Enterprise Increases Quarterly Cash Distribution Rate
Enterprise Products Partners L.P. announced that the board of directors of its general partner declared an increase in its quarterly cash distribution rate to partners to $0.5225 per common unit, or $2.09 per unit on an annualized basis. The quarterly distribution will be paid on November 12, 2008, to unitholders of record at the close of business October 31, 2008. This distribution represents a 6.6 percent increase compared to the $0.49 per unit quarterly distribution declared for the third quarter of 2007.
"We continue to benefit from our large, diversified asset position across the midstream energy value chain and look forward to the scheduled completion of three large capital growth projects this quarter: the expansion of our Meeker natural gas processing plant and the completion of the Exxon central treating facility in the growing Piceance basin, and the expansion of the Sherman Extension to our Texas Intrastate natural gas pipeline system serving the prolific Barnett Shale area. We expect to continue our disciplined financial strategy of retaining cash flow this quarter, adding to the $212 million of cash retained through the first six months this year," said Michael A. Creel, Enterprise president and chief executive officer.
Enterprise has now increased its cash distribution rate 17 consecutive quarters, representing the 26th increase since its initial public offering in 1998.
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