Enterprise Products Partners L.P. announced unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2017. For the quarter, revenues were $8,426.6 million against $6,478.8 million for the same period of last year. Operating income was $1,079.4 million against $923.2 million for the same period of last year. Income before income taxes was $802.9 million against $680.0 million for the same period of last year. Net income attributable to the company was $774.0 million against $658.8 million for the same period of last year. Earnings per diluted unit was $0.36 against $0.31 for the same period of last year. Net cash flow provided by operating activities was $1,819.7 million against $1,407.8 million for the same period of last year. Adjusted EBITDA was $1,542.0 million against $1,355.1 million for the same period of last year. Capital investments were $1.0 billion in the fourth quarter of 2017, including $80 million of sustaining capital expenditures.

For the year, revenues were $29,241.5 million against $23,022.3 million for the same period of last year. Operating income was $3,928.9 million against $3,580.7 million for the same period of last year. Income before income taxes was $2,881.3 million against $2,576.4 million for the same period of last year. Net income attributable to the company was $2,799.3 million against $2,513.1 million for the same period of last year. Earnings per diluted unit was $1.30 against $1.20 for the same period of last year. Net cash flow provided by operating activities was $4,639.6 million against $4,066.8 million for the same period of last year. Adjusted EBITDA was $5,615.3 million against $5,255.9 million for the same period of last year. Distributable cash flow, excluding proceeds from asset sales, increased 10% to a record $4.5 billion in 2017 from $4.1 billion in 2016. Net income and fully diluted earnings per unit for the fourth quarters of 2017 and 2016 include non-cash impairment charges of approximately $15 million, or $0.01 per unit, and $24 million, or $0.01 per unit, respectively. For the years ended December 31, 2017 and 2016, net income and fully diluted earnings per unit include non-cash impairment and related charges of $50 million, or $0.02 per unit, and $54 million, or $0.03 per unit, respectively. Net cash flow provided by operating activities includes the impact of timing of cash receipts and payments related to operations. For the fourth quarters of 2017 and 2016, the net effect of changes in operating accounts, which are a component of net cash flow provided by operating activities, were net increases of $518 million and $309 million, respectively. For the years ended December 31, 2017 and 2016, the net effect of changes in operating accounts were a net increase of $6 million and a net decrease of $181 million, respectively. Total capital investments for 2017 was $3.4 billion, which included $244 million of sustaining capital expenditures. Total debt principal outstanding at December 31, 2017 was $24.8 billion, including $3.2 billion of junior subordinated notes, to which the debt rating agencies ascribe partial equity content.

For 2018, the company currently expects to invest approximately $3 billion for growth capital projects and approximately $325 million for sustaining capital expenditures.

The company announced that the net income and fully diluted earnings per unit for the fourth quarters of 2017 include non-cash impairment charges of approximately $15 million, or $0.01 per unit.