Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q3 2025 Earnings Presentation
25 slides from Enterprise Products Partners L.p's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Earnings Support Slides
Third Quarter 2025 Earnings Support Slides October 30, 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 third quarter of 2025 and our SEC Form 10-Q (when filed), which provid
Slide 4: Enterprise Allocation of Capital
Enterprise Allocation of Capital “All of the Above” Approach Responsibly Returning Capital to Investors • $61 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.545/unit for 3Q 2025, a 3.8% increase over 3Q 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 $3.60 $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 $5.0 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for TTM 3Q 2025 $5.0 $4.8 $4.5 Capital Returned to Unitholders $4.4 $4.2 $4.2 $4.3 $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 7.8 Bcf/d 14,000 13.6 MMBPD Record 7.5 13,000 7.0 12,000 10% 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: Growth Capital Expenditures
Growth Capital Expenditures (1) $5.1B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Forecast 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
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% 6% $7.3B 5% 10% 13% 5% $6.0 $4.0 78% 82% 74% 77% 82% $2.0 $0.0 2021 2022 2023 2024 9 Mo 2025 Fee-Based Commodity Price-Based Differential-Based Total gross operating m
Slide 11: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of 9 Mo 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 $720 Price Spread $87 $535 $214 $600 $145 $0.30 $202 $156 $400 $332 $0.20 $95 $530 $448 $419 $200 $43 $0.10 $365 $194
Slide 12: Segment Gross Operating Margin Variance: 3Q 2025 vs. 3Q 2024
Segment Gross Operating Margin Variance 3Q 2025 vs. 3Q 2024
Slide 13: 3Q 2025 vs. 3Q 2024: Total GOM Bridge
Total GOM Bridge by Segment 3Q 2025 vs. 3Q 2024 $ in MMs GOM Bridge $3,000 $2,500 $2,454 $7 $2,385 ($32) ($30) ($10) ($4) $2,000 $1,500 $1,000 $500 $0 3Q 2024 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 3Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights
Slide 14: 3Q 2025 vs. 3Q 2024: NGL
NGL Segment 3Q 2025 vs. 3Q 2024 $ in MMs GOM Bridge $1,600 $1,400 $1,335 $19 $19 $16 $6 $1,303 $22 ($44) ($37) $1,200 ($33) $1,000 $800 $600 $400 $200 $0 3Q 2024 MTM Change EHT NGL Marketing Mont Belvieu Area Morgan's Eastern Permian Other 3Q 2025 GOM (excl. MTM) NGL Fractionation Point Ethane Basin
Slide 15: 3Q 2025 vs. 3Q 2024: Crude Oil
Crude Oil Segment 3Q 2025 vs. 3Q 2024 $ in MMs GOM Bridge $450 $401 $400 $371 ($11) ($15) ($4) $350 $300 $250 $200 $150 $100 $50 $0 3Q 2024 MTM Change Texas Crude Oil Pipelines, Other 3Q 2025 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activity resulted in a loss of $
Slide 16: 3Q 2025 vs. 3Q 2024: Natural Gas
Natural Gas Segment 3Q 2025 vs. 3Q 2024 $ in MMs GOM Bridge $400 $349 $8 $350 $31 $339 ($8) $300 ($41) $250 $200 $150 $100 $50 $0 3Q 2024 MTM Change Permian Basin Texas and Louisiana Other 3Q 2025 GOM Gathering Intrastate GOM Systems Systems Details: • MTM activity resulted in a loss of $40MM in 3Q
Slide 17: 3Q 2025 vs. 3Q 2024: Petrochemical & Refined Products
Petrochemical & Refined Products Segment 3Q 2025 vs. 3Q 2024 $ in MMs GOM Bridge $450 $11 $400 $28 $363 $1 $370 ($16) $350 ($13) ($4) $300 $250 $200 $150 $100 $50 $0 3Q 2024 MTM Change Refined Products Ethylene Exports & Propylene Octane Other 3Q 2025 GOM Pipelines Related Activities Production Enha
Slide 18: Segment Gross Operating Margin Variance: 3Q 2025 vs. 2Q 2025
Segment Gross Operating Margin Variance 3Q 2025 vs. 2Q 2025
Slide 19: 3Q 2025 vs. 2Q 2025: Total GOM Bridge
Total GOM Bridge by Segment 3Q 2025 vs. 2Q 2025 $ in MMs GOM Bridge $2,477 $6 $2,500 $16 $2,385 ($32) ($78) ($4) $2,000 $1,500 $1,000 $500 $0 2Q 2025 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 3Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The follo
Slide 20: 3Q 2025 vs. 2Q 2025: NGL
NGL Segment 3Q 2025 vs. 2Q 2025 $ in MMs GOM Bridge $1,600 $1,400 $32 $19 $7 $7 $1,297 $1,303 ($30) ($20) ($9) $1,200 $1,000 $800 $600 $400 $200 $0 2Q 2025 MTM Change Permian Basin Dixie Morgan's NGL Marketing Mont Belvieu Area Rockies 3Q 2025 GOM Processing Pipeline Point (excl. MTM) NGL Fractionat
Slide 21: 3Q 2025 vs. 2Q 2025: Crude Oil
Crude Oil Segment 3Q 2025 vs. 2Q 2025 $ in MMs GOM Bridge $450 $403 $400 $371 ($11) ($16) ($2) ($3) $350 $300 $250 $200 $150 $100 $50 $0 2Q 2025 MTM Change EHT - Crude Texas Crude Oil Pipelines, Other 3Q 2025 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activity result
Slide 22: 3Q 2025 vs. 2Q 2025: Natural Gas
Natural Gas Segment 3Q 2025 vs. 2Q 2025 $ in MMs GOM Bridge $450 $417 $400 $350 $16 $8 $339 $300 ($98) ($4) $250 $200 $150 $100 $50 $0 2Q 2025 MTM Change Natural Gas Permian Basin Other 3Q 2025 GOM Marketing Gathering GOM (excl. MTM) Systems Details: • MTM activity resulted in a loss of $40MM in 3Q
Slide 23: 3Q 2025 vs. 2Q 2025: Petrochemical & Ref. Products
Petrochemical & Ref. Products Segment 3Q 2025 vs. 2Q 2025 $ in MMs GOM Bridge $450 $400 $5 $5 $29 $7 $370 $354 $350 ($21) ($9) $300 $250 $200 $150 $100 $50 $0 2Q 2025 MTM Change Octane TE Products TW Products Mont Belvieu Area Other 3Q 2025 GOM Enhancement Pipeline System System Propylene GOM & Rela
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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