EPD - Earnings call transcript Q4 2024 | Enterprise Products Partners L.P.

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Operator

Thank you for standing by, and welcome to Enterprise Products Partners LP's Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Libby Strait, Senior Director of Investor Relations. Please go ahead.

Libby Strait

Good morning, and welcome to the Enterprise Products Partners conference call to discuss fourth quarter 2024 earnings.

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

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

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

A. Teague

Thank this the to I highlight a of go the bullet XXXX. some we we things want expect few some through year. And points achieved do in to things of you, Libby. just to

EBITDA that XXXX so far. records, Randy valley of so but XX Chris, billion yet and all, of in coverage. reminds close Financial X.Xx not, song had close. XX record, thought so retained of $X.X frankly it's had line the of I DCF, We billion a First was $X.X of a close, me billion. we it's DCF. $X.X but records. operational

barrels hydrocarbons equivalent term barrels loaded export, oil day equivalent of In we liquid against the day. -- of for a day. fourth fourth moved day. million oil moved commitments barrels we X.X of XXXX, we XX.X barrels our a on X.X During million million XX.X In of a out quarter, million quarter, per the

JV We acquired JV interest completed Midland 'XX, plants fractionators. X early crude in and oil the the and the purchased Permian. in processing seventh our eighth and X Echo 'XX and our pipeline we opinion, interest During

but needs on in first processing the add of our we'll a the poster be on pause decision XXXX, the guest of permit I to law, should a XXX XX, top take to the export the license, years with almost record Morgan's where typo, get the years took NGL give and to Frankly, including decision that. the for spot was Point, child and days, on to X be issued for and spot can license our a of years and breath. to you questions ethylene expansions phase X it list that of report By believe to reform. X pipeline Although, thought should of was need get and clock We NGL led are at Frac XXX a that we the status get over ethane plants Natus to construct. Permian the almost River spot. I spot. the get For it stoppages Bahia of I terminal record you have in of want X.X lot

X our comment XX,XXX over comment was questions. long. from XX answer pages. of to by over addressed application but NGOs period, time thought ridiculous, One had was predominantly submission ton we that initial Our was was XX,XXX over We completed process, the pages. I XX,XXX We a final the NGOs. comments pages

would of opt to The to a process were of that be million protected favorites around due [indiscernible] asking A mice us the predicting on that between El application, lady customer to out went X barrels pushed my of was XXXX. we from U.S. how right January exports dead drop lot X a spot that Asia contract, Federal day. allowed a through we're plan of was be our a the away. She beyond was it did. One Granted that VLCCs. When since the Instead, majority the bureaucracy from we X changed their they the we go we lot exporting million the day. which million exporting entered crude our forecasters has assumed application anchor concerned would back and barrels from started XXXX, date mold Hawks. in

Ukraine, to that We the commercializing All only company resulted research out later always of much laddered of our XX% and lower a that in day, XX% the cost to a single load with projects grow export VLCCs reverse cost to have with date, of done lot around the Russia a be Europe which with RSU cost. multi spot we to the more. construct. And on to amount To and and competitive are have can traction that we we of will million not did to SMAX. enough of reverse as oil barrels have shows promote license a continue than doubled invading SPOT an data best crude has That reverse in the U.S. X Aframax Europe to spot, are on VLCCs. all-in over than lower are though gotten single move our lighter

know going exports. not build-on drop project. build our dead Regardless, But if date. move what fees growing establish in laser and we can to of time, Enterprise we remains a However, will volumes, on. a on we This terms. these amount focused a spot, we need order reasonable achieve in to is within We're not

goal the As and over River We terminal contracted expansion Vietnam, hydrocarbon month get barrels channel. the supply a months, customer we over and the projects Asia. visited I XXXX. we XX XX with we main on in are U.S. in the ethane export Beaumont, a last our of world In around numerous have the million and is Natus currently offtake hydrocarbons. Channel Point we in plant to recently at on exported of This XX with agreements. on hydrocarbons over ethylene We that crude customers by another hydrocarbons cities million XXX said working we other sell from have ship at December, on everything earlier, barrels will oil Ship our in Morgan's to

visited in Some I've know been Xx. least I multiple we Mumbai at times.

Someone and market have. in goal experience And cargo of note, built history import X X.X to no and first first the that, almost today our I And in we term having over XX and the our terminal. that's that million month. total, Think in doubt went Randy. way to Azure purchased a always We hydrocarbons, export active the exceed enterprise oil. been the our from over the in XXX reported about a Europe, million barrels XXXX. reach to On our barrels international it. at personal through that LPG terminal with terminal even is it close and for while We've a XXXX, comes a years. enterprise first crude docs ethylene imported I turn ever We propane the commitments in of I'll to day was in

Randy Fowler

February increased fourth in of $X.X a for January paid Net for million million is fourth $X.XXX distribution the activities quarter Thank a billion The on quarter, everyone compares total changes common approximately the or billion from the declared million. increase which for approximately operating Starting We X.X segment declared you, the same to fully XXXX unitholders X quarter flow This quarter quarter. XX. In fourth operations, basis. XXXX. Adjusted $XX items. common record cash fourth or billion flow working compared XXXX. enterprise under to the buyback units units, cash before X% over as was the million on per for unit for fourth or open bringing diluted of $X.XX $XXX the call. per partnership purchased business common from $X.X capital X% of XXXX. the of the unitholders unit is in close approximately $X.X which be per market quarter good common will distribution for $X.X of billion common to for of fourth distribution a $X.XX billion. to This the common quarter on purchases with quarter attributable Jim, our income for and $X.X X% were of a a XXXX, of income program the unit to morning fourth increase XXXX purchases Total of to the X.X is to

our common unit Of XXXX. note, XXXX. combined includes market distribution employees units a in addition This for reinvestment and of of plan purchased unit million million plan buybacks, $XX on almost $XXX common or million open purchase our quarter In X.X the X.X employee units fourth to the million half employee in purchase the during plan. participate

sustained $XXX return of of in distributions For the XXXX, payout in $XX IPO enterprises capital repurchases $X.X XXXX, the -- billion and fourth approximately for out combined limited same of while of of energy acquisition the for investments the $X.X capital capital Penon quarter $XXX XXXX in of $X for XXXX growth North projects, of in million America. organic of billion, full million the and which Midstream investments building buybacks X we distributions unitholders billion billion form expenditures. Capital the expenditures. networks million our million of for $XXX year sustaining billion with unit $X.X XX%. capital includes common XXXX were infrastructure over projects, $XXX a to Pinion resulted which period, Since in have billion, capital $XXX approximately includes the paid capital for in total Enterprise $XXX growth the million largest partners and for Total were cash returned ratio to million $X.X

to and gathering support sour quarter's gas range from acquisition. in as to expenditures $X our billion to producer $X.X mentioned estimated earnings As projects we in capital compression projects treating Delaware our growth that customers new And noteworthy gas XXXX following additional we opportunities in have include for well Pinion received reason, as last natural and the are fine-tuning gathering Basin. the billion call,

$X XXXX billion. Our $X.X expenditures capital of billion expected growth unchanged remains at for to range

We turnaround expect million, enhancement $XXX our includes XXXX planned octane on approximately expenditures will which plan. a be sustaining capital

Moving to capitalization.

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

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

debt X.X% of Our cost weighted average and debt of was approximately our rate. was fixed XX%

at the was the availability approximately end our on year, and including credit of under Our billion facilities cash consolidated unrestricted hand. liquidity $X.X

on for and was unrestricted hand. for the equity after quarter, fourth ratio XXXX. a leverage cash We on $X.X a EBITDA adjusted debt partnership's debt as consolidated the by treatment mentioned, ended the our of for Our reduced adjusting billion Jim hybrid partial with of $X.X and net year the billion basis X.Xx

so up target or XX, that, with for to Our think Libby, minus we can X.XX%. And questions. Xx leverage I remains range of in the X.XX% plus open

Libby Strait

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

Operator

[Operator from Instructions] question of Citi. the line Our first of Dounis comes Spiro

Spiro Dounis

XXXX. question, to pretty was it know strong. closed just guys we First provide outlook the guidance, way the the seemed just get but you like maybe can you I results for it go don't year,

as we part a So about then good not this bigger that to outline question just of of year. XXXX? curious, rate And that's think maybe reason could, just some growth X here. run you baseline of sort if the drivers any

W. Fowler

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

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

Spiro Dounis

Great. That's helpful.

to spot. back Second go question, to just

dead But you it seem license. is I you're X XXXX or here only providing and to FID. also point again, at unlikely the being does once get this likely So FID possible drop a a parts less know that mentioned not X that date facility

talk license call renew timing, would what years? you Just like to X it about just if do can looks within FID, that curious, take you and what expiration it let's

A. Teague

Yes.

X renewed bit, think we've I Bob.

Unknown Executive

right [indiscernible] to We permit renewed XXXX. the air

A. Teague

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

Spiro Dounis

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

A. Teague

I'm not going to that. admit to

Operator

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

Theresa Chen

projects? petchem cost of utilization to of earnings that cadence help there? How think far for you the at is about goes us operations newer segment. and And XXXX. puts recovery takes follow-up for What going the in larger -- this are the the A as growth Can point? as the the and

A. Teague

is. I I we But perspective, Chris perspective, that's bad I know we've PDH From pretty he from petrochemical to But will. run our marketing thing is think the X doesn't a now, think here. looks and Chris? right don't got it there

Unknown Executive

Yes.

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

headwind the that's there. So

A. Teague

Teresa, last we to recently contract. Asian Southeast a or -- X this is the we a contract company petrochemical Jim. for Yes, is What X I the signed with weeks are see ethane signing within sizable just

another that the I think advantaged is exports feedstock we'll for me, at Asia other I to to Chris, fill ethylene back help We ethane naphtha. to me -- other in be surprise world be parts see in beginning world wouldn't is void. wouldn't to and the It in crackers one. Southeast surprised the shutdown that other parts cracker of thing and of

F. D'Anna

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

rationalization. that So help will

Theresa Chen

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

Brent Secrest

Theresa, this is Brent.

online, industry this year half as you project. start so we larger this we'll capacity what the the bit a in at to and capital there's -- -- terms in to Obviously, a comes the call, eroded. year, look pretty our FOB greenfield is that's little when challenging less the well, of next right X/X listen -- will a of expansion online see it's capacity are didn't I this expansion, this numbers, see come now, for of online, When have values become that's As DAC but come we'll you of than But run healthy. then some year. a capacity expansion as and -- for back

A. Teague

our more favorable anyone. LPG than We're franchise, not up our to to we'll export give going and phase customers

Theresa Chen

Understood, to nor would anything give I expect Jim? you up,

Operator

Ann of [indiscernible] Bank. Our of next question Jean the line comes from Salisbury

Jean Ann Salisbury

Permian, about Can as Or sour prize be get faster to size talk broader to the the expect [indiscernible] able able To do have mainly to much gas for how a and and being customer offering you you you handle strategy of is see it customers.p grow the a a share? more eventual

Natalie Reagan

be don't This passed. to I Natalie. is think going is anything

we the we the AGI and the third also expanding are of our train. wells AGI train there. we'll then However, have a fourth or permitting in X it. our build on we're fifth We're front well eyes

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

Jean Ann Salisbury

can you exports in service to talk a how NGL expect to they start? follow-up, as your you And of then online, Flex as just how come ramp kind about roughly propane much ethane versus

Unknown Executive

Jean, this is here. Tug Hanley

we're capacity that day. fully expansion On We've process. low-cost identified the so XXX,XXX we're projects, a capacity. well base the ethane contracted and additional on barrels the of debottlenecking contracting in in side, our We're

XXX,XXX Natus how expansion around ramp ships going to So those with on ship as the if channel barrels our about DLC, that's play we're to you out, ships think our at delivered delivered get coincides a and ethane exports continue that waiting River timing get the day. terminal our

have great we opportunities to, a all of And then on we on on ship to term, And expansion exports. across contracted, expect see contract alluded back for ethane to we're the terminals. expansion it expansion to X LPG, our we'll Brent our channel we're LPGs. at Natus, and robust be export that. And ethane our XX% XX% have demand comes long continuing So when as brownfield

Operator

Blum Michael? Michael of of line the from comes question next Our Wells Fargo.

Michael Blum

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

W. Fowler

that come growth $X you in $X.X over potential billion, that sort billion our buybacks XXXX that if billion cash CapEx CapEx up couple of $X.X as of then the cash theme distributable probably the at billion, after XXXX. we for growth and your as Jim carry we're with be and years of far of upper range that's $X.X flow $X.X of mid-single excess digits. you if DCF. retirement. billion, excess flow the of fully about billion you after excess if to take had And puts of to we that forward And mentioned in in fully for neighborhood debt that excess Yes, earlier funding funding, left leaves end $X.X of DCF growth a

Our leverage X.XX% to target, again, is range the X.XX%.

Our midpoint X%. our about today. where That's is leverage

do And retirement we lot bit so a little buybacks I and debt a of more think we'll flexibility to out get to once have XXXX. maybe

Michael Blum

M&A about, the what's for you Thanks an wanted you? it. And this year active to do just out How be we XXXX, active then for expect into as that, I And ask Enterprise? landscape. Randy. here head to there Appreciate for

W. Fowler

be see at as and public we as a We that M&A to -- at opinion asset company we'll per do much and to bit was later some we what that. XXXX year, packages package in if in in you're some our cash those take growth. think problematic was see unit the executed again, the asset harder flow especially and do every we the drive see active a per don't flow and most share, a value we'll little we've across system. Public Yes. can pretty cash side, attractive see or came looked virtually fits a look year, little on with M&A goal is additional asset do, and purchases. hard on well to us,

a take look we'll So both. at

Operator

Truist from of the Dingmann line Neal question next Securities. comes of Our

Neal Dingmann

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

Unknown Executive

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

Neal Dingmann

Got it.

looking talked on and of the just on on I'd the the kind sit at on hear that then today. I just side? hear you're on oil the gas macro prospects and wanted you're where wondering I'm the both you you've macro Is what we And what remainder just thinking based for on X Okay. now love to the of are forward. of now side. on side. about M&A year predicated macro commodity just to the how thinking

W. Fowler

Neil, would that? you repeating mind

Neal Dingmann

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

A. Teague

predicated talking if I is or about ramp in production. ramping on price you're don't M&A a know but it,

Neal Dingmann

the of are figure the thinking you to year. trying out just I'm all Price. remainder price for what in

Unknown Executive

that. range-bound. Price, not oil, start it's really the for if bound. bad quite last not than just it's year, even prices, frankly, at longer And been we really range quite been -- with but

up signs drill be, to continue sticking will of continues and We're Neal, it And already. steady baby too if not, a we our forecast the exceed the I in we discussion the publishing numbers natural be it specifically expectations. said, forecast our time running but I through pointed just to and lack very move That landscape. Right that it, liquids is sometime continues into natural related. weather-related. Waha OPEC count too will will pipes very want from for know that Plus and then focused there's high them equation from second work what term, what or better it of surprised scenario one, now, all gas us. low. the that changes somewhat us that that. large They some now. about very lot the matters to And on to to don't don't call wouldn't gas don't working and and quarter. in say, drill lot be probably give want Permian prior it's is slow rich That much a belief -- a on can be natural we are on a see I'll to new Our the they again Brent's reforecasting is gas you production, to the will prices we Permian not

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

Operator

comes ahead, from line Securities. Tonet next question of Jeremy JPMorgan Jeremy. of Our Go the

Jeremy Tonet

any wanted updated start Just to out of D.C. thoughts off, guess, I

Just permitting wondering, also how easier, impact in the could Trump administration, talking imagine permitting that and emergency might energy overall. about be

guess, Just could impact, your forward? going wondering coming I anything strategy what that of you hear growth different? D.C., out And

A. Teague

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

Jeremy Tonet

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

W. Fowler

permit and Jeremy, reform, just take like to some seems time pretty that's it the involved. again, going on

looking provisions do XXXX some tax from some to at a of is and to extended. what the administration sunset end far is package these of what thing extend packages get as other at as the of just The these tax and

election. It So like the seems thus were far, right really no after we the were frankly, cycle about are the administration the following and election they election. during with after from what right where Congress through talking and surprises

A. Teague

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

Jeremy Tonet

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

A. Teague

to You Graham? want hit it,

Graham Bacon

right through the looking rates that's PDHs. mechanical expectations. they we're But it of rates well. we're our limited. has minor issue -- met design a now, working to pretty ran X, working licensor of that Currently, we're run is expect sustained Obviously, through our blip with is but a coming this a pretty really ran issue PDH working Graham. rate we're X. Right We haven't there. PDH Jim, a turnaround year, the currently the increase last out our had run rate on it through Yes, now, the

expect that long-term our to in resolved XX% those of to the We get target and have is utilization. operating upper

Operator

from question Mackay next of Goldman Sachs. John? of line John Our comes the

John Mackay

I of stay from on obviously had want seen overnight, to we the front, kind lot retaliatory some I of the policy tariff some stuff. a of on China headlines We've different tariffs guess.

be far China, context front, from that the overall export about I'd takes not these to in your how energy but hear NGL So of guess your they're tariffs, of curious on footprint. I you on the any just think

A. Teague

PDH of U.S. we have propane contract of don't a company right? have out lot so They've or plants it to -- -- I don't PDH tub. got Right see China have but the -- on think of imports -- affecting that. that lot is they -- X goes their propane we and with plants any don't Chinese propane a X I China

And thing to. that We contracts have those only crackers can with use ethane customers.

Unknown Executive

So they don't anything. have

So an perspective, worried. NGL not from I'm

And a like have day. we expanding we're Asia getting goes then in contracts huge contract of X interest in contract on what XX,XXX another most where the places barrels we -- And have that's that Asia, we're and to we're done. going Now in Europe. a before by LPG it's all Southeast said --

little he XXX,XXX. a So Doug modest says was when

end think that out pointing I it's we on contract think I offset I higher. XX%, think up or ethane where is I Todd. $XXX,XXX, And think he's and and will we'll on then --

John Mackay

ask Maybe year-over-year, bit that. of all margin appreciate pipeline were but just to noise, up and side volumes NGL always about I looking the an we're there's volume, itself little a wanted time. was lot a know upper I follow-up. just I

those that of out guys here curious called I'd think how -- maybe then from on higher NGL going to some extra NGL just take pipe the OpEx pipe You side this context about kind comment of margins be competition. on your costs. in broader and

Justin Kleiderer

side, is just incorporates Y-grade going we on see that, growth. a this lot on walk-up few our which Justin. overall cover Yes, of with to that the volume, just A the along purity things on movements trajectory volume significant

to So you're function continuing of trending ramp big those see that of volumes a in seeing side. some the step-up we some of month-to-month purity direction. But Y-grade the quarterly on a nice right as movements are

when and look -- to that Bahia, in Rockies the Permian note GOM rates economic Y-grade associated of you build we Rockies stay X the the On a it's at changes what out side, as lot tariffs significantly while range those to thing reinvestment flows are higher.

And I so this you when fee. GOM otherwise may look the can make and the at volume -- fee can skew sometimes perspective

our skewed flows per sometimes in changes So Rockies can the make unit anticipate. would otherwise more than you what

reinvestment support all, the in Permian to side. economics on the the seeing Y-Grade continues growth in we're So all that

John Mackay

pipes context the of that? about how on kind feeling from are coming competition just Sorry, you of new in,

Justin Kleiderer

We're crude Yes, service. quarter, to Seminole in to in-service that G&P we going of to look back at behind Bahia We've when growing still quickly fourth prior calls. right like that, guided still you convert footprint. our our I'd platform. the say in we're

that to take year be going ramp. you full when XX% into coming so we'd expect account, And the we XXXX, behind with into continue it more as to

still the we feel a us our full over coming to platform years. being So gives like pathway

Operator

line of from comes Our TPH. O'Donnell the next A.J. of question

Andrew John O'Donnell

Waha bit the could I you and gas marketing. margins higher natural NGL little spreads? light I for expand was we quarter-over-quarter. in marketing just of start maybe to wondering was lower commodity of strength a price as could any on movements just There was prospects result from offset hoping XXXX there on if notable a some potential maybe the

Brent Secrest

values will and it bottom market -- our as we Yes. monetize I mean opportunities on themselves. do had side, that, some continue the the volatility there itself the be dock presents present to LPG in line and it's of but across a to is, to fab we higher those function continue

Andrew John O'Donnell

area. I some Okay. guys there your Is on in data the just I'm on Stargate system feed curious, saw the centers. that We And you to have able to be intrastate know more interstate announcement. project? Texas capacity Maybe X any lines

Unknown Analyst

it the is. of the where out on capacity sold We project -- our on both just depends

how Just We've out on signs day you XX% those center of center Bcf over the We got is showing to progress. a projects X are some much placed demand. give data perspective the of demand side projects queue Texas only believe of probably there. of XX in probably data

projects On those the and because centers XX% around side, maybe data at power real. probably which potential Bcf day are those, of it's plant just feed you from XX looking we're power may believe X.X a

we're on data to center it where So and -- Dallas depends all project the from the way it Antonio. San is, stems

are lines data makes serve where closed, to it to going the our if take center we're the So opportunity sense.

Operator

Our of the of Brandon? on Bingham next comes question Scotiabank. Brandon line

Brandon Bingham

If and go quarter, wondering and outperformance to see volumes this back XXXX? side the the sticky that progressing we volumes throughout just kind how those are how could volume of you

W. Fowler

think the Brandon, benefit wellhead, Yes. a and growth just growth I of at the chain. especially I really you'd really in, mean, in value that's if come the the

to into our those processing processing of plants the through pipelines downstream our gas all into liquids the dock. out So the plants, our it's way flowing flow fractionators

to head well that So what is water. thing?

seeing think our pretty what across I that's much system. you're

Brandon Bingham

margins guys to that what how if $XXX back running as the seeing? Could had we a you're currently side. contributing, they million in was go number plants baked year the discussed it $XXX then I Awesome. should. about into chem talk EBITDA just you could to roughly those on million And you front, And were whenever the quickly they're compare margin pet think previously just what and PDH

A. Teague

right? because Chris? changed it's haven't a margins formula price. that The Isn't

Unknown Executive

set up, all Yes. The way our PDH they're are toll-based. contracts

So it's plus. cost

just really utilization of it's rates. function So a

W. Fowler

think about talking And PDHs see were potential in where we for really, in the to incremental contribute I earnings million look the were when we was XXXX, at we XXXX. what an $XXX

Operator

Our next the of question of line comes from Gupta UBS. Manav

Manav Gupta

quick My flex any is can here on you that the provide? fire expansion question margin update point

Unknown Executive

on As Morgan's far as with are [indiscernible]? the Point flex we an update where

Manav Gupta

Yes.

Unknown Executive

last construction finished the year. of is This end Chris at Yes. We of Dan. the December

arb that's for ethylene, opportunities there. the side and in So it's of a the being Today, filled the outages serve. the ethane because crackers there's lot it's for service but ready and unplanned planned -- are both ethane mostly on and to limiting

Manav Gupta

second that are looking side. and growth Basin. growth opportunities still out more And basin? the coming of the Anny Haynesville Haynesville at X Do you is a see as Perfect, on you

Unknown Executive

Haynesville basin. has growing -- it's a

that true. Although wouldn't show be rig counts to

growth portfolio, some some and our developments new seen is producers acreage are have hitting. that We this in

truly don't know that year. has Haynesville I the However, last the grown would say over opposite. the I

do the we gas growth some see again, Over price year, drives potential story. I next that think that

Tony Chovanec

have our updating its the least forecast quarter. forecast, be better potential second when Haynesville for We'll we in at

A. Teague

is it's It's and doing its what key. what potential [indiscernible]

Tony Chovanec

the word used is. why That potential. I That's

Operator

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Libby Strait

you our That for good Thank a participants to joining our today. Have concludes day. us remarks.

Operator

call. you This concludes for today's participating. conference Thank

disconnect. now may You

Enterprise Products Partners (EPD) 4 Feb 252024 Q4 Earnings call transcript