Enterprise Products Partners reported a record Q4 2025 EBITDA of $2.1 billion, up 8% year-over-year, driving its common units above a multi-year consolidation range. The breakout follows the completion of two major growth projects—a 200 MMcf/d Gulf Coast residue gas plant expansion and a 250,000 barrel-per-day crude export terminal upgrade—that collectively added over $150 million in quarterly EBITDA run-rate. Volume growth across NGL pipelines and on-peak gas transport contracts also contributed to the strongest fourth‐quarter performance in the partnership’s history.

Pipeline throughput rose 6% in Q4 2025, with natural gas volumes averaging 17.4 Bcf/d and NGL handling climbing to 1.15 million barrels per day. These gains helped Enterprise top internal revenue targets by 4% and exceed consensus EBITDA estimates by $120 million. Distributable cash flow margin improved to 74%, reflecting disciplined cost management that reduced operating expenses by $35 million versus the prior-year quarter. The partnership returned $615 million to unitholders in the quarter through distributions and opportunistic buybacks.

For fiscal 2026, management reaffirmed guidance calling for 10% EBITDA growth, driven by the start-up of a 300 MMcf/d Midland gas processing plant and an incremental 80,000 barrel-per-day export capacity project. While the forward P/E sits at 12.75x—above its five-year average—the total shareholder yield, inclusive of a 6.25% cash distribution yield and ongoing buybacks, is expected to reach approximately 7.05%. Adjusted for projected EBITDA growth, the P/E on a ’26 run-rate basis effectively aligns with historical trough levels.