10-QPeriod: Q2 FY2026

ENTERPRISE PRODUCTS PARTNERS L.P. Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 7, 2026For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) reported solid financial results for the six months ended June 30, 2026, showcasing robust revenue growth driven by strong performance across its business segments, particularly in Crude Oil Pipelines & Services and Petrochemical & Refined Products Services. The company experienced a significant increase in total revenues to $32.7 billion, up from $26.8 billion in the prior year period, largely attributed to higher marketing revenues from increased sales volumes and favorable pricing. Operational highlights include substantial growth in gross operating margin, reaching $5.6 billion for the six-month period. EPD's strategic expansions, such as new natural gas processing trains in the Permian Basin and an additional NGL fractionator at Mont Belvieu, are progressing well and are expected to contribute to future growth. The company also maintains a strong liquidity position with $4.0 billion in consolidated liquidity as of June 30, 2026, supported by available borrowing capacity under its credit facilities.

Key Highlights

  • 1Total revenues increased by approximately 22% to $32.7 billion for the first six months of 2026 compared to the same period in 2025.
  • 2Gross operating margin improved by approximately 14% to $5.6 billion for the first six months of 2026, indicating strong operational profitability.
  • 3The company announced significant expansion projects, including new natural gas processing trains in the Permian Basin and an additional NGL fractionator at Mont Belvieu, expected to enhance future capacity.
  • 4EPD's liquidity remains strong, with $4.0 billion in consolidated liquidity as of June 30, 2026, comprising cash and available borrowing capacity.
  • 5Capital expenditures for growth projects were $1.77 billion for the six months ended June 30, 2026, reflecting ongoing investments in expanding its midstream infrastructure.
  • 6The company declared a quarterly cash distribution of $0.56 per common unit for the second quarter of 2026, signaling a continued commitment to returning capital to unitholders.
  • 7Repurchases under the 2019 Buyback Program continued, with $275 million spent in the first six months of 2026, demonstrating ongoing capital return strategies.

Frequently Asked Questions

Enterprise Products Partners reported a significant increase in total revenues for the six months ended June 30, 2026, reaching $32.7 billion, up from $26.8 billion in the same period of 2025. This growth was primarily driven by higher marketing revenues, which benefited from increased sales volumes and favorable average sales prices across crude oil and petrochemicals/refined products.

The company is undertaking several strategic expansion projects, including new natural gas processing trains in the Permian Basin (Athena 2, Delaware Basin Plant 12, Midland Basin Plant 11, Delaware Basin Plant 13) and an eleventh NGL fractionator (Frac 15) at Mont Belvieu. For the first six months of 2026, capital expenditures for growth projects totaled $1.77 billion, with total planned organic capital investments for 2026 estimated between $4.1 to $4.6 billion.

EPD maintains a strong financial position. As of June 30, 2026, the company had $4.0 billion in consolidated liquidity, which includes $246 million in unrestricted cash and $3.8 billion in available borrowing capacity under its revolving credit facilities. Additionally, in July 2026, EPD enhanced its liquidity by entering into a $1.0 billion incremental credit agreement, increasing its aggregate borrowing capacity to $5.2 billion. The company's total debt obligations were $33.5 billion at June 30, 2026, with an average maturity of approximately 16.9 years for EPO's consolidated debt.

All business segments demonstrated growth in gross operating margin. NGL Pipelines & Services saw a significant increase to $3.05 billion, driven by natural gas processing and related marketing activities. Crude Oil Pipelines & Services improved to $814 million, supported by marketing activities and increased transportation volumes. Natural Gas Pipelines & Services rose to $1.05 billion, boosted by natural gas marketing and Texas Intrastate System operations. Petrochemical & Refined Products Services grew to $732 million, primarily due to strong performance in propylene production and ethylene exports.