Enterprise Products Partners L.P. on Wednesday reported an increase in its first-quarter income, compared to a year ago. Enterprise generated a net income of $1.4 billion, equal to a diluted income of $0.61 per unit, higher than a net income of $1.3 billion, or diluted income of $0.57 per unit recorded in the first quarter of 2019. However, Enterprise’s operating income fell from 1.6 billion to 1.5 billion over the same period. Adjusted EBITDA decreased slightly from 1.986 billion to 1,979 billion.
Total debt principal outstanding was $29.9 billion by the end of March, including junior subordinated notes of $2.6 billion. First-quarter capital investments reached $1.1 billion. In its report, Enterprise also said that it had concluded a review to reduce its capital project, including sustaining capital expenditures by around $1.1 billion. The company is currently in discussion with joint venture partners, which could result in a further reduction of capital spending.
