Enterprise Products Partners L.P. (NYSE:EPD) delivered a stronger-than-expected fourth-quarter performance, helped by record volumes across several of its pipeline and processing systems.
Units rose about 1.5% in pre-market trading after the results were released.
The midstream group posted earnings of $0.75 per unit for the quarter, ahead of analysts’ expectations of $0.69. Revenue climbed to $13.79 billion, comfortably beating the consensus forecast of $12.37 billion.
Operationally, Enterprise Products Partners reported all-time highs in a number of key metrics, including natural gas processing inlet volumes of 8.1 Bcf/d, NGL fractionation volumes of 1.9 million barrels per day, ethane marine terminal volumes of 334 MBPD, and total pipeline throughput of 14.1 million barrels-per-day equivalent. These records supported higher gross operating margins across multiple business lines.
Net income attributable to common unitholders totaled $1.6 billion in the fourth quarter of 2025, unchanged from the same period a year earlier. On a fully diluted basis, this equated to $0.75 per common unit, compared with $0.74 per unit in the fourth quarter of 2024.
“Record natural gas processing inlet volume, record NGL fractionation volume, record ethane marine terminal volume and record total pipeline volume were some of the ten operational records for the quarter,” said A.J. Jim Teague, co-chief executive officer of Enterprise’s general partner.
By segment, the NGL Pipelines & Services business generated a gross operating margin of $1.5 billion, while the Natural Gas Pipelines & Services unit saw margin expand sharply to $445 million from $323 million a year earlier. Total natural gas pipeline volumes increased 6% year on year to 21.1 TBtus per day.
During the quarter, the company completed the Bahia NGL Pipeline, which became operational in December 2025 and can transport up to 600 MBPD of NGLs from the Permian Basin to the Mont Belvieu fractionation hub. Enterprise also said it plans to expand the pipeline’s capacity to 1 million barrels per day.
Looking ahead to 2026, Enterprise expects organic growth capital spending of between $1.9 billion and $2.3 billion, alongside sustaining capital expenditure of around $580 million.