Enterprise Products Partners L.P.(EPD) - 2024 Q4 - Annual Results

Financial Performance - Enterprise reported record net income of $5.9 billion for 2024, a 7$5.5 billion in 2023, translating to $2.69 per common unit on a fully diluted basis[6]. - Total revenues for the year ended December 31, 2024, were$56.219 billion, compared to $49.715 billion for 2023, reflecting a significant increase[35]. - Net income attributable to common unitholders for Q4 2024 was$1,619 million, up from $1,568 million in Q4 2023, representing a growth of 3.3$1.6 billion, a 3% increase from $1.6 billion in the same quarter of 2023, resulting in$0.74 per common unit on a fully diluted basis[18]. - Non-GAAP Adjusted EBITDA for Q4 2024 was $2.599 billion, up from$2.499 billion in Q4 2023, indicating a positive trend in operational performance[35]. - Adjusted EBITDA for Q4 2024 was $2,599 million, an increase from$2,499 million in Q4 2023, marking a growth of 4.0%[61]. - Total Gross Operating Margin for Q4 2024 was $2,628 million, compared to$2,548 million in Q4 2023, showing an increase of 3.1%[65]. - Total segment gross operating margin for Q4 2024 was $2.636 billion, compared to$2.561 billion in Q4 2023, showing an increase of 2.9%[35]. Cash Flow and Distributions - Distributable Cash Flow (DCF) reached a record $7.8 billion for 2024, compared to$7.6 billion in 2023, with a coverage ratio of 1.7 times the declared distributions[7]. - Free Cash Flow (FCF) for Q4 2024 was $393 million, compared to$1,369 million in Q4 2023, reflecting a decrease of 71%[51]. - Adjusted Free Cash Flow (Adjusted FCF) for Q4 2024 was $336 million, down from$1,218 million in Q4 2023, a decline of 72%[51]. - Distributable Cash Flow (DCF) for Q4 2024 was $2,155 million, compared to$2,059 million in Q4 2023, reflecting a decrease of 4.7%[55]. - Operational DCF for the year 2024 reached $7,858 million, up from$7,538 million in 2023, indicating a growth of 4.2%[55]. Capital Investments - Total capital investments for 2024 were $5.5 billion, including$3.9 billion for growth capital projects and $949 million for the acquisition of Pinon Midstream[9]. - The company expects organic growth capital investments to be in the range of$4.0 billion to $4.5 billion in 2025[9]. - Major organic growth projects worth$6 billion are expected to be completed in 2025, including two natural gas processing plants in the Permian Basin[16]. - Sustaining capital expenditures for the year 2024 totaled $667 million, compared to$413 million in 2023, indicating a significant increase of 61.7%[55]. - Capital expenditures for Q4 2024 were $1,059 million, an increase from$1,012 million in Q4 2023, while total capital investments for the year reached $5,524 million, up from$3,281 million in 2023[69]. Operational Metrics - Equivalent pipeline transportation volumes for the fourth quarter of 2024 were a record 13.6 million BPD, a 6% increase compared to the same quarter in 2023[13]. - NGL pipeline transportation volumes reached 4.8 million BPD in the fourth quarter of 2024, a 12% increase from the fourth quarter of 2023[25]. - Gross operating margin for the fourth quarter of 2024 was $2.6 billion, compared to$2.5 billion in the fourth quarter of 2023[22]. - Gross operating margin from the NGL fractionation business increased 6% to 243 million for Q4 2024 compared to Q4 2023, with total NGL fractionation volumes reaching a record 1.6 million BPD, up 39 MBPD[27]. - Gross operating margin from the Crude Oil Pipelines & Services segment was 417 million for Q4 2024, down from 456 million in Q4 2023, with total crude oil pipeline transportation volumes decreasing to 2.6 million BPD, a 15 MBPD decline[27]. - Natural Gas Pipelines & Services segment gross operating margin increased 13% to 323 million for Q4 2024, with total natural gas transportation volumes at a record 19.9 TBtus/d, up 5% from Q4 2023[28]. - The Permian natural gas gathering reported a 21 million increase in gross operating margin due to a 1.1 TBtus/d increase in gathering volumes[28]. - Petrochemical & Refined Products Services segment gross operating margin decreased to 348 million for Q4 2024 from $439 million in Q4 2023, with total segment pipeline transportation volumes increasing to 947 MBPD[29]. Debt and Financial Position - Total debt principal outstanding at the end of the period was$32.207 billion, an increase from $29.021 billion at the end of Q4 2023[35]. - The net cash flow provided by operating activities for the year 2024 was$8,115 million, an increase from $7,569 million in 2023, reflecting a growth of 7.2$(506) million, compared to $(555) million in 2023, showing an improvement[55]. Market Prices - The weighted-average indicative market price for NGLs was$0.62 per gallon in Q4 2024, compared to $0.57 per gallon in Q4 2023, an increase of 9$2.74 per MMBtu in 2023, with a projected average of $2.27 per MMBtu in 2024[46]. - The average price for WTI crude oil was$77.62 per barrel in 2023, with a forecasted average of $75.73 per barrel in 2024[48].