Enterprise Products Partners LP (NYSE:EPD)
$ 30.25 0.28 (0.93%) Market Cap: 65.65 Bil Enterprise Value: 95.24 Bil PE Ratio: 11.33 PB Ratio: 2.34 GF Score: 90/100
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Q2 2024 Enterprise Products Partners LP Earnings Call Transcript

Jul 30, 2024 / 02:00PM GMT
Release Date Price: $29.56 (-0.47%)

Key Points

Positve
  • Enterprise Products Partners LP (EPD) reported adjusted EBITDA of $2.4 billion, up from $2.2 billion in the same quarter last year.
  • The company generated $1.8 billion of distributable cash flow with a coverage ratio of 1.6 times for the quarter.
  • Record volumes in natural gas processing and NGL pipeline and fractionation were achieved.
  • Investments in the Permian Basin led to a 19% increase in gross operating margin for the NGL Pipeline and Services segment.
  • The Natural Gas Pipelines & Services segment saw a 23% increase in gross operating margin due to higher transportation revenues and marketing margins.
Negative
  • The PDH plants have been a headwind throughout the year, requiring extensive turnaround efforts.
  • Sustaining capital expenditures for 2024 are elevated, now estimated at $600 million, up from $550 million.
  • Total debt principal outstanding was approximately $30.6 billion, with a weighted average cost of debt at 4.7%.
  • The company has significant exposure to volatile Waha gas prices, which can impact marketing margins.
  • Capital investments for growth projects remain high, with expected expenditures of $3.5 billion to $3.75 billion for 2024 and 2025.
Operator

Thank you for standing by and welcome to the Enterprise Products Partners LP's second-quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

I would now like to hand the call over to Libby Strait, Senior Director of Investor Relations. Please go ahead.

Libby Strait
Enterprise Products Partners LP - Senior Director - Investor Relations

Good morning and welcome to the Enterprise Product Partners' conference call to discuss second-quarter 2024 earnings. Our speakers today will be Co-Chief Executive Officers of Enterprise's General Partner, Jim Teague and Randy Fowler. Other members of our senior management team are also in attendance for the call today.

During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company as well as assumptions made by and information currently available to Enterprise's management team.

Although management believes that the expectations reflected in

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