Summary
Enterprise Products Partners L.P. (EPD) reported strong operational performance for the year ending December 31, 2024. The company's extensive midstream energy infrastructure network, spanning natural gas, NGLs, crude oil, petrochemicals, and refined products, demonstrated robust utilization and growth. Key highlights include significant increases in NGL pipeline transportation volumes and LPG export activities, driven by strong demand and expanded capacity. The company also saw growth in its natural gas gathering and processing segments, particularly in the Permian Basin, supported by strategic acquisitions and new project completions. Financially, EPD continued to strengthen its balance sheet and maintain solid liquidity. Capital investments were strategically deployed into growth projects, including expansions in NGL fractionation and export capabilities, alongside ongoing investments in natural gas infrastructure. The company's diversified business model and long-term contracts with quality customers provided resilience against commodity price volatility, contributing to stable cash flows and supporting distributions to unitholders. EPD remains focused on operational efficiency, safety, and strategic expansion to meet evolving energy market demands.
Financial Highlights
41 data points| Revenue | $56.22B |
| Cost of Revenue | $42.58B |
| Gross Profit | $13.64B |
| Operating Expenses | $49.29B |
| Operating Income | $7.34B |
| Net Income | $5.84B |
| Shares Outstanding (Diluted) | 2.19B |
Key Highlights
- 1EPD's NGL pipeline transportation volumes increased to 4,355 MBPD in 2024, up from 4,040 MBPD in 2023, reflecting strong demand for NGLs.
- 2LPG export volumes at the Enterprise Hydrocarbons Terminal (EHT) averaged 702 MBPD in 2024, an increase from 623 MBPD in 2023, driven by global demand for propane and butane.
- 3The company is expanding its export capabilities with a fourth refrigeration train at EHT, expected to increase propane and butane export capacity by 300 MBPD upon completion by the end of 2026.
- 4EPD completed the acquisition of Pinon Midstream in October 2024 for $953 million, enhancing its natural gas gathering and treating infrastructure in the Delaware Basin.
- 5New natural gas processing trains (Mentone 3 and Leonidas) were placed into service in the Delaware and Midland Basins, respectively, supporting increased production from the Permian Basin.
- 6EPD reported strong financial performance with a distributable cash flow (DCF) of $7.84 billion for 2024, supporting a distribution coverage ratio of 1.70x.
- 7The company announced plans for substantial capital investments in 2025, projecting $4.5 billion to $5.0 billion for growth capital projects and sustaining capital expenditures.