HOUSTON, October 29, 2026–(BUSINESS WIRE)–Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and nine months ended September 30, 2026.
Financial Highlights (3Q 2026 compared to 3Q 2025, as applicable)
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Net income attributable to common unitholders: $1.6 billion, $0.75 per diluted common unit, up 21%
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Adjusted EBITDA: $2.8 billion, up 16%
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Operational DCF: $2.3 billion, which provided 1.9x coverage of distributions declared for 3Q 2026, up 27%; retained $1.1 billion of DCF
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Adjusted CFFO: $2.4 billion, up 18%
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Common unit repurchases: $112 million for the quarter and $437 million for the 12 months ended September 30, 2026; 36% cumulative utilization of $5.0 billion buyback program
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For the 12 months ended September 30, 2026, the payout ratio, comprised of distributions to common unitholders and common unit buybacks, was 54% of Adjusted CFFO
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Distributions declared: $0.56 per common unit, or $2.24 per common unit annualized, up 2.8%
Capital Investment and Operational Highlights (3Q 2026 compared to 3Q 2025, as applicable)
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Record Permian natural gas processing inlet volumes: 4.6 Bcf/d, up 12% and record total natural gas processing inlet volumes: 8.5 Bcf/d, up 6%
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Record equivalent pipeline volumes: 14.8 MMBPD, up 7%
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Marine terminal volumes: 2.5 MMBPD, up 28%
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Capital investments for 3Q 2026: $1.1 billion, comprised of $0.9 billion for growth capital projects and $185 million for sustaining capital expenditures
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Growth capital spending for 2026, net of $600 million of proceeds from asset sales, is expected to be in the range of $2.9 to $3.4 billion; and $650 million for sustaining capital expenditures
Conference Call to Discuss Third Quarter 2026 Earnings
Enterprise will host a conference call today to discuss third 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 www.enterpriseproducts.com.
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, “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, “TBtus/d” means trillion British thermal units per day, and “PDH” means propane dehydrogenation.
“Enterprise reported strong operating and financial performance for the third quarter of 2026,” said A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “We handled record volumes at our Permian Basin natural gas processing plants, our NGL pipelines, natural gas pipelines and ethane marine export terminals. This strong performance was broad based with three of our segments reporting increases in gross operating margin compared to the third quarter of last year. Total gross operating margin for the third quarter of 2026 increased 15 percent to $2.7 billion. Operational distributable cash flow for the third quarter of 2026 increased 27 percent to $2.3 billion, which provided 1.9 times coverage of the partnership’s distribution declared for the quarter and we retained $1.1 billion of distributable cash flow to reinvest in the growth of the partnership, fund buybacks of partnership units and reduce debt.”
“We continue to see strong natural gas and NGL production growth from higher natural gas to oil production ratios in the Permian Basin that flows through our integrated NGL system to serve both domestic and international end use markets. Economic growth and disruption caused by global geopolitical conflicts continue to drive strong international demand across our assets for U.S. produced NGLs, crude oil, petrochemicals, refined products and motor gasoline additives. The partnership also benefited from new assets that began operations over the past twelve months including our eleventh natural gas processing plant in the Delaware Basin, the Bahia NGL pipeline, Frac 14 at our Mont Belvieu complex and the second phase of our Neches River NGL marine terminal,” stated Teague.
“Enterprise currently has $6.3 billion of growth capital projects under construction that will begin commercial operations between now and 2028. In the fourth quarter of 2026, the next projects scheduled for completion are the fourth expansion of our LPG marine terminal on the Houston Ship Channel and our new Athena natural gas processing plant in the Midland Basin. The LPG marine terminal expansion will increase the partnership’s LPG loading rate by approximately 300 MBPD to a total of 1.1 MMBPD, the largest LPG export facility in the world. The Athena plant will have the capacity to process 300 MMcf/d of natural gas and extract up to 40 MBPD of NGLs. These projects as well as our projects under construction provide visibility to Enterprise’s future growth in cash flow per unit and the value of our partnership,” Teague concluded.
Review of Third Quarter 2026 Results
Total gross operating margin for the third quarter of 2026 increased $350 million to $2.7 billion compared to the third quarter of 2025. This includes a $21 million increase in unrealized mark-to-market (“MTM”) earnings 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 third quarter of 2026 compared to $1.3 billion for the third quarter of 2025.
Gross operating margin from the natural gas processing business and related NGL marketing activities was $488 million for the third quarter of 2026 compared to $354 million for the third quarter of 2025. Natural gas processing plant inlet volumes were a record 8.5 Bcf/d in the third quarter of 2026, a 6 percent increase compared to the third quarter of 2025. Notably, inlet volumes to the partnership’s natural gas processing plants in the Permian Basin increased 12 percent to a record 4.6 Bcf/d for the third quarter of 2026. Total fee-based natural gas processing volumes increased 742 MMcf/d to a record 8.2 Bcf/d in the third quarter of 2026 compared to the third quarter of last year. Total equity NGL-equivalent production volumes increased 8 percent to 242 MBPD in the third quarter of 2026 compared to the third quarter of 2025. The following summarizes the gross operating margin variance for this business, with results for the third quarter of 2026 as compared to the third quarter of 2025:
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NGL marketing gross operating margin increased $75 million primarily due to higher average sales margins, primarily driven from marketing
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