28 Jul Enterprise Reports Second Quarter 2025 Earnings
HOUSTON–(BUSINESS WIRE)–Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and six months ended June 30, 2025.
Enterprise reported net income attributable to common unitholders of $1.4 billion for the second quarters of 2025 and 2024. On a fully diluted basis, net income attributable to common unitholders was $0.66 per common unit for the second quarter of 2025, an increase of 3 percent compared to $0.64 per common unit for the second quarter of 2024.
Distributable Cash Flow (“DCF”) was $1.9 billion for the second quarter of 2025, a 7 percent increase compared to $1.8 billion for the second quarter of 2024. Distributions declared with respect to the second quarter of 2025 increased 3.8 percent to $0.545 per common unit, or $2.18 per common unit annualized, compared to distributions declared for the second quarter of 2024. DCF provided 1.6 times coverage of the distribution declared for the second quarter of this year, and Enterprise retained $748 million of DCF.
Adjusted cash flow from operations (“Adjusted CFFO”) was $2.1 billion for both the second quarters of 2025 and 2024. Adjusted CFFO was $8.6 billion for the twelve months ended June 30, 2025. Enterprise repurchased approximately $110 million of its common units on the open market in the second quarter of 2025. Enterprise’s payout ratio, comprised of distributions to common unitholders and partnership common unit buybacks, for the twelve months ended June 30, 2025, was 57 percent of Adjusted CFFO.
Total capital investments were $1.3 billion in the second quarter of 2025, which included $1.2 billion for growth capital projects and $117 million of sustaining capital expenditures. Expectations for organic growth capital investments continue to be in the range of $4.0 billion to $4.5 billion in 2025, and $2.0 billion to $2.5 billion in 2026. Sustaining capital expenditures are expected to total approximately $525 million in 2025.
Total debt principal outstanding at June 30, 2025 was $33.1 billion. At June 30, 2025, Enterprise had consolidated liquidity of approximately $5.1 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand.
Conference Call to Discuss Second Quarter 2025 Earnings
Enterprise will host a conference call today to discuss second quarter 2025 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.
|
Second Quarter 2025 Financial Highlights |
Three Months Ended |
||||
|
|
2025 |
|
|
2024 |
|
|
($ in millions, except per unit amounts) |
|
|
|
||
|
Operating income (1) |
$ |
1,795 |
|
$ |
1,765 |
|
Net income (1) |
$ |
1,454 |
|
$ |
1,422 |
|
Fully diluted earnings per common unit |
$ |
0.66 |
|
$ |
0.64 |
|
Total gross operating margin (1) (2) |
$ |
2,477 |
|
$ |
2,412 |
|
Adjusted EBITDA (2) |
$ |
2,408 |
|
$ |
2,389 |
|
Adjusted CFFO (2) |
$ |
2,111 |
|
$ |
2,065 |
|
Adjusted FCF (2) |
$ |
812 |
|
$ |
814 |
|
DCF (2) |
$ |
1,939 |
|
$ |
1,812 |
|
Operational DCF (2) |
$ |
1,914 |
|
$ |
1,808 |
|
(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 $52 million for the second quarter of 2025 compared to gains of $12 million for the second quarter of 2024. |
|
(2) |
|
Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted CFFO, adjusted free cash flow (“Adjusted FCF”), DCF and Operational Distributable Cash Flow (“Operational DCF”) are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release. |
| Second Quarter 2025 Volume Highlights |
Three Months Ended |
||
|
2025 |
|
2024 |
|
|
Equivalent pipeline transportation volumes (million BPD)(1) |
13.6 |
|
12.8 |
|
NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD) |
8.2 |
|
7.8 |
|
Marine terminal volumes (million BPD) |
2.1 |
|
2.2 |
|
Natural gas pipeline volumes (TBtus/d) |
20.4 |
|
18.7 |
|
NGL fractionation volumes (million BPD) |
1.7 |
|
1.7 |
|
Propylene plant production volumes (MBPD) |
118 |
|
107 |
|
Natural gas processing plant inlet volumes (Bcf/d) |
7.8 |
|
7.5 |
|
Fee-based natural gas processing volumes (Bcf/d) |
7.3 |
|
6.6 |
|
Equity NGL-equivalent production volumes (MBPD) |
214 |
|
218 |
|
(1) |
Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units (“MMBtus”) of natural gas transportation volumes are equivalent to one barrel of NGLs transported. |
|
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, “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 and “TBtus/d” means trillion British thermal units per day. |
|
“In a seasonally weaker quarter challenged with macroeconomic, geopolitical, and commodity price headwinds, Enterprise reported solid earnings and cash flow,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “Our assets continued to perform setting five new operating records. Notably, driven by the Permian and Haynesville Basins, we reported record natural gas processing plant inlet volumes of 7.8 Bcf/d, record natural gas pipeline volumes of 20.4 TBtus/d, and record crude oil pipeline volumes of 2.6 million BPD. Additionally, our refined products and petrochemical pipelines had record volumes of 1.0 million BPD.”
“The performance of our fee-based assets and natural gas marketing more than offset lower earnings in our crude oil marketing businesses and the effect of lower commodity prices and margins on our natural gas processing and octane enhancement activities. Distributable cash flow for the second quarter of 2025 increased 7 percent to $1.9 billion, compared to the same quarter in 2024, providing 1.6 times coverage of the $0.545 per unit cash distribution that is scheduled to be paid on August 14, 2025. The partnership retained $748 million to reinvest in the growth of the partnership,” said Teague.
“We are excited for the opportunities the second half of 2025 is poised to present with approximately $6 billion of our organic growth capital projects slated to enter commercial service. This includes a significant expansion of our natural gas processing infrastructure in the Permian Basin with the recent commissioning of two new 300 MMcf/d processing facilities. With the addition of Mentone West 1, Enterprise now has the capacity to process over 2.5 Bcf/d of natural gas and extract more than 330 MBPD of NGLs in the Delaware Basin. With the addition of Orion, we now have the capacity to process 1.9 Bcf/d of natural gas and extract more than 270 MBPD of NGLs in the Midland Basin. Enterprise’s continued investment in natural gas processing infrastructure supports our producer customers’ needs and brings additional volume into our highly integrated NGL value chain,” continued Teague.
“Further downstream, we are beginning service at the Neches River Terminal (“NRT”) in Orange County, Texas. The NRT dock and a 120 MBPD ethane refrigeration train were commissioned in mid-July, enabling loading operations at Phase 1 of this major project. The successful commercialization of the NRT facility reflects the robust growing global demand for U.S. hydrocarbons and highlights Enterprise’s ability to quickly and economically expand its footprint to meet the needs of international markets. Finally, we look forward to the upcoming commissioning of Frac 14 and the Bahia pipeline in the fourth quarter of this year,” Teague concluded.
Review of Second Quarter 2025 Results
Total gross operating margin was $2.5 billion for the second quarter of 2025 compared to $2.4 billion for the second quarter of 2024.
NGL Pipelines & Services – Gross operating margin from the NGL Pipelines & Services segment was $1.3 billion for both the second quarters of 2025 and 2024.
Gross operating margin from the natural gas processing business and related NGL marketing activities was $341 million for the second quarter of 2025 compared to $386 million for the second quarter of 2024. Gross operating margin for the second quarter of 2025 was impacted by $16 million of MTM losses related to hedging activities, compared to negligible MTM gains included in the second quarter of 2024. Natural gas processing plant inlet volumes were a record 7.8 Bcf/d in the second quarter of 2025, a 3 percent increase compared to the second quarter of 2024. Total fee-based natural gas processing volumes increased 10 percent, or 688 MMcf/d, to a record 7.3 Bcf/d in the second quarter of 2025, compared to the second quarter of 2024. Total equity NGL-equivalent production volumes were 214 MBPD and 218 MBPD in the second quarters of 2025 and 2024, respectively. The following highlights summarize selected variances within this business, with results for the second quarter of 2025 as compared to the second quarter of 2024:
- Gross operating margin from NGL marketing activities decreased $18 million primarily due to lower MTM results.
- Gross operating margin from Permian natural gas processing facilities, including the Delaware Basin and Midland Basin assets, decreased $14 million primarily due to higher operating costs, an unfavorable impact from hedging, and lower margins on related condensate sales. Permian Basin processing plant inlet volumes increased 420 MMcf/d, including increases of 252 MMcf/d in the Delaware Basin and 168 MMcf/d in the Midland Basin.
- Gross operating margin from Rockies natural gas processing facilities decreased $11 million primarily due to lower average processing margins and lower processing volumes. Rockies processing plant inlet volumes decreased 137 MMcf/d.
Gross operating margin from the NGL pipelines and storage business was $732 million for the second quarter of 2025, an increase of $31 million compared to the second quarter of 2024. Total NGL pipeline volumes were 4.6 million BPD in the second quarter of 2025, a 221 MBPD, or 5 percent, increase over the second quarter of 2024. Total NGL marine terminal volumes were 942 MBPD in the second quarter of 2025, a 66 MBPD, or 8 percent, increase compared to the second quarter of 2024. The following highlights summarize selected variances within this business, with results for the second quarter of 2025 as compared to the second quarter of 2024:
- On a combined basis, the pipelines serving the Permian and Rocky Mountain regions reported a $23 million increase in gross operating margin. This includes the Mid-America Pipeline System, Seminole NGL Pipeline, Shin Oak NGL Pipeline and Chaparral NGL Pipeline. The variance was primarily driven by a 40 MBPD increase in volumes, higher average fees and other revenues.
- Eastern ethane pipelines, which include the ATEX and Aegis pipelines, reported a $14 million increase in gross operating margin primarily due to a 100 MBPD increase in volumes and higher average fees.
- Gross operating margin from LPG-related activities at the Enterprise Hydrocarbons Terminal (“EHT”) decreased 46 percent, or $37 million, primarily due to lower average contract and spot loading fees, partially offset by an increase in revenues associated with a 55 MBPD increase in LPG export volumes. Gross operating margin from Morgan’s Point Ethane Export Terminal increased $4 million primarily due to an 11 MBPD increase in export volumes. Gross operating margin from the Houston Ship Channel Pipeline System increased $5 million primarily due to a 67 MBPD increase in transportation volumes.
Gross operating margin from the NGL fractionation business was $224 million for the second quarter of 2025 compared to $238 million for the second quarter of 2024. Total NGL fractionation volumes were 1.7 million BPD for both the second quarters of 2025 and 2024. The following highlights summarize selected variances within this business, with results for the second quarter of 2025 as compared to the second quarter of 2024:
- Gross operating margin from our NGL fractionators decreased a net $14 million primarily due to lower ancillary service revenues and higher operating costs, partially offset by higher average fractionation fees at our Mont Belvieu area NGL fractionation complex.
Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $403 million for the second quarter of 2025 compared to $417 million for the second quarter of 2024. Total crude oil pipeline volumes were a record 2.6 million BPD in the second quarter of 2025 compared to 2.5 million BPD in the second quarter of 2024. Total crude oil marine terminal volumes were 811 MBPD in the second quarter of 2025 compared to 977 MBPD in the second quarter of 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024:
- On a combined basis, gross operating margin from our crude oil assets and crude oil marketing decreased a net $14 million primarily due to lower sales volumes from marketing activities, partially offset by lower operating costs and an increase in storage and loading revenues at EHT.
Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was $417 million for the second quarter of 2025 compared to $293 million for the second quarter of 2024. Total natural gas pipeline volumes were a record 20.4 TBtus/d in the second quarter of 2025, a 9 percent increase compared to 18.7 TBtus/d for the same quarter in 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024:
- Gross operating margin from our natural gas marketing business increased $75 million primarily due to a $55 million increase in MTM earnings and higher average sales margins.
- Permian natural gas gathering, including Delaware Basin and Midland Basin gathering systems, reported a combined $24 million net increase in gross operating margin primarily due to a 1.0 TBtus/d increase in gathering volumes and higher treating and other revenues, partially offset by higher operating costs.
- Gross operating margin from the Texas Intrastate System increased $21 million primarily due to higher transportation-related revenues. Pipeline volumes increased 426 BBtus/d.
Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $354 million for the second quarter of 2025 compared to $392 million for the second quarter of 2024. Total segment pipeline volumes were a record 1.0 million BPD in the second quarter of 2025 compared to 960 MBPD in the second quarter of 2024. Total marine terminal volumes were 328 MBPD in the second quarter of 2025 compared to 359 MBPD for the second quarter of 2024. The following highlights summarize selected variances within this segment, with results for the second quarter of 2025 as compared to the second quarter of 2024:
- Propylene production and related activities reported a net $4 million increase in gross operating margin primarily driven by higher propylene volumes at the partnership’s propane dehydrogenation (“PDH”) facilities, partially offset by higher operating costs. Total propylene and associated by-product production volumes increased 11 MBPD, net to our interest. Propylene production at the partnership’s PDH facilities increased 25 MBPD, partially offset by a 14 MBPD decrease in production stemming from maintenance at the propylene splitters. The PDH 1 facility was down for approximately 27 days during the second quarter of 2025 for maintenance compared to 79 days in the same quarter of last year. The PDH 2 facility operated above 90% of its nameplate capacity in the quarter, compared to approximately 60% in the second quarter of 2024.
- Gross operating margin from our octane enhancement and related plant operations decreased $49 million primarily due to lower average sales margins.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, FCF, Adjusted FCF, DCF, Operational DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we do.
Company Information and Use of Forward-Looking Statements
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.
This press release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties, such as the partnership’s expectations regarding future results, capital expenditures, project completions, liquidity and financial market conditions. These risks and uncertainties include, among other things, insufficient cash from operations, adverse market conditions, governmental regulations and other factors discussed in Enterprise’s filings with the U.S. Securities and Exchange Commission. If any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.
|
Enterprise Products Partners L.P. |
|
|
|
|
Exhibit A |
||||||||||||||
|
Condensed Statements of Consolidated Operations – UNAUDITED |
|||||||||||||||||||
|
($ in millions, except per unit amounts) |
|||||||||||||||||||
|
|
For the Three Months |
|
For the Six Months |
|
For the Twelve |
||||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
Revenues |
$ |
11,363 |
|
|
$ |
13,483 |
|
|
$ |
26,780 |
|
|
$ |
28,243 |
|
|
$ |
54,756 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Operating costs and expenses |
|
9,592 |
|
|
|
11,762 |
|
|
|
23,282 |
|
|
|
24,736 |
|
|
|
47,591 |
|
|
General and administrative costs |
|
68 |
|
|
|
57 |
|
|
|
128 |
|
|
|
123 |
|
|
|
249 |
|
|
Total costs and expenses |
|
9,660 |
|
|
|
11,819 |
|
|
|
23,410 |
|
|
|
24,859 |
|
|
|
47,840 |
|
|
Equity in income of unconsolidated affiliates |
|
92 |
|
|
|
101 |
|
|
|
186 |
|
|
|
203 |
|
|
|
391 |
|
|
Operating income |
|
1,795 |
|
|
|
1,765 |
|
|
|
3,556 |
|
|
|
3,587 |
|
|
|
7,307 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense |
|
(332 |
) |
|
|
(332 |
) |
|
|
(672 |
) |
|
|
(663 |
) |
|
|
(1,361 |
) |
|
Other, net |
|
7 |
|
|
|
4 |
|
|
|
16 |
|
|
|
17 |
|
|
|
48 |
|
|
Total other expense, net |
|
(325 |
) |
|
|
(328 |
) |
|
|
(656 |
) |
|
|
(646 |
) |
|
|
(1,313 |
) |
|
Income before income taxes |
|
1,470 |
|
|
|
1,437 |
|
|
|
2,900 |
|
|
|
2,941 |
|
|
|
5,994 |
|
|
Provision for income taxes |
|
(16 |
) |
|
|
(15 |
) |
|
|
(40 |
) |
|
|
(36 |
) |
|
|
(69 |
) |
|
Net income |
|
1,454 |
|
|
|
1,422 |
|
|
|
2,860 |
|
|
|
2,905 |
|
|
|
5,925 |
|
|
Net income attributable to noncontrolling interests |
|
(18 |
) |
|
|
(16 |
) |
|
|
(30 |
) |
|
|
(42 |
) |
|
|
(57 |
) |
|
Net income attributable to preferred units |
|
(1 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(4 |
) |
|
Net income attributable to common unitholders |
$ |
1,435 |
|
|
$ |
1,405 |
|
|
$ |
2,828 |
|
|
$ |
2,861 |
|
|
$ |
5,864 |
|
|
Per common unit data (fully diluted): |
|
|
|
|
|
|
|
|
|
||||||||||
|
Earnings per common unit |
$ |
0.66 |
|
|
$ |
0.64 |
|
|
$ |
1.29 |
|
|
$ |
1.30 |
|
|
$ |
2.68 |
|
|
Average common units outstanding (in millions) |
|
2,190 |
|
|
|
2,194 |
|
|
|
2,190 |
|
|
|
2,194 |
|
|
|
2,191 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Supplemental financial data: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash flow provided by operating activities |
$ |
2,061 |
|
|
$ |
1,574 |
|
|
$ |
4,375 |
|
|
$ |
3,685 |
|
|
$ |
8,805 |
|
|
Net cash flow used in investing activities |
$ |
1,274 |
|
|
$ |
1,243 |
|
|
$ |
2,321 |
|
|
$ |
2,281 |
|
|
$ |
5,473 |
|
|
Net cash flow used in financing activities |
$ |
145 |
|
|
$ |
281 |
|
|
$ |
1,796 |
|
|
$ |
1,290 |
|
|
$ |
2,670 |
|
|
Total debt principal outstanding at end of period |
$ |
33,057 |
|
|
$ |
30,621 |
|
|
$ |
33,057 |
|
|
$ |
30,621 |
|
|
$ |
33,057 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Non-GAAP Distributable Cash Flow (1) |
$ |
1,939 |
|
|
$ |
1,812 |
|
|
$ |
3,952 |
|
|
$ |
3,727 |
|
|
$ |
8,064 |
|
|
Non-GAAP Operational Distributable Cash Flow (1) |
$ |
1,914 |
|
|
$ |
1,808 |
|
|
$ |
3,923 |
|
|
$ |
3,750 |
|
|
$ |
8,031 |
|
|
Non-GAAP Adjusted EBITDA (2) |
$ |
2,408 |
|
|
$ |
2,389 |
|
|
$ |
4,852 |
|
|
$ |
4,858 |
|
|
$ |
9,893 |
|
|
Non-GAAP Adjusted Cash flow from operations (3) |
$ |
2,111 |
|
|
$ |
2,065 |
|
|
$ |
4,222 |
|
|
$ |
4,212 |
|
|
$ |
8,631 |
|
|
Non-GAAP Free Cash Flow (4) |
$ |
762 |
|
|
$ |
323 |
|
|
$ |
2,020 |
|
|
$ |
1,366 |
|
|
$ |
3,320 |
|
|
Non-GAAP Adjusted Free Cash Flow (4) |
$ |
812 |
|
|
$ |
814 |
|
|
$ |
1,867 |
|
|
$ |
1,893 |
|
|
$ |
3,146 |
|
|
Gross operating margin by segment: |
|
|
|
|
|
|
|
|
|
||||||||||
|
NGL Pipelines & Services |
$ |
1,297 |
|
|
$ |
1,325 |
|
|
$ |
2,715 |
|
|
$ |
2,665 |
|
|
$ |
5,598 |
|
|
Crude Oil Pipelines & Services |
|
403 |
|
|
|
417 |
|
|
|
777 |
|
|
|
828 |
|
|
|
1,595 |
|
|
Natural Gas Pipelines & Services |
|
417 |
|
|
|
293 |
|
|
|
774 |
|
|
|
605 |
|
|
|
1,446 |
|
|
Petrochemical & Refined Products Services |
|
354 |
|
|
|
392 |
|
|
|
669 |
|
|
|
836 |
|
|
|
1,380 |
|
|
Total segment gross operating margin (5) |
|
2,471 |
|
|
|
2,427 |
|
|
|
4,935 |
|
|
|
4,934 |
|
|
|
10,019 |
|
|
Net adjustment for shipper make-up rights (6) |
|
6 |
|
|
|
(15 |
) |
|
|
(27 |
) |
|
|
(32 |
) |
|
|
(29 |
) |
|
Non-GAAP total gross operating margin (7) |
$ |
2,477 |
|
|
$ |
2,412 |
|
|
$ |
4,908 |
|
|
$ |
4,902 |
|
|
$ |
9,990 |
|
|
(1) |
|
See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities. |
|
(2) |
|
See Exhibit G for reconciliation to GAAP net cash flow provided by operating activities. |
|
(3) |
|
See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities. |
|
(4) |
|
See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities. |
|
(5) |
|
Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”). |
|
(6) |
|
Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC. |
|
(7) |
|
See Exhibit H for reconciliation to GAAP total operating income. |
|
|
|
|
|
|
|
||||
|
Enterprise Products Partners L.P. |
|
|
|
|
Exhibit B |
||||
|
Selected Operating Data – UNAUDITED |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months |
|
For the Six Months |
|
For the Twelve |
||||
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
2025 |
|
|
Selected operating data:(1) |
|
|
|
|
|
|
|
|
|
|
NGL Pipelines & Services, net: |
|
|
|
|
|
|
|
|
|
|
NGL pipeline transportation volumes (MBPD) |
4,562 |
|
4,341 |
|
4,504 |
|
4,291 |
|
4,534 |
|
NGL marine terminal volumes (MBPD) |
942 |
|
876 |
|
968 |
|
886 |
|
957 |
|
NGL fractionation volumes (MBPD) |
1,667 |
|
1,679 |
|
1,657 |
|
1,661 |
|
1,666 |
|
Equity NGL-equivalent production volumes (MBPD) (2) |
214 |
|
218 |
|
220 |
|
202 |
|
212 |
|
Fee-based natural gas processing volumes (MMcf/d) (3,4) |
7,266 |
|
6,578 |
|
7,223 |
|
6,499 |
|
7,093 |
|
Natural gas processing inlet volumes (MMcf/d) (5) |
7,768 |
|
7,513 |
|
7,744 |
|
7,328 |
|
7,633 |
|
Crude Oil Pipelines & Services, net: |
|
|
|
|
|
|
|
|
|
|
Crude oil pipeline transportation volumes (MBPD) |
2,622 |
|
2,528 |
|
2,554 |
|
2,491 |
|
2,561 |
|
Crude oil marine terminal volumes (MBPD) |
811 |
|
977 |
|
774 |
|
1,035 |
|
825 |
|
Natural Gas Pipelines & Services, net: |
|
|
|
|
|
|
|
|
|
|
Natural gas pipeline transportation volumes (BBtus/d) (6) |
20,405 |
|
18,714 |
|
20,358 |
|
18,824 |
|
20,038 |
|
Petrochemical & Refined Products Services, net: |
|
|
|
|
|
|
|
|
|
|
Propylene production volumes (MBPD) |
118 |
|
107 |
|
115 |
|
107 |
|
118 |
|
Butane isomerization volumes (MBPD) |
122 |
|
119 |
|
118 |
|
118 |
|
118 |
|
Standalone DIB processing volumes (MBPD) |
186 |
|
211 |
|
187 |
|
204 |
|
190 |
|
Octane enhancement and related plant sales volumes (MBPD) (7) |
39 |
|
39 |
|
42 |
|
37 |
|
38 |
|
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) |
1,008 |
|
960 |
|
977 |
|
915 |
|
978 |
|
Refined products and petrochemicals marine terminal volumes (MBPD) (8) |
328 |
|
359 |
|
320 |
|
355 |
|
309 |
|
Total, net: |
|
|
|
|
|
|
|
|
|
|
NGL, crude oil, petrochemical and refined products pipeline transportation volumes (MBPD) |
8,192 |
|
7,829 |
|
8,035 |
|
7,697 |
|
8,073 |
|
Natural gas pipeline transportation volumes (BBtus/d) |
20,405 |
|
18,714 |
|
20,358 |
|
18,824 |
|
20,038 |
|
Equivalent pipeline transportation volumes (MBPD) (9) |
13,562 |
|
12,754 |
|
13,392 |
|
12,651 |
|
13,346 |
|
NGL, crude oil, refined products and petrochemical marine terminal volumes (MBPD) |
2,081 |
|
2,212 |
|
2,062 |
|
2,276 |
|
2,091 |
Contacts
Libby Strait, Vice President, Investor Relations, (713) 381-4754
Rick Rainey, Vice President, Media Relations, (713) 381-3635
Sorry, the comment form is closed at this time.