Enterprise Products Partners L.P. (NYSE:EPD) reported first-quarter results on Tuesday that beat revenue expectations but came in below forecasts on earnings.
The company’s shares rose modestly, gaining about 0.73% in premarket trading following the release.
The midstream energy group posted adjusted earnings per unit of $0.68, falling short of the $0.71 consensus estimate by $0.03.
Revenue totaled $14.39 billion, ahead of the $13.58 billion forecast, though down 6.7% from $15.42 billion recorded in the same period last year. Operating income increased 8% year over year to $1.9 billion, while adjusted EBITDA climbed 10% to $2.7 billion.
Operational distributable cash flow reached $2.1 billion, providing coverage of 1.8 times the distributions declared for the quarter.
Enterprise declared a quarterly payout of $0.55 per common unit, equivalent to $2.20 on an annualized basis, marking a 2.8% increase compared with a year earlier.
“Enterprise began 2026 with a strong start in the first quarter,” said A.J. Teague, co-chief executive officer. “Contributions from new assets placed in service over the past year and continuing to volumetrically ramp up, such as the Bahia NGL pipeline, NGL fractionator 14 and three Permian natural gas processing plants, led to record volumes across most of our integrated system.”
The partnership set 12 operational records during the quarter. Natural gas processing volumes reached 8.3 Bcf/d, up 7% year over year, while NGL fractionation volumes rose 16% to 1.9 MMBPD. Marine terminal throughput also hit a record at 2.3 MMBPD, an increase of 15%.
Enterprise also outlined plans to develop two additional natural gas processing facilities in the Permian Basin, each with a capacity of 300 MMcf/d, with operations expected to begin in 2027.
Capital expenditure for growth projects in 2026 is forecast to range between $2.3 billion and $2.6 billion.