Enterprise Products Partners

Enterprise Products Partners (Enterprise) is a publicly traded limited partnership. It gives midstream energy services to producers and users of natural gas, natural gas liquids (NGLs), crude oil, refined products and petrochemicals. Its assets include more than 50,000 miles of pipelines, more than 300 million barrels of storage for liquids, 14 billion cubic feet of natural gas storage, natural gas processing plants, the NGL fractionation complex at Mont Belvieu, Texas, and marine export terminals on the Texas Gulf Coast.

It has four segments. In the first nine months of 2026, NGL Pipelines & Services gave $4.58 billion of the $8.39 billion of total segment gross operating margin, and the Crude Oil, Natural Gas and Petrochemical & Refined Products segments gave the rest. Investors own common units, not shares, and receive a cash distribution each quarter.

EPCO and its affiliates owned about 32.6% of the common units at September 30, 2026. The head office is in Houston, Texas. Randy Fowler becomes the only chief executive officer on January 4, 2027, when co-chief executive officer Jim Teague retires.

Enterprise trades close to its intrinsic value because investors already pay for its steady fee-based cash flow and its distribution, which grows a little each year. Adjusted EBITDA rose 16% to $2.79 billion in Q3 2026, and operational distributable cash flow covered the distribution 1.9 times. The distribution is $0.56 per unit each quarter, 2.8% more than a year earlier, and Enterprise also bought back $437 million of units in the 12 months to September 30, 2026. Growth comes from $6.3 billion of projects under construction, such as new Permian gas processing plants, the Frac 15 fractionator and the expansion of the LPG export terminal on the Houston Ship Channel.

For the units to hold their value, three things must be true. Natural gas and NGL production in the Permian Basin must keep growing, so that the new plants fill. International demand for U.S. ethane, propane and other products must stay strong. Debt must stay near its present level while the partnership spends on growth and pays distributions.

The Q4 2026 report, expected in early February 2027, is the next test, and it is the first report after the change of chief executive officer. Lower NGL exports or delays to the new plants can push the units below their intrinsic value.

1. Oct 29, 2026Passed

   Q3 2026 results and distribution coverageHigher distributable cash flow and coverage of 1.7 times or more pass; lower coverage fails.Outcome: Operational distributable cash flow rose 27% to $2.31 billion and covered the distribution 1.9 times.
2. Feb 2, 2027 · est.Pending

   Q4 2026 results and new projects in serviceThe LPG terminal expansion and the Athena plant in service and a higher distribution pass; delays or lower distributable cash flow fail.
3. Q4 2027 · est.Pending

   Bahia expansion and Athena 2 in serviceBahia at 1 million barrels per day and Athena 2 in service on time pass; delays fail.

Every passed and failed checkpoint across all picks

• October 29, 2026Enterprise reported Q3 2026 results. Net income attributable to common unitholders was $1.62 billion, or $0.75 per unit, up 21%. Adjusted EBITDA rose 16% to $2.79 billion, and operational distributable cash flow rose 27% to $2.31 billion, which covered the distribution 1.9 times. Permian natural gas processing inlet volumes were a record 4.6 Bcf/d. Enterprise expects 2026 growth capital spending of $2.9 billion to $3.4 billion, net of $600 million of asset sales. It scheduled the fourth expansion of its LPG terminal on the Houston Ship Channel and the Athena processing plant in the Midland Basin for completion in Q4 2026.
• July 30, 2026Enterprise reported Q2 2026 results. Net income attributable to common unitholders was a record $1.8 billion, or $0.84 per unit, up 28%, and Adjusted EBITDA was a record $2.8 billion, up 17%. It announced Frac 15, a 150 MBPD NGL fractionator at Mont Belvieu, and two more 300 MMcf/d gas processing plants in the Delaware and Midland Basins. On July 28, 2026, its operating subsidiary signed a new $1.0 billion revolving credit agreement that matures on March 26, 2027.
• July 1, 2026Enterprise announced that co-chief executive officer Jim Teague plans to retire on January 4, 2027. Co-chief executive officer Randy Fowler then becomes the only chief executive officer.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · epd-20260930
• 8-KEarnings releaseFiled October 29, 2026 · epd-20261029
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · epd-20260630
• 8-KNew material agreement and Earnings releaseFiled July 30, 2026 · epd-20260730
• 8-KChange of directors or officersFiled July 1, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 7, 2026 · epd-20260331
• 8-KEarnings releaseFiled April 28, 2026 · epd-20260428
• 8-KNew material agreement and New debt or financial obligationFiled March 27, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 27, 2026 · epd-20251231
• 8-KEarnings releaseFiled February 3, 2026 · epd-20260203

Every filing on SEC EDGAR (CIK 1061219)

• Volumes depend on production growth in the Permian Basin. If lower oil or gas prices slow drilling, the new processing plants and NGL pipelines can fill more slowly.
• Debt principal was $33.74 billion at September 30, 2026, and $2.23 billion was due within one year. Higher interest rates raise the cost of new debt.
• Enterprise is a partnership for federal income tax. A change in law, or a failure of the qualifying income test, can make it pay income tax as a corporation and lower the cash for distributions. Unitholders pay tax on their share of income even when they receive no cash, and tax-exempt holders such as retirement accounts can owe tax on unrelated business taxable income.
• EPCO and its affiliates owned about 32.6% of the common units at September 30, 2026, and the Duncan family trustees control both EPCO and the general partner, which manages the partnership. Their interests can differ from those of other unitholders.
• Some margins move with commodity prices, such as NGL marketing and the partnership's equity NGL production of 242 MBPD in Q3 2026.

Enterprise funds itself mostly with senior notes and junior subordinated notes of its operating subsidiary, Enterprise Products Operating LLC, commercial paper and retained cash flow. At September 30, 2026, debt principal was $33.74 billion: $30.80 billion of senior notes, $2.28 billion of junior subordinated notes and $660 million of commercial paper. Read more

Dividend yield

6.0% (last 12 months, at today’s price of $36.70)

Paid per share

$2.22 in the last 12 months (4 payments)

Current annual rate

$2.24 ($0.56 × 4 a year)

Latest ex-dividend date

October 30, 2026, $0.56 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 4.3% a year. Over the last 10 years, the dividend grew by about 3.4% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.