Enterprise Reports First Quarter 2025 Earnings
HOUSTON–(BUSINESS WIRE)–Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three months ended March 31, 2025.
Enterprise reported net income attributable to common unitholders of $1.4 billion, or $0.64 per common unit on a fully diluted basis, for the first quarter of 2025, compared to $1.5 billion, or $0.66 per common unit on a fully diluted basis, for the first quarter of 2024.
Distributable Cash Flow (“DCF”) was $2.0 billion for the first quarter of 2025, a 5 percent increase compared to $1.9 billion for the first quarter of 2024. Distributions declared with respect to the first quarter of 2025 increased 3.9 percent to $0.535 per common unit, or $2.14 per common unit annualized, compared to distributions declared for the first quarter of 2024. DCF provided 1.7 times coverage of the distribution declared for the first quarter of this year, and Enterprise retained $842 million of DCF.
Enterprise repurchased approximately $60 million of its common units on the open market in the first quarter of 2025. Including these purchases, the partnership has utilized approximately 60 percent of its authorized $2.0 billion common unit buyback program.
Adjusted cash flow from operations (“Adjusted CFFO”) was $2.1 billion for both the first quarter of 2025 and 2024. Adjusted CFFO was $8.6 billion for the twelve months ended March 31, 2025. Enterprise’s payout ratio, comprised of distributions to common unitholders and partnership common unit buybacks, for the twelve months ended March 31, 2025, was 56 percent of Adjusted CFFO.
Total capital investments were $1.1 billion in the first quarter of 2025, which included $960 million for growth capital projects and $102 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 March 31, 2025 was $31.9 billion. At March 31, 2025, Enterprise had consolidated liquidity of approximately $3.6 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand.
Conference Call to Discuss First Quarter 2025 Earnings
Enterprise will host a conference call today to discuss first quarter 2025 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.
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First Quarter 2025 Financial Highlights |
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Three Months Ended March 31, |
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2025 |
2024 |
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($ in millions, except per unit amounts) |
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||
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Operating income (1) |
$ |
1,761 |
$ |
1,822 |
|
Net income (1) |
$ |
1,406 |
$ |
1,483 |
|
Fully diluted earnings per common unit |
$ |
0.64 |
$ |
0.66 |
|
Total gross operating margin (1) (2) |
$ |
2,431 |
$ |
2,490 |
|
Adjusted EBITDA (2) |
$ |
2,444 |
$ |
2,469 |
|
Adjusted CFFO (2) |
$ |
2,111 |
$ |
2,147 |
|
Adjusted FCF (2) |
$ |
1,055 |
$ |
1,079 |
|
DCF (2) |
$ |
2,013 |
$ |
1,915 |
|
Operational DCF (2) |
$ |
2,009 |
$ |
1,942 |
|
(1) |
Operating income, net income, and gross operating margin include mark-to-market (“MTM”) losses on financial instruments used in our commodity hedging activities of $42 million for the first quarter of 2025 compared to losses of $4 million for the first quarter of 2024. |
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(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. |
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First Quarter 2025 Volume Highlights |
Three Months Ended March 31, |
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|
|
2025 |
2024 |
|
Equivalent pipeline transportation volumes (million BPD)(1) |
13.2 |
12.5 |
|
NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD) |
7.9 |
7.6 |
|
Marine terminal volumes (million BPD) |
2.0 |
2.3 |
|
Natural gas pipeline volumes (TBtus/d) |
20.3 |
18.9 |
|
NGL fractionation volumes (MBPD) |
1,652 |
1,642 |
|
Propylene plant production volumes (MBPD) |
113 |
106 |
|
Natural gas processing plant inlet volumes (Bcf/d) |
7.7 |
7.1 |
|
Fee-based natural gas processing volumes (Bcf/d) |
7.2 |
6.4 |
|
Equity NGL-equivalent production volumes (MBPD) |
225 |
185 |
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(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. |
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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. |
“During the first quarter of 2025, Enterprise continued to benefit from Permian driven volume growth and consistent domestic and international energy demand pull across our midstream infrastructure system,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “We reported record inlet natural gas processing volumes of 7.7 billion cubic feet per day and record natural gas pipeline volumes of 20.3 trillion Btus per day. Gross operating margin growth in our NGL Pipeline & Services segment and Natural Gas Pipeline & Services segment substantially offset lower earnings in our Petrochemical & Refined Products Services segment due to lower margins and deficiency revenues in our octane enhancement related businesses and lower gross operating margin in our propylene business.”
“Distributable cash flow for the first quarter of 2025 increased to $2.0 billion, a 5 percent increase compared to the same quarter in 2024,” said Teague. “Enterprise increased its cash distribution to partners with respect to the first quarter by 3.9 percent to $0.535 per unit compared to the first quarter of 2024. Distributable cash flow for the quarter provided 1.7 times coverage of this distribution that is scheduled to be paid on May 14, 2025 and enabled the partnership to retain $842 million to reinvest in the growth of the partnership.”
“We have $6 billion of major organic growth projects scheduled to be completed and begin generating cash flow in 2025. These include two natural gas processing plants in the Permian Basin in the third quarter, Mont Belvieu area NGL fractionator 14 in the third quarter, the first phase of our NGL export facility on the Neches River in the third quarter, our Bahia NGL pipeline in the fourth quarter, and enhancements at our Morgan’s Point marine terminal on the Houston Ship Channel in the fourth quarter,” said Teague.
Review of First Quarter 2025 Results
Total gross operating margin was $2.4 billion for the first quarter of 2025 compared to $2.5 billion for the first quarter of 2024.
NGL Pipelines & Services – Gross operating margin from the NGL Pipelines & Services segment was $1.4 billion for the first quarter of 2025 compared to $1.3 billion for the first quarter of 2024.
Gross operating margin from the natural gas processing business and related NGL marketing activities was $373 million for the first quarter of 2025 compared to $358 million for the first quarter of 2024. Included in gross operating margin for the first quarters of 2025 and 2024 were MTM losses related to hedging activities of $5 million and $7 million, respectively. Natural gas processing plant inlet volumes were a record 7.7 Bcf/d in the first quarter of 2025, an 8 percent increase compared to the first quarter of 2024. Total fee-based natural gas processing volumes increased 12 percent, or 760 MMcf/d, to a record 7.2 Bcf/d in the first quarter of 2025, compared to the first quarter of 2024. Total equity NGL-equivalent production volumes were 225 MBPD and 185 MBPD in the first quarters of 2025 and 2024, respectively. The following highlights summarize selected variances within this business, with results for the first quarter of 2025 as compared to the first quarter of 2024:
- Gross operating margin from Permian natural gas processing facilities, including the Delaware Basin and Midland Basin assets, increased $46 million primarily due to higher processing volumes and higher equity NGL-equivalent production volumes. In March of 2024, we began service at the Leonidas plant in the Midland Basin and the Mentone 3 plant in the Delaware Basin. Permian Basin processing plant inlet volumes increased 824 MMcf/d, including increases of 395 MMcf/d in the Delaware Basin and 429 MMcf/d in the Midland Basin.
- Gross operating margin from NGL marketing activities decreased a net $20 million primarily due to lower average sales margins, partially offset by higher sales volumes.
- Gross operating margin from Rockies natural gas processing facilities decreased $7 million primarily due to lower average processing margins, including the impact of hedging activities. Rockies processing plant inlet volumes decreased 87 MMcf/d.
Gross operating margin from the NGL pipelines and storage business was $831 million for the first quarter of 2025, an increase of $82 million compared to the first quarter of 2024. Total NGL pipeline transportation volumes were 4.4 million BPD in the first quarter of 2025, a 209 MBPD, or 5 percent, increase over the first quarter of 2024. Total NGL marine terminal volumes were 994 MBPD in the first quarter of 2025, a 99 MBPD, or 11 percent, increase compared to the first quarter of 2024. The following highlights summarize selected variances within this business, with results for the first quarter of 2025 as compared to the first quarter of 2024:
- On a combined basis, the pipelines serving the Permian and Rocky Mountain regions reported a $22 million increase in gross operating margin. This includes the Mid-America and Seminole NGL Pipeline Systems, Shin Oak NGL Pipeline and Chaparral NGL Pipeline. The variance was primarily driven by a 74 MBPD increase in transportation volumes.
- Gross operating margin from Morgan’s Point Ethane Export Terminal increased $19 million primarily due to a 68 MBPD increase in export volumes.
- Gross operating margin from the Dixie Pipeline and related terminals increased $16 million primarily due to higher loading, transportation, and other revenues. Dixie Pipeline volumes increased 27 MBPD.
- Eastern ethane pipelines, which include the ATEX and Aegis pipelines, reported a $12 million increase in gross operating margin largely due to higher transportation revenues. Eastern ethane pipeline volumes decreased 25 MBPD.
- The South Texas NGL Pipeline System reported a $9 million increase in gross operating margin primarily due to higher transportation-related revenues and lower operating costs. South Texas NGL Pipeline System volumes increased 12 MBPD.
Gross operating margin from the NGL fractionation business was $214 million for the first quarter of 2025 compared to $233 million for the first quarter of 2024. Total NGL fractionation volumes increased 10 MBPD to 1.7 million BPD for the first quarter of 2025 from 1.6 million BPD for the corresponding quarter in 2024. The following highlights summarize selected variances within this business, with results for the first quarter of 2025 as compared to the first quarter of 2024:
- Gross operating margin from our Mont Belvieu area NGL fractionation complex decreased $15 million primarily due to higher operating costs and lower ancillary service revenues. Mont Belvieu area NGL fractionation volumes increased 10 MBPD.
Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $374 million for the first quarter of 2025 compared to $411 million for the first quarter of 2024. Gross operating margin for the first quarter of 2025 includes MTM losses of $2 million related to hedging activities compared to MTM gains of $4 million included in the first quarter of 2024. Total crude oil pipeline transportation volumes were 2.5 million BPD in the first quarters of 2025 and 2024. Total crude oil marine terminal volumes were 736 MBPD in the first quarter of 2025 compared to 1.1 million BPD in the first quarter of 2024. The following highlights summarize selected variances within this segment, with results for the first quarter of 2025 as compared to the first quarter of 2024:
- On a combined basis, gross operating margin from our crude oil assets and crude oil marketing decreased a net $37 million primarily due to lower sales volumes and lower average sales margins, partially offset by an increase in storage and other revenues at EHT.
Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was $357 million for the first quarter of 2025 compared to $312 million for the first quarter of 2024. Included in gross operating margin for the first quarters of 2025 and 2024 were MTM losses related to hedging activities of $33 million and $2 million, respectively. Total natural gas transportation volumes were a record 20.3 TBtus/d in the first quarter of 2025 compared to 18.9 TBtus/d for the same quarter in 2024. The following highlights summarize selected variances within this segment, with results for the first quarter of 2025 as compared to the first quarter of 2024:
- Permian natural gas gathering, including Delaware Basin and Midland Basin Gathering Systems, reported a combined $37 million net increase in gross operating margin primarily due to higher treating and other revenues and a 1.3 TBtus/d increase in gathering volumes, partially offset by higher operating costs. In October 2024, we expanded our Delaware Basin Gathering System by acquiring the Pinon Midstream sour gas gathering and treating system.
- Gross operating margin from the Texas Intrastate System increased $27 million primarily due to higher transportation-related revenues. Transportation volumes increased 129 BBtus/d.
- Gross operating margin from our natural gas marketing business decreased $15 million primarily due to lower MTM earnings, partially offset by higher average sales margins.
Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $315 million for the first quarter of 2025 compared to $444 million for the first quarter of 2024. Total segment pipeline transportation volumes were 949 MBPD in the first quarter of 2025 compared to 870 MBPD in the first quarter of 2024. Total marine terminal volumes were 311 MBPD in the first quarter of 2025 compared to 350 MBPD for the first quarter of 2024. The following highlights summarize selected variances within this segment, with results for the first quarter of 2025 as compared to the first quarter of 2024:
- Gross operating margin from the refined products pipelines and related activities increased $33 million primarily due to higher transportation volumes and revenues, including a $13 million contribution from the TW Products System that was commissioned in phases beginning in March 2024 through October 2024.
- Gross operating margin from our octane enhancement and related plant operations decreased $83 million primarily due to lower average sales margins and lower deficiency revenues.
- Propylene production and related activities reported a $52 million decrease in gross operating margin driven by lower average propylene sales margins as a result of lower Refinery Grade Propylene to Polymer Grade Propylene spreads. Additionally, the majority of our legacy margin-based contracts at our propylene splitters, which contained exposure to this spread and represented approximately 20 percent of total propylene production volumes in the first quarter of 2024, were converted to fee-based processing agreements by the end of the first quarter of 2025. The partnership’s propane dehydrogenation facility known as “PDH 1” was down for approximately 63 days during the first quarter of 2025 for maintenance, compared to 52 days in the same quarter last year. Total propylene and associated by-product production volumes increased 7 MBPD to 113 MBPD, net to our interest.
- Gross operating margin from our ethylene exports and related activities decreased $28 million primarily due to lower deficiency revenues on our ethylene pipelines and a 25 MBPD decrease in ethylene export volumes.
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.
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Enterprise Products Partners L.P. |
Exhibit A |
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Condensed Statements of Consolidated Operations – UNAUDITED |
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($ in millions, except per unit amounts) |
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|
|||||||
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For the Three Months Ended March 31, |
For the Twelve Months Ended March 31, |
|||||||
|
|
2025 |
2024 |
2025 |
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|
Revenues |
$ |
15,417 |
|
$ |
14,760 |
|
$ |
56,876 |
|
|
Costs and expenses: |
|
|
|
||||||
|
Operating costs and expenses |
|
13,690 |
|
|
12,974 |
|
|
49,761 |
|
|
General and administrative costs |
|
60 |
|
|
66 |
|
|
238 |
|
|
Total costs and expenses |
|
13,750 |
|
|
13,040 |
|
|
49,999 |
|
|
Equity in income of unconsolidated affiliates |
|
94 |
|
|
102 |
|
|
400 |
|
|
Operating income |
|
1,761 |
|
|
1,822 |
|
|
7,277 |
|
|
Other income (expense): |
|
|
|
||||||
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Interest expense |
|
(340 |
) |
|
(331 |
) |
|
(1,361 |
) |
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Other, net |
|
9 |
|
|
13 |
|
|
45 |
|
|
Total other expense, net |
|
(331 |
) |
|
(318 |
) |
|
(1,316 |
) |
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Income before income taxes |
|
1,430 |
|
|
1,504 |
|
|
5,961 |
|
|
Provision for income taxes |
|
(24 |
) |
|
(21 |
) |
|
(68 |
) |
|
Net income |
|
1,406 |
|
|
1,483 |
|
|
5,893 |
|
|
Net income attributable to noncontrolling interests |
|
(12 |
) |
|
(26 |
) |
|
(55 |
) |
|
Net income attributable to preferred units |
|
(1 |
) |
|
(1 |
) |
|
(4 |
) |
|
Net income attributable to common unitholders |
$ |
1,393 |
|
$ |
1,456 |
|
$ |
5,834 |
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Per common unit data (fully diluted): |
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|
|
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Earnings per common unit |
$ |
0.64 |
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$ |
0.66 |
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$ |
2.66 |
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Average common units outstanding (in millions) |
|
2,191 |
|
|
2,193 |
|
|
2,192 |
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|
|
|
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Supplemental financial data: |
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Net cash flow provided by operating activities |
$ |
2,314 |
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$ |
2,111 |
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$ |
8,318 |
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Net cash flow used in investing activities |
$ |
1,047 |
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$ |
1,038 |
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$ |
5,442 |
|
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Net cash flow used in financing activities |
$ |
1,651 |
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$ |
1,009 |
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$ |
2,806 |
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Total debt principal outstanding at end of period |
$ |
31,887 |
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$ |
29,721 |
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$ |
31,887 |
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Non-GAAP Distributable Cash Flow (1) |
$ |
2,013 |
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$ |
1,915 |
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$ |
7,937 |
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Non-GAAP Operational Distributable Cash Flow (1) |
$ |
2,009 |
|
$ |
1,942 |
|
$ |
7,925 |
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Non-GAAP Adjusted EBITDA (2) |
$ |
2,444 |
|
$ |
2,469 |
|
$ |
9,874 |
|
|
Non-GAAP Adjusted Cash flow from operations (3) |
$ |
2,111 |
|
$ |
2,147 |
|
$ |
8,585 |
|
|
Non-GAAP Free Cash Flow (4) |
$ |
1,258 |
|
$ |
1,043 |
|
$ |
2,881 |
|
|
Non-GAAP Adjusted Free Cash Flow (4) |
$ |
1,055 |
|
$ |
1,079 |
|
$ |
3,148 |
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Gross operating margin by segment: |
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|
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NGL Pipelines & Services |
$ |
1,418 |
|
$ |
1,340 |
|
$ |
5,626 |
|
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Crude Oil Pipelines & Services |
|
374 |
|
|
411 |
|
|
1,609 |
|
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Natural Gas Pipelines & Services |
|
357 |
|
|
312 |
|
|
1,322 |
|
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Petrochemical & Refined Products Services |
|
315 |
|
|
444 |
|
|
1,418 |
|
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Total segment gross operating margin (5) |
|
2,464 |
|
|
2,507 |
|
|
9,975 |
|
|
Net adjustment for shipper make-up rights (6) |
|
(33 |
) |
|
(17 |
) |
|
(50 |
) |
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Non-GAAP total gross operating margin (7) |
$ |
2,431 |
|
$ |
2,490 |
|
$ |
9,925 |
|
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(1) |
See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities. |
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(2) |
See Exhibit G for reconciliation to GAAP net cash flow provided by operating activities. |
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(3) |
See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities. |
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(4) |
See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities. |
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(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”). |
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(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. |
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(7) |
See Exhibit H for reconciliation to GAAP total operating income. |
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Enterprise Products Partners L.P. |
Exhibit B |
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Selected Operating Data – UNAUDITED |
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For the Three Months Ended March 31, |
For the Twelve Months Ended March 31, |
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2025 |
2024 |
2025 |
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Selected operating data: (1) |
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NGL Pipelines & Services, net: |
|
|
|
|
NGL pipeline transportation volumes (MBPD) |
4,447 |
4,238 |
4,476 |
|
NGL marine terminal volumes (MBPD) |
994 |
895 |
940 |
|
NGL fractionation volumes (MBPD) |
1,652 |
1,642 |
1,670 |
|
Equity NGL-equivalent production volumes (MBPD) (2) |
225 |
185 |
213 |
|
Fee-based natural gas processing volumes (MMcf/d) (3,4) |
7,181 |
6,421 |
6,921 |
|
Natural gas processing inlet volumes (MMcf/d) (5) |
7,719 |
7,144 |
7,633 |
|
Crude Oil Pipelines & Services, net: |
|
|
|
|
Crude oil pipeline transportation volumes (MBPD) |
2,484 |
2,456 |
2,536 |
|
Crude oil marine terminal volumes (MBPD) |
736 |
1,094 |
867 |
|
Natural Gas Pipelines & Services, net: |
|
|
|
|
Natural gas pipeline transportation volumes (BBtus/d) (6) |
20,310 |
18,934 |
19,616 |
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Petrochemical & Refined Products Services, net: |
|
|
|
|
Propylene production volumes (MBPD) |
113 |
106 |
114 |
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Butane isomerization volumes (MBPD) |
114 |
117 |
117 |
|
Standalone DIB processing volumes (MBPD) |
188 |
196 |
196 |
|
Octane enhancement and related plant sales volumes (MBPD) (7) |
46 |
35 |
39 |
|
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) |
949 |
870 |
966 |
|
Refined products and petrochemicals marine terminal volumes (MBPD) (8) |
311 |
350 |
318 |
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Total, net: |
|
|
|
|
NGL, crude oil, petrochemical and refined products pipeline transportation volumes (MBPD) |
7,880 |
7,564 |
7,978 |
|
Natural gas pipeline transportation volumes (BBtus/d) |
20,310 |
18,934 |
19,616 |
|
Equivalent pipeline transportation volumes (MBPD) (9) |
13,225 |
12,547 |
13,140 |
|
NGL, crude oil, refined products and petrochemical marine terminal volumes (MBPD) |
2,041 |
2,339 |
2,125 |
Contacts
Libby Strait, Vice President, Investor Relations, (713) 381-4754
Rick Rainey, Vice President, Media Relations, (713) 381-3635
