Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q3 2024 Earnings Presentation
22 slides from Enterprise Products Partners L.p's earnings presentation, Oct 29, 2024
Slide 1: Third Quarter 2024 Earnings Support Slides
Third Quarter 2024 Earnings Support Slides October 29, 2024 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 third quarter of 2024 and our SEC Form 10-Q (when filed), which provid
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 • $55.6 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.525/unit for 3Q 2024, a 5% increase over 3Q 2023 • Buybac
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 TTM 3Q 2024 $4.8 $4.5 Capital Returned to Unitholders $4.4 $4.2 $4.1 $4.2 $3.9 $3.9 $3.8 $3.8 $3.6 Growth Capex $3.0 $2.9 $2.9 $1.
Slide 6: 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 7.5 7.3 Bcf/d 12.5 13,000 MMBPD 7.0 12,000 6.5 11,000 7% 6.0 10,000 6% CAGR 5.5 9,000 CAGR 5.0 8,000 4.5 7,000 4.0 6,000 2020 2021 2022 2023 9 Mo 2024 202
Slide 7: Growth Capital Expenditures
Growth Capital Expenditures (1) (2) Major Capital Projects Forecasted Annual Growth Capex Range $6.9 billion in major capital projects under construction, supporting future cash flow growth & capital returns to unitholders $4.5 Highlighted Projects Forecasted In-service Leonidas Plant (Midland Basin
Slide 8: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of YTD 2024 Natural Gas Processing GOM $1,200 $0.60 $1,066 $1,000 $166 $0.50 $737 GOM in $Millions $800 $0.40 $710 Price Spread $87 $535 $156 $600 $0.30 $202 $161 $400 $332 $0.20 $95 $200 $122 $43 $448 $393 $0.10 $365 $194 $122 $0 $0.00 (1)
Slide 9: Segment Gross Operating Margin Variance 3Q 2024 vs. 3Q 2023
Segment Gross Operating Margin Variance 3Q 2024 vs. 3Q 2023
Slide 10: Total GOM Bridge, 3Q 2024 vs. 3Q 2023
Total GOM Bridge by Segment 3Q 2024 vs. 3Q 2023 $ in MMs GOM Bridge Details: • The following slides summarize the primary drivers for changes in gross operating margin for each segment between 3Q 2024 and 3Q 2023 • Total gross operating margin is a Non-GAAP measure. For a reconciliation of these amo
Slide 11: NGL Pipelines & Services GOM, 3Q 2024 vs. 3Q 2023
NGL Segment 3Q 2024 vs. 3Q 2023 $ in MMs GOM Bridge ($16) ($10) Details: • Non-cash MTM activity resulted in a loss of $3MM in both 3Q 2024 and 3Q 2023 • Permian Basin processing facilities (Delaware Basin and Midland Basin) GOM increased primarily due to higher processing volumes and higher average
Slide 12: Crude Oil Pipelines & Services GOM, 3Q 2024 vs. 3Q 2023
Crude Oil Segment 3Q 2024 vs. 3Q 2023 $ in MMs GOM Bridge ($72) Details: • Non-cash MTM activity resulted in a gain of $5MM in 3Q 2024 compared to a loss of $33MM in 3Q 2023 • Texas in-basin crude oil pipelines, terminals and other marketing activities (excluding M2E, Seaway and MTM) GOM decreased p
Slide 13: Natural Gas Pipelines & Services GOM, 3Q 2024 vs. 3Q 2023
Natural Gas Segment 3Q 2024 vs. 3Q 2023 $ in MMs GOM Bridge Details: • Non-cash MTM activity resulted in a gain of $1MM in 3Q 2024 compared to a loss of $4MM in 3Q 2023 • Natural gas marketing activities (excluding MTM) GOM increased primarily due to higher average sales margins • Texas Intrastate S
Slide 14: Petrochemical & Refined Products GOM, 3Q 2024 vs. 3Q 2023
Petrochemical & Refined Products Segment 3Q 2024 vs. 3Q 2023 $ in MMs GOM Bridge ($2) ($68) ($24) ($4) Details: • Non-cash MTM activity resulted in an immaterial loss in 3Q 2024 compared to a gain of $2MM in 3Q 2023 • Octane enhancement and related facilities GOM decreased primarily due to lower ave
Slide 15: Segment Gross Operating Margin Variance 3Q 2024 vs. 2Q 2024
Segment Gross Operating Margin Variance 3Q 2024 vs. 2Q 2024
Slide 16: Total GOM Bridge, 3Q 2024 vs. 2Q 2024
Total GOM Bridge by Segment 3Q 2024 vs. 2Q 2024 $ in MMs GOM Bridge Details: • The following slides summarize the primary drivers for changes in gross operating margin for each segment between 3Q 2024 and 2Q 2024 • Total gross operating margin is a Non-GAAP measure. For a reconciliation of these amo
Slide 17: NGL Pipelines & Services GOM, 3Q 2024 vs. 2Q 2024
NGL Segment 3Q 2024 vs. 2Q 2024 $ in MMs GOM Bridge 2Q 2024 Non-Cash Permian Basin & Mont Belvieu Area Morgan’s Point 3Q 2024 GOM MTM Change Rocky Mountain NGL Fractionation Ethane Export GOM NGL Pipelines Complex Terminal Details: • Non-cash MTM activity resulted in a loss of $3MM in 3Q 2024 compar
Slide 18: Crude Oil Pipelines & Services GOM, 3Q 2024 vs. 2Q 2024
Crude Oil Segment 3Q 2024 vs. 2Q 2024 GOM Bridge $ in MMs Details: • Non-cash MTM activity resulted in a gain of $5MM in 3Q 2024 compared to a gain of $8MM in 2Q 2024 • Midland-to-ECHO System (excluding MTM) GOM decreased primarily due to lower margins from marketing activities, partially offset by
Slide 19: Natural Gas Pipelines & Services GOM, 3Q 2024 vs. 2Q 2024
Natural Gas Segment 3Q 2024 vs. 2Q 2024 $ in MMs GOM Bridge Details: • Non-cash MTM activity resulted in a gain of $1MM in 3Q 2024 compared to a gain of $3MM in 2Q 2024 • Texas Intrastate System GOM increased primarily due to higher average transportation fees, a 217 MMBtu/d increase in transportati
Slide 20: Petrochemical & Refined Products GOM, 3Q 2024 vs. 2Q 2024
Petrochemical & Ref. Products Segment 3Q 2024 vs. 2Q 2024 $ in MMs GOM Bridge Details: • Non-cash MTM activity resulted in an immaterial loss in 3Q 2024 compared to a gain of $1MM in 2Q 2024 • Refined products marketing activities (excluding MTM) GOM decreased primarily due to lower average sales ma
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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