Enterprise Products Partners L.P. (EPD) has reported a 15.05 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $760.70 million, or $0.36 a share in the quarter, compared with $661.20 million, or $0.32 a share for the same period last year.

Revenue during the quarter surged 46.25 percent to $7,320.40 million from $5,005.30 million in the previous year period. Gross margin for the quarter contracted 366 basis points over the previous year period to 13.49 percent. Total expenses were 85.91 percent of quarterly revenues, up from 81.71 percent for the same period last year. That has resulted in a contraction of 420 basis points in operating margin to 14.09 percent.

Operating income for the quarter was $1,031.60 million, compared with $915.60 million in the previous year period.

However, the adjusted operating income for the quarter stood at $1,469.10 million compared to $1,324.30 million in the prior year period. At the same time, adjusted operating margin contracted 639 basis points in the quarter to 20.07 percent from 26.46 percent in the last year period.

"Enterprise reported strong operational and financial results for the first quarter of 2017," said Jim Teague, chief executive officer of Enterprise's general partner. "These results were driven by record liquid pipeline and marine terminal volumes. During the quarter, we benefited from modifications to our octane enhancement facility that were completed in 2016 to enable the facility to operate at higher utilization rates. Our results were also driven by contributions from our propylene fractionation business, new assets and the ramp up in commitments on assets such as our ATEX ethane pipeline and ethane export terminal. Higher NGL and crude oil prices led to higher margins in our commodity-sensitive businesses."