Enterprise Products Partners (EPD) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 EBITDA of $9.9B, net income of $5.9B (up 7%), and DCF of $7.8B, with 1.7x coverage and $3.2B retained DCF.

• Set multiple financial and operational records, moving 12.9M BOE/d, with Q4 volumes at 13.6M, and record volumes across midstream and marine terminals.

• Returned $4.8B to unitholders in 2024 via distributions and buybacks, with a 3.9%–5% increase in quarterly distribution year-over-year.

• Completed two Permian processing plants, acquired Pinion Midstream for $945M–$949M, and expanded pipeline and fractionation capacity.

• $7.6B of major capital projects under construction, with $6B expected online in 2025, focused on NGL and Permian infrastructure.

Financial highlights

• 2024 revenue: $56.2B, up from $49.7B; Q4 revenue: $14.2B.

• Q4 2024 net income attributable to common unit holders was $1.6B ($0.74/unit), up 3% year-over-year.

• Adjusted EBITDA for 2024: $9.9B; Q4 Adjusted EBITDA: $2.6B.

• Distributions for 2024 increased to $2.10/unit annualized; Q4 distribution of $0.535/unit, up 3.9%–4% year-over-year.

• Repurchased $219M in common units in 2024; total capital return of $4.8B (55% payout ratio).

Outlook and guidance

• Anticipates mid-single digit cash flow growth in 2025, with most large projects coming online in the second half.

• 2025 organic growth capital expenditures projected at $4.0B–$4.5B; sustaining capital at ~$525M.

• 2026 growth capital expenditures expected at $2.0B–$2.5B.

• $7.6B of major growth projects under construction, mostly in natural gas and NGL businesses, to be completed over next three years.