Enterprise Products Partners reported fourth-quarter net income attributable to common unitholders of $1.6 billion, or $0.75 per unit on a fully diluted basis, compared with $1.63 billion, or $0.74 per unit, in the year-ago period. Revenue exceeded consensus estimates by approximately 4 percent, driven by strong throughput in its gas pipeline segment. Adjusted cash flow from operations reached $2.43 billion, up 5.5 percent from the prior fourth quarter, reflecting higher fee-based margin contributions across the midstream portfolio.

Natural gas pipeline volumes rose to 21.1 TBtus per day, a 6 percent increase over the prior quarter and an 11 percent gain year-over-year. Equivalent pipeline transportation volumes climbed to 14.1 million barrels per day (BPD) on an oil-equivalent basis, up from 13.6 million BPD in Q4 2024. The higher throughput expanded gross operating margin in the natural gas segment by $110 million sequentially, offsetting moderate declines in refined products volumes.

Operational distributable cash flow (DCF) for the quarter was $2.16 billion, representing 1.8 times coverage of the declared cash distribution of $0.55 per unit. The partnership retained $1.0 billion of DCF for reinvestment. Growth capital expenditures totaled $1.1 billion, focused on pipeline expansions in the Permian Basin, while sustaining capital outlays were $203 million. Enterprise ended the quarter with $5.2 billion of consolidated liquidity and $34.7 billion of debt outstanding, positioning it to fund a $600 million drop-down project and maintain its 27th consecutive year of distribution growth.