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JP Morgan Energy Conference – Enterprise Products Partners LP

Enterprise Products Partners LP · Jun 18, 2019 · 69 slides

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Slides

  1. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 1
    ENTERPRISE PRODUCTS PARTNERS L.P. J.P. MORGAN ENERGY CONFERENCE June 18, 2019 ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  2. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 2
    KEY INVESTMENT CONSIDERATIONS One of the largest midstream energy companies Integrated system enables EPD to reduce impact of cyclical commodity swings Large supply aggregator and access to domestic and international markets provides…
  3. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 3
    EPD: NATURAL GAS, NGLs, CRUDE OIL, PETROCHEMICALS AND REFINED PRODUCTS Asset Overview Connectivity Pipelines: 49,200 miles of natural gas, NGL, crude oil, petrochemicals and Fully integrated midstream energy company refined products…
  4. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 4
    EPDS INTEGRATED MIDSTREAM VALUE CHAIN Earning Fees at Each Link Its not uncommon for Enterprise to touch a molecule 57 times Natural Gas Natural Gas throughout the system Pipelines Pipelines Storage NGL Exports Ethane Natural Gas…
  5. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 5
    FINANCIAL UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  6. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 6
    EPD FINANCIAL PERFORMANCE Adjusted EBITDA(1) DCF as reported (1) Coverage Ratio (Billions) (Billions) (unadjusted) (pre-price collapse) 2014 5.3 4.1 1.5x 2015 5.3 5.6 1.8x 2016 5.3 4.1 1.2x 2017 5.6 4.5 1.2x 2018 7.2 6.0…
  7. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 7
    GROSS OPERATING MARGIN BRIDGE in MMs 1Q 2019 vs. 1Q 2018 in MMs 1Q 2019 vs. 4Q 2018 2,500 2,500 138 (3) 12 2,134 2,138 (142) 142 33 (14) (23) 2,134 167 2,000 2,000 233 1,586 1,500 1,500 1,000 1,000 500 500 0 0 1Q 2018…
  8. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 8
    INDICATIVE ATTRIBUTION OF SEGMENT GOM FOR 1Q 2019 100% 10% 13% 11% 15% 4% 5% 9% 5% 80% % Breakout of GOM 60% 86% 82% 40% 80% 80% 20% 0% (1) (2) (3) NGL Segment Crude Segment Natural Gas Segment Petchem & Refined…
  9. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 9
    INDICATIVE ATTRIBUTION OF GROSS OPERATING MARGIN Fee-based GOM increased 11% to 1.7B 1Q 2019 vs. 1Q 2018 8.0 7.3 7.0 8% 6% Gross Operating Margin in Billions 6.0 5.7 5.2 6% 5% 5.0 5% 6% 4.0 3.0 86% 91% 89% 2.1 2.0…
  10. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 10
    INDICATIVE ATTRIBUTION OF GOM FOR SELECT BUSINESSES Natural Gas Processing GOM 600 0.60 500 Mostly Pioneer, 500 Meeker and 0.50 South Texas GOM in Millions 400 0.40 Price Spread 300 0.30 244 169 0.20 200 57% 104 100…
  11. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 11
    PROVEN TRACK RECORD OF DELIVERING CONSISTENT RETURNS ON CAPITAL 14.0% 13.3% 13.1% 14.0% 12.9% 13.0% 100 12.5% 11.8% 11.6% 11.4% 11.2% 12.0% 10.8% 11.0% 10.5% 10.7% 10.2% 80 10.0% Unlevered ROIC % 8.0% 60 /Bbl 6.0%…
  12. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 12
    DURABLE CASH FLOW METRICS THROUGHOUT COMMODITY CYCLE 120 3.00 As measured by MLP or Conventional metrics 2.80 2.77 2.76 2.67 62% 1.6x 63% 100 1.5x 2.50 2.32 2.16 2.16 73% 80 2.09 2.20 2.00 2.05 78% Operational DCF & CFFO…
  13. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 13
    EPD COMPARES WELL AGAINST S&P 100 USING CONVENTIONAL METRICS vs. S&P 100 Market Price / Price / Total Payout Rating Cap. Earnings(1) Cash Flow(1) Return(1) Ratio(1) MSFT 950B NFLX 90.0x MA 31.8x QCOM 62% MSFT AAA KHC 216% AMZN…
  14. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 14
    EPD COMPARES WELL AGAINST UTILITIES USING CONVENTIONAL METRICS vs. Utilities Market Price / Price / Total Payout Rating Cap. Earnings(1) Cash Flow(1) Return(1) Ratio(1) NEE 90B AWK 29.6x AWK 14.6x AES 38% ES A+ D 68% DUK 64B NEE…
  15. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 15
    EPD COMPARES WELL AGAINST S&P ENERGY USING CONVENTIONAL METRICS vs. S&P Energy Market Price / Price / Total Payout Rating Cap. Earnings (1) Cash Flow(1) Return (1) Ratio(1) XOM 325B HES 382x FTI 17.2x KMI 26% XOM AA+ FTI 123% CVX…
  16. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 16
    STRENGTHENING DEBT PORTFOLIO Extending Maturities Without Increasing Costs 27.0 Billion Notes Issued 94% Fixed Rate Debt (at March 2019) 2009December 2018 20.0 8.0% 19.0 19.2 18.8 7.0% 12.6% 18.6 Average Maturity Years…
  17. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 17
    FUNDING GROWTH WITH FINANCIAL DISCIPLINE Total Growth Capital Expenditures & Debt Leverage 8.0 7.8 4.6 4.7x 7.0 6.2 4.5x 4.4x 6.0 2.5 Debt / Adjusted EBITDA 4.3x 5.0 in Billions 4.2 4.2x 4.1x 4.1 3.9 4.1x 4.0 0.2…
  18. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 18
    WHY ENTERPRISE 20 Years Publicly Traded Partnership Market Capitalization: Geographic Diversification: 20 consecutive Highest credit rating in 62B midstream energy space: years of BBB+ / Baa1 Enterprise Value: distribution 89B…
  19. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 19
    MIDSTREAM ENERGY FUNDAMENTALS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  20. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 20
    FUTURE DEMAND FOR U.S. PRODUCTION U.S. Production Demand for U.S. Production 2025 NGL Production PRODUCT DOMESTIC MARKET INTERNATIONAL MARKET MMBPD 10 8 Domestic Demand: 65% International…
  21. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 21
    ETHANE TO POLYETHYLENE MARGINS STRONG Indicative U.S. Ethylene Cracker Profit Margin by Feedstock Polyethylene vs. Ethylene Prices (FOB Houston) 40 70.0 HDPE + LDPE is 60% of production 30 60.0 Margin Cents per Pound 20…
  22. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 22
    A MIDLAND BARREL PRODUCES ONLY 12% MORE LIGHT ENDS THAN A BRENT BARREL Light shale oil is easier to refine and contains less bottom-of-the-barrel material. This makes a perfect fit for the Refining + Petchem complexes commonly found…
  23. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 23
    LIGHT CRUDE OIL: STACKING UP THE DISTILLATE, GASOLINE AND PETCHEM COMPONENTS 60% Diesel Produces: and Heavier 40% of Ethylene yearly growth 48% of Propylene yearly growth +5,000 MBPD of light crude oil in next Equals to IEA…
  24. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 24
    U.S. CRUDE EXPORTS: ON OUR WAY TO BEING THE GLOBAL POWERHOUSE Crude exports were 2 MMBPD in 2018 per EIA EPD expects exports to reach 8 MMBPD in 2025, mostly light, low sulfur crude oil 10 8 2018: Saudi Arabia Crude Exports: 7.1…
  25. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 25
    LPG DOCK CAPACITY EXPANSIONS WILL BE REQUIRED TO MEET DEMAND EHT LPG Expansion MBPD Capacity expected to increase 4,500 175 MBPD or 5 MMBbls/month 4,000 30% expansion 1.25 MMBPD Brings total export capacity to Headed to Asia 3,500…
  26. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 26
    U.S. SHALE RESPONSIBLE FOR VIRTUALLY ALL GLOBAL LPG GROWTH IN THE LAST DECADE 1,200 1,000 LPG Waterborne Exports (MBPD) Other U.S. 800 600 Enterprise 400 200 0 2010 2012 2014 2016 2018 2010 2012 2014 2016…
  27. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 27
    GLOBAL LPG BALANCES 20182025 Demand Growth Expected to Exceed U.S. Supplies LPG in MBPD Type of LPG Growth Rates Demand Last 5 years 201825 Fcst. All sectors 4% 3% Supply from Heat 3.7% 2.4% Other Countries Cooking Petchem 4.6%…
  28. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 28
    PLASTICS: FASTEST GROWTH, PAST AND FUTURE Production Growth for Selected Bulk Materials and GDP 10 Year Global Compounded Annual Growth Rates (CAGR) GDP 3.0% Oil 1.5% Ethylene 3.3% Propylene 4.2% IEA: demand for plastics to…
  29. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 29
    THE CHEMICALS INDUSTRY IS INVESTING OVER 200 BILLION* BASED ON U.S. SHALES U.S. World Scale Ethylene Plants Under Construction Capacity Ethane Capacity Ethane Capacity Estimated Company Location Billion lb/year (MBPD) Cumulative…
  30. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 30
    EPD EXPORTS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  31. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 31
    ENTERPRISE EXPORT CAPACITY Linking U.S. Supplies to Global Demand Beaumont West Beaumont East Enterprise HSC Mont Belvieu Sealy Morgans Point ECHO Texas City Freeport / Jones Creek ENTERPRISE ASSETS (1) Max Loading…
  32. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 32
    ENTERPRISE HOUSTON SHIP CHANNEL The U.S. Premier Hydrocarbon Export Facility Crude Oil Bunker Fuels Storage Docks Condensate Refrigerated Low Ethane Propane (LEC3) CRUDE,NGLs &PRODUCTS HD5 Propane (C3) Over 26 MMBbls crude and…
  33. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 33
    ENTERPRISE EXPORTS EXPECTED TO CONTINUE TO INCREASE 2,500 2,000 927 ITC FIRE ACCIDENT 1,500 MBPD 1,000 336 HURRICANE HARVEY 682 500 0 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 NGL Petchem…
  34. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 34
    2018 USGC CRUDE EXPORTS 663 MMBbls ENTERPRISE USGC EXPORTS 203 MMBbls (31%) NWE: 31% of U.S. Crude Exports Asia: 49% of U.S. Crude Exports 2018: 663 MMBbls Exported Other Countries = 13% of U.S. Crude Exports LatAm: 6%…
  35. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 35
    ASIA: 50% OF ALL U.S. GULF COAST NGL EXPORTS AND GROWING Europe: 9% of U.S. NGL Exports Far East Asia: 43% C2: 18 MMB of U.S. NGL Exports 2018 USGC Exported C3: 16 MMB C2: 0 MMB C2: 54 MMB C4: 3 MMB C3: 153 MMB C3: 307 MMB C4: 25…
  36. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 36
    HOUSTON VS. CORPUS CHRISTI AREA Market vs. Destination The Houston market offers an implicit hedge on low prices, closed arbs and volatile demand. Corpus is a destinationone with little margin for error in refiner runs, storage and…
  37. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 37
    GROWTH PROJECTS UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  38. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 38
    WE CONTINUE TO INVEST AND GROW 5.0B of Major Capital Projects Under Construction NatGas 2% 6.0 Petchem 33% NGL 5.0 52% Orla I and II gas plants Crude Mont Belvieu Frac IX 13% 4.0 Aegis NGL (Phase 2) P/L Permian crude…
  39. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 39
    QUALITY OF CAPITAL INVESTMENTS Customer Strength and Durability of Cash Flows Includes 6.9B of major capital placed in service in 2019, or currently under construction Capital Investments: Customer Ratings by Volume Capital…
  40. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 40
    PERMIAN EXPANSION PROJECTS 6 Billion of Capital Investments...more to come NGL Projects South Eddy and Waha Gas Plants added 350 MMcf/d Orla Gas Plant and related gathering 2 processing trains (Orla I and II) in-service; Orla III…
  41. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 41
    ENTERPRISES PERMIAN CRUDE PIPELINE From Permian Supply Hub to Multiple Markets Midland-to-ECHO Pipeline Systems Two parallel pipeline systems from Midland to ECHO: Cushing Existing 418-mile, 24 pipeline from Midland to ECHO…
  42. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 42
    OFFSHORE CRUDE OIL EXPORT TERMINAL 8 MMBPD Supply, 2 MMBPD Export Capacity Existing EPD Pipeline Proposed Onshore Pipeline Proposed Offshore Pipeline SEALY EHSC Capable of loading at 85 MBPH Manned platform meets or exceeds…
  43. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 43
    ENTERPRISE CME / NYMEX HOUSTON WTI FUTURES CONTRACT Cushing Cushing Meeting customer demands: Refinery Export Specifications are reflective of Magellan Midland crude and provide a EHSC Magellan consistent, quality barrel of crude…
  44. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 44
    iBDH The Other DeHydrogenation Project Capacity Facility rendering 937 million pounds of isobutylene annually (425,000 metric tons) Doubles Enterprises capacity Consumes 30 MBPD butane Schedule On schedule and on budget…
  45. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 45
    ENTERPRISE ETHYLENE SYSTEM Under Development STORAGE & CONNECTIVITY PIPELINE EXPORT TERMINAL Cavern capacity 600 million lbs. Access to USGC ethylene via Export System capable of Cavern In / Out delivery rates Enterprise Mont Belvieu…
  46. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 46
    MORE GROWTH ON THE HORIZON Potential 510 Billion of Opportunities Producer driven projects Additional gas processing plants Increase crude pipeline capacity from Permian Basin Add natural gas, NGL and other crude pipeline capacity…
  47. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 47
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  48. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 48
    IEA EXPECTS NATURAL GAS TO HELP REDUCE CO2 EMISSIONS AT THE EXPENSE OF COAL AND OIL Pounds CO2 per MMBtu Reality is that the world needs fossil fuels. Natural gas is expected to play a central role in reducing CO2 emissions.…
  49. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 49
    POWER GENERATION FROM SHALE NATURAL GAS AND RENEWABLES HAS LED TO LOWER CO2 EMISSIONS 15% Decrease in U.S. CO2 Emissions Since 2007 3,500 7,000 Coal, Natural Gas & Petroleum in Million Metric Tons 3,000 6,000 Total…
  50. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 50
    SHALE PRODUCED LPG AND NATURAL GAS SUPPORT EMERGING ECONOMIES WITH CLEANER FUELS Without access to cleaner fuels, poorer nations use wood and exacerbate deforestation and soil erosion problems. More over, propane for example emits 35%…
  51. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 51
    U.S. LPG...CHANGING LIVES AROUND THE WORLD In Chinas Coal Country, a Ban Brings Blue Skies and Cold Homes (New York Times February 10, 2018) https://www.nytimes.com/2018/02/10/world/asia/china- coal-smog-pollution.html A graveyard…
  52. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 52
    NGLS PRODUCE ADVANCED MATERIALS FOR MAKING LIGHTER CARS AND PLANES A large portion of NGLs (about 35% ) are consumed as a feedstock for producing plastics and chemicals, which are used in everyday life. Advanced plastics and coatings…
  53. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 53
    95% OF PLASTIC IN THE WORLD'S OCEANS ORIGINATE FROM JUST 10 RIVERS 95% Of Plastic Polluting The Worlds Oceans Comes From These 10 Rivers Data Source: Schmidt Export of Plastic Debris by Rivers into the Sea (2017) Consumer…
  54. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 54
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PRIORITIES Governance and Oversight: The Governance Committee oversees implementation of policies related to environmental protection, transportation compliance, health & safety policies…
  55. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 55
    ESG PRIORITIES (continued) Environmental Stewardship Principles: Continuous monitoring of environmental data, allows us to anticipate and prevent issues. Utilize systems to track operational and emissions data, and identify…
  56. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 56
    TOTAL DIRECT EMISSIONS AND ECONOMIC INTENSITY Total Direct CO2e Emissions(1,2,3) Gross Operating Margin / Direct Emissions 10.0 +4.6% +40% 700 653 611 634 8.9 9.0 598 8.0 8.6 8.7 8.6 600 576 GOM ( / MT Direct CO2e 8.4 8.2…
  57. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 57
    EPD HAS ADDED ASSETS WITHOUT INCREASING CARBON INTENSITY (3) Total Direct CO2e Emissions/Boe(1,2) Natural Gas Processing CO2e Emissions/Bbl(1) 3.0 20.0 MT CO2e per MBbl of Output (19%) 2.5 18.9 18.3 16.0 MT CO2e per…
  58. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 58
    APPENDIX ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  59. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 59
    GROWTH CAPITAL PROJECTS 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 2020+ NGL Pipeline & Services Mont Belvieu Frac 9 85 MBPD Done Orla gas plants 900 MMcf/d and related P/L ( I & II in service, III 2Q 2019) Done Aegis ethane pipeline Phase 2…
  60. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 60
    MONT BELVIEU FRACTIONATION CAPACITY MBbls 6,000 5,000 4,000 3,000 2,000 1,000 - Existing Potential New Frac Capacity Cumulative New Supply This chart measures total supply vs. Mont Belvieu Frac capacity and does not…
  61. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 61
    EPD ACCESS TO Y-GRADE IN MONT BELVIEU Enterprise Pipeline* Conway Third Party Pipeline Sterling I, II & III Arbuckle I & II Southern Hills Skellytown Permian Panola Sand Hills West Texas Gateway NGL Express West Texas…
  62. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 62
    DEFINITIONS Return on Invested Capital (ROIC) is calculated by dividing non-GAAP gross operating margin for the assets (the numerator) by the average historical cost of the underlying assets (the denominator). The average historical…
  63. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 63
    DEFINITIONS ESG 1. Indirect Emission (subpart NN): 40 CFR Part 98 Subpart NN Suppliers of Natural Gas and Natural Gas Liquids: Natural gas liquids fractionators are installations that fractionate NGLs into their constituent liquid…
  64. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 64
    NON-GAAP RECONCILIATIONS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  65. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 65
    DISTRIBUTABLE CASH FLOW We measure cash available for distribution by reference to distributable cash flow (DCF). DCF is a quantitative standard used by the investment community for evaluating publicly traded partnerships since the value…
  66. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 66
    GROSS OPERATING MARGIN We evaluate segment performance based on our financial measure of gross operating margin (GOM). GOM is an important performance measure of the core profitability of our operations and forms the basis of our…
  67. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 67
    FREE CASH FLOW Free cash flow (FCF) is a traditional cash flow metric that is widely used by investors and other participants in the financial community. In general, FCF is a measure of how much cash flow a business generates during a…
  68. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 68
    ADJUSTED EBITDA Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess…
  69. JP Morgan Energy Conference – Enterprise Products Partners LP – slide 69
    CONTACT INFORMATION Randy Burkhalter Vice President, Investor Relations (713) 381-6812 rburkhaltereprod.com Jackie Richert Director, Investor Relations (713) 381-3920 jmricherteprod.com ALL RIGHTS RESERVED. ENTERPRISE…

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