Enterprise Products Partners (EPD) investor relations material

Executive summary

• Q3 net income attributable to common unitholders was $1.624B; Adjusted EBITDA rose 16% YoY to $2.789B and gross operating margin increased 15% to $2.735B.

• Record operating volumes across processing, pipelines and marine terminals supported broad-based segment growth; three of four segments increased gross operating margin YoY.

• Jim Teague announced his final quarterly earnings call after nearly three decades; Randy Fowler is set to become sole CEO in January.

Financial highlights

• Revenue was $17.948B vs. $12.023B YoY; operating income was $1.990B vs. $1.686B, and net income was $1.638B vs. $1.356B.

• Net income attributable to common unitholders was $1.624B vs. $1.338B; diluted EPS was $0.75 vs. $0.61.

• Adjusted CFFO was $2.423B, up 18%; Operational DCF was $2.311B, up 27%; Adjusted FCF was $1.365B vs. $96M.

• Gross operating margin rose $350M YoY to $2.735B, including a $21M increase in unrealized MTM earnings on hedging instruments; it fell from $2.991B QoQ.

Outlook and guidance

• 2026 growth capital is forecast at $2.9B–$3.4B net of ~$600M in asset-sale proceeds; sustaining capital is expected at $650M. 2027 growth capital is expected near $3B.

• 2027 EBITDA growth may be more modest than 2026; management gave no percentage outlook amid uncertainty around geopolitical conflicts and resulting spreads.

• 2025–2030 Permian forecasts show growth of 17% for oil, 34% for NGLs and 34% for dry natural gas; crude growth changed modestly, by 100,000 barrels/day by 2030.

• $6.3B of growth projects are under construction, with commercial operations scheduled through 2028; the LPG expansion and Athena plant were scheduled for Q4 2026 completion.

• The LPG expansion adds ~300 MBPD of loading capacity, bringing total capacity to 1.1 MMBPD; Athena is designed for 300 MMcf/d of processing and up to 40 MBPD of NGL extraction.