Enterprise Products Partners L.P. (NYSE:EPD) reported its financial results for the fourth quarter and full year of 2025 on Tuesday, exceeding analyst expectations on both earnings and revenue, driving the stock price higher.
In the fourth quarter, Enterprise reported net income attributable to common unitholders of $1.66 billion, or 75 cents per common unit, up from $1.63 billion, or 74 cents per unit, a year earlier. This exceeded analyst estimates of 70 cents per share.
Total revenue for the quarter was $13.79 billion, surpassing the $12.36 billion consensus forecast.
Distributions for 2025 rose 3.6% year-over-year, marking Enterprise’s 27th consecutive year of distribution growth.
The company repurchased about $300 million of common units during the year, bringing total buybacks to $1.4 billion.
Operational distributable cash flow for 2025 was $7.9 billion, covering distributions by 1.7 times. In terms of operations, Enterprise saw significant growth in pipeline transportation volumes, reaching a record 14.1 million BPD equivalent in the fourth quarter.
Segment Performance Highlights
Segment performance was strong. NGL Pipelines & Services delivered a $1.5 billion gross operating margin. The Natural Gas Pipelines & Services segment increased pipeline volumes by 6%, contributing to a $445 million gross operating margin.
The Crude Oil Pipelines & Services and Petrochemical & Refined Products Services segments also reported strong results, with margin changes driven by higher volumes and market conditions.
Enterprise made significant capital investments, including a $632 million acquisition of Permian Basin gathering assets.
The company’s total capital investments for the year reached $5.6 billion. Organic growth capital expenditures are projected to range from $1.9 billion to $2.3 billion in 2026. Debt principal stood at $34.7 billion, with consolidated liquidity of $5.2 billion, ensuring the company’s ability to fund future growth.
Strategic Projects And Permian Basin Expansion
In 2025, the Bahia NGL Pipeline began operations, adding 600,000 BPD of capacity from the Permian Basin; the sale of a 40% joint interest in Bahia to Exxon Mobil Corporation (NYSE:XOM); and an expansion to 1 million BPD by 2027.
Additional growth initiatives in the Permian Basin include ongoing construction of natural gas processing plants and a new sour natural gas treating facility in New Mexico.
“Record natural gas processing inlet volume of 8.1 Bcf/d, record NGL fractionation volume of 1.9 million BPD, record ethane marine terminal volume of 334 MBPD and record total pipeline volume of 14.1 million BPD-equivalent were some of the ten operational records for the quarter. This volume growth led to increases in gross operating margin in our NGL, refined products and natural gas pipeline businesses that resulted in record gross operating margin, record net income attributable to common unitholders and record cash flow performance for the quarter, which were slightly better than our record performance in the fourth quarter of 2024,” commented A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner.
The company also plans to expand LPG export capacity, with the first phase of the Neches River NGL terminal operational and further expansion set for 2026.
EPD Price Action: Enterprise Prods Partners shares were up 1.86% at $33.71 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo by T. Schneider via Shutterstock
