Enterprise Products Partners L.P. reported third-quarter 2026 revenue of $17.948 billion and net income attributable to common unitholders of $1.624 billion, compared with $12.023 billion and $1.338 billion, respectively, in third-quarter 2025. Basic earnings per common unit were $0.75, versus $0.61. For the first nine months, revenue was $50.603 billion, compared with $38.803 billion, and net cash provided by operating activities was $6.835 billion, versus $6.113 billion.
Nine-month capital expenditures totaled $3.199 billion, compared with $4.319 billion; cash distributions paid to common unitholders totaled $3.588 billion, versus $3.499 billion. The partnership declared a third-quarter cash distribution of $0.56 per common unit ($2.24 annualized), payable November 13, 2026, to holders of record October 30, 2026. The stated payment total is $1.2 billion, including $12 million for distribution equivalent rights; quarterly distribution payments are subject to management evaluation and Board approval.
Enterprise Products Partners L.P. (EPD) is the issuer named in ownership disclosures reporting that Randa Duncan Williams may be deemed to beneficially own 702,584,914 common units, approximately 32.6% of units outstanding as of September 30, 2026. Williams, Chairman and a Director of Enterprise Products Company (EPCO) and Chairman of the Board and a Director of Enterprise Products Holdings LLC, has sole voting and dispositive power over 1,417,390 units and shared voting and dispositive power over 701,167,524 units. EPCO separately beneficially owns 679,303,707 units, or 31.5%.
Affiliates of Williams' spouse, Alkek and Williams, Ltd. and Chaswil, Ltd., acquired 59,762 and 9,946 units, respectively, through the DRIP between May 2025 and August 2026, at prices between $31.95 and $39.19 per unit. The purchases were funded by quarterly cash distributions paid on units held by those affiliates. Williams received 500,000 phantom units effective February 10, 2026, scheduled to vest on February 16, 2030 and settle in an equal number of common units.
EPCO Holdings, Inc.'s contingent preferred-unit purchase obligation expired without exercise effective September 30, 2026. The related letters of credit and pledge of 9,100,000 common units also expired without exercise.
Enterprise Products Partners L.P. (EPD) has filed a shelf registration to offer and sell up to $2,538,500,000 of common units representing limited partner interests. The units may be issued over time, in amounts and at prices determined by market conditions and described in future prospectus supplements.
EPD is a large North American midstream partnership with an integrated network spanning natural gas, NGLs, crude oil, petrochemicals and refined products, including over 50,000 miles of pipelines and extensive storage and terminal assets. Net proceeds from any sales are intended for growth capital projects, business acquisitions and general partnership purposes, including working capital, investments in unconsolidated affiliates, debt retirement and repurchases of common units or other securities.
The partnership is managed by a non-economic general partner and is structured as a Delaware limited partnership, with detailed provisions governing cash distributions (including preferences for Series A Preferred Units), voting rights, issuance of additional securities, potential mergers or asset sales, limited call rights, and extensive U.S. federal tax considerations associated with owning common units in a publicly traded partnership.
Enterprise Products Partners L.P. reported higher midstream results for the three and six months ended June 30, 2026. Total revenues for the first half were $32,655 million, up from $26,780 million a year earlier, with net income of $3,352 million and net income attributable to common unitholders of $3,322 million. Diluted earnings per common unit rose to $1.52 from $1.29, supported by contributions across NGL, crude oil, natural gas, and petrochemical and refined products segments.
Net cash flow provided by operating activities was $4,650 million for the first half of 2026, compared with $4,375 million in 2025, funding capital expenditures of $2,141 million, cash distributions to common unitholders of $2,379 million, and common unit repurchases of $275 million. Total principal debt outstanding was $33,532 million at June 30, 2026, down from $34,707 million, with long-term debt of $31,205 million and total assets of $81,758 million. The board declared a second-quarter 2026 cash distribution of $0.56 per common unit, or $1.2 billion in aggregate, payable August 14, 2026.
Enterprise Products Partners reported record second-quarter 2026 results. Net income attributable to common unitholders was $1.8 billion, or $0.84 per diluted common unit, up 28% year over year. Adjusted EBITDA reached a record $2.8 billion, up 17%. Operational DCF was a record $2.3 billion, up 21%, providing 1.9x coverage of the 2Q 2026 cash distribution and allowing $1.1 billion to be retained. Adjusted CFFO was a record $2.5 billion, up 19%. Distributions declared were $0.56 per common unit, or $2.24 annualized, up 2.8%. Over the 12 months ended June 30, 2026, the payout ratio, including buybacks, was 56% of Adjusted CFFO, with $159 million of Q2 unit repurchases and $405 million over 12 months under a $5.0 billion program.
Operationally, equivalent pipeline volumes set a record at 14.7 MMBPD, up 8%, and marine terminal volumes were a record 2.8 MMBPD, up 33%. Propylene production hit a record 134 MBPD. Capital investments in 2Q 2026 were $1.2 billion, including $1.0 billion for growth projects and $140 million for sustaining capital. Enterprise announced new projects: a 150 MBPD NGL fractionator (Frac 15) and two 300 MMcf/d gas processing plants, contributing to $6.5 billion of organic growth projects under construction. For 2026, growth capital spending is expected to be $2.9–$3.4 billion net of $599 million of asset-sale proceeds, plus $600 million of sustaining capital expenditures.
On the financing side, on July 28, 2026, subsidiary Enterprise Products Operating LLC entered into an Additional Revolving Credit Agreement providing up to $1.0 billion of unsecured, variable-rate borrowing capacity, in addition to $4.2 billion available under existing credit agreements. The facility is guaranteed by Enterprise Products Partners L.P., matures on March 26, 2027, carries rating-dependent interest spreads and facility fees, and includes customary covenants and events of default. It restricts cash distributions from EPO to the partnership during continuing events of default.
Enterprise Products Partners L.P. announced a planned leadership transition. A.J. “Jim” Teague, co-chief executive officer of the general partner, intends to retire effective January 4, 2027. W. Randall “Randy” Fowler, currently co-chief executive officer and long-time executive, will become chief executive officer upon Teague’s retirement.
The general partner will also expand its Office of the Chairman to include non-executive chairman Randa Duncan Williams, vice chairman Richard H. “Hank” Bachmann, incoming CEO Fowler, chief commercial officer Michael C. “Tug” Hanley and chief financial officer R. Daniel Boss, supporting continuity in oversight and senior management.
Enterprise Products Partners L.P. reported solid first‑quarter 2026 results with stable profitability. Total revenues were $14.4 billion versus $15.4 billion a year earlier, while net income attributable to common unitholders rose to $1.48 billion from $1.39 billion. Basic and diluted earnings per common unit increased to $0.68 from $0.64.
Operating income improved to $1.90 billion, and total segment gross operating margin reached $2.64 billion. Operating cash flow was $1.47 billion, down from $2.31 billion, after working capital swings. The partnership invested $983 million in capital expenditures and ended the period with $80.6 billion in total assets and $34.2 billion of consolidated debt principal.
The partnership continued returning capital through cash distributions and unit repurchases. It paid $1.19 billion in cash distributions to common unitholders during the quarter and repurchased common units for $116 million under its multi‑year buyback program, with $3.4 billion of remaining repurchase capacity. A quarterly cash distribution of $0.55 per common unit for the first quarter of 2026 was declared, totaling about $1.2 billion.
Enterprise Products Operating LLC, the operating subsidiary of Enterprise Products Partners L.P., entered into a new 364-day revolving credit agreement allowing borrowings up to $1.5 billion, expandable to $1.7 billion if certain conditions are met. The unsecured facility carries a variable interest rate, matures on March 26, 2027, and may be converted to a one-year term loan payable on March 26, 2028. It replaces a prior 364-day revolver with the same $1.5 billion capacity and an earlier maturity. The partnership guarantees EPO’s obligations, and the agreement includes customary covenants, default provisions, and limits on distributions during an event of default. As of March 27, 2026, EPO reports no borrowings outstanding under its revolving credit facilities.
ENTERPRISE PRODUCTS PARTNERS L.P. co-chief executive officer A.J. Teague reported an open-market purchase of 2,665 common units representing limited partnership interests at a weighted average price of $37.5494 per unit. The footnotes state these units were bought at prices ranging from $37.545 to $37.5495.
After this transaction, a trust associated with Teague held 77,576 common units indirectly. Separate holding entries show he also held 3,083,226 common units directly, with additional indirect holdings of 41,155 units by his spouse and 6,060 units by minor children as of the transaction date.
Enterprise Products Partners L.P. provides a detailed overview of its extensive North American midstream network across NGL, crude oil, natural gas and petrochemical services. The partnership operates large integrated systems of pipelines, fractionators, storage, processing plants and marine terminals linked to major U.S. basins and Gulf Coast markets.
Key 2025 developments include new Delaware and Midland Basin gas processing trains, start-up of Mont Belvieu NGL fractionator 14, a new Neches River ethane/propane export facility, and expansion of LPG and ethane export capacity. Enterprise sold a 40% undivided interest in its Bahia NGL Pipeline to ExxonMobil, with plans to expand Bahia to 1.0 MMBPD and build the Cowboy Extension. It also acquired a Midland Basin gas gathering system from an Occidental affiliate and continues to advance options for the licensed SPOT deepwater crude export terminal.