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Enterprise’s 4Q net up 1.9%; petchems segment hit by outage, lower prices

HOUSTON, January 28, 2016 (PCW) –- Enterprise Products Partners on Thursday reported fourth-quarter net income of $694 million, up 1.9% from the $681 million reported in 4Q 2014.

Enterprise attributed the bump to results from its fee-based businesses, contributions from newly constructed assets and the acquisitions of Oiltanking Partners and EFS Midstream, which offset the effect of lower NGL prices and foregone earnings due to the sale of offshore assets.

From an operations standpoint, CEO Jim Teague said its ethane export terminal on the Houston Ship Channel will be operational in the third quarter. Its greenfield PDH plant is still looking at beginning commissioning activities by year’s end.

Its LPG export terminal on the Ship Channel just recently inked a seven-year agreement with an Asian customer and is now fully subscribed through 2019.

Meanwhile, an unplanned outage at its 1.21 billion lb/yr (550,000 mt/yr) MTBE facility at Mont Belvieu in mid-November negatively impacted Enterprise’s petrochemicals and refined products segment’s earnings by about $20 million. Teague said Enterprise took the downtime to bring forward the plant’s annual maintenance. The MTBE unit is expected to return to service in mid-February, Teague said.

Its petrochemical and refined products segment was the only sector that did not show a year-over-year- increase. The group’s results in the quarter are as follows: