Enterprise Products reports Q2 EPS 64c, consensus 66c

Reports Q2 revenue $13.48M, consensus $14.27B. “Enterprise reported a solid second quarter in terms of both volumes and cash flow generated by our integrated midstream system,” said A. J. “Jim” Teague, co-CEO. “Even though the second quarter is typically our seasonally weakest quarter, the partnership handled a near record 12.6 million BPD of equivalent pipeline volumes and 2.2 million BPD of marine terminal volumes, as well as record fee-based natural gas processing, NGL pipeline and NGL fractionation volumes. Our total equivalent pipeline volumes and marine terminal volumes increased by 5% and 18% , respectively, compared to Q2 2023. This operating performance led to a 12% increase in earnings per common unit on a fully diluted basis, an 11% increase in adjusted cash flow from operations and a 5% increase in our cash distribution per unit for Q2 2024, compared to Q2 of 2023. The year 2024 will mark our 26th consecutive year of distribution growth. In addition, the partnership has $6.7B of fee-based growth projects under construction that provide visibility to future earnings and cash flow growth,” said Teague.