Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q4 2020 Earnings Presentation
21 slides from Enterprise Products Partners L.p's earnings presentation, Feb 3, 2021
Slide 1: Fourth Quarter 2020 Earnings Support Slides
FOURTH QUARTER 2020 EARNINGS SUPPORT SLIDES February 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 fourth quarter of 2020 and our SEC Form 10‐K (when filed), whi
Slide 4: Indicative Attribution of Gross Operating Margin
Indicative Attribution of Gross Operating Margin Slides 8–10 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 subj
Slide 5: Enterprise 2021 Financial Outlook
Enterprise 2021 Financial Outlook Capital Expenditure Updates Currently forecasting 2021 & 2022 growth capital of ≈$1.6 B & $800 MM, respectively* • Based on sanctioned projects to date • 2021 Sustaining Capital Expenditures: $440 MM • Including $115 MM of turnaround expenses for PDH and octane en
Slide 6: Capital Updates: Major Capital Projects Under Construction
Capital Updates ≈$3.6 B of Major Capital Projects Under Construction Highlighted Major Capital Projects Forecast In‐Service 1Q 20 2Q 20 3Q 20 4Q 20 2021 2022–23 Mont Belvieu Area Fractionators 10 & 11 1Q 2020 & 3Q 2020 In‐Serv In‐Serv Natural Gas Liquids Texas Express & Front Range Expansions 2Q 202
Slide 7: Total Gross Operating Margin Bridge
Total Gross Operating Margin Bridge 4Q 2020 vs. 4Q 2019 4Q 2020 vs. 3Q 2020 4Q 2019 Non‐Cash New & Legacy Gas Other Asset 4Q 2020 3Q 2020 Non‐Cash New & Legacy Gas Other Asset 4Q 2020 GOM MTM Expanded Plants Changes Offset GOM GOM MTM Expanded Plants Changes Offset GOM Change Assets by Marketing Cha
Slide 8: Indicative Attribution of Gross Operating Margin
Indicative Attribution of Gross Operating Margin $9.0 $8.3B $8.1B $8.0 10% $7.3B 10% 4% 3% $7.0 8% Gross Operating Margin in $Billions 6% $5.7B $6.0 $5.2B 6% 5% $5.0 5% 4% $4.0 86% 87% $3.0 86% 91% 89% $2.0 $1.0 $0.0 2016 2017 2018 2019 2020 Fee‐Based Commodity Price‐Based Differential‐Based Total g
Slide 9: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM 2018 2019 2020 100% 2% 5% 4% 5% 11% 8% 11% 7% 10% 10% 10% 14% 13% 12% 5% 13% 11% 16% 90% 6% 2% 4% 2% 4% 3% 4% 5% 10% 80% 10% 70% 60% 50% 95% 91% 88% 90% 88% 85% 85% 86% 87% 86% 87% 40% 81% 83% 74% 77% 30% 20% 10% 0% (1,4) (4) (2,4) (3,4) (4) (1,4) (4) (2,4) (3,4
Slide 10: Indicative Attribution of GOM for Select Businesses
Indicative Attribution of GOM for Select Businesses Natural Gas Processing GOM $600 $0.50 $500 $500 $0.40 GOM in SMillions $400 Price Spread $356 $0.30 25% $300 $244 12% $0.20 $200 $169 26% 14% 57% 70% $122 $0.10 $100 81% 68% 100% $0 $0.00 (1) 2016 2017 2018 2019 2020 Fee POP & POL Keepwhole Indicat
Slide 11: Segment Gross Operating Margin Variance 4Q 2020 vs. 4Q 2019
SEGMENT GROSS OPERATING MARGIN VARIANCE 4Q 2020 VS. 4Q 2019
Slide 12: NGL Segment 4Q 2020 vs. 4Q 2019
NGL Segment 4Q 2020 vs. 4Q 2019 $ in MMs Gross Operating Margin Bridge ($29) 4Q 2019 Non‐Cash Mont Belvieu Area EHT Export NGL Legacy Gas Other Changes 4Q 2020 GOM MTM Change Fractionators Terminal & Marketing Plants GOM Related Pipeline (excl. MTM) Details: • Non‐cash MTM activity resulted in a gai
Slide 13: Crude Segment 4Q 2020 vs. 4Q 2019
Crude Segment 4Q 2020 vs. 4Q 2019 $ in MMs Gross Operating Margin Bridge $5 4Q 2019 Non‐Cash Marketing Midland‐to‐ECHO South Texas Seaway 4Q 2020 GOM MTM Change (excl. MTM & M2E1) System (excl. MTM) Pipeline System Pipeline GOM Details: • Non‐cash MTM activity resulted in a loss of $9MM in 4Q 2020 c
Slide 14: Natural Gas Segment 4Q 2020 vs. 4Q 2019
Natural Gas Segment 4Q 2020 vs. 4Q 2019 $ in MMs Gross Operating Margin Bridge 4Q 2019 Non‐Cash Permian Texas Intrastate Colorado / East Texas Natural Gas Other 4Q 2020 GOM MTM Change Gathering Wyoming Gathering Marketing Changes GOM Gathering Details: • Non‐cash MTM activity resulted in a loss of $
Slide 15: Petrochemical & Ref. Products Segment 4Q 2020 vs. 4Q 2019
Petrochemical & Ref. Products Segment 4Q 2020 vs. 4Q 2019 $ in MMs Gross Operating Margin Bridge ($2) 4Q 2019 Non‐Cash Propylene TE Products iBDH, Octane Other 4Q 2020 GOM MTM Change Services Pipeline & Enhancement Changes GOM Related Terminals & HPIB Details: • Non‐cash MTM activity resulted in a g
Slide 16: Segment Gross Operating Margin Variance 4Q 2020 vs. 3Q 2020
SEGMENT GROSS OPERATING MARGIN VARIANCE 4Q 2020 VS. 3Q 2020
Slide 17: NGL Segment 4Q 2020 vs. 3Q 2020
NGL Segment 4Q 2020 vs. 3Q 2020 $ in MMs Gross Operating Margin Bridge $4 3Q 2020 Non‐Cash MTM EHT Export Mont Belvieu Dixie Pipeline Legacy Other Changes 4Q 2020 GOM Change Terminal & Fractionators & Related Gas Plants GOM Related Terminals Pipelines Details: • Non‐cash MTM activity resulted in a g
Slide 18: Crude Segment 4Q 2020 vs. 3Q 2020
Crude Segment 4Q 2020 vs. 3Q 2020 $ in MMs Gross Operating Margin Bridge $3 3Q 2020 Non‐Cash Midland‐to‐ECHO Marketing Other Changes 4Q 2020 GOM MTM Change System (excl. MTM) (excl. MTM & M2E1) GOM Details: • Non‐cash MTM activity resulted in a loss of $9MM in 4Q 2020 compared to a gain of $10MM in
Slide 19: Natural Gas Segment 4Q 2020 vs. 3Q 2020
Natural Gas Segment 4Q 2020 vs. 3Q 2020 $ in MMs Gross Operating Margin Bridge ($1) 3Q 2020 Non‐Cash Texas Intrastate Permian Other 4Q 2020 GOM MTM Change Pipeline Gathering System Changes GOM Details: • Non‐cash MTM activity resulted in a loss of $4MM in 4Q 2020 compared to a loss of $15MM in 3Q 20
Slide 20: Petrochemical & Ref. Products Segment 4Q 2020 vs. 3Q 2020
Petrochemical & Ref. Products Segment 4Q 2020 vs. 3Q 2020 $ in MMs Gross Operating Margin Bridge 3Q 2020 Non‐Cash Propylene iBDH, Octane Refined Products Other 4Q 2020 GOM MTM Change Services Enhancement Marketing GOM & HPIB (excl. MTM) Details: • Non‐cash MTM activity resulted in a gain of $1MM in
Slide 21: Definitions
Definitions • Operational Distributable Cash Flow (“DCF”) represents DCF excluding proceeds from asset sales and property damage insurance claims and net receipts / payments from the monetization of interest rate derivative instruments. • Distributable Cash Flow (“DCF”) per Unit is determined by div
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