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Enterprise Products Partners L.P.
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$84.3B
Market Cap
12.1
P/E
2.33
PEG
11.0%
ROCE
19.5%
ROE
1.14
D/E
13.2%
OPM
-1.7%
% from 52W High
72
α RS
🔍 EPD is showing a high-conviction setup because it matches 8 of 39 tracked screener presets, Sector RRG has Energy in the Leading quadrant with the trail still strengthening, and RS Rating is 72. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 8/39 · Energy in Leading quadrant · RS Rating 72
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🌏 Global Investor Returns
Currency-adjusted total returns for EPD including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
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About

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services; and Petrochemical & Refined Products Services. The NGL Pipelines & Services segment offers natural gas processing and related NGL marketing activities. This segment operates natural gas processing facilities located in Colorado, Louisiana, Mississippi, New Mexico, Texas, and Wyoming; NGL pipelines; NGL fractionation facilities; NGL and related product storage facilities; and NGL marine terminals. The Crude Oil Pipelines & Services segment operates crude oil pipelines; and crude oil storage and marine terminals, which include a fleet of approximately 200 tractor-trailer tank trucks that are used to transport crude oil. It also engages in crude oil marketing activities. The Natural Gas Pipelines & Services segment operates natural gas pipeline systems to gather, treat, and transport natural gas. It leases underground salt dome natural gas storage facilities in Napoleonville, Louisiana; owns an underground salt dome storage cavern in Wharton County, Texas; and transports, stores, and markets natural gas. The Petrochemical & Refined Products Services segment operates propylene fractionation facilities, including propylene fractionation units and propane dehydrogenation facilities, and related marketing activities; butane isomerization complex and related deisobutanizer operations; and octane enhancement, isobutane dehydrogenation, and high purity isobutylene production facilities. It also operates refined products pipelines and terminals; and ethylene export terminals; and provides refined products marketing and marine transportation services. The company was founded in 1968 and is headquartered in Houston, Texas.

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Good quarter Investor Presentation One-Pager? Q2 2026
Adjusted EBITDA
$2.8B
+17% YoY
Net Income
$1.8B
+28% YoY
Operational DCF
$2.3B
+21% YoY
Adjusted CFFO
$2.5B
+19% YoY
What Went Right
  • Record adjusted EBITDA of $2.8B, up 17% YoY, with 1.9x operational DCF coverage
  • Record pipeline volumes of 14.7 MMBPD (+8%) and record marine terminal volumes of 2.8 MMBPD (+33%)
  • Permian gas processing inlet up 14% to 4.3 Bcf/d, supported by approval of Plants 11 and 13 and Frac 15
What to Watch
  • LPG export rates have fallen as new capacity (including Neches River) comes online; market needs time to absorb the capacity
  • ATEX tariffs currently often exceed the value of transported product, implying a rate reset is likely in customer negotiations
  • Waha gas pricing could tighten again before 2027 as shut-in gas returns, and PDH 2 experienced an outage in July
Management Guidance
  • Revenue guidance: not provided.
  • 2026 growth capital expenditures expected $2.9B-$3.4B net of ~$600M asset sale proceeds; sustaining capex ~$600M.
  • 2027 growth capital expenditures expected ~$3B.
  • 2026 discretionary free cash flow still has potential to approach ~$1B.
  • EBITDA outlook: modest growth in 2026 with potential ~10% cumulative growth from 2025 to 2027 on volumes.
Investor Lens
The investment thesis is stronger after this call. Enterprise delivered record EBITDA and cash flow, volumes grew sharply across pipelines and marine terminals, and the balance sheet remains near its 3.0x leverage target. New Permian plants and fractionation capacity add visible volume growth even as near-term export rates face pressure. The company's high contracted LPG capacity (~90%) should cushion any export market softness.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Record Q2: $2.8B EBITDA, up 17% YoY
Revenue
Revenue was not disclosed in the call or tables; instead, Enterprise reported record pipeline volumes of 14.7 MMBPD, up 8% YoY, and record marine terminal volumes of 2.8 MMBPD, up 33% YoY.
Profitability
Net income attributable to common unitholders was a record $1.8B, or $0.84 per diluted unit, up 28% YoY. Adjusted EBITDA rose 17% to a record $2.8B, while operational DCF grew 21% to $2.3B.
Margins
No explicit revenue or operating margin figures were provided. Management credited higher equity NGL values, stronger international demand for U.S. energy in April and May, and higher marketing volumes/margins for the record earnings.
Balance Sheet
Total debt principal was ~$33.5B, with a weighted average cost of debt of 4.7% and ~97% fixed-rate debt. Leverage decreased to the 3.0x net target, and liquidity rose to ~$5B after adding a $1B credit facility. 2Q26 capex was $1.2B ($1.0B growth, $140M sustaining).
Key Risks
Management noted LPG export capacity additions may pressure terminal fees and rates near-term, though 90% of capacity is contracted. ATEX tariffs often exceed product value, implying a rate reset. PDH 2 had a July outage, and Waha gas pricing could tighten again before 2027 as shut-in gas returns.
Outlook
For 2026, growth capex is guided to $2.9B-$3.4B and sustaining capex to ~$600M; 2027 growth capex is ~$3B. Enterprise expects modest 2026 EBITDA growth and potential ~10% total EBITDA growth from 2025 to 2027 on volume growth.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Record Q2 2026 EBITDA and cash flow were driven by strong global demand and robust pipeline and export volumes. Growth capital spending is rising, but free cash flow is expected to remain strong, with a constructive outlook for U.S. energy exports and continued infrastructure expansion.
Q1 2026 Q1 2026 2026-04-28
Q1 2026 saw record operational and financial results, with EBITDA up 10% and strong cash flow. Global supply disruptions boosted export demand and margins, while disciplined capital allocation and new projects support a positive outlook for 2026 and 2027.
Q4 2025 Q4 2025 2026-02-03
Record Q4 2025 EBITDA and strong cash flow were driven by new asset additions and resilient export demand, despite weaker commodity-sensitive margins and lower crude prices. Modest growth is expected in 2026, with double-digit EBITDA growth projected for 2027 as new projects reach full utilization.
Q3 2025 Q3 2025 2025-10-30
Q3 2025 saw $2.4B in adjusted EBITDA and $1.8B in distributable cash flow, with major projects like Frac 14 and Bahia Pipeline coming online. Buyback authorization increased to $5B, and 2026 is expected to mark a free cash flow inflection as capital projects wind down.
Q2 2025 Q2 2025 2025-07-28
Q2 2025 saw strong financials with $2.4B adjusted EBITDA and $1.9B DCF, despite margin compression in LPG exports and macro headwinds. Major growth projects are ramping up, with high utilization expected by year-end and robust capital returns continuing.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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