Enterprise Products Partners L.P.(US:EPD)2026-02-02 23:13Financial Performance - Enterprise reported net income attributable to common unitholders of $5.8 billion for 2025, a slight decrease from $5.9 billion in 2024, resulting in earnings of $2.66 per common unit [3]. - Fourth quarter net income attributable to common unitholders was $1.6 billion, with fully diluted earnings of $0.75 per common unit, compared to $0.74 in Q4 2024 [8]. - Total revenues for Q4 2025 were $13,793 million, a decrease from $14,201 million in Q4 2024, while net income attributable to common unitholders was $1,644 million, compared to $1,619 million in the prior year [37]. - Net income attributable to common unitholders for Q4 2025 was $1,644 million, a slight increase from $1,619 million in Q4 2024 [54]. - Distributable Cash Flow (DCF) for the year ended December 31, 2025, reached $8,000 million, compared to $7,839 million in 2024, reflecting a growth of 2.06% [54]. Cash Flow and Distributions - Operational distributable cash flow (Operational DCF) was $7.9 billion for both 2025 and 2024, with a distribution increase of 3.6% to $2.175 per common unit for 2025 [4]. - The company reported a net cash flow provided by operating activities of $2,472 million in Q4 2025, an increase from $2,358 million in Q4 2024 [37]. - Adjusted Cash Flow from Operations (Adjusted CFFO) for Q4 2025 reached $2,427 million, compared to $2,301 million in Q4 2024, reflecting a growth of 5.5% [53]. - Free Cash Flow (FCF) for Q4 2025 was $1,212 million, significantly higher than $393 million in Q4 2024, marking a 208.5% increase [52]. - The net cash flow provided by operating activities for the year ended December 31, 2025, was $8,585 million, compared to $8,115 million in 2024, reflecting an increase of 5.77% [60]. Capital Investments and Expenditures - Total capital investments for 2025 were $5.6 billion, including $4.4 billion for growth capital projects and $632 million for acquisitions [6]. - The company expects organic growth capital investments for 2026 to be in the range of $1.9 billion to $2.3 billion, with sustaining capital expenditures around $580 million [6]. - Capital expenditures for the year ended December 31, 2025, totaled $4,988 million, up from $4,544 million in 2024, reflecting an increase of 9.76% [67]. - Total capital investments for the year ended December 31, 2025, amounted to $5,647 million, compared to $5,524 million in 2024, indicating a growth of 2.23% [67]. - Cash used for business combinations in 2025 was $949 million, consistent with the previous year's cash used for similar activities [67]. Operating Margins and Performance - Total gross operating margin for Q4 2025 was $2.7 billion, an increase from $2.6 billion in Q4 2024 [26]. - Non-GAAP total gross operating margin for Q4 2025 was $2,737 million, compared to $2,628 million in Q4 2024, indicating a positive trend in operational performance [37]. - Gross operating margin from the natural gas processing business was $439 million in Q4 2025, down from $483 million in Q4 2024, with a record inlet volume of 8.1 Bcf/d, a 5% increase year-over-year [27]. - Gross operating margin from NGL pipelines and storage reached a record $860 million in Q4 2025, an increase of $38 million compared to Q4 2024, with total NGL pipeline volumes at a record 4.9 million BPD [27]. - Natural gas pipelines and services reported a gross operating margin of $445 million in Q4 2025, up from $323 million in Q4 2024, with total pipeline volumes increasing to a record 21.1 TBtus/d, a 6% increase [30]. Pipeline Volumes and Market Trends - NGL pipeline transportation volumes increased to 4,871 MBPD in Q4 2025, up from 4,814 MBPD in Q4 2024, representing a growth of 1.2% [42]. - Natural gas pipeline transportation volumes increased to 21,062 BBtus/d in Q4 2025, compared to 19,929 BBtus/d in Q4 2024, a growth of 5.7% [42]. - Total NGL, crude oil, petrochemical, and refined products pipeline transportation volumes reached 8,583 MBPD in Q4 2025, up from 8,370 MBPD in Q4 2024, a growth of 2.5% [42]. - Crude oil pipeline transportation volumes were 2,576 MBPD in Q4 2025, slightly down from 2,595 MBPD in Q4 2024, a decrease of 0.7% [42]. - The average WTI crude oil price for 2025 is projected to be $64.84 per barrel, down from $75.73 per barrel in 2024, a decrease of 14.9% [49]. Future Outlook and Growth - The company anticipates continued growth in pipeline volumes and operating margins across its segments, driven by increased demand for midstream energy services [35]. - The acquisition of midstream assets from Occidental is expected to provide additional growth projects in natural gas gathering and processing in the Midland Basin [22]. - The Bahia NGL Pipeline, which began operations in December 2025, has a capacity of 600 MBPD and is set to expand to 1 million BPD by Q4 2027 [20].