Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q1 2021 Earnings Presentation
22 slides from Enterprise Products Partners L.p's earnings presentation, May 3, 2021
Slide 1: First Quarter 2021 Earnings Support Slides
FIRST QUARTER 2021 EARNINGS SUPPORT SLIDES May 3, 2021
Slide 2: Forward-Looking Statements
Forward‐Looking Statements This presentation contains forward‐looking statements based on the beliefs of the company, as well as assumptions made by, and information currently available to our management team (including information published by third parties). When used in this presentation, words s
Slide 3: Qualifying Statements
Qualifying Statements • This supplemental package of earnings support slides provides highlights of major variances for the quarter. • This data should be read in conjunction with the information contained in the earnings release for the first quarter of 2021 and our SEC Form 10‐Q (when filed), whic
Slide 4: Indicative Attribution of Gross Operating Margin
Indicative Attribution of Gross Operating Margin Slides 8–9 attribute gross operating margin (GOM) among fee‐based, commodity‐based and differential‐based business activities. Most activities fit easily into one category; however, the classification of certain activities involves an element of subje
Slide 5: Enterprise 2021 Financial Outlook
Enterprise 2021 Financial Outlook Capital Expenditure Updates • Currently forecasting 2021 and 2022 growth capital of ≈$1.6B and $800MM, respectively* Based on sanctioned projects to date • 2021 Sustaining Capital Expenditures: $440MM Including $115MM of turnaround expenses for PDH and octane en
Slide 6: Capital Updates: Major Capital Projects Under Construction
Capital Updates ≈$3.4B of Major Capital Projects Under Construction* Highlighted Major Capital Projects Forecast Major Capital Projects Under Construction 2021–Forward In‐service NGLs Natural Gas Mont Belvieu to Beaumont Ethane Expansion 2Q 2021 11% Liquids Natural Gas C5 Hydrotreater 2H 2021 Petche
Slide 7: Total Gross Operating Margin Bridge
Total Gross Operating Margin Bridge 1Q 2021 vs. 1Q 2020 1Q 2021 vs. 4Q 2020 1Q 2020 Non‐Cash New & Legacy Gas Other 1Q 2021 4Q 2020 Non‐Cash New & Legacy Gas Other 1Q 2021 GOM MTM Expanded Processing GOM GOM MTM Expanded Processing GOM Change Assets Facilities Change Assets Facilities Details: • Non
Slide 8: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM 100% 2019 2020 1Q 2021 2% 5% 11% 7% 13% 10% 12% 13% 10% 10% 16% 5% 90% 2% 20% 20% 2% 4% 3% 23% 4% 10% 80% 10% 3% 2% 54% 70% 60% 50% 100% 91% 88% 90% 88% 87% 86% 87% 8% 40% 83% 80% 74% 77% 77% 75% 30% 20% 38% 10% 0% (1) (2) (3) (1) (2) (3) (1) (2) (3) NGL Crude N
Slide 9: Indicative Attribution of GOM for Select Businesses
Indicative Attribution of GOM for Select Businesses Natural Gas Processing GOM $575 $0.50 $497 $475 $0.40 $375 $364 GOM in $Millions 25% Price Spread $0.30 In 1Q 21, $40MM $275 $250 12% of revenue was 26% $0.20 offset by $56MM $175 57% $122 operating expenses 70% 68% $0.10 due to elevated $75 100%(1
Slide 10: Segment Gross Operating Margin Variance 1Q 2021 vs. 1Q 2020
SEGMENT GROSS OPERATING MARGIN VARIANCE 1Q 2021 VS. 1Q 2020
Slide 11: Total GOM Bridge by Segment 1Q 2021 vs. 1Q 2020
Total GOM Bridge by Segment 1Q 2021 vs. 1Q 2020 $ in MMs Gross Operating Margin Bridge 1Q 2020 NGL Segment Crude Oil Natural Gas Petrochemicals Net Adj. for 1Q 2021 GOM Segment Segment & Ref. Products Shipper Makeup GOM Segment Rights Details: • The following slides note the primary drivers for chan
Slide 12: NGL Segment 1Q 2021 vs. 1Q 2020
NGL Segment 1Q 2021 vs. 1Q 2020 $ in MMs Gross Operating Margin Bridge 1Q 2020 Non‐Cash NGL MTBV‐Area South Texas Rockies EHT Export Other 1Q 2021 GOM MTM Change Marketing NGL Gas Plants Gas Plants Terminal & GOM (excl. MTM) Fractionators Related Pipeline Details: • Non‐cash MTM activity resulted in
Slide 13: Crude Oil Segment 1Q 2021 vs. 1Q 2020
Crude Oil Segment 1Q 2021 vs. 1Q 2020 $ in MMs Gross Operating Margin Bridge 1Q 2020 Non‐Cash South Texas & West Texas Midland‐to‐ECHO Marketing Other 1Q 2021 GOM MTM Change Eagle Ford Pipeline System System (excl. MTM GOM Pipeline Systems (excl. MTM) & M2E1) Details: • Non‐cash MTM activity resulte
Slide 14: Natural Gas Segment 1Q 2021 vs. 1Q 2020
Natural Gas Segment 1Q 2021 vs. 1Q 2020 $ in MMs Gross Operating Margin Bridge 1Q 2020 Non‐Cash Natural Gas Permian Basin Acadian Gas Texas Intrastate Other 1Q 2021 GOM MTM Change Marketing Gathering System System System GOM (excl. MTM) Details: • Non‐cash MTM activity resulted in a loss of $3MM in
Slide 15: Petrochemical & Ref. Products Segment 1Q 2021 vs. 1Q 2020
Petrochemical & Ref. Products Segment 1Q 2021 vs. 1Q 2020 $ in MMs Gross Operating Margin Bridge 1Q 2020 Non‐Cash Refined Products MTBV Propylene Octane Enhancement 1Q 2021 GOM MTM Change Marketing Production & Related Facilities GOM (excl. MTM) Facilities Details: • Non‐cash MTM activity resulted i
Slide 16: Segment Gross Operating Margin Variance 1Q 2021 vs. 4Q 2020
SEGMENT GROSS OPERATING MARGIN VARIANCE 1Q 2021 VS. 4Q 2020
Slide 17: Total GOM Bridge by Segment 1Q 2021 vs. 4Q 2020
Total GOM Bridge by Segment 1Q 2021 vs. 4Q 2020 $ in MMs Gross Operating Margin Bridge 4Q 2020 NGL Segment Crude Oil Natural Gas Petrochemicals Net Adj. for 1Q 2021 GOM Segment Segment & Ref. Products Shipper Makeup GOM Segment Rights Details: • The following slides note the primary drivers for chan
Slide 18: NGL Segment 1Q 2021 vs. 4Q 2020
NGL Segment 1Q 2021 vs. 4Q 2020 $ in MMs Gross Operating Margin Bridge 4Q 2020 EHT Export South Texas MTBV‐Area Rockies NGL Marketing Other 1Q 2021 GOM Terminal & Gas Plants NGL Gas Plants (excl. MTM) GOM Related Pipeline Fractionators Details: • Non‐cash MTM activity resulted in a gain of $37MM in
Slide 19: Crude Oil Segment 1Q 2021 vs. 4Q 2020
Crude Oil Segment 1Q 2021 vs. 4Q 2020 $ in MMs Gross Operating Margin Bridge 4Q 2020 Non‐Cash West Texas Midland‐to‐ECHO Other 1Q 2021 GOM MTM Change Pipeline System System (excl. MTM) Changes GOM Details: • Non‐cash MTM activity resulted in a loss of $1MM in 1Q 2021 compared to a loss of $9MM in 4Q
Slide 20: Natural Gas Segment 1Q 2021 vs. 4Q 2020
Natural Gas Segment 1Q 2021 vs. 4Q 2020 $ in MMs Gross Operating Margin Bridge 4Q 2020 Non‐Cash Natural Gas Permian Basin Texas Intrastate Other 1Q 2021 GOM MTM Change Marketing Gathering System System Changes GOM (excl. MTM) Details: • Non‐cash MTM activity resulted in a loss of $3MM in 1Q 2021 com
Slide 21: Petrochemical & Ref. Products Segment 1Q 2021 vs. 4Q 2020
Petrochemical & Ref. Products Segment 1Q 2021 vs. 4Q 2020 $ in MMs Gross Operating Margin Bridge 4Q 2020 Non‐Cash Mt Belvieu Propylene Butane Refined Products Other 1Q 2021 GOM MTM Change Production Isomerization & Marketing Changes GOM Facilities Related Plants (excl. MTM) Details: • Non‐cash MTM a
Slide 22: Definitions
Definitions • Operational Distributable Cash Flow (“DCF”) represents DCF excluding proceeds from asset sales and net receipts / payments from the monetization of interest rate derivative instruments. • DCF per Unit is determined by dividing DCF for a period by the average number of fully diluted com
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