Enterprise Products Partners L.P. - $EPD STOCK NEWS

Enterprise Products Partners L.P. (NYSE: EPD) acquires interests in Whitethorn Pipeline Company LLC and Enterprise EF78 LLC from Western Midstream Partners, LP in debt-free transactions totaling $375 million. The acquisitions include full ownership of Whitethorn and EF78, enhancing Enterprise's midstream assets in the Permian Basin and NGL system. The transactions are immediately accretive to Enterprise's distributable cash flow per unit.

Enterprise Products Partners L.P. (EPD) will participate in investor meetings at two upcoming conferences. The company is a major provider of midstream energy services in North America, with a vast network of pipelines and storage facilities.

Enterprise Products Partners L.P. (EPD) updates on the availability of 2023 Investor Tax Packages due to pending tax legislation. The packages may be delayed until March 30, 2024, based on the passage of H.R. 7024 by the U.S. Congress. The legislation could lower Enterprise's taxable income for 2023. Enterprise apologizes for any inconvenience caused by the uncertainty surrounding the tax laws.

Enterprise Products Partners L.P. announced its financial results for the fourth quarter and year end of 2023. The company reported net income of $1.6 billion for the fourth quarter and $5.5 billion for the year, with a fully diluted earnings per common unit of $0.72 for the quarter and $2.52 for the year. The total gross operating margin was $2.5 billion for the quarter and $9.4 billion for the year. The company's distributions declared with regard to 2023 increased by 5.3 percent compared to those declared for 2022, marking the 25th consecutive year of distribution growth. Enterprise retained $3.2 billion of distributable cash flow in 2023 to reinvest in the partnership, repurchase partnership common units, and reduce debt. The company's payout ratio of declared distributions to common unitholders and partnership unit buybacks was 56 percent of adjusted cash flow provided by operating activities and 94 percent of adjusted free cash flow for 2023. The partnership benefited from a 9 percent increase in total equivalent pipeline volumes to 12.2 million barrels per day, a 20 percent increase in marine terminal volumes to 2.1 million barrels per day, a 16 percent increase in NGL fractionation volumes to 1.6 million barrels per day, and a 13 percent increase in fee-based natural gas processing volumes to 5.8 million cubic feet per day. Enterprise's 2023 earnings demonstrated the value and resiliency of its diversified, fee-based midstream businesses.

Enterprise Products Partners L.P. (EPD) announced a 5.1% increase in quarterly cash distribution for the fourth quarter of 2023, totaling $0.515 per unit. The company repurchased $96 million of its common units in Q4 2023 and has utilized 46% of its authorized $2.0 billion buyback program. It will announce its Q4 2023 earnings on February 1, 2024, and host a conference call with analysts and investors.

Enterprise Products Partners L.P. (NYSE: EPD) will participate in investor meetings at UBS Winter Infrastructure & Energy Conference on January 8-9, 2024, and U.S. Capital Advisors Midstream Corporate Access Day on January 23, 2024. The latest investor deck can be accessed on the Enterprise website. Enterprise Products Partners L.P. is a leading North American provider of midstream energy services, with assets including over 50,000 miles of pipelines, 260 million barrels of storage capacity, and 14 billion cubic feet of natural gas storage capacity.

Enterprise Products Partners L.P. (NYSE:EPD) has announced a public offering of $2.0 billion aggregate principal amount of notes, with net proceeds to be used for general company purposes and repayment of debt. The offering is expected to settle on January 11, 2024.

Intercontinental Exchange, Inc. (ICE), a leading global provider of data, technology, and market infrastructure, announced that Enterprise Products Partners L.P. (EPD) and ONEOK, Inc. (OKE) have extended their fee waiver arrangement between the Enterprise Crude Houston (ECHO) and Magellan East Houston (MEH) terminals to transfer crude oil delivered through ICE’s Midland WTI futures contract (HOU) until December 31, 2025. HOU futures had a record third quarter in 2023 with 672,681 contracts traded, with record average daily volume of 10,677 contracts. Each month, the HOU futures contract delivers approximately 5 million barrels of Midland WTI-quality crude. HOU has delivered approximately 71 million barrels of Midland WTI-quality crude since early 2022. Midland WTI crude oil also became deliverable into Dated Brent and the rest of the Brent complex earlier this year.

Enterprise Products Partners L.P. (NYSE: EPD) will participate in investor meetings at the Mizuho Power, Energy & Infrastructure Conference and Wells Fargo 22nd Annual Midstream & Utilities Symposium in New York City in December 2023. The partnership is a leading provider of midstream energy services in North America, offering a wide range of services including natural gas, NGLs, crude oil, refined products, and petrochemicals. With over 50,000 miles of pipelines and significant storage capacity, Enterprise Products Partners L.P. is a major player in the energy sector.