Summary
Enterprise Products Partners L.P. (EPD) reported a strong third quarter of 2022, driven by robust growth across its midstream energy infrastructure segments. Total revenues surged significantly year-over-year, largely propelled by strong marketing revenues and higher commodity prices. The company's operating income also saw a healthy increase, reflecting increased volumes and operational efficiencies. EPD continues to invest in growth projects, with several expansions in the Permian Basin and other key areas, demonstrating a commitment to expanding its network and service offerings. The company maintained its financial strength, with ample liquidity and prudent management of its debt obligations. Overall, EPD's third-quarter results indicate a positive operational and financial performance, supported by favorable market conditions and strategic investments in infrastructure.
Financial Highlights
44 data points| Revenue | $15.47B |
| Cost of Revenue | $12.32B |
| Gross Profit | $3.15B |
| Operating Expenses | $13.87B |
| Operating Income | $1.71B |
| Interest Expense | $309.00M |
| Net Income | $1.36B |
| Shares Outstanding (Diluted) | 2.20B |
Key Highlights
- 1Total revenues increased by approximately 43% to $15.5 billion for the third quarter of 2022, compared to $10.8 billion in the prior year period, primarily driven by higher marketing revenues and increased sales volumes, influenced by higher commodity prices.
- 2Operating income rose by approximately 13% to $1.7 billion for the third quarter of 2022, up from $1.5 billion in the same period last year, reflecting strong performance across key business segments.
- 3Net income attributable to common unitholders increased by approximately 18% to $1.36 billion ($0.62 per diluted unit) for the third quarter of 2022, compared to $1.15 billion ($0.52 per diluted unit) in the third quarter of 2021.
- 4The company announced several growth projects, including expansions in the Permian Basin, demonstrating continued investment in its midstream infrastructure network.
- 5Distributable Cash Flow (DCF) increased to $1.87 billion for the third quarter of 2022, up from $1.61 billion in the prior year period, supporting a distribution coverage ratio of 1.8x.
- 6EPD repurchased approximately 2.9 million common units for $72 million under its 2019 Buyback Program during the third quarter, indicating a return of capital to unitholders.
- 7The company ended the quarter with a strong liquidity position, with $3.3 billion in consolidated liquidity, including $167 million in unrestricted cash on hand.