Qualifying Statements Fourth Quarter 2024 Earnings Support Slides February 4, 2025 NYSE: EPD Forward-Looking Statements This presentation contains forward-looking statements based on the beliefs of the company, as well as assumptions made by, and information currently available to our management team (including information published by third parties). When used in this presentation, words such as "anticipate," "project," "expect," "plan," "seek," "goal," "estimate," "forecast," "intend," "could," "should," ...

Financial Performance - Enterprise reported record net income of $5.9 billion for 2024, a 7% increase from $5.5 billion in 2023, translating to $2.69 per common unit on a fully diluted basis[6]. - Total revenues for the year ended December 31, 2024, were $56.219 billion, compared to $49.715 billion for 2023, reflecting a significant increase[35]. - Net income attributable to common unitholders for Q4 2024 was $1,619 million, up from $1,568 million in Q4 2023, representing a growth of 3.3%[55]. - Fourth quarter 2024 net income was $1.6 billion, a 3% increase from $1.6 billion in the same quarter of 2023, resulting in $0.74 per common unit on a fully diluted basis[18]. - Non-GAAP Adjusted EBITDA for Q4 2024 was $2.599 billion, up from $2.499 billion in Q4 2023, indicating a positive trend in operational performance[35]. - Adjusted EBITDA for Q4 2024 was $2,599 million, an increase from $2,499 million in Q4 2023, marking a growth of 4.0%[61]. - Total Gross Operating Margin for Q4 2024 was $2,628 million, compared to $2,548 million in Q4 2023, showing an increase of 3.1%[65]. - Total segment gross operating margin for Q4 2024 was $2.636 billion, compared to $2.561 billion in Q4 2023, showing an increase of 2.9%[35]. Cash Flow and Distributions - Distributable Cash Flow (DCF) reached a record $7.8 billion for 2024, compared to $7.6 billion in 2023, with a coverage ratio of 1.7 times the declared distributions[7]. - Free Cash Flow (FCF) for Q4 2024 was $393 million, compared to $1,369 million in Q4 2023, reflecting a decrease of 71%[51]. - Adjusted Free Cash Flow (Adjusted FCF) for Q4 2024 was $336 million, down from $1,218 million in Q4 2023, a decline of 72%[51]. - Distributable Cash Flow (DCF) for Q4 2024 was $2,155 million, compared to $2,059 million in Q4 2023, reflecting a decrease of 4.7%[55]. - Operational DCF for the year 2024 reached $7,858 million, up from $7,538 million in 2023, indicating a growth of 4.2%[55]. Capital Investments - Total capital investments for 2024 were $5.5 billion, including $3.9 billion for growth capital projects and $949 million for the acquisition of Pinon Midstream[9]. - The company expects organic growth capital investments to be in the range of $4.0 billion to $4.5 billion in 2025[9]. - Major organic growth projects worth $6 billion are expected to be completed in 2025, including two natural gas processing plants in the Permian Basin[16]. - Sustaining capital expenditures for the year 2024 totaled $667 million, compared to $413 million in 2023, indicating a significant increase of 61.7%[55]. - Capital expenditures for Q4 2024 were $1,059 million, an increase from $1,012 million in Q4 2023, while total capital investments for the year reached $5,524 million, up from $3,281 million in 2023[69]. Operational Metrics - Equivalent pipeline transportation volumes for the fourth quarter of 2024 were a record 13.6 million BPD, a 6% increase compared to the same quarter in 2023[13]. - NGL pipeline transportation volumes reached 4.8 million BPD in the fourth quarter of 2024, a 12% increase from the fourth quarter of 2023[25]. - Gross operating margin for the fourth quarter of 2024 was $2.6 billion, compared to $2.5 billion in the fourth quarter of 2023[22]. - Gross operating margin from the NGL fractionation business increased 6% to $243 million for Q4 2024 compared to Q4 2023, with total NGL fractionation volumes reaching a record 1.6 million BPD, up 39 MBPD[27]. - Gross operating margin from the Crude Oil Pipelines & Services segment was $417 million for Q4 2024, down from $456 million in Q4 2023, with total crude oil pipeline transportation volumes decreasing to 2.6 million BPD, a 15 MBPD decline[27]. - Natural Gas Pipelines & Services segment gross operating margin increased 13% to $323 million for Q4 2024, with total natural gas transportation volumes at a record 19.9 TBtus/d, up 5% from Q4 2023[28]. - The Permian natural gas gathering reported a $21 million increase in gross operating margin due to a 1.1 TBtus/d increase in gathering volumes[28]. - Petrochemical & Refined Products Services segment gross operating margin decreased to $348 million for Q4 2024 from $439 million in Q4 2023, with total segment pipeline transportation volumes increasing to 947 MBPD[29]. Debt and Financial Position - Total debt principal outstanding at the end of the period was $32.207 billion, an increase from $29.021 billion at the end of Q4 2023[35]. - The net cash flow provided by operating activities for the year 2024 was $8,115 million, an increase from $7,569 million in 2023, reflecting a growth of 7.2%[61]. - The net effect of changes in operating accounts for the year 2024 was $(506) million, compared to $(555) million in 2023, showing an improvement[55]. Market Prices - The weighted-average indicative market price for NGLs was $0.62 per gallon in Q4 2024, compared to $0.57 per gallon in Q4 2023, an increase of 9%[50]. - Natural gas prices averaged $2.74 per MMBtu in 2023, with a projected average of $2.27 per MMBtu in 2024[46]. - The average price for WTI crude oil was $77.62 per barrel in 2023, with a forecasted average of $75.73 per barrel in 2024[48].

Core Viewpoint - The comparison between Enterprise Products Partners (EPD) and Oneok Inc. (OKE) indicates that EPD presents a better value opportunity for investors at this time [1]. Valuation Metrics - EPD has a forward P/E ratio of 11.77, while OKE has a forward P/E of 16.70, suggesting EPD is more attractively priced [5]. - The PEG ratio for EPD is 1.58, indicating a favorable earnings growth outlook compared to OKE's PEG ratio of 3.80, which suggests OKE may be overvalued relative to its growth [5]. - EPD's P/B ratio stands at 2.49, compared to OKE's P/B of 3.47, further supporting EPD's position as the superior value option [6]. Earnings Outlook - Both EPD and OKE have a Zacks Rank of 2 (Buy), indicating positive revisions to their earnings estimates and improving earnings outlooks [3]. - Despite both companies having solid earnings prospects, EPD's valuation metrics suggest it is the more compelling investment choice [6].

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Enterprise Products Partners (EPD) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this provider of midstream energy services have returned +8.1% over the past month versus the Zacks S&P 500 composite's +1.1% change. The Zacks Oil and Gas - Production Pipeline - MLB industry, to which Enterprise Products belongs, has gained 6.5% over this period. Now the ...

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In the latest market close, Enterprise Products Partners (EPD) reached $33.67, with a -0.38% movement compared to the previous day. This change lagged the S&P 500's 0.53% gain on the day. Elsewhere, the Dow saw an upswing of 0.93%, while the tech-heavy Nasdaq appreciated by 0.22%.The provider of midstream energy services's shares have seen an increase of 7.34% over the last month, surpassing the Oils-Energy sector's loss of 1.54% and the S&P 500's gain of 2.69%.The investment community will be paying close ...

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