Before the market opened on Apr 30, Enterprise Products Partners L.P. EPD reported first-quarter 2015 adjusted earnings per limited partner unit of 32 cents, which missed the Zacks Consensus Estimate of 33 cents. This was also lower than the year-ago quarterly earnings of 38 cents.
Quarterly distribution at Enterprise Products increased 5.6% year over year to 37.5 cents per common unit, or $1.50 per unit on an annualized basis. Distributable cash flow of $1.0 billion provided coverage of 1.4x. The partnership retained $295 million in cash flow, thereby reducing its financing needs.
Enterprise Products Partners LP - Earnings Surprise | FindTheCompany
Revenues in the quarter decreased from $12,909.9 million in the year-ago quarter to $7,472.5 million and failed to meet the Zacks Consensus Estimate of $12,775.0 million by a wide margin.
First Quarter Segmental Performance
Gross operating income in the NGL Pipeline & Services segment dropped from $780.0 million in the year-ago quarter to $695.0 million.
Onshore Natural Gas Pipeline and Services’ gross operating income decreased from $220 million in the year-ago quarter to $205.0 million.
Gross operating income from the Onshore Crude Oil Pipelines & Services segment shot up nearly 34% year over year to $214.0 million.
Gross operating income from the Petrochemical & Refined Product Services segment improved to $175.0 million from the year-earlier level of $131.0 million.
However, Enterprise’s Offshore Pipelines & Services’ gross operating income was $46 million; higher than $39 million a year ago.
During the quarter, the partnership spent $2.3 billion. Total debt principal outstanding as of Mar 31, 2015, was $21.6 billion. Enterprise had consolidated liquidity of $3.7 billion, which comprised unrestricted cash on hand and available borrowing capacity.
Stocks That Warrant a Look
Other stocks from the oil and gas sector that are worth considering are Valero Energy Partners L.P. VLP, CNOOC Ltd CEO and Hallador Energy Co. HNRG.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ENTERPRISE PROD (EPD): Free Stock Analysis Report
CNOOC LTD ADR (CEO): Free Stock Analysis Report
HALLADOR ENERGY (HNRG): Free Stock Analysis Report
VALERO EGY PTNR (VLP): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research