02 May 2012 17:22 [Source: ICIS news]
HOUSTON (ICIS)--US Enterprise Products Partners' first-quarter net income surged by 55% year on year, largely on record performance in its NGL pipelines and services business, the midstream services company said on Wednesday.
Net income totalled $651.3m (€495.0m) compared with $420.7m in the first quarter of 2011, Enterprise said.
First-quarter revenue increased to $11.3bn from $10.2bn in the same period a year ago.
The cost of sales increased as well, up to $10.5bn from $9.5bn in the first quarter of 2011.
Operating income increased to $748.9m compared with $624.9m in the same quarter a year ago.
Gross operating margin for Enterprise's NGL pipelines and services segment rose to a record $655m in the first quarter, up by 30% from $504m in the same period last year.
The petrochemicals and refined products services segment had a decrease in gross operating margin to $98m from $112m in the first quarter of 2011. Enterprise's octane enhancement and high-quality isobutylene business swung to a loss of $13m in the first quarter, compared with a profit of $6m in the same period a year ago.
“During the remainder of 2012, we are scheduled to complete construction and begin commercial operations with respect to approximately $3bn of organic growth projects that will generate new sources of cash flow for our partnership,” said chief executive Michael Creel.
($1 = €0.76)
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