Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q1 2025 Earnings Presentation
25 slides from Enterprise Products Partners L.p's earnings presentation, Apr 29, 2025
Slide 1: First Quarter 2025 Earnings Support Slides
First Quarter 2025 Earnings Support Slides April 29, 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 first quarter of 2025 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 • $58 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.535/unit for 1Q 2025, a 3.9% increase over 1Q 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 $3.92 $3.62 $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 $4.8 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for TTM 1Q 2025 $4.8 $4.8 $4.5 $4.4 Capital Returned to Unitholders $4.2 $4.1 $4.2 $3.9 $3.9 $4.0 $3.8 $3.9 $3.6 Growth Capex $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 13.2 MMBPD Record 7.5 13,000 7.0 12,000 6.5 11,000 9% 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: $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 10: Indicative Attribution of Total GOM
Indicative Attribution of Total GOM $12.0 $10.0B $10.0 $9.3B $9.4B 16% $8.6B 16% 17% $8.0 6% Total GOM in $Billions 13% 10% 6% 5% $6.0 $4.0 78% 82% 74% 77% $2.4B 14% $2.0 6% 80% $0.0 2021 2022 2023 2024 1Q 2025 Fee-Based Commodity Price-Based Differential-Based Note: Total GOM is a Non-GAAP measure.
Slide 11: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of Year-To-Date 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 $400 $332 $0.20 $247 $95 $530 $200 $43 $448 $48 $0.10 $365 $59 $19
Slide 12: Segment Gross Operating Margin Variance 1Q 2025 vs. 1Q 2024
Segment Gross Operating Margin Variance 1Q 2025 vs. 1Q 2024
Slide 13: Total GOM Bridge by Segment: 1Q 2025 vs. 1Q 2024
Total GOM Bridge by Segment 1Q 2025 vs. 1Q 2024 $ in MMs GOM Bridge $78 $45 $2,490 $2,431 $2,500 ($37) ($129) ($16) $2,000 $1,500 $1,000 $500 $0 1Q 2024 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 1Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The fo
Slide 14: NGL 1Q GOM Bridge: 1Q 2025 vs. 1Q 2024
NGL Segment 1Q 2025 vs. 1Q 2024 GOM Bridge $ in MMs $1,600 $19 $16 $12 $9 $1,418 $46 $22 $1,400 $1,340 $2 ($25) ($15) ($7) ($1) $1,200 $1,000 $800 $600 $400 $200 $0 1Q 2024 MTM Change Permian Permian Morgan's Dixie Eastern South NGL Marketing Mont Belvieu Rockies Other 1Q 2025 GOM Basin Basin Point
Slide 15: Crude Oil 1Q GOM Bridge: 1Q 2025 vs. 1Q 2024
Crude Oil Segment 1Q 2025 vs. 1Q 2024 $ in MMs GOM Bridge $450 $411 $400 ($6) $374 $350 ($31) $300 $250 $200 $150 $100 $50 $0 1Q 2024 MTM Change Crude Oil 1Q 2025 GOM Assets & GOM Marketing (excl. MTM) Details: • MTM activity resulted in a loss of $2MM in 1Q 2025 compared to a gain of $4MM in 1Q 202
Slide 16: Natural Gas 1Q GOM Bridge: 1Q 2025 vs. 1Q 2024
Natural Gas Segment 1Q 2025 vs. 1Q 2024 $ in MMs GOM Bridge $400 $16 $357 $27 $350 ($4) $312 $37 $300 ($31) $250 $200 $150 $100 $50 $0 1Q 2024 MTM Change Permian Basin Texas Natural Gas Other 1Q 2025 GOM Gathering Intrastate Marketing GOM Systems System (excl. MTM) Details: • MTM activity resulted i
Slide 17: Petrochemical & Refined Products 1Q GOM Bridge: 1Q 2025 vs. 1Q 2024
Petrochemical & Refined Products Segment 1Q 2025 vs. 1Q 2024 $ in MMs GOM Bridge $500 $444 $450 ($3) $400 $350 ($83) $35 $1 $315 $300 ($51) $250 ($28) $200 $150 $100 $50 $0 1Q 2024 MTM Change Octane Propylene Ethylene Exports & Refined Products Other 1Q 2025 GOM Enhancement Production Related Activi
Slide 18: Segment Gross Operating Margin Variance 1Q 2025 vs. 4Q 2024
Segment Gross Operating Margin Variance 1Q 2025 vs. 4Q 2024
Slide 19: Total GOM Bridge by Segment: 1Q 2025 vs. 4Q 2024
Total GOM Bridge by Segment 1Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $2,628 $34 $2,431 $2,500 ($130) ($43) ($33) ($25) $2,000 $1,500 $1,000 $500 $0 4Q 2024 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 1Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The
Slide 20: NGL 4Q GOM Bridge: 1Q 2025 vs. 4Q 2024
NGL Segment 1Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $1,600 $1,548 ($7) $19 $12 $1,418 $1,400 ($102) ($18) ($17) ($13) ($4) $1,200 $1,000 $800 $600 $400 $200 $0 4Q 2024 MTM Change NGL Marketing Permian Basin Mont Belvieu Area Permian Basin & Rockies Dixie Pipeline Other 1Q 2025 GOM (excl. MTM) Proces
Slide 21: Crude Oil 4Q GOM Bridge: 1Q 2025 vs. 4Q 2024
Crude Oil Segment 1Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $450 $417 $400 ($6) $374 $350 ($37) $300 $250 $200 $150 $100 $50 $0 4Q 2024 MTM Change Crude Oil 1Q 2025 GOM Assets & GOM Marketing (excl. MTM) Details: • MTM activity resulted in a loss of $2MM in 1Q 2025 compared to a gain of $4MM in 4Q 202
Slide 22: Natural Gas 4Q GOM Bridge: 1Q 2025 vs. 4Q 2024
Natural Gas Segment 1Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $400 $8 $2 $357 $9 $350 $10 $323 $41 $300 ($36) $250 $200 $150 $100 $50 $0 4Q 2024 MTM Change Natural Gas Rockies Permian Basin Texas Other 1Q 2025 GOM Marketing Gathering Systems Gathering Systems Intrastate System GOM (excl. MTM) Details:
Slide 23: Petrochemical & Ref. Products 4Q GOM Bridge: 1Q 2025 vs. 4Q 2024
Petrochemical & Ref. Products Segment 1Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $400 $348 $350 ($2) $26 $8 $315 $300 ($34) ($6) ($15) ($10) $250 $200 $150 $100 $50 $0 4Q 2024 MTM Change Mont Belvieu Area Ethylene Exports & Octane TE Products Refined Products Other 1Q 2025 GOM Propylene Related Activit
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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