HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) announced today that the board of directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.605 per common unit, or $2.42 per unit on an annualized basis. The quarterly distribution will be paid on Wednesday, August 10, 2011, to unitholders of record as of the close of business on Friday, July 29, 2011. This distribution rate, which represents a 5.2 percent increase over the $0.575 per unit distribution rate declared with respect to the second quarter of 2010, is the 37th distribution increase since EPD’s initial public offering in 1998 and the 28th consecutive quarterly increase.
Enterprise will announce its second quarter earnings on Tuesday, August 9, 2011, before the New York Stock Exchange opens for trading. Following the announcement, the company will host a conference call at 9 a.m. CDT with analysts and investors to discuss second quarter earnings. The call will be broadcast live on the Internet and may be accessed at the company’s website, www.enterpriseproducts.com.
To listen to the webcast, participants should access the “Investors” section of the company’s website at least 15 minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available for one week following the conference call and can be accessed one hour after the completion of the call.
Enterprise Products Partners L.P. is the largest publicly traded partnership and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. EPD’s assets include approximately: 50,200 miles of onshore and offshore pipelines; 192 million barrels of storage capacity for NGLs, refined products and crude oil; and 27 billion cubic feet of natural gas storage capacity. Services include: natural gas transportation, gathering, processing and storage; NGL fractionation, transportation, storage, and import and export terminaling; crude oil and refined products storage, transportation and terminaling; offshore production platform; petrochemical transportation and storage; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that EPD expects, believes or anticipates will or may occur in the future, including anticipated benefits and other aspects of such activities, events, developments or transactions, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition and other risk factors included in the reports filed with the Securities and Exchange Commission by EPD. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, EPD does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.