The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are mining, oil and gas exploration and services, pipelines, refining, and utilities.

Fortune Sector Leaders: Energy

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

F500-2023-072-Enterprise Products Partners

The oil and gas pipeline and transportation production company jumped 17 places on this year’s list as Russia’s 2022 invasion of Ukraine created an energy shortage that boosted demand in the sector. 
<ul> 
 	<li>The company was the most profitable pipeline firm on this year’s Fortune 500, bringing in $5.5 billion in profits in 2022, up 18% from the year prior.</li> 
 	<li>The company’s $58 billion in revenue represented a staggering 43% increase from 2021, as oil prices rose significantly in 2022.</li> 
 	<li>In February 2022, one of the company’s affiliates acquired Navitas Midstream for $3.25 billion, marking an expansion into natural gas processing.</li> 
</ul>

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

This year’s Fortune 500 marks the 68th running of the list.

F500-2022-089-Enterprise Products Parner

Houston-based Enterprise Products provides midstream energy services—think processing, transportation, and storage—of natural gas, natural gas liquids, crude oil, and refined petroleum products. In 2021, the company posted 50% year-over-year revenue growth, jumping 16 spots on the Fortune 500 list. In April 2022 Enterprise Products Operating, a subsidiary of the company, announced that it would work toward a carbon dioxide and sequestration solution for the Texas Gulf Coast, a potential tool for fighting CO2 emissions and climate change.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

The crude oil and natural gas company is one of the largest in the U.S., with over 51,000 miles of pipelines spread out across the country.

This year’s Fortune 500 marks the 67th running of the list.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

G500-Featured Image-Logo-2020

One of the largest midstream oil and gas companies in North America, Enterprise's energy services include natural gas gathering, crude oil gathering, and treating, processing, storage, and transportation of those products.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-101-Enterprise-Product-Partners

Enterprise's energy services include natural gas gathering, crude oil gathering, and treating, processing, storage, and transportation of those products.

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

This year's Fortune 500 marks the 62nd running of the list.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

World's Most Admired Companies

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

Revenues ($M)

Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Enterprise Products Partners processes, transports, stores, and ships oil and natural gas products across the United States. Enterprise is a "midstream” energy company, meaning it connects the producers of oil and gas with distributors and retailers. The company oversees about 50,000 miles of pipelines, most originating in Louisiana and Texas. It also owns shipping docks and storage facilities for the export of oil and gas products, and natural gas processing facilities. Founded in 1965, Enterprise Products is based in Houston.

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Enterprise Products Partners (EPD): Company Profile, Stock Price, News, Rankings

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Enterprise Products Partners

enterprise products partners

Thank you for standing by, and welcome to Enterprise Products Partners LP's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone. To remove yourself from the queue, you may press 11 again.

I would now like to hand the call over to Libby Strait, Vice President of Investor Relations. Please go ahead.

Good morning, and welcome to the Enterprise Products Partners conference call to discuss first quarter twenty twenty five earnings. Our speakers today will be Co Chief Executive Officers of Enterprise's General Partner, Jim Teague and Randy Fowler. Other members of our senior management team are also in attendance for the call today. During this call, we will make forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on beliefs of the company as well as assumptions made by and information currently available to Enterprise's management team. Although management believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

Please refer to our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in the forward looking statements made during this call. And with that, I will turn it over to Jim.

Thank you, Libby. We got a special guest with us today. Sam Holly, our Vice President of Wholesale Propane is with us. And we wanted to publicly acknowledge his contributions to the company. Sam has been in the industry over thirty years with Enterprise over twenty years and I can say I've never known anyone with more passion for our company, for his business and for his people.

You will be missed my friend. With that, I want to cover a few highlights in the first quarter and summarize the things we look forward to. We had adjusted EBITDA of $2,400,000,000 DCF, 1.7 times coverage, $842,000,000 of retained DCF, two financial records and five operational records. In total, we moved 13,200,000 barrels of oil equivalent a day and 2,000,000 barrels a day of liquid hydrocarbon exports. Relative to our PDH facilities, our PDH one facility was down for sixty three days during the first quarter of twenty twenty five for unplanned maintenance.

As of last week, both our PDH plants are online and no debt major downtime is planned at either plant for the remainder of the year. If both PDH plants had been up and running during the first quarter, we would have easily exceeded $2,500,000,000 We continue to benefit from growing production in the Permian and consistent domestic and international energy demand pull across our systems. For the remainder of 2025, we look forward to bringing on two gas processing plants in the third quarter in the Permian, 1 each in the Delaware and Midland Basin, the Bahia NGL pipeline in the fourth quarter, Frac '14 at our Mont Belvieu Complex in the third quarter, the first phase of NGL exports on the Neches River in the fourth quarter and enhancements of our ethane and ethylene terminal at Morgans Point also in the fourth quarter. I'm sure Tony or Natalie would discuss our Permian outlook in more detail during Q and A, but there is a large backlog of wells expected to be connected to our gathering and processing systems between now and the end of the year that will feed our downstream NGL value chain. On the other side of the equation exports, I've never seen U.

S. Hydrocarbons get this much attention worldwide. For now it appears China is going to exclude ethane and ethylene from their tariffs to protect their petrochemical business. Currently LPG has not been excluded from the Chinese tariffs, but admittedly the situation is fluid. Regardless, the market has already gone to work rerouting barrels between the world's biggest LPG suppliers, The US and The Middle East, and the biggest importing countries being China and India.

It's important to note that even before the tariff pause, nominations at our docks from May indicated that our customers' behavior was virtually unchanged from prior months. The bottom line is the world needs U. S. Oil, natural gas and natural gas liquids to provide for their people and to grow their economies. Relative to all the chaos, the beauty of free markets is price always works.

Price creates supply, price creates demand in the right places and for the most part in a timely manner. I can't help myself but to end today with comments on Washington. Stating the obvious, a lot is going on that is causing nothing short of chaos around the world. Energy is not excluded. No one can tell how all the pieces land so I think we must fall back on what we think we know.

President Trump was extremely pro oil and gas in his first term and ran and won his second term on a pro oil and gas platform stressing that we must unleash and expand our domestic energy production and exports. There is also no doubt that the Trump administration understands the importance of US hydrocarbons to our economy, global markets, and our balance of trade. Amid all this uncertainty, have the core belief when the dust settles, the end game of this administration's policies, laws and regulations is intended to promote US energy and not just for the next four years but for decades. Enterprise is one of the largest exporter of hydrocarbons and is significantly increasing our capacity to gather, process, transport, upgrade, distribute and export hydrocarbons. We feel great about our assets and the investments we're making and what they mean to our future.

Thank you, Jim, and good morning to everyone. I'll start off with the income statement. Net income attributable to common unitholders for the first quarter of twenty twenty five was 1,400,000,000 or $0.64 per common unit on a fully diluted basis, which compares to $0.66 per common unit for the first quarter of twenty twenty four. Adjusted cash flow from operations, which is cash flow from operating activities before changes in working capital, was $2,100,000,000 for both the first quarters of twenty twenty five and 2024. We declared a distribution of $0.05 $35 per common unit for the first quarter of twenty twenty five.

This is a 3.9% increase over the distribution declared for the first quarter of twenty twenty four. This distribution will be paid May 14 to common unitholders of record as of the close of business on April 30. In the first quarter, the Partnership purchased approximately 1,800,000 common units off the open market for $60,000,000 Total repurchases for the twelve months ending 03/31/2025 were $239,000,000 or approximately 8,000,000 EPD common units bringing total purchases under our buyback program to approximately 1,200,000,000.0 In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan purchased a combined 6,000,000 common units on the open market for $181,000,000 during the last twelve months. This includes 1,100,000 common units on the open market for $35,000,000 during the first quarter of twenty twenty five. For the twelve months ending 03/31/2025, Enterprise paid out approximately $4,600,000,000 in distributions to our limited partners.

Combined with $239,000,000 of common unit repurchases over that same period, Enterprise's total capital return was $4,900,000,000 resulting in a payout ratio of adjusted cash flow from operations of 56%. Since our IPO in 1998, we have returned $58,000,000,000 to unitholders in the form of distributions and buybacks. Total capital investments in the first quarter of twenty twenty five were $1,100,000,000 which included $964,000,000 of growth capital cost for growth capital projects and $102,000,000 of sustaining capital expenditures. Our expected range of growth capital expenditures for 2025 and 2026 remains unchanged. For 2025, this is 4,000,000,000 to $4,500,000,000 And for 2026, it's $2,000,000,000 to $2,500,000,000 We continue to expect 2025 sustaining capital expenditures to be approximately $525,000,000 which includes a planned turnaround at our Octane enhancement plant later this year.

Our total debt principal outstanding was approximately $31,900,000,000 as of 03/31/2025. Assuming the final maturity date of our hybrids, the weighted average life of our debt portfolio was approximately eighteen years. Our weighted average cost of debt was 4.7% and approximately 96% of our debt was fixed rate. Our consolidated liquidity at the end of the quarter was approximately $3,600,000,000 including availability under our credit facilities and unrestricted cash on hand. Our adjusted EBITDA for the quarter was $2,400,000,000 and for the last twelve months was $9,900,000,000 As of 03/31/2025, our consolidated leverage ratio was 3.1 times on a net basis after adjusting debt for the partial equity treatment of our hybrid debt and reduced by the Partnership's unrestricted cash on hand.

Our leverage target remains 3.0x plus or minus 0.25x. With that, Libby, we can open it up for questions.

Thank you, Randy. Operator, please open the call for questions.

As a reminder, to ask a question, you will need to press 11 on your telephone. To remove yourself from the queue, you may press 11 again. Please limit yourself to one question and one follow-up or two questions to allow everyone the opportunity to participate. Please stand by while we compile the Q and A roster. Our first question comes from the line of Jean Ann Salisbury of Bank of America.

Hi. Good morning. You're a major Can you tell us you touched on this in your comments, but can you tell us what you're seeing real time today? Is all U.

S. LPG currently being rerouted away from China? And as my follow-up, more broadly, can you talk about how you see the competitive landscape for LPG exports here in light of the tariffs and significant capacity being built by you and others? Thank you.

Hi, Jean Ann, this is Tug. So on the first part of your question, we are currently seeing the trade flows work the balance. We have not seen a disruption on any of our exports on ethane or LPG. We have limited direct exposure on LPG and ethane to China. We don't have a single contract with a Chinese entity.

Our counterparties are typically international companies who know how to navigate international volatility. Now what our customers export to China is approximately 32% on LPG and 40% to 50% on ethane. On the second prong of your question about the competitive landscape, the capital for our brownfield expansion of the Houston Ship Channel is around $400,000,000 and we get 300,000 barrels a day of capacity for that investment. So compared to the other announced projects and their respective capital, our expansion is the most capital efficient on a per unit basis of export capacity. We expect this significant capital advantage to translate into the most competitive terminal fees in the market for our customers.

Great. That's helpful. I will leave it there.

Thank you. Our next question comes from the line of Spiro Dounis of Citi. Please go ahead, Spiro.

Thanks, operator. Good morning, team. Jim, wanted to go back to some of the projects you had sort of listed off coming online later this year. I think in total, something like $6,000,000,000 of projects starting up in 2025, which at a sort of basic midstream multiple gets you about $800,000,000 of incremental EBITDA. So curious, how much of that would you say is sort of hardwired?

It doesn't really rely on a lot of incremental growth here. And how should we think about that EBITDA ramp and cadence? It sounds like more of a '26 item, but curious how to think about that.

I'm having a hard time understanding you.

So you get $6,000,000,000 of projects, and that's about $800,000,000 of EBITDA if you put a pretty standard multiple on it. I guess I'm just curious how you're thinking about the ramp up and the cadence of that $800,000,000 of EBITDA coming online. Is that all a 26 item? Is that gonna take years to kinda come to fruition?

What's the ramp on your ground processing plants, Natalie?

Our processing plant on when they come online here in the next couple of months will be close to full, in Midland and let's call it 60%, seventy five % full in the Delaware. So pretty fast for us.

Okay. Zach, where will you be on your five fourteen?

I don't think we've ever shown that we haven't brought up a frack not full.

mean, the exports were 85% to 90% contracted on LPG. I think I mentioned that last earnings call and we're now towards the upper band of that. So as those projects come online, they're contracted.

We have, I think it's Spiro 12 projects that we list. Eight of those projects are supply projects and the remainder are market projects. And we're pretty confident that they're going to be fairly full when they come up.

Great. Good to hear, Jim. Thanks for that. Second question, maybe over to you, Tony. Obviously, you put out your fundamental update a little less than a month ago.

Obviously, a lot has happened since then and in around that time. So just curious maybe how you're thinking about some of the assumptions that went into that initial forecast, if anything sort of changed in the last month or so? I realize that it's still, to some degree, early days here. And to the extent you're seeing any sort of producer reaction based on some of this OPEC supply returning to the market?

Yes, Spiro. Let's first talk about what we show what our numbers show happened in 2024. I think that's a good place to start. For the Permian Basin, I'll focus on the Permian Basin. We show that black oil production grew about 325,000 barrels in 2024.

Rich gas about 2.5 Bs and NGLs about 300,000 barrels. We run our base case that we recently published on 65 WTI and $3.5 natural gas at Henry today that oil prices we go forward over the next three to five years sits closer to 60 than it does 65. In general, we and others believe that 55 to 60 puts the Permian more or less in a maintenance mode and closer to $50 takes the Permian probably below maintenance. It's likely the largest and soonest impact will be on smaller players. Those running less than three rigs out of 300 rigs running in the Permian about 75 of those are operated by small operators that have three or less rigs running.

So that's probably the most immediate impact you'll see. You are hearing some of the producers at this point and Natalie, I guess I'll speak to it here in a second, about dropping some, I'm gonna call onesies and twosies, but no big step function in what they're planning to do. I think the most important point to make and we've been trying to make it for at least the last three years because crude declines are steeper than natural gas. We've run a theoretical flat case for Permian now and for Permian black oil between now and 2027 and to stay right where it is. In that case, a rich natural gas grow between one point three and one point five BCF a day between 09/27 call that a couple hundred thousand barrels a day of natural gas liquids.

That's what the fundamental show. Natalie, tell us what your producers are telling you.

Yeah, I'll just add as it relates to enterprise and on the gathering and processing business by design, our producers are some of the largest and most sophisticated and best position players in the basin. And then a large percentage of our biggest producers ex integrated majors are either entirely or primarily focused on the Permian. Just to put that into perspective, we connected over a thousand wells in '24 and we're expecting a similar number of well connects from line of sight that we have in 2025, but it's very second half oriented.

Got it. That's great color. I'll leave it there. Thank you, team.

Thank you, Spiro. Our next question comes from the line of Teresa Chen of Barclays. Your line is open, Teresa.

Thank you. I wanted to touch on the petchem and refined product segment. With the return to utilization or full utilization for PDH, what is your outlook for the segment for the remainder of the year? And then maybe if you could touch on some of the smaller components as well, including the conversion of your the 20% of your propylene production to fee based. How much volumetric exposure do you have there as well as the octane spread for NTPE to U.

S. Gulf Coast gasoline? What is your outlook on there as well, please?

Theresa, this is Chris Dann. That was a lot. I'll try to hit all of it. On PDHs, both of them today are running very well. Even PDH2, although it's not meeting the full expectations, we are meeting our contractual obligations on that.

So that's a big step from where we were even the last call. And our expectation is that we continue to run those plants at the same rates we're running today. PDH1 is running above nameplate by the way. It did have very rough first quarter as you saw in the release. But the issues that we had were mechanical, not anything else and we think that we've resolved those.

Then on the RGP PGP, that's been something that we've been working on for a little bit. Most of our refiners suppliers wanted less exposure to RGP and more on the PGP side. So we felt it was a win win. We got what we thought was a very fair fixed fee going forward. So that's gonna reduce our volatility on the splitter margins.

I think the last one was around Hocktane spreads.

And we've talked about in the past how we hedge the normal to our Bob spreads. We've done that this year. We have about 75% of our spread hedged.

And then the overall MTBE has been a little bit weaker so far this year. And typically we see in the last half of the year, of in the summer fall timeframe as gas is driving season picks up, see that widen a bit. So that's kind of what our expectation is looking forward. Of course, there's no forward curve to look at for that product.

Thank you. Our next question comes from the line of Jeremy Tonet of JPMorgan. Your line is open, Jeremy.

Hi. I just wanted to touch on the topic of buybacks, if I could, and how recent market price volatility might have impacted your view on the near term there and thoughts, I guess, moving forward in 'twenty six as CapEx tapers off a bit there, if there might be room for CapEx to step up a little bit next year?

Yeah, Jeremy. Appreciate the question. Yeah, I think, you know, we covered it

And really, we're in the same place today that if come in and look over the last twelve months, our excess distributable cash flow is about $3,300,000,000 And the way I think about excess distributable cash flow, so you've already taken care of the distribution, And then the next is to go ahead and cover growth CapEx. And then after that, you have what you have left is available for buybacks and for debt pay down. And what we what we had highlighted on the last call, if you come in and you look at mid single digits growth in cash flow per unit, you know, once you get out to 2026, it's probably putting you somewhere around, you know, $3,600,000,000 area for excess DCF. And with growth CapEx in the range of 2,000,000,000 to $2,500,000,000 that leaves you maybe $1,000,000,000 to $1.5 available for debt pay down and buybacks. So again, 2026 should be a big change in excess distributable cash flow.

Got it. Thank you for that. And if I could, maybe just as it relates to the management team, it's seen departure recently. And so when might we hear more, I guess, on the COO role or any other changes to management?

This is Jim. I love what Randall says. He said we think in terms of decades, not quarters. We got a bench that is unbelievable. We've got young to middle aged talent, and I'm not worried at all about what our succession plans are.

Thank you. Our next question comes from the line of John Mackay of Goldman Sachs. Please go ahead, John.

Hey, good morning. Thank you for the time. I want to go back to the NGL exports and some of the kind of global dynamics, understand the comments on tariffs ultimately, maybe at least for right now, not being a major issue. Just curious, are you seeing any sort of slowdown though in terms of a broader macro impact, meaning we could see kind of lower demand in Asia for some of these products and therefore see some knock on effects? Or is everything going pretty well there so far?

I'm going to hand it off to Tug. This is Jim, and I'll start. We've recently signed contracts with Southeast Asian companies and they're not small. And I've not seen any change in behavior at our docks. You want to pick it up?

Doug, are you sold out on your ethane export?

Yeah, we're fully contracting our ethane exports.

And like I mentioned earlier, 85% to 90% on our LPG. But if you look at it, it doesn't change the fundamental fact that there is a demand slowdown internationally. All that means is that propane has to continue to price lower to compete with NAFTA because ultimately the barrel has to clear. We can store a lot of propane as a country in The US, but we cannot do it indefinitely. Price will solve that.

We'll displace naphtha or other products.

That's clear. Thank you. And maybe just picking up on a couple of threads from earlier. Tony, your market forecast kind of reflective of the some of the changes you made last couple of years, higher GORs, stronger NGL outlook even if oil is a little flatter. Is this changing your view at all on how you're thinking about the 26,000,000 CapEx budget?

With that in the context of maybe a macro slowdown a little bit, is there a risk to the upside or downside to that 2,000,000,000 to $2,500,000,000 of CapEx you're framing up for next year?

Yes. John, I may jump in here. Because really, when we look at 2026 and look at 2,000,000,000 to $2,500,000,000 of growth CapEx, the bulk of that CapEx is related to this $7,600,000,000 worth of assets under construction. So if I come in and if you say, know, so our range expectation is two to 2.5, and let's just say 2.5, that's probably $600,000,000 to $700,000,000 worth of unidentified growth projects that still may be in development, but nothing has been FID ed. So if you even take that away, that comes in and tells you we probably have 1,800,000,000.0 1 point 9 billion dollars in

CapEx next year just to come in and finish construction of the projects that have already FID ed. Does that help?

Yeah, that's clear. Appreciate it. Thank you.

Thank you. Our next question comes from the line of Michael Blum of Wells Fargo. Please go ahead, Michael.

Thanks. Good morning, everyone. I want to sort of follow-up on that, the CapEx question in a little maybe a little more detailed. If tariff policy does slow global demand on a more consistent basis and this isn't a temporary situation, would you consider slowing some of your NGL expansion projects? Or are those just kind of fully contracted committed customers so they're gonna move forward regardless of what happens on tariffs?

You're talking about what we have under construction now?

Yeah. I think we're pretty well contracted. I can't see a slowing down on what we've got under construction.

Yeah. And Michael, I think one of the ways we think about it, Tony put out, commented earlier that even if you saw crude production go flat, you still have, call it, 1.5 BCF a day of natural gas production growth out of the Permian, which represents maybe 200,000 barrels a day of NGL growth coming out of the Permian. So again, the projects that we have under construction, I mean, the bulk of them will be finished by the end of the year with carryover on Port Neches. But a lot of them will be finished by the end of the year. So it's hard to see any slowdown from that standpoint.

And I think one of the things to also keep in mind is, and I think Tony's had it in past Investor Day presentations, that when you come in and you look at crude oil demand growth and ethylene and propylene demand growth, they're either about I think crude maybe 0.9 times GDP growth. Ethylene growth is like 1.2, propylene maybe 1.3 GDP growth. And the economists that I've seen as far as them trying to come in and forecast the impact of tariffs on global GDP growth, the estimates I've seen is anywhere from 05% to 8%, but you still have growth. So it's hard to see where we're not going to see demand growth for the product in '25 and '26. Does that help?

It does. Thank you. It does. I appreciate that. All right.

Thank you. Our next question comes from the line of Brandon Bingham of Scotiabank. Please go ahead, Brandon.

Hi. Good morning. Thanks for taking the question here. Would just like to maybe talk about the inorganic side of CapEx and just in light of kind of where everything's trading now public and private, if you see maybe an a growing opportunity to to capitalize on some of these depressed prices or if maybe there's kind of just a standoff between bid ask spread situation where sellers are more unwilling to transact at this level? Just any high level thoughts you have around how that might factor into the strategy moving forward?

Brandon, this is Jim. My high level thought is if it doesn't fit what we have, then we're probably not gonna be interested. If you look at our system, everything we've acquired are built. It's what we already have. Plus, always says price matters.

Okay. Fair enough. And then maybe just a quick one. Looking at the slides, it looked like some of the movements on a quarter over quarter basis in segment margin were related to marketing. If you could just maybe provide some incremental detail around the moving pieces there.

Yeah, on NGL marketing, specifically in the first quarter, had additional LPG contracts step up at lower rates than the spot rates we achieved last year. So we had two to three cargoes a month we were selling, for example, in the fourth quarter around zero two zero dollars a gallon and that spot margin has compressed in addition to additional term contracts stepping up.

Now on the flip side of that, we had a pretty good quarter in natural gas marketing, didn't we, Doug?

We did on our natural gas marketing segment. We had two really two bites of apple at winter volatility in January and February, which helped us out. And we're also seeing higher West to East spreads Waha. So that was beneficial.

Enterprise Products Partners (EPD) Q1 2025 Earnings Call Transcript

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