Enterprise's integrated network of midstream energy assets is well positioned to benefit from expected growth in both the production of and demand for natural gas, NGLs and crude oil. We believe we have the following competitive strengths:
Large-Scale, Integrated Network of Diversified Assets in Strategic Locations
We operate an integrated network of natural gas, NGL, crude oil and refined products midstream infrastructure within the United States. Our operations include pipelines, natural gas processing, liquid and gas storage, NGL fractionation, import and export terminals, and marine transportation assets. Our integrated network of assets is strategically located to serve the major domestic supply basins and product storage hubs as well as international markets. We believe that our presence in these markets provides us access to natural gas, crude oil, NGL, petrochemical and refined products volumes, anticipated demand growth and business expansion opportunities.
Fee-Based Businesses and Diversified Asset Mix
The majority of our cash flow is derived from fee-based businesses that are less susceptible to volatility in energy commodity prices. We have a diversified asset portfolio that provides operating income from a broad range of geographic areas and lines of business.
Relationships with Major Oil, Natural Gas and Petrochemical Companies
We have long-term relationships with many of our suppliers and customers, and we believe that we will continue to benefit from these relationships. We jointly own facilities with many of our customers who either provide raw materials to, or consume the end products from our facilities. These joint venture partners include major oil, natural gas and petrochemical companies, including BP, Chevron, ConocoPhillips, Dow Chemical, ExxonMobil, Marathon, Shell and Spectra Energy.
Large Platform for Continued Expansion
We have strong business positions across our midstream energy platform of assets. We have four business segments including; NGL Pipelines & Services, Natural Gas Pipelines & Services, Petrochemical & Refined Products Services, and Crude Oil Pipelines & Services. Since our initial IPO in 1998, we have completed over $35 billion of organic growth projects and $26 billion of major acquisitions which added to our diversified asset footprint.
Large, Investment Grade Partnership With Demonstrated Access To Capital Capital
We are one of the largest publicly traded energy partnerships in the United States with more than $48 billion in assets. We have demonstrated our access to debt and equity capital during volatile periods.
Lower Long-Term Cost of Equity Capital
Our acquisition of Enterprise GP Holdings L.P. ("Holdings") in 2010, the prior 100% owner of our general partner, resulted in the cancellation of our general partner's incentive distribution rights and the simplification of our partnership structure. We believe that our capital structure provides us with a lower long-term cost of equity capital than many of our competitors and will enable us to compete more effectively in acquiring assets and expanding our asset base.
Experienced Management Team
Historically, we have operated most of our pipelines and our largest natural gas processing and fractionation facilities. As the leading provider of midstream energy services, we have established a reputation in the industry as a reliable and cost-effective operator. The management team of our general partner average approximately 29 years of industry experience.