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Gross Operating Margin By Segment
Measures profitability across different segments, revealing how efficiently each part of the business operates and where the company might improve cost management or expand margins.NGLs are the clear growth engine — margins have strengthened with fractionator capacity, export demand and improved petrochemical spreads, and management’s ramping of new assets is amplifying that benefit. Natural gas margins show a meaningful rebound tied to Permian plant startups and record processing volumes. By contrast, crude margins lag amid contract renegotiations and Q1 mark‑to‑market noise (management said spreads improved into April). Petrochemical/refined results remain cyclical; the mix favors further EBITDA and buyback upside but keeps execution and commodity‑risk front and center.
Date | NGL | Crude Oil | Natural Gas | Petrochemical & Refined Products |
|---|---|---|---|---|
Jun 30, 2026 | $1.54B | $485.00M | $556.00M | $418.00M |
Mar 31, 2026 | $1.50B | $329.00M | $496.00M | $314.00M |
Dec 31, 2025 | $1.54B | $353.00M | $445.00M | $397.00M |
Sep 30, 2025 | $1.30B | $371.00M | $339.00M | $370.00M |
Jun 30, 2025 | $1.30B | $403.00M | $417.00M | $354.00M |
Mar 31, 2025 | $1.42B | $374.00M | $357.00M | $315.00M |
Dec 31, 2024 | $1.14B | $426.00M | $88.00M | $318.00M |
Sep 30, 2024 | $1.33B | $401.00M | $349.00M | $363.00M |
Jun 30, 2024 | $1.32B | $417.00M | $293.00M | $392.00M |
Mar 31, 2024 | $1.34B | $411.00M | $312.00M | $444.00M |