EPD Enterprise Products Partners (EPD) Q4 FY25 earnings call
Enterprise Products Partners delivered record Q4 FY25 EBITDA and full-year adjusted cash flow from operations, driven by strategic asset ramp-ups and strong NGL export demand. Despite commodity price headwinds and weaker spreads, the company is focused on integrating new projects and expanding key infrastructure like the Bahia NGL pipeline. Management anticipates modest growth in 2026, accelerating to double-digit EBITDA and cash flow growth in 2027 as assets reach full utilization.
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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 | This call Dec 2025 Q4 FY25 | 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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