Enterprise Products reports Q2 EPS 57c, consensus 59c

Reports Q2 revenue $10.65B, consensus $13.03B. “Enterprise had a successful second quarter and reported resilient financial results despite the impacts of lower prices for crude oil, natural gas, NGLs and petrochemicals as a result of uneven global economic and manufacturing activity due in part to higher interest rates,” said A.J. “Jim” Teague, co-CEO. “During the quarter, we established several operational records, including natural gas pipeline volumes, NGL fractionation volumes and 11.9 million equivalent barrels per day of total pipeline volumes. We completed construction and began operations on $2.5B of organic growth projects that will begin generating new sources of cash flow for the partnership. We also increased the partnership’s cash distribution by 5.3 percent, to an annualized rate of $2.00 per common unit, compared to the payout a year ago. We are grateful and proud of Enterprise’s history of consistently returning capital to our limited partners with 2023 representing 25 consecutive years of distribution growth.”