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HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and six months ended June 30, 2026.
Financial Highlights (2Q 2026 compared to 2Q 2025, as applicable)
Capital Investment and Operational Highlights (2Q 2026 compared to 2Q 2025, as applicable)
Conference Call to Discuss Second Quarter 2026 Earnings
Enterprise will host a conference call today to discuss second quarter 2026 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), distributable cash flow (“DCF”), Operational distributable cash flow (“Operational DCF”), Adjusted cash flow from operations (“Adjusted CFFO”), total gross operating margin, and adjusted free cash flow (“Adjusted FCF”) are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release.
As used in this press release, “NGL” means natural gas liquids, “LPG” means liquefied petroleum gas, “BPD” means barrels per day, “MBPD” means thousand barrels per day, “MMBPD” means million barrels per day, “MMcf/d” means million cubic feet per day, “Bcf/d” means billion cubic feet per day, “BBtus/d” means billion British thermal units per day, “TBtus/d” means trillion British thermal units per day, and “PDH” means propane dehydrogenation.
“Enterprise reported strong volumes, earnings and cash flow for the second quarter of 2026,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “The partnership handled record pipeline and marine terminal volumes during the quarter due in part to strong international demand for U.S. energy in April and May. We also benefited from new assets and expansion projects that began operating and commissioning activities within the last twelve months including Frac 14 at our Mont Belvieu area complex and the expansions of our Neches River and Morgan’s Point Terminals. Total pipeline equivalent volumes for the quarter increased 8 percent to 14.7 MMBPD compared to the second quarter of 2025 while total marine terminal equivalent volumes increased 33 percent to 2.8 MMBPD compared to the second quarter of last year. We also reported a 14 percent increase in propylene production volumes to a record 134 MBPD during the second quarter of 2026 as we achieved higher utilization rates at our propylene production facilities. While not a record, inlet volumes to our natural gas processing plants increased to 8.1 Bcf/d in the second quarter of 2026 primarily due to a 14 percent increase in volume to our natural gas processing plants in the Permian Basin.
“This volume growth, an increase in the value of our equity NGL production and higher marketing volumes and margins led to record earnings and cash flow in the second quarter of 2026. Operational distributable cash flow for the quarter increased 21 percent to a record $2.3 billion compared to the second quarter of last year. This provided 1.9 times coverage of the partnership’s cash distribution. In addition to $1.2 billion of cash distributions to unitholders, we retained $1.1 billion to apply to internally funded growth capital expenditures and buybacks,” stated Teague.
“I would like to congratulate our engineering and operations team for enabling Enterprise to respond to the acute global demand for U.S. energy by accelerating the completion of construction and beginning of commissioning activities for the expansion of our Neches River Terminal. Volumes at our marine terminals have returned to normal levels in June and July after the initial rush to backfill volumes affected by hostilities in the Middle East in April and May. Global shipping of energy, however, continues to be disrupted due to damage to production facilities and navigation restrictions in the Middle East, longer transits due to reroutes and the continuing uncertainty in the region,” continued Teague.
“During the quarter, we approved the construction of two new 300 MMcf/d gas processing plants located in the Permian Basin and a 150 MBPD NGL fractionator at our Mont Belvieu area complex. These assets support ongoing production growth in the Permian Basin and international demand for U.S NGLs. This brings the partnership’s total organic growth projects under construction to $6.5 billion. The next major capital project scheduled for completion is our expansion of the LPG export marine terminal on the Houston Ship Channel that is expected to begin operations by year end 2026,” concluded Teague.
Review of Second Quarter 2026 Results
Total gross operating margin for the second quarter of 2026 increased $514 million to a record $3.0 billion compared to the second quarter of 2025. This includes a $77 million increase in unrealized mark-to-market (“MTM”) gains on financial instruments used in our hedging activities.
NGL Pipelines & Services – Gross operating margin from the NGL Pipelines & Services segment was $1.5 billion for the second quarter of 2026 compared to $1.3 billion for the second quarter of 2025.
Gross operating margin from the natural gas processing business and related NGL marketing activities was $512 million for the second quarter of 2026 compared to $341 million for the second quarter of 2025. Natural gas processing plant inlet volumes were 8.1 Bcf/d in the second quarter of 2026, a 4 percent increase compared to the second quarter of 2025. Notably, inlet volumes to the partnership’s natural gas processing plants in the Permian Basin increased 14 percent to 4.3 Bcf/d for the second quarter of 2026. Total fee-based natural gas processing volumes increased 182 MMcf/d to 7.4 Bcf/d in the second quarter of 2026 compared to the second quarter of last year. Total equity NGL-equivalent production volumes increased 7 percent to 230 MBPD in the second quarter of 2026 compared to the second quarter of 2025. The following highlights summarize selected variances within this business, with results for the second quarter of 2026 as compared to the second quarter of 2025:
Gross operating margin from the NGL pipelines and storage business was $757 million for the second quarter of 2026 compared to $732 million for the second quarter of 2025. Total NGL pipeline volumes were a record 4.9 MMBPD in the second quarter of 2026, a 351 MBPD, or 8 percent, increase over the second quarter of 2025. Total NGL marine terminal volumes were a record 1.2 MMBPD in the second quarter of 2026, a 284 MBPD increase compared to the second quarter of 2025. The following summarizes the variance for this business, with results for the second quarter of 2026 as compared to the second quarter of 2025:
Gross operating margin from the NGL fractionation business was a record $276 million for the second quarter of 2026 compared to $224 million for the second quarter of 2025. Total NGL fractionation volumes were 1.9 MMBPD for the second quarter of 2026 compared to 1.7 MMBPD for the second quarter of 2025. The following summarizes the variance for this business, with results for the second quarter of 2026 as compared to the second quarter of 2025:
Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $485 million for the second quarter of 2026 compared to $403 million for the second quarter of 2025. Total crude oil pipeline volumes were a record 3.0 MMBPD in the second quarter of 2026, a 403 MBPD increase compared to the second quarter of 2025. Total crude oil marine terminal volumes were a record 1.1 MMBPD in the second quarter of 2026 compared to 811 MBPD in the second quarter of 2025. The following highlights summarize selected variances within this segment, with results for the second quarter of 2026 as compared to the second quarter of 2025:
Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was a record $556 million for the second quarter of 2026 compared to $417 million for the second quarter of 2025. Total natural gas pipeline volumes were 21.0 TBtus/d in the second quarter of 2026, a 3 percent increase compared to 20.4 TBtus/d for the same quarter in 2025. The following highlights summarize selected variances within this segment, with results for the second quarter of 2026 as compared to the second quarter of 2025:
Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $418 million for the second quarter of 2026 compared to $354 million for the second quarter of 2025. Total segment pipeline volumes were a record 1.2 MMBPD in the second quarter of 2026 compared to 1.0 MMBPD in the second quarter of 2025. Total marine terminal volumes were 422 MBPD in the second quarter of 2026 compared to 328 MBPD for the second quarter of 2025. The following highlights summarize selected variances within this segment, with results for the second quarter of 2026 as compared to the second quarter of 2025:
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, Adjusted FCF, DCF, Operational DCF and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as we do.
Company Information and Use of Forward-Looking Statements
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.
This press release includes forward-looking statements. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties, such as the partnership’s expectations regarding future results, capital expenditures, project completions, liquidity and financial market conditions. These risks and uncertainties include, among other things, insufficient cash from operations, adverse market conditions, governmental regulations and other factors discussed in Enterprise’s filings with the U.S. Securities and Exchange Commission. If any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. The partnership disclaims any intention or obligation to update publicly or reverse such statements, whether as a result of new information, future events or otherwise.
Enterprise Products Partners L.P. | Exhibit A | ||||||||||||||||||
Condensed Statements of Consolidated Operations – UNAUDITED | |||||||||||||||||||
($ in millions, except per unit amounts) | |||||||||||||||||||
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For the Three Months
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For the Six Months
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For the Twelve
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| 2026 |
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| 2025 |
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| 2026 |
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| 2025 |
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| 2026 |
| |
Revenues | $ | 18,269 |
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| $ | 11,363 |
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| $ | 32,655 |
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| $ | 26,780 |
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| $ | 58,471 |
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Costs and expenses: |
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Operating costs and expenses |
| 16,065 |
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| 9,592 |
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| 28,568 |
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| 23,282 |
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| 50,726 |
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General and administrative costs |
| 64 |
|
|
| 68 |
|
|
| 128 |
|
|
| 128 |
|
|
| 251 |
|
Total costs and expenses |
| 16,129 |
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| 9,660 |
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| 28,696 |
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| 23,410 |
|
|
| 50,977 |
|
Equity in income of unconsolidated affiliates |
| 109 |
|
|
| 92 |
|
|
| 185 |
|
|
| 186 |
|
|
| 360 |
|
Operating income |
| 2,249 |
|
|
| 1,795 |
|
|
| 4,144 |
|
|
| 3,556 |
|
|
| 7,854 |
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Other income (expense): |
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Interest expense |
| (384 | ) |
|
| (332 | ) |
|
| (769 | ) |
|
| (672 | ) |
|
| (1,498 | ) |
Other, net |
| 3 |
|
|
| 7 |
|
|
| 11 |
|
|
| 16 |
|
|
| 29 |
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Total other expense, net |
| (381 | ) |
|
| (325 | ) |
|
| (758 | ) |
|
| (656 | ) |
|
| (1,469 | ) |
Income before income taxes |
| 1,868 |
|
|
| 1,470 |
|
|
| 3,386 |
|
|
| 2,900 |
|
|
| 6,385 |
|
Provision for income taxes |
| (12 | ) |
|
| (16 | ) |
|
| (34 | ) |
|
| (40 | ) |
|
| (17 | ) |
Net income |
| 1,856 |
|
|
| 1,454 |
|
|
| 3,352 |
|
|
| 2,860 |
|
|
| 6,368 |
|
Net income attributable to noncontrolling interests |
| (15 | ) |
|
| (18 | ) |
|
| (28 | ) |
|
| (30 | ) |
|
| (60 | ) |
Net income attributable to preferred units |
| (1 | ) |
|
| (1 | ) |
|
| (2 | ) |
|
| (2 | ) |
|
| (4 | ) |
Net income attributable to common unitholders | $ | 1,840 |
|
| $ | 1,435 |
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| $ | 3,322 |
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| $ | 2,828 |
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| $ | 6,304 |
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Per common unit data (fully diluted): |
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Earnings per common unit | $ | 0.84 |
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| $ | 0.66 |
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| $ | 1.52 |
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| $ | 1.29 |
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| $ | 2.89 |
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Average common units outstanding (in millions) |
| 2,185 |
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| 2,190 |
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| 2,185 |
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| 2,190 |
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| 2,185 |
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Supplemental financial data: |
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Net cash flow provided by operating activities | $ | 3,181 |
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| $ | 2,061 |
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| $ | 4,650 |
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| $ | 4,375 |
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| $ | 8,860 |
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Net cash flow used in investing activities | $ | 1,154 |
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| $ | 1,274 |
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| $ | 1,535 |
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| $ | 2,321 |
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| $ | 4,705 |
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Net cash flow used in financing activities | $ | 2,076 |
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| $ | 145 |
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| $ | 4,015 |
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| $ | 1,796 |
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| $ | 4,906 |
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Total debt principal outstanding at end of period | $ | 33,532 |
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| $ | 33,057 |
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| $ | 33,532 |
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| $ | 33,057 |
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| $ | 33,532 |
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Non-GAAP Distributable Cash Flow (1) | $ | 2,315 |
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| $ | 1,939 |
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| $ | 5,022 |
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| $ | 3,952 |
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| $ | 9,070 |
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Non-GAAP Operational Distributable Cash Flow (1) | $ | 2,312 |
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| $ | 1,914 |
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| $ | 4,423 |
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| $ | 3,923 |
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| $ | 8,404 |
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Non-GAAP Adjusted EBITDA (2) | $ | 2,829 |
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| $ | 2,408 |
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| $ | 5,521 |
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| $ | 4,852 |
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| $ | 10,633 |
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Non-GAAP Adjusted Cash flow from operations (3) | $ | 2,515 |
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| $ | 2,111 |
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| $ | 4,845 |
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| $ | 4,222 |
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| $ | 9,332 |
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Non-GAAP Adjusted Free Cash Flow (3) | $ | 1,341 |
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| $ | 812 |
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| $ | 3,267 |
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| $ | 1,867 |
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| $ | 4,530 |
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Gross operating margin by segment: |
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NGL Pipelines & Services | $ | 1,545 |
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| $ | 1,297 |
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| $ | 3,048 |
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| $ | 2,715 |
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| $ | 5,892 |
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Crude Oil Pipelines & Services |
| 485 |
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| 403 |
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|
| 814 |
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|
| 777 |
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| 1,538 |
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Natural Gas Pipelines & Services |
| 556 |
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|
| 417 |
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| 1,052 |
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|
| 774 |
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| 1,836 |
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Petrochemical & Refined Products Services |
| 418 |
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| 354 |
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|
| 732 |
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|
| 669 |
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| 1,499 |
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Total segment gross operating margin (4) |
| 3,004 |
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|
| 2,471 |
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| 5,646 |
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| 4,935 |
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| 10,765 |
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Net adjustment for shipper make-up rights (5) |
| (13 | ) |
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| 6 |
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|
| (31 | ) |
|
| (27 | ) |
|
| (28 | ) |
Non-GAAP total gross operating margin (6) | $ | 2,991 |
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| $ | 2,477 |
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| $ | 5,615 |
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| $ | 4,908 |
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| $ | 10,737 |
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(1) | See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities. |
(2) | See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities. |
(3) | See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities. |
(4) | Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”). |
(5) | Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC. |
(6) | See Exhibit G for reconciliation to GAAP total operating income. |
Enterprise Products Partners L.P. | Exhibit B | ||||||||
Selected Operating Data – UNAUDITED | |||||||||
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For the Three Months
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For the Six Months
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For the Twelve
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2026 |
| 2025 |
| 2026 |
| 2025 |
| 2026 | |
Selected operating data:(1) |
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NGL Pipelines & Services, net: |
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NGL pipeline transportation volumes (MBPD) | 4,913 |
| 4,562 |
| 4,894 |
| 4,504 |
| 4,838 |
NGL marine terminal volumes (MBPD) | 1,226 |
| 942 |
| 1,162 |
| 968 |
| 1,066 |
NGL fractionation volumes (MBPD) | 1,858 |
| 1,667 |
| 1,885 |
| 1,657 |
| 1,819 |
Equity NGL-equivalent production volumes (MBPD) (2) | 230 |
| 214 |
| 232 |
| 220 |
| 229 |
Fee-based natural gas processing volumes (MMcf/d) (3,4) | 7,448 |
| 7,266 |
| 7,463 |
| 7,223 |
| 7,429 |
Natural gas processing inlet volumes (MMcf/d) (5) | 8,116 |
| 7,768 |
| 8,184 |
| 7,744 |
| 8,124 |
Crude Oil Pipelines & Services, net: |
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Crude oil pipeline transportation volumes (MBPD) | 3,025 |
| 2,622 |
| 2,837 |
| 2,554 |
| 2,718 |
Crude oil marine terminal volumes (MBPD) | 1,123 |
| 811 |
| 995 |
| 774 |
| 873 |
Natural Gas Pipelines & Services, net: |
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Natural gas pipeline transportation volumes (BBtus/d) (6) | 21,048 |
| 20,405 |
| 21,109 |
| 20,358 |
| 21,077 |
Petrochemical & Refined Products Services, net: |
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Propylene production volumes (MBPD) | 134 |
| 118 |
| 129 |
| 115 |
| 124 |
Butane isomerization volumes (MBPD) | 115 |
| 122 |
| 118 |
| 118 |
| 121 |
Standalone DIB processing volumes (MBPD) | 228 |
| 186 |
| 223 |
| 187 |
| 213 |
Octane enhancement and related plant sales volumes (MBPD) (7) | 37 |
| 39 |
| 32 |
| 42 |
| 37 |
Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) | 1,208 |
| 1,008 |
| 1,151 |
| 977 |
| 1,124 |
Refined products and petrochemicals marine terminal volumes (MBPD) (8) | 422 |
| 328 |
| 400 |
| 320 |
| 371 |
Total, net: |
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NGL, crude oil, petrochemical and refined products pipeline transportation volumes (MBPD) | 9,146 |
| 8,192 |
| 8,882 |
| 8,035 |
| 8,680 |
Natural gas pipeline transportation volumes (BBtus/d) | 21,048 |
| 20,405 |
| 21,109 |
| 20,358 |
| 21,077 |
Equivalent pipeline transportation volumes (MBPD) (9) | 14,685 |
| 13,562 |
| 14,437 |
| 13,392 |
| 14,227 |
NGL, crude oil, refined products and petrochemical marine terminal volumes (MBPD) | 2,771 |
| 2,081 |
| 2,557 |
| 2,062 |
| 2,310 |
(1) | Operating rates are calculated based on total volumes divided by the number of calendar days during the applicable period. Total volumes, which include volumes for newly constructed assets from the related in-service date and for recently purchased assets from the related acquisition date, reflect volumes for assets owned by consolidated entities on a 100% basis and volumes for assets owned by our unconsolidated affiliates net to our ownership interest. |
(2) | Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business. |
(3) | Volumes reported correspond to the revenue streams earned by our gas plants. “MMcf/d” means million cubic feet per day. |
(4) | Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d. |
(5) | Natural gas processing inlet volumes is an operational measure representing the physical, unprocessed rich natural gas passing through meters located at or near the inlet of our natural gas processing plants or at the wellhead for all natural gas processing facilities that we operate. Substantially all natural gas processing inlet volumes are processed under service contracts that are either fee-based, commodity-based or a combination of both. Natural gas processing inlet volumes are reflected in “Fee-based natural gas processing volumes” for volumes processed under fee-based service contracts, “Equity NGL-equivalent production volumes” for volumes processed under commodity-based service contracts or both of the aforementioned categories for volumes processed under service contracts that have both fee and commodity-based terms. |
(6) | “BBtus/d” means billion British thermal units per day. |
(7) | Reflects aggregate sales volumes for our octane enhancement and isobutane dehydrogenation (“iBDH”) facilities located at our Mont Belvieu area complex and our high-purity isobutylene production facility located adjacent to the Houston Ship Channel. |
(8) | In addition to exports of refined products, these amounts include loading volumes at our ethylene export terminal. |
(9) | Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units (“MMBtus”) of natural gas transportation volumes are equivalent to one barrel of NGLs transported. |
Joe Theriac, Vice President, Finance & Investor Relations, (713) 381-6394
Rick Rainey, Vice President, Media Relations, (713) 381-3635
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