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HOUSTON – Enterprise Products Partners L.P. (NYSE:EPD), a leader in natural gas transmission with a market capitalization of $65.1 billion, announced the impending departure of Brent B. Secrest, its Executive Vice President and Chief Commercial Officer. Secrest tendered his resignation on Monday, with a planned effective date of May 1, 2025.
Secrest has been serving at Enterprise Products Holdings LLC, the general partner of the publicly-traded partnership. Details regarding the terms of his departure are still under discussion, as mentioned in the company’s filing with the U.S. Securities and Exchange Commission.
Enterprise Products Partners, headquartered in Houston, Texas, operates in the energy and transportation sector, primarily focusing on natural gas transmission. The company’s business address is at 1100 Louisiana 10th Floor, Houston, Texas, 77002, and they can be contacted via phone at 713-381-6500.
The announcement of Secrest’s resignation was made public through an 8-K filing, which is a requirement for publicly traded companies to disclose unscheduled material events or corporate changes that could be of importance to shareholders or the Securities and Exchange Commission.
The company’s stock, traded under the ticker EPD on the New York Stock Exchange, may be subject to investor reaction following this executive change. As of now, the company has not indicated who will succeed Secrest in his role as Executive Vice President and Chief Commercial Officer.
This news is based on the most recent 8-K filing and does not include speculative or forward-looking statements. Further developments regarding the transition and any potential impact on Enterprise Products Partners L.P.’s operations will likely be disclosed in future regulatory filings and public announcements.
In other recent news, Enterprise Products Partners reported fourth-quarter 2024 earnings that surpassed analyst expectations, with net income reaching $1.63 billion, or $0.74 per unit, compared to $1.60 billion, or $0.72 per unit, in the same period last year. However, revenue slightly missed the mark at $14.2 billion, just under the $14.24 billion consensus estimate. The company achieved record volumes in several segments, including natural gas processing and NGL pipeline volumes, contributing to a total gross operating margin increase to $2.63 billion from $2.55 billion in the previous year.
RBC Capital Markets maintained an Outperform rating on Enterprise Products, citing the company’s strong cash flow and balance sheet, which support growth and potential distribution increases. UBS also reiterated a Buy rating with a $40 target, despite adjusting its first-quarter 2025 EBITDA forecast due to mechanical issues at the PDH 1 facility. Citi analysts raised their price target to $37 from $36, highlighting an upward revision in the company’s 2025 EBITDA estimate to approximately $10.4 billion.
Enterprise Products’ strategic growth projects and management’s guidance for mid-single-digit growth in 2025 have bolstered confidence among analysts. The company has around $7.6 billion in major growth capital projects underway, expected to come online over the next three years.
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