EPD · Enterprise Products Partners L.P.

Enterprise delivered strong first quarter 2026 results anchored by record operational volumes across its integrated midstream system: natural gas processing inlet volumes hit 8.3 Bcf/d (+7%), NGL fractionation reached 1.9 MMBPD (+16%), and marine terminal volumes climbed to 2.3 MMBPD (+15%). These volume gains were driven by new assets placed into service over the past year—including Mentone West 2 (Q1 2026), Bahia NGL Pipeline (Q4 2025), Frac 14 (Q4 2025), and the first phase of Neches River Terminal (July 2025)—and underpinned a 10% rise in Adjusted EBITDA to $2.7 billion. Segment-level drivers included a $47 million gross operating margin increase in Permian natural gas processing (higher margins and fee-based volumes), $22 million growth in Permian/Rocky Mountain NGL pipelines, and $33 million uplift in Mont Belvieu fractionation (higher fees and volumes). Notably, Natural Gas Pipelines & Services gross operating margin surged 39% to $496 million, led by $111 million growth in natural gas marketing margins. While Crude Oil Pipelines & Services margin declined $45 million year-over-year due to lower sales margins, overall segment pipeline volumes set a record at 2.6 MMBPD. Management highlighted strategic momentum: two additional 300 MMcf/d Permian processing plants announced for 2027 startup, $5.3 billion of major growth projects under construction, and accelerated commissioning of Neches River’s ethane export capability amid rising global demand for U.S. energy exports. The 2.8% distribution increase and $116 million in buybacks reflect disciplined capital allocation, with 57% of Adjusted CFFO allocated to distributions and buybacks over the trailing twelve months—well within sustainable payout parameters. Liquidity remains robust at $3.3 billion against $34.2 billion in debt, supporting continued investment in high-return infrastructure.