WASHINGTON (dpa-AFX) - Enterprise Products Partners L.P. (EPD), a midstream natural gas and crude oil pipeline firm, on Wednesday reported a rise in earnings for the fourth-quarter, amidst higher margins in its natural gas processing and octane enhancement businesses, and contributions from the acquisition of Navitas Midstream.
A. J. Jim Teague, Co-CEO of Enterprise's general partner, said: '.This acquisition was immediately accretive to Enterprise's cash flow per unit and has exceeded our expectations. We also increased the value of our partnership in 2022 by investing $1.6 billion in organic growth projects and asset purchases and strengthened our balance sheet by repurchasing $250 million of our common units on the open market while reducing the principal amount of our debt by $1.3 billion.'
Earnings for the quarter beat the Street view while revenue missed.
For three-months to December 31, 2022, the energy firm posted a net income of $1.420 billion or $0.65 per unit, compared with $1.028 billion or $0.47 per unit of previous year quarter.
Fourteen analysts on average had expected the company to earn $0.62 per share, according to figures compiled by Thomson Reuters.
Operating income stood at $1.765 billion, higher than last year's $1.403 billion.
Adjusted EBITDA was at $2.376 billion, versus $2.112 billion of previous fiscal.
Revenue for the period moved up to $13.650 billion from $11.370 billion, posted for the same period of 2021. Analysts, on average, had projected Enterprise Products to register revenue of $15.16 billion, for the quarter.
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