{"id":843117,"date":"2025-04-29T06:39:12","date_gmt":"2025-04-29T10:39:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/enterprise-reports-first-quarter-2025-earnings\/"},"modified":"2025-04-29T06:39:12","modified_gmt":"2025-04-29T10:39:12","slug":"enterprise-reports-first-quarter-2025-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/enterprise-reports-first-quarter-2025-earnings\/","title":{"rendered":"Enterprise Reports First Quarter 2025 Earnings"},"content":{"rendered":"

<\/p>\n

Enterprise Reports First Quarter 2025 Earnings<\/b><\/p>\n

HOUSTON–(BUSINESS WIRE<\/a>)–
\nEnterprise Products Partners L.P. (\u201cEnterprise\u201d) (NYSE: EPD) today announced its financial results for the three months ended March 31, 2025.\n<\/p>\n

\nEnterprise reported net income attributable to common unitholders of $1.4 billion, or $0.64 per common unit on a fully diluted basis, for the first quarter of 2025, compared to $1.5 billion, or $0.66 per common unit on a fully diluted basis, for the first quarter of 2024.\n<\/p>\n

\nDistributable Cash Flow (\u201cDCF\u201d) was $2.0 billion for the first quarter of 2025, a 5 percent increase compared to $1.9 billion for the first quarter of 2024. Distributions declared with respect to the first quarter of 2025 increased 3.9 percent to $0.535 per common unit, or $2.14 per common unit annualized, compared to distributions declared for the first quarter of 2024. DCF provided 1.7 times coverage of the distribution declared for the first quarter of this year, and Enterprise retained $842 million of DCF.\n<\/p>\n

\nEnterprise repurchased approximately $60 million of its common units on the open market in the first quarter of 2025. Including these purchases, the partnership has utilized approximately 60 percent of its authorized $2.0 billion common unit buyback program.\n<\/p>\n

\nAdjusted cash flow from operations (\u201cAdjusted CFFO\u201d) was $2.1 billion for both the first quarter of 2025 and 2024. Adjusted CFFO was $8.6 billion for the twelve months ended March 31, 2025. Enterprise\u2019s payout ratio, comprised of distributions to common unitholders and partnership common unit buybacks, for the twelve months ended March 31, 2025, was 56 percent of Adjusted CFFO.\n<\/p>\n

\nTotal capital investments were $1.1 billion in the first quarter of 2025, which included $960 million for growth capital projects and $102 million of sustaining capital expenditures. Expectations for organic growth capital investments continue to be in the range of $4.0 billion to $4.5 billion in 2025, and $2.0 billion to $2.5 billion in 2026. Sustaining capital expenditures are expected to total approximately $525 million in 2025.\n<\/p>\n

\nTotal debt principal outstanding at March 31, 2025 was $31.9 billion. At March 31, 2025, Enterprise had consolidated liquidity of approximately $3.6 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand.\n<\/p>\n

Conference Call to Discuss First Quarter 2025 Earnings<\/span><\/b><\/p>\n

\nEnterprise will host a conference call today to discuss first quarter 2025 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership\u2019s website at www.enterpriseproducts.com<\/a>.\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

First Quarter 2025 Financial Highlights<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n\u00a0<\/td>\n<\/tr>\n
\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\nThree Months Ended\n<\/p>\n

\nMarch 31,\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2025\n<\/p>\n<\/td>\n

\n

\n2024\n<\/p>\n<\/td>\n<\/tr>\n

\n

($ in millions, except per unit amounts)<\/i><\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperating income (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,761\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,822\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income (1)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,406\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,483\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFully diluted earnings per common unit\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.64\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n0.66\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nTotal gross operating margin (1) (2)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,431\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,490\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA (2)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,444\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,469\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted CFFO (2)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,111\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,147\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted FCF (2)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,055\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,079\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nDCF (2)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,013\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,915\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nOperational DCF (2)<\/sup><\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n2,009\n<\/p>\n<\/td>\n

\n

\n$\n<\/p>\n<\/td>\n

\n

\n1,942\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
\n

\n(1)\n<\/p>\n<\/td>\n

\n

\nOperating income, net income, and gross operating margin include mark-to-market (\u201cMTM\u201d) losses on financial instruments used in our commodity hedging activities of $42 million for the first quarter of 2025 compared to losses of $4 million for the first quarter of 2024.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)\n<\/p>\n<\/td>\n

\n

\nTotal gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (\u201cAdjusted EBITDA\u201d), Adjusted CFFO, adjusted free cash flow (\u201cAdjusted FCF\u201d), DCF and Operational Distributable Cash Flow (\u201cOperational DCF\u201d) are non-generally accepted accounting principle (\u201cnon-GAAP\u201d) financial measures that are defined and reconciled later in this press release.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

First Quarter 2025 Volume Highlights<\/span><\/b><\/p>\n<\/td>\n

\n

\nThree Months Ended\n<\/p>\n

\nMarch 31,\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2025\n<\/p>\n<\/td>\n

\n

\n2024\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquivalent pipeline transportation volumes (million BPD<\/i>)(1)<\/sup><\/p>\n<\/td>\n

\n

\n13.2\n<\/p>\n<\/td>\n

\n

\n12.5\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNGL, crude oil, refined products & petrochemical pipeline volumes (million BPD)<\/i><\/p>\n<\/td>\n

\n

\n7.9\n<\/p>\n<\/td>\n

\n

\n7.6\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nMarine terminal volumes (million BPD)<\/i><\/p>\n<\/td>\n

\n

\n2.0\n<\/p>\n<\/td>\n

\n

\n2.3\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNatural gas pipeline volumes (TBtus\/d)<\/i><\/p>\n<\/td>\n

\n

\n20.3\n<\/p>\n<\/td>\n

\n

\n18.9\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNGL fractionation volumes (MBPD)<\/i><\/p>\n<\/td>\n

\n

\n1,652\n<\/p>\n<\/td>\n

\n

\n1,642\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nPropylene plant production volumes (MBPD)<\/i><\/p>\n<\/td>\n

\n

\n113\n<\/p>\n<\/td>\n

\n

\n106\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNatural gas processing plant inlet volumes (Bcf\/d)<\/i><\/p>\n<\/td>\n

\n

\n7.7\n<\/p>\n<\/td>\n

\n

\n7.1\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nFee-based natural gas processing volumes (Bcf\/d)<\/i><\/p>\n<\/td>\n

\n

\n7.2\n<\/p>\n<\/td>\n

\n

\n6.4\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nEquity NGL-equivalent production volumes (MBPD)<\/i><\/p>\n<\/td>\n

\n

\n225\n<\/p>\n<\/td>\n

\n

\n185\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
\n

\n(1)\n<\/p>\n<\/td>\n

\n

\nRepresents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units (\u201cMMBtus\u201d) of natural gas transportation volumes are equivalent to one barrel of NGLs transported.\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

As used in this press release, \u201cNGL\u201d means natural gas liquids, \u201cLPG\u201d means liquefied petroleum gas, \u201cBPD\u201d means barrels per day, \u201cMBPD\u201d means thousand barrels per day, \u201cMMcf\/d\u201d means million cubic feet per day, \u201cBcf\/d\u201d means billion cubic feet per day, \u201cBBtus\/d\u201d means billion British thermal units per day and \u201cTBtus\/d\u201d means trillion British thermal units per day.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u201cDuring the first quarter of 2025, Enterprise continued to benefit from Permian driven volume growth and consistent domestic and international energy demand pull across our midstream infrastructure system,\u201d said A. J. \u201cJim\u201d Teague, co-chief executive officer of Enterprise\u2019s general partner. \u201cWe reported record inlet natural gas processing volumes of 7.7 billion cubic feet per day and record natural gas pipeline volumes of 20.3 trillion Btus per day. Gross operating margin growth in our NGL Pipeline & Services segment and Natural Gas Pipeline & Services segment substantially offset lower earnings in our Petrochemical & Refined Products Services segment due to lower margins and deficiency revenues in our octane enhancement related businesses and lower gross operating margin in our propylene business.\u201d\n<\/p>\n

\n\u201cDistributable cash flow for the first quarter of 2025 increased to $2.0 billion, a 5 percent increase compared to the same quarter in 2024,\u201d said Teague. \u201cEnterprise increased its cash distribution to partners with respect to the first quarter by 3.9 percent to $0.535 per unit compared to the first quarter of 2024. Distributable cash flow for the quarter provided 1.7 times coverage of this distribution that is scheduled to be paid on May 14, 2025 and enabled the partnership to retain $842 million to reinvest in the growth of the partnership.\u201d\n<\/p>\n

\n\u201cWe have $6 billion of major organic growth projects scheduled to be completed and begin generating cash flow in 2025. These include two natural gas processing plants in the Permian Basin in the third quarter, Mont Belvieu area NGL fractionator 14 in the third quarter, the first phase of our NGL export facility on the Neches River in the third quarter, our Bahia NGL pipeline in the fourth quarter, and enhancements at our Morgan\u2019s Point marine terminal on the Houston Ship Channel in the fourth quarter,\u201d said Teague.\n<\/p>\n

Review of First Quarter 2025 Results<\/span><\/b><\/p>\n

\nTotal gross operating margin was $2.4 billion for the first quarter of 2025 compared to $2.5 billion for the first quarter of 2024.\n<\/p>\n

NGL Pipelines & Services<\/b> \u2013 Gross operating margin from the NGL Pipelines & Services segment was $1.4 billion for the first quarter of 2025 compared to $1.3 billion for the first quarter of 2024.\n<\/p>\n

\nGross operating margin from the natural gas processing business and related NGL marketing activities was $373 million for the first quarter of 2025 compared to $358 million for the first quarter of 2024. Included in gross operating margin for the first quarters of 2025 and 2024 were MTM losses related to hedging activities of $5 million and $7 million, respectively. Natural gas processing plant inlet volumes were a record 7.7 Bcf\/d in the first quarter of 2025, an 8 percent increase compared to the first quarter of 2024. Total fee-based natural gas processing volumes increased 12 percent, or 760 MMcf\/d, to a record 7.2 Bcf\/d in the first quarter of 2025, compared to the first quarter of 2024. Total equity NGL-equivalent production volumes were 225 MBPD and 185 MBPD in the first quarters of 2025 and 2024, respectively. The following highlights summarize selected variances within this business, with results for the first quarter of 2025 as compared to the first quarter of 2024:\n<\/p>\n