10/29/2024 | Press release | Distributed by Public on 10/29/2024 04:03
|
Three Months Ended
September 30,
|
|||||||
2024
|
2023
|
|||||||
($ in millions, except per unit amounts)
|
||||||||
Operating income (1)
|
$
|
1,780
|
$
|
1,695
|
||||
Net income (1) (2)
|
$
|
1,432
|
$
|
1,350
|
||||
Fully diluted earnings per common unit
|
$
|
0.65
|
$
|
0.60
|
||||
Total gross operating margin (1) (3)
|
$
|
2,454
|
$
|
2,331
|
||||
Adjusted EBITDA (3)
|
$
|
2,442
|
$
|
2,327
|
||||
Adjusted CFFO (3)
|
$
|
2,108
|
$
|
2,021
|
||||
Adjusted FCF (3)
|
$
|
943
|
$
|
1,173
|
||||
DCF (3)
|
$
|
1,957
|
$
|
1,869
|
||||
Operational DCF (3)
|
$
|
1,956
|
$
|
1,868
|
(1)
|
Operating income, net income, and gross operating margin include non-cash, mark-to-market ("MTM") gains on financial instruments used in our commodity hedging activities of $3 million for the third quarter of 2024 compared to losses of $38 million for the third quarter of 2023.
|
(2)
|
Net income for the third quarters of 2024 and 2023 includes non-cash, asset impairment charges of approximately $27 million and $12 million, respectively.
|
(3)
|
Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), Adjusted CFFO, adjusted free cash flow ("Adjusted FCF"), DCF and Operational Distributable Cash Flow ("Operational DCF") are non-generally accepted accounting principle ("non-GAAP") financial measures that are defined and reconciled later in this press release.
|
Third Quarter 2024 Volume Highlights
|
Three Months Ended
September 30,
|
|||||||
2024
|
2023
|
|||||||
Equivalent pipeline transportation volumes (million BPD) (1)
|
12.8
|
12.2
|
||||||
NGL, crude oil, refined products & petrochemical pipeline volumes (million BPD)
|
7.7
|
7.4
|
||||||
Marine terminal volumes (million BPD)
|
2.1
|
2.1
|
||||||
Natural gas pipeline volumes (TBtus/d)
|
19.1
|
18.4
|
||||||
NGL fractionation volumes (million BPD)
|
1.6
|
1.5
|
||||||
Propylene plant production volumes (MBPD)
|
113
|
103
|
||||||
Natural gas processing plant inlet volumes (Bcf/d)
|
7.5
|
6.8
|
||||||
Fee-based natural gas processing volumes (Bcf/d)
|
6.8
|
5.9
|
||||||
Equity NGL-equivalent production volumes (MBPD)
|
204
|
184
|
(1)
|
Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units ("MMBtus") of natural gas transportation volumes are equivalent to one barrel of NGLs transported.
|
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, "MMcf/d" means million cubic feet per day, "Bcf/d" means billion cubic feet per day, "BBtus/d" means billion British thermal units per day and "TBtus/d" means trillion British thermal units per day.
|
|
•
|
Gross operating margin from Permian natural gas processing facilities, including the Midland and Delaware Basin assets, increased $79 million primarily due to higher processing volumes and higher average processing margins, including the favorable impact of hedging. Three Permian natural gas processing plants went into service in the trailing 12-month period, including the Mentone 2 train in October 2023 and the Leonidas and Mentone 3 trains in March of 2024. Permian processing plant inlet volumes increased 917 MMcf/d, including increases of 500 MMcf/d in the Delaware Basin and 417 MMcf/d in the Midland Basin.
|
|
•
|
Gross operating margin from NGL marketing activities increased $19 million primarily due to higher sales volumes.
|
|
•
|
Gross operating margin from South Texas natural gas processing facilities decreased $9 million primarily due to higher operating costs and lower average processing margins.South Texas plant inlet volumes decreased 70 MMcf/d.
|
|
•
|
Gross operating margin from Rockies natural gas processing facilities decreased $7 million primarily due to lower average processing margins. Rockies plant inlet volumes increased 10 MMcf/d.
|
|
•
|
Gross operating margin from the Enterprise Hydrocarbons Terminal ("EHT") increased $15 million primarily due to a 114 MBPD increase in LPG export volumes.Gross operating margin from the Morgan's Point Ethane Export Terminal decreased $12 million in part due to higher operating costs. Morgan's Point export volumes increased 2 MBPD. Gross operating margin from the Houston Ship Channel Pipeline System increased $5 million in connection with a 96 MBPD increase in transportation volumes.
|
|
•
|
On a combined basis, the pipelines serving the Permian and Rocky Mountain regions reported a $14 million increase in gross operating margin. This includes the Mid-America, Seminole, Shin Oak, and Chaparral NGL pipeline systems. The favorable variance was primarily driven by a 186 MBPD, net to our interest, increase in transportation volumes partially offset by higher operating costs.
|
|
•
|
Gross operating margin from the Eastern Ethane Pipelines decreased $10 million primarily due to a combined 11 MBPD decrease in transportation volumes.
|
|
•
|
Gross operating margin from our Mont Belvieu area NGL fractionation complex increased $44 million primarily due to lower operating costs, higher fractionation volumes, and higher ancillary revenues. Fractionation volumes increased 97 MBPD, net to our interest. The increase in volume and gross operating margin was in part attributable to the benefit of a full quarter of operations at our 12th NGL fractionator at this facility, which was placed in service in July 2023. Fractionation volumes also benefited from the acquisition of the remaining 25 percent equity interest in fractionators 7 and 8 in February 2024.
|
|
•
|
On a combined basis, our Texas in-basin crude oil pipelines, terminals and other marketing activities reported a $35 million decrease in gross operating margin primarily due to lower average sales margins, lower sales volumes, and higher operating costs partially offset by higher non-cash MTM results. Transportation volumes, net to our interest, increased 2 MBPD.
|
|
•
|
Gross operating margin from our natural gas marketing business increased $55 million primarily due to higher average sales margins.
|
|
•
|
Gross operating margin from the Texas Intrastate System increased $39 million primarily due to higher transportation revenues. Transportation volumes decreased 61 BBtus/d.
|
|
•
|
Permian natural gas gathering, including Delaware Basin and Midland Basin Gathering Systems, reported a combined $13 million increase in gross operating margin primarily due to a 1.1 TBtus/d increase in gathering volumes, partially offset by higher operating costs.
|
|
•
|
Propylene production and related activities reported an $8 million increase in gross operating margin. Our propylene production facilities reported higher average sales margins and lower operating costs that were partially offset by lower propylene processing revenues. Total propylene and associated by-product production volumes was 113 MBPD, net to our interest. The PDH 2 facility, which was placed in service in July 2023, completed a scheduled turnaround in the third quarter of 2024.
|
|
•
|
Gross operating margin from our octane enhancement and related plant operations decreased $68 million primarily due to lower average sales margins, including the impact of hedges, and lower sales volumes. This business experienced record performance in 2023 due to strong prices in the international market for octane.
|
|
•
|
Gross operating margin from our refined products pipelines and related activities decreased $26 million primarily due to lower average sales margins.
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||||||||||||||
Condensed Statements of Consolidated Operations - UNAUDITED
|
||||||||||||||||||||
($ in millions, except per unit amounts)
|
||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
For the Twelve
Months Ended
September 30,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
||||||||||||||||
Revenues
|
$
|
13,775
|
$
|
11,998
|
$
|
42,018
|
$
|
35,093
|
$
|
56,640
|
||||||||||
Costs and expenses:
|
||||||||||||||||||||
Operating costs and expenses
|
12,033
|
10,366
|
36,769
|
30,260
|
49,526
|
|||||||||||||||
General and administrative costs
|
61
|
59
|
184
|
172
|
243
|
|||||||||||||||
Total costs and expenses
|
12,094
|
10,425
|
36,953
|
30,432
|
49,769
|
|||||||||||||||
Equity in income of unconsolidated affiliates
|
99
|
122
|
302
|
347
|
417
|
|||||||||||||||
Operating income
|
1,780
|
1,695
|
5,367
|
5,008
|
7,288
|
|||||||||||||||
Other income (expense):
|
||||||||||||||||||||
Interest expense
|
(343
|
)
|
(328
|
)
|
(1,006
|
)
|
(944
|
)
|
(1,331
|
)
|
||||||||||
Other, net
|
14
|
5
|
31
|
36
|
36
|
|||||||||||||||
Total other expense, net
|
(329
|
)
|
(323
|
)
|
(975
|
)
|
(908
|
)
|
(1,295
|
)
|
||||||||||
Income before income taxes
|
1,451
|
1,372
|
4,392
|
4,100
|
5,993
|
|||||||||||||||
Provision for income taxes
|
(19
|
)
|
(22
|
)
|
(55
|
)
|
(45
|
)
|
(54
|
)
|
||||||||||
Net income
|
1,432
|
1,350
|
4,337
|
4,055
|
5,939
|
|||||||||||||||
Net income attributable to noncontrolling interests
|
(14
|
)
|
(31
|
)
|
(56
|
)
|
(91
|
)
|
(90
|
)
|
||||||||||
Net income attributable to preferred units
|
(1
|
)
|
(1
|
)
|
(3
|
)
|
(3
|
)
|
(3
|
)
|
||||||||||
Net income attributable to common unitholders
|
$
|
1,417
|
$
|
1,318
|
$
|
4,278
|
$
|
3,961
|
$
|
5,846
|
||||||||||
Per common unit data (fully diluted):
|
||||||||||||||||||||
Earnings per common unit
|
$
|
0.65
|
$
|
0.60
|
$
|
1.95
|
$
|
1.81
|
$
|
2.67
|
||||||||||
Average common units outstanding (in millions)
|
2,192
|
2,194
|
2,193
|
2,195
|
2,193
|
|||||||||||||||
Supplemental financial data:
|
||||||||||||||||||||
Net cash flow provided by operating activities
|
$
|
2,072
|
$
|
1,718
|
$
|
5,757
|
$
|
5,203
|
$
|
8,123
|
||||||||||
Net cash flow used in investing activities
|
$
|
1,152
|
$
|
818
|
$
|
3,433
|
$
|
2,220
|
$
|
4,410
|
||||||||||
Net cash flow provided by (used in) financing activities
|
$
|
319
|
$
|
(863
|
)
|
$
|
(971
|
)
|
$
|
(2,875
|
)
|
$
|
(2,354
|
)
|
||||||
Total debt principal outstanding at end of period
|
$
|
32,221
|
$
|
29,191
|
$
|
32,221
|
$
|
29,191
|
$
|
32,221
|
||||||||||
Non-GAAP Distributable Cash Flow (1)
|
$
|
1,957
|
$
|
1,869
|
$
|
5,684
|
$
|
5,542
|
$
|
7,743
|
||||||||||
Non-GAAP Operational Distributable Cash Flow (1)
|
$
|
1,956
|
$
|
1,868
|
$
|
5,706
|
$
|
5,514
|
$
|
7,730
|
||||||||||
Non-GAAP Adjusted EBITDA (2)
|
$
|
2,442
|
$
|
2,327
|
$
|
7,300
|
$
|
6,819
|
$
|
9,799
|
||||||||||
Non-GAAP Adjusted Cash flow from operations (3)
|
$
|
2,108
|
$
|
2,021
|
$
|
6,320
|
$
|
5,909
|
$
|
8,535
|
||||||||||
Non-GAAP Free Cash Flow (4)
|
$
|
907
|
$
|
870
|
$
|
2,273
|
$
|
2,887
|
$
|
3,642
|
||||||||||
Non-GAAP Adjusted Free Cash Flow (4)
|
$
|
943
|
$
|
1,173
|
$
|
2,836
|
$
|
3,593
|
$
|
4,054
|
||||||||||
Gross operating margin by segment:
|
||||||||||||||||||||
NGL Pipelines & Services
|
$
|
1,335
|
$
|
1,196
|
$
|
4,000
|
$
|
3,518
|
$
|
5,380
|
||||||||||
Crude Oil Pipelines & Services
|
401
|
432
|
1,229
|
1,251
|
1,685
|
|||||||||||||||
Natural Gas Pipelines & Services
|
349
|
239
|
954
|
791
|
1,240
|
|||||||||||||||
Petrochemical & Refined Products Services
|
363
|
453
|
1,199
|
1,255
|
1,638
|
|||||||||||||||
Total segment gross operating margin (5)
|
2,448
|
2,320
|
7,382
|
6,815
|
9,943
|
|||||||||||||||
Net adjustment for shipper make-up rights (6)
|
6
|
11
|
(26
|
)
|
32
|
(39
|
)
|
|||||||||||||
Non-GAAP total gross operating margin (7)
|
$
|
2,454
|
$
|
2,331
|
$
|
7,356
|
$
|
6,847
|
$
|
9,904
|
(1)
|
See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities.
|
(2)
|
See Exhibit G for reconciliation to GAAP net cash flow provided by operating activities.
|
(3)
|
See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities.
|
(4)
|
See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities.
|
(5)
|
Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission ("SEC").
|
(6)
|
Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements' evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC.
|
(7)
|
See Exhibit H for reconciliation to GAAP total operating income.
|
Enterprise Products Partners L.P.
|
Exhibit B
|
|||||||||||||||||||
Selected Operating Data - UNAUDITED
|
||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
For the Twelve
Months Ended
September 30,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
||||||||||||||||
Selected operating data:(1)
|
||||||||||||||||||||
NGL Pipelines & Services, net:
|
||||||||||||||||||||
NGL pipeline transportation volumes (MBPD)
|
4,223
|
3,974
|
4,216
|
3,965
|
4,226
|
|||||||||||||||
NGL marine terminal volumes (MBPD)
|
887
|
771
|
886
|
787
|
895
|
|||||||||||||||
NGL fractionation volumes (MBPD)
|
1,611
|
1,519
|
1,599
|
1,528
|
1,599
|
|||||||||||||||
Equity NGL-equivalent production volumes (MBPD) (2)
|
204
|
184
|
202
|
173
|
197
|
|||||||||||||||
Fee-based natural gas processing volumes (MMcf/d) (3,4)
|
6,804
|
5,928
|
6,561
|
5,717
|
6,481
|
|||||||||||||||
Natural gas processing inlet volumes (MMcf/d) (5)
|
7,526
|
6,756
|
7,333
|
6,587
|
7,264
|
|||||||||||||||
Crude Oil Pipelines & Services, net:
|
||||||||||||||||||||
Crude oil pipeline transportation volumes (MBPD)
|
2,537
|
2,560
|
2,482
|
2,409
|
2,513
|
|||||||||||||||
Crude oil marine terminal volumes (MBPD)
|
910
|
988
|
992
|
881
|
994
|
|||||||||||||||
Natural Gas Pipelines & Services, net:
|
||||||||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d) (6)
|
19,090
|
18,440
|
18,685
|
18,244
|
18,694
|
|||||||||||||||
Petrochemical & Refined Products Services, net:
|
||||||||||||||||||||
Propylene production volumes (MBPD)
|
113
|
103
|
102
|
104
|
102
|
|||||||||||||||
Butane isomerization volumes (MBPD)
|
116
|
112
|
117
|
110
|
117
|
|||||||||||||||
Standalone DIB processing volumes (MBPD)
|
191
|
185
|
199
|
170
|
197
|
|||||||||||||||
Octane enhancement and related plant sales volumes (MBPD) (7)
|
37
|
41
|
37
|
34
|
38
|
|||||||||||||||
Pipeline transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
979
|
826
|
928
|
817
|
928
|
|||||||||||||||
Refined products and petrochemicals marine terminal volumes (MBPD) (8)
|
275
|
331
|
315
|
311
|
323
|
|||||||||||||||
Total, net:
|
||||||||||||||||||||
NGL, crude oil, petrochemical and refined products
pipeline transportation volumes (MBPD)
|
7,739
|
7,360
|
7,626
|
7,191
|
7,667
|
|||||||||||||||
Natural gas pipeline transportation volumes (BBtus/d)
|
19,090
|
18,440
|
18,685
|
18,244
|
18,694
|
|||||||||||||||
Equivalent pipeline transportation volumes (MBPD) (9)
|
12,763
|
12,213
|
12,543
|
11,992
|
12,586
|
|||||||||||||||
NGL, crude oil, refined products and petrochemical
marine terminal volumes (MBPD)
|
2,072
|
2,090
|
2,193
|
1,979
|
2,212
|
(1)
|
Operating rates are reported on a net basis, which take into account our ownership interests in certain joint ventures and include volumes for newly constructed assets from the related in-service dates and for recently purchased assets from the related acquisition dates.
|
(2)
|
Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business.
|
(3)
|
Volumes reported correspond to the revenue streams earned by our gas plants. "MMcf/d" means million cubic feet per day.
|
(4)
|
Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d.
|
(5)
|
Natural gas processing inlet volumes is an operational measure representing the physical, unprocessed rich natural gas passing through meters located at or near the inlet of our natural gas processing plants or at the wellhead for all natural gas processing facilities that we operate. Substantially all natural gas processing inlet volumes are processed under service contracts that are either fee-based, commodity-based or a combination of both. Natural gas processing inlet volumes are reflected in "Fee-based natural gas processing volumes" for volumes processed under fee-based service contracts, "Equity NGL-equivalent production volumes" for volumes processed under commodity-based service contracts or both of the aforementioned categories for volumes processed under service contracts that have both fee and commodity-based terms.
|
(6)
|
"BBtus/d" means billion British thermal units per day.
|
(7)
|
Reflects aggregate sales volumes for our octane enhancement and isobutane dehydrogenation ("iBDH") facilities located at our Mont Belvieu area complex and our high-purity isobutylene production facility located adjacent to the Houston Ship Channel.
|
(8)
|
In addition to exports of refined products, these amounts include loading volumes at our ethylene export terminal.
|
(9)
|
Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal units ("MMBtus") of natural gas transportation volumes are equivalent to one barrel of NGLs transported.
|
Enterprise Products Partners L.P.
|
Exhibit C
|
|
Selected Commodity Price Information - UNAUDITED
|
Polymer
|
Refinery
|
|||||||||||||||||||||||||||||||
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
||||||||||||||||||||||||||||
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
|||||||||||||||||||||||||
$/MMBtu (1)
|
$/gallon (2)
|
$/gallon (2)
|
$/gallon (2)
|
$/gallon (2)
|
$/gallon (2)
|
$/pound (3)
|
$/pound (3)
|
|||||||||||||||||||||||||
2023 by quarter:
|
||||||||||||||||||||||||||||||||
First Quarter
|
$
|
3.44
|
$
|
0.25
|
$
|
0.82
|
$
|
1.11
|
$
|
1.16
|
$
|
1.62
|
$
|
0.50
|
$
|
0.22
|
||||||||||||||||
Second Quarter
|
$
|
2.09
|
$
|
0.21
|
$
|
0.67
|
$
|
0.78
|
$
|
0.84
|
$
|
1.44
|
$
|
0.40
|
$
|
0.21
|
||||||||||||||||
Third Quarter
|
$
|
2.54
|
$
|
0.30
|
$
|
0.68
|
$
|
0.83
|
$
|
0.94
|
$
|
1.55
|
$
|
0.36
|
$
|
0.15
|
||||||||||||||||
Fourth Quarter
|
$
|
2.88
|
$
|
0.23
|
$
|
0.67
|
$
|
0.91
|
$
|
1.07
|
$
|
1.48
|
$
|
0.46
|
$
|
0.17
|
||||||||||||||||
2023 Averages
|
$
|
2.74
|
$
|
0.25
|
$
|
0.71
|
$
|
0.91
|
$
|
1.00
|
$
|
1.52
|
$
|
0.43
|
$
|
0.19
|
||||||||||||||||
2024 by quarter:
|
||||||||||||||||||||||||||||||||
First Quarter
|
$
|
2.25
|
$
|
0.19
|
$
|
0.84
|
$
|
1.03
|
$
|
1.14
|
$
|
1.54
|
$
|
0.55
|
$
|
0.18
|
||||||||||||||||
Second Quarter
|
$
|
1.89
|
$
|
0.19
|
$
|
0.75
|
$
|
0.90
|
$
|
1.26
|
$
|
1.55
|
$
|
0.47
|
$
|
0.21
|
||||||||||||||||
Third Quarter
|
$
|
2.15
|
$
|
0.16
|
$
|
0.73
|
$
|
0.97
|
$
|
1.08
|
$
|
1.48
|
$
|
0.53
|
$
|
0.28
|
||||||||||||||||
2024 Averages
|
$
|
2.10
|
$
|
0.18
|
$
|
0.77
|
$
|
0.97
|
$
|
1.16
|
$
|
1.52
|
$
|
0.52
|
$
|
0.22
|
(1)
|
Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of S&P Global, Inc.
|
(2)
|
NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil Price Information Service, which is a division of Dow Jones.
|
(3)
|
Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Markit ("IHS"), which is a division of S&P Global, Inc. Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS.
|
WTI
|
Midland
|
Houston
|
LLS
|
|||||||||||||
Crude Oil,
|
Crude Oil,
|
Crude Oil
|
Crude Oil,
|
|||||||||||||
$/barrel (1)
|
$/barrel (2)
|
$/barrel (2)
|
$/barrel (3)
|
|||||||||||||
2023 by quarter:
|
||||||||||||||||
First Quarter
|
$
|
76.13
|
$
|
77.50
|
$
|
77.74
|
$
|
79.00
|
||||||||
Second Quarter
|
$
|
73.78
|
$
|
74.48
|
$
|
74.68
|
$
|
75.87
|
||||||||
Third Quarter
|
$
|
82.26
|
$
|
83.85
|
$
|
84.02
|
$
|
84.72
|
||||||||
Fourth Quarter
|
$
|
78.32
|
$
|
79.62
|
$
|
79.89
|
$
|
80.93
|
||||||||
2023 Averages
|
$
|
77.62
|
$
|
78.86
|
$
|
79.08
|
$
|
80.13
|
||||||||
2024 by quarter:
|
||||||||||||||||
First Quarter
|
$
|
76.96
|
$
|
78.55
|
$
|
78.85
|
$
|
79.75
|
||||||||
Second Quarter
|
$
|
80.57
|
$
|
81.73
|
$
|
82.33
|
$
|
83.60
|
||||||||
Third Quarter
|
$
|
75.10
|
$
|
75.96
|
$
|
76.51
|
$
|
77.20
|
||||||||
2024 Averages
|
$
|
77.54
|
$
|
78.75
|
$
|
79.23
|
$
|
80.18
|
(1)
|
West Texas Intermediate ("WTI") prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX.
|
(2)
|
Midland and Houston crude oil prices are based on commercial index prices as reported by Argus.
|
(3)
|
Light Louisiana Sweet ("LLS") prices are based on commercial index prices as reported by Platts.
|
Enterprise Products Partners L.P.
|
Exhibit D
|
|||||||||||||||
Free Cash Flow and Adjusted Free Cash Flow - UNAUDITED
|
||||||||||||||||
($ in millions)
|
||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Free Cash Flow ("FCF") and Adjusted FCF
|
||||||||||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
2,072
|
$
|
1,718
|
$
|
5,757
|
$
|
5,203
|
||||||||
Adjustments to reconcile net cash flow provided by operating activities to FCF and
Adjusted FCF (addition or subtraction indicated by sign):
|
||||||||||||||||
Net cash flow used in investing activities
|
(1,152
|
)
|
(818
|
)
|
(3,433
|
)
|
(2,220
|
)
|
||||||||
Cash contributions from noncontrolling interests
|
8
|
10
|
33
|
25
|
||||||||||||
Cash distributions paid to noncontrolling interests
|
(21
|
)
|
(40
|
)
|
(84
|
)
|
(121
|
)
|
||||||||
FCF (non-GAAP)
|
$
|
907
|
$
|
870
|
$
|
2,273
|
$
|
2,887
|
||||||||
Net effect of changes in operating accounts, as applicable
|
36
|
303
|
563
|
706
|
||||||||||||
Adjusted FCF (non-GAAP)
|
$
|
943
|
$
|
1,173
|
$
|
2,836
|
$
|
3,593
|
||||||||
For the Twelve Months
Ended September 30,
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
8,123
|
$
|
7,928
|
||||||||||||
Adjustments to reconcile net cash flow provided by operating activities to FCF and
Adjusted FCF (addition or subtraction indicated by sign):
|
||||||||||||||||
Net cash flow used in investing activities
|
(4,410
|
)
|
(2,865
|
)
|
||||||||||||
Cash contributions from noncontrolling interests
|
52
|
28
|
||||||||||||||
Cash distributions paid to noncontrolling interests
|
(123
|
)
|
(169
|
)
|
||||||||||||
FCF (non-GAAP)
|
$
|
3,642
|
$
|
4,922
|
||||||||||||
Net effect of changes in operating accounts, as applicable
|
412
|
78
|
||||||||||||||
Adjusted FCF (non-GAAP)
|
$
|
4,054
|
$
|
5,000
|
Enterprise Products Partners L.P.
|
Exhibit E
|
|||||||||||||||||||||||
Adjusted Cash flow from operations - UNAUDITED
|
||||||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
For the Twelve Months
Ended September 30,
|
||||||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||||||||
Adjusted Cash flow from operations ("Adjusted CFFO")
|
||||||||||||||||||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
2,072
|
$
|
1,718
|
$
|
5,757
|
$
|
5,203
|
$
|
8,123
|
$
|
7,928
|
||||||||||||
Adjustments to reconcile net cash flow provided by operating activities to
Adjusted Cash flow from operations (addition or subtraction indicated by sign):
|
||||||||||||||||||||||||
Net effect of changes in operating accounts, as applicable
|
36
|
303
|
563
|
706
|
412
|
78
|
||||||||||||||||||
Adjusted CFFO (non-GAAP)
|
$
|
2,108
|
$
|
2,021
|
$
|
6,320
|
$
|
5,909
|
$
|
8,535
|
$
|
8,006
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||||||||||||||
Distributable Cash Flow and Operational Distributable Cash Flow - UNAUDITED
|
||||||||||||||||||||
($ in millions)
|
||||||||||||||||||||
For the Twelve
Months Ended
September 30,
|
||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
||||||||||||||||
Distributable Cash Flow ("DCF") and Operational DCF
|
||||||||||||||||||||
Net income attributable to common unitholders (GAAP)
|
$
|
1,417
|
$
|
1,318
|
$
|
4,278
|
$
|
3,961
|
$
|
5,846
|
||||||||||
Adjustments to net income attributable to common
unitholders to derive DCF (addition or subtraction indicated by sign):
|
||||||||||||||||||||
Depreciation, amortization and accretion expenses
|
618
|
599
|
1,845
|
1,742
|
2,446
|
|||||||||||||||
Cash distributions received from unconsolidated affiliates
|
124
|
120
|
367
|
367
|
488
|
|||||||||||||||
Equity in income of unconsolidated affiliates
|
(99
|
)
|
(122
|
)
|
(302
|
)
|
(347
|
)
|
(417
|
)
|
||||||||||
Asset impairment charges
|
27
|
12
|
51
|
28
|
55
|
|||||||||||||||
Change in fair market value of derivative instruments
|
(3
|
)
|
38
|
(11
|
)
|
48
|
(26
|
)
|
||||||||||||
Deferred income tax expense
|
9
|
13
|
23
|
5
|
30
|
|||||||||||||||
Sustaining capital expenditures (1)
|
(129
|
)
|
(99
|
)
|
(554
|
)
|
(284
|
)
|
(683
|
)
|
||||||||||
Other, net
|
(8
|
)
|
(11
|
)
|
9
|
(6
|
)
|
(9
|
)
|
|||||||||||
Operational DCF (non-GAAP)
|
1,956
|
1,868
|
5,706
|
5,514
|
7,730
|
|||||||||||||||
Proceeds from asset sales and other matters
|
5
|
1
|
11
|
7
|
46
|
|||||||||||||||
Monetization of interest rate derivative instruments accounted
for as cash flow hedges
|
(4
|
)
|
-
|
(33
|
)
|
21
|
(33
|
)
|
||||||||||||
DCF (non-GAAP)
|
$
|
1,957
|
$
|
1,869
|
$
|
5,684
|
$
|
5,542
|
$
|
7,743
|
||||||||||
Adjustments to reconcile DCF with net cash flow provided by operating
activities (addition or subtraction indicated by sign):
|
||||||||||||||||||||
Net effect of changes in operating accounts, as applicable
|
(36
|
)
|
(303
|
)
|
(563
|
)
|
(706
|
)
|
(412
|
)
|
||||||||||
Sustaining capital expenditures
|
129
|
99
|
554
|
284
|
683
|
|||||||||||||||
Other, net
|
22
|
53
|
82
|
83
|
109
|
|||||||||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
2,072
|
$
|
1,718
|
$
|
5,757
|
$
|
5,203
|
$
|
8,123
|
(1)
|
Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to and major renewals of existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues.
|
Enterprise Products Partners L.P.
|
Exhibit G
|
|||||||||||||||||||
Adjusted EBITDA - UNAUDITED
|
|
|
||||||||||||||||||
($ in millions)
|
||||||||||||||||||||
For the Twelve
Months Ended
September 30,
|
||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
||||||||||||||||
Net income (GAAP)
|
$
|
1,432
|
$
|
1,350
|
$
|
4,337
|
$
|
4,055
|
$
|
5,939
|
||||||||||
Adjustments to net income to derive Adjusted EBITDA
(addition or subtraction indicated by sign):
|
||||||||||||||||||||
Depreciation, amortization and accretion in costs and expenses (1)
|
599
|
579
|
1,792
|
1,683
|
2,376
|
|||||||||||||||
Interest expense, including related amortization
|
343
|
328
|
1,006
|
944
|
1,331
|
|||||||||||||||
Cash distributions received from unconsolidated affiliates
|
124
|
120
|
367
|
367
|
488
|
|||||||||||||||
Equity in income of unconsolidated affiliates
|
(99
|
)
|
(122
|
)
|
(302
|
)
|
(347
|
)
|
(417
|
)
|
||||||||||
Asset impairment charges
|
27
|
12
|
51
|
28
|
55
|
|||||||||||||||
Provision for income taxes
|
19
|
22
|
55
|
45
|
54
|
|||||||||||||||
Change in fair market value of commodity derivative instruments
|
(3
|
)
|
38
|
(11
|
)
|
48
|
(26
|
)
|
||||||||||||
Other, net
|
-
|
-
|
5
|
(4
|
)
|
(1
|
)
|
|||||||||||||
Adjusted EBITDA (non-GAAP)
|
2,442
|
2,327
|
7,300
|
6,819
|
9,799
|
|||||||||||||||
Adjustments to reconcile Adjusted EBITDA to net cash flow provided by
operating activities (addition or subtraction indicated by sign):
|
||||||||||||||||||||
Interest expense, including related amortization
|
(343
|
)
|
(328
|
)
|
(1,006
|
)
|
(944
|
)
|
(1,331
|
)
|
||||||||||
Deferred income tax expense
|
9
|
13
|
23
|
5
|
30
|
|||||||||||||||
Provision for income taxes
|
(19
|
)
|
(22
|
)
|
(55
|
)
|
(45
|
)
|
(54
|
)
|
||||||||||
Net effect of changes in operating accounts, as applicable
|
(36
|
)
|
(303
|
)
|
(563
|
)
|
(706
|
)
|
(412
|
)
|
||||||||||
Other, net
|
19
|
31
|
58
|
74
|
91
|
|||||||||||||||
Net cash flow provided by operating activities (GAAP)
|
$
|
2,072
|
$
|
1,718
|
$
|
5,757
|
$
|
5,203
|
$
|
8,123
|
(1)
|
Excludes amortization of major maintenance costs for reaction-based plants, which are a component of Adjusted EBITDA.
|
Enterprise Products Partners L.P.
|
Exhibit H
|
|||||||||||||||||||
Gross Operating Margin - UNAUDITED
|
|
|
|
|||||||||||||||||
($ in millions)
|
||||||||||||||||||||
For the Twelve
Months Ended
September 30,
|
||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
||||||||||||||||
Total gross operating margin (non-GAAP)
|
$
|
2,454
|
$
|
2,331
|
$
|
7,356
|
$
|
6,847
|
$
|
9,904
|
||||||||||
Adjustments to reconcile total gross operating margin to total operating
income (addition or subtraction indicated by sign):
|
||||||||||||||||||||
Depreciation, amortization and accretion expense in operating
costs and expenses (1)
|
(586
|
)
|
(566
|
)
|
(1,749
|
)
|
(1,644
|
)
|
(2,320
|
)
|
||||||||||
Asset impairment charges in operating costs and expenses
|
(27
|
)
|
(11
|
)
|
(51
|
)
|
(27
|
)
|
(54
|
)
|
||||||||||
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses
|
-
|
-
|
(5
|
)
|
4
|
1
|
||||||||||||||
General and administrative costs
|
(61
|
)
|
(59
|
)
|
(184
|
)
|
(172
|
)
|
(243
|
)
|
||||||||||
Total operating income (GAAP)
|
$
|
1,780
|
$
|
1,695
|
$
|
5,367
|
$
|
5,008
|
$
|
7,288
|
(1)
|
Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
|
Enterprise Products Partners L.P.
|
Exhibit I
|
|||||||||||||||||||
Other Information - UNAUDITED
|
|
|
||||||||||||||||||
($ in millions)
|
||||||||||||||||||||
For the Twelve
Months Ended
September 30,
|
||||||||||||||||||||
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
|||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
||||||||||||||||
Capital investments:
|
||||||||||||||||||||
Capital expenditures
|
$
|
1,174
|
$
|
821
|
$
|
3,485
|
$
|
2,254
|
$
|
4,497
|
||||||||||
Investments in unconsolidated affiliates
|
-
|
2
|
-
|
2
|
-
|
|||||||||||||||
Other investing activities
|
8
|
3
|
23
|
8
|
28
|
|||||||||||||||
Total capital investments
|
$
|
1,182
|
$
|
826
|
$
|
3,508
|
$
|
2,264
|
$
|
4,525
|
For the Three Months
Ended September 30,
|
For the Nine Months
Ended September 30,
|
For the Twelve
Months Ended
September 30,
|
||||||||||||||||||
2024
|
2023
|
2024
|
2023
|
2024
|
||||||||||||||||
Mark-to-market gains (losses) in gross operating margin:
|
||||||||||||||||||||
NGL Pipelines & Services
|
$
|
(3
|
)
|
$
|
(3
|
)
|
$
|
(10
|
)
|
$
|
(22
|
)
|
$
|
(13
|
)
|
|||||
Crude Oil Pipelines & Services
|
5
|
(33
|
)
|
17
|
(27
|
)
|
39
|
|||||||||||||
Natural Gas Pipelines & Services
|
1
|
(4
|
)
|
2
|
(2
|
)
|
3
|
|||||||||||||
Petrochemical & Refined Products Services
|
-
|
2
|
2
|
3
|
(3
|
)
|
||||||||||||||
Total mark-to-market impact on gross operating margin
|
$
|
3
|
$
|
(38
|
)
|
$
|
11
|
$
|
(48
|
)
|
$
|
26
|