Enterprise to Pay 1Q Distribution, Review CapEx Plans
Similar to other oil and gas company announcements related to market volatility, Enterprise Products Partners is reviewing its capital expenditure program for potential revisions.
“While substantially all of our major growth capital projects are supported by long-term bi-lateral agreements, we are in discussions with our customers and evaluating opportunities to reduce or defer capital expenditures, as well as continuing to explore joint venture opportunities with strategic partners,” A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner said in a statement.
Separately, the company will also pay out a 1Q cash distribution to its limited partners of $0.445 per common unit, or $1.78 per unit on an annualized basis. This distribution represents a 1.7 percent increase over the one for 1Q 2019.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. The partnership’s assets currently include 50,000 miles of pipelines; 260 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.
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