Enterprise Products Partners, the natural gas and crude oil pipeline company, says it recorded a gross operating margin of $875 million and record net income of $435 million for the first quarter of 2011.
This is an increase on the gross operating margin of $806 million and net income of $392 million for the first quarter in the same period in 2010.
Enterprise also had a distributable cash flow of $694 million for the first quarter of 2011 and retained approximately $207 million of distributable cash flow.
Enterprise’s NGL, crude oil, refined products and petrochemical pipeline volumes during this period were 4.1 million barrels per day, which was slightly higher than volumes in the first quarter of 2010.
‘Enterprise had a record first quarter to begin 2011,’ says Michael Creel, president and CEO of Enterprise. ‘Our 50,000-mile system of natural gas, NGL, refined products, crude oil and petrochemical pipelines continues to operate at record or near record volumes. We are continuing to benefit from production growth in the shale regions as well as increased demand for NGLs by the US petrochemical industry and international markets. With few exceptions, the partnership’s diversified mix of businesses had another strong quarter.’