01 February 2012 16:49 [Source: ICIS news]
HOUSTON (ICIS)--Net income for Enterprise Products Partners surged in the fourth quarter on record gross operating margins and asset sales, the US-based midstream services company said on Wednesday.
Net income totalled $726m (€552m) for the fourth quarter, up from $289m in the same period of 2010. Gross operating margin for the quarter was $1.1bn compared with $829m in the fourth quarter of 2010.
The company also had a gain of $156m in the quarter from asset sales.
However, Enterprise’s fourth-quarter gross operating margin for its petrochemical and refined products services segment fell slightly to $137m from $140m in the same period of 2010.
Higher operating expenses, lower sales margins and decreased pipeline volume were the primary reasons for the drop off, the company said.
For the year, Enterprise’s net income grew to $2.1bn from $1.4bn in 2010. Gross operating margin for the year was $3.9bn, up from $3.3bn in 2010.
($1 = €0.76)
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