HOUSTON - Enterprise Products Partners L.P. (NYSE: NYSE:EPD) announced its financial results for the second quarter of 2024, revealing a 12% increase in net income attributable to common unitholders compared to the same period last year.
The company reported net income of $1.4 billion, or $0.64 per unit on a fully diluted basis, which falls slightly short of the analyst consensus estimate of $0.66 per unit. Revenue for the quarter was substantial at $13.48 billion, yet it did not meet the expected $14.26 billion forecasted by analysts.
The company's distributable cash flow (DCF) stood at $1.8 billion for the quarter, marking an improvement from $1.7 billion in the second quarter of 2023. Distributions declared also saw a 5% increase to $0.525 per common unit. Adjusted cash flow from operations (Adjusted CFFO) was up, reaching $2.1 billion for the quarter, compared to $1.9 billion in the previous year.
Enterprise's capital investments were significant, totaling $1.3 billion in the second quarter, including $1.0 billion for growth capital projects. The company has also been active in repurchasing its common units, spending approximately $40 million in the second quarter as part of its $2.0 billion buyback program.
A.J. "Jim" Teague, co-chief executive officer of Enterprise's general partner, commented on the results, "Enterprise reported a solid second quarter in terms of both volumes and cash flow generated by our integrated midstream system." He attributed the increase in gross operating margin primarily to new natural gas processing plants in the Permian Basin and improvements in natural gas processing margins.
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