Market Overview

Enterprise Products Partners President Randy Fowler Interviewed by Advisor Access

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SAN FRANCISCO, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Enterprise Products Partners L.P. (NYSE:EPD) provides midstream energy services to producers across the United States, holds assets including ~50,000 miles of natural gas, natural gas liquids (NGLs), crude oil, refined products, and petrochemical pipelines. For more information, visit www.enterpriseproducts.com.

  • More than $56 billion in assets
  • A market capitalization more than $60 billion
  • $38 billion in organic growth projects and $26 billion in major acquisitions since the company's IPO in 1998 through 2017
  • $400 million in growth capital projects completed so far in 2018

Click here to view the EPD Corporate Fact Sheet
Click here to view the EPD Corporate Presentation

Advisor Access spoke with EPD's President Randy Fowler.

Advisor Access: Randy, would you mind sharing your perspective of the market for master limited partnerships (MLPs) from where you sit?

Randy Fowler: Recently, in our earnings call, I shared a summary of how Benjamin Graham, author of The Intelligent Investor, used the metaphor of Mr. Market to explain market sentiment. Every day Mr. Market tells us how he is valuing the worth of a business. Some days, he is enthusiastic and some days, he is fearful. On August 2, the day after we reported strong second quarter results, Enterprise Products Partners (EPD) closed at $29.20 per share, only 2% higher than where it closed on July 31, 2015. Yet our underlying distributable cash flow (DCF) for the first six months of 2018 compared to the same period in 2015 increased 40%; our DCF per unit increased 27%; and our excess DCF, which is retained in the partnership and reinvested in growth projects, increased 78%. This contrast is noteworthy…

AA: You mentioned you've reported a great second quarter for 2018. Would you mind giving a recap of the results?

RF: Sure. We currently have twenty-six equity analysts that rate our stock a buy—none rate it a hold or a sell. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the second quarter beat analysts' estimates by 13%.

We reported fourteen operational and financial records that underpin the strong performance. These quarterly records include adjusted EBITDA of $1.77 billion; DCF of $1.43 billion; and overall pipeline transportation volumes (on a barrel equivalent basis) of 9.82 million barrels per day. We also loaded 169,000 barrels per day of ethane for exports, and our marine terminals handled 802,000 barrels per day of crude oil imports/exports…

Read the complete answers to these questions and the full, in-depth interview with Enterprise Products Partners' President Randy Fowler HERE.

About Advisor Access:

Advisor-Access LLC brings compelling investment ideas to investors in the form of in-depth interviews with company management and the latest fact sheets and corporate presentations.

DISCLOSURE:
Enterprise Products Partners has paid Advisor Access a fee to distribute this email. Randy Fowler had final approval of the content and is wholly responsible for the validity of the statements and opinions.

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