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Enterprise Products Partners (EPD) investor relations material

Enterprise Products Partners Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary28 Jul, 2025

Executive summary

  • Net income attributable to common unitholders was $1.4–$1.44B for Q2 2025, up 2% year-over-year, with fully diluted EPS rising to $0.66 per unit.

  • Distributable cash flow increased 7% to $1.9–$1.94B, providing 1.6x coverage of the $0.545 per unit distribution.

  • Gross operating margin reached $2.48B in Q2 2025, driven by strong natural gas and petrochemical segments.

  • Record operating volumes achieved in natural gas processing, pipeline transportation, and refined products.

  • Major capital projects placed into service included two new natural gas processing trains and the Neches River Terminal.

Financial highlights

  • Q2 2025 revenues were $11.36–$11.4B, down from $13.48–$13.5B in Q2 2024.

  • Adjusted EBITDA for Q2 was $2.4–$2.41B; distributable cash flow coverage ratio was 1.6x.

  • Declared a distribution of $0.545 per unit, up 3.8% year-over-year, totaling $1.19B for Q2.

  • Repurchased 3.6–5.37M units for $110–$170M in Q2; total buybacks over 12 months reached $309M.

  • Consolidated liquidity of $5.1B as of June 30, 2025; total debt principal outstanding at $33.1B.

Outlook and guidance

  • Nearly $6B in organic growth projects entering service by end of 2026, including new Permian gas plants and the Bahia pipeline.

  • Growth capital expenditures expected at $4–$4.5B for 2025 and $2–$2.5B for 2026; sustaining capex at $525M.

  • Announced $580M acquisition of a Midland Basin gas gathering system, expected to close in Q3 2025.

  • Buybacks to remain opportunistic in 2025, with larger opportunities expected in 2026 as free cash flow increases.

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Frequently asked questions

Owner of more than 43,000 miles of pipelines

With pipelines that span over 43,000 miles, this company is one of the dominant players in the midstream oil industry. They have a diversified portfolio of assets, including pipelines, storage facilities, transportation services, and refineries. Surprisingly enough, the company expects oil demand in 2040 to be even higher than it is today.

Dan Duncan and two partners founded Enterprise Products Company in 1968 to market natural gas liquids on a wholesale scale.

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