EPD Enterprise Products Partners (EPD) Q1 FY26 earnings call
A short quarter turned exceptional as newly commissioned assets ramped to full utilization and an unexpected Middle East supply shock flipped the outlook from a benign, oversupplied year to one of surging international demand for U.S. energy. Management now expects sustained export strength and a return of outsized marketing spreads to materialize from Q2, layering commodity upside onto a fee-based growth story while holding to disciplined capital returns and debt reduction.
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EPD operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Liquid hydrocarbons export volume | 2.1M bbl/dIn the fourth quarter, we loaded out on -- for export, 2.1 million barrels a day of liquid hydrocarbons against our term commitments of 2.5 million barrels a day.Source: earnings call transcript | 2M bbl/dIn total, we moved 13.2 million barrels of oil equivalent a day and 2 million barrels a day of liquid hydrocarbon exports.Source: earnings call transcript | — | — | — | — | — | -4.8% |
| Capital expenditures Growth capital projects | $946MTotal capital investments in the fourth quarter of 2024 were $2 billion, which includes $946 million for growth capital projects, $949 million for the acquisition of Piñon Midstream and $113 million of sustaining capital expenditures.Source: earnings call transcript | $964MTotal capital investments in the first quarter of 2025 were $1.1 billion, which included $964 million of growth capital -- of growth capital projects and $102 million of sustaining capital expenditures.Source: earnings call transcript | $1.2BTotal capital investments in the second quarter of 2025 were $1.3 billion, which included $1.2 billion for growth capital projects and $117 million of sustaining capital expenditures.Source: earnings call transcript | $1.2BTotal capital investments were $2 billion in the third quarter of 2025, which included $1.2 billion for growth capital projects, $583 million for the acquisition of natural gas gathering systems from Occidental in the Midland Basin, and $198 million of sustaining capital expenditures.Source: earnings call transcript | $1BTotal capital investments were $1.3 billion in the fourth quarter of 2025, which included $1 billion for growth capital projects and $203 million of sustaining capital expenditures.Source: earnings call transcript | $783MTotal capital investments were $988 million in the first quarter of 2026, which included $783 million of growth capital projects and $205 million of sustaining capital expenditures.Source: earnings call transcript | $1BTotal capital investments were $1.2 billion in the second quarter of '26, which included $1 billion of growth capital projects and $140 million of sustaining capital expenditures.Source: earnings call transcript | +27.7% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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