Enterprise Products Management To Recommend 5.2% Distribution Growth For 2016

(RTTNews) - Enterprise Products Partners L.P. (EPD) announced that its management plans to recommend to the board of its general partner distributions totaling $1.61 per unit with respect to 2016, which, if approved by the board, would represent a 5.2 percent increase compared to a total of $1.53 per unit of distributions declared with respect to 2015.

Enterprise also announced that affiliates of Enterprise Products Company and its general partner collectively, "EPCO" have indicated their intention to purchase a total of $200 million of Enterprise common units during the first quarter of 2016 through the partnership's distribution reinvestment plan and/or the partnership's at-the-market or "ATM" equity issuance program.

Enterprise said it will use the proceeds from these purchases to fund a portion of its growth capital investments and for general company purposes. EPCO owns approximately 34 percent of Enterprise's common units.

"Our distribution growth is supported by approximately $6.0 billion of new projects that will begin commercial operations and generate new sources of cash flow during 2016. These projects include our recently completed expansion of the partnership's LPG export facility on the Houston Ship Channel and the final phase of the Aegis ethane pipeline," said A.J. "Jim" Teague, chief executive officer of Enterprise's general partner.