as of 08-19-2026 10:29am EST
Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the continental US. Enterprise is particularly dominant in the NGL market and is one of the few MLPs that provide midstream services across the full hydrocarbon value chain.
| Founded: | 1968 | Country: | United States |
| Employees: | N/A | City: | HOUSTON |
| Market Cap: | 82.0B | IPO Year: | 1998 |
| Target Price: | $38.50 | AVG Volume (30 days): | 3.2M |
| Analyst Decision: | Buy | Number of Analysts: | 14 |
| Dividend Yield: | Dividend Payout Frequency: | N/A | |
| EPS: | 2.38 | EPS Growth: | 106.96 |
| 52 Week Low/High: | $30.01 - $40.16 | Next Earning Date: | 04-28-2026 |
| Revenue: | $52,596,000,000 | Revenue Growth: | -6.44% |
| Revenue Growth (this year): | 2.34% | Revenue Growth (next year): | 6.35% |
| P/E Ratio: | 16.24 | Index: | N/A |
| Free Cash Flow: | 4.0B | FCF Growth: | N/A |
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SEC 8-K filings with transcript text
Jul 30, 2026 · 100% conf.
1D
+0.10%
$38.12
Act: -0.08%
5D
+0.79%
$38.38
Act: -0.08%
20D
+2.75%
$39.13
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Exhibit 99.1
Enterprise Reports Second Quarter 2026 Earnings
Houston, Texas (Thursday, July 30, 2026) – Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and six months ended June 30, 2026.
Financial Highlights (2Q 2026 compared to 2Q 2025, as applicable)
•Net income attributable to common unitholders: a record $1.8 billion, $0.84 per diluted common unit, up 28%
•Adjusted EBITDA: a record $2.8 billion, up 17%
•Operational DCF: a record $2.3 billion, which provided 1.9x coverage of distributions declared for 2Q 2026, up 21%; retained $1.1 billion of DCF
•Adjusted CFFO: a record $2.5 billion, up 19%
•Common unit repurchases: $159 million for the quarter and $405 million for the 12 months ended June 30, 2026; 34% cumulative utilization of $5.0 billion buyback program
•For the 12 months ended June 30, 2026, the payout ratio, comprised of distributions to common unitholders and common unit buybacks, was 56% of Adjusted CFFO
•Distributions declared: $0.56 per common unit, or $2.24 per common unit annualized, up 2.8%
Capital Investment and Operational Highlights (2Q 2026 compared to 2Q 2025, as applicable)
•Record equivalent pipeline volumes: 14.7 MMBPD, up 8%
•Record marine terminal volumes: 2.8 MMBPD, up 33%
•Assets placed into service: Second phase of our Neches River Terminal in Texas
•Capital investments for 2Q 2026: $1.2 billion, comprised of $1.0 billion for growth capital projects and $140 million for sustaining capital expenditures
•Announced plans to construct a new 150 MBPD NGL fractionator (Frac 15) at our Mont Belvieu area complex
•Announced plans to construct a new 300 MMcf/d Gas Processing Plant (Plant 13) in the Delaware Basin and a new 300 MMcf/d Gas Processing Plant (Plant 11) in the Midland Basin; expected to begin service in the third quarter of 2028 and the first quarter of 2029, respectively
•Growth capital spending for 2026, net of $599 million of proceeds from asset sales, is expected to be in the range of $2.9 to $3.4 billion; and $600 million for sustaining capital expenditures
Conference Call to Discuss Second Quarter 2026 Earnings
Enterprise will host a conference call today to discuss second quarter 2026 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), distributable cash flow (“DCF”), Operational distributable cash flow (“Operational DCF”), Adjusted cash flow from operations (“Adjusted CFFO”), total gross operating margin, and adjusted free cash flow (“Adjusted FCF”) are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release.
As used in this press release, “NGL” means natural gas liquids, “LPG” means liquefied petroleum gas, “BPD” means barrels per day, “MBPD” means thousand barrels per day, “MMBPD” means million barrels per day, “MMcf/d” means million cubic feet per day, “Bcf/d” means billion cubic feet per day, “BBtus/d” means billion British thermal units per day, “TBtus/d” means trillion British thermal units per day, and “PDH” means propane dehydrogenation.
“Enterprise reported strong volumes, earnings and cash flow for the second quarter of 2026,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “The partnership handled record pipeline and marine terminal volumes during the quarter due in part to strong international demand for U.S. energy in April and May. We also benefited from new assets and expansion projects that began operating and commissioning activities within the last twelve months including Frac 14 at our Mont Belvieu area complex and the expansions of our Neches River and Morgan’s Point Terminals. Total pipeline equivalent volumes for the quarter increased 8 percent to 14.7 MMBPD compared to the second quarter of 2025 while total marine terminal equivalent volumes increased 33 percent to 2.8 MMBPD compared to the second quarter of last year. We also reported a 14 percent increase in propylene production volumes to a record 134 MBPD during the second quarter of 2026 as we achieved higher utilization rates at our propylene production facilities. While not a record, inlet volumes to our natural gas processing plants increased to 8.1 Bcf/d in the second quarter of 2026 primarily due to a 14 percent increase in volume to our natural gas processing plants in the Permian Basin.
“This volume growth, an increase in the value of our equity NGL production and higher marketing volumes and margins led to record earnings and cash flow in the second quarter of 2026. Operational distributable cash flow for the quarter increased 21 percent to a record $2.3 billion compared to the second quarter of last year. This provided 1.9 time
Apr 28, 2026
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Exhibit 99.1
Enterprise Reports First Quarter 2026 Earnings
Houston, Texas (Tuesday, April 28, 2026) – Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three months ended March 31, 2026.
Financial Highlights (1Q 2026 compared to 1Q 2025, as applicable)
•Operating income: $1.9 billion, up 8%
•Net income attributable to common unitholders: $1.5 billion, $0.68 per diluted common unit, up 6%
•Adjusted EBITDA: $2.7 billion, up 10%
•Operational DCF: $2.1 billion, which provided 1.8x coverage of distributions declared for 1Q 2026, up 5%; retained $1.5 billion of DCF
•Adjusted CFFO: $2.3 billion, up 10%
•Common unit repurchases: $116 million; 31% cumulative utilization of $5.0 billion buyback program
•For the 12 months ended March 31, 2026, the payout ratio, comprised of distributions to common unitholders and common unit buybacks, was 57% of Adjusted CFFO
•Distributions declared: $0.55 per common unit, or $2.20 per common unit annualized, up 2.8%
•Total debt principal outstanding: $34.2 billion as of March 31, 2026
•Consolidated liquidity (available liquidity under revolving credit facilities plus unrestricted cash on hand): $3.3 billion as of March 31, 2026
Capital Investment and Operational Highlights (1Q 2026 compared to 1Q 2025, as applicable)
•Record natural gas processing plant inlet volumes: 8.3 Bcf/d, up 7%, driven by a 9% increase in Permian plant inlet volumes
•Record equivalent pipeline transportation volumes: 14.2 MMBPD, up 7%
•Record marine terminal volumes: 2.3 MMBPD, up 15%
•Record NGL fractionation volumes: 1.9 MMBPD, up 16%
•Assets placed into service: Mentone West 2 Gas Processing Plant
•Announced two additional 300 MMcf/d natural gas processing plants in the Permian Basin
•Capital investments for 1Q 2026: $988 million, comprised of $783 million for growth capital projects and $205 million for sustaining capital expenditures
•Growth capital spending for 2026, net of $596 million of proceeds from asset sales, is expected to be in the range of $2.3 to $2.6 billion; and $580 million for sustaining capital expenditures
Conference Call to Discuss First Quarter 2026 Earnings
Enterprise will host a conference call today to discuss first quarter 2026 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), distributable cash flow (“DCF”), Operational distributable cash flow (“Operational DCF”), Adjusted cash flow from operations (“Adjusted CFFO”), total gross operating margin, and adjusted free cash flow (“Adjusted FCF”) are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release.
As used in this press release, “NGL” means natural gas liquids, “LPG” means liquefied petroleum gas, “BPD” means barrels per day, “MBPD” means thousand barrels per day, “MMBPD” means million barrels per day, “MMcf/d” means million cubic feet per day, “Bcf/d” means billion cubic feet per day, “BBtus/d” means billion British thermal units per day, “TBtus/d” means trillion British thermal units per day, and “PDH” means propane dehydrogenation.
“Enterprise began 2026 with a strong start in the first quarter,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “Contributions from new assets placed in service over the past year and continuing to volumetrically ramp up, such as the Bahia NGL pipeline, NGL fractionator 14 and three Permian natural gas processing plants, led to record volumes across most of our integrated system. In total, our partnership set 12 new operational records during the quarter including for natural gas processing inlet volumes of 8.3 Bcf/d, equivalent pipeline volumes of 14.2 MMBPD, NGL fractionation volumes of 1.9 MMBPD and marine terminal volumes of 2.3 MMBPD. This volume growth together with higher utilization rates at our PDH facilities, an increase in natural gas pipeline and marketing volumes and margins and higher values for 234 MBPD of equity NGL-equivalent production led to a quarter of strong earnings and cash flow.”
“For the quarter, we generated $2.7 billion of DCF, including approximately $600 million of proceeds received in the first quarter of 2026 from the final payment for our sale of a 40 percent interest in the Bahia NGL pipeline to ExxonMobil. Our DCF for the quarter supported a 2.8 percent increase in our cash distribution rate to common unitholders and allowed us to retain $1.5 billion of DCF to reinvest in the growth of the partnership and fund $116 million of buybacks in the first quarter,” said Teague.
“Our commercial team in the Permian continues to have success in underwriting new natural gas processing plants and related infrastructure to supp
Feb 3, 2026
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Exhibit 99.1
Enterprise Reports Fourth Quarter 2025 Earnings
Houston, Texas (Tuesday, February 3, 2026) – Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three months and year ended December 31, 2025.
Year End 2025 Results
Enterprise reported net income attributable to common unitholders of $5.8 billion, or $2.66 per common unit on a fully diluted basis, for 2025, compared to $5.9 billion, or $2.69 per common unit on a fully diluted basis, for 2024.
Operational distributable cash flow (“Operational DCF”) was $7.9 billion for 2025 and 2024. Distributions declared with respect to 2025 increased 3.6 percent to $2.175 per common unit, compared to distributions declared for 2024. 2025 marked Enterprise’s 27th consecutive year of distribution growth. Operational DCF provided 1.7 times coverage of the distributions declared for the year, and Enterprise retained $3.2 billion of distributable cash flow (“DCF”) to reinvest in the partnership.
Enterprise repurchased approximately $300 million of its common units in 2025, bringing total common unit repurchases under the partnership’s authorized $5.0 billion common unit buyback program to approximately $1.4 billion.
Adjusted cash flow from operations (“Adjusted CFFO”) was a record $8.7 billion for 2025 compared to $8.6 billion for 2024. For 2025, Enterprise’s payout ratio, comprised of declared distributions to common unitholders and partnership common unit buybacks, was 58 percent of Adjusted CFFO.
Total capital investments, net of proceeds from asset sales, were $5.6 billion in 2025, which included $4.4 billion for growth capital projects, $632 million for the acquisition of Permian Basin gathering assets and gulf coast liquid storage assets, and $620 million of sustaining capital expenditures, less $82 million of proceeds from asset sales. Organic growth capital investments, net of proceeds from asset sales, are expected to be in the range of $1.9 billion to $2.3 billion in 2026, which includes estimated growth capital expenditures of approximately $2.5 to $2.9 billion less approximately $600 million of proceeds from asset sales. Sustaining capital expenditures are expected to be approximately $580 million in 2026.
Total debt principal outstanding at December 31, 2025 was $34.7 billion. At December 31, 2025, Enterprise had consolidated liquidity of approximately $5.2 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand.
Fourth Quarter 2025 Results
Enterprise reported net income attributable to common unitholders of $1.6 billion for both the fourth quarters of 2025 and 2024. On a fully diluted basis, net income attributable to common unitholders was $0.75 per common unit for the fourth quarter of 2025, compared to $0.74 per common unit for the fourth quarter of 2024.
Operational DCF was $2.2 billion for both the fourth quarters of 2025 and 2024. Distributions declared with respect to the fourth quarter of 2025 increased 2.8 percent to $0.550 per common unit, or $2.20 per common unit annualized, compared to distributions declared for the fourth quarter of 2024. Operational DCF provided 1.8 times coverage of the distribution declared for the fourth quarter of this year. Enterprise retained $1.0 billion of DCF.
Enterprise repurchased approximately $50 million of its common units during the fourth quarter of 2025.
Adjusted CFFO was $2.4 billion for the fourth quarter of 2025 compared to $2.3 billion for the fourth quarter of 2024.
Total capital investments, net of proceeds from asset sales, were $1.3 billion in the fourth quarter of 2025, which included $1.1 billion for growth capital projects, $203 million of sustaining capital expenditures, and $49 million of cash used for asset acquisitions, less $61 million of proceeds from asset sales.
Fourth Quarter and Year End 2025 Financial HighlightsFor the Three Months Ended December 31,For the Year Ended December 31,
2025202420252024
($ in millions, except per unit amounts)
Operating income (1) $2,024 $1,971 $7,266 $7,338
Net income (1) $1,660 $1,633 $5,876 $5,970
Fully diluted earnings per common unit$0.75 $0.74 $2.66 $2.69
Total gross operating margin (1) (2) $2,737 $2,628 $10,030 $9,984
Adjusted EBITDA (2) $2,707 $2,599 $9,964 $9,899
Adjusted CFFO (2) $2,427 $2,301 $8,709 $8,621
Adjusted FCF (2) $1,167 $336 $3,130 $3,172
$2,223 $2,155 $8,000 $7,839
Operational DCF (2) $2,162 $2,152 $7,904 $7,858
(1)Operating income, net income, and gross operating margin include mark-to-market (“MTM”) gains on financial instruments used in our commodity hedging activities of $8 million and losses of $16 million for the fourth quarter and year ended 2025, respectively, compared to gains of $9 million and $20 million for the fourth quarter and year ended 2024, respectively.
(2)Total gross operating margin, adjusted earnings before i
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