"HOUSTON--(BUSINESS WIRE)-- Enterprise Products Partners L.P. (NYSE:EPD - News) (“Enterprise”) today announced that the board of directors of its general partner declared an increase in the quarterly cash distribution rate paid to partners to $0.5825 per common unit, or $2.33 per unit on an annualized basis. The quarterly distribution will be paid on Monday, November 8, 2010, to unitholders of record as of the close of business on Friday, October 29, 2010. This distribution rate, which represents a 5.4 percent increase over the $0.5525 per unit distribution rate declared with respect to the third quarter of 2009, is the 34th distribution increase since Enterprise’s initial public offering in 1998 and the 25th consecutive quarterly increase. "
Enterprise, as you know, has steadily increased .0075 per quarter for a while now. They also announced this increase and next quarter increase last September when the merger was announced. Actually old news.
I have owned Teppco units (now epd) since 1991. However, we sure did not receive any bonus in distribution rates with the merger of the companies. The EPE merger is much richer to the epe holders, ex-tpp holders will not reach their former distribution rate until January, 2011. Sour grapes, maybe, but tpp owners were essentially raped in the merger process.