earnings
confidence high
sentiment neutral
materiality 0.70
Enterprise Q3 net income $1.3B ($0.60/unit); distribution up 5.3%; record volumes; new $3.1B projects
ENTERPRISE PRODUCTS PARTNERS L.P.
- Net income $1.3B ($0.60/unit diluted) vs $1.4B ($0.62) Q3 2022; DCF $1.9B unchanged.
- Distribution raised 5.3% to $0.50/unit; 1.7x coverage; retained $773M DCF.
- Gross operating margin $2.33B; Petrochem & Refined Products record $453M (+28% YoY).
- Record pipeline volumes 7.4M BPD; NGL fractionation 1.5M BPD; marine terminal 2.1M BPD.
- Announced $3.1B new NGL growth projects; 2023 growth capex ~$3.0B, 2024 $3.0-3.5B.