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.

Fortune Global 500

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.

Fortune 500

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 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 Fourth Quarter twenty twenty four 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. I would now like to hand the call over to Libby Strait, Senior Director of Investor Relations. Please go ahead.

Good morning, and welcome to the Enterprise Products Partners conference call to discuss 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 the 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. With that, I'll turn it over to Jim.

Thank you, Libby. I want to just go through some bullet points to highlight some of the things we achieved in 2024 and a few of the things we expect to do this year. First of all, 2024 EBITDA of $990,000,000,0.0 Randy, it reminds me of a line in a Frankie Valley song, So Close, So Close and Yet So Far. We had $780,000,000,0.0 of DCF. We had 1.7 times coverage, dollars 320,000,000,0.0 of retained DCF.

Chris, I thought that was a record, but it's not, but it's close. 12 financial records, 16 operational records. During 2024, we moved 12900000.0 barrels of oil equivalent a day. In the we moved 13600000.0 barrels of oil equivalent per day. In the we loaded out on for export 2100000.0 barrels a day of liquid hydrocarbons against our commitments of 2500000.0 barrels a day.

During 2024 and we completed two processing plants in the Permian. We We purchased Pinion, acquired the JP interest in our Midland Echo one crude oil pipeline and the JP interest in our seventh and eighth fractionators. For 2025, we'll add two gas processing plants in the Permian. We'll add the Bahia NGL pipeline, Frac 14, the first phase of our NGL export on the Natchez River and expansions of our ethane and ethylene terminal at Morgans Point. After that list almost needs to pause and take a breath.

We get a lot of questions on spot. I want to give you a status report of where we are with spot. I believe that spot should be the poster child for the need for permit reform. By law, the record of decisions should be issued in three fifty six days and you can have clock stoppages on top of that. Frankly, I thought three fifty six was a typo, but it wasn't.

Alto took over five years to get the spot license, including almost four years to get the record of decision and a year and a half to get the license to construct. Our initial application was 13000 pages. I thought that was ridiculous, but by the time we completed the process, our final submission was over 30000 pages. We addressed over 80000 comments over two comment periods, predominantly from NGOs. One NGO's comment was 60 pages long.

We had to answer a ton of questions. One of my favorites was from a lady from Murad asking how we planned to mow the right of way. She was concerned that fuel mice be protected from hawks. The process we went through due to federal bureaucracy pushed us beyond the drop dead date that allowed our anchor customer to opt out of their contract, which they did. Granted, a lot has changed since we entered our spot application in January 2019.

When we started that application, it was assumed that the majority of crude exports would go to Asia on VLCCs. A lot of forecasters were predicting by 2024, would be exporting between 15000000 barrels a day. Instead, we're exporting around 4000000 barrels a day. All of that with Russia invading Ukraine, which has resulted in the amount of crude oil export out of The U. S.

To Europe to have doubled over 2000000 barrels a day and that will grow more. That move to Europe can be done on an Aframax or Suezmax. Today, we have not gotten enough traction in commercializing spot, though we continue to promote spot as we are the only company with a license to construct. We did a lot of research around cost, and our data shows that the cost to load on our spot track and project are always much lower than multi reverse lighter VLCs and have a lower all in cost than 50% of single reverse lighter VLCCs and are competitive with the best 50% single reverse laddered BLCCs. However, in order to build spot, we know what we need in volumes, fees and terms.

We're not going to establish a drop dead day, but if we can achieve these within a reasonable amount of time, we will move on. This is not a build it and make it come project. Regardless, Enterprise remains laser focused on growing our exports. As I said earlier, we currently have expansion projects on the Natchez River in Beaumont, at Morgans Point on the Ship Channel and at our main terminal on the Ship Channel. We exported over 70000000 barrels of hydrocarbons in Dec.

0, everything from ethylene to crude oil. And our goal is that we will export over 100000000 barrels of hydrocarbons a month by 2027. We recently contracted with yet another offtake ethane offtake customer in Asia, This one with a plant in Vietnam. And we were working with numerous other customers around the world on hydrocarbon supply agreements. In the last twenty four months, we visited over 25 cities to sell U.

S. Hydrocarbons, some we visited multiple times. I know I've been in Mumbai at least four times. Someone from enterprise is almost always in Asia or Europe, and no one even comes close to having the history and experience that we have. Think about it, we built our first LPG import terminal in 1983 and our first export terminal in 1999.

We've been active in the international market for over forty years. On a personal note, while I was at Dow, the first cargo of imported propane that I ever purchased went through the Enterprise Terminal. And our total and in total, our term commitments at our docks today exceed 2500000.0 barrels a day, and that's hydrocarbons ethylene to crude oil. We three forced the way to reach our goal of 100000000 barrels a month. And with that, I'll turn it over to Randy.

Okay. Thank you, Jim, and good morning to everyone on the call. Starting with income segment items, net income attributable to common unitholders for the was $160,000,000,0.0 or $0,.74 per common unit on a fully diluted basis. This is a 3% increase compared to $160,000,000,0.0 or $0,.72 per unit for the same quarter in 2023. Adjusted cash flow from operations, which is cash flow from operating activities before changes in working capital, increased 4% to 2300000000.0 for the This compares to $220,000,000,0.0 for the We declared a distribution of $0.,535 per common unit for the which is a 4% increase over the distribution declared for the The distribution will be paid Feb.

4 to common unitholders of record as of the close of business on Jan. 31. In the the Partnership purchased approximately 2100000.0 common units off the open market for $63,000,000 Total purchases for 2024 were $2.19,000,000 dollars or approximately 7600000.0 enterprise common units, bringing total purchases under our buyback program to approximately $110,000,000,0.0 In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan purchased a combined 6500000.0 common units on the open market for $188,000,000 in 2024. This includes 1600000.0 common units for $48,000,000 during the Of note, almost half of our employees participate in the employee unit purchase plan. For 2024, paid out approximately $460,000,000,0.0 in cash distributions to limited partners.

Combined with the $2.19,000,000 dollars of common unit repurchases over the same period, Enterprise's total capital return of $480,000,000,0.0 resulted in a payout ratio of 55%. Since our IPO in 1998, we have returned approximately $56,000,000,000 to unitholders in the form of distributions and buybacks, while building one of the largest energy infrastructure networks in North America. Total capital investments in the were $2,000,000,000 which includes $9.46,000,000 dollars for growth capital projects, dollars $9.49,000,000 for the acquisition of Pinion Midstream and $113,000,000 of sustaining capital expenditures. Capital investments for the full year of 2024 were $550,000,000,0.0 which includes $390,000,000,0.0 for organic growth capital projects, the $9.45,000,000 dollars for Pinyon and $6.67,000,000 dollars for sustained capital expenditures. As mentioned in last quarter's earnings call, we have received noteworthy support from our producer customers following the Pinion acquisition.

And for that reason, we are fine tuning our 2025 estimated growth capital expenditures range to $4,000,000,000 to $450,000,000,0.0 to include new opportunities in sour gas gathering and treating projects as well as additional natural gas gathering and compression projects in the Delaware Basin. Our expected range of growth capital expenditures for 2026 remains unchanged at $2,000,000,000 to $250,000,000,0.0 We expect 2025 sustaining capital expenditures will be approximately $5.25,000,000 dollars which includes a planned turnaround at our Octane enhancement plant. Moving to capitalization, our total debt principal outstanding was approximately $3,220,000,000,0.0 as of Dec. 31, 2024. Assuming the final maturity date for 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 98% of our debt was fixed rate. Our consolidated liquidity was approximately $480,000,000,0.0 at the end of the year, including availability under our credit facilities and unrestricted cash on hand. Our adjusted EBITDA was $260,000,000,0.0 for the and as Jim mentioned $990,000,000,0.0 for 2024. We ended the year with a consolidated ratio leverage ratio of 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 three times plus or minus a quarter, so in the range of 2.75 to 3.25.

And with that, Libby, I think we can open up for questions.

Thank you, Randy. Operator, we are ready to open up the call for questions.

Thank Thank you. Our first question comes from the line of Spiro Dounis of Citi. Your question please, Spiro.

Thanks, operator. Good morning, everybody. First question, maybe just go to the outlook for 2025. I know you guys don't provide guidance, but we just get results the way you close the year, it seemed like it was pretty strong. So just curious, two part question here, any reason that that's not a good baseline to sort of run rate as we think about 2025?

And then if you could, maybe just outline some of the bigger drivers of growth this year?

Yes. Spiro, I'll go back to what we said on our Investor Day call a year ago that really we think near term, we've got the potential for, call it, mid single digit cash flow growth over the near to intermediate term. And I think that's sort of our view going into 2025. Mentioned the number of projects that we have coming on. Most of them, the larger ones for sure come on later in the year.

So we'll see some of that growth on the second half of the year. But 2025 is setting up a strong year, especially when you come in and just look at just industry fundamentals.

Great. That's helpful. Thanks, Randy. Second question, just to go back to spot. So I know you're not providing a drop dead date to get that facility FID'd, but two parts here once again.

Does it seem less likely or unlikely at this point that a 2025 FID is possible? And you also mentioned being the only one licensed. Just curious, can you just talk about license expiration timing, what that looks like and what it would take to renew it if you don't FID, let's call it within two years?

Yes. I think we've renewed one permit, Bob.

Yes. We renewed the air permit, right, Graham, to 2028?

We're not that worried about renewing permits if we need to.

Okay. And does it seem like a '25 FID based on customer feedback at this point maybe less likely?

Okay. I tried to get you. All good. I appreciate the color here. I'll leave it there.

Thank you. Our next question comes from the line of Theresa Chen of Barclays. Please go ahead, Theresa.

Thank you for taking my questions. Follow-up to the cadence of earnings growth in 2025. Can you help us think about the path to recovery for the Petchem segment? What are the puts and takes there? And as far as operations and utilization goes for the larger the newer projects, how is that going at this point?

We've got to run the PDHs. That's one thing from our perspective and we will. From a petrochemical market perspective, I don't think Chris is here, but there he is. But it looks pretty bad right now, doesn't it, Chris?

Yes. I think what we're hearing from most of our customers domestically is they're seeing moderate improvement from last year and they're not expecting anything much bigger. Globally, the market is oversupplied. So that's the headwind there.

Who was that, Theresa? Yes, Theresa, this is Jim. What I see is we are signing we just signed recently within the last two or three weeks Tug a contract with the Southeast Asian petrochemical company for a sizable ethane contract. I think we'll be back in Southeast Asia for another one. The other thing that I wouldn't be surprised at is ethane feedstock to crackers in other parts of the world is advantage to naphtha.

It wouldn't surprise me and help me, Chris, to see crackers shut down in other parts of the world and ethylene exports beginning to build that void.

Yes, I mean, we're already seeing some of that. And that helps not only our ethylene, but it also helps the propylene markets because those naphtha crackers in the rest of the world also do make a total amount of propylene. So that will help rationalization.

Interesting. Thank you so much. And then on the LPG side, following a competitor announcement of a new export project in Galveston Bay today, how do you think about the potential change to export economics to competitive economics within the region?

Trish, this is Brent. If you see capacity come online and there's industry capacity come online this year, we'll have some in the back half of this year as well, and then a larger expansion for next year. But right now, the dock FOB values are pretty healthy. Obviously, as this capacity comes online, this will start to become eroded. When you look at our capital for expansion, it's less than a third of what a greenfield expansion is.

So we'll see I didn't listen to the call, but that's in terms of when we run the numbers, that's a little bit of a challenging project.

Theresa, this is Jim. We're not going to give up our LPG export franchise. We'll do fees more favorable to our customers than anyone.

Understood. Nor would I expect you to give anything up, Jim. Thank you.

Thank you. Our next question comes from the line of Jean Ann Salisbury of BofA. Your question please Jean Ann.

Hi, good morning. Can you talk about how you see the size of the eventual prize for being able to handle sour gas in the Permian? Do you expect sour gas to grow much faster as a share or is it mainly a strategy to be able to have a broader customer offering and get more customers?

is Natalie. I don't think anything is going to be fast. However, we are permitting a third AGI well or we're in the front of it. We're also expanding the two AGI wells there. We'll build our fourth train and then we have our eyes on the fifth train.

So I don't know how quickly, but I think we'll it does give us a new asset base to be able to expand the integrated value chain to the upstream side.

Okay. That makes sense. And then as a follow-up, can you just kind of talk about how you expect your flex NGL exports to ramp as they come online? Roughly how much in ethane versus propane service to start?

Hi, Gian. This is Doug Hamlet here. On the ethane side, so we're fully contracted on our base capacity of 540000 barrels a day. We're in the process. We've identified low cost expansion debottlenecking projects and we're well into contracting that additional capacity.

So if you think about how that's going to play out, we're waiting on the DLECs, the ships to get delivered. As those ships continue to get delivered and ramp our ethane exports at our Natchez River terminal, That timing coincides with our ship channel expansion around 300000 barrels a day. So long term, we expect it to be ethane at Natchez and we'll have our ship channel expansion to pack fill that. And we're continuing to see robust demand on ethane exports. And as Brent alluded to, we have a great brownfield expansion opportunities across all three of our export terminals.

And then when our expansion comes on for LPGs, we're 85% contracted 85% contracted on LPGs.

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

Thank you. Our next question comes from the line of Michael Blum of Wells Fargo. Your question please, Michael.

Thank you. Good morning, everyone. So appreciate the slide and the comments on capital allocation. I wanted to ask you about buybacks specifically. Just if you're thinking about buybacks any differently as a component of capital return, should we expect the cadence we've seen in the last couple of years should be consistent going forward or any change there?

Yes, Michael, good morning. Yes, if we sort of come in and carry that thing as far as the potential for cash flow growth to be mid single digits. Jim mentioned earlier that we had $320,000,000,0.0 of excess distributable cash flow in 2024. And if you take that forward a couple of years to 2026, that probably puts you in the neighborhood of $350,000,000,0.0 3 point 6 billion dollars of excess DCF. And then if we're up at the upper end of our growth CapEx range of $250,000,000,0.0 that leaves you about $1,000,000,000 1 billion dollars of excess DCF after fully funding your growth CapEx with excess DCF that's left over for buybacks and debt retirement.

Our leverage target again is the range 2.75% to 3.25%. Our midpoint is 3%. That's about where our leverage is today. And so I think we'll have a lot more flexibility to do buybacks and maybe a little bit of debt retirement once we get out to 2026.

Thanks for that, Randy. Appreciate it. And then just wanted to ask about as we head here into 2025, the M and A landscape, how active what's out there for you and do you expect this

to be an active year for Enterprise? Thanks.

Yes. 2024 was a pretty active year and we've looked at virtually every asset package that came across. And again, Pinyon was the most attractive to us and we executed on that. We do see some additional asset packages or we think we'll see some later in the year and we'll take a hard look at those and see what fits well in our system. Public company M and A, a little bit harder to do, especially if your goal is to drive cash flow per share, cash flow per unit growth.

Public M and A can be a little on the problematic side. We don't see as much value as we do with asset purchases, but we'll take a look at both.

Thank you. Thank you. Our next question comes from the line of Neil Dingmann of Truist Securities. Your question please Neil.

Good morning. Thanks for the time. My first question guys just on GOM. I'm just wondering, looks like that the processing spread and others have stayed, well, I guess they were pretty stable for the remainder of last year. Are you expecting more of that this year or maybe just talk about the activity there?

mean, I think in terms of the forward curve, Neil, I think we think that spread is going to be there. It's probably more when you look at Waha, it's a function of Waha gas price. I would probably think ethane is fairly stable for this year. It's probably going to escalate a little bit, but in terms of the processing spread in our system and the recovery of that thing, it's probably more of a function of the wild gas price.

Got it. Okay. And then just one forward, love to hear just on prospects of now where we sit on the macro side. I'm just wondering based on how you are looking at it.

and A now today. Is that predicated on what you're thinking on the macro on both the oil and the gas side? I just wanted to hear kind of what you're thinking for the remainder of the year

Hey, Neil, would you mind repeating that?

Yes. Randy, you laid out kind of I know you guys are active on the M and A side. I'm just wondering, is this predicated? I'd love to hear you guys always give a pretty good forecast on what you're thinking commodity wise, both gas I'd say gas NGLs and oil. And just wondering, are you expecting a bit of a ramp commodity wise for remainder of the year?

And I guess I'm asking is M and A predicated on this?

I don't know if M and A is predicated on it, but you're talking about ramping price or ramping production?

Price, Jim. Just trying to figure out what you all are thinking for price in the remainder of the year.

For price, if we start with oil, it's been range bound, not at really bad prices quite frankly, it's really been quite range bound. And not just for the last year, but even longer than that. Our belief is that OPEC plus continues to be very focused on that. They don't want prices too high and they don't want them too low. I don't know what changes that landscape.

Right now, there's a lot of discussion about will we move into a, for lack of a better term, drill baby drill scenario. And all signs are that we will not, that it will be, call it slow and steady from very large numbers already. That said, we continue to see that rich natural gas production just sticking to the Permian continues to exceed our expectations. And we will be reforecasting and publishing a new forecast probably sometime in the We're working on it now. And I'll say, Neil, I wouldn't be surprised if our natural gas liquids forecast in the Permian specifically is not up again from the prior one, but give us some time

And then Brent's pointed to the natural gas equation, it's somewhat weather related. Waha is very much what pipes can you count on running related. That matters a lot to us. So there you have that.

Perfect. Thank you. That's the calculation.

Last but not least, we're pretty constructive on natural gas long term just because of what we see on from the demand standpoint for LNG and for power.

Thank you. Our next question comes from the line of Jeremy Tonet of JPMorgan Securities. Please go ahead, Jeremy.

Just wanted to start off, I guess, any updated thoughts out of D. C? Just wondering, in the Trump administration, imagine permitting might be easier, also talking about energy emergency and how that could impact permitting overall. Just wondering what you hear coming out of D. C, anything different and could that impact, I guess, your growth strategy going forward?

For me, reform would be nice, but I got to see it to believe it, frankly.

Got it. Anything else out of DC on your radar right now or just kind of business as usual?

Jeremy, again on the permit reform, it just seems like that's going to take some time and pretty involved. The other thing is just what the administration is looking to do as far as from a tax packages and tax package and extend some of these provisions at sunset at the to get extended. So thus far really no surprises from where we were frankly right after the election. It seems like the administration and Congress are following through with what they were talking about during the election cycle and right after the election.

Jeremy, the lack of permit reform seems to make what we have in the ground a heck of a lot more valuable.

Got it. Yes. No, absolutely. And just want to touch base real quick on the PDH facilities one and two. Where are the current, I guess, operating run rates and where do you see them going over the course of 2025 and kind of hitting a normalized level?

Yes, Jim. This is Graham. Right now, we're looking to increase the run rates of the PDHs. Obviously, they haven't met our expectations. Currently, we're working through a mechanical issue on PDH1, but that's coming out of our turnaround last year, it really ran pretty well.

We had a minor blip we're working through right now, but expect get a sustained run rate there. PDH2, we're working through a design issue with our licensor that has the rates currently limited. We expect to get that resolved and long term target is to have those operating in the upper 90% of utilization.

Enterprise Products Partners Q4 2024 Earnings Call Transcript | Fortune

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Enterprise Products Partners (EPD) Q4 2024 Earnings Call Transcript

Company Participants