在利益冲突屡屡导致有限合伙人遭受不利结果的行业中，Enterprise Products凭借其无可挑剔的业绩记录 脱颖而出，其资产负债表实力和财务灵活性也与同行不相上下，但其EBITDA增长落后于同行——预计 今年不会有增长——Tonet表示，预计 2024 至 2028 年的复合年增长率约为 3%。 Tonet写道："多个碳氢化合物物流价值链的产能过剩，对优化机会和内生增长机会造成了不利影响，因 为竞争十分激烈——有些企业愿意承担更多风险/接受更低回报——而'丙烷脱氢(PDH)问题持续存在， 使资产的正常盈利能力受到质疑，这意味着其相对价值低于传统中游资产。'" 这位分析师表示，市场似乎已充分预期明年股票回购计划的加速，但回购规模有可能令人失望。他还补 充道，与 C 类公司相比，机构投资者对母公司有限合伙企业(MLP)的兴趣较低，"这仍是不利因素，而 且短期内我们看不到能显著改变这一趋势的催化剂。" 智通财经APP获悉，摩根大通将Enterprise Products(EPD.US)评级从"增持"下调至"中性"，目标价为 35 美元，原因是其增长相对较低，总体回报前景处于中游水平。 Enterprise P ...

Financial Data and Key Metrics Changes - The company reported first quarter adjusted EBITDA of $57.5 million and capital expenditures of $20.6 million, with the majority of CapEx spent in the Rockies and Mid Con segments [13] - Net debt stood at approximately $959 million, with available borrowing capacity totaling approximately $354 million at the end of the first quarter [13] Business Line Data and Key Metrics Changes - The Rockies segment generated adjusted EBITDA of $24.9 million, an increase of $1.6 million from the fourth quarter, primarily due to an 8.8% increase in liquids volume throughput [13] - The Mid Con segment reported adjusted EBITDA of $22.5 million, an increase of $9.6 million relative to the fourth quarter, primarily due to the acquisition of Tall Oak and an increase in volume throughput [16] - The Permian Basin segment reported adjusted EBITDA of $8.3 million, an increase of $0.5 million relative to the fourth quarter, due primarily to higher volume throughput on the Double E pipeline [15] Market Data and Key Metrics Changes - In the Rockies segment, 30 new wells were connected during the first quarter, including 22 in the DJ Basin and 8 in the Williston Basin [9] - Average daily volumes on the Double E pipeline grew by 8% quarter over quarter, averaging close to 700 million cubic feet per day [11] Company Strategy and Development Direction - The company remains focused on executing strategic objectives and maintaining a strong balance sheet to navigate the current macroeconomic environment [6] - The acquisition of Moonrise Midstream is expected to provide additional operating synergies and capacity for future growth in the DJ Basin [7] Management's Comments on Operating Environment and Future Outlook - Management noted a significant reduction in crude oil prices, which may dampen activity levels in the second half of the year, particularly in the crude-oriented Rockies segment [7] - The outlook for the natural gas side remains strong, which could mitigate potential downside exposure associated with the crude segment [8] Other Important Information - The Board of Directors reinstated the cash dividend on the Series A preferred stock, marking a step towards reinstating the common dividend in the future [7] - The company connected 41 wells during the first quarter, maintaining an active customer base with six active drilling rigs and over 100 drilled but uncompleted wells [7] Q&A Session Summary Question: What is the outlook for the second half of the year regarding completion schedules? - Management indicated that while there may be minor revisions, customers expect second half completion schedules to largely remain intact despite potential price slippage [10] Question: How is the company addressing the current crude price environment? - The company is in close communication with its customer base to evaluate implications of the current crude price environment on well completion activities [9]