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Enterprise GP Holdings Reports Second Quarter 2009 Results.

Article Excerpt
HOUSTON -- Enterprise GP Holdings L.P. (NYSE:EPE) today announced its consolidated and parent-only financial results for the three and six months ended June 30, 2009. Enterprise GP Holdings, the Parent Company, reported a 20 percent increase in distributable cash flow to $73.6 million for the second quarter of 2009 compared to $61.4 million for the second quarter of 2008. Distributable cash flow for the second quarter of 2009 was reduced by $3.1 million for merger-related expenses incurred in conjunction with the proposed merger of TEPPCO Partners L.P. with Enterprise Products Partners L.P.

On July 15, 2009, the Board of Directors of Enterprise GP Holdings' general partner approved an increase in the partnership's quarterly cash distribution rate to $0.50 per common unit with respect to the second quarter of 2009, which is a 13.6 percent increase from the $0.44 per common unit that was paid with respect to the second quarter of 2008. Distributable cash flow provided 1.1 times coverage of the quarterly cash distribution which is scheduled to be paid today to unitholders of record as of the close of business on July 31, 2009. Distributable cash flow is a non-generally accepted accounting principle ("non-GAAP") financial measure that is defined and reconciled later in this press release to its most directly comparable U.S. GAAP measure, which is net cash flow provided by operating activities.

Enterprise GP Holdings will receive an aggregate $90.3 million of cash distributions from its investments with respect to the second quarter...