Enterprise Products Partners (EPD -2.4%) CEO Mike Creel defended his company's apparent lack of a big backlog during today's earnings conference call, saying that unlike other companies - which he did not name - that “seem to add projects to their backlog as soon as they start thinking about them, we only disclose backlog numbers for projects that actually have contracts to support them."
EPD said it is planning ~$6B in expansions through 2016 and is considering additional projects it is not ready to disclose, but the projects fall short of rivals such as Kinder Morgan (KMI, KMP), which disclosed a $17B backlog earlier this month.
Beyond EPD’s current projects, “there is little on the horizon," Tudor Pickering analysts say, adding that "without increased long-term growth prospects, we think investors start to rotate into higher-yield names with deeper backlogs.”
Separately, EPD says it is looking at expanding the ethane export facility it is building on the Houston Ship Channel after winning another transport contract.
Earlier: Q2 earnings