{"id":518675,"date":"2021-07-28T06:03:16","date_gmt":"2021-07-28T10:03:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/enterprise-reports-results-for-second-quarter-2021\/"},"modified":"2021-07-28T06:03:16","modified_gmt":"2021-07-28T10:03:16","slug":"enterprise-reports-results-for-second-quarter-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/enterprise-reports-results-for-second-quarter-2021\/","title":{"rendered":"Enterprise Reports Results for Second Quarter 2021"},"content":{"rendered":"

<\/p>\n

Enterprise Reports Results for Second Quarter 2021<\/b><\/p>\n

HOUSTON–(BUSINESS WIRE<\/a>)–
\nEnterprise Products Partners L.P. (\u201cEnterprise\u201d) (NYSE: EPD) today announced its financial results for the three and six months ended June 30, 2021.\n<\/p>\n

\nEnterprise reported net income attributable to common unitholders of $1.1 billion, or $0.50 per unit on a fully diluted basis, for the second quarter of 2021, compared to $1.0 billion, or $0.47 per unit on a fully diluted basis, for the second quarter of 2020. Net income for the second quarters of 2021 and 2020 was reduced by non-cash, asset impairment charges of $18 million, or $0.01 per fully diluted unit, and $12 million, or $0.01 per fully diluted unit, respectively.\n<\/p>\n

\nNet cash flow provided by operating activities, or cash flow from operations (\u201cCFFO\u201d), was $2.0 billion for the second quarter of 2021 compared to $1.2 billion for the second quarter of 2020. CFFO for the second quarter of 2021 included $300 million of net cash provided by changes in working capital accounts, while CFFO for the second quarter of 2020 was reduced by $431 million of net cash used for working capital. Distributions declared with respect to the second quarter of 2021 increased 1.1 percent to $0.45 per unit, or $1.80 per unit annualized, compared to distributions declared for the second quarter of 2020. Enterprise\u2019s payout ratio of distributions to common unitholders and partnership unit buybacks for the twelve months ended June 30, 2021 was 60 percent of CFFO. For the twelve months ended June 30, 2021, Free Cash Flow (\u201cFCF\u201d) was $4.2 billion compared to $2.7 billion for the twelve months ended June 30, 2020.\n<\/p>\n

\nDistributable Cash Flow (\u201cDCF\u201d) was $1.6 billion for both the second quarters of 2021 and 2020. DCF provided 1.6 times coverage of the distribution declared with respect to the second quarter of 2021. Enterprise retained $607 million of DCF for the second quarter of 2021, and $2.7 billion for the twelve months ended June 30, 2021.\n<\/p>\n

Second Quarter Highlights<\/span><\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nThree Months Ended June 30,\n<\/p>\n<\/td>\n<\/tr>\n

\n

($ in millions, except per unit amounts)<\/i><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2021\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n2020\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,493\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,437\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (1) <\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,146\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,061\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFully diluted earnings per common unit (1)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.50\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.47\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet cash provided by operating activities (CFFO) (2)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,994\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,182\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal gross operating margin (3)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,061\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,998\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA (3)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,008\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,961\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFCF (3)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,386\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n305\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDCF (3)<\/sup><\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,599\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,577\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
\n\n\u00a0<\/td>\n<\/tr>\n
\n

\n(1)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nNet income and fully diluted earnings per common unit for the second quarters of 2021 and 2020 include non-cash, asset impairment charges of $18 million or $0.01 per unit, and $12 million, or $0.01 per unit, respectively.\u00a0 For the six months ended June 30, 2021 and 2020, net income and fully diluted earnings per common unit include $84 million, or $0.04 per unit, and $13 million, or $0.01 per unit, respectively, of non-cash, asset impairment charges.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nCFFO reflects the timing of cash receipts and payments related to operations along with other changes in working capital accounts. The net effect of changes in operating accounts, which are a component of CFFO, was a net increase of $300 million in the second quarter of 2021 compared to a net decrease of $431 million in the second quarter of 2020.\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(3)\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nTotal gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (\u201cAdjusted EBITDA\u201d), FCF and DCF are non-generally accepted accounting principle (\u201cnon-GAAP\u201d) financial measures that are defined and reconciled later in this press release.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n