Enterprise Products Bested Estimates For Q2 Earnings
August 10, 2011
Enterprise Products Partners LP (NYSE:EPD) reported Q2 adjusted EPS of $0.51, better than analyst estimates of $0.45 per share. Revenues for the quarter rose 49% year-over-year to $11.2 billion, better than consensus estimates of $9.82 billion.Michael A. Creel, president and CEO of Enterprise stated, "Enterprise reported record financial results for the second quarter 2011. Our 50,000-mile system of natural gas, NGL, refined products, petrochemical and crude oil pipelines continues to operate at record or near record volumes. This performance was driven by natural gas, NGL and crude oil production growth in the shale regions as well as demand for NGLs by the U.S. petrochemical industry and international markets. All of our segments reported strong performance with the exception of our offshore segment, which is still being impacted by lower drilling activity in the Gulf of Mexico due to federal permitting issues."Enterprise Products Partners (NYSE:EPD) has a potential upside of 27.5% based on a current price of $37.5 and an average consensus analyst price target of $47.82.