Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q2 2021 Earnings Presentation
22 slides from Enterprise Products Partners L.p's earnings presentation, Jul 28, 2021
Slide 1: Second Quarter 2021 Earnings Support Slides
SECOND QUARTER 2021 EARNINGS SUPPORT SLIDES July 28, 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 second quarter of 2021 and our SEC Form 10-Q (when filed), which p
Slide 4: Indicative Attribution of Gross Operating Margin
Indicative Attribution of Gross Operating Margin Slides 8–9 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 subje
Slide 5: Enterprise 2021 Financial Outlook
Enterprise 2021 Financial Outlook Capital Expenditure Updates • Currently forecasting 2021 and 2022 growth capital of ≈$1.7B and $800MM, respectively* Based on sanctioned projects to date only • Projected 2021 Sustaining Capital Expenditures: $440MM Including $115MM for turnarounds at PDH and oc
Slide 6: Capital Updates
Capital Updates ≈$3.1B of Major Capital Projects Under Construction* Highlighted Major Capital Projects Forecast Major Capital Projects Under Construction 2021–Forward In-service NGLs Natural Gas Mont Belvieu to Beaumont Ethane Expansion In-service 7% Natural Liquids Gas C5 Hydrotreater 4Q 2021 16%
Slide 7: Total Gross Operating Margin Bridge
Total Gross Operating Margin Bridge $ in MM 2Q 2021 vs. 2Q 2020 $ in MM 2Q 2021 vs. 1Q 2021 $91 2Q 2020 Non-Cash New & Legacy Gas Other 2Q 2021 1Q 2021 Non-Cash New & Legacy Gas Other 2Q 2021 GOM MTM Expanded Processing GOM GOM MTM Expanded Processing GOM Change Assets Facilities Change Assets Facil
Slide 8: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM 100% 2019 2020 1H 2021 2% 5% 11% 7% 13% 10% 12% 13% 10% 10% 16% 5% 14% 16% 90% 18% 2% 4% 2% 3% 4% 4% 10% 38% 4% 80% 10% 70% 60% 12% 50% 100% 91% 88% 90% 88% 87% 86% 87% 40% 83% 82% 82% 80% 74% 77% 30% 50% 20% 10% 0% (1) (2) (3) (1) (2) (3) (1) (2) (3) NGL Crude
Slide 9: Indicative Attribution of GOM for Select Businesses
Indicative Attribution of GOM for Select Businesses Natural Gas Processing GOM $600 $0.60 $497 $500 $0.50 $400 $0.40 GOM in $Millions $364 Price Spread 25% $300 $0.30 $250 12% $200 26% $0.20 57% $122 70% $100 $0.10 68% (1) $56 100% 81% $0 $0.00 2017 2018 2019 2020 1H 2021 Fee POP & POL Keepwhole Ind
Slide 10: Segment Gross Operating Margin Variance 2Q 2021 vs. 2Q 2020
SEGMENT GROSS OPERATING MARGIN VARIANCE 2Q 2021 VS. 2Q 2020
Slide 11: Total GOM Bridge by Segment 2Q 2021 vs. 2Q 2020
Total GOM Bridge by Segment 2Q 2021 vs. 2Q 2020 $ in MMs Gross Operating Margin Bridge 2Q 2020 NGL Segment Crude Oil Natural Gas Petrochemicals Net Adj. for 2Q 2021 GOM Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights Details: • The following slides summarize the primary drivers fo
Slide 12: NGL Segment 2Q 2021 vs. 2Q 2020
NGL Segment 2Q 2021 vs. 2Q 2020 $ in MMs Gross Operating Margin Bridge 2Q 2020 Non-Cash Chambers County NGL Rockies Dixie Pipeline Other 2Q 2021 GOM MTM Change Fractionation Marketing Gas Plants System GOM Details: Complex (excl. MTM) • Non-cash MTM activity resulted in a gain of $15MM in 2Q 2021 co
Slide 13: Crude Oil Segment 2Q 2021 vs. 2Q 2020
Crude Oil Segment 2Q 2021 vs. 2Q 2020 $ in MMs Gross Operating Margin Bridge 2Q 2020 Non-Cash Marketing West Texas EHT Export Seaway Other 2Q 2021 GOM MTM Change (excl. MTM Pipeline System Terminal Pipeline GOM & M2E1) Details: • Non-cash MTM activity resulted in a loss of $10MM in 2Q 2021 compared
Slide 14: Natural Gas Segment 2Q 2021 vs. 2Q 2020
Natural Gas Segment 2Q 2021 vs. 2Q 2020 $ in MMs Gross Operating Margin Bridge 2Q 2020 Non-Cash Natural Gas Texas Intrastate Permian Basin Other 2Q 2021 GOM MTM Change Marketing System Gathering System GOM (excl. MTM) Details: • Non-cash MTM activity resulted in a gain of $1MM in 2Q 2021 compared to
Slide 15: Petrochemical & Ref. Products Segment 2Q 2021 vs. 2Q 2020
Petrochemical & Ref. Products Segment 2Q 2021 vs. 2Q 2020 $ in MMs Gross Operating Margin Bridge 2Q 2020 Non-Cash Propylene TE Products Octane Enhancement Other Changes 2Q 2021 GOM MTM Change Production Pipeline & Related Facilities GOM Facilities Details: • Non-cash MTM activity resulted in a gain
Slide 16: Segment Gross Operating Margin Variance 2Q 2021 vs. 1Q 2021
SEGMENT GROSS OPERATING MARGIN VARIANCE 2Q 2021 VS. 1Q 2021
Slide 17: Total GOM Bridge by Segment 2Q 2021 vs. 1Q 2021
Total GOM Bridge by Segment 2Q 2021 vs. 1Q 2021 $ in MMs Gross Operating Margin Bridge 1Q 2021 NGL Segment Crude Oil Natural Gas Petrochemicals Net Adj. for 2Q 2021 GOM Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights Details: • The following slides summarize the primary drivers fo
Slide 18: NGL Segment 2Q 2021 vs. 1Q 2021
NGL Segment 2Q 2021 vs. 1Q 2021 $ in MMs Gross Operating Margin Bridge 1Q 2021 Non-Cash Chambers South Texas NGL Marketing Dixie Pipeline Norco Other 2Q 2021 GOM MTM Change County Gas Plants (excl. MTM) System Fractionator GOM Fractionation Complex Details: • Non-cash MTM activity resulted in a gain
Slide 19: Crude Oil Segment 2Q 2021 vs. 1Q 2021
Crude Oil Segment 2Q 2021 vs. 1Q 2021 $ in MMs Gross Operating Margin Bridge 1Q 2021 Non-Cash Seaway Pipeline Midland-to-ECHO EHT Export Other 2Q 2021 GOM MTM Change System (excl. MTM) Terminal GOM Details: • Non-cash MTM activity resulted in a loss of $10MM in 2Q 2021 compared to a loss of $1MM in
Slide 20: Natural Gas Segment 2Q 2021 vs. 1Q 2021
Natural Gas Segment 2Q 2021 vs. 1Q 2021 $ in MMs Gross Operating Margin Bridge 1Q 2021 Non-Cash Natural Gas Texas Intrastate Permian Basin Other 2Q 2021 GOM MTM Change Marketing System Gathering System GOM (excl. MTM) Details: • Non-cash MTM activity resulted in a gain of $1MM in 2Q 2021 compared to
Slide 21: Petrochemical & Ref. Products Segment 2Q 2021 vs. 1Q 2021
Petrochemical & Ref. Products Segment 2Q 2021 vs. 1Q 2021 $ in MMs Gross Operating Margin Bridge 1Q 2021 Non-Cash Propylene Ethylene Export Refined Products Other 2Q 2021 GOM MTM Change Production Terminal & Marketing GOM Facilities Related Ops (excl. MTM) Details: • Non-cash MTM activity resulted i
Slide 22: Definitions
Definitions Operational Distributable Cash Flow (“DCF”) represents DCF excluding proceeds from asset sales and net receipts / payments from the monetization of interest rate derivative instruments. DCF per Unit is determined by dividing DCF for a period by the average number of fully diluted common
Enterprise Products Partners — Q2 2021 Earnings Presentation on 6ix