Houston-based Enterprise Products Partners reported Thursday that cost-cutting helped lift its second quarter profits, which rose 1 percent from the same period a year ago.
The pipeline and natural gas processing company said its net income rose to $558.5 million from $551 million in the second quarter of 2015. Revenues fell to $5.62 billion from $7.09 billion, but its costs fell by similar margins. Enterprise’s revenues also fell in part because it sold its offshore Gulf of Mexico business to Genesis Energy for about $1.5 billion.
Despite the stubborn energy downturn, Enterprise again increased its dividend, called distribution, from to 40 cents per unit from 39.5 cents.
Enterprise CEO Jim Teague touted the company’s growth and said it is taking a long-term view.
“We are on schedule to complete and begin commercial service on another $1.4 billion of growth projects during the remainder of 2016, including our ethane export facility on the Houston Ship Channel,” Teague said in a prepared statement.