The co-chief executive officer of Enterprise Products Partners highlighted the value of its “diversified and integrated midstream system” as the company reported its first quarter 2021 earnings.
Enterprise reported net income attributable to common unitholders of $1.3 billion, or $0.61 per unit on a fully diluted basis, for the first quarter of 2021, compared to $1.4 billion, or $0.61 per unit on a fully diluted basis, for the first quarter of 2020.
Net income for the first quarter of 2021 was reduced by non-cash, asset impairment charges of approximately $66 million, or $0.03 per fully diluted unit. The impairment charges include $43 million related to the company’s coal bed natural gas gathering system and Val Verde treating facility in the San Juan Basin that was held-for-sale at March 31, 2021.
Net income for the first quarter of 2020 included an aggregate $187 million, or $0.08 per fully diluted unit, of deferred income tax benefits associated with the settlement of the Liquidity Option Agreement on March 5, 2020, and the subsequent accounting for the related deferred tax liability.
AJ “Jim” Teague, co-chief executive officer on Enterprise’s general partner, said: “The value of Enterprise’s diversified and integrated midstream system was exhibited again during a volatile first quarter of 2021.
“Our propylene, NGL, refined products and natural gas businesses benefited from greater demand associated with the early stages of an economic recovery, winter demand and higher commodity prices. This was offset by plant and pipeline disruptions and lower volumes attributable to the impacts of two back-to-back major winter storms, Uri and Viola, and turnarounds at our PDH and octane enhancement facilities.”
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