Exhibit 99.1
|
|
Exhibit 99.1
|
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
($ in millions, except per unit amounts)
|
||||||||||||||||
|
Operating income (1)
|
$
|
1,971
|
$
|
1,921
|
$
|
7,338
|
$
|
6,929
|
||||||||
|
Net income (1) (2)
|
$
|
1,633
|
$
|
1,602
|
$
|
5,970
|
$
|
5,657
|
||||||||
|
Fully diluted earnings per common unit
|
$
|
0.74
|
$
|
0.72
|
$
|
2.69
|
$
|
2.52
|
||||||||
|
Total gross operating margin (1) (3)
|
$
|
2,628
|
$
|
2,548
|
$
|
9,984
|
$
|
9,395
|
||||||||
|
Adjusted EBITDA (3)
|
$
|
2,599
|
$
|
2,499
|
$
|
9,899
|
$
|
9,318
|
||||||||
|
Adjusted CFFO (3)
|
$
|
2,301
|
$
|
2,215
|
$
|
8,621
|
$
|
8,124
|
||||||||
|
Adjusted FCF (3)
|
$
|
336
|
$
|
1,218
|
$
|
3,172
|
$
|
4,811
|
||||||||
|
DCF (3)
|
$
|
2,155
|
$
|
2,059
|
$
|
7,839
|
$
|
7,601
|
||||||||
|
Operational DCF (3)
|
$
|
2,152
|
$
|
2,024
|
$
|
7,858
|
$
|
7,538
|
||||||||
|
(1)
|
Operating income, net income, and gross operating margin include non-cash, mark-to-market (“MTM”) gains on financial instruments used in our commodity
hedging activities of $9 million and $20 million for the fourth quarter and year ended 2024, respectively, compared to gains of $15 million and losses of $33 million for the fourth quarter and year ended 2023, respectively.
|
|
(2)
|
Net income for the fourth quarters of 2024 and 2023 includes non-cash, asset impairment charges of approximately $6 million and $4 million, respectively.
Net income for the years ended of 2024 and 2023 includes non-cash, asset impairment charges of approximately $57 million and $32 million, respectively.
|
|
(3)
|
Total gross operating margin, adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), adjusted cash flow from operations
(“Adjusted CFFO”), adjusted free cash flow (“Adjusted FCF”), Distributable Cash Flow (“DCF”) and Operational Distributable Cash Flow (“Operational DCF”) are non-generally accepted accounting principle (“non-GAAP”) financial measures that are
defined and reconciled later in this press release.
|
|
Fourth Quarter and Year End 2024 Volume Highlights
|
Three Months Ended
December 31,
|
Year Ended
December 31,
|
||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Equivalent pipeline transportation volumes (million
BPD) (1)
|
13.6
|
12.7
|
12.9
|
12.2
|
||||||||||||
|
NGL, crude oil, refined products & petrochemical
pipeline volumes (million BPD)
|
8.3
|
7.8
|
7.8
|
7.3
|
||||||||||||
|
Marine terminal volumes (million BPD)
|
2.1
|
2.3
|
2.2
|
2.1
|
||||||||||||
|
Natural gas pipeline volumes (TBtus/d)
|
19.9
|
18.9
|
19.3
|
18.4
|
||||||||||||
|
NGL fractionation volumes (million BPD)
|
1.6
|
1.6
|
1.6
|
1.6
|
||||||||||||
|
Propylene plant production volumes (MBPD)
|
106
|
102
|
102
|
101
|
||||||||||||
|
Natural gas processing plant inlet volumes (Bcf/d)
|
7.6
|
7.1
|
7.4
|
6.7
|
||||||||||||
|
Fee-based natural gas processing volumes (Bcf/d)
|
7.0
|
6.2
|
6.7
|
5.8
|
||||||||||||
|
Equity NGL-equivalent production volumes (MBPD)
|
203
|
185
|
203
|
175
|
||||||||||||
|
Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal
units (“MMBtus”) of natural gas transportation volumes are equivalent to one barrel of NGLs transported.
|
|
•
|
Gross operating margin from Permian Basin natural gas processing facilities, including the Midland Basin and Delaware
Basin assets, increased $70 million primarily due to higher processing volumes and higher average processing margins, including the impact of hedging. In March of 2024 we began service at the Leonidas plant in the Midland Basin and the
Mentone 3 plant in the Delaware Basin. Permian Basin processing plant inlet volumes increased 798 MMcf/d, including increases of 408 MMcf/d in the Delaware Basin and 390 MMcf/d in the Midland Basin.
|
|
•
|
Gross operating margin from NGL marketing activities increased $69 million primarily due to higher sales volumes and
higher average sales margins.
|
|
•
|
Gross operating margin from Rockies natural gas processing facilities decreased $24 million primarily due to higher operating costs and
lower average processing margins, including the impact of hedging, and lower processing volumes. Rockies plant inlet volumes decreased 156 MMcf/d largely due to downtime at our Chaco plant.
|
|
•
|
On a combined basis, the pipelines serving the Permian Basin and Rocky Mountain regions reported a $14 million
increase in gross operating margin. This includes the Mid-America, Seminole, Shin Oak, and Chaparral NGL pipeline systems. The favorable variance was primarily driven by a 331 MBPD, net to our interest, increase in transportation volumes,
partially offset by higher operating costs.
|
|
•
|
Gross operating margin from LPG-related activities at the Enterprise Hydrocarbons Terminal (“EHT”) increased $7
million primarily due to a 50 MBPD increase in LPG export volumes. Gross operating margin from the Houston Ship Channel Pipeline System increased $4 million primarily due to a 75 MBPD increase in transportation volumes.
|
|
•
|
Gross operating margin from the Mont Belvieu area storage complex increased $7 million primarily due to higher
storage revenues.
|
|
•
|
Gross operating margin from our Mont Belvieu area NGL fractionation complex increased $15 million primarily due to higher ancillary
service revenues and lower operating costs. Fractionation volumes increased 50 MBPD, net to our interest, primarily due to the acquisition of the remaining 25 percent equity interest in fractionators 7 and 8 in February 2024.
|
|
•
|
On a combined basis, our Texas in-basin crude oil pipelines, terminals and other marketing activities (excluding our Midland-to-ECHO
System and Seaway Pipeline) reported a $42 million decrease in gross operating margin primarily due to lower sales volumes, lower non-cash MTM earnings, and higher operating costs. Crude oil transportation volumes, net to our interest,
increased 3 MBPD.
|
|
•
|
Permian natural gas gathering, including the Delaware Basin and Midland Basin gathering systems, reported a combined
$21 million increase in gross operating margin primarily due to a 1.1 TBtus/d increase in gathering volumes and higher treating revenues, partially offset by higher operating costs. These results include earnings from the Pinon Midstream
gathering and treating system in the Delaware Basin, which was acquired in October 2024.
|
|
•
|
Gross operating margin from the Texas Intrastate System increased $19 million primarily due to higher transportation
and other revenues, partially offset by higher operating costs. Transportation volumes increased 230 BBtus/d.
|
|
•
|
Gross operating margin from our natural gas marketing business increased $9 million primarily due to higher sales
volumes.
|
|
•
|
Gross operating margin from our Rocky Mountain Gatherings Systems decreased $11 million primarily due to higher operating costs, a 140
BBtus/d decrease in gathering volumes, and lower average gathering fees.
|
|
•
|
Propylene production and related activities reported a $45 million decrease in gross operating margin primarily due
to higher operating costs and lower average sales margins, partially offset by higher propylene processing revenues. Total propylene and associated by-product production volumes for the fourth quarter of 2024 were 106 MBPD, net to our
interest. In the fourth quarter of 2024, the PDH 1 facility experienced 15 days of unplanned downtime and the PDH 2 facility experienced 23 days of unplanned downtime. Comparatively, PDH 2 experienced 51 days of unplanned downtime in the
fourth quarter of 2023. Additionally, a planned turnaround impacting one of our propylene splitters reduced operating rates in the fourth quarter of 2024.
|
|
•
|
Gross operating margin from our octane enhancement and related plant operations decreased $30 million primarily due
to lower average sales margins.
|
|
•
|
Gross operating margin from our refined products pipelines and related activities decreased $21 million primarily due to lower average
sales margins from refined products marketing activities.
|
|
Enterprise Products Partners L.P.
|
Exhibit A
|
|||||||||||||||
|
Condensed Statements of Consolidated Operations – UNAUDITED
|
||||||||||||||||
|
($ in millions, except per unit amounts)
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Revenues
|
$
|
14,201
|
$
|
14,622
|
$
|
56,219
|
$
|
49,715
|
||||||||
|
Costs and expenses:
|
||||||||||||||||
|
Operating costs and expenses
|
12,276
|
12,757
|
49,045
|
43,017
|
||||||||||||
|
General and administrative costs
|
60
|
59
|
244
|
231
|
||||||||||||
|
Total costs and expenses
|
12,336
|
12,816
|
49,289
|
43,248
|
||||||||||||
|
Equity in income of unconsolidated affiliates
|
106
|
115
|
408
|
462
|
||||||||||||
|
Operating income
|
1,971
|
1,921
|
7,338
|
6,929
|
||||||||||||
|
Other income (expense):
|
||||||||||||||||
|
Interest expense
|
(346
|
)
|
(325
|
)
|
(1,352
|
)
|
(1,269
|
)
|
||||||||
|
Other, net
|
18
|
5
|
49
|
41
|
||||||||||||
|
Total other expense, net
|
(328
|
)
|
(320
|
)
|
(1,303
|
)
|
(1,228
|
)
|
||||||||
|
Income before income taxes
|
1,643
|
1,601
|
6,035
|
5,701
|
||||||||||||
|
Benefit from (provision for) income taxes
|
(10
|
)
|
1
|
(65
|
)
|
(44
|
)
|
|||||||||
|
Net income
|
1,633
|
1,602
|
5,970
|
5,657
|
||||||||||||
|
Net income attributable to noncontrolling interests
|
(13
|
)
|
(34
|
)
|
(69
|
)
|
(125
|
)
|
||||||||
|
Net income attributable to preferred units
|
(1
|
)
|
–
|
(4
|
)
|
(3
|
)
|
|||||||||
|
Net income attributable to common unitholders
|
$
|
1,619
|
$
|
1,568
|
$
|
5,897
|
$
|
5,529
|
||||||||
|
Per common unit data (fully diluted):
|
||||||||||||||||
|
Earnings per common unit
|
$
|
0.74
|
$
|
0.72
|
$
|
2.69
|
$
|
2.52
|
||||||||
|
Average common units outstanding (in millions)
|
2,190
|
2,192
|
2,192
|
2,194
|
||||||||||||
|
Supplemental financial data:
|
||||||||||||||||
|
Net cash flow provided by operating activities
|
$
|
2,358
|
$
|
2,366
|
$
|
8,115
|
$
|
7,569
|
||||||||
|
Net cash flow used in investing activities
|
$
|
2,000
|
$
|
977
|
$
|
5,433
|
$
|
3,197
|
||||||||
|
Net cash flow used in financing activities
|
$
|
1,193
|
$
|
1,383
|
$
|
2,164
|
$
|
4,258
|
||||||||
|
Total debt principal outstanding at end of period
|
$
|
32,207
|
$
|
29,021
|
$
|
32,207
|
$
|
29,021
|
||||||||
|
Non-GAAP Distributable Cash Flow (1)
|
$
|
2,155
|
$
|
2,059
|
$
|
7,839
|
$
|
7,601
|
||||||||
|
Non-GAAP Operational Distributable Cash Flow (1)
|
$
|
2,152
|
$
|
2,024
|
$
|
7,858
|
$
|
7,538
|
||||||||
|
Non-GAAP Adjusted EBITDA (2)
|
$
|
2,599
|
$
|
2,499
|
$
|
9,899
|
$
|
9,318
|
||||||||
|
Non-GAAP Adjusted Cash flow from operations (3)
|
$
|
2,301
|
$
|
2,215
|
$
|
8,621
|
$
|
8,124
|
||||||||
|
Non-GAAP Free Cash Flow (4)
|
$
|
393
|
$
|
1,369
|
$
|
2,666
|
$
|
4,256
|
||||||||
|
Non-GAAP Adjusted Free Cash Flow (4)
|
$
|
336
|
$
|
1,218
|
$
|
3,172
|
$
|
4,811
|
||||||||
|
Gross operating margin by segment:
|
||||||||||||||||
|
NGL Pipelines & Services
|
$
|
1,548
|
$
|
1,380
|
$
|
5,548
|
$
|
4,898
|
||||||||
|
Crude Oil Pipelines & Services
|
417
|
456
|
1,646
|
1,707
|
||||||||||||
|
Natural Gas Pipelines & Services
|
323
|
286
|
1,277
|
1,077
|
||||||||||||
|
Petrochemical & Refined Products Services
|
348
|
439
|
1,547
|
1,694
|
||||||||||||
|
Total segment gross operating margin (5)
|
2,636
|
2,561
|
10,018
|
9,376
|
||||||||||||
|
Net adjustment for shipper make-up rights (6)
|
(8
|
)
|
(13
|
)
|
(34
|
)
|
19
|
|||||||||
|
Non-GAAP total gross operating margin (7)
|
$
|
2,628
|
$
|
2,548
|
$
|
9,984
|
$
|
9,395
|
||||||||
|
(1)
|
See Exhibit F for reconciliation to GAAP net cash flow provided by operating activities.
|
|
(2)
|
See Exhibit G for reconciliation to GAAP net cash flow provided by operating activities.
|
|
(3)
|
See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities.
|
|
(4)
|
See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities.
|
|
(5)
|
Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the
financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”).
|
|
(6)
|
Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred
transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these adjustments are excluded from
non-GAAP total gross operating margin in compliance with guidance from the SEC.
|
|
(7)
|
See Exhibit H for reconciliation to GAAP total operating income.
|
|
Exhibit B
|
||||||||||||||||
|
Selected Operating Data – UNAUDITED
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Selected operating data: (1)
|
||||||||||||||||
|
NGL Pipelines & Services, net:
|
||||||||||||||||
|
NGL pipeline transportation volumes (MBPD)
|
4,768
|
4,258
|
4,355
|
4,040
|
||||||||||||
|
NGL marine terminal volumes (MBPD)
|
1,005
|
922
|
915
|
821
|
||||||||||||
|
NGL fractionation volumes (MBPD)
|
1,637
|
1,598
|
1,608
|
1,556
|
||||||||||||
|
Equity NGL-equivalent production volumes (MBPD) (2)
|
203
|
185
|
203
|
175
|
||||||||||||
|
Fee-based natural gas processing volumes (MMcf/d) (3,4)
|
6,994
|
6,237
|
6,670
|
5,848
|
||||||||||||
|
Natural gas processing inlet volumes (MMcf/d) (5)
|
7,579
|
7,060
|
7,395
|
6,706
|
||||||||||||
|
Crude Oil Pipelines & Services, net:
|
||||||||||||||||
|
Crude oil pipeline transportation volumes (MBPD)
|
2,595
|
2,610
|
2,510
|
2,461
|
||||||||||||
|
Crude oil marine terminal volumes (MBPD)
|
841
|
1,000
|
955
|
913
|
||||||||||||
|
Natural Gas Pipelines & Services, net:
|
||||||||||||||||
|
Natural gas pipeline transportation volumes (BBtus/d) (6)
|
19,925
|
18,915
|
19,272
|
18,376
|
||||||||||||
|
Petrochemical & Refined Products Services, net:
|
||||||||||||||||
|
Propylene production volumes (MBPD)
|
106
|
102
|
102
|
101
|
||||||||||||
|
Butane isomerization volumes (MBPD)
|
120
|
117
|
118
|
112
|
||||||||||||
|
Standalone DIB processing volumes (MBPD)
|
194
|
191
|
198
|
176
|
||||||||||||
|
Octane enhancement and related plant sales volumes (MBPD) (7)
|
33
|
40
|
37
|
36
|
||||||||||||
|
Pipeline transportation volumes, primarily refined products
and petrochemicals (MBPD)
|
947
|
899
|
933
|
836
|
||||||||||||
|
Refined products and petrochemicals marine terminal volumes (MBPD) (8)
|
296
|
352
|
309
|
320
|
||||||||||||
|
Total, net:
|
||||||||||||||||
|
NGL, crude oil, petrochemical and refined products
pipeline transportation volumes (MBPD)
|
8,310
|
7,767
|
7,798
|
7,337
|
||||||||||||
|
Natural gas pipeline transportation volumes (BBtus/d)
|
19,925
|
18,915
|
19,272
|
18,376
|
||||||||||||
|
Equivalent pipeline transportation volumes (MBPD) (9)
|
13,553
|
12,745
|
12,870
|
12,173
|
||||||||||||
|
NGL, crude oil, refined products and petrochemical
marine terminal volumes (MBPD)
|
2,142
|
2,274
|
2,179
|
2,054
|
||||||||||||
|
(1)
|
Operating rates are reported on a net basis, which take into account our ownership interests in certain joint ventures and include volumes for newly
constructed assets from the related in-service dates and for recently purchased assets from the related acquisition dates.
|
|
(2)
|
Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent
production volumes also include residue natural gas volumes from our natural gas processing business.
|
|
(3)
|
Volumes reported correspond to the revenue streams earned by our gas plants. “MMcf/d” means million cubic feet per day.
|
|
(4)
|
Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d.
|
|
(5)
|
Natural gas processing inlet volumes is an operational measure representing the physical, unprocessed rich natural gas passing through meters located at or
near the inlet of our natural gas processing plants or at the wellhead for all natural gas processing facilities that we operate. Substantially all natural gas processing inlet volumes are processed under service contracts that are either
fee-based, commodity-based or a combination of both. Natural gas processing inlet volumes are reflected in “Fee-based natural gas processing volumes” for volumes processed under fee-based service contracts, “Equity NGL-equivalent production
volumes” for volumes processed under commodity-based service contracts or both of the aforementioned categories for volumes processed under service contracts that have both fee and commodity-based terms.
|
|
(6)
|
“BBtus/d” means billion British thermal units per day.
|
|
(7)
|
Reflects aggregate sales volumes for our octane enhancement and isobutane dehydrogenation (“iBDH”) facilities located at our Mont Belvieu area complex and
our high-purity isobutylene production facility located adjacent to the Houston Ship Channel.
|
|
(8)
|
In addition to exports of refined products, these amounts include loading volumes at our ethylene export terminal.
|
|
(9)
|
Represents total NGL, crude oil, refined products and petrochemical transportation volumes plus equivalent energy volumes where 3.8 million British thermal
units (“MMBtus”) of natural gas transportation volumes are equivalent to one barrel of NGLs transported.
|
|
Enterprise Products Partners L.P.
|
Exhibit C
|
|
|
Selected Commodity Price Information – UNAUDITED
|
|
Polymer
|
Refinery
|
|||||||||||||||||||||||||||||||
|
Natural
|
Normal
|
Natural
|
Grade
|
Grade
|
||||||||||||||||||||||||||||
|
Gas,
|
Ethane,
|
Propane,
|
Butane,
|
Isobutane,
|
Gasoline,
|
Propylene,
|
Propylene,
|
|||||||||||||||||||||||||
|
$/MMBtu (1)
|
$/gallon (2)
|
$/gallon (2)
|
$/gallon (2)
|
$/gallon (2)
|
$/gallon (2)
|
$/pound (3)
|
$/pound (3)
|
|||||||||||||||||||||||||
|
2023 by quarter:
|
||||||||||||||||||||||||||||||||
|
First Quarter
|
$
|
3.44
|
$
|
0.25
|
$
|
0.82
|
$
|
1.11
|
$
|
1.16
|
$
|
1.62
|
$
|
0.50
|
$
|
0.22
|
||||||||||||||||
|
Second Quarter
|
$
|
2.09
|
$
|
0.21
|
$
|
0.67
|
$
|
0.78
|
$
|
0.84
|
$
|
1.44
|
$
|
0.40
|
$
|
0.21
|
||||||||||||||||
|
Third Quarter
|
$
|
2.54
|
$
|
0.30
|
$
|
0.68
|
$
|
0.83
|
$
|
0.94
|
$
|
1.55
|
$
|
0.36
|
$
|
0.15
|
||||||||||||||||
|
Fourth Quarter
|
$
|
2.88
|
$
|
0.23
|
$
|
0.67
|
$
|
0.91
|
$
|
1.07
|
$
|
1.48
|
$
|
0.46
|
$
|
0.17
|
||||||||||||||||
|
2023 Averages
|
$
|
2.74
|
$
|
0.25
|
$
|
0.71
|
$
|
0.91
|
$
|
1.00
|
$
|
1.52
|
$
|
0.43
|
$
|
0.19
|
||||||||||||||||
|
2024 by quarter:
|
||||||||||||||||||||||||||||||||
|
First Quarter
|
$
|
2.25
|
$
|
0.19
|
$
|
0.84
|
$
|
1.03
|
$
|
1.14
|
$
|
1.54
|
$
|
0.55
|
$
|
0.18
|
||||||||||||||||
|
Second Quarter
|
$
|
1.89
|
$
|
0.19
|
$
|
0.75
|
$
|
0.90
|
$
|
1.26
|
$
|
1.55
|
$
|
0.47
|
$
|
0.21
|
||||||||||||||||
|
Third Quarter
|
$
|
2.15
|
$
|
0.16
|
$
|
0.73
|
$
|
0.97
|
$
|
1.08
|
$
|
1.48
|
$
|
0.53
|
$
|
0.28
|
||||||||||||||||
|
Fourth Quarter
|
$
|
2.79
|
$
|
0.22
|
$
|
0.78
|
$
|
1.13
|
$
|
1.12
|
$
|
1.50
|
$
|
0.42
|
$
|
0.24
|
||||||||||||||||
|
2024 Averages
|
$
|
2.27
|
$
|
0.19
|
$
|
0.78
|
$
|
1.01
|
$
|
1.15
|
$
|
1.52
|
$
|
0.49
|
$
|
0.23
|
||||||||||||||||
|
(1)
|
Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of S&P Global, Inc.
|
|
(2)
|
NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu Non-TET commercial index prices as reported by Oil
Price Information Service, which is a division of Dow Jones.
|
|
(3)
|
Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Markit ("IHS”), which is a division of S&P Global,
Inc. Refinery grade propylene prices represent weighted-average spot prices for such product as reported by IHS.
|
|
WTI
|
Midland
|
Houston
|
LLS
|
|||||||||||||
|
Crude Oil,
|
Crude Oil,
|
Crude Oil
|
Crude Oil,
|
|||||||||||||
|
$/barrel (1)
|
$/barrel (2)
|
$/barrel (2)
|
$/barrel (3)
|
|||||||||||||
|
2023 by quarter:
|
||||||||||||||||
|
First Quarter
|
$
|
76.13
|
$
|
77.50
|
$
|
77.74
|
$
|
79.00
|
||||||||
|
Second Quarter
|
$
|
73.78
|
$
|
74.48
|
$
|
74.68
|
$
|
75.87
|
||||||||
|
Third Quarter
|
$
|
82.26
|
$
|
83.85
|
$
|
84.02
|
$
|
84.72
|
||||||||
|
Fourth Quarter
|
$
|
78.32
|
$
|
79.62
|
$
|
79.89
|
$
|
80.93
|
||||||||
|
2023 Averages
|
$
|
77.62
|
$
|
78.86
|
$
|
79.08
|
$
|
80.13
|
||||||||
|
2024 by quarter:
|
||||||||||||||||
|
First Quarter
|
$
|
76.96
|
$
|
78.55
|
$
|
78.85
|
$
|
79.75
|
||||||||
|
Second Quarter
|
$
|
80.57
|
$
|
81.73
|
$
|
82.33
|
$
|
83.60
|
||||||||
|
Third Quarter
|
$
|
75.10
|
$
|
75.96
|
$
|
76.51
|
$
|
77.20
|
||||||||
|
Fourth Quarter
|
$
|
70.27
|
$
|
71.19
|
$
|
71.72
|
$
|
72.50
|
||||||||
|
2024 Averages
|
$
|
75.73
|
$
|
76.86
|
$
|
77.35
|
$
|
78.26
|
||||||||
|
(1)
|
West Texas Intermediate (“WTI”) prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX.
|
|
(2)
|
Midland and Houston crude oil prices are based on commercial index prices as reported by Argus.
|
|
(3)
|
Light Louisiana Sweet (“LLS”) prices are based on commercial index prices as reported by Platts.
|
|
Enterprise Products Partners L.P.
|
Exhibit D
|
|||||||||||||||
|
Free Cash Flow and Adjusted Free Cash Flow – UNAUDITED
|
||||||||||||||||
|
($ in millions)
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Free Cash Flow (“FCF”) and Adjusted FCF
|
||||||||||||||||
|
Net cash flow provided by operating activities (GAAP)
|
$
|
2,358
|
$
|
2,366
|
$
|
8,115
|
$
|
7,569
|
||||||||
|
Adjustments to reconcile net cash flow provided by operating activities to FCF and
Adjusted FCF (addition or subtraction indicated by sign):
|
||||||||||||||||
|
Net cash flow used in investing activities
|
(2,000
|
)
|
(977
|
)
|
(5,433
|
)
|
(3,197
|
)
|
||||||||
|
Cash contributions from noncontrolling interests
|
57
|
19
|
90
|
44
|
||||||||||||
|
Cash distributions paid to noncontrolling interests
|
(22
|
)
|
(39
|
)
|
(106
|
)
|
(160
|
)
|
||||||||
|
FCF (non-GAAP)
|
$
|
393
|
$
|
1,369
|
$
|
2,666
|
$
|
4,256
|
||||||||
|
Net effect of changes in operating accounts, as applicable
|
(57
|
)
|
(151
|
)
|
506
|
555
|
||||||||||
|
Adjusted FCF (non-GAAP)
|
$
|
336
|
$
|
1,218
|
$
|
3,172
|
$
|
4,811
|
||||||||
|
Enterprise Products Partners L.P.
|
Exhibit E
|
|||||||||||||||
|
Adjusted Cash flow from operations – UNAUDITED
|
||||||||||||||||
|
($ in millions)
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Adjusted Cash flow from operations (“Adjusted CFFO”)
|
||||||||||||||||
|
Net cash flow provided by operating activities (GAAP)
|
$
|
2,358
|
$
|
2,366
|
$
|
8,115
|
$
|
7,569
|
||||||||
|
Adjustments to reconcile net cash flow provided by operating activities to
|
||||||||||||||||
|
Net effect of changes in operating accounts, as applicable
|
(57
|
)
|
(151
|
)
|
506
|
555
|
||||||||||
|
Adjusted CFFO (non-GAAP)
|
$
|
2,301
|
$
|
2,215
|
$
|
8,621
|
$
|
8,124
|
||||||||
|
Enterprise Products Partners L.P.
|
Exhibit F
|
|||||||||||||||
|
Distributable Cash Flow and Operational Distributable Cash Flow – UNAUDITED
|
||||||||||||||||
|
($ in millions)
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Distributable Cash Flow (“DCF”) and Operational DCF
|
||||||||||||||||
|
Net income attributable to common unitholders (GAAP)
|
$
|
1,619
|
$
|
1,568
|
$
|
5,897
|
$
|
5,529
|
||||||||
|
Adjustments to net income attributable to common
unitholders to derive DCF (addition or subtraction indicated by sign):
|
||||||||||||||||
|
Depreciation, amortization and accretion expenses (1)
|
628
|
601
|
2,473
|
2,343
|
||||||||||||
|
Cash distributions received from unconsolidated affiliates
|
116
|
121
|
483
|
488
|
||||||||||||
|
Equity in income of unconsolidated affiliates
|
(106
|
)
|
(115
|
)
|
(408
|
)
|
(462
|
)
|
||||||||
|
Asset impairment charges
|
6
|
4
|
57
|
32
|
||||||||||||
|
Change in fair market value of derivative instruments
|
(9
|
)
|
(15
|
)
|
(20
|
)
|
33
|
|||||||||
|
Deferred income tax expense
|
22
|
7
|
45
|
12
|
||||||||||||
|
Sustaining capital expenditures (2)
|
(113
|
)
|
(129
|
)
|
(667
|
)
|
(413
|
)
|
||||||||
|
Other, net
|
(11
|
)
|
(18
|
)
|
(2
|
)
|
(24
|
)
|
||||||||
|
Operational DCF (non-GAAP)
|
2,152
|
2,024
|
7,858
|
7,538
|
||||||||||||
|
Proceeds from asset sales and other matters
|
3
|
35
|
14
|
42
|
||||||||||||
|
Monetization of interest rate derivative instruments accounted
for as cash flow hedges
|
–
|
–
|
(33
|
)
|
21
|
|||||||||||
|
DCF (non-GAAP)
|
$
|
2,155
|
$
|
2,059
|
$
|
7,839
|
$
|
7,601
|
||||||||
|
Adjustments to reconcile DCF with net cash flow provided by operating
activities (addition or subtraction indicated by sign):
|
||||||||||||||||
|
Net effect of changes in operating accounts, as applicable
|
57
|
151
|
(506
|
)
|
(555
|
)
|
||||||||||
|
Sustaining capital expenditures
|
113
|
129
|
667
|
413
|
||||||||||||
|
Other, net
|
33
|
27
|
115
|
110
|
||||||||||||
|
Net cash flow provided by operating activities (GAAP)
|
$
|
2,358
|
$
|
2,366
|
$
|
8,115
|
$
|
7,569
|
||||||||
|
(1)
|
Excludes amortization of finance lease right-of-use assets, which are a component of DCF.
|
|
(2)
|
Sustaining capital expenditures are capital expenditures (as defined by GAAP) resulting from improvements to and major renewals of existing assets. Such
expenditures serve to maintain existing operations but do not generate additional revenues.
|
|
Enterprise Products Partners L.P.
|
Exhibit G
|
|||||||||||||||
|
Adjusted EBITDA - UNAUDITED
|
||||||||||||||||
|
($ in millions)
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Net income (GAAP)
|
$
|
1,633
|
$
|
1,602
|
$
|
5,970
|
$
|
5,657
|
||||||||
|
Adjustments to net income to derive Adjusted EBITDA
(addition or subtraction indicated by sign):
|
||||||||||||||||
|
Depreciation, amortization and accretion in costs and expenses (1)
|
606
|
584
|
2,398
|
2,267
|
||||||||||||
|
Interest expense, including related amortization
|
346
|
325
|
1,352
|
1,269
|
||||||||||||
|
Cash distributions received from unconsolidated affiliates
|
116
|
121
|
483
|
488
|
||||||||||||
|
Equity in income of unconsolidated affiliates
|
(106
|
)
|
(115
|
)
|
(408
|
)
|
(462
|
)
|
||||||||
|
Asset impairment charges
|
6
|
4
|
57
|
32
|
||||||||||||
|
Provision for (benefit from) income taxes
|
10
|
(1
|
)
|
65
|
44
|
|||||||||||
|
Change in fair market value of commodity derivative instruments
|
(9
|
)
|
(15
|
)
|
(20
|
)
|
33
|
|||||||||
|
Other, net
|
(3
|
)
|
(6
|
)
|
2
|
(10
|
)
|
|||||||||
|
Adjusted EBITDA (non-GAAP)
|
2,599
|
2,499
|
9,899
|
9,318
|
||||||||||||
|
Adjustments to reconcile Adjusted EBITDA to net cash flow provided by
operating activities (addition or subtraction
indicated by sign):
|
||||||||||||||||
|
Interest expense, including related amortization
|
(346
|
)
|
(325
|
)
|
(1,352
|
)
|
(1,269
|
)
|
||||||||
|
Deferred income tax expense
|
22
|
7
|
45
|
12
|
||||||||||||
|
Benefit from (provision for) income taxes
|
(10
|
)
|
1
|
(65
|
)
|
(44
|
)
|
|||||||||
|
Net effect of changes in operating accounts, as applicable
|
57
|
151
|
(506
|
)
|
(555
|
)
|
||||||||||
|
Other, net
|
36
|
33
|
94
|
107
|
||||||||||||
|
Net cash flow provided by operating activities (GAAP)
|
$
|
2,358
|
$
|
2,366
|
$
|
8,115
|
$
|
7,569
|
||||||||
|
(1)
|
Excludes amortization of major maintenance costs for reaction-based plants, which are a component of Adjusted EBITDA.
|
|
Enterprise Products Partners L.P.
|
Exhibit H
|
|||||||||||||||
|
Gross Operating Margin – UNAUDITED
|
||||||||||||||||
|
($ in millions)
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Total gross operating margin (non-GAAP)
|
$
|
2,628
|
$
|
2,548
|
$
|
9,984
|
$
|
9,395
|
||||||||
|
Adjustments to reconcile total gross operating margin to total operating
income (addition or subtraction indicated by sign):
|
||||||||||||||||
|
Depreciation, amortization and accretion expense in operating
costs and expenses (1)
|
(594
|
)
|
(571
|
)
|
(2,343
|
)
|
(2,215
|
)
|
||||||||
|
Asset impairment charges in operating costs and expenses
|
(6
|
)
|
(3
|
)
|
(57
|
)
|
(30
|
)
|
||||||||
|
Net gains (losses) attributable to asset sales and related matters in operating
costs and expenses
|
3
|
6
|
(2
|
)
|
10
|
|||||||||||
|
General and administrative costs
|
(60
|
)
|
(59
|
)
|
(244
|
)
|
(231
|
)
|
||||||||
|
Total operating income (GAAP)
|
$
|
1,971
|
$
|
1,921
|
$
|
7,338
|
$
|
6,929
|
||||||||
|
(1)
|
Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets, which are components of
gross operating margin.
|
|
Enterprise Products Partners L.P.
|
Exhibit I
|
|||||||||||||||
|
Other Information – UNAUDITED
|
||||||||||||||||
|
($ in millions)
|
||||||||||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Capital investments:
|
||||||||||||||||
|
Capital expenditures
|
$
|
1,059
|
$
|
1,012
|
$
|
4,544
|
$
|
3,266
|
||||||||
|
Cash used for business combinations, net of cash received
|
949
|
–
|
949
|
–
|
||||||||||||
|
Investments in unconsolidated affiliates
|
–
|
–
|
–
|
2
|
||||||||||||
|
Other investing activities
|
8
|
5
|
31
|
13
|
||||||||||||
|
Total capital investments
|
$
|
2,016
|
$
|
1,017
|
$
|
5,524
|
$
|
3,281
|
||||||||
|
For the Three Months
Ended December 31,
|
For the Year
Ended December 31,
|
|||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
|||||||||||||
|
Mark-to-market gains (losses) in gross operating margin:
|
||||||||||||||||
|
NGL Pipelines & Services
|
$
|
2
|
$
|
(3
|
)
|
$
|
(8
|
)
|
$
|
(25
|
)
|
|||||
|
Crude Oil Pipelines & Services
|
4
|
22
|
21
|
(5
|
)
|
|||||||||||
|
Natural Gas Pipelines & Services
|
3
|
1
|
5
|
(1
|
)
|
|||||||||||
|
Petrochemical & Refined Products Services
|
–
|
(5
|
)
|
2
|
(2
|
)
|
||||||||||
|
Total mark-to-market impact on gross operating margin
|
$
|
9
|
$
|
15
|
$
|
20
|
$
|
(33
|
)
|
|||||||