Enterprise Products Partners Earnings Call Transcripts
Fiscal Year 2026
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Record Q2 2026 EBITDA and cash flow were driven by strong global demand and robust pipeline and export volumes. Growth capital spending is rising, but free cash flow is expected to remain strong, with a constructive outlook for U.S. energy exports and continued infrastructure expansion.
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Q1 2026 saw record operational and financial results, with EBITDA up 10% and strong cash flow. Global supply disruptions boosted export demand and margins, while disciplined capital allocation and new projects support a positive outlook for 2026 and 2027.
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U.S. hydrocarbon growth will be led by the Permian Basin, with disciplined production and significant gains in wet gas and NGLs. Global demand, especially for petrochemicals and LNG, remains robust, and new pipeline capacity could unlock additional supply. Technology and export opportunities continue to drive the outlook.
Fiscal Year 2025
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Record Q4 2025 EBITDA and strong cash flow were driven by new asset additions and resilient export demand, despite weaker commodity-sensitive margins and lower crude prices. Modest growth is expected in 2026, with double-digit EBITDA growth projected for 2027 as new projects reach full utilization.
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Q3 2025 saw $2.4B in adjusted EBITDA and $1.8B in distributable cash flow, with major projects like Frac 14 and Bahia Pipeline coming online. Buyback authorization increased to $5B, and 2026 is expected to mark a free cash flow inflection as capital projects wind down.
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Q2 2025 saw strong financials with $2.4B adjusted EBITDA and $1.9B DCF, despite margin compression in LPG exports and macro headwinds. Major growth projects are ramping up, with high utilization expected by year-end and robust capital returns continuing.
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Q1 2025 saw $2.4B adjusted EBITDA and $1.4B net income, with strong hydrocarbon exports and major projects on track for 2025. Capital returns remain robust, leverage is stable, and most export capacity is contracted despite global volatility.
Fiscal Year 2024
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2024 saw record EBITDA, strong cash flow, and major export growth, with robust capital returns and expansions in the Permian and export terminals. Outlook for 2025 is positive, with mid-single digit cash flow growth expected and key projects coming online in the second half.
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Q3 2024 saw record operational volumes, 8% net income growth, and strong cash flow, with major projects and the Piñon Midstream acquisition enhancing the NGL value chain. Elevated CapEx continues into 2025, while leverage and liquidity remain solid.
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Adjusted EBITDA rose to $2.4B, with strong volume growth and record NGL activity. Major projects and turnarounds are on track, supporting future earnings, while robust LPG export demand and disciplined capital allocation continue.