Houston – July 30, 2026
Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and six months ended June 30, 2026.
(2Q 2026 compared to 2Q 2025, as applicable)
• Net income attributable to common unitholders: a record $1.8 billion, $0.84 per diluted common unit, up 28%
• Adjusted EBITDA: a record $2.8 billion, up 17%
• Operational DCF: a record $2.3 billion, which provided 1.9x coverage of distributions declared for 2Q 2026, up 21%; retained $1.1 billion of DCF
• Adjusted CFFO: a record $2.5 billion, up 19%
• Common unit repurchases: $159 million for the quarter and $405 million for the 12 months ended June 30, 2026; 34% cumulative utilization of $5.0 billion buyback program
• For the 12 months ended June 30, 2026, the payout ratio, comprised of distributions to common unitholders and common unit buybacks, was 56% of Adjusted CFFO
• Distributions declared: $0.56 per common unit, or $2.24 per common unit annualized, up 2.8%
Capital Investment and Operational Highlights (2Q 2026 compared to 2Q 2025, as applicable)
• Record equivalent pipeline volumes: 14.7 MMBPD, up 8%
• Record marine terminal volumes: 2.8 MMBPD, up 33%
• Assets placed into service: Second phase of our Neches River Terminal in Texas
• Capital investments for 2Q 2026: $1.2 billion, comprised of $1.0 billion for growth capital projects and $140 million for sustaining capital expenditures
• Announced plans to construct a new 150 MBPD NGL fractionator (Frac 15) at our Mont Belvieu area complex
• Announced plans to construct a new 300 /d Gas Processing Plant (Plant 13) in the Delaware Basin and a new 300 /d Gas Processing Plant (Plant 11) in the Midland Basin; expected to begin service in the third quarter of 2028 and the first quarter of 2029, respectively
• Growth capital spending for 2026, net of $599 million of proceeds from asset sales, is expected to be in the range of $2.9 to $3.4 billion; and $600 million for sustaining capital expenditures
Enterprise will host a conference call today to discuss second quarter 2026 earnings. The call will be webcast live beginning at 9:00 a.m. CT and may be accessed by visiting the partnership’s website at
Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), distributable cash flow (“DCF”), Operational distributable cash flow (“Operational DCF”), Adjusted cash flow from operations (“Adjusted CFFO”), total gross operating margin, and adjusted free cash flow (“Adjusted FCF”) are non-generally accepted accounting principle (“non-GAAP”) financial measures that are defined and reconciled later in this press release.
As used in this press release, “NGL” means natural gas liquids, “LPG” means liquefied petroleum gas, “BPD” means barrels per day, “MBPD” means thousand barrels per day, “MMBPD” means million barrels per day, “/d” means million cubic feet per day, “/d” means billion cubic feet per day, “/d” means billion British thermal units per day, “/d” means trillion British thermal units per day, and “PDH” means propane dehydrogenation.
“Enterprise reported strong volumes, earnings and cash flow for the second quarter of 2026,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner.
The partnership handled record pipeline and marine terminal volumes during the quarter due in part to strong international demand for U.S. energy in April and May. We also benefited from new assets and expansion projects that began operating and commissioning activities within the last twelve months including Frac 14 at our Mont Belvieu area complex and the expansions of our Neches River and Morgan’s Point Terminals. Total pipeline equivalent volumes for the quarter increased 8 percent to 14.7 MMBPD compared to the second quarter of 2025 while total marine terminal equivalent volumes increased 33 percent to 2.8 MMBPD compared to the second quarter of last year. We also reported a 14 percent increase in propylene production volumes to a record 134 MBPD during the second quarter of 2026 as we achieved higher utilization rates at our propylene production facilities. While not a record, inlet volumes to our natural gas processing plants increased to 8.1 /d in the second quarter of 2026 primarily due to a 14 percent increase in volume to our natural gas processing plants in the Permian Basin.
“This volume growth, an increase in the value of our equity NGL production and higher marketing volumes and margins led to record earnings and cash flow in the second quarter of 2026. Operational distributable cash flow for the quarter increased 21 percent to a record $2.3 billion compared to the second quarter of last year. This provided 1.9 times coverage of the partnership’s cash distribution. In addition to $1.2 billion of cash distributions to unitholders, we retained $1.1 billion to apply to internally funded growth capital expenditures and buybacks,” stated Teague.
“I would like to congratulate our engineering and operations team for enabling Enterprise to respond to the acute global demand for U.S. energy by accelerating the completion of construction and beginning of commissioning activities for the expansion of our Neches River Terminal. Volumes at our marine terminals have returned to normal levels in June and July after the initial rush to backfill volumes affected by hostilities in the Middle East in April and May. Global shipping of energy, however, continues to be disrupted due to damage to production facilities and navigation restrictions in the Middle East, longer transits due to reroutes and the continuing uncertainty in the region,” continued Teague.
“During the quarter, we approved the construction of two new 300 /d gas processing plants located in the Permian Basin and a 150 MBPD NGL fractionator at our Mont Belvieu area complex. These assets support ongoing production growth in the Permian Basin and international demand for U.S NGLs. This brings the partnership’s total organic growth projects under construction to $6.5 billion. The next major capital project scheduled for completion is our expansion of the LPG export marine terminal on the Houston Ship Channel that is expected to begin operations by year end 2026,” concluded Teague.
Total gross operating margin for the second quarter of 2026 increased $514 million to a record $3.0 billion compared to the second quarter of 2025. This includes a $77 million increase in unrealized mark-to-market (“MTM”) gains on financial instruments used in our hedging activities.
NGL Pipelines & Services – Gross operating margin from the NGL Pipelines & Services segment was $1.5 billion for the second quarter of 2026 compared to $1.3 billion for the second quarter of 2025.
Gross operating margin from the natural gas processing business and related NGL marketing activities was $512 million for the second quarter of 2026 compared to $341 million for the second quarter of 2025. Natural gas processing plant inlet volumes were 8.1 /d in the second quarter of 2026, a 4 percent increase compared to the second quarter of 2025. Notably, inlet volumes to the partnership’s natural gas processing plants in the Permian Basin increased 14 percent to 4.3 /d for the second quarter of 2026. Total fee-based natural gas processing volumes increased 182 /d to 7.4 /d in the second quarter of 2026 compared to the second quarter of last year. Total equity NGL-equivalent production volumes increased 7 percent to 230 MBPD in the second quarter of 2026 compared to the second quarter of 2025. The following highlights summarize selected variances within this business, with results for the second quarter of 2026 as compared to the second quarter of 2025:
• NGL marketing reported an $83 million increase in gross operating margin driven by higher average sales margin of $51 million, higher MTM earnings of $19 million and higher sales volumes of $13 million.
• Midland Basin natural gas processing facilities reported a $47 million increase in gross operating margin primarily due to higher average processing margins, which includes a $38 million increase attributable to hedging activities, and increased volumes. Fee-based natural gas processing volumes increased 218 /d and equity NGL-equivalent production volumes increased 10 MBPD.
• Delaware Basin natural gas processing facilities reported a net $36 million increase in gross operating margin primarily due to higher average processing margins and increased volumes, partially offset by higher operating costs. Fee-based natural gas processing volumes increased 288 /d and equity NGL-equivalent production volumes increased 8 MBPD.
Gross operating margin from the NGL pipelines and storage business was $757 million for the second quarter of 2026 compared to $732 million for the second quarter of 2025. Total NGL pipeline volumes were a record 4.9 MMBPD in the second quarter of 2026, a 351 MBPD, or 8 percent, increase over the second quarter of 2025. Total NGL marine terminal volumes were a record 1.2 MMBPD in the second quarter of 2026, a 284 MBPD increase compared to the second quarter of 2025. The following summarizes the variance for this business, with results for the second quarter of 2026 as compared to the second quarter of 2025:
• Gross operating margin from the Morgan’s Point, Neches River and Enterprise Hydrocarbons terminals and the associated Channel pipeline increased $35 million primarily driven by higher volumes, including the completion of the second phase of the Neches River Terminal in May 2026. On a combined basis, ethane export volumes increased by 143 MBPD and propane export volumes increased 141 MBPD.
Gross operating margin from the NGL fractionation business was a record $276 million for the second quarter of 2026 compared to $224 million for the second quarter of 2025. Total NGL fractionation volumes were 1.9 MMBPD for the second quarter of 2026 compared to 1.7 MMBPD for the second quarter of 2025.
The following summarizes the variance for this business, with results for the second quarter of 2026 as compared to the second quarter of 2025:
• Gross operating margin from our Mont Belvieu area NGL fractionation complex increased $54 million primarily due to a 207 MBPD increase in fractionation volumes and higher ancillary service revenues, partially offset by higher operating costs. The higher fractionation volumes were primarily due to Frac 14, which was placed into service in the fourth quarter of 2025.
Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $485 million for the second quarter of 2026 compared to $403 million for the second quarter of 2025. Total crude oil pipeline volumes were a record 3.0 MMBPD in the second quarter of 2026, a 403 MBPD increase compared to the second quarter of 2025. Total crude oil marine terminal volumes were a record 1.1 MMBPD in the second quarter of 2026 compared to 811 MBPD in the second quarter of 2025. The following highlights summarize selected variances within this segment, with results for the second quarter of 2026 as compared to the second quarter of 2025:
• On a combined basis, gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) increased $69 million primarily due to higher average sales margins and sales volumes, partially offset by higher operating costs. Crude oil pipeline volumes and EHT crude oil marine terminal volumes increased 265 MBPD and 227 MBPD, respectively.
• Gross operating margin from the Seaway Pipeline system increased $23 million primarily due to higher pipeline volumes and crude oil marine terminal volumes (net to our interest), which benefited from exports of crude oil originating from the U.S. Strategic Petroleum Reserve. Net to our interest, pipeline volumes increased 138 MBPD and crude oil marine terminal volumes increased 86 MBPD.
Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment was a record $556 million for the second quarter of 2026 compared to $417 million for the second quarter of 2025. Total natural gas pipeline volumes were 21.0 /d in the second quarter of 2026, a 3 percent increase compared to 20.4 /d for the same quarter in 2025. The following highlights summarize selected variances within this segment, with results for the second quarter of 2026 as compared to the second quarter of 2025:
• Natural gas marketing reported a $91 million increase in gross operating margin primarily due to $60 million of higher average sales margins and $31 million of higher MTM earnings.
• Texas Intrastate System gross operating margin increased $32 million primarily due to higher average transportation and related fees and increased pipeline volumes.
• On a combined basis, gross operating margin from our Delaware Basin Gathering System and Midland Basin Gathering System increased a net $13 million primarily due to higher gathering volumes partially offset by higher operating costs.
Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $418 million for the second quarter of 2026 compared to $354 million for the second quarter of 2025. Total segment pipeline volumes were a record 1.2 MMBPD in the second quarter of 2026 compared to 1.0 MMBPD in the second quarter of 2025.
Total marine terminal volumes were 422 MBPD in the second quarter of 2026 compared to 328 MBPD for the second quarter of 2025. The following highlights summarize selected variances within this segment, with results for the second quarter of 2026 as compared to the second quarter of 2025:
• The partnership’s ethylene business reported a $23 million increase in gross operating margin primarily due to a 20 MBPD increase in export volumes, and higher sales and pipeline volumes.
• Propylene production and related activities reported a net $19 million increase in gross operating margin primarily due to record propylene production volumes, which resulted in higher propylene sales volumes, and higher average propylene sales margins, partially offset by higher operating costs.
• Gross operating margin from our octane enhancement and related plant operations increased $8 million due to higher average sales margins and higher MTM earnings.
is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.
