8
|
Current assets
|
$
|
1.6
|
Current
liabilities
|
$
|
57.1
|
Current
liabilities
|
$
|
3.1
|
||||||||||
Commodity derivatives
|
Other assets
|
1.6
|
Other assets
|
--
|
Other liabilities
|
5.2
|
Other liabilities
|
1.0
|
||||||||||||||
Total commodity derivatives
|
|
$
|
37.4
|
|
$
|
1.6
|
|
$
|
62.3
|
|
$
|
4.1
|
|
Offsetting of Financial Assets and Derivative Assets
|
|||||||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Assets
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Assets
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Received
|
Cash
Collateral
Paid
|
||||||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||||||
As of September 30, 2016:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
3.5
|
$
|
--
|
$
|
3.5
|
$
|
(2.1
|
)
|
$
|
--
|
$
|
--
|
$
|
1.4
|
|||||||||||||
Commodity derivatives
|
245.7
|
--
|
245.7
|
(244.1
|
)
|
--
|
8.9
|
10.5
|
||||||||||||||||||||
As of December 31, 2015:
|
||||||||||||||||||||||||||||
Interest rate derivatives
|
$
|
3.2
|
$
|
--
|
$
|
3.2
|
$
|
(3.2
|
)
|
$
|
--
|
$
|
--
|
$
|
--
|
|||||||||||||
Commodity derivatives
|
255.6
|
--
|
255.6
|
(143.0
|
)
|
(72.2
|
)
|
(40.1
|
)
|
0.3
|
|
Offsetting of Financial Liabilities and Derivative Liabilities
|
|||||||||||||||||||||||
|
Gross
Amounts of
Recognized
Liabilities
|
Gross
Amounts
Offset in the
Balance Sheet
|
Amounts
of Liabilities
Presented
in the
Balance Sheet
|
Gross Amounts Not Offset
in the Balance Sheet
|
Amounts That
Would Have
Been Presented
On Net Basis
|
|||||||||||||||||||
Financial
Instruments
|
Cash
Collateral
Paid
|
|||||||||||||||||||||||
|
(i)
|
(ii)
|
(iii) = (i) – (ii)
|
(iv)
|
(v) = (iii) + (iv)
|
|||||||||||||||||||
As of September 30, 2016:
|
||||||||||||||||||||||||
Interest rate derivatives
|
$
|
16.3
|
$
|
--
|
$
|
16.3
|
$
|
(2.1
|
)
|
$
|
--
|
$
|
14.2
|
|||||||||||
Commodity derivatives
|
475.4
|
--
|
475.4
|
(244.1
|
)
|
(231.3
|
)
|
--
|
||||||||||||||||
As of December 31, 2015:
|
||||||||||||||||||||||||
Interest rate derivatives
|
$
|
3.7
|
$
|
--
|
$
|
3.7
|
$
|
(3.2
|
)
|
$
|
--
|
$
|
0.5
|
|||||||||||
Commodity derivatives
|
143.0
|
--
|
143.0
|
(143.0
|
)
|
--
|
--
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(3.8
|
)
|
$
|
5.9
|
$
|
3.5
|
$
|
5.1
|
|||||||
Commodity derivatives
|
Revenue
|
(0.4
|
)
|
3.6
|
(82.4
|
)
|
4.0
|
||||||||||
Total
|
|
$
|
(4.2
|
)
|
$
|
9.5
|
$
|
(78.9
|
)
|
$
|
9.1
|
Derivatives in Fair Value
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in
Income on Hedged Item
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
3.8
|
$
|
(5.7
|
)
|
$
|
(3.7
|
)
|
$
|
(5.2
|
)
|
|||||
Commodity derivatives
|
Revenue
|
2.1
|
(2.5
|
)
|
110.9
|
7.4
|
|||||||||||
Total
|
|
$
|
5.9
|
$
|
(8.2
|
)
|
$
|
107.2
|
$
|
2.2
|
Derivatives in Cash Flow
Hedging Relationships
|
Change in Value Recognized in
Other Comprehensive Income (Loss)
on Derivative (Effective Portion)
|
|||||||||||||||
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Interest rate derivatives
|
$
|
(6.9
|
)
|
$
|
--
|
$
|
(16.3
|
)
|
$
|
--
|
||||||
Commodity derivatives – Revenue (1)
|
23.8
|
87.4
|
(53.4
|
)
|
113.9
|
|||||||||||
Commodity derivatives – Operating costs and expenses (1)
|
(1.1
|
)
|
(1.6
|
)
|
1.2
|
(1.6
|
)
|
|||||||||
Total
|
$
|
15.8
|
$
|
85.8
|
$
|
(68.5
|
)
|
$
|
112.3
|
|||||||
(1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations upon settlement of the underlying derivative transactions, as appropriate.
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income (Loss)
to Income (Effective Portion)
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Interest rate derivatives
|
Interest expense
|
$
|
(9.4
|
)
|
$
|
(8.9
|
)
|
$
|
(27.8
|
)
|
$
|
(26.3
|
)
|
||||
Commodity derivatives
|
Revenue
|
23.0
|
46.8
|
47.6
|
128.6
|
||||||||||||
Commodity derivatives
|
Operating costs and expenses
|
3.9
|
--
|
1.1
|
(0.5
|
)
|
|||||||||||
Total
|
|
$
|
17.5
|
$
|
37.9
|
$
|
20.9
|
$
|
101.8
|
Derivatives in Cash Flow
Hedging Relationships
|
Location
|
Gain (Loss) Recognized in Income
on Derivative (Ineffective Portion)
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Commodity derivatives
|
Revenue
|
$
|
--
|
$
|
(3.5
|
)
|
$
|
--
|
$
|
(3.1
|
)
|
||||||
Commodity derivatives
|
Operating costs and expenses
|
(0.3
|
)
|
--
|
(0.3
|
)
|
--
|
||||||||||
Total
|
|
$
|
(0.3
|
)
|
$
|
(3.5
|
)
|
$
|
(0.3
|
)
|
$
|
(3.1
|
)
|
Derivatives Not Designated
as Hedging Instruments
|
Location
|
Gain (Loss) Recognized in
Income on Derivative
|
|||||||||||||||
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Commodity derivatives
|
Revenue
|
$
|
18.3
|
$
|
--
|
$
|
(28.3
|
)
|
$
|
3.9
|
|||||||
Commodity derivatives
|
Operating costs and expenses
|
--
|
(0.3
|
)
|
--
|
--
|
|||||||||||
Total
|
|
$
|
18.3
|
$
|
(0.3
|
)
|
$
|
(28.3
|
)
|
$
|
3.9
|
|
September 30, 2016
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
3.5
|
$
|
--
|
$
|
3.5
|
||||||||
Commodity derivatives
|
82.2
|
149.1
|
14.4
|
245.7
|
||||||||||||
Total
|
$
|
82.2
|
$
|
152.6
|
$
|
14.4
|
$
|
249.2
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement
|
$
|
--
|
$
|
--
|
$
|
273.1
|
$
|
273.1
|
||||||||
Interest rate derivatives
|
--
|
16.3
|
--
|
16.3
|
||||||||||||
Commodity derivatives
|
202.8
|
256.6
|
16.0
|
475.4
|
||||||||||||
Total
|
$
|
202.8
|
$
|
272.9
|
$
|
289.1
|
$
|
764.8
|
|
December 31, 2015
Fair Value Measurements Using
|
|||||||||||||||
|
Quoted Prices
in Active
Markets for
Identical Assets
and Liabilities
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Financial assets:
|
||||||||||||||||
Interest rate derivatives
|
$
|
--
|
$
|
3.2
|
$
|
--
|
$
|
3.2
|
||||||||
Commodity derivatives
|
109.5
|
145.2
|
0.9
|
255.6
|
||||||||||||
Total
|
$
|
109.5
|
$
|
148.4
|
$
|
0.9
|
$
|
258.8
|
||||||||
|
||||||||||||||||
Financial liabilities:
|
||||||||||||||||
Liquidity Option Agreement
|
$
|
--
|
$
|
--
|
$
|
245.1
|
$
|
245.1
|
||||||||
Interest rate derivatives
|
--
|
3.7
|
--
|
3.7
|
||||||||||||
Commodity derivatives
|
31.3
|
109.2
|
2.5
|
143.0
|
||||||||||||
Total
|
$
|
31.3
|
$
|
112.9
|
$
|
247.6
|
$
|
391.8
|
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
Location
|
2016
|
2015
|
||||||
Financial asset (liability) balance, net, January 1
|
|
$
|
(246.7
|
)
|
$
|
(219.3
|
)
|
||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
0.7
|
(0.4
|
)
|
|||||
Net income
|
Other expense, net
|
2.2
|
--
|
||||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
1.5
|
(1.5
|
)
|
|||||
Settlements
|
Revenue
|
(0.1
|
)
|
(0.5
|
)
|
||||
Transfers out of Level 3
|
0.1
|
0.1
|
|||||||
Financial asset (liability) balance, net, March 31
|
|
(242.3
|
)
|
(221.6
|
)
|
||||
Total gains (losses) included in:
|
|
||||||||
Net income (1)
|
Revenue
|
--
|
(0.4
|
)
|
|||||
Net income
|
Other expense, net
|
(23.3
|
)
|
(11.5
|
)
|
||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
2.0
|
(1.0
|
)
|
|||||
Settlements
|
Revenue
|
(0.1
|
)
|
0.2
|
|||||
Transfers out of Level 3
|
--
|
1.5
|
|||||||
Financial asset (liability) balance, net, June 30
|
|
(263.7
|
)
|
(232.8
|
)
|
||||
Total gains (losses) included in:
|
|||||||||
Net income (1)
|
Revenue
|
0.2
|
(0.3
|
)
|
|||||
Net income
|
Other expense, net
|
(6.9
|
)
|
(4.3
|
)
|
||||
Other comprehensive income
|
Commodity derivative instruments – changes in fair value of cash flow hedges
|
(4.1
|
)
|
(15.5
|
)
|
||||
Settlements
|
Revenue
|
(0.2
|
)
|
0.3
|
|||||
Transfers out of Level 3
|
--
|
1.1
|
|||||||
Financial asset (liability) balance, net, September 30
|
$
|
(274.7
|
)
|
$
|
(251.5
|
)
|
|||
(1) There were $0.5 million of unrealized gains included in these amounts for the nine months ended September 30, 2016. There were unrealized losses of $1.1 million included in these amounts for the nine months ended September 30, 2015.
|
|
Fair Value
|
|
|
|
|||||||
|
Financial
Assets
|
Financial
Liabilities
|
Valuation
Techniques
|
Unobservable
Input
|
Range
|
||||||
Commodity derivatives – Crude oil
|
$
|
1.4
|
$
|
1.3
|
Discounted cash flow
|
Forward commodity prices
|
$45.44-$48.89/barrel
|
||||
Commodity derivatives – Propane
|
5.8
|
6.5
|
Discounted cash flow
|
Forward commodity prices
|
$0.49-$0.57/gallon
|
||||||
Commodity derivatives – Natural gasoline
|
2.2
|
2.1
|
Discounted cash flow
|
Forward commodity prices
|
$1.06-$1.11/gallon
|
||||||
Commodity derivatives – Ethane
|
3.4
|
2.6
|
Discounted cash flow
|
Forward commodity prices
|
$0.23-$0.29/gallon
|
||||||
Commodity derivatives – Normal butane
|
1.6
|
3.5
|
Discounted cash flow
|
Forward commodity prices
|
$0.62-$0.73/gallon
|
||||||
Total
|
$
|
14.4
|
$
|
16.0
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
NGL Pipelines & Services
|
$
|
3.8
|
$
|
14.6
|
$
|
6.4
|
$
|
20.6
|
||||||||
Crude Oil Pipelines & Services
|
--
|
--
|
0.9
|
25.9
|
||||||||||||
Natural Gas Pipelines & Services
|
2.0
|
--
|
11.7
|
21.5
|
||||||||||||
Petrochemical & Refined Products Services
|
1.0
|
12.2
|
3.0
|
12.6
|
||||||||||||
Offshore Pipelines & Services
|
--
|
--
|
--
|
58.5
|
||||||||||||
Total
|
$
|
6.8
|
$
|
26.8
|
$
|
22.0
|
$
|
139.1
|
|
Fair Value Measurements
at the End of the Reporting Period Using
|
|||||||||||||||||||
|
Carrying
Value at
September 30,
2016
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Non-Cash
Impairment
Loss
|
|||||||||||||||
Long-lived assets disposed of other than by sale
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
11.3
|
||||||||||
Long-lived assets held for sale
|
1.5
|
--
|
1.5
|
--
|
9.5
|
|||||||||||||||
Total
|
$
|
20.8
|
|
Fair Value Measurements
at the End of the Reporting Period Using
|
|||||||||||||||||||
|
Carrying
Value at
September 30,
2015
|
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
Non-Cash
Impairment
Loss
|
|||||||||||||||
Long-lived assets disposed of other than by sale
|
$
|
0.4
|
$
|
--
|
$
|
--
|
$
|
0.4
|
$
|
69.9
|
||||||||||
Long-lived assets held for sale
|
34.2
|
--
|
--
|
34.2
|
14.2
|
|||||||||||||||
Long-lived assets disposed of by sale (1)
|
--
|
--
|
--
|
--
|
55.0
|
|||||||||||||||
Total
|
$
|
139.1
|
||||||||||||||||||
(1) Primarily represents the impairment charge recorded in connection with the sale of our Offshore Business.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Revenues – related parties:
|
||||||||||||||||
Unconsolidated affiliates
|
$
|
15.7
|
$
|
13.9
|
$
|
44.5
|
$
|
27.3
|
||||||||
Costs and expenses – related parties:
|
||||||||||||||||
EPCO and its privately held affiliates
|
$
|
242.3
|
$
|
246.0
|
$
|
721.0
|
$
|
703.9
|
||||||||
Unconsolidated affiliates
|
69.2
|
66.9
|
199.5
|
165.3
|
||||||||||||
Total
|
$
|
311.5
|
$
|
312.9
|
$
|
920.5
|
$
|
869.2
|
|
September 30,
2016
|
December 31,
2015
|
||||||
Accounts receivable - related parties:
|
||||||||
Unconsolidated affiliates
|
$
|
1.7
|
$
|
1.2
|
||||
|
||||||||
Accounts payable - related parties:
|
||||||||
EPCO and its privately held affiliates
|
$
|
81.9
|
$
|
75.6
|
||||
Unconsolidated affiliates
|
15.8
|
8.5
|
||||||
Total
|
$
|
97.7
|
$
|
84.1
|
Total Number
of Units
|
Percentage of
Total Units
Outstanding
|
685,481,428
|
32.6%
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Operating costs and expenses
|
$
|
212.9
|
$
|
215.3
|
$
|
628.9
|
$
|
612.2
|
||||||||
General and administrative expenses
|
25.9
|
26.4
|
79.5
|
78.8
|
||||||||||||
Total costs and expenses
|
$
|
238.8
|
$
|
241.7
|
$
|
708.4
|
$
|
691.0
|
|
OTA remains in existence (i.e., is not dissolved and its assets sold) between one and 30 years following exercise of the Liquidity Option, depending on the liquidity preference of its owner. An equal probability that OTA will be dissolved was assigned to each year in the 30-year forecast period;
|
|
OTA assumes approximately $2.2 billion of associated long-term debt (30-year maturity) immediately after the Liquidity Option is exercised. For purposes of the valuation at September 30, 2016, we used a market rate commensurate with level of debt and tenure of approximately 4.75%. If the assumption of debt is excluded from the valuation model (and all other inputs are the same), the estimated fair value of the Liquidity Option would increase by $211.1 million at September 30, 2016;
|
|
Forecasted annual growth rates of Enterprise’s taxable earnings before interest, taxes, depreciation and amortization ranging from 2% to 15%;
|
|
OTA’s ownership interest in Enterprise common units is assumed to be diluted over time in connection with Enterprise’s issuance of equity for general company reasons. For purposes of the valuation at September 30, 2016, we used ownership interests ranging from 1.9% to 2.6%;
|
|
A forecasted yield on Enterprise common units of 5.8% to 6.6%;
|
|
OTA pays an aggregate federal and state income tax rate of 38% on its taxable income; and
|
|
A discount rate of 7.5% based on our weighted-average cost of capital at September 30, 2016.
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2016
|
2015
|
||||||
Decrease (increase) in:
|
||||||||
Accounts receivable – trade
|
$
|
(370.4
|
)
|
$
|
1,042.5
|
|||
Accounts receivable – related parties
|
(0.2
|
)
|
1.2
|
|||||
Inventories
|
(701.6
|
)
|
(143.2
|
)
|
||||
Prepaid and other current assets
|
(71.8
|
)
|
(32.7
|
)
|
||||
Other assets
|
(1.3
|
)
|
2.1
|
|||||
Increase (decrease) in:
|
||||||||
Accounts payable – trade
|
(36.8
|
)
|
(72.7
|
)
|
||||
Accounts payable – related parties
|
13.6
|
(38.6
|
)
|
|||||
Accrued product payables
|
615.1
|
(1,248.4
|
)
|
|||||
Accrued interest
|
(149.5
|
)
|
(136.7
|
)
|
||||
Other current liabilities
|
201.1
|
(13.8
|
)
|
|||||
Other liabilities
|
12.1
|
12.4
|
||||||
Net effect of changes in operating accounts
|
$
|
(489.7
|
)
|
$
|
(627.9
|
)
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2016
|
2015
|
||||||
Sale of Offshore Business
|
$
|
--
|
$
|
1,528.6
|
||||
Other cash proceeds
|
43.9
|
8.7
|
||||||
Total
|
$
|
43.9
|
$
|
1,537.3
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2016
|
2015
|
||||||
Sale of Offshore Business
|
$
|
--
|
$
|
(12.6
|
)
|
|||
Net gains (losses) attributable to other asset sales
|
2.3
|
(2.1
|
)
|
|||||
Total
|
$
|
2.3
|
$
|
(14.7
|
)
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
279.2
|
$
|
59.6
|
$
|
(4.4
|
)
|
$
|
334.4
|
$
|
--
|
$
|
--
|
$
|
334.4
|
|||||||||||||
Accounts receivable – trade, net
|
1,089.9
|
1,857.4
|
(3.2
|
)
|
2,944.1
|
--
|
--
|
2,944.1
|
||||||||||||||||||||
Accounts receivable – related parties
|
125.8
|
772.6
|
(895.0
|
)
|
3.4
|
--
|
(1.7
|
)
|
1.7
|
|||||||||||||||||||
Inventories
|
1,426.3
|
339.5
|
(3.3
|
)
|
1,762.5
|
--
|
--
|
1,762.5
|
||||||||||||||||||||
Derivative assets
|
193.2
|
48.2
|
--
|
241.4
|
--
|
--
|
241.4
|
|||||||||||||||||||||
Prepaid and other current assets
|
268.9
|
199.9
|
(11.5
|
)
|
457.3
|
0.2
|
--
|
457.5
|
||||||||||||||||||||
Total current assets
|
3,383.3
|
3,277.2
|
(917.4
|
)
|
5,743.1
|
0.2
|
(1.7
|
)
|
5,741.6
|
|||||||||||||||||||
Property, plant and equipment, net
|
4,608.0
|
28,510.0
|
1.4
|
33,119.4
|
--
|
--
|
33,119.4
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
40,035.9
|
4,208.7
|
(41,557.4
|
)
|
2,687.2
|
22,093.4
|
(22,093.4
|
)
|
2,687.2
|
|||||||||||||||||||
Intangible assets, net
|
706.6
|
3,215.0
|
(14.4
|
)
|
3,907.2
|
--
|
--
|
3,907.2
|
||||||||||||||||||||
Goodwill
|
459.5
|
5,285.7
|
--
|
5,745.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
Other assets
|
194.8
|
41.4
|
(178.9
|
)
|
57.3
|
0.5
|
--
|
57.8
|
||||||||||||||||||||
Total assets
|
$
|
49,388.1
|
$
|
44,538.0
|
$
|
(42,666.7
|
)
|
$
|
51,259.4
|
$
|
22,094.1
|
$
|
(22,095.1
|
)
|
$
|
51,258.4
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
2,838.0
|
$
|
0.1
|
$
|
--
|
$
|
2,838.1
|
$
|
--
|
$
|
--
|
$
|
2,838.1
|
||||||||||||||
Accounts payable – trade
|
197.8
|
260.2
|
(4.4
|
)
|
453.6
|
0.1
|
--
|
453.7
|
||||||||||||||||||||
Accounts payable – related parties
|
886.0
|
123.1
|
(911.4
|
)
|
97.7
|
1.7
|
(1.7
|
)
|
97.7
|
|||||||||||||||||||
Accrued product payables
|
1,594.4
|
1,496.0
|
(2.9
|
)
|
3,087.5
|
--
|
--
|
3,087.5
|
||||||||||||||||||||
Accrued interest
|
202.3
|
0.4
|
--
|
202.7
|
--
|
--
|
202.7
|
|||||||||||||||||||||
Derivative liabilities
|
371.7
|
92.5
|
--
|
464.2
|
--
|
--
|
464.2
|
|||||||||||||||||||||
Other current liabilities
|
85.3
|
348.7
|
(10.3
|
)
|
423.7
|
--
|
0.7
|
424.4
|
||||||||||||||||||||
Total current liabilities
|
6,175.5
|
2,321.0
|
(929.0
|
)
|
7,567.5
|
1.8
|
(1.0
|
)
|
7,568.3
|
|||||||||||||||||||
Long-term debt
|
21,106.0
|
15.2
|
--
|
21,121.2
|
--
|
--
|
21,121.2
|
|||||||||||||||||||||
Deferred tax liabilities
|
3.7
|
45.7
|
(0.8
|
)
|
48.6
|
--
|
3.0
|
51.6
|
||||||||||||||||||||
Other long-term liabilities
|
33.8
|
351.5
|
(179.8
|
)
|
205.5
|
273.1
|
--
|
478.6
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
22,069.1
|
41,727.7
|
(41,729.4
|
)
|
22,067.4
|
21,819.2
|
(22,067.4
|
)
|
21,819.2
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
76.9
|
172.3
|
249.2
|
--
|
(29.7
|
)
|
219.5
|
||||||||||||||||||||
Total equity
|
22,069.1
|
41,804.6
|
(41,557.1
|
)
|
22,316.6
|
21,819.2
|
(22,097.1
|
)
|
22,038.7
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
49,388.1
|
$
|
44,538.0
|
$
|
(42,666.7
|
)
|
$
|
51,259.4
|
$
|
22,094.1
|
$
|
(22,095.1
|
)
|
$
|
51,258.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Current assets:
|
||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash
|
$
|
14.4
|
$
|
71.1
|
$
|
(50.6
|
)
|
$
|
34.9
|
$
|
--
|
$
|
--
|
$
|
34.9
|
|||||||||||||
Accounts receivable – trade, net
|
811.3
|
1,755.8
|
2.8
|
2,569.9
|
--
|
--
|
2,569.9
|
|||||||||||||||||||||
Accounts receivable – related parties
|
59.0
|
795.4
|
(853.0
|
)
|
1.4
|
--
|
(0.2
|
)
|
1.2
|
|||||||||||||||||||
Inventories
|
786.9
|
251.4
|
(0.2
|
)
|
1,038.1
|
--
|
--
|
1,038.1
|
||||||||||||||||||||
Derivative assets
|
150.4
|
108.2
|
--
|
258.6
|
--
|
--
|
258.6
|
|||||||||||||||||||||
Prepaid and other current assets
|
153.6
|
249.1
|
(7.1
|
)
|
395.6
|
--
|
--
|
395.6
|
||||||||||||||||||||
Total current assets
|
1,975.6
|
3,231.0
|
(908.1
|
)
|
4,298.5
|
--
|
(0.2
|
)
|
4,298.3
|
|||||||||||||||||||
Property, plant and equipment, net
|
3,859.8
|
28,173.5
|
1.4
|
32,034.7
|
--
|
--
|
32,034.7
|
|||||||||||||||||||||
Investments in unconsolidated affiliates
|
38,655.0
|
4,067.3
|
(40,093.8
|
)
|
2,628.5
|
20,540.2
|
(20,540.2
|
)
|
2,628.5
|
|||||||||||||||||||
Intangible assets, net
|
721.2
|
3,330.7
|
(14.7
|
)
|
4,037.2
|
--
|
--
|
4,037.2
|
||||||||||||||||||||
Goodwill
|
459.5
|
5,285.7
|
--
|
5,745.2
|
--
|
--
|
5,745.2
|
|||||||||||||||||||||
Other assets
|
145.1
|
47.9
|
(135.2
|
)
|
57.8
|
0.5
|
--
|
58.3
|
||||||||||||||||||||
Total assets
|
$
|
45,816.2
|
$
|
44,136.1
|
$
|
(41,150.4
|
)
|
$
|
48,801.9
|
$
|
20,540.7
|
$
|
(20,540.4
|
)
|
$
|
48,802.2
|
||||||||||||
|
||||||||||||||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||||||||||
Current maturities of debt
|
$
|
1,863.8
|
$
|
0.1
|
$
|
--
|
$
|
1,863.9
|
$
|
--
|
$
|
--
|
$
|
1,863.9
|
||||||||||||||
Accounts payable – trade
|
375.3
|
535.1
|
(50.6
|
)
|
859.8
|
0.3
|
--
|
860.1
|
||||||||||||||||||||
Accounts payable – related parties
|
885.3
|
62.3
|
(863.5
|
)
|
84.1
|
0.2
|
(0.2
|
)
|
84.1
|
|||||||||||||||||||
Accrued product payables
|
997.7
|
1,489.3
|
(2.6
|
)
|
2,484.4
|
--
|
--
|
2,484.4
|
||||||||||||||||||||
Accrued liability related to EFS Midstream acquisition
|
--
|
993.2
|
--
|
993.2
|
--
|
--
|
993.2
|
|||||||||||||||||||||
Accrued interest
|
352.0
|
0.1
|
--
|
352.1
|
--
|
--
|
352.1
|
|||||||||||||||||||||
Derivative liabilities
|
75.1
|
65.5
|
--
|
140.6
|
--
|
--
|
140.6
|
|||||||||||||||||||||
Other current liabilities
|
103.6
|
291.6
|
(7.0
|
)
|
388.2
|
--
|
--
|
388.2
|
||||||||||||||||||||
Total current liabilities
|
4,652.8
|
3,437.2
|
(923.7
|
)
|
7,166.3
|
0.5
|
(0.2
|
)
|
7,166.6
|
|||||||||||||||||||
Long-term debt
|
20,661.6
|
15.3
|
--
|
20,676.9
|
--
|
--
|
20,676.9
|
|||||||||||||||||||||
Deferred tax liabilities
|
3.4
|
40.8
|
(0.8
|
)
|
43.4
|
--
|
2.7
|
46.1
|
||||||||||||||||||||
Other long-term liabilities
|
14.5
|
286.9
|
(135.0
|
)
|
166.4
|
245.1
|
--
|
411.5
|
||||||||||||||||||||
Commitments and contingencies
|
||||||||||||||||||||||||||||
Equity:
|
||||||||||||||||||||||||||||
Partners’ and other owners’ equity
|
20,483.9
|
40,297.2
|
(40,266.8
|
)
|
20,514.3
|
20,295.1
|
(20,514.3
|
)
|
20,295.1
|
|||||||||||||||||||
Noncontrolling interests
|
--
|
58.7
|
175.9
|
234.6
|
--
|
(28.6
|
)
|
206.0
|
||||||||||||||||||||
Total equity
|
20,483.9
|
40,355.9
|
(40,090.9
|
)
|
20,748.9
|
20,295.1
|
(20,542.9
|
)
|
20,501.1
|
|||||||||||||||||||
Total liabilities and equity
|
$
|
45,816.2
|
$
|
44,136.1
|
$
|
(41,150.4
|
)
|
$
|
48,801.9
|
$
|
20,540.7
|
$
|
(20,540.4
|
)
|
$
|
48,802.2
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
7,291.8
|
$
|
3,932.4
|
$
|
(5,303.8
|
)
|
$
|
5,920.4
|
$
|
--
|
$
|
--
|
$
|
5,920.4
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
7,099.6
|
3,270.3
|
(5,304.2
|
)
|
5,065.7
|
--
|
--
|
5,065.7
|
||||||||||||||||||||
General and administrative costs
|
6.3
|
35.0
|
0.2
|
41.5
|
0.5
|
--
|
42.0
|
|||||||||||||||||||||
Total costs and expenses
|
7,105.9
|
3,305.3
|
(5,304.0
|
)
|
5,107.2
|
0.5
|
--
|
5,107.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
701.6
|
129.3
|
(738.6
|
)
|
92.3
|
642.0
|
(642.0
|
)
|
92.3
|
|||||||||||||||||||
Operating income
|
887.5
|
756.4
|
(738.4
|
)
|
905.5
|
641.5
|
(642.0
|
)
|
905.0
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(248.8
|
)
|
(4.2
|
)
|
2.1
|
(250.9
|
)
|
--
|
--
|
(250.9
|
)
|
|||||||||||||||||
Other, net
|
2.1
|
0.7
|
(2.1
|
)
|
0.7
|
(6.9
|
)
|
--
|
(6.2
|
)
|
||||||||||||||||||
Total other expense, net
|
(246.7
|
)
|
(3.5
|
)
|
--
|
(250.2
|
)
|
(6.9
|
)
|
--
|
(257.1
|
)
|
||||||||||||||||
Income before income taxes
|
640.8
|
752.9
|
(738.4
|
)
|
655.3
|
634.6
|
(642.0
|
)
|
647.9
|
|||||||||||||||||||
Provision for income taxes
|
(2.7
|
)
|
(1.6
|
)
|
--
|
(4.3
|
)
|
--
|
(0.5
|
)
|
(4.8
|
)
|
||||||||||||||||
Net income
|
638.1
|
751.3
|
(738.4
|
)
|
651.0
|
634.6
|
(642.5
|
)
|
643.1
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(1.7
|
)
|
(8.1
|
)
|
(9.8
|
)
|
--
|
1.3
|
(8.5
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
638.1
|
$
|
749.6
|
$
|
(746.5
|
)
|
$
|
641.2
|
$
|
634.6
|
$
|
(641.2
|
)
|
$
|
634.6
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
4,685.2
|
$
|
4,531.1
|
$
|
(2,908.4
|
)
|
$
|
6,307.9
|
$
|
--
|
$
|
--
|
$
|
6,307.9
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
4,506.7
|
3,854.5
|
(2,908.6
|
)
|
5,452.6
|
--
|
--
|
5,452.6
|
||||||||||||||||||||
General and administrative costs
|
11.1
|
38.3
|
--
|
49.4
|
(0.4
|
)
|
--
|
49.0
|
||||||||||||||||||||
Total costs and expenses
|
4,517.8
|
3,892.8
|
(2,908.6
|
)
|
5,502.0
|
(0.4
|
)
|
--
|
5,501.6
|
|||||||||||||||||||
Equity in income of unconsolidated affiliates
|
725.5
|
116.5
|
(738.9
|
)
|
103.1
|
653.2
|
(653.2
|
)
|
103.1
|
|||||||||||||||||||
Operating income
|
892.9
|
754.8
|
(738.7
|
)
|
909.0
|
653.6
|
(653.2
|
)
|
909.4
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(239.5
|
)
|
(4.2
|
)
|
--
|
(243.7
|
)
|
--
|
--
|
(243.7
|
)
|
|||||||||||||||||
Other, net
|
1.7
|
0.1
|
--
|
1.8
|
(4.3
|
)
|
--
|
(2.5
|
)
|
|||||||||||||||||||
Total other expense, net
|
(237.8
|
)
|
(4.1
|
)
|
--
|
(241.9
|
)
|
(4.3
|
)
|
--
|
(246.2
|
)
|
||||||||||||||||
Income before income taxes
|
655.1
|
750.7
|
(738.7
|
)
|
667.1
|
649.3
|
(653.2
|
)
|
663.2
|
|||||||||||||||||||
Provision for income taxes
|
(3.3
|
)
|
(2.2
|
)
|
--
|
(5.5
|
)
|
--
|
--
|
(5.5
|
)
|
|||||||||||||||||
Net income
|
651.8
|
748.5
|
(738.7
|
)
|
661.6
|
649.3
|
(653.2
|
)
|
657.7
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
--
|
(9.7
|
)
|
(9.7
|
)
|
--
|
1.3
|
(8.4
|
)
|
||||||||||||||||||
Net income attributable to entity
|
$
|
651.8
|
$
|
748.5
|
$
|
(748.4
|
)
|
$
|
651.9
|
$
|
649.3
|
$
|
(651.9
|
)
|
$
|
649.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
19,847.9
|
$
|
11,009.3
|
$
|
(14,313.7
|
)
|
$
|
16,543.5
|
$
|
--
|
$
|
--
|
$
|
16,543.5
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
19,192.8
|
9,156.3
|
(14,314.3
|
)
|
14,034.8
|
--
|
--
|
14,034.8
|
||||||||||||||||||||
General and administrative costs
|
16.4
|
102.3
|
0.2
|
118.9
|
2.1
|
--
|
121.0
|
|||||||||||||||||||||
Total costs and expenses
|
19,209.2
|
9,258.6
|
(14,314.1
|
)
|
14,153.7
|
2.1
|
--
|
14,155.8
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,971.6
|
389.3
|
(2,091.1
|
)
|
269.8
|
1,884.4
|
(1,884.4
|
)
|
269.8
|
|||||||||||||||||||
Operating income
|
2,610.3
|
2,140.0
|
(2,090.7
|
)
|
2,659.6
|
1,882.3
|
(1,884.4
|
)
|
2,657.5
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(726.4
|
)
|
(14.8
|
)
|
5.6
|
(735.6
|
)
|
--
|
--
|
(735.6
|
)
|
|||||||||||||||||
Other, net
|
6.0
|
2.1
|
(5.6
|
)
|
2.5
|
(28.0
|
)
|
--
|
(25.5
|
)
|
||||||||||||||||||
Total other expense, net
|
(720.4
|
)
|
(12.7
|
)
|
--
|
(733.1
|
)
|
(28.0
|
)
|
--
|
(761.1
|
)
|
||||||||||||||||
Income before income taxes
|
1,889.9
|
2,127.3
|
(2,090.7
|
)
|
1,926.5
|
1,854.3
|
(1,884.4
|
)
|
1,896.4
|
|||||||||||||||||||
Provision for income taxes
|
(5.5
|
)
|
(6.2
|
)
|
--
|
(11.7
|
)
|
--
|
(1.4
|
)
|
(13.1
|
)
|
||||||||||||||||
Net income
|
1,884.4
|
2,121.1
|
(2,090.7
|
)
|
1,914.8
|
1,854.3
|
(1,885.8
|
)
|
1,883.3
|
|||||||||||||||||||
Net income attributable to noncontrolling interests
|
--
|
(5.3
|
)
|
(27.6
|
)
|
(32.9
|
)
|
--
|
3.9
|
(29.0
|
)
|
|||||||||||||||||
Net income attributable to entity
|
$
|
1,884.4
|
$
|
2,115.8
|
$
|
(2,118.3
|
)
|
$
|
1,881.9
|
$
|
1,854.3
|
$
|
(1,881.9
|
)
|
$
|
1,854.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Revenues
|
$
|
15,301.0
|
$
|
14,751.0
|
$
|
(9,179.1
|
)
|
$
|
20,872.9
|
$
|
--
|
$
|
--
|
$
|
20,872.9
|
|||||||||||||
Costs and expenses:
|
||||||||||||||||||||||||||||
Operating costs and expenses
|
14,696.2
|
12,909.8
|
(9,179.5
|
)
|
18,426.5
|
--
|
--
|
18,426.5
|
||||||||||||||||||||
General and administrative costs
|
28.9
|
113.9
|
--
|
142.8
|
0.4
|
--
|
143.2
|
|||||||||||||||||||||
Total costs and expenses
|
14,725.1
|
13,023.7
|
(9,179.5
|
)
|
18,569.3
|
0.4
|
--
|
18,569.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
1,996.4
|
314.5
|
(2,008.4
|
)
|
302.5
|
1,852.6
|
(1,852.6
|
)
|
302.5
|
|||||||||||||||||||
Operating income
|
2,572.3
|
2,041.8
|
(2,008.0
|
)
|
2,606.1
|
1,852.2
|
(1,852.6
|
)
|
2,605.7
|
|||||||||||||||||||
Other income (expense):
|
||||||||||||||||||||||||||||
Interest expense
|
(717.9
|
)
|
(7.3
|
)
|
2.0
|
(723.2
|
)
|
--
|
--
|
(723.2
|
)
|
|||||||||||||||||
Other, net
|
4.0
|
0.6
|
(2.0
|
)
|
2.6
|
(15.8
|
)
|
--
|
(13.2
|
)
|
||||||||||||||||||
Total other expense, net
|
(713.9
|
)
|
(6.7
|
)
|
--
|
(720.6
|
)
|
(15.8
|
)
|
--
|
(736.4
|
)
|
||||||||||||||||
Income before income taxes
|
1,858.4
|
2,035.1
|
(2,008.0
|
)
|
1,885.5
|
1,836.4
|
(1,852.6
|
)
|
1,869.3
|
|||||||||||||||||||
Benefit from (provision for) income taxes
|
(8.9
|
)
|
5.4
|
--
|
(3.5
|
)
|
--
|
(0.9
|
)
|
(4.4
|
)
|
|||||||||||||||||
Net income
|
1,849.5
|
2,040.5
|
(2,008.0
|
)
|
1,882.0
|
1,836.4
|
(1,853.5
|
)
|
1,864.9
|
|||||||||||||||||||
Net loss (income) attributable to noncontrolling interests
|
--
|
0.8
|
(32.9
|
)
|
(32.1
|
)
|
--
|
3.6
|
(28.5
|
)
|
||||||||||||||||||
Net income attributable to entity
|
$
|
1,849.5
|
$
|
2,041.3
|
$
|
(2,040.9
|
)
|
$
|
1,849.9
|
$
|
1,836.4
|
$
|
(1,849.9
|
)
|
$
|
1,836.4
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
649.9
|
$
|
738.0
|
$
|
(738.6
|
)
|
$
|
649.3
|
$
|
632.9
|
$
|
(640.8
|
)
|
$
|
641.4
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
(1.7
|
)
|
(8.1
|
)
|
(9.8
|
)
|
--
|
1.3
|
(8.5
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
649.9
|
$
|
736.3
|
$
|
(746.7
|
)
|
$
|
639.5
|
$
|
632.9
|
$
|
(639.5
|
)
|
$
|
632.9
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
676.0
|
$
|
797.3
|
$
|
(763.9
|
)
|
$
|
709.4
|
$
|
697.2
|
$
|
(701.0
|
)
|
$
|
705.6
|
||||||||||||
Comprehensive income attributable to noncontrolling interests
|
--
|
--
|
(9.7
|
)
|
(9.7
|
)
|
--
|
1.3
|
(8.4
|
)
|
||||||||||||||||||
Comprehensive income attributable to entity
|
$
|
676.0
|
$
|
797.3
|
$
|
(773.6
|
)
|
$
|
699.7
|
$
|
697.2
|
$
|
(699.7
|
)
|
$
|
697.2
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,824.5
|
$
|
2,091.6
|
$
|
(2,090.8
|
)
|
$
|
1,825.3
|
$
|
1,764.8
|
$
|
(1,796.3
|
)
|
$
|
1,793.8
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
(5.3
|
)
|
(27.6
|
)
|
(32.9
|
)
|
--
|
3.9
|
(29.0
|
)
|
|||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,824.5
|
$
|
2,086.3
|
$
|
(2,118.4
|
)
|
$
|
1,792.4
|
$
|
1,764.8
|
$
|
(1,792.4
|
)
|
$
|
1,764.8
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Comprehensive income
|
$
|
1,869.9
|
$
|
2,056.1
|
$
|
(2,033.2
|
)
|
$
|
1,892.8
|
$
|
1,847.3
|
$
|
(1,864.3
|
)
|
$
|
1,875.8
|
||||||||||||
Comprehensive loss (income) attributable to noncontrolling interests
|
--
|
0.8
|
(32.9
|
)
|
(32.1
|
)
|
--
|
3.6
|
(28.5
|
)
|
||||||||||||||||||
Comprehensive income attributable to entity
|
$
|
1,869.9
|
$
|
2,056.9
|
$
|
(2,066.1
|
)
|
$
|
1,860.7
|
$
|
1,847.3
|
$
|
(1,860.7
|
)
|
$
|
1,847.3
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,884.4
|
$
|
2,121.1
|
$
|
(2,090.7
|
)
|
$
|
1,914.8
|
$
|
1,854.3
|
$
|
(1,885.8
|
)
|
$
|
1,883.3
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
131.9
|
1,023.7
|
(0.3
|
)
|
1,155.3
|
--
|
--
|
1,155.3
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,971.6
|
)
|
(389.3
|
)
|
2,091.1
|
(269.8
|
)
|
(1,884.4
|
)
|
1,884.4
|
(269.8
|
)
|
||||||||||||||||
Distributions received on earnings from unconsolidated affiliates
|
733.1
|
196.9
|
(648.4
|
)
|
281.6
|
2,477.3
|
(2,477.3
|
)
|
281.6
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
1,281.6
|
(1,742.7
|
)
|
46.1
|
(415.0
|
)
|
22.9
|
0.7
|
(391.4
|
)
|
||||||||||||||||||
Net cash flows provided by operating activities
|
2,059.4
|
1,209.7
|
(602.2
|
)
|
2,666.9
|
2,470.1
|
(2,478.0
|
)
|
2,659.0
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(989.6
|
)
|
(1,420.2
|
)
|
--
|
(2,409.8
|
)
|
--
|
--
|
(2,409.8
|
)
|
|||||||||||||||||
Cash used for business combinations, net of cash received
|
--
|
(1,000.0
|
)
|
--
|
(1,000.0
|
)
|
--
|
--
|
(1,000.0
|
)
|
||||||||||||||||||
Proceeds from asset sales
|
27.9
|
16.0
|
--
|
43.9
|
--
|
--
|
43.9
|
|||||||||||||||||||||
Other investing activities
|
(2,177.0
|
)
|
(84.2
|
)
|
1,931.4
|
(329.8
|
)
|
(2,161.2
|
)
|
2,161.2
|
(329.8
|
)
|
||||||||||||||||
Cash used in investing activities
|
(3,138.7
|
)
|
(2,488.4
|
)
|
1,931.4
|
(3,695.7
|
)
|
(2,161.2
|
)
|
2,161.2
|
(3,695.7
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
50,183.8
|
41.4
|
(41.4
|
)
|
50,183.8
|
--
|
--
|
50,183.8
|
||||||||||||||||||||
Repayments of debt
|
(48,776.4
|
)
|
(0.1
|
)
|
--
|
(48,776.5
|
)
|
--
|
--
|
(48,776.5
|
)
|
|||||||||||||||||
Cash distributions paid to owners
|
(2,477.3
|
)
|
(677.5
|
)
|
677.5
|
(2,477.3
|
)
|
(2,448.3
|
)
|
2,477.3
|
(2,448.3
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
--
|
--
|
--
|
--
|
(8.5
|
)
|
--
|
(8.5
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
(7.3
|
)
|
(29.1
|
)
|
(36.4
|
)
|
--
|
0.7
|
(35.7
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
20.1
|
--
|
20.1
|
--
|
--
|
20.1
|
|||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
2,170.4
|
--
|
2,170.4
|
|||||||||||||||||||||
Cash contributions from owners
|
2,161.2
|
1,890.0
|
(1,890.0
|
)
|
2,161.2
|
--
|
(2,161.2
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(8.0
|
)
|
--
|
--
|
(8.0
|
)
|
(22.5
|
)
|
--
|
(30.5
|
)
|
|||||||||||||||||
Cash provided by financing activities
|
1,083.3
|
1,266.6
|
(1,283.0
|
)
|
1,066.9
|
(308.9
|
)
|
316.8
|
1,074.8
|
|||||||||||||||||||
Net change in cash and cash equivalents
|
4.0
|
(12.1
|
)
|
46.2
|
38.1
|
--
|
--
|
38.1
|
||||||||||||||||||||
Cash and cash equivalents, January 1
|
--
|
69.6
|
(50.6
|
)
|
19.0
|
--
|
--
|
19.0
|
||||||||||||||||||||
Cash and cash equivalents, September 30
|
$
|
4.0
|
$
|
57.5
|
$
|
(4.4
|
)
|
$
|
57.1
|
$
|
--
|
$
|
--
|
$
|
57.1
|
|
EPO and Subsidiaries
|
|||||||||||||||||||||||||||
|
Subsidiary
Issuer
(EPO)
|
Other
Subsidiaries
(Non-
guarantor)
|
EPO and
Subsidiaries
Eliminations
and
Adjustments
|
Consolidated
EPO and
Subsidiaries
|
Enterprise
Products
Partners
L.P.
(Guarantor)
|
Eliminations
and
Adjustments
|
Consolidated
Total
|
|||||||||||||||||||||
Operating activities:
|
||||||||||||||||||||||||||||
Net income
|
$
|
1,849.5
|
$
|
2,040.5
|
$
|
(2,008.0
|
)
|
$
|
1,882.0
|
$
|
1,836.4
|
$
|
(1,853.5
|
)
|
$
|
1,864.9
|
||||||||||||
Reconciliation of net income to net cash flows provided by operating activities:
|
||||||||||||||||||||||||||||
Depreciation, amortization and accretion
|
106.0
|
1,042.1
|
(0.4
|
)
|
1,147.7
|
--
|
--
|
1,147.7
|
||||||||||||||||||||
Equity in income of unconsolidated affiliates
|
(1,996.4
|
)
|
(314.5
|
)
|
2,008.4
|
(302.5
|
)
|
(1,852.6
|
)
|
1,852.6
|
(302.5
|
)
|
||||||||||||||||
Distributions received on earnings from unconsolidated affiliates
|
1,705.4
|
227.1
|
(1,570.1
|
)
|
362.4
|
2,241.1
|
(2,241.1
|
)
|
362.4
|
|||||||||||||||||||
Net effect of changes in operating accounts and other operating activities
|
(52.9
|
)
|
(450.6
|
)
|
9.3
|
(494.2
|
)
|
12.0
|
0.9
|
(481.3
|
)
|
|||||||||||||||||
Net cash flows provided by operating activities
|
1,611.6
|
2,544.6
|
(1,560.8
|
)
|
2,595.4
|
2,236.9
|
(2,241.1
|
)
|
2,591.2
|
|||||||||||||||||||
Investing activities:
|
||||||||||||||||||||||||||||
Capital expenditures, net of contributions in aid of construction costs
|
(725.5
|
)
|
(1,893.6
|
)
|
--
|
(2,619.1
|
)
|
--
|
--
|
(2,619.1
|
)
|
|||||||||||||||||
Cash used for business combinations, net of cash received
|
(1,058.4
|
)
|
13.3
|
--
|
(1,045.1
|
)
|
--
|
--
|
(1,045.1
|
)
|
||||||||||||||||||
Proceeds from asset sales
|
1,532.1
|
5.2
|
--
|
1,537.3
|
--
|
--
|
1,537.3
|
|||||||||||||||||||||
Other investing activities
|
(1,091.2
|
)
|
(43.5
|
)
|
953.4
|
(181.3
|
)
|
(1,005.2
|
)
|
1,005.2
|
(181.3
|
)
|
||||||||||||||||
Cash used in investing activities
|
(1,343.0
|
)
|
(1,918.6
|
)
|
953.4
|
(2,308.2
|
)
|
(1,005.2
|
)
|
1,005.2
|
(2,308.2
|
)
|
||||||||||||||||
Financing activities:
|
||||||||||||||||||||||||||||
Borrowings under debt agreements
|
17,113.7
|
77.9
|
(77.9
|
)
|
17,113.7
|
--
|
--
|
17,113.7
|
||||||||||||||||||||
Repayments of debt
|
(16,139.2
|
)
|
--
|
--
|
(16,139.2
|
)
|
--
|
--
|
(16,139.2
|
)
|
||||||||||||||||||
Cash distributions paid to owners
|
(2,241.1
|
)
|
(1,602.4
|
)
|
1,602.4
|
(2,241.1
|
)
|
(2,185.1
|
)
|
2,241.1
|
(2,185.1
|
)
|
||||||||||||||||
Cash payments made in connection with DERs
|
--
|
--
|
--
|
--
|
(5.6
|
)
|
--
|
(5.6
|
)
|
|||||||||||||||||||
Cash distributions paid to noncontrolling interests
|
--
|
(0.8
|
)
|
(32.4
|
)
|
(33.2
|
)
|
--
|
--
|
(33.2
|
)
|
|||||||||||||||||
Cash contributions from noncontrolling interests
|
--
|
37.8
|
(0.4
|
)
|
37.4
|
--
|
--
|
37.4
|
||||||||||||||||||||
Net cash proceeds from issuance of common units
|
--
|
--
|
--
|
--
|
1,011.4
|
--
|
1,011.4
|
|||||||||||||||||||||
Cash contributions from owners
|
1,005.2
|
875.1
|
(875.1
|
)
|
1,005.2
|
--
|
(1,005.2
|
)
|
--
|
|||||||||||||||||||
Other financing activities
|
(23.9
|
)
|
--
|
--
|
(23.9
|
)
|
(52.4
|
)
|
--
|
(76.3
|
)
|
|||||||||||||||||
Cash used in financing activities
|
(285.3
|
)
|
(612.4
|
)
|
616.6
|
(281.1
|
)
|
(1,231.7
|
)
|
1,235.9
|
(276.9
|
)
|
||||||||||||||||
Net change in cash and cash equivalents
|
(16.7
|
)
|
13.6
|
9.2
|
6.1
|
--
|
--
|
6.1
|
||||||||||||||||||||
Cash and cash equivalents, January 1
|
18.7
|
70.4
|
(14.7
|
)
|
74.4
|
--
|
--
|
74.4
|
||||||||||||||||||||
Cash and cash equivalents, September 30
|
$
|
2.0
|
$
|
84.0
|
$
|
(5.5
|
)
|
$
|
80.5
|
$
|
--
|
$
|
--
|
$
|
80.5
|
/d
|
=
|
per day
|
MMBbls
|
=
|
million barrels
|
BBtus
|
=
|
billion British thermal units
|
MMBPD
|
=
|
million barrels per day
|
Bcf
|
=
|
billion cubic feet
|
MMBtus
|
=
|
million British thermal units
|
BPD
|
=
|
barrels per day
|
MMcf
|
=
|
million cubic feet
|
MBPD
|
=
|
thousand barrels per day
|
TBtus
|
=
|
trillion British thermal units
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Revenues
|
$
|
5,920.4
|
$
|
6,307.9
|
$
|
16,543.5
|
$
|
20,872.9
|
||||||||
Costs and expenses:
|
||||||||||||||||
Operating costs and expenses:
|
||||||||||||||||
Cost of sales
|
4,088.6
|
4,419.9
|
11,135.6
|
15,355.9
|
||||||||||||
Other operating costs and expenses
|
612.1
|
642.5
|
1,787.2
|
1,834.8
|
||||||||||||
Depreciation, amortization and accretion expenses
|
367.1
|
351.1
|
1,085.6
|
1,082.0
|
||||||||||||
Net losses (gains) attributable to asset sales
|
(8.9
|
)
|
12.3
|
(2.3
|
)
|
14.7
|
||||||||||
Loss due to Pascagoula fire
|
--
|
--
|
7.1
|
--
|
||||||||||||
Asset impairment charges
|
6.8
|
26.8
|
21.6
|
139.1
|
||||||||||||
Total operating costs and expenses
|
5,065.7
|
5,452.6
|
14,034.8
|
18,426.5
|
||||||||||||
General and administrative costs
|
42.0
|
49.0
|
121.0
|
143.2
|
||||||||||||
Total costs and expenses
|
5,107.7
|
5,501.6
|
14,155.8
|
18,569.7
|
||||||||||||
Equity in income of unconsolidated affiliates
|
92.3
|
103.1
|
269.8
|
302.5
|
||||||||||||
Operating income
|
905.0
|
909.4
|
2,657.5
|
2,605.7
|
||||||||||||
Interest expense
|
(250.9
|
)
|
(243.7
|
)
|
(735.6
|
)
|
(723.2
|
)
|
||||||||
Change in fair market value of Liquidity Option Agreement
|
(6.9
|
)
|
(4.3
|
)
|
(28.0
|
)
|
(15.8
|
)
|
||||||||
Other, net
|
0.7
|
1.8
|
2.5
|
2.6
|
||||||||||||
Provision for income taxes
|
(4.8
|
)
|
(5.5
|
)
|
(13.1
|
)
|
(4.4
|
)
|
||||||||
Net income
|
643.1
|
657.7
|
1,883.3
|
1,864.9
|
||||||||||||
Net income attributable to noncontrolling interests
|
(8.5
|
)
|
(8.4
|
)
|
(29.0
|
)
|
(28.5
|
)
|
||||||||
Net income attributable to limited partners
|
$
|
634.6
|
$
|
649.3
|
$
|
1,854.3
|
$
|
1,836.4
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
NGL Pipelines & Services:
|
||||||||||||||||
Sales of NGLs and related products
|
$
|
1,959.0
|
$
|
1,844.9
|
$
|
5,962.9
|
$
|
5,936.2
|
||||||||
Midstream services
|
457.9
|
441.9
|
1,373.3
|
1,293.0
|
||||||||||||
Total
|
2,416.9
|
2,286.8
|
7,336.2
|
7,229.2
|
||||||||||||
Crude Oil Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
1,538.5
|
2,147.3
|
4,141.8
|
7,689.3
|
||||||||||||
Midstream services
|
184.5
|
175.3
|
529.8
|
399.7
|
||||||||||||
Total
|
1,723.0
|
2,322.6
|
4,671.6
|
8,089.0
|
||||||||||||
Natural Gas Pipelines & Services:
|
||||||||||||||||
Sales of natural gas
|
483.7
|
455.0
|
1,104.4
|
1,361.2
|
||||||||||||
Midstream services
|
230.5
|
254.7
|
695.5
|
767.1
|
||||||||||||
Total
|
714.2
|
709.7
|
1,799.9
|
2,128.3
|
||||||||||||
Petrochemical & Refined Products Services:
|
||||||||||||||||
Sales of petrochemicals and refined products
|
871.3
|
780.5
|
2,137.9
|
2,764.2
|
||||||||||||
Midstream services
|
195.0
|
199.5
|
597.9
|
583.4
|
||||||||||||
Total
|
1,066.3
|
980.0
|
2,735.8
|
3,347.6
|
||||||||||||
Offshore Pipelines & Services:
|
||||||||||||||||
Sales of crude oil
|
--
|
0.4
|
--
|
3.2
|
||||||||||||
Midstream services
|
--
|
8.4
|
--
|
75.6
|
||||||||||||
Total
|
--
|
8.8
|
--
|
78.8
|
||||||||||||
Total consolidated revenues
|
$
|
5,920.4
|
$
|
6,307.9
|
$
|
16,543.5
|
$
|
20,872.9
|
Natural
Gas,
|
Normal
Butane,
|
Refinery
Grade
Propylene,
|
||||||||||||||||||||||||||||||||||||||
Natural
Gasoline,
|
WTI
Crude Oil,
|
LLS
Crude Oil,
|
||||||||||||||||||||||||||||||||||||||
Ethane,
|
Propane,
|
Isobutane,
|
PGP,
|
|||||||||||||||||||||||||||||||||||||
$/MMBtu
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/gallon
|
$/pound
|
$/pound
|
$/barrel
|
$/barrel
|
|||||||||||||||||||||||||||||||
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(2)
|
|
(3)
|
|
(3)
|
|
(4)
|
|
(4)
|
|
|||||||||||||||||||||
2015 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.99
|
$
|
0.19
|
$
|
0.53
|
$
|
0.68
|
$
|
0.68
|
$
|
1.10
|
$
|
0.50
|
$
|
0.37
|
$
|
48.63
|
$
|
52.83
|
||||||||||||||||||||
2nd Quarter
|
$
|
2.65
|
$
|
0.18
|
$
|
0.46
|
$
|
0.59
|
$
|
0.60
|
$
|
1.26
|
$
|
0.42
|
$
|
0.29
|
$
|
57.94
|
$
|
62.97
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.77
|
$
|
0.19
|
$
|
0.40
|
$
|
0.55
|
$
|
0.55
|
$
|
0.98
|
$
|
0.33
|
$
|
0.21
|
$
|
46.43
|
$
|
50.17
|
||||||||||||||||||||
4th Quarter
|
$
|
2.27
|
$
|
0.18
|
$
|
0.42
|
$
|
0.60
|
$
|
0.61
|
$
|
0.97
|
$
|
0.31
|
$
|
0.18
|
$
|
42.18
|
$
|
43.54
|
||||||||||||||||||||
2015 Averages
|
$
|
2.67
|
$
|
0.18
|
$
|
0.45
|
$
|
0.61
|
$
|
0.61
|
$
|
1.08
|
$
|
0.39
|
$
|
0.26
|
$
|
48.80
|
$
|
52.38
|
||||||||||||||||||||
2016 by quarter:
|
||||||||||||||||||||||||||||||||||||||||
1st Quarter
|
$
|
2.09
|
$
|
0.16
|
$
|
0.38
|
$
|
0.53
|
$
|
0.53
|
$
|
0.76
|
$
|
0.31
|
$
|
0.18
|
$
|
33.45
|
$
|
35.11
|
||||||||||||||||||||
2nd Quarter
|
$
|
1.95
|
$
|
0.20
|
$
|
0.49
|
$
|
0.62
|
$
|
0.63
|
$
|
0.96
|
$
|
0.33
|
$
|
0.19
|
$
|
45.59
|
$
|
47.35
|
||||||||||||||||||||
3rd Quarter
|
$
|
2.81
|
$
|
0.19
|
$
|
0.47
|
$
|
0.63
|
$
|
0.67
|
$
|
0.98
|
$
|
0.38
|
$
|
0.24
|
$
|
44.94
|
$
|
46.52
|
||||||||||||||||||||
2016 Averages
|
$
|
2.28
|
$
|
0.18
|
$
|
0.45
|
$
|
0.59
|
$
|
0.61
|
$
|
0.90
|
$
|
0.34
|
$
|
0.20
|
$
|
41.33
|
$
|
43.00
|
||||||||||||||||||||
(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of McGraw Hill Financial, Inc.
(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service.
(3) PGP prices represent average contract pricing for such product as reported by IHS Chemical, a division of IHS Inc. (“IHS Chemical”). Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS Chemical.
(4) Crude oil prices are based on commercial index prices for WTI as measured on the New York Mercantile Exchange (“NYMEX”) and for LLS as reported by Platts.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Interest charged on debt principal outstanding
|
$
|
273.8
|
$
|
270.6
|
$
|
815.8
|
$
|
793.7
|
||||||||
Impact of interest rate hedging program, including related amortization
|
8.1
|
3.2
|
22.2
|
12.1
|
||||||||||||
Interest costs capitalized in connection with construction projects (1)
|
(38.9
|
)
|
(40.3
|
)
|
(127.8
|
)
|
(105.6
|
)
|
||||||||
Other (2)
|
7.9
|
10.2
|
25.4
|
23.0
|
||||||||||||
Total
|
$
|
250.9
|
$
|
243.7
|
$
|
735.6
|
$
|
723.2
|
||||||||
(1) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) ratably over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital spending levels and the interest rates charged on borrowings.
(2) Primarily reflects facility commitment fees charged in connection with our revolving credit facilities and amortization of debt issuance costs.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Gross operating margin by segment:
|
||||||||||||||||
NGL Pipelines & Services
|
$
|
703.5
|
$
|
695.5
|
$
|
2,206.3
|
$
|
2,041.3
|
||||||||
Crude Oil Pipelines & Services
|
254.0
|
254.6
|
633.7
|
704.2
|
||||||||||||
Natural Gas Pipelines & Services
|
178.5
|
192.4
|
533.6
|
588.3
|
||||||||||||
Petrochemical & Refined Products Services
|
171.6
|
191.5
|
501.9
|
547.4
|
||||||||||||
Offshore Pipelines & Services
|
--
|
7.1
|
--
|
97.5
|
||||||||||||
Total segment gross operating margin (1)
|
1,307.6
|
1,341.1
|
3,875.5
|
3,978.7
|
||||||||||||
Net adjustment for shipper make-up rights
|
4.4
|
7.5
|
15.0
|
6.0
|
||||||||||||
Total gross operating margin
|
$
|
1,312.0
|
$
|
1,348.6
|
$
|
3,890.5
|
$
|
3,984.7
|
||||||||
(1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found under Note 9 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Natural gas processing and related NGL marketing activities
|
$
|
203.3
|
$
|
203.2
|
$
|
618.5
|
$
|
663.7
|
||||||||
NGL pipelines, storage and terminals
|
377.9
|
366.1
|
1,212.8
|
1,006.0
|
||||||||||||
NGL fractionation
|
122.3
|
126.2
|
375.0
|
371.6
|
||||||||||||
Total
|
$
|
703.5
|
$
|
695.5
|
$
|
2,206.3
|
$
|
2,041.3
|
||||||||
Selected volumetric data:
|
||||||||||||||||
NGL pipeline transportation volumes (MBPD)
|
2,854
|
2,831
|
2,933
|
2,647
|
||||||||||||
NGL marine terminal volumes (MBPD)
|
373
|
324
|
439
|
294
|
||||||||||||
NGL fractionation volumes (MBPD)
|
791
|
837
|
822
|
819
|
||||||||||||
Equity NGL production (MBPD) (1)
|
116
|
129
|
136
|
129
|
||||||||||||
Fee-based natural gas processing (MMcf/d) (2)
|
4,578
|
5,035
|
4,857
|
4,911
|
||||||||||||
(1) Represents the NGL volumes we earn and take title to in connection with our processing activities.
(2) Volumes reported correspond to the revenue streams earned by our gas plants.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Segment gross operating margin
|
$
|
254.0
|
$
|
254.6
|
$
|
633.7
|
$
|
704.2
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
1,397
|
1,535
|
1,383
|
1,463
|
||||||||||||
Crude oil marine terminal volumes (MBPD)
|
520
|
551
|
504
|
595
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Segment gross operating margin
|
$
|
178.5
|
$
|
192.4
|
$
|
533.6
|
$
|
588.3
|
||||||||
Selected volumetric data:
|
||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
12,130
|
12,387
|
12,053
|
12,459
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Segment gross operating margin:
|
||||||||||||||||
Propylene fractionation and related activities
|
$
|
57.3
|
$
|
46.7
|
$
|
162.2
|
$
|
145.3
|
||||||||
Butane isomerization and related operations
|
16.8
|
18.1
|
50.2
|
44.1
|
||||||||||||
Octane enhancement and related plant operations
|
16.8
|
57.5
|
27.8
|
126.8
|
||||||||||||
Refined products pipelines and related activities
|
71.3
|
53.0
|
232.4
|
183.3
|
||||||||||||
Marine transportation and other
|
9.4
|
16.2
|
29.3
|
47.9
|
||||||||||||
Total
|
$
|
171.6
|
$
|
191.5
|
$
|
501.9
|
$
|
547.4
|
||||||||
|
||||||||||||||||
Selected volumetric data:
|
||||||||||||||||
Propylene fractionation volumes (MBPD)
|
76
|
72
|
75
|
71
|
||||||||||||
Butane isomerization volumes (MBPD)
|
113
|
108
|
112
|
90
|
||||||||||||
Standalone DIB processing volumes (MBPD)
|
85
|
89
|
90
|
79
|
||||||||||||
Octane additive and related plant production volumes (MBPD)
|
27
|
20
|
19
|
17
|
||||||||||||
Pipeline transportation volumes, primarily refined products and
petrochemicals (MBPD) |
784
|
816
|
836
|
777
|
||||||||||||
Refined products and petrochemical marine terminal volumes
(MBPD) |
354
|
387
|
381
|
362
|
For the Three Months
Ended
September 30,
|
For the Nine
Months
Ended
September 30,
|
|||||||
|
2015
|
2015
|
||||||
Segment gross operating margin
|
$
|
7.1
|
$
|
97.5
|
||||
Selected volumetric data:
|
||||||||
Natural gas transportation volumes (BBtus/d)
|
565
|
587
|
||||||
Crude oil transportation volumes (MBPD)
|
344
|
357
|
||||||
Platform natural gas processing (MMcf/d)
|
82
|
101
|
||||||
Platform crude oil processing (MBPD)
|
9
|
13
|
|
Scheduled Maturities of Debt
|
|||||||||||||||||||||||||||
|
Total
|
Remainder
of 2016
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
|||||||||||||||||||||
Commercial Paper Notes
|
$
|
2,038.6
|
$
|
2,038.6
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||||||||
Senior Notes
|
20,650.0
|
--
|
800.0
|
1,100.0
|
1,500.0
|
1,500.0
|
15,750.0
|
|||||||||||||||||||||
Junior Subordinated Notes
|
1,474.4
|
--
|
--
|
--
|
--
|
--
|
1,474.4
|
|||||||||||||||||||||
Total
|
$
|
24,163.0
|
$
|
2,038.6
|
$
|
800.0
|
$
|
1,100.0
|
$
|
1,500.0
|
$
|
1,500.0
|
$
|
17,224.4
|
Number of
Common
Units Issued
|
Net Cash
Proceeds
Received
|
|||||||
Three months ended March 31, 2016:
|
||||||||
Common units issued in connection with ATM program
|
35,396,147
|
$
|
849.0
|
|||||
Common units issued in connection with DRIP and EUPP
|
7,282,006
|
162.5
|
||||||
Total common units issued for quarter
|
42,678,153
|
1,011.5
|
||||||
Three months ended June 30, 2016:
|
||||||||
Common units issued in connection with ATM program
|
33,249,033
|
800.2
|
||||||
Common units issued in connection with DRIP and EUPP
|
3,102,695
|
76.6
|
||||||
Total common units issued for quarter
|
36,351,728
|
876.8
|
||||||
Three months ended September 30, 2016:
|
||||||||
Common units issued in connection with ATM program
|
7,468,312
|
205.2
|
||||||
Common units issued in connection with DRIP and EUPP
|
2,949,857
|
76.9
|
||||||
Total common units issued for quarter
|
10,418,169
|
282.1
|
||||||
Total common units issued during the nine months ended September 30, 2016
|
89,448,050
|
$
|
2,170.4
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2016
|
2015
|
||||||
Net cash flows provided by operating activities
|
$
|
2,659.0
|
$
|
2,591.2
|
||||
Cash used in investing activities
|
3,695.7
|
2,308.2
|
||||||
Cash provided by (used in) financing activities
|
1,074.8
|
(276.9
|
)
|
§ |
a $138.2 million period-to-period increase in cash primarily due to the timing of cash receipts and payments related to operations; and
|
§ |
a $10.4 million increase in cash attributable to higher partnership income in the nine months ended September 30, 2016 compared to the same period in 2015 (after adjusting our $18.4 million period-to-period increase in net income for changes in the non-cash items identified on our Unaudited Condensed Statements of Consolidated Cash Flows); partially offset by
|
§ |
an $80.8 million period-to-period decrease in cash distributions received from unconsolidated affiliates primarily due to the sale of our Offshore Business in July 2015.
|
§ |
a $1.49 billion period-to-period decrease in proceeds from asset sales primarily due to the sale of our Offshore Business in July 2015, which generated $1.53 billion; and
|
§ |
a $215.2 million period-to-period increase in restricted cash requirements; partially offset by
|
§ |
a $209.3 million period-to-period decrease in capital spending for consolidated property, plant and equipment, net of contributions in aid of construction costs;
|
§ |
$51.9 million of distributions received in connection with the return of capital from unconsolidated affiliates during 2016;
|
§ |
a $45.1 million period-to-period decrease in cash used for business combinations; and
|
§ |
a $10.8 million period-to-period decrease in investments in our unconsolidated affiliates.
|
§ |
a $1.16 billion period-to-period increase in net cash proceeds from the issuance of common units. We issued an aggregate 89,448,050 common units in connection with our ATM program, DRIP and EUPP during the nine months ended September 30, 2016, which generated $2.17 billion of net cash proceeds. This compares to an aggregate 31,509,768 common units we issued in connection with these programs and plans during the same period in 2015, which collectively generated $1.01 billion of net cash proceeds; and
|
§ |
a $432.8 million period-to-period increase in net borrowings under our consolidated debt agreements. EPO issued $1.25 billion and repaid $750.0 billion in principal amount of senior notes during the nine months ended September 30, 2016, compared to the issuance of $2.5 billion and repayment of $1.48 billion in principal amount of senior and junior notes during the nine months ended September 30, 2015. Net issuances under EPO’s commercial paper program were $913.9 million during the nine months ended September 30, 2016 compared to net repayments of $40.8 million during the same period in 2015; partially offset by
|
§ |
a $263.2 million period-to-period increase in cash distributions paid to limited partners during the nine months ended September 30, 2016 when compared to the same period in 2015. The increase in cash distributions is due to increases in both the number of distribution-bearing common units outstanding and the quarterly cash distribution rates per unit.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Net income attributable to limited partners (1)
|
$
|
634.6
|
$
|
649.3
|
$
|
1,854.3
|
$
|
1,836.4
|
||||||||
Adjustments to GAAP net income attributable to limited partners to derive non-GAAP distributable cash flow:
|
||||||||||||||||
Add depreciation, amortization and accretion expenses
|
391.9
|
372.8
|
1,155.3
|
1,147.7
|
||||||||||||
Add asset impairment charges
|
6.8
|
26.8
|
22.0
|
139.1
|
||||||||||||
Add losses or subtract gains attributable to asset sales, insurance recoveries and related property damage, net
|
(8.9
|
)
|
12.3
|
4.8
|
14.7
|
|||||||||||
Add cash proceeds from asset sales and insurance recoveries (2)
|
16.0
|
1,531.4
|
43.9
|
1,537.3
|
||||||||||||
Add changes in fair value of Liquidity Option Agreement (3)
|
6.9
|
4.3
|
28.0
|
15.8
|
||||||||||||
Add or subtract changes in fair market value of derivative instruments
|
(26.2
|
)
|
2.2
|
42.1
|
(7.7
|
)
|
||||||||||
Add cash distributions received from unconsolidated affiliates (4)
|
99.0
|
96.9
|
333.5
|
362.4
|
||||||||||||
Subtract equity in income of unconsolidated affiliates
|
(92.3
|
)
|
(103.1
|
)
|
(269.8
|
)
|
(302.5
|
)
|
||||||||
Subtract sustaining capital expenditures (5)
|
(61.7
|
)
|
(84.3
|
)
|
(179.4
|
)
|
(195.8
|
)
|
||||||||
Add deferred income tax expense or subtract benefit, as applicable
|
1.0
|
(1.6
|
)
|
5.3
|
(13.3
|
)
|
||||||||||
Other, net
|
11.3
|
(5.7
|
)
|
31.7
|
(15.6
|
)
|
||||||||||
Distributable cash flow
|
$
|
978.4
|
$
|
2,501.3
|
$
|
3,071.7
|
$
|
4,518.5
|
||||||||
|
||||||||||||||||
Total cash distributions paid to limited partners with respect to period
|
$
|
855.4
|
$
|
760.7
|
$
|
2,521.8
|
$
|
2,246.4
|
||||||||
|
||||||||||||||||
Cash distributions per unit declared by Enterprise GP with respect to period (6)
|
$
|
0.405
|
$
|
0.385
|
$
|
1.20
|
$
|
1.14
|
||||||||
|
||||||||||||||||
Total distributable cash flow retained by partnership with respect to period (7)
|
$
|
123.0
|
$
|
1,740.6
|
$
|
549.9
|
$
|
2,272.1
|
||||||||
|
||||||||||||||||
Distribution coverage ratio (8)
|
1.14x
|
|
3.23x
|
|
1.22x
|
|
1.98x
|
|
||||||||
(1) For a discussion of significant changes in our comparative income statement amounts underlying net income attributable to limited partners, along with the primary drivers of such changes, see “Consolidated Income Statements Highlights” within this Part I, Item 2.
(2) For a discussion of significant changes in cash proceeds from asset sales and insurance recoveries as presented in the investing activities section of our Unaudited Condensed Statements of Consolidated Cash Flows, see “Cash Flows from Operating, Investing and Financing Activities” within this Part I, Item 2.
(3) For information regarding the Liquidity Option Agreement, see Note 14 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
(4) Reflects both distributions received on earnings from unconsolidated affiliates and those attributable to a return of capital from unconsolidated affiliates. For information regarding our unconsolidated affiliates, see Note 5 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
(5) Sustaining capital expenditures are presented on an accrual basis.
(6) See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for additional information regarding our quarterly cash distributions declared with respect to the periods presented.
(7) At the sole discretion of Enterprise GP, cash retained by the partnership with respect to each of these years was primarily reinvested in our growth capital spending program, which substantially reduced our reliance on the equity and debt capital markets to fund such major expenditures.
(8) Distribution coverage ratio is determined by dividing distributable cash flow by total cash distributions paid to limited partners and in connection with distribution equivalent rights with respect to the period.
|
|
For the Nine Months
Ended September 30,
|
|||||||
|
2016
|
2015
|
||||||
Step 2 of Oiltanking acquisition:
|
||||||||
Equity instruments (36,827,517 common units of Enterprise) (1)
|
$
|
--
|
$
|
1,408.7
|
||||
Acquisition of EFS Midstream (2)
|
1,000.0
|
1,045.1
|
||||||
Capital spending for property, plant and equipment, net: (3)
|
||||||||
Growth capital projects (4)
|
2,221.9
|
2,420.3
|
||||||
Sustaining capital projects (5)
|
187.9
|
198.8
|
||||||
Investments in unconsolidated affiliates
|
119.9
|
130.7
|
||||||
Other investing activities
|
0.4
|
5.3
|
||||||
Total capital spending
|
$
|
3,530.1
|
$
|
5,208.9
|
||||
(1) Amount represents non-cash equity consideration we issued to complete Step 2 of the Oiltanking acquisition.
(2) Amount represents the initial and second payments for EFS Midstream in July 2015 and 2016, respectively. We acquired EFS Midstream in July 2015 for approximately $2.1 billion in cash, which was payable in two installments.
(3) On certain of our capital projects, third parties are obligated to reimburse us for all or a portion of project expenditures. The majority of such arrangements are associated with pipeline construction projects and production well tie-ins. Contributions in aid of construction costs were $34.1 million and $11.4 million for the nine months ended September 30, 2016 and 2015, respectively. Growth and sustaining capital amounts presented in the table above are presented on a cash basis and net of related contributions in aid of construction costs.
(4) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows.
(5) Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings.
|
§ |
depreciation methods and estimated useful lives of property, plant and equipment;
|
§ |
measuring recoverability of long-lived assets and equity method investments;
|
§ |
amortization methods and estimated useful lives of qualifying intangible assets;
|
§ |
methods we employ to measure the fair value of goodwill; and
|
§ |
revenue recognition policies and the use of estimates for revenue and expenses.
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Total gross operating margin
|
$
|
1,312.0
|
$
|
1,348.6
|
$
|
3,890.5
|
$
|
3,984.7
|
||||||||
Adjustments to reconcile total gross operating margin to operating income:
|
||||||||||||||||
Subtract depreciation, amortization and accretion expense amounts not reflected in gross operating margin
|
(367.1
|
)
|
(351.1
|
)
|
(1,085.6
|
)
|
(1,082.0
|
)
|
||||||||
Subtract asset impairment charges not reflected in gross operating margin
|
(6.8
|
)
|
(26.8
|
)
|
(21.6
|
)
|
(139.1
|
)
|
||||||||
Add net gains or subtract net losses attributable to asset sales, insurance recoveries and related property damage not reflected in gross operating margin
|
8.9
|
(12.3
|
)
|
(4.8
|
)
|
(14.7
|
)
|
|||||||||
Subtract general and administrative costs not reflected in gross operating margin
|
(42.0
|
)
|
(49.0
|
)
|
(121.0
|
)
|
(143.2
|
)
|
||||||||
Operating income
|
$
|
905.0
|
$
|
909.4
|
$
|
2,657.5
|
$
|
2,605.7
|
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Distributable cash flow
|
$
|
978.4
|
$
|
2,501.3
|
$
|
3,071.7
|
$
|
4,518.5
|
||||||||
Adjustments to reconcile distributable cash flow to net cash flows provided by operating activities:
|
||||||||||||||||
Add sustaining capital expenditures reflected in distributable cash flow
|
61.7
|
84.3
|
179.4
|
195.8
|
||||||||||||
Subtract cash proceeds from asset sales reflected in distributable cash flow
|
(16.0
|
)
|
(1,531.4
|
)
|
(43.9
|
)
|
(1,537.3
|
)
|
||||||||
Net effect of changes in operating accounts not reflected in distributable cash flow
|
(195.1
|
)
|
(377.2
|
)
|
(489.7
|
)
|
(627.9
|
)
|
||||||||
Other, net
|
(15.2
|
)
|
12.6
|
(58.5
|
)
|
42.1
|
||||||||||
Net cash flows provided by operating activities
|
$
|
813.8
|
$
|
689.6
|
$
|
2,659.0
|
$
|
2,591.2
|
§ |
the derivative instrument functions effectively as a hedge of the underlying risk;
|
§ |
the derivative instrument is not closed out in advance of its expected term; and
|
§ |
the hedged forecasted transaction occurs within the expected time period.
|
|
Volume (1)
|
Accounting
|
|
Derivative Purpose
|
Current (2)
|
Long-Term (2)
|
Treatment
|
Derivatives designated as hedging instruments:
|
|||
Natural gas processing:
|
|||
Forecasted natural gas purchases for plant thermal reduction (Bcf)
|
24.4
|
3.3
|
Cash flow hedge
|
Forecasted sales of NGLs (MMBbls)
|
12.1
|
3.5
|
Cash flow hedge
|
Octane enhancement:
|
|||
Forecasted purchase of NGLs (MMBbls)
|
1.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of octane enhancement products (MMBbls)
|
1.4
|
n/a
|
Cash flow hedge
|
Natural gas marketing:
|
|||
Forecasted purchases of natural gas for fuel (Bcf)
|
3.3
|
0.5
|
Cash flow hedge
|
Natural gas storage inventory management activities (Bcf)
|
8.2
|
n/a
|
Fair value hedge
|
NGL marketing:
|
|||
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)
|
78.2
|
2.3
|
Cash flow hedge
|
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)
|
99.0
|
7.0
|
Cash flow hedge
|
Refined products marketing:
|
|||
Forecasted purchases of refined products (MMBbls)
|
0.3
|
n/a
|
Cash flow hedge
|
Forecasted sales of refined products (MMBbls)
|
0.4
|
n/a
|
Cash flow hedge
|
Refined products inventory management activities (MMBbls)
|
2.1
|
n/a
|
Fair value hedge
|
Crude oil marketing:
|
|
||
Forecasted purchases of crude oil (MMBbls)
|
7.4
|
n/a
|
Cash flow hedge
|
Forecasted sales of crude oil (MMBbls)
|
11.5
|
n/a
|
Cash flow hedge
|
Crude oil inventory management activities (MMBbls)
|
0.2
|
n/a
|
Fair value hedge
|
Derivatives not designated as hedging instruments:
|
|||
Natural gas risk management activities (Bcf) (3,4)
|
98.2
|
20.9
|
Mark-to-market
|
NGL risk management activities (MMBbls) (4)
|
7.2
|
n/a
|
Mark-to-market
|
Crude oil risk management activities (MMBbls) (4)
|
28.5
|
0.9
|
Mark-to-market
|
(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2017, June 2017 and March 2020, respectively.
(3) Current and long-term volumes include 24.5 Bcf and 1.8 Bcf, respectively, of physical derivative instruments that are predominantly priced at a marked-based index plus a premium or minus a discount related to location differences.
(4) Reflects the use of derivative instruments to manage risks associated with transportation, processing and storage assets.
|
§ |
The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices through the use of derivative instruments and related contracts.
|
§ |
The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing sales contracts for a portion of our expected equity NGL production using derivative instruments and related contracts. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged using derivative instruments and related contracts.
|
§ |
The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of derivative instruments and related contracts.
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2015
|
September 30,
2016
|
October 17,
2016 |
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
0.1
|
$
|
(7.8
|
)
|
$
|
(13.6
|
)
|
||||
Fair value assuming 10% increase in underlying commodity prices
|
Liability
|
(3.7
|
)
|
(12.7
|
)
|
(19.1
|
)
|
||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
3.9
|
(2.9
|
)
|
(8.1
|
)
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2015
|
September 30,
2016
|
October 17,
2016 |
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
69.6
|
$
|
(180.1
|
)
|
$
|
(208.2
|
)
|
||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
41.7
|
(263.3
|
)
|
(286.7
|
)
|
|||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
97.4
|
(96.8
|
)
|
(129.8
|
)
|
|
|
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2015
|
September 30,
2016
|
October 17,
2016 |
|||||||||
Fair value assuming no change in underlying commodity prices
|
Asset (Liability)
|
$
|
42.9
|
$
|
(41.8
|
)
|
$
|
(55.3
|
)
|
||||
Fair value assuming 10% increase in underlying commodity prices
|
Asset (Liability)
|
25.9
|
(83.5
|
)
|
(98.2
|
)
|
|||||||
Fair value assuming 10% decrease in underlying commodity prices
|
Asset (Liability)
|
60.0
|
(0.2
|
)
|
(12.4
|
)
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Period of
Hedge
|
Rate
Swap
|
Accounting
Treatment
|
|||
Senior Notes OO
|
10 fixed-to-floating swaps
|
$
|
750.0
|
5/2015 to 5/2018
|
1.65% to 1.27%
|
Fair value hedge
|
|
|
Interest Rate Swap
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2015
|
September 30,
2016
|
October 17,
2016 |
|||||||||
Fair value assuming no change in underlying interest rates
|
Asset (Liability)
|
$
|
(0.5
|
)
|
$
|
3.5
|
$
|
3.4
|
|||||
Fair value assuming 10% increase in underlying interest rates
|
Asset (Liability)
|
(2.6
|
)
|
2.4
|
2.3
|
||||||||
Fair value assuming 10% decrease in underlying interest rates
|
Asset
|
1.7
|
4.6
|
4.5
|
Hedged Transaction
|
Number and Type
of Derivatives
Outstanding
|
Notional
Amount
|
Expected
Settlement
Date
|
Average Rate
Locked
|
Accounting
Treatment
|
|||
Future long-term debt offering
|
4 forward starting swaps
|
$
|
250.0
|
9/2017
|
1.91%
|
Cash flow hedge
|
||
Future long-term debt offering
|
4 forward starting swaps
|
$
|
275.0
|
5/2018
|
2.02%
|
Cash flow hedge
|
|
|
Forward Starting Swap
Portfolio Fair Value at
|
|||||||||||
Scenario
|
Resulting
Classification
|
December 31,
2015
|
September 30,
2016
|
October 17,
2016 |
|||||||||
Fair value assuming no change in underlying interest rates
|
Liability
|
$
|
--
|
$
|
(16.3
|
)
|
$
|
(0.3
|
)
|
||||
Fair value assuming 10% increase in underlying interest rates
|
Asset
|
--
|
5.4
|
11.6
|
|||||||||
Fair value assuming 10% decrease in underlying interest rates
|
Liability
|
--
|
(39.2
|
)
|
(12.9
|
)
|
(i) |
that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
|
(ii) |
that our disclosure controls and procedures are effective.
|
Period
|
Total Number
of Units
Purchased
|
Average
Price Paid
per Unit
|
Total Number of
Units Purchased
as Part of Publicly
Announced Plans
|
Maximum
Number of Units
That May Yet
Be Purchased
Under the Plans
|
||||||||||||
February 2016 (1)
|
388,396
|
$
|
22.96
|
--
|
--
|
|||||||||||
May 2016 (2)
|
6,633
|
$
|
25.79
|
--
|
--
|
|||||||||||
August 2016 (3)
|
4,739
|
$
|
27.06
|
--
|
--
|
|||||||||||
September 2016 (4)
|
3,461
|
$
|
26.04
|
--
|
--
|
|||||||||||
(1) Of the 1,167,578 restricted common units that vested in February 2016 and converted to common units, 388,396 units were sold back to us by employees to cover related withholding tax requirements.
(2) Of the 20,850 restricted common units that vested in May 2016 and converted to common units, 6,633 units were sold back to us by employees to cover related withholding tax requirements.
(3) Of the 17,500 restricted common units that vested in August 2016 and converted to common units, 4,739 units were sold back to us by employees to cover related withholding tax requirements.
(4) Of the 8,250 restricted common units that vested in September 2016 and converted to common units, 3,461 units were sold back to us by employees to cover related withholding tax requirements.
|
Exhibit
Number
|
Exhibit*
|
2.1
|
Merger Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed December 15, 2003).
|
2.2
|
Amendment No. 1 to Merger Agreement, dated as of August 31, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products Management LLC, GulfTerra Energy Partners, L.P. and GulfTerra Energy Company, L.L.C. (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2004).
|
2.3
|
Parent Company Agreement, dated as of December 15, 2003, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.2 to Form 8-K filed December 15, 2003).
|
2.4
|
Amendment No. 1 to Parent Company Agreement, dated as of April 19, 2004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 21, 2004).
|
2.5
|
Purchase and Sale Agreement (Gas Plants), dated as of December 15, 2003, by and between El Paso Corporation, El Paso Field Services Management, Inc., El Paso Transmission, L.L.C., El Paso Field Services Holding Company and Enterprise Products Operating L.P. (incorporated by reference to Exhibit 2.4 to Form 8-K filed December 15, 2003).
|
2.6
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub B LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed June 29, 2009).
|
2.7
|
Agreement and Plan of Merger, dated as of June 28, 2009, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Sub A LLC, TEPPCO Partners, L.P. and Texas Eastern Products Pipeline Company, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed June 29, 2009).
|
2.8
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise ETE LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed September 7, 2010).
|
2.9
|
Agreement and Plan of Merger, dated as of September 3, 2010, by and among Enterprise Products GP, LLC, Enterprise GP Holdings L.P. and EPE Holdings, LLC (incorporated by reference to Exhibit 2.2 to Form 8-K filed September 7, 2010).
|
2.10
|
Contribution Agreement, dated as of September 30, 2010, by and between Enterprise Products Company and Enterprise Products Partners L.P. (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2010).
|
2.11
|
Agreement and Plan of Merger, dated as of April 28, 2011, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPD MergerCo LLC, Duncan Energy Partners L.P. and DEP Holdings, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed April 29, 2011).
|
2.12
|
Contribution and Purchase Agreement, dated as of October 1, 2014, by and among Enterprise Products Partners L.P., Oiltanking Holding Americas, Inc. and OTB Holdco, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed October 1, 2014).
|
2.13
|
Agreement and Plan of Merger, dated as of November 11, 2014, by and among Enterprise Products Partners L.P., Enterprise Products Holdings LLC, EPOT MergerCo LLC, Oiltanking Partners, L.P. and OTLP GP, LLC (incorporated by reference to Exhibit 2.1 to Form 8-K filed November 12, 2014).
|
3.1
|
Certificate of Limited Partnership of Enterprise Products Partners L.P. (incorporated by reference to Exhibit 3.6 to Form 10-Q filed November 9, 2007).
|
3.2
|
Certificate of Amendment to Certificate of Limited Partnership of Enterprise Products Partners L.P., filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.6 to Form 8-K filed November 23, 2010).
|
3.3
|
Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated November 22, 2010 (incorporated by reference to Exhibit 3.2 to Form 8-K filed November 23, 2010).
|
3.4
|
Amendment No. 1 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 11, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
3.5
|
Amendment No. 2 to Sixth Amended and Restated Agreement of Limited Partnership of Enterprise Products Partners L.P., dated effective as of August 21, 2014 (incorporated by reference to Exhibit 3.1 to Form 8-K filed August 26, 2014).
|
3.6
|
Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC) (incorporated by reference to Exhibit 3.3 to Form S-1/A Registration Statement, Reg. No. 333-124320, filed by Enterprise GP Holdings L.P. on July 22, 2005).
|
3.7
|
Certificate of Amendment to Certificate of Formation of Enterprise Products Holdings LLC (formerly named EPE Holdings, LLC), filed on November 22, 2010 with the Delaware Secretary of State (incorporated by reference to Exhibit 3.5 to Form 8-K filed November 23, 2010).
|
3.8
|
Fifth Amended and Restated Limited Liability Company Agreement of Enterprise Products Holdings LLC dated effective as of September 7, 2011 (incorporated by reference to Exhibit 3.1 to Form 8-K filed September 8, 2011).
|
3.9
|
Company Agreement of Enterprise Products Operating LLC dated June 30, 2007 (incorporated by reference to Exhibit 3.3 to Form 10-Q filed August 8, 2007).
|
3.10
|
Certificate of Incorporation of Enterprise Products OLPGP, Inc., dated December 3, 2003 (incorporated by reference to Exhibit 3.5 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
3.11
|
Bylaws of Enterprise Products OLPGP, Inc., dated December 8, 2003 (incorporated by reference to Exhibit 3.6 to Form S-4 Registration Statement, Reg. No. 333-121665, filed December 27, 2004).
|
4.1
|
Form of Common Unit certificate (incorporated by reference to Exhibit A to Exhibit 3.1 to Form 8-K filed August 16, 2011).
|
4.2
|
Indenture, dated as of March 15, 2000, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed March 10, 2000).
|
4.3
|
Second Supplemental Indenture, dated as of February 14, 2003, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wachovia Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 10-K filed March 31, 2003).
|
4.4
|
Third Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and U.S. Bank National Association, as successor Trustee (incorporated by reference to Exhibit 4.55 to Form 10-Q filed August 8, 2007).
|
4.5
|
Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 6, 2004).
|
4.6
|
Fourth Supplemental Indenture, dated as of October 4, 2004, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 6, 2004).
|
4.7
|
Fifth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed March 3, 2005).
|
4.8
|
Sixth Supplemental Indenture, dated as of March 2, 2005, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 3, 2005).
|
4.9
|
Eighth Supplemental Indenture, dated as of July 18, 2006, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.10
|
Ninth Supplemental Indenture, dated as of May 24, 2007, among Enterprise Products Operating L.P., as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed May 24, 2007).
|
4.11
|
Tenth Supplemental Indenture, dated as of June 30, 2007, among Enterprise Products Operating L.P., as Original Issuer, Enterprise Products Partners L.P., as Parent Guarantor, Enterprise Products Operating LLC, as New Issuer, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.54 to Form 10-Q filed August 8, 2007).
|
4.12
|
Eleventh Supplemental Indenture, dated as of September 4, 2007, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed September 5, 2007).
|
4.13
|
Thirteenth Supplemental Indenture, dated as of April 3, 2008, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.14
|
Sixteenth Supplemental Indenture, dated as of October 5, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.15
|
Seventeenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to Form 8-K filed October 28, 2009).
|
4.16
|
Eighteenth Supplemental Indenture, dated as of October 27, 2009, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to Form 8-K filed October 28, 2009).
|
4.17
|
Nineteenth Supplemental Indenture, dated as of May 20, 2010, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 20, 2010).
|
4.18
|
Twentieth Supplemental Indenture, dated as of January 13, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed January 13, 2011).
|
4.19
|
Twenty-First Supplemental Indenture, dated as of August 24, 2011, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 24, 2011).
|
4.20
|
Twenty-Second Supplemental Indenture, dated as of February 15, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed May 10, 2012).
|
4.21
|
Twenty-Third Supplemental Indenture, dated as of August 13, 2012, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed August 13, 2012).
|
4.22
|
Twenty-Fourth Supplemental Indenture, dated as of March 18, 2013, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed March 18, 2013).
|
4.23
|
Twenty-Fifth Supplemental Indenture, dated as of February 12, 2014, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed February 12, 2014).
|
4.24
|
Twenty-Sixth Supplemental Indenture, dated as of October 14, 2014, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed October 14, 2014).
|
4.25
|
Twenty-Seventh Supplemental Indenture, dated as of May 7, 2015, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Parent Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.3 to Form 8-K filed May 7, 2015).
|
4.26
|
Twenty-Eighth Supplemental Indenture, dated as of April 13, 2016, among Enterprise Products Operating LLC, as Issuer, Enterprise Products Partners L.P., as Guarantor, and Wells Fargo Bank, National Association, as Trustee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 13, 2016).
|
4.27
|
Form of Global Note representing $499.2 million principal amount of 6.875% Series B Senior Notes due 2033 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 10-K filed March 31, 2003).
|
4.28
|
Form of Global Note representing $350.0 million principal amount of 6.65% Series B Senior Notes due 2034 with attached Guarantee (incorporated by reference to Exhibit 4.19 to Form S-3 Registration Statement, Reg. No. 333-123150, filed March 4, 2005).
|
4.29
|
Form of Global Note representing $250.0 million principal amount of 5.00% Series B Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.31 to Form 10-Q filed November 4, 2005).
|
4.30
|
Form of Global Note representing $250.0 million principal amount of 5.75% Series B Senior Notes due 2035 with attached Guarantee (incorporated by reference to Exhibit 4.32 to Form 10-Q filed November 4, 2005).
|
4.31
|
Form of Junior Subordinated Note, including Guarantee (incorporated by reference to Exhibit 4.2 to Form 8-K filed July 19, 2006).
|
4.32
|
Form of Global Note representing $800.0 million principal amount of 6.30% Senior Notes due 2017 with attached Guarantee (incorporated by reference to Exhibit 4.38 to Form 10-Q filed November 9, 2007).
|
4.33
|
Form of Global Note representing $700.0 million principal amount of 6.50% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed April 3, 2008).
|
4.34
|
Form of Global Note representing $500.0 million principal amount of 5.25% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.35
|
Form of Global Note representing $600.0 million principal amount of 6.125% Senior Notes due 2039 with attached Guarantee (incorporated by reference to Exhibit 4.3 to Form 8-K filed October 5, 2009).
|
4.36
|
Form of Global Note representing $349.7 million principal amount of 6.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.6 to Form 8-K filed October 28, 2009).
|
4.37
|
Form of Global Note representing $399.6 million principal amount of 7.55% Senior Notes due 2038 with attached Guarantee (incorporated by reference to Exhibit 4.7 to Form 8-K filed October 28, 2009).
|
4.38
|
Form of Global Note representing $285.8 million principal amount of 7.000% Junior Subordinated Notes due 2067 with attached Guarantee (incorporated by reference to Exhibit 4.8 to Form 8-K filed October 28, 2009).
|
4.39
|
Form of Global Note representing $400.0 million principal amount of 3.70% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.40
|
Form of Global Note representing $1.0 billion principal amount of 5.20% Senior Notes due 2020 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.41
|
Form of Global Note representing $600.0 million principal amount of 6.45% Senior Notes due 2040 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed May 20, 2010).
|
4.42
|
Form of Global Note representing $750.0 million principal amount of 3.20% Senior Notes due 2016 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.43
|
Form of Global Note representing $750.0 million principal amount of 5.95% Senior Notes due 2041 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed January 13, 2011).
|
4.44
|
Form of Global Note representing $650.0 million principal amount of 4.05% Senior Notes due 2022 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.45
|
Form of Global Note representing $600.0 million principal amount of 5.70% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 24, 2011).
|
4.46
|
Form of Global Note representing $750.0 million principal amount of 4.85% Senior Notes due 2042 with attached Guarantee (incorporated by reference to Exhibit 4.25 to Form 10-Q filed May 10, 2012).
|
4.47
|
Form of Global Note representing $650.0 million principal amount of 1.25% Senior Notes due 2015 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.48
|
Form of Global Note representing $1.1 billion principal amount of 4.45% Senior Notes due 2043 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed August 13, 2012).
|
4.49
|
Form of Global Note representing $1.25 billion principal amount of 3.35% Senior Notes due 2023 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.50
|
Form of Global Note representing $1.0 billion principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed March 18, 2013).
|
4.51
|
Form of Global Note representing $850.0 million principal amount of 3.90% Senior Notes due 2024 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.52
|
Form of Global Note representing $1.15 billion principal amount of 5.10% Senior Notes due 2045 with attached Guarantee (incorporated by reference to Exhibit 4.4 to Form 8-K filed February 12, 2014).
|
4.53
|
Form of Global Note representing $800.0 million principal amount of 2.55% Senior Notes due 2019 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.54
|
Form of Global Note representing $1.15 billion principal amount of 3.75% Senior Notes due 2025 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.55
|
Form of Global Note representing $400.0 million principal amount of 4.95% Senior Notes due 2054 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.56
|
Form of Global Note representing $400.0 million principal amount of 4.85% Senior Notes due 2044 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed October 14, 2014).
|
4.57
|
Form of Global Note representing $750.0 million principal amount of 1.65% Senior Notes due 2018 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.58
|
Form of Global Note representing $875.0 million principal amount of 3.70% Senior Notes due 2026 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.59
|
Form of Global Note representing $875.0 million principal amount of 4.90% Senior Notes due 2046 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed May 7, 2015).
|
4.60
|
Form of Global Note representing $575.0 million principal amount of 2.85% Senior Notes due 2021 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed April 13, 2016).
|
4.61
|
Form of Global Note representing $575.0 million principal amount of 3.95% Senior Notes due 2027 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed April 13, 2016).
|
4.62
|
Form of Global Note representing $100.0 million principal amount of 4.90% Senior Notes due 2046 with attached Guarantee (incorporated by reference to Exhibit 4.5 to Form 8-K filed April 13, 2016).
|
4.63
|
Replacement Capital Covenant, dated July 18, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed July 19, 2006).
|
4.64
|
First Amendment to Replacement Capital Covenant dated August 25, 2006, executed by Enterprise Products Operating L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.2 to Form 8-K filed August 25, 2006).
|
4.65
|
Replacement Capital Covenant, dated May 24, 2007, executed by Enterprise Products Operating L.P. and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 99.1 to Form 8-K filed May 24, 2007).
|
4.66
|
Replacement Capital Covenant, dated October 27, 2009, executed by Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.9 to Form 8-K filed October 28, 2009).
|
4.67
|
Amendment to Replacement Capital Covenants, dated May 6, 2015, executed by Enterprise Products Operating LLC and Enterprise Products Partners L.P. in favor of the covered debtholders described therein (incorporated by reference to Exhibit 4.59 to Form 10-Q filed May 8, 2015).
|
4.68
|
Indenture, dated February 20, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Subsidiary Guarantors, and First Union National Bank, NA, as Trustee (incorporated by reference to Exhibit 99.2 to the Form 8-K filed by TEPPCO Partners, L.P. on February 20, 2002).
|
4.69
|
Second Supplemental Indenture, dated June 27, 2002, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Jonah Gas Gathering Company, as Initial Subsidiary Guarantors, Val Verde Gas Gathering Company, L.P., as New Subsidiary Guarantor, and Wachovia Bank, National Association, formerly known as First Union National Bank, as Trustee (incorporated by reference to Exhibit 4.6 to the Form 10-Q filed by TEPPCO Partners, L.P. on August 14, 2002).
|
4.70
|
Full Release of Guarantee, dated July 31, 2006, by Wachovia Bank, National Association, as Trustee, in favor of Jonah Gas Gathering Company (incorporated by reference to Exhibit 4.8 to the Form 10-Q filed by TEPPCO Partners, L.P. on November 7, 2006).
|
4.71
|
Fourth Supplemental Indenture, dated June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P., Val Verde Gas Gathering Company, L.P., TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.72
|
Sixth Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.12 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.73
|
Seventh Supplemental Indenture, dated March 27, 2008, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.13 to the Form 10-Q filed by TEPPCO Partners, L.P. on May 8, 2008).
|
4.74
|
Eighth Supplemental Indenture, dated October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.75
|
Full Release of Guarantee, dated November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.64 to Form 10-K filed on March 1, 2010).
|
4.76
|
Indenture, dated May 14, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 99.1 of the Form 8-K filed by TEPPCO Partners, L.P. on May 15, 2007).
|
4.77
|
First Supplemental Indenture, dated May 18, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on May 18, 2007).
|
4.78
|
Second Supplemental Indenture, dated as of June 30, 2007, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, Limited Partnership, TCTM, L.P., TEPPCO Midstream Companies, L.P. and Val Verde Gas Gathering Company, L.P., as Existing Subsidiary Guarantors, TE Products Pipeline Company, LLC and TEPPCO Midstream Companies, LLC, as New Subsidiary Guarantors, and The Bank of New York Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TE Products Pipeline Company, LLC on July 6, 2007).
|
4.79
|
Third Supplemental Indenture, dated as of October 27, 2009, by and among TEPPCO Partners, L.P., as Issuer, TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P., as Subsidiary Guarantors, and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K filed by TEPPCO Partners, L.P. on October 28, 2009).
|
4.80
|
Full Release of Guarantee, dated as of November 23, 2009, of TE Products Pipeline Company, LLC, TCTM, L.P., TEPPCO Midstream Companies, LLC and Val Verde Gas Gathering Company, L.P. by The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.70 to Form 10-K filed on March 1, 2010).
|
4.81
|
Registration Rights Agreement by and between Enterprise Products Partners L.P. and Oiltanking Holding Americas, Inc. dated as of October 1, 2014 (incorporated by reference to Exhibit 4.1 to Form 8-K filed on October 1, 2014).
|
10.1
|
Equity Distribution Agreement, dated August 3, 2016, by and among Enterprise Products Partners L.P., Enterprise Products OLPGP, Inc., Enterprise Products Operating LLC and Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., DNB Markets, Inc., Jefferies LLC, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, UBS Securities LLC, USCA Securities LLC and Wells Fargo Securities, LLC (incorporated by reference to Exhibit 1.1 to Form 8-K filed on August 4, 2016).
|
10.2
|
Second Amendment to 364-Day Revolving Credit Agreement dated as of September 14, 2016, by and among Enterprise Products Operating LLC, Citibank, N.A., as Administrative Agent, the Lenders party thereto, Wells Fargo Bank, National Association, DNB Bank ASA, New York Branch, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., and The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Co-Syndication Agents, and Royal Bank of Canada, The Bank of Nova Scotia, SunTrust Bank and UBS Securities LLC, as Co-Documentation Agents, and Citigroup Global Markets Inc., Wells Fargo Securities, LLC, DNB Markets, Inc., J.P. Morgan Securities LLC, Mizuho Bank, Ltd., The Bank of Tokyo-Mitsubishi UFJ, Ltd., RBC Capital Markets, The Bank of Nova Scotia, SunTrust Robinson Humphrey, Inc. and UBS Securities LLC, as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.1 to Form 8-K filed on September 14, 2016).
|
12.1#
|
Computation of ratio of earnings to fixed charges for the nine months ended September 30, 2016 and each of the years ended December 31, 2015, 2014, 2013, 2012 and 2011.
|
31.1#
|
Sarbanes-Oxley Section 302 certification of A. James Teague for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the nine months ended September 30, 2016.
|
31.2#
|
Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the nine months ended September 30, 2016.
|
31.3#
|
Sarbanes-Oxley Section 302 certification of Bryan F. Bulawa for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the nine months ended September 30, 2016.
|
32.1#
|
Sarbanes-Oxley Section 906 certification of A. James Teague for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the nine months ended September 30, 2016.
|
32.2#
|
Sarbanes-Oxley Section 906 certification of W. Randall Fowler for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the nine months ended September 30, 2016.
|
32.3#
|
Sarbanes-Oxley Section 906 certification of Bryan F. Bulawa for Enterprise Products Partners L.P.’s quarterly report on Form 10-Q for the nine months ended September 30, 2016.
|
101.CAL#
|
XBRL Calculation Linkbase Document
|
101.DEF#
|
XBRL Definition Linkbase Document
|
101.INS#
|
XBRL Instance Document
|
101.LAB#
|
XBRL Labels Linkbase Document
|
101.PRE#
|
XBRL Presentation Linkbase Document
|
101.SCH#
|
XBRL Schema Document
|
*
|
With respect to any exhibits incorporated by reference to any Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P., Enterprise GP Holdings L.P, TEPPCO Partners, L.P. and TE Products Pipeline Company, LLC are 1-14323, 1-32610, 1-10403 and 1-13603, respectively.
|
#
|
Filed with this report.
|
ENTERPRISE PRODUCTS PARTNERS L.P.
(A Delaware Limited Partnership)
|
|||
By:
|
Enterprise Products Holdings LLC, as General Partner
|
||
Date: November 4, 2016
|
By:
|
/s/ R. Daniel Boss
|
|
Name:
|
R. Daniel Boss
|
||
Title:
|
Senior Vice President-Accounting and Risk Control
of the General Partner
|
||
By:
|
/s/ Michael W. Hanson
|
||
Name:
|
Michael W. Hanson
|
||
Title:
|
Vice President and Principal Accounting Officer
of the General Partner
|