Enterprise Products Partners (EPD) investor relations material

Executive summary

• Achieved a strong start to 2026 with $2.7 billion in EBITDA (up 10% year-over-year), $2.62 billion gross operating margin, and $1.5 billion net income attributable to common unitholders, supported by record operational volumes and new assets.

• Multiple operating records set in gas processing, NGL fractionation, hydrocarbon loading, and oil equivalent transport volumes, driven by new assets and higher utilization.

• High utilization and strong margins across downstream and export businesses, with fee-based GOM comprising 80% of total GOM in 1Q 2026.

• Volatile commodity prices and global supply disruptions, especially from the Middle East, drove strong demand for U.S. energy exports and improved U.S. petrochemical margins.

• Maintained strong liquidity of $3.3 billion and a leverage ratio of 3.2x as of March 31, 2026.

Financial highlights

• Net income attributable to common unit holders was $1.5 billion ($0.68 per unit, fully diluted), up 6% year-over-year.

• Adjusted cash flow from operations rose 10% to $2.3 billion compared to Q1 2025.

• Distribution per common unit increased 2.8% to $0.55, with a payout ratio of 57% of adjusted CFFO for the trailing twelve months and 27 consecutive years of distribution growth.

• Returned $5.1 billion to equity investors over the past 12 months, with $116 million in unit buybacks in Q1 2026.

• Total capital investments in Q1 2026 were $988 million, including $783 million for growth projects.

Outlook and guidance

• Growth capital expenditures for 2026 guided at $2.3–$2.6 billion, net of asset sale proceeds; 2027 expected at $2–$2.5 billion.

• Sustaining capital expenditures for 2026 expected at $580 million.

• Major capital projects under construction total $5.3 billion, including new gas processing plants and pipeline expansions scheduled through 2027.

• Discretionary free cash flow for 2026 projected around $1 billion, with potential upside depending on commodity prices.

• Expect continued strong international demand for U.S. energy and products through 2026 and possibly into 2027.