30 April 2013 17:34 [Source: ICIS news]
HOUSTON (ICIS)--US midstream services company Enterprise Products Partners had a 16% year-on-year increase in net income for the first quarter of 2013, the company said on Tuesday.
Net income grew to $753.5m (€572.7m) in the first quarter, compared with $651.3m in the same period last year.
The company’s earnings were bolstered by $64m from the sale of assets, an income tax benefit of $47m and $53m from the sale of common units of Energy Transfer Equity.
Additionally, strength in Enterprise’s fee-based businesses offset weakness in its natural gas processing and related natural gas liquids (NGL) marketing activities, which have been hampered by weaker processing margins, reduced drilling and reduced ethane extraction, Enterprise said.
The company’s revenues rose by about 1.2% to $11.4bn in the first quarter, compared with nearly $11.3bn in the same period a year ago.
“Investments in our fee-based businesses are generating increases in gross operating margin that more than offset the weakness in our natural gas processing and related NGL marketing activities due to weaker processing margins, reduced drilling in certain areas and a decrease in ethane extracted at processing plants,” the company said.
($1 = €0.76)
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