Enterprise Products Partners L.P. today announced that Dan L. Duncan, its founder and chairman of the board of directors of its general partner, has committed to reinvest $65 million of Enterprise distributions to be received in February 2009 to purchase newly issued Enterprise common units through the partnership’s distribution reinvestment plan. The investment will be made through his private company EPCO, Inc. and its affiliates (“EPCO”). In addition, Duncan indicated his willingness to consider investing up to $260 million in newly issued equity of Enterprise Products in 2009, including the $65 million reinvestment in February, to support Enterprise’s capital raising efforts. Funds for such an investment would be provided from the expected free cash flow of EPCO.
This commitment follows EPCO’s $62.5 million investment in newly issued Enterprise common units that EPCO made through the partnership’s distribution reinvestment plan in November 2008.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Enterprise transports natural gas, NGLs, crude oil and petrochemical products through approximately 35,000 miles of onshore and offshore pipelines. Services include natural gas gathering, processing, transportation and storage; NGL fractionation (or separation), transportation, storage and import and export terminaling; crude oil transportation; offshore production platform services; and petrochemical transportation and services. For more information, visit Enterprise on the web at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP, LLC, which is wholly-owned by Enterprise GP Holdings L.P.
Contact:
Enterprise Products Partners L.P., Houston
Investor Relations
Randy Burkhalter, 713-381-6812 or 866-230-0745
or
Media Relations
Rick Rainey, 713-381-3635
Via Yahoo
This commitment follows EPCO’s $62.5 million investment in newly issued Enterprise common units that EPCO made through the partnership’s distribution reinvestment plan in November 2008.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and is a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil and petrochemicals. Enterprise transports natural gas, NGLs, crude oil and petrochemical products through approximately 35,000 miles of onshore and offshore pipelines. Services include natural gas gathering, processing, transportation and storage; NGL fractionation (or separation), transportation, storage and import and export terminaling; crude oil transportation; offshore production platform services; and petrochemical transportation and services. For more information, visit Enterprise on the web at www.epplp.com. Enterprise Products Partners L.P. is managed by its general partner, Enterprise Products GP, LLC, which is wholly-owned by Enterprise GP Holdings L.P.
Contact:
Enterprise Products Partners L.P., Houston
Investor Relations
Randy Burkhalter, 713-381-6812 or 866-230-0745
or
Media Relations
Rick Rainey, 713-381-3635
Via Yahoo
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