{"id":933468,"date":"2026-02-03T06:03:56","date_gmt":"2026-02-03T11:03:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/enterprise-reports-fourth-quarter-2025-earnings\/"},"modified":"2026-02-03T06:03:56","modified_gmt":"2026-02-03T11:03:56","slug":"enterprise-reports-fourth-quarter-2025-earnings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/enterprise-reports-fourth-quarter-2025-earnings\/","title":{"rendered":"Enterprise Reports Fourth Quarter 2025 Earnings"},"content":{"rendered":"

<\/p>\n

Enterprise Reports Fourth 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 and year ended December 31, 2025.<\/p>\n

Year End 2025 Results<\/span><\/b><\/p>\n

\nEnterprise reported net income attributable to common unitholders of $5.8 billion, or $2.66 per common unit on a fully diluted basis, for 2025, compared to $5.9 billion, or $2.69 per common unit on a fully diluted basis, for 2024.<\/p>\n

\nOperational distributable cash flow (\u201cOperational DCF\u201d) was $7.9 billion for 2025 and 2024. Distributions declared with respect to 2025 increased 3.6 percent to $2.175 per common unit, compared to distributions declared for 2024. 2025 marked Enterprise\u2019s 27th consecutive year of distribution growth. Operational DCF provided 1.7 times coverage of the distributions declared for the year, and Enterprise retained $3.2 billion of distributable cash flow (\u201cDCF\u201d) to reinvest in the partnership.<\/p>\n

\nEnterprise repurchased approximately $300 million of its common units in 2025, bringing total common unit repurchases under the partnership\u2019s authorized $5.0 billion common unit buyback program to approximately $1.4 billion.<\/p>\n

\nAdjusted cash flow from operations (\u201cAdjusted CFFO\u201d) was a record $8.7 billion for 2025 compared to $8.6 billion for 2024. For 2025, Enterprise\u2019s payout ratio, comprised of declared distributions to common unitholders and partnership common unit buybacks, was 58 percent of Adjusted CFFO.<\/p>\n

\nTotal capital investments, net of proceeds from asset sales, were $5.6 billion in 2025, which included $4.4 billion for growth capital projects, $632 million for the acquisition of Permian Basin gathering assets and gulf coast liquid storage assets, and $620 million of sustaining capital expenditures, less $82 million of proceeds from asset sales. Organic growth capital investments, net of proceeds from asset sales, are expected to be in the range of $1.9 billion to $2.3 billion in 2026, which includes estimated growth capital expenditures of approximately $2.5 to $2.9 billion less approximately $600 million of proceeds from asset sales. Sustaining capital expenditures are expected to be approximately $580 million in 2026.<\/p>\n

\nTotal debt principal outstanding at December 31, 2025 was $34.7 billion. At December 31, 2025, Enterprise had consolidated liquidity of approximately $5.2 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand.<\/p>\n

Fourth Quarter 2025 Results<\/span><\/b><\/p>\n

\nEnterprise reported net income attributable to common unitholders of $1.6 billion for both the fourth quarters of 2025 and 2024. On a fully diluted basis, net income attributable to common unitholders was $0.75 per common unit for the fourth quarter of 2025, compared to $0.74 per common unit for the fourth quarter of 2024.<\/p>\n

\nOperational DCF was $2.2 billion for both the fourth quarters of 2025 and 2024. Distributions declared with respect to the fourth quarter of 2025 increased 2.8 percent to $0.550 per common unit, or $2.20 per common unit annualized, compared to distributions declared for the fourth quarter of 2024. Operational DCF provided 1.8 times coverage of the distribution declared for the fourth quarter of this year. Enterprise retained $1.0 billion of DCF.<\/p>\n

\nEnterprise repurchased approximately $50 million of its common units during the fourth quarter of 2025.<\/p>\n

\nAdjusted CFFO was $2.4 billion for the fourth quarter of 2025 compared to $2.3 billion for the fourth quarter of 2024.<\/p>\n

\nTotal capital investments, net of proceeds from asset sales, were $1.3 billion in the fourth quarter of 2025, which included $1.1 billion for growth capital projects, $203 million of sustaining capital expenditures, and $49 million of cash used for asset acquisitions, less $61 million of proceeds from asset sales.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Fourth Quarter and Year End 2025 Financial Highlights<\/span><\/b><\/p>\n<\/td>\n

\n

\nFor the Three Months<\/p>\n

\nEnded December 31,<\/p>\n<\/td>\n

\n

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

\n

\nFor the Year<\/p>\n

\nEnded December 31,<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n2,024<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n1,971<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n7,266<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n7,338<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n1,660<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n1,633<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n5,876<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n5,970<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n0.75<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n0.74<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2.66<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2.69<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n2,737<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2,628<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n10,030<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n9,984<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n2,707<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2,599<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n9,964<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n9,899<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n2,427<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2,301<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n8,709<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n8,621<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n1,167<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n336<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n3,130<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n3,172<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n2,223<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2,155<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n8,000<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n7,839<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n2,162<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n2,152<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n7,904<\/p>\n<\/td>\n

\n

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

\n

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

\n

\n7,858<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

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

\n

\nOperating income, net income, and gross operating margin include mark-to-market (\u201cMTM\u201d) gains on financial instruments used in our commodity hedging activities of $8 million and losses of $16 million for the fourth quarter and year ended 2025, respectively, compared to gains of $9 million and $20 million for the fourth quarter and year ended 2024, respectively.<\/p>\n<\/td>\n<\/tr>\n

\n

\n(2)<\/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 DCF are non-generally accepted accounting principle (\u201cnon-GAAP\u201d) financial measures that are defined and reconciled later in this press release.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Fourth Quarter and Year End 2025 Volume Highlights<\/span><\/b><\/p>\n<\/td>\n

\n

\nFor the Three Months<\/p>\n

\nEnded December 31,<\/p>\n<\/td>\n

\n

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

\n

\nFor the Year<\/p>\n

\nEnded December 31,<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n14.1<\/p>\n<\/td>\n

\n

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

\n

\n13.6<\/p>\n<\/td>\n

\n

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

\n

\n13.7<\/p>\n<\/td>\n

\n

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

\n

\n13.0<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n8.6<\/p>\n<\/td>\n

\n

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

\n

\n8.4<\/p>\n<\/td>\n

\n

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

\n

\n8.3<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n2.2<\/p>\n<\/td>\n

\n

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

\n

\n2.2<\/p>\n<\/td>\n

\n

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

\n

\n2.1<\/p>\n<\/td>\n

\n

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

\n

\n2.2<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n21.1<\/p>\n<\/td>\n

\n

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

\n

\n19.9<\/p>\n<\/td>\n

\n

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

\n

\n20.7<\/p>\n<\/td>\n

\n

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

\n

\n19.3<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n1.9<\/p>\n<\/td>\n

\n

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

\n

\n1.7<\/p>\n<\/td>\n

\n

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

\n

\n1.7<\/p>\n<\/td>\n

\n

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

\n

\n1.7<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n118<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n116<\/p>\n<\/td>\n

\n

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

\n

\n112<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n8.1<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

\n7.5<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n7.3<\/p>\n<\/td>\n

\n

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

\n

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

\n

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

\n

\n7.3<\/p>\n<\/td>\n

\n

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

\n

\n6.7<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

\n203<\/p>\n<\/td>\n

\n

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

\n

\n223<\/p>\n<\/td>\n

\n

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

\n

\n203<\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

\n

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

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

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\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, \u201cTBtus\/d\u201d means trillion British thermal units per day, and \u201cPDH\u201d means propane dehydrogenation.<\/i><\/td>\n<\/tr>\n<\/table>\n

2025 K-1 Tax Packages<\/span><\/b><\/p>\n

\nEnterprise\u2019s K-1 tax packages, including all information to fiduciaries for common units owned in tax exempt accounts, are expected to be made available online through our website at www.enterpriseproducts.com<\/a> on or before February 27, 2026. The mailing of the tax packages is expected to be completed by March 6, 2026.<\/p>\n

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

\nEnterprise will host a conference call today to discuss fourth 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>.<\/p>\n

\n\u201cEnterprise completed 2025 with a record fourth quarter,\u201d said A.J. \u201cJim\u201d Teague, co-chief executive officer of Enterprise\u2019s general partner. \u201cRecord 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. Operational DCF for the fourth quarter of 2025 provided 1.8 times coverage of our increased cash distribution to partners of $0.55 per unit, and we retained $1.0 billion to reinvest in the growth of the partnership.\u201d<\/p>\n

\n\u201cWe continue to forecast strong natural gas and NGL production growth in the Permian Basin as gas-to-oil ratios continue to increase and as producers use new completion technology, develop new geologic horizons, and step out further on their inventory of locations. This natural gas and NGL production growth is expected despite moderating crude oil production growth in the Permian Basin. Commitments from our producer customers, coupled with our visibility and conviction around basin fundamentals, gave us the confidence to be the industry leader to add significant NGL takeaway capacity from the Permian Basin with the development of the Bahia NGL Pipeline. We are pleased to announce Bahia began operations in December of 2025,\u201d stated Teague.<\/p>\n

\n\u201cBahia NGL Pipeline has the capacity to transport 600 MBPD of NGLs from the Permian Basin to Enterprise\u2019s 1.5 million BPD Mont Belvieu area fractionation complex. In December of 2025, we completed the previously announced sale of a 40 percent undivided joint interest in the Bahia NGL Pipeline to ExxonMobil. This sale comes in connection with an announcement to expand Bahia\u2019s capacity to 1 million BPD and to extend the pipeline to Exxon\u2019s Cowboy natural gas processing complex in Eddy County, New Mexico. These expansion and extension projects are scheduled to be completed in the fourth quarter of 2027. Additionally, the recent commissioning of the Bahia NGL Pipeline brings the added benefit of our Seminole pipeline\u2019s conversion back to crude oil transportation service, lowering the operating costs on our Permian crude oil pipeline system through the return of cost-effective transportation capacity,\u201d continued Teague.<\/p>\n

\n\u201cAt our Dark Horse facility in the Eastern Delaware Basin in New Mexico, we are expanding our sour natural gas treating capacity and have started construction on the previously announced treater 4, which is scheduled to be completed in the second quarter of 2026. We recently executed agreements with producers that underwrite further expansions of this sour natural gas treating system. These projects include the extension of trunk lines in our gathering system in Lea County, the construction of Dark Horse treater 5, and the addition of a third acid gas injection well at our Dark Horse facility. Elsewhere in the Permian Basin, the construction on our Mentone West 2 and Athena natural gas processing plants continues to progress well. Mentone West 2 in the Delaware Basin is scheduled to begin operations later in the first quarter of this year and Athena, our ninth plant in the Midland Basin, should begin operations by the end of 2026,\u201d stated Teague.<\/p>\n

\n\u201cOur acquisition of midstream assets from Occidental, which closed in August of 2025, is also providing additional \u2018bolt on\u2019 growth projects. We expect this trend to continue and will result in incremental investment opportunities in natural gas gathering, treating and processing in the Midland Basin. The timing for these potential future investments, as well as other natural gas and liquids opportunities, will be dictated by the pace of our customers\u2019 growth. While these additional investments have increased our expected organic growth capital expenditures for 2026, the proceeds from asset sales has essentially offset this increase and supports our ability to generate free cash flow after capital expenditures and cash distributions for 2026 to fund debt reduction and buybacks,\u201d said Teague.<\/p>\n

\n\u201cWe have been at the forefront in developing NGL wellhead-to-water infrastructure since 2008. For the past eighteen years, this role has enabled Enterprise and our customers to be leaders in developing and serving global markets for U.S. NGLs. This is a critical midstream service as U.S. NGL supply continues to be well in excess of domestic demand. The industry must continue to reach international market demand for associated NGLs to continue to facilitate growth of U.S. shale natural gas and crude oil production,\u201d stated Teague.<\/p>\n

\n\u201cSurplus U.S. energy continues to be in strong demand in international markets that seek cost competitive, reliable supply. The U.S. energy surplus also serves as an avenue to reduce trade deficits with our country\u2019s international trading partners. In July of 2025, Enterprise commissioned the first phase of our Neches River NGL marine terminal and began ethane exports. In the second quarter of 2026, we will add capacity for both ethane and LPG exports. The expansion of our LPG export capacity on the Houston Ship Channel is on schedule to be completed by the end of this year. We are also seeing opportunities to use operational leverage and modest investments in our natural gas pipeline systems in Texas and Louisiana to serve growing demand to support the development of AI\/data centers, industrial reshoring and a general increase in electrification. Much of this growth comes from our traditional customer base,\u201d stated Teague.<\/p>\n

\n\u201cWe believe the partnership remains well positioned to capitalize on growth opportunities across our asset footprint, while consistently returning capital to our limited partners,\u201d stated Teague.<\/p>\n

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

\nTotal gross operating margin was $2.7 billion for the fourth quarter of 2025 compared to $2.6 billion for the fourth quarter of 2024.<\/p>\n

NGL Pipelines & Services<\/b> \u2013 Gross operating margin from the NGL Pipelines & Services segment was $1.5 billion for both the fourth quarters of 2025 and 2024.<\/p>\n

\nGross operating margin from the natural gas processing business and related NGL marketing activities was $439 million for the fourth quarter of 2025 compared to $483 million for the fourth quarter of 2024. Natural gas processing plant inlet volumes were a record 8.1 Bcf\/d in the fourth quarter of 2025, a 399 MMcf\/d, or 5 percent, increase compared to the fourth quarter of 2024. Total fee-based natural gas processing volumes increased 4 percent, or 261 MMcf\/d, to 7.3 Bcf\/d in the fourth quarter of 2025, compared to the fourth quarter of 2024. Total equity NGL-equivalent production volumes were 225 MBPD and 203 MBPD in the fourth quarters of 2025 and 2024, respectively. The following highlight summarizes selected variances within this business, with results for the fourth quarter of 2025 as compared to the fourth quarter of 2024:<\/p>\n