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HOUSTON - Tuesday, Enterprise Products Partners L.P. (NYSE:EPD) reported fourth quarter earnings that beat analyst estimates, while revenue came in slightly below expectations. The midstream energy company’s stock edged up 0.48% following the release.
Enterprise reported net income of $1.63 billion, or $0.74 per common unit, for Q4 2024, compared to $1.60 billion, or $0.72 per unit, in Q4 2023. Analysts had expected earnings of $0.71 per unit.
Revenue for the quarter was $14.2 billion, just shy of the $14.24 billion consensus estimate. This compares to revenue of $14.62 billion in the same quarter last year.
The company saw record volumes across several of its business segments in Q4. Natural gas processing inlet volumes hit a record 7.6 billion cubic feet per day, up 7% year-over-year. NGL pipeline volumes also reached a record 4.8 million barrels per day, a 12% increase from Q4 2023.
"Our record 2024 financial performance was driven by record volumes across our midstream system," said A.J. "Jim" Teague, co-CEO of Enterprise’s general partner.
Total (EPA:TTEF) gross operating margin rose to $2.63 billion in Q4 2024 from $2.55 billion in Q4 2023. Distributable cash flow increased to $2.16 billion from $2.06 billion a year earlier.
For the full year 2024, Enterprise reported net income of $5.97 billion, or $2.69 per unit, up from $5.66 billion, or $2.52 per unit, in 2023.
The company said it has approximately $7.6 billion of major growth capital projects under construction that will come online over the next three years.
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