Enterprise Products Partners L.P. reported third‑quarter 2025 results with net income attributable to common unitholders of $1.3 billion, down from $1.4 billion in the same quarter last year. Earnings per unit on a fully diluted basis were $0.61 versus $0.65 in 2024, falling short of the consensus estimate of $0.68 for the quarter.
The company increased its share‑repurchase authorization to $5 billion, up from a prior authorization of $2.0 billion. Management indicated that $3.6 billion of the new authorization remains available for future buybacks.
Segment performance showed that NGL Pipelines & Services maintained its margin, while the Crude Oil Pipelines & Services and Natural Gas Pipelines & Services segments experienced modest margin declines. The company cited continued volume growth from the Permian Basin as a key driver of its fee‑based cash flow.
Operational highlights included natural gas processing plant inlet volumes of 8.1 Bcf/d, a 6% year‑over‑year increase, and total natural gas pipeline volumes of 21.0 TBtus/d, up 8% year‑over‑year. These gains were largely driven by higher production from the Permian Basin.
Capital deployment in Q3 2025 totaled $2.0 billion, comprising $1.2 billion for growth‑capital projects and $583 million for the acquisition of natural gas gathering systems in the Midland Basin. The company’s debt‑to‑equity ratio stands at 1.13, with a current ratio of 0.96 and a quick ratio of 0.69, indicating moderate liquidity constraints. The dividend payout ratio remains high, reflecting the company’s long‑standing commitment to dividend growth.
Looking ahead, Enterprise Products expects 2026 to be an inflection point for free cash flow, as it nears completion of a significant capital‑deployment cycle that began in 2022. The company’s buyback program is positioned to support this anticipated growth and continue its track record of dividend increases over 27 years.
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