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Enterprise Increases Quarterly Distribution | business thread

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HOUSTON–(BUSINESS WIRE)–Enterprise Products Partners LP (NYSE:EPD) (“Enterprise”) today announced that the board of directors of its general partner has declared the quarterly cash distribution paid to limited partners holding common units of Enterprise for the second quarter of 2022 of $0.475 per unit, or $1.90 per unit on an annualized basis.

The quarterly distribution will be paid on Friday, August 12, 2022 to ordinary unitholders of record at the close of business on Friday, July 29, 2022. This distribution represents an increase of 5.6% over the distribution declared for the second quarter of 2021. .

This increase in distribution is the 74 of the partnershipe increase in distribution since its IPO in 1998. This year will be the 24e consecutive year of distribution growth. During the second quarter of 2022, Enterprise repurchased $35 million of its common shares on the open market. Including these purchases, the partnership used 26% of its $2.0 billion authorized buyback program.

Enterprise will announce its results for the second quarter of 2022 on Wednesday, August 3, 2022, before the opening of the New York Stock Exchange. Following the announcement, the partnership will host a conference call at 9 a.m. CDT with analysts and investors to discuss earnings. The call will be webcast live and accessible via the “Investors” section of the partnership’s website at www.enterpriseproducts.com. A replay of the webcast will be available for one week after the conference call and will be available for viewing approximately one hour after the conference call ends.

Enterprise Products Partners LP is one of North America’s largest publicly traded partnerships and leading providers of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: the gathering, processing, treatment, transportation and storage of natural gas; NGL transport, fractionation, storage and marine terminals; crude oil collection, transport, storage and marine terminals; transport, storage and maritime terminals of petrochemical and refined products; and a shipping company that operates on major United States domestic and intra-coastal waterway systems. The partnership’s assets currently include over 50,000 miles of pipeline; more than 260 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.

This release is intended to be qualified advice under Treasury Regulation section 1.1446-4(b). Dealers and agents must treat one hundred percent (100.0 percent) of distributions from Enterprise to non-US investors as being attributable to income actually connected with a trade or business in the United States. Accordingly, distributions from Enterprise to non-US investors are subject to federal income tax withholding at the highest applicable effective tax rate.

This press release contains “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included herein that address activities, events, developments or transactions that Enterprise and its General Partner expect, believe or anticipate will occur or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required regulatory approvals, the possibility that the anticipated benefits of such activities, events, developments or transactions may not be fully completed, the possibility that costs or difficulties relating thereto may be greater than anticipated, the impact of competition and other risk factors included in Company’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.