Enterprise Products reports record 2021 earnings; net income $4.6B, distribution up 3.3%

ENTERPRISE PRODUCTS PARTNERS L.P.

Net income $4.6B ($2.10 diluted EPS) vs $3.8B ($1.71) in 2020; 2021 adj. DCF $6.6B, coverage 1.7x.
Q4 cash distribution increased 3.3% to $0.465/unit, marking 23rd consecutive year of distribution growth.
Full-year FCF $6.3B (up from $2.7B); 2022 growth capex guided ~$1.5B, sustaining ~$350M.
Announced acquisition of Navitas Midstream to enter Midland basin; expected close Q1 2022.
Record 2021 volumes: ethane exports (171 MBPD), natural gas transport (14.6 TBtu/d), propylene production.

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