Large proportion of fee-based revenues; Rebounded market for petrochemicals resulting in higher throughputs and margins; Processing contracts have largely been restructured as fee based or percent of liquids; and Improving liquidity. Aggressive growth strategy; Limited track record after the merger with GulfTerra Energy Partners L.P.; and Several business segments face cash flow volatility from volume risks. The ratings on Enterprise Products Partners L.P. reflect the company's integrated energy midstream operations that benefit from a considerable amount of fee-based revenue from pipeline operations, favorable asset positioning, and a long-standing strategic alliance with Shell Oil Co. Offsetting these positive attributes are the partnership's cash flow volatility stemming from volume risks associated with its natural gas processing and fractionation and a limited operating
