Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q2 2025 Earnings Presentation
25 slides from Enterprise Products Partners L.p's earnings presentation, Jul 28, 2025
Slide 1: Second Quarter 2025 Earnings Support Slides
Second Quarter 2025 Earnings Support Slides July 28, 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 second quarter of 2025 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 • $59 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.545/unit for 2Q 2025, a 3.8% increase over 2Q 2024 • Buybac
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 Financial Crisis Oil Price Collapse COVID-19 Pandemic $4.00 $3.94 $3.67 $3.50 $3.00 (1) Operational DCF and Adjusted CFFO per Unit $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 201
Slide 7: Capital Returned to Unitholders
Responsible, Strategic Growth Returning Capital & Reinvesting in the Business $4.9 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for TTM 2Q 2025 $4.9 $4.8 $4.5 Capital Returned to Unitholders $4.4 $4.2 $4.1 $4.2 $4.1 $3.9 $3.9 $3.9 $3.8 Growth Capex $3.6 $3.0 $2.
Slide 8: Strategic Investment Drives Value Chain Growth
Strategic Investment Drives Value Chain Growth (1) Natural Gas Processing Plant Inlet Volume Equivalent Pipeline Transportation Volume Bcf/d MBPD 8.0 7.7 Bcf/d 14,000 13.4 MMBPD Record 7.5 13,000 7.0 12,000 11% 6.5 11,000 8% CAGR 6.0 10,000 CAGR 5.5 9,000 5.0 8,000 4.5 7,000 4.0 6,000 2021 2022 2023
Slide 9: Major Capital Projects Under Construction
Growth Capital Expenditures (1) $5.6B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Fcst. In-service Forecasted Annual Growth Capex Range $5.0 Permian Basin $4.5B Delaware Basin & Midland Basin Natural Gas Gathering, 2025 $4.5 Gathering Compression & Treating & 2
Slide 10: Indicative Attribution of Total GOM
Indicative Attribution of Total GOM $12.0 $10.0B $10.0 $9.4B $9.3B 16% Gross Operating Margin in $Billions $8.6B 16% 17% $8.0 6% 13% 10% 6% 5% $6.0 $4.9B 13% $4.0 6% 78% 82% 74% 77% $2.0 81% $0.0 2021 2022 2023 2024 1H 2025 Fee-Based Commodity Price-Based Differential-Based Total gross operating mar
Slide 11: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of 1H 2025 Natural Gas Processing GOM(1) $1,200 $0.60 $1,066 $959 $1,000 $166 $0.50 $737 $215 GOM in $Millions $800 $0.40 Price Spread $87 $535 $214 $600 $0.30 $202 $478 $400 $98 $0.20 $332 $107 $95 $530 $200 $43 $448 $0.10 $365 $273 $194 $0
Slide 12: Segment Gross Operating Margin Variance 2Q 2025 vs. 2Q 2024
Segment Gross Operating Margin Variance 2Q 2025 vs. 2Q 2024
Slide 13: 2Q 2025 vs. 2Q 2024: Total GOM Bridge
Total GOM Bridge by Segment 2Q 2025 vs. 2Q 2024 $ in MMs GOM Bridge $124 $21 $2,477 $2,500 $2,412 ($38) ($28) ($14) $2,000 $1,500 $1,000 $500 $0 2Q 2024 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 2Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The fo
Slide 14: 2Q 2025 vs. 2Q 2024: NGL
NGL Segment 2Q 2025 vs. 2Q 2024 GOM Bridge $ in MMs $1,600 $1,400 $1,325 $18 $1,297 $23 $14 $1,200 ($16) ($28) ($14) ($14) ($11) $1,000 $800 $600 $400 $200 $0 2Q 2024 MTM Change HSC Terminals Permian NGL Rockies Permian Eastern Other 2Q 2025 GOM and Related Basin Fractionators Processing Basin Ethan
Slide 15: 2Q 2025 vs. 2Q 2024: Crude Oil
Crude Oil Segment 2Q 2025 vs. 2Q 2024 $ in MMs GOM Bridge $450 $417 $403 $400 ($3) ($11) $350 $300 $250 $200 $150 $100 $50 $0 2Q 2024 MTM Change Crude Oil 2Q 2025 GOM Assets & GOM Marketing (excl. MTM) Details: • MTM activity resulted in a gain of $5MM in 2Q 2025 compared to a gain of $8MM in 2Q 202
Slide 16: 2Q 2025 vs. 2Q 2024: Natural Gas
Natural Gas Segment 2Q 2025 vs. 2Q 2024 $ in MMs GOM Bridge $450 $20 $4 $417 $400 $21 $24 $55 $350 $300 $293 $250 $200 $150 $100 $50 $0 2Q 2024 MTM Change Permian Basin Texas Natural Gas Other 2Q 2025 GOM Gathering Intrastate Marketing GOM Systems System (excl. MTM) Details: • MTM activity resulted
Slide 17: 2Q 2025 vs. 2Q 2024: Petrochemical & Refined Products
Petrochemical & Refined Products Segment 2Q 2025 vs. 2Q 2024 $ in MMs GOM Bridge $450 $392 $4 $400 $4 $6 $354 $350 ($52) $300 $250 $200 $150 $100 $50 $0 2Q 2024 MTM Change Octane Propylene Other 2Q 2025 GOM Enhancement Production GOM & Related & Related Plant Operations Activities (excl. MTM) (excl.
Slide 18: Segment Gross Operating Margin Variance 2Q 2025 vs. 1Q 2025
Segment Gross Operating Margin Variance 2Q 2025 vs. 1Q 2025
Slide 19: 2Q 2025 vs. 1Q 2025: Total GOM Bridge
Total GOM Bridge by Segment 2Q 2025 vs. 1Q 2025 $ in MMs GOM Bridge $2,431 $39 $39 $2,477 $2,500 $60 $29 ($121) $2,000 $1,500 $1,000 $500 $0 1Q 2025 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 2Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The follow
Slide 20: 2Q 2025 vs. 1Q 2025: NGL
NGL Segment 2Q 2025 vs. 1Q 2025 $ in MMs GOM Bridge $1,600 $1,418 $1,400 ($11) $1,297 ($44) ($30) ($13) ($5) ($18) $1,200 $1,000 $800 $600 $400 $200 $0 1Q 2025 MTM Change EHT Dixie Permian Basin NGL Marketing Other 2Q 2025 GOM Pipeline Processing (excl. MTM) GOM and Related Facilities Terminals Deta
Slide 21: 2Q 2025 vs. 1Q 2025: Crude Oil
Crude Oil Segment 2Q 2025 vs. 1Q 2025 $ in MMs GOM Bridge $450 $13 $7 $2 $403 $400 $374 $7 $350 $300 $250 $200 $150 $100 $50 $0 1Q 2025 MTM Change EHT - Crude Texas Crude Oil Pipelines, Other 2Q 2025 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activity resulted in a g
Slide 22: 2Q 2025 vs. 1Q 2025: Natural Gas
Natural Gas Segment 2Q 2025 vs. 1Q 2025 $ in MMs GOM Bridge $500 $91 $450 $417 ($14) ($5) $400 ($12) $357 $350 $300 $250 $200 $150 $100 $50 $0 1Q 2025 MTM Change Natural Gas Permian Basin Other 2Q 2025 GOM Marketing Gathering GOM (excl. MTM) Systems Details: • MTM activity resulted in a gain of $58M
Slide 23: 2Q 2025 vs. 1Q 2025: Petrochemical & Ref. Products
Petrochemical & Ref. Products Segment 2Q 2025 vs. 1Q 2025 $ in MMs GOM Bridge $450 $14 $8 $400 $61 $354 $350 ($40) ($8) $315 $7 ($3) $300 $250 $200 $150 $100 $50 $0 1Q 2025 MTM Change Mont Belvieu Area Ethylene Exports & TW Products TE Products Octane Other 2Q 2025 GOM Propylene Related Activities S
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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