Enterprise Products Partners L.P. (EPD) yesterday declared an increase in the quarterly cash distribution rate paid to partners to 55.25 cents per common unit, or $2.21 per unit on an annualized basis. Previously, the quarterly dividend totaled 52.25 cents, representing an increase of 5.7%. The quarterly distribution will be paid on Nov 5 to unitholders of record as of the close of business on Oct 30. This is the 30th distribution increase since Enterprise’s initial public offering in 1998 and the 21st consecutive quarterly increase.
Enterprise added that, should its proposed acquisition of Teppco Partners L.P. (TPP) close prior to Oct 30, holders of Enterprise common units issued in exchange for Teppco units in the buyout will receive this dividend payment. Teppco has scheduled a unitholder meeting for Oct 23 when the unitholders will vote on the merger.
Enterprise Products Partners L.P., a leading master limited partnership, is engaged in providing a wide range of midstream energy services to the producers and consumers of natural gas, natural gas liquids, and crude oil.
On June 29, Enterprise Products Partners and Enterprise GP Holdings L.P. (EPE) announced a definitive agreement to merge with Teppco Partners along with Teppco’s general partner. The combined partnership will operate under the “Enterprise” name and trade under the “EPD” ticker symbol. The completion of the merger is subject to regulatory approvals and is expected to take place in the fourth quarter.
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