Enterprise Products Partners LP's (EPD) first-quarter profit soared, while sister company Duncan Energy Partners LP (DEP) reported a 9% decline in earnings as an insurance deductible weighed on the bottom line.

Enterprise is in the midst of a planned $2.5 billion acquisition of Duncan, which the suitor's parent company had spun off in 2006 as a separate entity holding interest in certain of Enterprise's mid-stream assets. The two are entwined in a structurally complex relationship--Enterprise now owns Duncan's general partner and about 58% of its common units.

Enterprise's recent results had improved thanks to its $3.3 billion merger with Teppco Partners LP in late 2009, which created one of the U.S.'s largest pipeline companies. Since the deal, the company has increased its focus on developing onshore pipeline projects serving shale gas fields.

Enterprise reported a profit of $420.7 million, or 49 cents a unit, up from $69.9 million, or 33 cents a unit, a year earlier, as the number of units outstanding more than quadrupled. Revenue jumped 19% to $10.18 billion.

Analysts polled by Thomson Reuters most recently forecast a profit of 44 cents on $8.86 billion in revenue.

Operating margin narrowed to 6.1% from 6.5%.

Duncan, meanwhile, posted a profit of $19.3 million, or 33 cents a unit, down from $21.2 million, or 37 cents a unit, a year earlier. The partnership's share of an insurance deductible related to a February natural-gas liquids release cut the latest result by 6 cents. Revenue slid 2.5% to $283.2 million.

Wall Street expected a 38-cent profit on $285 million in revenue.

Common units of Enterprise and Duncan closed Monday at $41.48 and $41.47, respectively.

 
   -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com 
 
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