Enterprise has paid 74 quarterly cash distributions to unitholders since its initial public offering of common units in 1998. On January 5, 2017, the partnership declared a quarterly distribution of $0.41 per unit, which represented the 50th consecutive quarterly increase. This distribution was paid February 7, 2017, to unitholders of record at the close of business on January 31, 2017.
Enterprise is a publicly traded limited partnership, which operates in the following ways that are different from a publicly traded stock corporation:
Unitholders own limited partnership units instead of shares of common stock and receive cash distributions rather than dividends.
A partnership generally is not a taxable entity and does not pay federal income taxes. All of the annual income, gains, losses, deductions or credits flow through the partnership to the unitholders on a per-unit basis. The unitholders are required to report their allocated share of these amounts on their income tax returns whether or not any cash distributions are paid by the partnership to its unitholders.
Cash distributions paid by a partnership to a unitholder are generally not taxable, unless the amount of any cash distributed is in excess of the unitholder’s adjusted basis in their partnership interest.
Enterprise common units trade on the New York Stock Exchange under the ticker symbol EPD. Enterprise had 2,119,600,196 common units outstanding at January 31, 2017.
Enterprise Products Partners L.P.
1100 Louisiana Street, 10th Floor
Houston, TX 77002-5227
Enterprise provides each unitholder a Schedule K-1 tax package that includes each unitholder’s allocated share of reportable partnership items and other partnership information necessary to be reported on state and federal income tax returns. The K-1 provides required tax information for a unitholder’s ownership interest in the partnership, just as a Form 1099-DIV does for a stockholder’s ownership interest in a corporation.
Information concerning the partnership’s K-1s can be obtained by calling toll free 800.599.9985 or through the partnership’s website.
Deloitte & Touche LLP
Wells Fargo Shareowner Services
161 N. Concord Exchange
South St. Paul, MN 55075
Additional information about Enterprise, including our SEC annual report on Form 10-K, can be obtained by contacting Investor Relations by telephone at 866.230.0745, writing to the partnership’s mailing address or accessing the partnership’s website.
P.O. Box 4324
Houston, TX 77210-4324
This Letter to Investors includes “forward-looking statements” as defined by the SEC. All statements, other than statements of historical fact, included herein that address activities, events or developments that Enterprise expects, believes or anticipates will 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, such as the required approvals by regulatory agencies and the impact of competition, regulation and other risk factors included in the reports filed with the SEC by Enterprise. 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.