MarsBarsBoth Enterprise Products Partners (NYSE:EPD) and MPLX (NYSE:MPLX) are blue-chip midstream MLPs (AMLP) that offer investors an attractive combination of safe and growing high-yield distributions, investment-grade balance sheets, and defensive business models that generate stable cash flows through a wide range of macroeconomics and energy industry environments. In this article, we compare them side-by-side and offer our take on which is the best buy right now. EPD Stock Vs. MPLX Stock: Business M ...

Key PointsEnterprise Products Partners tops the list of buy-rated high-yield values at the end of 2023.Verizon is in rebound mode and won't be this cheap or high-yielding for long. Ethan Allen Interiors is a comfortable stock to sit in and wait for the Fed to cut rates. 5 stocks we like better than Enterprise Products PartnersWith interest rates slated to come down by the end of 2024, it's time to look at high-yielding stocks. Stocks with yields above 4% should outperform bonds over the coming years, as the ...

Leonardo Penuela Bernal/iStock via Getty ImagesAre you seeking a company that's considered a sound investment, with reliable cash flow generation and a high yield to support your retirement or income oriented investment goals? Enterprise Products Partners L.P. (NYSE:EPD) should certainly be on your radar. EPD boasts a $56.9 billion market cap and an enticing distribution yield of 7.63%, backed by a robust 1.7x distribution coverage ratio. However, a substantial yield alone doesn't guarantee an excellent ...

If you're looking for a dividend stock you can count on, Enterprise Products Partners (EPD -0.23%) is one worth considering. For over 25 years, the company has raised its distribution annually to shareholders, and today, it yields investors 7.7%.Enterprise Products Partners operates in the oil and gas industry, but its structure makes it less vulnerable to the wild price swings in these energy products. The company is a solid dividend stock, but there are at least three things you'll want to consider before ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission file number: 1-14323 ENTERPRISE PRODUCTS PARTNERS L.P. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission file number: 1-14323 ENTERPRISE PRODUCTS PARTNERS L.P. 1100 Louisiana Street, 10th Floor (Exact Name of Registrant as Specified in Its Charter) Hou ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements.) This section presents the unaudited condensed consolidated financial statements for Q1 2023, reporting a net income attributable to common unitholders of $1.39 billion and diluted EPS of $0.63 Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $9,687 | $10,598 | | **Total assets** | $67,325 | $68,108 | | **Total current liabilities** | $10,410 | $12,265 | | **Long-term debt** | $27,439 | $26,551 | | **Total partners' equity** | $26,787 | $26,623 | | **Total liabilities and equity** | $67,325 | $68,108 | Consolidated Operations Highlights (in millions, except per unit amounts) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Total revenues** | $12,444 | $13,008 | | **Operating income** | $1,734 | $1,666 | | **Net income** | $1,422 | $1,331 | | **Net income attributable to common unitholders** | $1,390 | $1,296 | | **Basic and diluted EPS** | $0.63 | $0.59 | Consolidated Cash Flow Highlights (in millions) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Net cash flows provided by operating activities** | $1,583 | $2,145 | | **Cash used in investing activities** | $(637) | $(3,532) | | **Cash used in financing activities** | $(876) | $(1,125) | [Note 7. Debt Obligations](index=14&type=section&id=Note%207.%20Debt%20Obligations) Total consolidated debt stood at $28.9 billion as of March 31, 2023, following a $1.75 billion senior note issuance and the refinancing of revolving credit facilities Consolidated Debt Obligations (in millions) | Category | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total principal amount** | $28,871 | $28,566 | | **Current maturities of debt** | $1,149 | $1,744 | | **Total long-term debt** | $27,439 | $26,551 | - In January 2023, EPO issued **$1.75 billion** in senior notes: **$750 million** due 2026 (5.05% fixed-rate) and **$1.0 billion** due 2033 (5.35% fixed-rate) Proceeds were used for general purposes, capital investments, and debt repayment, including the March 2023 maturity of **$1.25 billion** Senior Notes HH[68](index=68&type=chunk)[69](index=69&type=chunk) - In March 2023, EPO replaced its revolving credit agreements with a new **$1.5 billion** 364-day facility and a new **$2.7 billion** multi-year facility, both of which were undrawn as of March 31, 2023[60](index=60&type=chunk)[64](index=64&type=chunk) [Note 8. Capital Accounts](index=18&type=section&id=Note%208.%20Capital%20Accounts) In Q1 2023, the company repurchased **$17 million** in common units, retaining **$1.3 billion** in buyback capacity, and declared a **$1.08 billion** cash distribution - During Q1 2023, the Partnership repurchased **682,589 common units** for **$17 million** under its 2019 Buyback Program The remaining capacity under the program was **$1.3 billion** as of March 31, 2023[77](index=77&type=chunk)[78](index=78&type=chunk) - On April 5, 2023, a quarterly cash distribution of **$0.490 per common unit** was declared for Q1 2023, payable on May 12, 2023 The total payment amounts to **$1.08 billion**[85](index=85&type=chunk) [Note 10. Business Segments and Related Information](index=23&type=section&id=Note%2010.%20Business%20Segments%20and%20Related%20Information) Total segment gross operating margin increased to **$2.34 billion** in Q1 2023, driven by growth in Natural Gas Pipelines & Services despite declines in other segments Gross Operating Margin by Segment (in millions) | Segment | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **NGL Pipelines & Services** | $1,212 | $1,225 | | **Crude Oil Pipelines & Services** | $397 | $415 | | **Natural Gas Pipelines & Services** | $314 | $220 | | **Petrochemical & Refined Products Services** | $419 | $404 | | **Total segment gross operating margin** | $2,342 | $2,264 | - The company evaluates segment performance based on gross operating margin, which is reconciled from the GAAP measure of operating income by adjusting for depreciation, amortization, G&A costs, and other items[95](index=95&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [Note 13. Hedging Activities and Fair Value Measurements](index=28&type=section&id=Note%2013.%20Hedging%20Activities%20and%20Fair%20Value%20Measurements) The company utilizes derivative instruments to manage interest rate and commodity price risks, terminating treasury lock transactions for **$21 million** in Q1 2023 and implementing various commodity hedging strategies - In January 2023, the company terminated two treasury lock transactions designated as cash flow hedges for its debt issuance, receiving total cash proceeds of **$21 million** Gains are reflected in accumulated other comprehensive income and will be amortized to reduce interest expense over the term of the debt[117](index=117&type=chunk) - Predominant commodity hedging strategies at March 31, 2023, included hedging future purchases and sales for transportation and storage, natural gas processing margins, the fair value of inventory, and power purchases[119](index=119&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management analyzes Q1 2023 financial performance, highlighting a **$77 million** increase in gross operating margin, **$4.0 billion** in liquidity, **$1.94 billion** in Distributable Cash Flow, and 2023 capital investment guidance of **$2.8 billion to $3.2 billion** Income Statement Highlights (in millions) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Revenues** | $12,444 | $13,008 | | **Operating income** | $1,734 | $1,666 | | **Net income attributable to common unitholders** | $1,390 | $1,296 | Distributable Cash Flow (DCF) (in millions) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **DCF (non-GAAP)** | $1,938 | $1,837 | | **Cash distributions paid** | $1,075 | $1,023 | | **Total DCF retained** | $863 | $814 | | **Distribution coverage ratio** | 1.8x | 1.8x | - Total capital investments for 2023 are expected to be between **$2.8 billion and $3.2 billion**, comprising **$2.4 billion to $2.8 billion** in growth capital and **$400 million** in sustaining capital expenditures[286](index=286&type=chunk) [Business Segment Highlights](index=47&type=section&id=Business%20Segment%20Highlights) Total gross operating margin rose to **$2.34 billion** in Q1 2023, primarily driven by significant increases in Natural Gas Pipelines & Services and Petrochemical & Refined Products Services - **NGL Pipelines & Services:** Gross operating margin decreased slightly by **$13 million** to **$1.21 billion** Strong performance in NGL pipelines and terminals, driven by higher export volumes, was offset by lower margins from natural gas processing and NGL fractionation[217](index=217&type=chunk)[219](index=219&type=chunk)[226](index=226&type=chunk)[233](index=233&type=chunk) - **Crude Oil Pipelines & Services:** Gross operating margin decreased by **$18 million** to **$397 million**, primarily due to a **$75 million** decline in deficiency revenues from the EFS Midstream System following the expiration of minimum volume commitments[235](index=235&type=chunk)[236](index=236&type=chunk) - **Natural Gas Pipelines & Services:** Gross operating margin increased significantly by **$94 million** to **$314 million** This was driven by higher average gathering fees in the Rocky Mountains, increased marketing margins, and higher transportation fees on the Texas Intrastate System[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) - **Petrochemical & Refined Products Services:** Gross operating margin increased by **$15 million** to **$419 million** Growth was led by a **$25 million** increase in octane enhancement operations and a **$16 million** increase in refined products pipelines, partially offset by a **$28 million** decrease in propylene production due to planned maintenance[249](index=249&type=chunk)[250](index=250&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity of **$4.0 billion** and generated **$1.94 billion** in Distributable Cash Flow, achieving a 1.8x distribution coverage ratio - At March 31, 2023, the company had **$4.0 billion** of consolidated liquidity, comprising **$3.9 billion** of available borrowing capacity and **$76 million** of unrestricted cash[259](index=259&type=chunk) - The average maturity of EPO's **$28.9 billion** in consolidated debt obligations was approximately **19.9 years** at March 31, 2023[263](index=263&type=chunk) - For Q1 2023, the company generated **$1.94 billion** of DCF, which covered its cash distributions to common unitholders by **1.8 times**, resulting in **$863 million** of retained DCF[281](index=281&type=chunk) [Capital Investments](index=58&type=section&id=Capital%20Investments) The company has **$6.1 billion** in growth capital projects planned through 2025, with 2023 investments forecasted between **$2.8 billion and $3.2 billion**, and Q1 2023 expenditures totaling **$653 million** - The company has approximately **$6.1 billion** of growth capital projects scheduled for completion by the end of 2025, including new natural gas processing plants, an NGL fractionator, and expansions of export capacity[286](index=286&type=chunk) Capital Investments (in millions) | Category | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Growth capital projects** | $542 | $265 | | **Sustaining capital projects** | $111 | $84 | | **Total Capital Expenditures** | $653 | $349 | | **Cash used for business combinations** | $0 | $3,204 | - The increase in Q1 2023 growth capital spending was primarily due to higher investments in natural gas processing and gathering projects in the Permian Basin[289](index=289&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company manages market risks from commodity prices and interest rates using derivative instruments, with sensitivity analyses illustrating the impact of price changes on derivative portfolios - The company uses derivative instruments such as futures, forward contracts, and swaps to manage risks associated with commodity prices and interest rates[304](index=304&type=chunk) - A sensitivity analysis is used to measure the change in fair value of derivative portfolios based on a hypothetical **10% change** in underlying prices, which would normally be offset by a corresponding change in the value of the hedged item[305](index=305&type=chunk) Fair Value of NGL & Refined Products Portfolio (in millions) | Scenario | March 31, 2023 | | :--- | :--- | | **Fair value (no price change)** | $(146) | | **Fair value (10% price increase)** | $(190) | | **Fair value (10% price decrease)** | $(102) | [Item 4. Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes in internal control over financial reporting during Q1 2023 - The company's management, including its principal executive and financial officers, concluded that disclosure controls and procedures were effective as of the end of the period[316](index=316&type=chunk)[319](index=319&type=chunk) - No changes in internal controls over financial reporting occurred during Q1 2023 that have materially affected, or are reasonably likely to materially affect, these controls[317](index=317&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings.) The company is involved in various legal proceedings, including environmental matters with potential sanctions over **$0.3 million**, which are not expected to materially impact financial statements - The company is a defendant in various legal proceedings arising from normal business activities, including regulatory and environmental matters[321](index=321&type=chunk) - Specific disclosed matters include Notices of Violation from the EPA regarding facilities in Louisiana and Texas, a civil penalty demand related to a Colorado gas plant, and Notices of Enforcement from the Texas Commission on Environmental Quality The company does not expect these to be material[323](index=323&type=chunk)[326](index=326&type=chunk) [Item 1A. Risk Factors](index=65&type=page&id=Item%201A.%20Risk%20Factors.) This section refers investors to the comprehensive risk factors detailed in the company's 2022 Annual Report on Form 10-K for understanding potential deviations from forward-looking statements - Investors are referred to the detailed risk factors disclosed in the company's 2022 Form 10-K[325](index=325&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) In Q1 2023, the company issued **18,076 preferred units** as an unregistered PIK distribution and repurchased **682,589 common units** under its buyback program - The company made a quarterly paid-in-kind (PIK) distribution of **18,076 preferred units** in Q1 2023, which was an unregistered issuance[328](index=328&type=chunk)[329](index=329&type=chunk) Issuer Purchases of Equity Securities (Q1 2023) | Program | Units Purchased | Average Price Paid per Unit | | :--- | :--- | :--- | | **2019 Buyback Program** | 682,589 | $24.89 | | **Vesting of phantom unit awards (tax withholding)** | 2,016,542 | $26.78 | [Item 3. Defaults Upon Senior Securities](index=67&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities during the period - None[334](index=334&type=chunk) [Item 6. Exhibits](index=67&type=section&id=Item%206.%20Exhibits.) This section lists all exhibits filed with the Form 10-Q, including credit agreements, corporate governance documents, debt indentures, and Sarbanes-Oxley Act certifications - Key exhibits filed include the March 2023 364-Day and Multi-Year Revolving Credit Agreements and related Guaranty Agreements[351](index=351&type=chunk) - Certifications by the Co-CEOs under Sections 302 and 906 of the Sarbanes-Oxley Act are included as exhibits[352](index=352&type=chunk)

Financial Data and Key Metrics - Net income attributable to common unitholders for Q1 2023 increased by 7.3% to $1.4 billion, or $0.63 per common unit, compared to $1.3 billion, or $0.59 per common unit, in Q1 2022 [9] - Adjusted EBITDA for the 12 months ending March 31, 2023, increased by 11.7% to $9.4 billion compared to the trailing 12 months as of March 31, 2022 [32] - Adjusted cash flow from operations (CFFO) remained flat at $2 billion for both Q1 2023 and Q2 2022 [28] - The company repurchased approximately 683,000 common units at an average price of $24.89 per unit, totaling $17 million in March 2023 [10] - Total capital investments in Q1 2023 were $654 million, including $570 million for organic growth capital projects and $84 million for sustaining capital expenditures [11] Business Line Performance - NGL and natural gas pipeline businesses, natural gas marketing, and octane enhancement activities reported strong increases in gross operating margin compared to Q1 2022 [4] - Refined products business saw strong margins, but propylene business volumes were lower due to planned maintenance at PDH 1, which was down for 24 days in Q1 [4] - Ethylene export facility has been operating at full capacity since its inception, with plans to expand capacity by 50% [5] - Marine terminals loaded over 70 million barrels of NGLs, crude oil, refined products, and petrochemicals for export in March alone [22] Market Data and Key Metrics - Ethane exports have seen significant growth, with new contracts adding 240,000 barrels per day with multiple counterparties [24] - Global demand growth for 2023 is expected to range between 1.4 million to 2.3 million barrels per day, according to OPEC+ economists [25] - U.S. crude inventories have drawn down by 20 million barrels over the last five weeks, signaling strong demand [7] - The company remains constructive on global market fundamentals despite seasonal weakness in Q2, driven by low global inventories and OPEC+ managing global balances [6] Strategic Direction and Industry Competition - The company is expanding its export capacity and adding geographic diversity to its ethane export assets, with positions at Morgan's Point and Beaumont [5] - Major growth projects under construction remain unchanged at $6.1 billion, with $3.8 billion expected to be put into service in 2023 [23] - The company is upgrading its LPG and propylene capacity at the Houston Ship Channel facility and expanding its ethylene export facility [5] - The U.S. ethylene industry remains consistently profitable, while the global industry faces challenges, giving the company a competitive advantage [134] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about medium to long-term oil prices but is cautious about natural gas, citing a wide gas-to-crude spread as a structural advantage for U.S. petrochemicals [8] - The company expects U.S. production and demand at its docks to continue growing, driven by the expansion of hydrocarbon export capabilities [27] - Concerns about global economic conditions, including central bank rate hikes and weaker-than-expected Chinese manufacturing PMI, are countering bullish fundamentals [26] Other Important Information - The company entered into a new $1.5 billion 364-day revolving credit agreement and a $2.7 billion multiyear revolving credit agreement maturing in March 2028, replacing prior credit facilities [13] - The consolidated leverage ratio at the end of Q1 2023 was 3.0x, within the target range of 2.75x to 3.25x [14][33] - The company declared a distribution of $0.49 per common unit for Q1 2023, a 5.4% increase compared to Q1 2022 [142] Q&A Session Summary Question: Drivers of NGL marketing decline and if it has reached a trough - The decline in NGL marketing was attributed to a supply shortage rather than weak demand, with reduced supply from PDH units being offline [36] Question: Update on Shin Oak pipeline expansion alternatives - The company is evaluating capital-disciplined options for the Shin Oak pipeline expansion and is working towards a permit deadline [144] Question: Distribution growth outlook and potential for growth above 5% - The company has historically grown distributions in the 1% to 5% range and will discuss midyear updates with the board, focusing on maintaining a balance between distribution growth and buybacks [54][55] Question: CapEx outlook and potential for cost overruns or delays - The company does not expect cost overruns or delays in its major projects, with most opportunities for growth in the Permian gathering and processing systems and NGL distribution, including exports [57][58] Question: Marine export demand sustainability, particularly for LPG - Strong demand for LPG exports is expected to continue, driven by production growth and competitive pricing [60][61] Question: Processing margins in the Permian and fee floors - The company hit more fee floors in Q1 2023 compared to the end of 2022, with 75% of volumes subject to fee floors, but sees upside potential for the rest of the year [70] Question: Impact of GOR ratios on Permian production - GOR ratios are increasing, driven by drilling in gassier areas like the Delaware Basin, but this does not imply a reduction in crude production [91][92] Question: Shareholder return considerations and unit repurchases - The buyback program remains opportunistic, with the company taking advantage of market volatility to repurchase units [121] Question: Petrochemical segment performance and maintenance schedules - Propylene production was slightly down due to planned maintenance, with no major maintenance expected for the remainder of the year [125]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 12/31 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___. Commission file number: 1-14323 ENTERPRISE PRODUCTS PARTNERS L.P. (Exact name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Inc ...