Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q2 2026 Earnings Presentation
25 slides from Enterprise Products Partners L.p's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Earnings Support Slides
Second Quarter 2026 Earnings Support Slides July 30, 2026 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 second quarter of 2026 and our SEC Form 10-Q (when filed), which provi
Slide 4: Enterprise Allocation of Capital
Enterprise Allocation of Capital “All of the Above” Approach Responsibly Returning Capital to Investors • $65 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.56/unit for 2Q 2026, a 2.8% increase over 2Q 2025 • Buyback
Slide 5: EPD's Role in Building a Resilient Portfolio
EPD’s Role in Building a Resilient Portfolio Recession Resistant • Businesses have a high degree of inelastic demand from providing integral infrastructure services to producers and consumers of energy and energy products Inflation Protection • Approximately 90% of long-term contracts have escalatio
Slide 6: History of Cash Flow per Unit Durability
History of Cash Flow per Unit Durability A Track Record of Resilience COVID-19 Financial Crisis Oil Price Collapse Pandemic $4.50 $4.27 $4.00 $3.85 $3.50 (1) Operational DCF and Adjusted CFFO per Unit $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20
Slide 7: Capital Returned to Unitholders
Responsible, Strategic Growth Returning Capital & Reinvesting in the Business $5.2 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for TTM 2Q 2026 $5.2 $5.0 $4.8 Capital Returned to Unitholders $4.5 $4.4 $4.4 $4.2 $4.1 $4.2 $4.0 $3.8 $3.9 $3.9 $3.9 $3.6 Growth Cape
Slide 8: Strategic Investment Drives Value Chain Growth
Strategic Investment Drives Value Chain Growth Natural Gas Processing Plant Inlet Volume Equivalent Pipeline Transportation Volume (1) Bcf/d MMBPD 8.5 8.2 Bcf/d 16.0 14.4 MMBPD 8.0 14.0 7.5 12.0 7.0 8% 10.0 8% 6.5 CAGR 8.0 CAGR 6.0 6.0 5.5 4.0 5.0 4.5 2.0 4.0 0.0 2022 2023 2024 2025 1H 2026 2022 202
Slide 9: $6.5B of Major Capital Projects Under Construction
Growth Capital Expenditures (1) $6.5B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Forecast In-service Forecasted Annual Growth Capex Range Permian Basin 4.5 Delaware Basin & Midland Basin Natural Gas Gathering, Gathering 2026–2027 Compression, Treating & Power
Slide 10: Indicative Attribution of Total GOM
Indicative Attribution of Total GOM $12.0 $10.0B $10.0B $10.0 $9.3B $9.4B 13% 16% Gross Operating Margin in $Billions 16% 17% 5% $8.0 6% 10% 6% $6.0 $5.6B 17% 3% $4.0 82% 78% 74% 77% 80% $2.0 $0.0 2022 2023 2024 2025 1H 2026 Fee-Based Commodity Price-Based Differential-Based Total gross operating ma
Slide 11: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of Year-To-Date 2026 (1) $1,200 Natural Gas Processing GOM $1.00 $1,066 $959 $963 $1,000 $166 $0.80 $737 $215 $197 GOM in $Millions $800 $0.60 $87 $202 $596 $/Gal $535 $214 $600 $202 $222 $0.40 $400 $530 $564 $68 $448 $0.20 $200 $365 $306 $0
Slide 12: Segment Gross Operating Margin Variance: 2Q 2026 vs. 2Q 2025
Segment Gross Operating Margin Variance 2Q 2026 vs. 2Q 2025
Slide 13: 2Q 2026 vs. 2Q 2025: Total GOM Bridge
Total GOM Bridge by Segment 2Q 2026 vs. 2Q 2025 $ in MMs GOM Bridge $3,500 $139 $64 $2,991 $3,000 $82 $248 ($19) $2,477 $2,500 $2,000 $1,500 $1,000 $500 $0 2Q 2025 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 2Q 2026 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Ri
Slide 14: 2Q 2026 vs. 2Q 2025: NGL
NGL Segment 2Q 2026 vs. 2Q 2025 $ in MMs GOM Bridge $1,800 $1,600 $36 $35 $1,545 $47 $54 $(7) ($7) $64 $1,400 $1,297 $19 $1,200 $1,000 $800 $600 $400 $200 $0 2Q 2025 MTM Change NGL Marketing Mont Belvieu Midland Delaware Morgan's Point, Other 2Q 2026 GOM (excl. MTM) Area Basin Basin Neches River GOM
Slide 15: 2Q 2026 vs. 2Q 2025: Crude Oil
Crude Oil Segment 2Q 2026 vs. 2Q 2025 $ in MMs GOM Bridge $550 $23 $485 $500 $58 ($10) $450 $403 $11 $400 $350 $300 $250 $200 $150 $100 $50 $0 2Q 2025 MTM Change Texas Crude Oil Pipelines, Seaway Pipeline Other 2Q 2026 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activ
Slide 16: 2Q 2026 vs. 2Q 2025: Natural Gas
Natural Gas Segment 2Q 2026 vs. 2Q 2025 $ in MMs GOM Bridge $600 $13 $3 $556 $32 $60 $500 $31 $417 $400 $300 $200 $100 $0 2Q 2025 MTM Change Natural Gas Texas Intrastate System Permian Basin Other 2Q 2026 GOM Marketing Gathering GOM (excl. MTM) Systems Details: • MTM activity resulted in a gain of $
Slide 17: 2Q 2026 vs. 2Q 2025: Petrochemical & Refined Products
Petrochemical & Refined Products Segment 2Q 2026 vs. 2Q 2025 $ in MMs GOM Bridge $500 $450 $3 $418 $19 $3 $23 $400 $16 $354 $350 $300 $250 $200 $150 $100 $50 $0 2Q 2025 MTM Change Ethylene Exports & Propylene Octane Other 2Q 2026 GOM Related Activities Production Enhancement GOM & Related & Related
Slide 18: Segment Gross Operating Margin Variance: 2Q 2026 vs. 1Q 2026
Segment Gross Operating Margin Variance 2Q 2026 vs. 1Q 2026
Slide 19: 2Q 2026 vs. 1Q 2026: Total GOM Bridge
Total GOM Bridge by Segment 2Q 2026 vs. 1Q 2026 $ in MMs GOM Bridge $3,500 $104 $5 $2,991 $3,000 $156 $60 $2,624 $42 $2,500 $2,000 $1,500 $1,000 $500 $0 1Q 2026 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 2Q 2026 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Right
Slide 20: 2Q 2026 vs. 1Q 2026: NGL
NGL Segment 2Q 2026 vs. 1Q 2026 $ in MMs GOM Bridge $1,800 $21 $16 $11 $1,600 $45 $1,545 $1,503 $6 ($24) ($12) ($21) $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 1Q 2026 MTM Change NGL Marketing Mont Belvieu Midland Morgan's Dixie Pipeline Permian Other 2Q 2026 GOM (excl. MTM) Area Basin Point and Ba
Slide 21: 2Q 2026 vs. 1Q 2026: Crude Oil
Crude Oil Segment 2Q 2026 vs. 1Q 2026 $ in MMs GOM Bridge $550 $500 $26 $3 $485 $98 $450 $400 $29 $350 $329 $300 $250 $200 $150 $100 $50 $0 1Q 2026 MTM Change Texas Crude Oil Pipelines, Seaway Pipeline Other 2Q 2026 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activity
Slide 22: 2Q 2026 vs. 1Q 2026: Natural Gas
Natural Gas Segment 2Q 2026 vs. 1Q 2026 $ in MMs GOM Bridge $700 $15 $145 $600 $556 ($87) ($13) $496 $500 $400 $300 $200 $100 $0 1Q 2026 MTM Change Texas Intrastate System Natural Gas Other 2Q 2026 GOM Marketing GOM (excl. MTM) Details: • MTM activity resulted in a gain of $89MM in 2Q 2026 compared
Slide 23: 2Q 2026 vs. 1Q 2026: Petrochemical & Refined Products
Petrochemical & Refined Products Segment 2Q 2026 vs. 1Q 2026 $ in MMs GOM Bridge $500 $19 $8 $450 $19 $21 $418 $400 $30 ($40) $47 $350 $314 $300 $250 $200 $150 $100 $50 $0 1Q 2026 MTM Change Octane Ethylene Exports & Mont Belvieu Area TW Products Refined Products TE Products 2Q 2026 GOM Enhancement
Slide 24: Indicative Attribution of GOM
Indicative Attribution of GOM • Slides 10 and 11 attribute 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. GOM classifications represent wha
Slide 25: Definitions
Definitions Net Cash Flow Provided by Operating Activities (“CFFO”) represents the GAAP financial measure “Net cash flow provided by operating activities”. Operational DCF is Distributable Cash Flow (“DCF”) excluding the impact of proceeds from asset sales and other matters and monetization of inter
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