Item 2.02. Results of Operations and Financial Condition.
On February 1, 2023, Enterprise Products Partners L.P. ("Enterprise" or the
"Partnership") (NYSE:EPD) issued a press release announcing its financial and
operating results for the three months and year ended December 31, 2022, and
will hold a webcast conference call discussing those results. A copy of the
earnings press release is furnished as Exhibit 99.1 to this Current Report,
which is hereby incorporated by reference into this Item 2.02.
Item 7.01. Regulation FD Disclosure.
On February 1, 2023, Enterprise Products Partners L.P., a Delaware limited
partnership ("Enterprise" or the "Partnership"), announced the launch of a new
company-wide initiative known as "Project 9.3" with the stated goal of
surpassing $9.3 billion of adjusted earnings before interest, taxes,
depreciation and amortization ("Adjusted EBITDA") for the Partnership's fiscal
year ending December 31, 2023. The objective of Project 9.3 is to inspire the
Partnership's workforce to focus its energies on the principles of financial
discipline, innovation, strong customer relationships, attention to detail and
teamwork that have allowed Enterprise to achieve resilient financial success
over the years. Some of the efforts being undertaken to reach the goal
established by Project 9.3 include servicing and handling anticipated customer
production growth, finding new commercial business opportunities, improving
efficiencies, generating near-term revenue and reducing unnecessary costs, all
while maintaining the Partnership's commitment to safe operations. Project 9.3,
as a goal, does not represent guidance by the Partnership or its management with
respect to 2023 actual results of operations by the Partnership.
Cautionary Statement Regarding Forward-Looking Information
This report contains various forward-looking statements and information that are
based on Enterprise management's beliefs and those of Enterprise's general
partner, as well as assumptions made by, and information currently available to,
the Partnership and its general partner. When used in this document, words such
as "anticipate," "project," "expect," "plan," "seek," "goal," "objective,"
"target," "estimate," "forecast," "intend," "could," "should," "would," "will,"
"believe," "may," "scheduled," "pending," "potential" and similar expressions
and statements regarding the Partnership's initiatives, plans and objectives for
future operations are intended to identify forward-looking statements. Although
the Partnership and its general partner believe that the goals and expectations
reflected in such forward-looking statements are reasonable, neither Enterprise
nor its general partner can give any assurances that such goals will be achieved
or that such expectations will prove to be correct.
Forward-looking statements are subject to a variety of risks, uncertainties and
assumptions as described in more detail under Part I, Item 1A of the
Partnership's Annual Report on Form 10-K for the year ended December 31, 2021
and within Part II, Item 1A of the Partnership's Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30,
2022. If one or more of these risks or uncertainties materialize, or if
underlying assumptions prove incorrect, the Partnership's actual results may
vary materially from those anticipated, estimated, projected or expected. You
should not put undue reliance on any forward-looking statements. The
forward-looking statements in this report speak only as of the date hereof.
Except as required by federal and state securities laws, Enterprise undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or any other reason.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
Enterprise Products Partners L.P. earnings press release dated
99.1 February 1, 2023.
104 Cover Page Interactive Data File-the cover page interactive data
file does not appear in the Interactive Data File because its XBRL
tags are embedded within the Inline XBRL document.
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