EnterpriseProducts Partners L.P. EPD reported first-quarter 2016 adjusted earnings per limited partner unit of 33 cents, which beat the Zacks Consensus Estimate of 32 cents.The bottom line also improved from the year-ago quarterly earnings of 32 cents.Quarterly distribution at Enterprise Products Partners increased 5.3% year over year to 39.5 cents per common unit. Adjusted distributable cash flow of $1,054 million provided coverage of 1.3x. The partnership retained $229 million in cash flow, thereby gaining financial flexibility to fund growth capital projects, reduce debt and decrease the need to issue additional equity. Enterprise Products Partners LP (EPD) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Quarterly revenues plunged to $5,005 million from $7,473 million in the year-ago quarter. The top line also missed the Zacks Consensus Estimate of $6,792 million.First-Quarter Segmental PerformanceGross operating income in the NGL Pipeline & Services segment rose to $783.7 million from $695.2 million in the year-ago quarter.Onshore Natural Gas Pipeline and Services segment’s gross operating income decreased to $177.7 million from $204.5 million in the year-ago quarter.Gross operating income from the Onshore Crude Oil Pipelines & Services segment declined 5.6% year over year to $202.3 million.Gross operating income from the Petrochemical & Refined Product Services segment declined to $154.8 million from the year-earlier level of $174.6 million.The Offshore Pipelines & Services segment had no contribution to the gross operating income in the first quarter. This was because Enterprise Products Partners closed the sale of its offshore Gulf of Mexico business on Jul 24, 2015. The Offshore Pipelines & Services segment had earned $46.1 million in the first quarter of 2015.FinancialsDuring the quarter, the partnership spent $1,065.4 million. Outstanding total debt principal as of Mar 31, 2016 was $22.9 billion. Enterprise Products Partners had consolidated liquidity of $3.6 billion, which comprised unrestricted cash on hand and available borrowing capacity.Zacks Rank and Key Stock PicksCurrently, Enterprise Products Partners carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the oil and gas production/pipeline MLP space areEnable Midstream Partners, LP ENBL, JP Energy Partners LP JPEP and Summit Midstream Partners, LP SMLP. All of these stocks hold a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ENABLE MIDSTRM (ENBL): Free Stock Analysis Report ENTERPRISE PROD (EPD): Free Stock Analysis Report SUMMIT MIDSTRM (SMLP): Free Stock Analysis Report JP ENERGY PTN (JPEP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research