Q3 2024 Enterprise Products Partners LP Earnings Call Transcript
Key Points
- Enterprise Products Partners LP (EPD) reported an adjusted EBITDA of $2.4 billion for the third quarter, up from $2.3 billion in the same quarter last year.
- The company achieved five volumetric records, including 7.5 billion cubic feet per day of inlet natural gas processing volumes.
- EPD completed the acquisition of Piñon Midstream, enhancing its Permian processing footprint and NGL value chain.
- The company declared a distribution of $0.525 per common unit for the third quarter, a 5% increase over the previous year.
- EPD's consolidated liquidity was approximately $5.6 billion at the end of the quarter, providing strong financial flexibility.
- Sustaining capital expenditures are expected to be higher than originally estimated, primarily due to costs associated with turnarounds of two PDH facilities.
- The timeline for the Bahia pipeline project has been delayed from the first half into the third quarter due to permitting issues.
- There is uncertainty regarding the ultimate demand and timing for new natural gas projects in Texas, making it difficult to quantify future impacts.
- The company faces challenges from potential new setback rules in New Mexico, which could impact operations.
- The valuation gap between C-Corps and MLPs remains a concern, with no immediate solutions to capitalize on this disparity.
Thank you for standing by and welcome to Enterprise Products Partners L.P.'s Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions)
I would now like to hand the call over to Libby Strait, Senior Director of Investor Relations. Please go ahead.
Good morning and welcome to the Enterprise Product Partners' conference call to discuss third 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
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