Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q4 2025 Earnings Presentation
25 slides from Enterprise Products Partners L.p's earnings presentation, Feb 3, 2026
Slide 1: Fourth Quarter 2025 Earnings Support Slides
Fourth Quarter 2025 Earnings Support Slides February 3, 2026 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 fourth quarter of 2025 and our SEC Form 10-K (when filed), which provi
Slide 4: Enterprise Allocation of Capital
Enterprise Allocation of Capital “All of the Above” Approach Responsibly Returning Capital to Investors • $62 Billion (“B”) of capital returned to equity investors via LP distributions and common unit buybacks, since IPO • Distributions: $0.55/unit for 4Q 2025, a 2.8% increase over 4Q 2024 • Buyback
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 $3.98 $3.61 $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 2025 $5.0 $4.8 $4.5 Capital Returned to Unitholders $4.4 $4.4 $4.2 $4.1 $4.2 $3.9 $3.9 $3.9 Growth Capex $3.8 $3.6 $3.0 $2.9 $2.9
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 7.9 Bcf/d 14,000 8.0 13.7 MMBPD RECORD Record 7.5 13,000 7.0 12,000 10% 6.5 11,000 8% RECORD CAGR 6.0 10,000 CAGR 5.5 9,000 5.0 8,000 4.5 7,000 4.0 6,000
Slide 9: $4.8B of Major Capital Projects Under Construction
Growth Capital Expenditures (1) $4.8B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Forecast In-service Forecasted Annual Growth Capex Range $4.0 Permian Basin Delaware Basin & Midland Basin Natural Gas Gathering, Gathering 2026 - 2027 $3.5 Compression & Treating
Slide 10: Indicative Attribution of Total GOM
Indicative Attribution of Total GOM $12 $10.0B $10.0B $10 $9.3B $9.4B 13% 16% Gross Operating Margin in $Billions $8.6B 16% 17% 5% $8 6% 13% 10% 6% 5% $6 $4 82% 78% 82% 74% 77% $2 $0 2021 2022 2023 2024 2025 Fee-Based Commodity Price-Based Differential-Based Total gross operating margin is a Non-GAA
Slide 11: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM Select Businesses as of Year-End 2025 (1) Natural Gas Processing GOM $1,200 $0.60 $1,066 $959 $965 $1,000 $166 $0.50 $215 $197 $737 GOM in $Millions $800 $0.40 Price Spread $87 $202 $535 $214 $600 $0.30 $202 $400 $332 $0.20 $564 $95 $530 $200 $43 $448 $0.10 $365
Slide 12: Segment Gross Operating Margin Variance: 4Q 2025 vs. 4Q 2024
Segment Gross Operating Margin Variance 4Q 2025 vs. 4Q 2024
Slide 13: Total GOM Bridge: 4Q 2025 vs. 4Q 2024
Total GOM Bridge by Segment 4Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $122 $49 $9 $2,737 $2,628 $2,500 ($7) ($64) $2,000 $1,500 $1,000 $500 $0 4Q 2024 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 4Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The follow
Slide 14: NGL: 4Q 2025 vs. 4Q 2024
NGL Segment 4Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $1,600 $1,548 $23 $18 $17 $1,541 $29 $1,400 ($51) ($42) ($1) $1,200 $1,000 $800 $600 $400 $200 $0 4Q 2024 EHT NGL Marketing Mont Belvieu Area Eastern Permian Morgan's Other 4Q 2025 GOM (excl. MTM) NGL Fractionation Ethane Basin Point GOM Complex Pi
Slide 15: Crude Oil: 4Q 2025 vs. 4Q 2024
Crude Oil Segment 4Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $450 $417 $400 ($5) $6 $353 $350 ($65) $300 $250 $200 $150 $100 $50 $0 4Q 2024 MTM Change Texas Crude Oil Pipelines, Other 4Q 2025 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activity resulted in a loss of $1MM
Slide 16: Natural Gas: 4Q 2025 vs. 4Q 2024
Natural Gas Segment 4Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $500 $14 $445 $450 $23 $7 $26 $400 $50 $350 $323 $2 $300 $250 $200 $150 $100 $50 $0 4Q 2024 MTM Change Natural Gas Permian Basin Texas Acadian Other 4Q 2025 GOM Marketing Gathering Intrastate System Gas System GOM (excl. MTM) Systems Detail
Slide 17: Petrochemical & Refined Products: 4Q 2025 vs. 4Q 2024
Petrochemical & Refined Products Segment 4Q 2025 vs. 4Q 2024 $ in MMs GOM Bridge $450 $15 $397 $400 $33 ($1) $348 $2 $350 $300 $250 $200 $150 $100 $50 $0 4Q 2024 MTM Change Refined Products Propylene Other 4Q 2025 GOM Pipelines Production GOM & Related & Related Activities Activities (excl. MTM) (ex
Slide 18: Segment Gross Operating Margin Variance: 4Q 2025 vs. 3Q 2025
Segment Gross Operating Margin Variance 4Q 2025 vs. 3Q 2025
Slide 19: Total GOM Bridge: 4Q 2025 vs. 3Q 2025
Total GOM Bridge by Segment 4Q 2025 vs. 3Q 2025 $ in MMs GOM Bridge $106 $27 $2,737 $238 ($1) $2,500 $2,385 ($18) $2,000 $1,500 $1,000 $500 $0 3Q 2025 NGL Crude Oil Natural Gas Petrochemicals Net Adj. for 4Q 2025 GOM Segment Segment Segment & Ref. Products Shipper Make-up GOM Segment Rights The foll
Slide 20: NGL: 4Q 2025 vs. 3Q 2025
NGL Segment 4Q 2025 vs. 3Q 2025 $ in MMs GOM Bridge $1,600 $11 $8 $21 $1,541 $17 $16 $14 $36 $34 $95 $1,400 $1,303 $1,200 ($14) $1,000 $800 $600 $400 $200 $0 3Q 2025 MTM Change NGL Marketing Mont Belvieu Area Permian Basin & Eastern Dixie Permian Basin Morgan's Mont Belvieu Area Other 4Q 2025 GOM (e
Slide 21: Crude Oil: 4Q 2025 vs. 3Q 2025
Crude Oil Segment 4Q 2025 vs. 3Q 2025 $ in MMs GOM Bridge $450 $400 $5 $2 $371 $4 $353 $350 ($29) $300 $250 $200 $150 $100 $50 $0 3Q 2025 MTM Change EHT - Crude Texas Crude Oil Pipelines, Other 4Q 2025 GOM Related Terminals GOM & Marketing (excl. Seaway and MTM) Details: • MTM activity resulted in a
Slide 22: Natural Gas: 4Q 2025 vs. 3Q 2025
Natural Gas Segment 4Q 2025 vs. 3Q 2025 $ in MMs GOM Bridge $500 $7 $6 $2 $445 $450 $9 $27 $10 $400 $45 $350 $339 $300 $250 $200 $150 $100 $50 $0 3Q 2025 MTM Change Natural Gas Rockies Texas Acadian Permian Basin Other 4Q 2025 GOM Marketing Gathering Systems Intrastate System Gas System Gathering GO
Slide 23: Petrochemical & Ref. Products: 4Q 2025 vs. 3Q 2025
Petrochemical & Ref. Products Segment 4Q 2025 vs. 3Q 2025 $ in MMs GOM Bridge $450 $12 $33 $397 $400 $6 ($15) $370 ($6) ($3) $350 $300 $250 $200 $150 $100 $50 $0 3Q 2025 MTM Change TE Products Mont Belvieu Area Refined Products Octane TW Products 4Q 2025 GOM Pipeline System Propylene Marketing Enhan
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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