Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q4 2024 Earnings Presentation
22 slides from Enterprise Products Partners L.p's earnings presentation, Feb 4, 2025
Slide 1: Fourth Quarter 2024 Earnings Support Slides
Fourth Quarter 2024 Earnings Support Slides February 4, 2025 NYSE: EPD
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 contains earnings support slides highlighting major variances for the quarter. This data should be read in conjunction with the information contained in the earnings release for the fourth quarter of 2024 and our SEC Form 10-K (when filed), which provi
Slide 4: Enterprise Allocation of Capital: "All of the Above" Approach
Enterprise Allocation of Capital “All of the Above” Approach Responsibly Returning Capital to Investors • $56.8 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.535/unit for 4Q 2024, a 3.9% increase over 4Q 2023 • Buyb
Slide 5: Capital Returned to Unitholders
Responsible, Strategic Growth Returning Capital & Reinvesting in the Business $4.8 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for 2024 $4.8 $4.5 Capital Returned to Unitholders $4.4 $4.2 $4.2 $4.1 $3.9 $3.9 $3.9 $3.8 $3.6 Growth Capex $3.0 $2.9 $2.9 $1.8 $1.6
Slide 6: 2024 Record Volumes Across the Value Chain
Strategic Investment Drives Value Chain Growth 2024 Record Volumes Across the Value Chain (1) Natural Gas Processing Plant Inlet Volume Equivalent Pipeline Transportation Volume Bcf/d MBPD 7.4 Bcf/d 12.9 MMBPD 7.5 13,000 Record Record 7.0 12,000 6.5 11,000 7% 6.0 10,000 7% CAGR 5.5 9,000 CAGR 5.0 8,
Slide 7: $7.6B of Major Capital Projects Under Construction
Growth Capital Expenditures (1) $7.6B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Fcst. In-Service Permian Basin • $7.6B of major capital projects under Delaware Basin & Midland Basin Natural Gas Gathering, 2025 construction with growth concentrated in our Gath
Slide 8: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of Year-end 2024 Natural Gas Processing GOM $1,200 $0.60 $1,066 $959 $1,000 $166 $0.50 $215 $737 GOM in $Millions $800 $0.40 Price Spread $87 $535 $214 $600 $0.30 $202 $400 $332 $0.20 $95 $530 $200 $122 $43 $448 $0.10 $365 $194 $122 $0 $0.00
Slide 9: Segment Gross Operating Margin Variance 4Q 2024 vs. 4Q 2023
Segment Gross Operating Margin Variance 4Q 2024 vs. 4Q 2023
Slide 10: Total GOM Bridge, 4Q 2024 vs. 4Q 2023
Total GOM Bridge by Segment 4Q 2024 vs. 4Q 2023 $ in MMs GOM Bridge ($39) ($91) The following slides summarize the primary drivers for changes in gross operating margin for each segment between 4Q 2024 and 4Q 2023. Total gross operating margin is a Non-GAAP measure. For a reconciliation of these amo
Slide 11: NGL Pipelines & Services, 4Q 2024 vs. 4Q 2023
NGL Segment 4Q 2024 vs. 4Q 2023 $ in MMs GOM Bridge ($24) Details: • Non-cash MTM activity resulted in a gain of $2MM in 4Q 2024 compared to a loss of $3MM in 4Q 2023 • Permian Basin processing facilities (Delaware Basin and Midland Basin) GOM increased primarily due to higher processing volumes and
Slide 12: Crude Oil Pipelines & Services, 4Q 2024 vs. 4Q 2023
Crude Oil Segment 4Q 2024 vs. 4Q 2023 $ in MMs GOM Bridge ($18) ($31) Details: • Non-cash MTM activity resulted in a gain of $4MM in 4Q 2024 compared to a gain of $22MM in 4Q 2023 • Texas in-basin crude oil pipelines, terminals and other marketing activities (excluding M2E, Seaway and MTM) GOM decre
Slide 13: Natural Gas Pipelines & Services, 4Q 2024 vs. 4Q 2023
Natural Gas Segment 4Q 2024 vs. 4Q 2023 $ in MMs GOM Bridge ($11) ($1) Details: • Non-cash MTM activity resulted in a gain of $3MM in 4Q 2024 compared to a gain of $1MM in 4Q 2023 • Permian Basin gathering systems (Delaware Basin and Midland Basin) GOM increased primarily due to a combined 1.1 TBtus
Slide 14: Petrochemical & Refined Products, 4Q 2024 vs. 4Q 2023
Petrochemical & Refined Products Segment 4Q 2024 vs. 4Q 2023 $ in MMs GOM Bridge ($46) ($30) ($24) Details: • Non-cash MTM activity resulted in an immaterial loss in 4Q 2024 compared to a loss of $5MM in 4Q 2023 • Propylene production and related activities (excluding MTM) GOM decreased primarily du
Slide 15: Segment Gross Operating Margin Variance 4Q 2024 vs. 3Q 2024
Segment Gross Operating Margin Variance 4Q 2024 vs. 3Q 2024
Slide 16: Total GOM Bridge, 4Q 2024 vs. 3Q 2024
Total GOM Bridge by Segment 4Q 2024 vs. 3Q 2024 $ in MMs GOM Bridge The following slides summarize the primary drivers for changes in gross operating margin for each segment between 4Q 2024 and 3Q 2024. Total gross operating margin is a Non-GAAP measure. For a reconciliation of these amounts to thei
Slide 17: NGL Pipelines & Services, 4Q 2024 vs. 3Q 2024
NGL Segment 4Q 2024 vs. 3Q 2024 $ in MMs GOM Bridge Details: • Non-cash MTM activity resulted in a gain of $2MM in 4Q 2024 compared to a loss of $3MM in 3Q 2024 • NGL marketing activities (excluding MTM) GOM increased primarily due to higher sales volumes and higher average sales margins • Permian B
Slide 18: Crude Oil Pipelines & Services, 4Q 2024 vs. 3Q 2024
Crude Oil Segment 4Q 2024 vs. 3Q 2024 $ in MMs GOM Bridge Details: • Non-cash MTM activity resulted in a gain of $4MM in 4Q 2024 compared to a gain of $5MM in 3Q 2024 • Midland-to-ECHO System (excluding MTM) GOM increased primarily due to higher deficiency fee revenues and higher margins © All Right
Slide 19: Natural Gas Pipelines & Services, 4Q 2024 vs. 3Q 2024
Natural Gas Segment 4Q 2024 vs. 3Q 2024 $ in MMs GOM Bridge Details: • Non-cash MTM activity resulted in a gain of $3MM in 4Q 2024 compared to a gain of $1MM in 3Q 2024 • Natural gas marketing activities (excluding MTM) GOM decreased primarily due to lower average sales margins • Texas Intrastate Sy
Slide 20: Petrochemical & Refined Products, 4Q 2024 vs. 3Q 2024
Petrochemical & Ref. Products Segment 4Q 2024 vs. 3Q 2024 $ in MMs GOM Bridge Details: • Octane enhancement & related facilities GOM decreased primarily due to lower average sales margins, including the impact of hedging, and higher operating costs, partially offset by higher deficiency revenues and
Slide 21: Indicative Attribution of GOM
Indicative Attribution of GOM • Slide 8 attributes gross operating margin (GOM) among various applicable business activities. Most activities fit easily into one category; however, the classification of certain activities involves an element of subjectivity. The classifications reflected on Slide 8
Slide 22: Definitions
Definitions Net Cash Flow Provided by Operating Activities (“CFFO”) represents the GAAP financial measure “Net cash flow provided by operating activities”. Adjusted CFFO is CFFO before the net effect of changes in operating accounts (working capital). Adjusted CFFO Payout Ratio is calculated as trai
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