EPD - Earnings call 4 2023 | Enterprise Products Partners L.P.

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Operator

Good day, and thank you for standing by. Welcome to the Q4 2023 Enterprise Products Partners LP Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. today's being that advised be conference recorded. is Please hand over Vice to would of now speaker conference to like Burkhalter, I your the today, Relations. Investor President Randy

Randy Burkhalter

Enterprise everyone, Thank Good earnings. discuss and Products 'XX Partners welcome fourth you, quarter conference morning, to Josh. to call the

Jim our for today speakers senior are in attendance Partner, management call. Co-Chief Randy Fowler. of Enterprise's Executive team Our and Officers Other the be General will Teague members of also

of of meaning XXE make XXXX assumptions forward-looking as currently statements Securities team. Enterprise's information this Exchange of well available and During we and management the the call, will based within on the as Section Act of to by the made beliefs company

made reasonable, prove give expectations materially the with it SEC to that such in Jim. the Although for filings that be our over it actual cause to statements a assurance this of to can in believes management list the are expectations differ no those will that from I'll Please with may reflected turn latest during refer call. correct. to results statements such factors forward-looking forward-looking that, And

A. Teague

Thank you. flow and XXXX, set cash retained of We billion coverage records We and X.Xx X $X.X $X.X billion. records XX distributable we financial providing operating in 'XX. generated in

barrels NGL a XXXX. volumes. million to transportation per XX.X million operating gas gas record processing natural of XXXX fee-based transportation, day a Our crude marine included ethane day and Enterprise in compared NGL barrels in natural day, XX volumes, fractionation terminal a oil pipeline volumes records results exports, barrels in volumes, XX.X transported total NGL And pipeline equivalent and

a not fourth In barrels XX%. enterprise in XX.X that export at all growth once transported again compared we capital would the hydrocarbons XX day Relative our and XXXX. exports, the terminals, several 'XX, increased price a in to marine said Significant that XXth our billion in we Basin and and petrochemicals, remarkable hydrocarbons. Permian County. NGL day you the fractionator service the clear include Propane enterprise Chambers the And discussed. barrels ethane that have, down records basket Permian other prices was record proved at we a Relative commodity weak a We everything gas XX we XX%. with don't environment to natural the where to one-trick natural returns. liquids. Nonetheless, were gas was price need hydrocarbons once XX% facilities ethane, Crude and The was substantial down and strong make our integrated just financial from were XX.X summarized XXXX. quarter, across 'XX. natural of It's we assets look plants includes a projects LPGs, million in During each new of it's million achieved exports basic XXXX propylene. ethane quite high a was construction XX%, of relatively quarter $X.X that X volumes records for process almost again exported barrels fundamentals pipes services X.X down and operating almost the down and that have fourth nearly in to commodity the million day to our completed XX%. down proven we -- during liquid was and records put in quarter prices NGL from including processing really processing into long midstream demand year, refined pony. to XXXX, supported is crude and that supply from oil natural by for products When serve, of markets, basins a gas sequentially we especially

after assets operations these began. essentially of All were full

start-up of the issues. was of 'XX. year of addressing We facility third the of in X production much completed While our spent quarter the PDH remainder

X utilization did result, in of we year. in billion investment year. representing of issues much Major meet We resolved, projects expected with pipeline a 'XX. higher began approximately in billion construction organic completed major $X.X expectations this and this Western include this capital system As have anticipate X be not in been most additional plant $X.X to under these 'XX rates earnings believe Texas Permian. our and the processing projects We plants our 'XX with products projects

have underway. amount growth of We capital considerable

new project employees strategic flow. minute to find the ways after these ourselves, the especially in to challenges in industry wanted cash economy goals growth COVID and to and I projects all take about in considerable both incentive add to an we achieved as to provide global for talk 'XX Project we We our to a for started the and of as important All system this improve sources can face visibility We reengaging was innovative bottom set of This a XXXX 'XX. the of XXXX. line. in X.X. were

accomplishment. employees said, Project for have will that very are our program That of a we type proud We not XXXX. X for

at cornerstone going, heard our The me much always what where for to want you You've Permian of say, growth capital. Basin doing. look we're has know if we're been the

relative pandemic our may chaos that leading world at II, Without As natural but demand to service leading storage death supplies political and ever-increasing our have liquids gas a appetite self-inflicted. challenges hydrocarbons. the It the now as export geopolitically of Permian It's of world, continues is of challenging U.S. employee included most has of the Enterprise the century included we the it fuel to oilfield continuing. It public innovation to for crisis, the we remarkable We unlock highest included to quarter the renaissance the to itself wars, geopolitical press of dedicated continue grow environment. a times financial It OPEC hydrocarbon the of a continues of and government having appetite energy have base great the world's and of since supply once-in-a-century we in and cost XXth that the to U.S.A. of biggest we growing franchise that, price XXXX anniversary all regardless value the near company. the still as these a upheaval. clear plays, of the all downfall great the potential this be and grip that U.S. the look most U.S. cost. industry World for industry. in is regulatory XXXX one shale merchants, of the reemergence franchise. X feedstock and a in spite industries nation's which On pre-shale be beyond, been energy for have E&P creates top been release to it's from abundantly liquid opportunities the stable has see the and a energy, lowest the doubt, the noted the an marked hydrocarbon and and challenges. the petrochemical War

we increasing returning time, reliable, the our capital investing stuck partners value the partnership this to returns, reasonable our During to for capital providing to customers, and at the of term. objectives of consistently value-added services long

the years $XX time, distributions We growth The $XX annual has compound value billion. this almost increased of and buybacks. has our returned from at almost billion units and of rate, $X.X investors XX our to XXX%. through grown During partnership consecutive value distribution we've the approximately billion increased partnership an capital enterprise X% of to

employees, our service our and thank We we success. our customers, and this banks employees, for to the we our our providers, have thank investors high-quality contributions

new We forward But for are world's frankly, demand next the the exciting and and turn on the opportunities heights. clock what Randy. energy, XX looking life years for the see could I'd reaches energy population, years back for I to it and of be as I challenges out. that, the turn based With over XX anything to in if I'll future give quality

W. Fowler

for in XXXX as you, cash for the buyback $X.XX $X.XXX cap. million. February for quarter, our billion morning, unit XXXX, holders million were of without the XXXX. common the Adjusted open largest quarter at $XXX statement. last X.X% everyone. outstanding or unit fourth on our be $XXX it XXXX a million common program was unit $X.X $X.XX quarter the over income I common the the with of purchased looking fourth diluted outstanding Jim. operations, significant billion increase over of close unit In energy market fourth reduce 'XX of fourth X.X Since declared to XXXX for and common to the distribution a of $XX total is a This working is under mentioned the million. is attributable fourth unit midstream for which of for Thank the common fourth quarter sales. peers of midstream right. bringing cash 'XX. declared We to the Total activities the the Good $X.X to All units, asset January or billion billion of per $X.X by company common basis. units of units on only market absolute business for XX. will fourth compares off of holders $X.X 'XX. to or for record XX distribution purchases Starting flow was per X.X net The the to call, purchases on X fully partnership paid common The income Enterprise million the capital compared quarter before quarter which flow quarter operating per changes from distribution from of of

employee and purchase million to $XXX plan during addition unit In plan on XXXX. purchased common reinvestment million a open units X.X our buybacks, the market for combined distribution

million in These having of small cash of with of the a paid were sustaining Total for capital our $XXX for million in operations approximately of out leased and the of ratio projects, XXXX, billion, historically For XX% from $XXX we $X.XX facility Enterprise payout sustaining projects, storage $X.X natural billion, growth buybacks investments free million billion payout includes have for million expenditures. $XXX fourth capital partners. of ratio in flow of capital Capital the and the XXXX $X year for limited $X.X distributions, gas cash included of organic adjusted investments which and acquisitions which resulting $XXX a capital to growth of capital of combined the acquisition were adjusted in expenditures. quarter XX%. year, flow asset that a XXXX $XX distributions billion million

$X.X billion. billion we we quarter approximately had expenditures a growth $XXX third billion $X of into of XXXX $X.XX in expenditures to of XXXX. XXXX. billion the our of shift capital call, Therefore, to the capital XXXX to we $X $X.XX CapEx expenditures, in now Due expect total and million During growth billion from timing XXXX range organic estimated to

sustaining and occur typically turnarounds our every which includes type turnarounds at these expect be will years our planned XXXX X, to These high-purity X CapEx PDH plants. $XXX for scheduled for facility. dollars We approximately IBDH million, isobutylene X

of as XX, billion Our $XX XXXX. December outstanding total debt principal was approximately

of debt the date of portfolio Assuming approximately average XX was years. our life the final maturity weighted our hybrids,

Our XX, weighted average debt cost December of of fixed approximately debt XX% At rate. X.X%. is was our

$X.X ratio at Adjusted includes basis Our cash our on hand. a and on which mentioned the consolidated $X.X was with the for and reduced unrestricted fourth Jim year partial as treatment quarter, by the XXXX. approximately debt debt end credit of hybrid liquidity the billion adjusting cash. a ended was consolidated availability our facilities earlier, billion We of for after leverage of of unrestricted net X.Xx equity partnership's EBITDA,

billion X.XXx. remains billion target notes billion of plus coupon $X senior at In of The proceeds quarter X.X% our of at our guess, a an a million offering in of to of $XXX funding turn, go the upcoming X.XXx February, continued notes I $X X-year capital support leverage Xx $X comprised month, coupon. January, XX-year issued maturity or this we notes program. investors. of appreciate X.X% and so Our and We debt this toward from debt will a expenditure minus

our investor will Wednesday, from weeks. call be capital events. coming Day. objectives, future in allocation lieu as near-term fundamentals to include on Analyst will ]. on our of will analyst the current Q&A This and provided host well Moving [ our call will overviews remarks. an outlook, More in follow information update Tony as of a April X. prepared Enterprise in-person will be on This

Randy Randy to our a questions, magazine, would Relations best has joined years Jim his our of Randy all acquisition After of been the as has when pipelines. the consistently recognize sector. surveys, has midstream to he XX Enterprise Relations Mid-American moment for side team this the Investor Annual we a side the Investor Seminole announced the the this effort. President of in our recognized have leading career in call the shortly team open after and been by XX-year our Burkhalter, effort one Investor and Institutional us Relations. retirement past Before take integral Through buy for American sell Vice Investor community industry, like to April and year. the to up I led of Randy

all Randy our responsibility commercial worked We across team. his congratulating in prowess. our IR in effort. stars of industry us customer on She our who and Randy career for join the you in all-stars integrity, succeed of Libby a are have of team one XXXX our is Szarek, Libby of leading and another comprise grateful increasing to company XXXX. young his service several Strait. done. joining our business in units Libby his Most IR his well before will met social attention and the service, Randy one XX-year renowned roles and Michael of joined IR Please will job

A. Teague

we already culture, to it's the scotches to building bar a I relates once have scheduled fair a a into say have downtown least Randy by to it quarter. as couple Randy, And at of think visit quarterly render

W. Fowler

think With open now we're call up questions. that, the I to ready for

Operator

Thank you. Instructions]. [Operator

Our with Wells Michael from question first Fargo. comes Blum

Michael Blum

Thanks. a maybe Good views a for for your then Clearly, morning, oil And it topic. Randy be premium there latest 'XX, another related everyone, start there's Jim. and Permian in takeaway. seems and like and I growth both on with wanted congrats, gas. for need gas will to

back. talked little It's a You while about quiet project had lately. brownfield a been

to gas latest in takeaway on of So get outlook. wanted I a growth your your light solution Permian thoughts

Tony Chovanec

number what of, all we at with like XXXX, call was is barrels. growth producers Obviously, we looked barrels X.X haven't We analyst pushback to In but oil you the time efficiency it, gave what just States of oil, had. community in numbers. I'll number PDP 'XX, pace performance including there and see a frame. to on lot then this from people And productivity and that don't lot the as sides, said coupled the we about of March Permian the combined forecast last happens of during in million X.X the meet I metrics that beat this go in and in know the how million of 'XX, published was in Tony. United that at I'll when meeting, about 'XX Basin. changes billion say likely the Michael, improvement the right the some we now. growing a about that And we producer given million, is producer the $X.X key from that basins, forget wedge basic talked our with of continuous that of which to now producers Certainly, community. track $X.X those that XXXX,

to you pipelines, period, notes incremental number that in So with have it's that we've is look the to but barrels and for gas meet about very every now talk Relative we'll as or to X at talked X-year likely more we Permian the simple early much think metrics before about million know dominated. beat oil. be April, we I clip going not least really it hard at what

available X.X somewhere of XXX,XXX NGLs anywhere gas, and have of XXX,XXX the in from barrels You Bcf. rich X.XX to that call for to neighborhood

be yes, math, and the need you the in the you to now appreciable. coming more at pipes we answer of today and greenfield look to So it incremental that form capacity is X years brownfield or what on whether next existing XXXX? there between do over is have fashion, Will the pipe. another Yes, be is some on

Michael Blum

in and question. in Curious impact if And the maybe my have know pause 'XX per you your don't at just Tony, business asset LNG LNG ask permitting. gas, on well, wanted beyond? this to all, how I would just se. second an I about

A. Teague

is reserves were with XX be guess technology. at through Jim. allowed regulatory years is during or go construction this to will wonder, the have Michael, work as current something more? pause? of but fundamentals that temporary it production all under Our And truly not projects well to I Or a group pause stop? current is continue it are I process, And this those that through going process

to In our average at We with a Bcf less Bcf LNG exported XX% market than we winter went a of allies. had into a day share Europe. XX% Bcf to we look averaged You In X.X XXXX, on difference a LNG to day huge peak over day. of XXXX, our has market it, X X.XX from a Europe share.

Rusty this Now and RBN morning excellent his blog Braziel an has this on issue. write-up

a Or wonder, pause? political this it So is to really, and sit pause? is you temporary have back a

Operator

question Mitra next from Our comes with of America. Neel Bank

Indraneel Mitra

Congratulations for Randy.

right the Could dynamics how weaker and slower First the NGL a U.S. with and and normal, NGL PDH on lower XXXX? just maybe export the the coming through than you hitting question was now prices trending quarterly up on also comment but record. exports that plants are in demand

Tug Hanley

Tug Yes. Hanley. This is

assets strong the a on also the is improved, freight but operational margins margins healthy FOB international across PDH had to weaker we've let values. PDH volumes we've been our So support which With to there's to still performance EHT values decrease the stronger an a on going of to have continuing seen, respect overcapacity. dock. lot in level, There's

So decreased is still the lead NGL necessarily demand ultimately margins there. weak don't because to demand

Indraneel Mitra

additional related leasing now? your your up additional onto system right takes then to give puts And if question going and second system volumes recontracting some just I maybe aren't maybe where I you believe up Navitas right pick contracted to could you it. later as you Bahia opportunities and decade could volumes see where was come to the wondering in isn't some picked the and can Got for through see up, now, my is that in volumes

Justin Kleiderer

Yes. Kleiderer. Justin it's Neel,

first our buckets G&P like growing X foremost, footprint. think is of we So Bahia about, and that

about XX,XXX of we've barrels a Bahia. of NGLs XX,XXX yield metric into to gas a you on, put every new about day So we plant think

footprint, we're Delaware So growing in and the Midland. our both the

So set We've flows. have go And online. that incremental to NGL once to decade that to third-party system. then roll-off capture XX baseload robust and Bahia. is market agreements. think expectation top comes us that's in a That and the we a without always the contract as of lot about then the having about the our diversity got contracts we've on got back worry that volumes on those of an of of that, be on our as end won't And good really Y-grade we third-party third, a seminal gives runway of service us connections ebbs get

and add that we the You we all day. at gate $XXX out those landed up, capacity a the that's how of on created

A. Teague

Natalie And we're there? do you building think processing through out plants

Natalie Gayden

I we're don't through. think

Operator

Barclays. Our with next Chen question from comes Theresa

Theresa Chen

I'd we and on look After to to When also of And your progress and set echo like as his Libby we to stellar continued we it's look at opportunities. you career, beyond project retirement. XXXX, is Michael. robust think organic that social congratulations Or what just Randy wish a congratulations knowing a a how have or trying number to rate? about should $X that and do that? you good sizable, think we projects of run billion be, still that some development a $X-plus should run doesn't about backlog, rate billion under

W. Fowler

XXXX And also million $X.X Theresa, facility there's X got in that of projects worth projects billion that Bahia I billion. We're the it The I'll creeps little we're then River. pipeline on from export would range billion. into that is thing Neches with $X is just that $X.XX and billion, year, building note the XXXX. construction Again, lumpy roll-off off. over billion we've one and $X.X being to this will of a $X.X bit $X.XX start under

compression absent I back continue think expectation I and where see natural gathering that look And more that that supports keep our in that. with processing $X It's build-out that range. gas coming in forward, gas the keep really going we're forward so spot if the I with I billion come out. and and will coming to

That we've another in put because had Just lumpy project. was projects. X service into We again, just PDH XXXX. some lumpy

those a probably spot. a of foresee That's projects exception construction lot the lumpy don't cycle. coming just So X-year with of

Theresa Chen

that much West third-party Texas in of term, the fact remind that ARP, that of PAT and huge of product projects refined IR. of you announced system, capabilities, competitors significant commitments capacity one PAT for midstream is versus to your to hope a online is especially and project, And in market your system that by open marketing and coming can who near product underwritten close also have since Understood. you terms capture bought that you us also the are looking how light

Justin Kleiderer

on it's as We've a impending seemingly we're deck. project, of had to really rest again, of marketing into and model. really and and that out Theresa, we But well. timing be piece first developed the third-party as lined up contracts it's a the But Kleiderer terminals, the Justin the rack Doug really chime in of got start-up significant of interest. in daily. has develop should agreed we phase the signing we've XX across it got the more may

just long-haul that itching to are we an propane model for the TW. our legacy to people So going similar it and rack-based on. to do model on that's But that, come see uncontracted we're pipelines Dixie think being

Operator

comes question Securities. with Tonet Jeremy next Morgan Our JP from

Jeremy Tonet

And Good you Rich congratulations with luck Randy, wish want forward. going I to everything here.

that here. Have could want Wondering curious LPG comment guess, that improvements on You seen And and thank time Ship over developed. how you will the if impacted given be capabilities. any Channel I enhancements your just to changes? recent you seen export how Just with the start we've there off, I missed Houston that's you. has

Bob Sanders

last year, Houston on pilots the Bob Sanders. daylight quarter the Yes. the ships. fourth Late removed This restriction in is LPG

right to empty, a are XX or in that we of can bringing the we're now. we the maximize to the So utilization vessels we've incrementally hours number up refrigeration got of picking and try sell units day, loaded

direct are seeing we So benefit. a

Jeremy Tonet

it. Got

domestic that's that in international Just here, LPG on I maxed thoughts be there's might marketplace pricing also, marker. could a the curious, and minor Tony, relative with maybe expansion? price exports I'm guess bigger out concern a or pricing dislocate if LPG And that to the curious

out. you how wondering just see that playing So

Bob Sanders

a gain piece little about bit. point. to X% a this We're first at I'll seeing X% the answer

Tony Chovanec

I pricing, recently. bid seen NGLs here catch you've a on think

mentioned Bob helped what of some think has with pricing. I

benefit and As increasingly you valuable. We're oil. freights flat become more to have it don't These come growth, NGLs seeing expansions crude there's at on off, Tony on Storage system. price. we the the mentioned to as our growing faster until frame. been come pace a is at across propane butane X look certainly a X, if going earlier, than But time

So we capacity. at ultimately, that. of to be flat reflective docs NGLs expect the And remain the then of price will

Bob Sanders

seeing on in always Yes. that that I double spot we're the our add already manifest actually itself digits dock upwards values, they're now. right

Operator

comes Our UBS. Reynolds with Brian next question from

Brian Reynolds

on thanks market talked of where dynamics of into macro. Randy, Michael. maximizing community NGL you chain. last the the seems team in competitive call, return And entrants to about be now the XX over kind for threading NGL with years, integrated Jim, with on to good and the spent preventing and and for again you needle leaving right value some EPD the new off the hands while me all the the start time Maybe last Libby thanks

some the question opening appreciate I Permian around Michael's to growth. remarks While of from Tony

Just years. decade how they've attractive. really export curious rates the frac what really going we growth look been transportation is can relative curious attractive think should be volume is over how maybe talk past about should the to about next if and in But we to few

Brent Secrest

on based varies it mean I Brent. is service. this the Brian,

Fractionations number. see that group, the on certainly new the economic I think type probably too. that a long-haul everything in processing pipeline you side, build is on

compete look who that that think is when to incredibly I project new be That's space going I it in the ethane both across wants NGL entrant a are LPGs, space have docs, that economics. in a with right look you where entrants to you going you are difficult make values for brownfield to at that if in think incredibly, And is to space. look anybody accretive. when now, and FOB at

A. Teague

Brent, So directly. put to

deal we our terminalling do X-year you double-digit on values. can What says in? spot Doug While deals, a have

Brent Secrest

anybody going that the to don't seeing have totally on we don't we're today today. try is and but on considerably want what I this, to that contracting. fees less go based we I think we're a on out LPGs capacity because to the than are see justify be specific project values there

ethane I market think then that's in others the have a I market. one of would that have capacity market. would we time thinking hard on contracting. piece, be And the in hadn't very been first that that a competitive if enterprise are ones

A. Teague

what to based you fees going we are be. a the So build couldn't think terminaling greenfield on terminal

Brent Secrest

not. Absolutely

Brian Reynolds

Appreciate all that.

an license my and maybe the As follow-up, just process. spot on update permit

You alluded having to on U.S. upcoming comments around some some maybe LNG elections. and the impacts

we from last line licensing Just expectations to curious process and risks to permitting if spot relative should the maybe see the time around any year.

A. Teague

license. I you else about didn't I'll Right Brian, we now, and I anything don't got that decision, didn't by anything say elections right should a But the we let the tell getting way. of record we've now, see Bob got. what that preclude us

Bob Sanders

receive contact to Myriad, We're where have constant the with Myriad. license. all completed requirements in we So we with the are

have changes. the of a and our seen As accepted they on, comment asked fact, license, which matter of they've a we've commented which to on, draft us we

waiting everything on So knowledge is license. basically got just the We're that done. we've

Operator

Neal comes Securities. next Dingmann Our Truth with question from

Neal Dingmann

what's hearing marketing. you. for only on guys look can next My Randy, first question imagine. to congrats on is forward I and

Specifically, I'm commodity Snap, in or price guess, I Cold HSC just the volatility spreads. wondering, this perhaps some of experienced all do it last, capture I'd Waha the you the with call January

Brent Secrest

were marketing was takes But some were that arbitrage in that a there There perspective, some. had fixed. getting whole able There We capture we Midland puts event. operational our issues on and some are This capture from side. is some on Brent. to weather the were

A. Teague

We is pulled our levers what all you're saying.

Brent Secrest

That's right.

Neal Dingmann

the Great. And then on my PDH question, second plant. just

I'm about reactor row, you second Fowler, the mentioned, the you talk operational I think, if Randy something for like just ops there. a And all and challenges maybe sounds with bit here? future it they'd maybe wanted wondering, quarter mentioned just Just I licenses more of last the thought wondered quarter, maybe be changed your just of one-off. think, view And you issue.

Graham Bacon

This have plant. the issues Yes, fourth PDH in did with we quarter is operating the some Graham.

unit got the be we can start-up related And we'll to robustness design at a just those get ability some got up the operating issues. point, we've of have we are fixes looking of but more of here issue on some the good good this think XXX% the We're now. right is that expect all point, one line in operations to unit, I and not will that construction-related So passed. place at maintain quite unit really look There's at we've parameters sight that soon. some issues, are and terms operating. capacity, At other of to taking

there. I think we'll unit good be a looking at

Operator

with Tristan Our Scotiabank. from Richardson next comes question

Tristan Richardson

CapEx, in see way you you Congrats when to time ratio cash a stability in a return particularly as We of long seen in years. up mentioned, time. ratio changing the us have there standpoint? we've you're curious Fowler, flow such you time. target adjusted ratio, Randy. that a the earnings the do increase for a the spent the you just with you're sit that and an guys seeing term, position capital the leverage to Or base is the over adjusted side you meaningfully And payout advantaged stability with appreciate about seeing payout And framed all that for over over time? long long-term from over think Mr.

W. Fowler

our I we've we to how up. a approach And opportunities come that of doing in you had come returning live think Several in formulaic have dynamic energy the bit because peers of hesitant because on in been frame very world. capital. just thinking a there. I'm in that a to quite with And sector

with come so and forever I've a in they And buyback. resending formula they're tweaking coming really seen really and back or those distribution and our history I returning some locking really Jim More them. look so capital life. continue so in for first not, into We're often and come XX much than shelf companies in went to at of them through short just And a of when -- our to have formulas, much do years. come that. going

you've distribution is on in to price the really any to XXXX. as doing we flexibility And and in years, as obviously, steadily we'll into X buybacks saw quarter, even do back quarter I in the still mid-single-digit come we're in been then at third distribution in November far the quarter distribution this.And fourth there. or saw level buybacks. over we when XXXX, era much buybacks into we're where available than think level, buybacks. got buyback executed better not year-end then come the opted buybacks distribution, third And to growth, think strong, considering and come X CapEx, just a in the you As that good we've to we and spending which There'll seen we of I if the more executed weakness be we the unit what pretty an in But quarter. growth, last do the the opportunistic have selling third was a and still not was tax better at that be

So of opportunistic think than... other of then That have don't that know successfully another continue Canadian going What's the years. I what over the last But have way has we XX I come capital kind that maybe returned just back again, be the we'll to we we forward. see I need opportunities the I midstream think And in to future. in and company?

I So but was helps. that long-winded, hope that

Tristan Richardson

a ask Randy. just way. I it, it different maybe the on And to question appreciate then

pipes I where today, think 'XX? as as Engio iA balanced comments, Or capacity Justin's ] in Tony's the [ pretty be [ there the through expand market of go into the plus pace competing opportunity ] for we Pipeline is progress we 'XX? given this are seeing volumes earlier construction forecast should to the and you in of enough an

Justin Kleiderer

Justin. is you reasons million, do upwards could about but phase trying of we're capital into how for picked Yes, it before, it's if of this a we efficient fully but to XX-inch the be Tristan, $X think pipeline, horsepowered We XXX it.

So our are can forecasts upsizing. add need if we pumps we today, it on more we to right have than and what

Operator

Wolfe comes next question Research. Stanley from Keith Our with

Keith Stanley

one as a I've Randy, well, of gotten most and IR helpful you've friendly work with. definitely Congrats been chance people the to that

on just the the start for to wanted outlook year. I you. thank So

had not for in a understanding high So though, for employee you you're XXXX. exiting level, XXXX results. momentum goal lot At your of giving EBITDA the a

capital You and PDH plants. fair have a entering of a service couple with amount X of

to XXXX stronger should any versus a be an Is Or point constructive fair still there be to would things are that growth XXXX say You're you or relatively year? volumes. headwinds could it on offset?

A. Teague

Jim. is This

to brought than for XXXX. our seeing, not processing I better just think not assets is is example, margins It's some up got year be we've the on. fee-based what a XXXX information, Brent's looking shaping We're and on better. is

address You to that. want might

Brent Secrest

contracts, around Midland fourth we the have especially at If our Yes. Basin. look floors we quarter, just the processing in

those those were XX% floors fourth at hit the of I quarter, hit at -- think about were they in all the floor. around contracts So

fact, December XXX%. was In

gas, on January see So seeing more January happens, there we'll XX% constructive in number in in hit the month benefits benefits as on probably that but things NGLs, some certainly, around floor. and that were to if is current some the get we're

think I there's that standpoint, processing across portfolio the see. from a benefits So definitely we'll

A. Teague

quarter, hydrocarbons. transport more It more seems each we and like

Unknown Executive

Yes, QX strong.. are definitely volumes

W. Fowler

Keith, this is Randy.

total just that when has as is look out thing on a company, And you you you we other ranged -- the and when CapEx, if think our pretty capital and putting look we're have. of at -- expenditures we've come that then got the look average capital service been record you that specifically, again, XX% into the you good return to projects in time, from at I track the over it's the level XX%.

to that think probably translates what a X-, period growth. I is EBITDA X-year over mid-single-digit

some I capital it out that able going and Now may about making. number, the amount to of what of past if we've at think what to you come kind but at variability use and number. look in But be that around investment do a to works back the been just that's you you're in on that and we're be. not have in able look then And to ruler

you. think I would where it that's take

A. Teague

are other appetite, the is example, export relentless been ethane for at our and look our people at and deals. for dock. I've The new thing visiting customers shocked getting

processing going And would our up expect we're to And in we're the new export I the to fill going so plants ethane Permian. probably docks. in that build docks and LPG our

more thing other to crude we're seeing seeing flows more our so crude we're The docks. across Houston, is

Keith Stanley

very capacity us helpful. daylight if the close a restriction removal Are exports you start-up were very how in up all export can the company helping in to noted you. last volumes increasing the sense And I able of is you keep and QX its based strong on follow this on of to that point, give you number? that That's the export year the NGL expansion QX Jim, XXXX? is of before Can some

A. Teague

you XX% LPG, look crude maybe Do yes, you part be and at on of I whole but if tight. to LPG NGLs going think That XX terms resolved something... are as going doc you if oil, a think maybe LPG. and tight things at have gets mid-next look be I is year, to in of probably space pretty

Operator

comes Our next Bernstein. with Salisbury from Jean Ann question

Jean Ann Salisbury

Permian way, you pace forecast to staying the is tight utilization next processing timing your growth it another now over Do the Said processing as coming couple view? of in that as Permian will a it dictate of say is stretch years? on of the

Brent Secrest

past it short we but the in And Tony window tight. build-out there it been even to years lean being quickly. But on capacity, on, now, capacity not, it's basin. there prolific. look on up We'll is has more very Tony that told held take and gas come contracts capacity. fills compression expect that. that's that when back excess come I waiting our be there's us right at and stay certainly forecast. his at When what it's you We'll has for processing a in little then true, look Jean, on this waiting may is Brent. think the It's if I

Natalie Gayden

processing. That's exactly not that. It's just

gathering the field compression in it's behind. of Some that's and

we get bottleneck fixed, once get that very we'll So see processing quickly. see full

Jean Ann Salisbury

pipelines Haynesville legal upcoming or expansion potential due there further any one delayed out There's on being more. Acadian And very then to helpful. that Is possibly That's issues. maxed some discussion is here? gas of

Natalie Gayden

after a last the project may be expansion. out -- mean, I say our late. maxed that I'd of only we We're benefactor

is Haynesville to that, is However, flat which staying Tony? flat,

Tony Chovanec

coming big Jean, so in it nothing I to the The happened it. honestly, and to I'm that's well is right And about somewhat Haynesville number. Yes. Jim years. LNG Louisiana that and going discussion the think a much that. X.X X We've the that And so area. that's what's And there's next Bcf impacts there's on has And the recently got X morning. the term. It call permitting befuddled whole over happen. this addressed by thing

primary I'm something. last The Haynesville in about not it. unless and of of just missing to for question don't long-term gas amount I we a has think a chance but massive of basins sorry, Louisiana see Haynesville, that So or to we is like go the least, And talk handbasket. storage No hell I'm the a one it, reserves.

as us natural it cornerstone a see and an for basis still gas. cornerstone we basin So relative to ideal

Jean Ann Salisbury

Thank you, Randy, all for over years. of help your the

That's missed. be for You'll me. all

Operator

question next comes Spiro from Our with Dounis Citi.

Spiro Dounis

that the to call guessing. back keep the up has X% tracking me. distribution One, or just Two increase years The follow very on every quick X from Tristan's follow-ups like of been quarters, an you X or us around want cadence to to Randy, about and so last question. annual go I growth know growth.

growth should is we going So opportunistic here? the something how forward? from as that forward, expect we really Or distribution think is going

W. Fowler

I get front Again, like back on and Yes, record. get. track our Board. run think Spiro, CapEx return and deploying to go We capital our we're again, the the I'd out just we're expecting to don't that with to

we've in been in pretty XX%. think a I years on coming increasing about distribution feel and and good I XX row,

around So we've doing it been mid-single digits.

Spiro Dounis

M&A. around just one Second

your assets You curious, of all purchased sort the small you, pretty is don't so this the in storage into just I much. look to some storage? into natural asset natural more to a bolt the gas opportunities rest quarter, Or at too this like gas push it there read for as want But on? base, of of it you is bigger are opportunistic more beginning

A. Teague

right put us. years, for to in the And I years to Wilson it they put and was That's a it storage and to price. leased and that the reasonable us. we've at had contract, it

upset. that And going acquired So Energy Partners. we weren't when We inherited to that legacy GulfTerra back GulfTerra. we was

Spiro Dounis

I question will save April my for the call. XX Project

John Burkhalter

this Josh, Randy. is

in. Let me put

We for time question. have one more

Operator

from Sachs. Our John Mackay with Goldman next question comes

John Mackay

are or premiums stay FOB the spreads, time you rates some to really if right the expect side. kind you Is in Or these one to until competitors' I see to outer talked high clear Panama once on come I of projects and going Canal online now, it your really high are export coming just that there we wanted yours up? further. about down starts understand but XXXX? just touch benefit would more

Unknown Executive

the elevated value expect we file call that remain to mitigate until much. reposition rates job Yes, the impact in that comes to over Sea. those from done the a Panama VLGC that to VLGCs too issues. water mid-XX. now, The XXX issues and the the There's us help competitors, the itself. even respect on issues Red seen haven't really good We our fleet online has and with But expansion really

fact, down. freight I In as mentioned earlier, come seen we've

so going expect So to How online I from don't came 'XX? we VLGCs impacting around came many too really see and many VLGCs 'XX. FOB coming How much be in in do call online it in that now. another Yes. in I XX north the on there's or 'XX. of XXXX, values XX

John Mackay

that. Permian. color processing maybe appreciate earlier. in floors And on one just I appreciated more clarification the on the fee the I

if volumes flat. look are mean, Permian processing a to but effectively B, wanted year-over-year, frame we up up, thing we margins try to one half about Just I

curious if comment, well? the you commodity Or there is as impact? can all some underlying fee that is Just on deflation side

Unknown Executive

commodities. all It's

Operator

turn to to closing the Randy like any now would I you. Burkhalter back call for remarks. Thank over

John Burkhalter

Thank Josh. you,

the all years to offer for like I'd out, you, Randy comments the and Jim. close from And many have to worked the thank kind of we . Before who thanks for you with

Unknown Executive

getting a He's emotional. little

John Burkhalter

Thank you.

Natalie Gayden

guess that, for to call. your I the with everyone And we'll Thanks participation. end

Operator

Thank participation. you for your

now may disconnect. You

Enterprise Products Partners (EPD) 1 Feb 242023 Q4 Earnings call transcript