ENTERPRISE PRODUCTS PARTNERS L.P. Q4 FY2024 earnings call

• 2024 EBITDA was $9.9 billion, DCF $7.8 billion, 1.7 times coverage, $3.2 billion retained DCF. • Moved 12.9 million barrels of oil equivalent a day in 2024, 13.6 million in Q4. Loaded out 2.1 million barrels a day of liquid hydrocarbons for export in Q4 against 2.5 million barrel commitment. • Completed two processing plants in Permian in 2024, purchased Pinon, acquired JV interests in pipelines and fractionators. • In 2025, will add two gas processing plants in Permian, Bahia NGL pipeline, Frac 14, NGL export on Neches River, and expansions at Morgan’s Point. • SPOT status: License to construct but faced long permit process, cost data shows competitive but need volumes/fees/terms. • Export goal: Over 100 million barrels of hydrocarbons a month by 2027. • 2024 bought back ~7.6 million units for $219 million, total capital return $4.8 billion with 55% payout ratio. • 2025 growth capital expenditure range adjusted to $4B-$4.5B, 2026 remains $2B-$2.5B, sustaining capex ~$525M in 2025.

In the fourth quarter of 2024, net income attributable to common unitholders was $1.6 billion or $0.74 per common unit on a fully diluted basis, a 3% increase compared to the same quarter in 2023. Adjusted cash flow from operations increased 4% to $2.3 billion for the fourth quarter. The partnership declared a distribution of $0.535 per common unit for the fourth quarter, a 4% increase over the prior year. Total capital investments in the fourth quarter were $2 billion, with full-year 2024 capital investments at $5.5 billion. Total debt principal outstanding was approximately $32.2 billion as of December 31, 2024, with a weighted average cost of debt of 4.7% and 98% fixed rate.

• 2025 growth capital expenditure range adjusted to $4 billion to $4.5 billion to include new sour gas and natural gas gathering/compression projects in Delaware Basin. • Expected 2025 sustaining capital expenditures ~$525 million. • Near-term potential for mid-single-digit cash flow growth over near to intermediate term, with growth in second half of 2025.

• SPOT permit process was lengthy and complex, with law requiring record of decision in 356 days but facing clock stoppages. • Potential impact of new competition on LPG export economics. • Macroeconomic factors affecting commodity prices, such as oil and gas price volatility and weather impact on natural gas markets.

Q: Volumes stickiness in 2025?

A: Growth at wellhead in Permian, flowing through gas processing plants, pipelines, fractionators to dock, representing wellhead to water volume growth.

Q: Petchem margin and PDH plants?

A: PDH contracts are toll based (cost plus), margins haven't changed, potential for PDHs to contribute incremental $200 million in EBITDA in 2025 when running as should.

Q: Morgan Point Flex expansion?

A: Construction finished end of 2024, in service, mostly filled for ethane due to cracker outages.

Q: Haynesville basin growth?

A: Haynesville is growing basin with new acreage developments, but gas price drives growth, will update forecast in second quarter.