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Enterprise net income up 18.3%; PDH begins commercial service

HOUSTON, April 30, 2018 (PCW) –- Enterprise Products Partners reported 1Q net income of $912 million on Monday, up about 18.3% from $771 million seen a year ago due to record volumes transported and exported.

CEO Jim Teague in an earnings call Monday, noted the company’s 1.65 billion lbs/yr propane dehydrogenation unit at Mont Belvieu began commercial service in April and ran at an average operational rate of 84% during the month.

EPD is also commissioning its ninth fractionator at Mont Belvieu and expects the 85,000 b/d unit to be fully operational in 2Q. Next year, the company is on track to start up its isobutane dehydrogenation unit (IBDH) in 2H, while its new ethylene storage well, pipeline and export dock should begin phased-in startups later that year. The 250,000 b/d Y-grade Shin Oak pipeline continues to be on track for a 2Q 2019 startup. Teague said he expects that Permian pipeline to undergo several capacity expansions ito keep up with the needs of Permian customers.

EPD’s Petrochemical & Refined Products Services segment reported gross operating margin of $272 million in 1Q, up 50% from the $182 million seen in 1Q 2017. Total segment pipeline transportation volumes were 852,000 b/d in 1Q compared to 827,000 b/d a year ago. Refined products and petrochemical marine terminal volumes were 370,000 b/d in 1Q compared to 399,000 b/d in 1Q 2017.

EPD’s propylene business reported gross operating margin of $129 million in 1Q, compared with $69 million in the year-ago period. The gain was partially due to higher sales margins at Enterprise’s Mont Belvieu propylene fractionators. Propylene production volumes were 105,000 b/d in 1Q, compared with 80,000 b/d in 1Q 2017.

The company’s NGL Pipelines & Services group saw gross operating margin of $885 million for 1Q 2018, compared with $856 million in 1Q 2017. NGL pipeline transportation volumes increased 62,000 b/d to 3.3 million b/d in 1Q and total NGL marine terminal volumes were a record 575,000 b/d compared with 569,000 b/d in 1Q 2017. Enterprise’s ATEX ethane pipeline reported an $18 million increase in gross operating margin in the quarter, primarily due to a 32,000 b/d increase in transported volumes.

EPD’s ethane export terminal at Morgan’s Point reported a $12 million increase in gross operating margin driven by a 75,000 b/d increase in loading volumes. Gross operating margin at the Enterprise Hydrocarbons Terminal on the Houston Ship Channel decreased $11 million, primarily due to a 68,000 b/d decrease in LPG and propylene loadings in 1Q, compared to the year-ago period.

Enterprise’s NGL fractionation business reported gross operating margin of $127 million for the first quarter compared with $123 million in 1Q 2017. Total NGL fractionation volumes increased 25,000 b/d to 824,000 b/d in 1Q. -- Samantha Hartke

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