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)

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Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

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Earnings Per Share (last Fiscal Year)

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Total Return to Investors (last year)

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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

Good day, and thank you for standing by. Welcome to the fourth quarter 2025 Enterprise Products Partners, LP earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Libby Strait, Vice President of Investor Relations. Please go ahead.

Good morning, and welcome to the Enterprise Products Partners conference call to discuss fourth quarter 2025 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'll 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. Thank you, Libby. Libby. The headline for the fourth quarter is a record $2.7 billion of EBITDA, surpassing the previous record of $2.6 billion set in the fourth quarter of 2024. We brought on a number of assets in 2025. Frac 14 in mid-October, Mentone West and Orion midyear, several gathering and treating projects in the Permian, the Neches River Terminal ethane export train midyear, midyear startup of diluent exports to Canada, and finally, the Bahia NGL pipeline in December. All these assets performed well, but they also filled holes created by a decline in our commodity-sensitive businesses and marketing spreads. New market realities shaped the year. Crude oil prices averaged about $12 a barrel lower than in 2024. That reduced many of the price and spreads we benefited from over the prior three years.

Our pay market margins were weaker in 2025. A large 10-year LPG export contract, originally signed at double-digit fees, was recontracted at market rates. RGP, PGP spreads were $0.14 a pound in the fourth quarter of 2024, but only $0.03 a pound in the fourth quarter of 2025, which is an extension, a reflection of the weakness in the housing market. During 2024 and 2025, we renegotiated our RGP purchase agreements to a fixed fee structure, which makes our splitter business largely spread agnostic. The splitters are now essentially at a net. We're fully contracted on our ethane export terminals and all 20 processing trains that we have, we will have online in the Permian by year-end. For ethane exports, typically ships must be built and receiving terminals constructed to ultimately ramp to full utilization in our docks.

With that being said, however, the ships seem to be coming earlier than the receiving. For processing, while production growth builds over time, the two trains we brought on in midyear 2025 are virtually full today. Our LPG exports are highly contracted through the end of this decade, and we continue to see strong interest for additional long-term commitments. We expect modest growth in 2026 as these assets and the assets we're bringing on in 2026 continue to ramp. We expect to see double-digit growth in 2027 once these assets reach full utilization. Naysayers doubted Bahia in the beginning, but that is to be expected when you're first. Bahia and Shin Oak is an integrated system, has 1.2 million barrels to capacity and are running at 80%.

Having Exxon as a UJI partner and agreeing to expand Bahia to 1 million barrels per day is a win for both Enterprise and Exxon. Associated with the UJI are a dozen downstream agreements. On the export front, Enterprise continues to expand its NGL export franchise. In 2025, we loaded between 350 and 360 million barrels across 744 ships, and that will only grow as we complete phase two of the Neches River Terminal and the LPG expansion at the Houston Ship Channel. By next year, we expect to be exporting near 1.5 million barrels a day of NGLs, or 550 million on an annual basis. Little history lesson... We've been doing international business since 1983, when we built our LPG import terminal.

In 1999, we expanded the facility to include export capabilities. Many of our customers have been with us for more than 20 years. They know us. They know how we behave. They like how we operate. They are more than just customers. Relationships like that tend to be very sticky. We spend a lot of time with our customers around the world and domestically. For example, over the holidays, I was in Thailand meeting with 3 large petrochemical companies. Chris D'Anna was in Europe in the fourth quarter, and he'll be back in March. On the crude team, Carrie Weaver was in Asia in October, and Jay Bany will be in Europe later this month. In GLs, God bless Tyler Kott and his travels.

Tyler was in Asia in November, with stops in Korea and India, and will be in Europe this month and then- and back to Asia in March. Finally, Doug and I will be in Japan next month to visit several export customers. We're equally focused on our domestic customers, be they producers, petrochemicals, refiners, traders, or wholesale. We deliver roughly 25 million barrels a month of ethane to U.S. crackers. That's, that's around 300 million barrels a year. In total, we move over 14 million barrels per day of oil equivalent through our 50,000-mile pipeline network. Additionally, Enterprise looks at its storage hubs as a critical part of its infrastructure to support its customers. Cushing, Midland, Houston, and Mont Belvieu, these are all open access systems where our customers can trade freely without any concern of being held hostage.

We are proud of our record, $2.7 billion of EBITDA in the fourth quarter. But as investors look to the future, I would encourage you to look beyond the numbers. Enterprise long-term success is driven by our culture, our teamwork, our creativity, and our laser focus on customer relationships. Those intangibles are what give rise to the numbers you see each quarter. Randy?

Thank you, Jim. Good morning, everyone. Starting with the income segment items, net income attributable to common unit holders was $1.6 billion, or $0.75 per common unit on a fully diluted basis for the fourth quarter of 2025. In the fourth quarter, our adjusted cash flow from operations, which is cash flow from operating activities before changes in working capital, grew 5% to $2.4 billion. This strong finish propelled us to a record $8.7 billion in adjusted cash flow from operations for the full year of 2025. We declared a distribution of $0.55 per common unit for the fourth quarter of 2025, which is a 2.8% increase over the distribution declared for the fourth quarter of 2024.

The distribution will be paid on February thirteenth to common unit holders of record as of the close of business on January thirtieth. The partnership repurchased approximately $50 million of its common units in the fourth quarter, bringing total repurchases in 2025 to approximately $300 million. Inclusive of these purchases, the partnership has utilized approximately 29% of its authorized $5 billion buyback program. In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan purchased a combined 4.7 million common units on the open market for $150 million in 2025. This includes 1.2 million common units purchased on the open market for $37 million during the fourth quarter of 2025.

For 2025, Enterprise will have returned $5 billion of capital to our equity investors, comprised of approximately $4.7 billion, or 94%, in distributions to limited partners and $300 million through buybacks, resulting in a payout ratio of adjusted cash flow from operations of 58%. Since our 1998 IPO, we have prioritized unit holder value by responsibly returning nearly $62 billion through distributions and buybacks, all while building one of the largest energy infrastructure networks in North America. Total capital investments were $1.3 billion in the fourth quarter of 2025, which included $1 billion for growth capital projects and $203 million of sustaining capital expenditures.

For 2025, organic growth capital investments were $4.4 billion, with about $100 million of expenditures slipping into 2026. We also had $620 million of sustaining capital expenditures. With the completion of major projects such as the Bahia Natural Gas Liquid Pipeline and the first phase of the Neches River Terminal, we continue to believe our organic growth capital expenditures in the near term will return to our mid-cycle range. With that said, our commercial teams have had great success in completing major agreements with producers since our last earnings call. In November, we announced ExxonMobil's acquisition of an undivided joint interest in the Bahia Natural Gas Liquid Pipeline and the related expansion of Bahia to 1 million barrels a day and a 92-mile extension to connect Exxon's Cowboy processing complex, as well as Enterprise plants in the Delaware Basin.

In January, we executed agreements to provide a large producer in the Delaware Basin with integrated services, including acid gas gathering and treating, natural gas processing, and NGL transportation and fractionation services. These long-term agreement supports our building a 24-inch trunk line to extend the partnership's acid gas gathering system in northern Lee County, a fifth treater at our Dark Horse facility, and a third acid gas injection well. In addition, we executed long-term agreements with Haynesville producers to an extension of our Haynesville natural gas gathering system, along with downstream agreements to provide natural gas processing, treating, and transportation services on the Acadian system. We have also had success in executing agreements with petrochemical customers that support incremental extensions of our ethane, ethylene, and propylene pipeline systems.

As a result of these successes and visibility to potential projects, we expect growth capital expenditures for 2026 to be in the range of $2.5 billion-$2.9 billion, netting to $1.9 billion-$2.3 billion after applying approximately $600 million in proceeds from asset sales already received earlier this year, which represents the final installment from Exxon on the Bahia sale. The pace of some of these expenditures will depend on the cadence of producer activity. However, we believe we will be at the higher end of this range. Sustaining capital expenditures are expected to be approximately $580 million in 2026, which includes approximately $80 million for the turnaround of our octane enhancement facility that should be completed later this month.

As Jim noted earlier, we expect modest adjusted EBITDA and cash flow growth in 2026, as assets completed in 2025 ramp in volume and as assets that are completed throughout 2026 begin operations. We expect this to ultimately lead to 10% area growth in adjusted EBITDA and cash flow in 2027 compared to 2026. Enterprise's adjusted cash flow for 2025 was $3.1 billion, and this adjusted free cash flow, that's our cash flow from operations, less capital investments and acquisition. Subtracting distributions to limited partners results in 2025 discretionary free cash flow of -$1.6 billion.

Based on our currently expected lower level of net capital investments in 2026, which is comprised of capital expenditures, plus acquisitions, less proceeds from asset sales, and the net increase in distributions, we expect discretionary free cash flow has the potential to be in the $1 billion area in 2026. In terms of allocation of capital, we see cash distributions to partners growing commensurate with operational distributable cash flow per unit growth. In the near term, we expect for our discretionary free cash flow to be split between buybacks and retiring debt. In 2026, we currently expect this split would be approximately 50%-60% in buybacks. Future growth in cash distributions to partners can also be further enhanced by the percent of common units we retired through buybacks.

Our total debt principal outstanding was $34.7 billion as of December 31, 2025. Assuming the final maturity date of our hybrids, the weighted average life of our debt portfolio is approximately 17 years. Our weighted average cost of debt was 4.7%, and approximately 98% of our debt was fixed rate. At December 31, our consolidated liquidity was approximately $5.2 billion, including availability under our credit facilities and unrestricted cash. Adjusted EBITDA increased 4% to $2.7 billion for the fourth quarter, compared to $2.6 billion for the fourth quarter of 2024. Adjusted EBITDA for 2025 reached a record high just shy of the $10 billion mark.

We ended the year with a consolidated leverage ratio of 3.3 times on a net basis, after adjusting for, adjusting debt for the partial equity content of our hybrid debt and reduced by the partnership's unrestricted cash on hand. Our current leverage ratio reflects significant investment in large-scale projects that we recently brought into service in the midstream asset acquisition from Occidental, where the debt is on the balance sheet, but the resultant annual adjusted EBITDA generation from these investments has yet to flow into our trailing twelve-month EBITDA figures. Our leverage target remains 3 times ±0.25 turn, or 2.75-3.25 times. We believe our leverage will return to within our target range by the end of 2026, when we have a full year of adjusted EBITDA from some of these projects.

With that, Libby, we can open it up for questions.

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

As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We ask that you please limit yourselves to one question and one follow-up question. Our first question comes from the line of Spiro Dounis from Citi.

Thanks, operator. Good morning, everybody. Wanted to start with the 2026 and 2027 outlook comments. So you exited 2025 really strong. Just wondering, can you guys maybe walk us through some of the puts and takes off this fourth quarter exit rate as you think about 2026 growth? Just trying to get a sense of what's ratable here, and if you guys see yourself still landing in that 3%-5% growth range. And on 2027, you mentioned double-digit growth. Just curious how you're thinking about the risk to achieving that level of growth. Maybe another way of asking, what commodity environment underwrites that level?

I think, Spiro, this is Jim. I think, given that, in my script, I mentioned we didn't have as many outsized spreads as we had the three previous years. So I think this, I think fourth quarter's weighted more ratable than not.

Hey, Spiro, and just as a follow-up on the second part of your question, I think probably as we mentioned, we're sort of looking at modest cash flow and EBITDA growth in 2026 compared to 2025, so probably at the lower end of that 3%-5% range.

Thank you. One moment for our next question. Our next question comes from the line of Theresa Chen from Barclays.

Morning. On your comments related to the NGL export cadence, specifically on the phases of Neches River ramping up over time, can you expand on the cadence and ramp-up of earnings contribution from these expansions? How should we think about the ramp in steady state contribution as we move through 2026 and into 2027?

Hey. Hey, Theresa, this is Tyler Cott. I'll speak to the volume, which should correlate to the earnings. So, Neches River came online last year. As you know, the fourth quarter, we started to ramp volumes of ethane in earnest. That ramp will continue into the first several months of this year. I would say by the second quarter, our overall ethane export capacity should be very near full utilization, at which time our second train in Neches River will come online, and that will have a ramp-up profile over the next several months, largely propane at first, but then shifting to mostly ethane by around the end of next year.

Thank you. One moment for our next question. Our next question comes from the line of Michael Blum from Wells Fargo.

Thanks. Good morning, everyone. Wanted to ask, as you know, Waha prices have been pretty volatile the last few months. You know, fourth quarter, prices really low, spreads were wide. Then, of course, in January, we've had this winter storm, so Waha prices spiked. So I wonder if you could just remind us how EPD is impacted by changes in Waha prices in both directions.

Yeah, this is Tug speaking. So as far as a low Waha price, we have gas transport capacity, so we benefit from a higher, we call it west-east or west to, west-to-south spreads. We'll be able to monetize that. And with respect to recent volatility, on a higher gas price, we do have storage assets that can monetize that as well. So, we benefit from volatility on both sides.

Great. Thanks for that. And then, I wonder if you can just give us a little color on what your producer customers are telling you in terms of their plans for 2026 and, and how you see that translating into supply growth, especially in the Permian. Thanks.

This is Natalie Gayden. Our on the GNP side, our Midland volumes are outperforming the expectations, tracking pretty closely with last year's volume growth. So just to give you some color, well connects are at a record high this year of 590. And then in the Delaware, same kind of thing, the growth curve is steepening there, and we've got an estimated 500 wells turning to production this year and more next year. So we're definitely keeping our running shoes on.

Thank you. One moment for our next question. Our next question comes from the line of Jean Ann Salisbury from Bank of America.

Hi, good morning. I don't think you have a ton of exposure to the E&Ps announced in the merger yesterday, but just as a more high level, I guess, theoretical question, can you give your thoughts of how much more negotiating power a large E&P would have over midstream contracts versus two small E&Ps? And if there is more consolidation, if that is kind of a negative for midstream?

Well, you want to try it, and you want me to? Hi, Jean Ann, this is Jim.

With the people we have, I don't think it makes a difference. Our folks are pretty good at seeing value and doing win-win deals with producers, whether they be large majors or large independents.

Okay, very clear. And then as a follow-up.

Did you expect any other answer, Jean Ann?

No, not really. Not really. But I, I appreciate it. And, I guess as a follow-up, do most of the Midland to Echo crude pipeline contracts roll off in 2028, 2029? I know that there have been some discussion of blending and extending, so not sure if that should kind of be later at this point.

Jean Ann, this is J. Bany. So for 2028, we have our first contracts roll off, but over, really, the course of last year and the year prior, you know, we have done not only new contracts to fill that space, but blend and extend. So it's roughly about 20%, you'll see roll off in 2028, but we'll be working on that this year or next.

Thank you. One moment for our next question. Our next question comes from the line of Jeremy Tonet from JPMorgan Securities LLC.

Appreciate the color on the 10%, EBITDA step up, 25 into 27 there. Just wanted to dive in a little bit more with regards to buybacks and the pace thereof. Is there any kind of formula that you think about or other methodology when you think about the buybacks? I think I recall if there's $1 billion of free cash flow, it might be 50%-60% deployed towards buybacks, and so just kind of trying to figure out how that might, you know, work out over the course of the year.

Yeah, Jeremy, you know, in the prepared remarks, I pretty much, you know, based on where we currently are, when we see 2026 with free cash flow in the neighborhood of $1 billion, we really see that split where 55%-60% of the cash flow would be allocated towards the buybacks. And that would really be a, you know, it would be some level of opportunistic and some level of programmatic purchases, is the way we're currently thinking about it.

Got it. Thank you for that. Maybe if we could just pick up on the freeze-offs one more time. I wouldn't expect it to be the same type of uplift as Yuri, as we saw in the past, but could we see the potential for sizable uplift as you know optimization opportunities might have been greater than what you typically see?

Yeah, this is Tug. You know, I'll just say we saw production fall off similar to prior winter events, and we're able to more than make that up by optimizing our system. But Yuri was a, I would say, an exception to every winter storm, so I would not be expecting that.

Thank you. One moment for our next question. Our next question comes from the line of John Mackay from Goldman Sachs.

Hey, team, thank you for the time. Jim, you spent a while talking through your kind of international customer base on the NGL side. Can you share a little bit more color for us on what you're hearing in terms of demand trends and maybe how that compares to this time last year?

Hey, John, this is Tyler Kott. I would say overall, obviously, there's been a lot of noise in the last several months in the international and export markets, but demand has proven to be pretty resilient. U.S. LPG is finding its way into new markets, India and Southeast Asia, other places in Asia. So, demand has been pretty healthy, and maybe the ultimate barometer for us is we still have a lot of interest in our export capacity long term, both LPG and ethane.

Got it. Thanks. So maybe just following up quickly, maybe just to clarify what Spiro asked. You know, it sounds like some of the ramp on the new projects that came into service last year and this year is gonna pick up more in 2027, I guess. But could you just walk us through, I guess, any incremental tailwind, sorry, headwinds you're expecting for 2026 versus 2025 that might offset some of that, some of that ramp?

Yes. Is Zach here? Let me take the first shot at it, Zach. 14 is full. The two processing plants are virtually full, will be. The ethane terminal y'all talked about would be full by the end of the year. And LPG is full, isn't it?

The expansion, you're well on your way to contracting that deadline that comes out in the fourth quarter?

I'll just say this, as Tug, on the LPG contract, we're on our way. We're, you know, 85%-90% contracted on that.

The headwinds are, I don't know, $40 crude's a headwind.

You know, the one other, I guess, commodity-sensitive business that we have is our octane enhancement business, but that's only 20,000 barrels a day. But it seems like the, you know, there was a big change from 2024 to 2025, but really from 2025 to 2026, you don't see nearly that magnitude of change. So, I wouldn't look for too much of a headwind there.

All right, so we appreciate the color. Thank you.

Thank you. One moment for our next question. Our next question comes from the line of Manav Gupta from UBS.

Good morning. First, congrats on the beat and a strong quarter. Second, we look at your partnership with Exxon in a very optimistic way, two giants coming together. And I'm trying to understand, are there more opportunities to collaborate with Exxon? They're obviously looking to get big into power generation with the carbon capture and sequestration, and you have the infrastructure to move carbon dioxide. So can you talk a little bit more about your partnership with Exxon, and can it grow over time, and what are the opportunities over there? Thank you.

Yeah, we touch Exxon in so many places, I can't count it, and we will continue to try to do more deals with Exxon. We like them. I don't think carbon capture will be in the portfolio.

Thank you. One moment for our next question. Our next question comes from the line of Jason Gabelman from TD Cowen.

Yeah, hey, morning. Thanks for taking my questions. I noticed in the press release, there was mention of sour gas treating capacity expansion and then potential opportunity to expand activity on the acquisition from Oxy. And the question is really: Does that kind of support you filling up your Y-grade pipelines out of the Permian Basin to get over the 60% utilization on the Bahia Pipeline or does that present upside to that number?

First of all, we said we were at 80% utilization, so, we're pretty, we're pretty close to getting to the 600 as we speak or the 1.2 million as we speak. Natalie, you want to speak to the other?

I would just say that our GMP footprint is a strong hold on feeding the downstream pipeline. So, any gas that we go win or packages of gas that we bring through the gathering and processing system, are good for that. So yes, an expansion of Piñon and OxyROC volumes eventually coming in a big way in 2027 to us, is good for the NGL portfolio.

Got it. And sorry for misspeaking on that number. My follow-up, if I could ask another, is just on the opportunity on the propane side, on your product pipelines in the first quarter of the year, given the cold weather in the Northeast. Can you just talk about what you're seeing in that system moving propane up the product pipelines? Thanks.

Yeah, Jason, I'd say all of our propane pipelines saw really strong demand ramping towards the end of the year, and January's been as strong as January of 2025. It's now stronger.

Thank you. One moment for our next question. Our next question comes from the line of A.J. O'Donnell from Tudor, Pickering, Holt & Company.

Thanks for the time, everyone. I wanted to start on the natural gas segment. Looks like Q4 results saw a decent benefit from gas marketing there. I wanted to, you know, if you could talk about your intentions on how to manage that marketing space going forward, particularly in the back half of the year and into 2027, as we start to see diffs around Waha, narrow significantly.

Yeah, this is Tug. With respect to that space, we do have an open position on our natural gas capacity. As far as managing that space long term, if there's an opportunity to bundle the GMP deal, provide an integrated solution for one of our customers, we'll evaluate that and contract that out long term. And then the short term, we'll monetize that with any short-term opportunity or volatility. And I'll pass it to Natalie.

I don't have too much to add, other than, remember, our Midland contracts are basically top with few floors. So, as that gas price strengthens, it's, which has been kind of supported, I guess, you'll see the 4 BCF or 4.5 BCF that's coming online in this year, and a stronger Waha basis will get the benefit of that, too. As Tug mentioned, anytime we try to pair the capacity that we can sell, it's always paired with GMP.

Okay, thanks for the color. One more, if I can sneak it in, just a clarifying question on this Haynesville Acadian expansion. Curious if you could just provide some more detail behind the project, like anything about the size. Also curious, like, you know, what type of customer is really driving that expansion? Are these coming from public or private producers? Thanks.

Hey, this is Natalie Gayden. That's an expansion of the gathering system. So, increasing treating and, and our reach, I guess you could say it's a mix of privates and publics.

Thank you. One moment for our next question. Our next question comes from the line of Julian Dumoulin-Smith from Jefferies.

Hey, good morning, team. Thank you, guys, very much. I appreciate it. Nice to be on here. Maybe to follow up a little bit on the 2027 conversation, just to talk to the texture of the 2027 CapEx guidance. You had a few projects announcements this morning. Can you speak to how much of that initial FY 2027 CapEx is spoken for? Would new incremental project announcements represent incremental CapEx on that FY 2027 range of $2-$2.5, by chance? And I've got a follow-up.

Yeah, this is Randy. You know, the range that we threw out, up to $2.9 billion, those include some projects that we've got eye on, that we've not FID-ed and not announced. So, I think we've got some leeway to fill up that $2.9 billion. But again, as you've heard on the call, with some of the growth that we were seeing, we're expecting to be at the top end of that range for 2026. And for 2027, I think we're still in that range of $2 billion-$2.5 billion.

Right. Exactly. Excellent. And just clarifying 27 really quickly, in terms of the EBITDA guidance itself, you're saying you expect double-digit growth here, 26 versus 27, just to clarify here.

Yeah. Thank you for that. Yeah, the clarification is our current expectation is that we would see EBITDA growth in the neighborhood of 10%, 2027 over 2026, and again, from 2025 to 2026, really just modest growth. And probably one other thing I would clarify from an earlier question with Spiro, I think what Jim said, a lot of that, there's a lot of ratability in our fourth quarter earnings, just from a business standpoint. But I will remind you, fourth quarter and first quarter are seasonally stronger businesses, so don't straight line this.

Enterprise Products Partners (EPD) Q4 2025 Earnings Call Transcript

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