Enterprise Agrees to Sell 22.8 Million Energy Transfer Equity, L.P. Common Units
HOUSTON--(BUSINESS WIRE)-- Enterprise Products Partners L.P. (NYSE:EPD) today announced that it has agreed to sell 22,762,636 Energy Transfer Equity, L.P. (ETE) common units owned by an Enterprise subsidiary in a private transaction to certain purchasers. Proceeds of approximately $825.1 million from the sale will be used by Enterprise for general partnership purposes, including funding growth capital projects. Closing of the transaction is scheduled to occur in January 2012.
Enterprise Products Partners L.P. is the largest publicly traded partnership and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Enterprises assets include approximately: 50,000 miles of onshore and offshore pipelines; 192 million barrels of storage capacity for NGLs, refined products and crude oil; and 8 billion cubic feet of natural gas storage capacity. Services include: natural gas transportation, gathering, processing and storage; NGL fractionation, transportation, storage, and import and export terminaling; crude oil and refined products storage, transportation and terminaling; offshore production platform; petrochemical transportation and storage; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems and in the Gulf of Mexico. Additional information is available at www.enterpriseproducts.com.
This press release includes forward-looking statements as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise expects, believes or anticipates will or may occur in the future, including anticipated benefits and other aspects of such activities, events, developments or transactions, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including whether the announced transaction is consummated in accordance with its terms and risk factors included in the reports filed with the Securities and Exchange Commission by Enterprise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Enterprise Products Partners L.P.
Randy Burkhalter, 713-381-6812 or 866-230-0745
Rick Rainey, 713-381-3635
Source: Enterprise Products Partners L.P.Copyright Business Wire 2011