Enterprise posted another record year in 2008. We completed construction and began operations at new energy infrastructure facilities that totaled $1.4 billion of capital investment. Our partnership set new marks for operating and financial performance despite the effects of two hurricanes on our Gulf Coast assets and those of our customers; the commodity price rollercoaster; and the emergence of a global credit crisis and economic recession. This record performance enabled us to achieve our goal of increasing Enterprise's cash distribution rate at the end of 2008 to an annualized $2.12 per unit and to exceed our target of retaining $200 million of distributable cash flow by more than 50 percent. We also took proactive steps to strengthen our liquidity and demonstrated our ability to raise debt and equity capital in difficult markets. As a result, our partnership begins 2009 in a solid financial position with approximately $1.6 billion of liquidity.
