Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Q3 2020 Earnings Presentation
21 slides from Enterprise Products Partners L.p's earnings presentation, Oct 28, 2020
Slide 1: Third Quarter 2020 Earnings Support Slides
THIRD QUARTER 2020 EARNINGS SUPPORT SLIDES October 28, 2020
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 third quarter of 2020 and our third quarter SEC Form 10-Q (whe
Slide 4: Indicative Attribution of Gross Operating Margin
Indicative Attribution of Gross Operating Margin Slides 8–10 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 subj
Slide 5: Enterprise 2020 Financial Outlook
Enterprise 2020 Financial Outlook Capital Expenditure Updates • 2020 Growth Capital Forecast: ≈$2.9 billion, net of contributions Currently forecasting 2021 and 2022 growth capital of ≈$1.6 billion and $800 million, respectively* o Based on sanctioned projects to date • Quality Project Slate Sup
Slide 6: Capital Updates
Capital Updates ≈$3.9B of Major Capital Projects Under Construction* Highlighted Major Capital Projects Forecast In-Service 1Q 20 2Q 20 3Q 20 4Q 20 2021 2022–23 Gas Liquids Mont Belvieu Area Fractionators 10 & 11 1Q 2020 & 3Q 2020 In-Serv In-Serv Natural Texas Express & Front Range Expansions 2Q 202
Slide 7: Total Gross Operating Margin Bridge
Total Gross Operating Margin Bridge 3Q 2020 vs. 3Q 2019 3Q 2020 vs. 2Q 2020 3Q 2019 Non-Cash New & Existing Legacy Gas Other Asset 3Q 2020 2Q 2020 Non-Cash New & Existing Legacy Gas Other Asset 3Q 2020 GOM MTM Expanded Assets with Plants Changes Offset GOM GOM MTM Expanded Assets with Plants Changes
Slide 8: Indicative Attribution of Gross Operating Margin
Indicative Attribution of Gross Operating Margin $9.0 $8.3B $8.0 10% $7.3B 4% $7.0 8% Gross Operating Margin in $Billions 6% $6B $6.0 $5.7B 10% $5.2B 6% 5% 3% $5.0 5% 4% $4.0 86% $3.0 86% 91% 89% 87% $2.0 $1.0 $0.0 2016 2017 2018 2019 9 Months 2020 Fee-Based Commodity Price-Based Differential-Based
Slide 9: Indicative Attribution of Segment GOM
Indicative Attribution of Segment GOM 2018 2019 9 Months 2020 100% 2% 5% 4% 11% 11% 7% 11% 8% 10% 14% 13% 13% 11% 16% 90% 5% 2% 4% 2% 4% 5% 10% 80% 10% 70% 60% 50% 95% 91% 89% 88% 85% 85% 87% 87% 40% 81% 83% 74% 77% 30% 20% 10% 0% (2) (3) (2) (2) NGL(1) Crude Natural Gas Petchem & NGL(1) Crude Natur
Slide 10: Indicative Attribution of GOM for Select Businesses
Indicative Attribution of GOM for Select Businesses Natural Gas Processing GOM $600 $0.50 $500 $500 $0.40 GOM in $ Millions $400 $356 Price Spread 25% $0.30 $300 $244 12% $0.20 $200 $169 26% 14% 57% 70% $94 $0.10 $100 81% 68% 100% $0 $0.00 (1) 2016 2017 2018 2019 9Mos 2020 Fee POP & POL Keepwhole In
Slide 11: Segment Gross Operating Margin Variance 3Q 2020 vs. 3Q 2019
SEGMENT GROSS OPERATING MARGIN VARIANCE 3Q 2020 VS. 3Q 2019
Slide 12: NGL Segment 3Q 2020 vs. 3Q 2019
NGL Segment 3Q 2020 vs. 3Q 2019 $ in MMs ($7) 3Q 2019 Non-Cash Mont Belvieu Marketing MAPL, Front Range & EHT Export Permian Gas Legacy Gas Other 3Q 2020 GOM MTM Change Area (excl. MTM) Seminole & Texas Express Terminal & Plants Plants Changes GOM Fractionators Related Related Terminals Pipeline Det
Slide 13: Crude Segment 3Q 2020 vs. 3Q 2019
Crude Segment 3Q 2020 vs. 3Q 2019 $ in MMs ($4) 3Q 2019 Non-Cash Marketing EHT & Beaumont Seaway South Texas & Midland-to-ECHO Other 3Q 2020 GOM MTM Change (excl. MTM Export Terminals Pipeline Eagle Ford System Changes GOM & M2E1) Pipeline Systems (excl. MTM) Details: • Non-cash MTM activity for bot
Slide 14: Natural Gas Segment 3Q 2020 vs. 3Q 2019
Natural Gas Segment 3Q 2020 vs. 3Q 2019 $ in MMs ($12) 3Q 2019 Non-Cash Permian Acadian Gas Marketing Other 3Q 2020 GOM MTM Change Gathering System (excl. MTM) Changes GOM Details: • Non-cash MTM activity resulted in a loss of $15MM in 3Q 2020 compared to a gain of $1MM in 3Q 2019 • Permian Gatherin
Slide 15: Petrochemical & Ref. Products Segment 3Q 2020 vs. 3Q 2019
Petrochemical & Ref. Products Segment Segment 3Q 2020 vs. 3Q 2019 $ in MMs $4 3Q 2019 Non-Cash Refined Products Ethylene Exports & TE Products iBDH, Octane Other 3Q 2020 GOM MTM Change Marketing Related Pipelines Pipeline & Related Enhancement Changes GOM (excl. MTM) Terminals & HPIB Details: • Non-
Slide 16: Segment Gross Operating Margin Variance 3Q 2020 vs. 2Q 2020
SEGMENT GROSS OPERATING MARGIN VARIANCE 3Q 2020 VS. 2Q 2020
Slide 17: NGL Segment 3Q 2020 vs. 2Q 2020
NGL Segment 3Q 2020 vs. 2Q 2020 $ in MMs 2Q 2020 Non-Cash MTM NGL Marketing Legacy Gas MAPL & Permian Mont Belvieu 3Q 2020 GOM Change (excl. MTM) Plants Terminals, Gas Plants Storage GOM & Seminole Details: • Non-cash MTM activity resulted in a loss of $12MM in 3Q 2020 compared to a gain of $36MM in
Slide 18: Crude Segment 3Q 2020 vs. 2Q 2020
Crude Segment 3Q 2020 vs. 2Q 2020 $ in MMs 2Q 2020 Non-Cash South Texas & Seaway Pipeline Midland-to-ECHO Marketing 3Q 2020 GOM MTM Change Eagle Ford System (excl. MTM) GOM Pipeline Systems Details: • Non-cash MTM activity resulted in a gain of $10MM in 3Q 2020 compared to a gain of $8MM in 2Q 2020
Slide 19: Natural Gas Segment 3Q 2020 vs. 2Q 2020
Natural Gas Segment 3Q 2020 vs. 2Q 2020 $ in MMs Gross Operating Margin Bridge 2Q 2020 Non-Cash Texas Intrastate Permian Marketing Other 3Q 2020 GOM MTM Change Pipeline Gathering System (excl. MTM) Changes GOM Details: • Non-cash MTM activity resulted in a loss of $15MM in 3Q 2020 compared to a loss
Slide 20: Petrochemical & Ref. Products Segment 3Q 2020 vs. 2Q 2020
Petrochemical & Ref. Products Segment Segment 3Q 2020 vs. 2Q 2020 $ in MMs Gross Operating Margin Bridge 2Q 2020 Non-Cash Propylene Refined Products TE Products Pipeline Ethylene Export Other 3Q 2020 GOM MTM Change Services Marketing & Related Terminals Terminal & GOM (excl. MTM) Related Activities
Slide 21: Definitions
Definitions • Operational Distributable Cash Flow (“DCF”) represents DCF excluding proceeds from asset sales and property damage insurance claims and net receipts / payments from the monetization of interest rate derivative instruments. • Distributable Cash Flow (“DCF”) per Unit is determined by div
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