Q2 2026 Enterprise Products Partners L.P Earnings Call Transcript
Key Points
- Record EBITDA of $2.8 billion in Q2 2026, a 17% increase year-over-year, driven by strong global demand for U.S. energy.
- Record pipeline volumes up 8% and marine terminal volumes up 33% year-over-year, reflecting robust operational performance.
- Approved construction of new natural gas processing plants (Plant 11 and Plant 13) and NGL fractionator (Project 15), supporting long-term growth in the Permian Basin.
- Strong balance sheet with a leverage ratio at the 3.0x target and $5 billion in liquidity, providing financial flexibility.
- Increased distribution by 2.8% and repurchased $159 million in common units, demonstrating commitment to shareholder returns.
- LPG export lifting rates have declined due to new capacity coming online, potentially leading to lower terminal fees and market volatility.
- Growth capital expenditures for 2026 increased by over $700 million due to new project sanctions, pressuring near-term free cash flow.
- Uncertainty around future EBITDA growth due to volatile global energy markets and the ongoing Middle East conflict, making forecasts difficult.
- PDH2 experienced a downtime issue in July 2026, impacting operational stability in the petrochemical segment.
- Natural gas processing volumes outside the Permian remained muted, with limited growth in other basins like the Haynesville.
Thank you for standing by, and welcome to Enterprise Products Partners LP's second-quarter 2026 earnings conference call. (Operator Instructions)
I would now like to hand the call over to Joe Theriac, VP of Finance and Investor Relations. Please go ahead.
Thanks, Lateef. Good morning, and welcome to the Enterprise Products Partners conference call to discuss second quarter 2026 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 such forward-looking statements are reasonable and give
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