Enterprise Products Posts 10% EBITDA Growth, Beats Q1 Revenue at $14.39B
Enterprise Products Partners posted Q1 revenue of $14.39 billion, beat forecasts despite a 6.7% year-over-year decline, and delivered adjusted EBITDA of $2.7 billion, up 10%. Generated $2.1 billion distributable cash flow, covered distributions 1.8x, raised payout 2.8% to $0.55 and plans two 300 MMcf/d Permian gas plants in 2027.
1. Q1 Financial Results
Enterprise Products Partners delivered revenue of $14.39 billion in the first quarter, surpassing the $13.58 billion forecast despite a 6.7% year-over-year decline. Adjusted EBITDA rose 10% to $2.7 billion while operating income increased 8% to $1.9 billion, though adjusted earnings per unit fell to $0.68.
2. Distributions and Cash Flow
The partnership generated $2.1 billion of distributable cash flow, providing 1.8x coverage of the quarterly distribution. The board approved a 2.8% increase in the payout to $0.55 per common unit, marking the 16th consecutive annual raise.
3. Operational Records and Growth Projects
During the quarter, Enterprise set 12 operational records: natural gas processing volumes reached 8.3 Bcf/d (up 7%), NGL fractionation climbed 16% to 1.9 MMBPD, and marine terminal throughput hit 2.3 MMBPD (up 15%). Contributions from new assets like the Bahia NGL pipeline supported these milestones.
4. Future Developments and Capex Guidance
The partnership plans two additional natural gas processing facilities in the Permian Basin, each with 300 MMcf/d capacity, slated for 2027 startups. Capital expenditure for growth projects in 2026 is forecast at $2.3–$2.6 billion to support ongoing volume ramp-ups.