olivLaw · US equity research
Enterprise Products Partners L.P. EPD
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
Enterprise Products Partners L.P. (NYSE: EPD) is a North American midstream operator that reported in the second quarter of 2026 a record net income of $1.8 billion attributable to common unitholders. Record pipeline and marine terminal volumes, and gross operating margin rising to $3.0 billion, supported the quarter. The company remains in a heavy investment phase, with 2026 growth capital guidance of $2.9 to $3.4 billion.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Enterprise Products Partners L.P. (EPD) stock was 37.50 USD (+0.35% on the day), with market capitalisation 81.0 bn USD, P/E 15.8 on diluted EPS of 2.38 USD over the last 12 months, beta 0.26, 52-week range 30.22–39.80 USD. Latest reported quarter (Q2 2026): revenue of 18.3 bn USD (+60.8% YoY), net income of 1.8 bn USD (+28.2% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.2
- neutral
- Bollinger (20, 2)
- 35.24 – 38.57
- in the upper half of the band · %B 0.68 · band width 9.0%
- SMA 50 / 200
- 37.62 / 37.35
- mixed trend
- MACD (12, 26, 9)
- 0.17 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.6% | −1.1% | +4.7 pp | — |
| 3 months | −1.6% | −0.5% | −1.2 pp | — |
| 6 months | −2.6% | +4.4% | −7.0 pp | — |
| Year to date | +17.0% | +12.3% | +4.7 pp | — |
| 1 year | +22.7% | +13.5% | +9.2 pp | +20.3% |
| 3 years | +40.8% | +76.4% | −35.6 pp | +87.1% |
| 5 years | +67.4% | +63.7% | +3.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13.8 bn | 14.2 bn | 15.4 bn | 11.4 bn | 12.0 bn | 13.8 bn | 14.4 bn | 18.3 bn |
| Cost of revenue | 10.4 bn | 10.6 bn | 12.0 bn | 7.9 bn | 8.6 bn | 10.1 bn | 10.7 bn | 14.2 bn |
| Operating income | 1.8 bn | 2.0 bn | 1.8 bn | 1.8 bn | 1.7 bn | 2.0 bn | 1.9 bn | 2.2 bn |
| Interest expense | 343.0 m | 346.0 m | 340.0 m | 332.0 m | 354.0 m | 375.0 m | 385.0 m | 384.0 m |
| Pre-tax income | 1.5 bn | 1.6 bn | 1.4 bn | 1.5 bn | 1.3 bn | 1.7 bn | 1.5 bn | 1.9 bn |
| Income tax | 19.0 m | 10.0 m | 24.0 m | 16.0 m | -13.0 m | -4.0 m | 22.0 m | 12.0 m |
| Net income | 1.4 bn | 1.6 bn | 1.4 bn | 1.4 bn | 1.3 bn | 1.6 bn | 1.5 bn | 1.8 bn |
| Operating cash flow | 2.1 bn ≈ | 2.4 bn | 2.3 bn | 2.1 bn ≈ | 1.7 bn ≈ | 2.5 bn | 1.5 bn | 3.2 bn ≈ |
| Capex | 1.2 bn ≈ | 1.1 bn | 1.1 bn | 1.3 bn ≈ | 2.0 bn ≈ | 1.3 bn | 983.0 m | 1.2 bn ≈ |
| Share repurchases | 76.0 m ≈ | 63.0 m | 60.0 m | 110.0 m ≈ | 80.0 m ≈ | 50.0 m | 116.0 m | 159.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 36.5 bn | 32.8 bn | 27.2 bn | 40.8 bn | 58.2 bn | 49.7 bn | 56.2 bn | 52.6 bn |
| Revenue YoY | +24.9% | −10.3% | −17.0% | +50.0% | +42.6% | −14.6% | +13.1% | −6.4% |
| Net income | 4.2 bn | 4.6 bn | 3.8 bn | 4.6 bn | 5.5 bn | 5.5 bn | 5.9 bn | 5.8 bn |
| Net income YoY | +49.1% | +10.0% | −17.8% | +22.8% | +18.4% | +0.8% | +6.7% | −1.5% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 11.4% | 14.0% | 13.9% | 11.4% | 9.4% | 11.1% | 10.5% | 11.0% |
| Free cash flow | 1.9 bn | 2.0 bn | 2.6 bn | 6.3 bn | 6.1 bn | 4.3 bn | 3.6 bn | 3.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 969.0 m USD
- Financial debt
- 34.4 bn USD
- Net debt
- 33.4 bn USD
- Equity
- unavailable USD
- Total assets
- 77.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.04x
- ROE
- unavailable
- ROA
- 7.5%
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 27.2 bn | 40.8 bn | 58.2 bn | 49.7 bn | 56.2 bn | 52.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 16.7 bn | 29.9 bn | 45.8 bn | 37.0 bn | 42.6 bn | 38.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 10.5 bn ≈ | 10.9 bn ≈ | 12.4 bn ≈ | 12.7 bn ≈ | 13.6 bn ≈ | 14.0 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Operating income | 5.0 bn | 6.1 bn | 6.9 bn | 6.9 bn | 7.3 bn | 7.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 2.1 bn | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| EBITDA | 7.1 bn ≈ | — | — | — | — | — | SEC (XBRL)· 28 Feb 2023derived |
| Interest expense | 1.3 bn | 1.3 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 3.8 bn | 4.8 bn | 5.7 bn | 5.7 bn | 6.0 bn | 5.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -124.0 m | 70.0 m | 82.0 m | 44.0 m | 65.0 m | 23.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 3.8 bn | 4.6 bn | 5.5 bn | 5.5 bn | 5.9 bn | 5.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 2.2 bn | 2.2 bn | 2.2 bn | 2.2 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 2.8 bn | 76.0 m | 180.0 m | 583.0 m | 969.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 4.8 bn | 7.0 bn | 7.0 bn | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Inventories | 3.3 bn | 2.7 bn | 2.6 bn | 3.4 bn | 4.0 bn | 3.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 9.9 bn | 13.3 bn | 10.6 bn | 12.2 bn | 15.1 bn | 13.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 41.9 bn | 42.1 bn | 44.4 bn | 45.8 bn | 49.1 bn | 51.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 5.4 bn | 5.4 bn | 5.6 bn | 5.6 bn | 5.7 bn | 5.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.3 bn | 3.2 bn | 4.0 bn | 3.8 bn | 4.0 bn | 4.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 64.1 bn | 67.5 bn | 68.1 bn | 71.0 bn | 77.2 bn | 77.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 704.6 m | 632.0 m | 743.0 m | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
| Short-term debt | 1.3 bn | 1.4 bn | 1.7 bn | 1.3 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 28.5 bn | 28.1 bn | 26.6 bn | 27.4 bn | 30.7 bn | 32.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 9.0 bn | 11.6 bn | 12.3 bn | 13.1 bn | 15.2 bn | 12.8 bn | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.9 bn | 8.5 bn | 8.0 bn | 7.6 bn | 8.1 bn | 8.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 3.3 bn | 2.2 bn | 2.0 bn | 3.3 bn | 4.5 bn | 5.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 2.6 bn ≈ | 6.3 bn ≈ | 6.1 bn ≈ | 4.3 bn ≈ | 3.6 bn ≈ | 3.0 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -3.1 bn | -2.1 bn | -5.0 bn | -3.2 bn | -5.4 bn | -5.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -2.0 bn | -4.6 bn | -5.8 bn | -4.3 bn | -2.2 bn | -2.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 186.0 m | 214.0 m | 250.0 m | 188.0 m | 219.0 m | 300.0 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 81.0 bn USD
Key indicators
Coverage and freshness
Score by group
56% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.19 – 83.19 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)13.19 – 31.11 (Mid 19.86)WACC 8.3% · starting FCFF 5.0 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 14.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E41.26 – 83.19 (Mid 59.30)5 companies used · median multiple 20.3x · quartiles 14.1x – 28.5xET, KMI, TRGP, WES, WMB
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.8% | 20 (vs peers) | 11% |
| FCF conversion · Quality | 54.9% | 36 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -3.3% | 0 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.2x | 58 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.9x | 11 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 12.8x | 100 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.3% | 53 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partial7/100 · 1/2 factors with a value
- Valuation79/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENTERPRISE PRODUCTS PARTNERS L.P. (EPD). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 52.6 bn USD in 2025; YoY growth -6.4%; net margin 10.8%.
The estimated value range is 27.23–57.15 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 39.58 USD, the price of 37.50 USD leaves a potential of 5.6% (value / price − 1) and a margin of safety of 5.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 12.8x
What contradicts it
- Net margin: 10.8%
- Revenue CAGR 3Y: -3.3%
- Current ratio: 0.9x
- Shareholder yield (distributions): 0.5%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 9.9 bn and 630.9 bn (within 8× of the company's); 12 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 88.6 bn | 28.9 | 24.0% | 25.2% | +13.8% | +19% / +97% |
| EPDEnterprise Products Partners L.P. | 81.0 bn | 12.8 | — | 10.8% | −6.4% | +23% / +41% |
| KMIKinder Morgan, Inc. | 73.2 bn | 20.3 | 11.6% | 19.6% | +12.2% | +20% / +87% |
| ETEnergy Transfer LP | 69.4 bn | 13.1 | — | 4.9% | +3.5% | +21% / +45% |
| TRGPTarga Resources Corp. | 64.0 bn | 28.5 | 72.6% | 13.5% | +3.9% | +70% / +230% |
| WESWestern Midstream Partners, LP | 17.3 bn | 14.1 | — | 30.2% | +6.6% | +12% / +47% |
1- and 3-year price returns: for EPD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 20.43 Total return -46% · Per year -46% | 36.26 Total return -3% · Per year -3% | 54.82 Total return 46% · Per year 46% |
| 3 years | 16.83 Total return -55% · Per year -23% | 33.90 Total return -10% · Per year -3% | 56.68 Total return 51% · Per year 15% |
| 5 years | 13.87 Total return -63% · Per year -18% | 31.69 Total return -15% · Per year -3% | 58.62 Total return 56% · Per year 9% |
- Exit P/E± 8.47
- Net margin± 5.93
- Annual revenue growth± 5.26
- Annual dilution± 0.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (29 Oct 2026 · results).
In brief
Enterprise Products Partners L.P. (NYSE: EPD) is a North American midstream operator that reported in the second quarter of 2026 a record net income of $1.8 billion attributable to common unitholders 3. Record pipeline and marine terminal volumes, and gross operating margin rising to $3.0 billion, supported the quarter 3. The company remains in a heavy investment phase, with 2026 growth capital guidance of $2.9 to $3.4 billion 3.
SWOT
Strengths
- An integrated midstream asset network linking production with domestic and international markets provides a diversified base of revenue and volumes 12.
- Pipeline and terminal volumes reached record levels in the second quarter of 2026, with Operational DCF covering distributions well over one and a half times 3.
- Distribution coverage and a moderate payout ratio leave room to fund growth and buybacks 3.
Weaknesses
- The company has no employees and relies on EPCO for management and operations, creating dependence on an administrative services agreement 1.
- A high debt level could limit financial and operational flexibility in difficult market conditions 1.
- Many assets have been in service for years and need maintenance spending that could rise over time 1.
Opportunities
Risks
- Exposure to hydrocarbon priceshigh
Changes in hydrocarbon prices and demand could affect revenues, volumes and cash flow, especially in marketing activity 1.
- Indebtednessmedium
The debt level could limit the company's ability to fund growth and respond to adverse market conditions 1.
- Construction project risksmedium
Building new assets carries operational, regulatory and environmental risks that could delay projects or raise costs 1.
- Trade policy and tariffsmedium
Tariffs and trade policy changes could raise material costs and reduce demand for customers' products 1.
- Partnership structurelow
Unitholders have limited voting rights, and the general partner has interests that may differ from investors', which could affect distributions 1.
Investment thesis
What would need to be true (bull case)
- Record pipeline and terminal volumes, combined with a higher gross operating margin, suggest existing assets can generate more revenue without relying only on new investment 3.
- Distribution coverage from Operational DCF and a moderate payout ratio could allow continued distribution increases and buybacks 3.
- Permian processing projects and Mont Belvieu fractionation could extend the long-term revenue base if production keeps growing 123.
What would break the thesis
- Oil and gas prices are forecast to be lower in 2026, and a global surplus could compress margins and volumes in price-sensitive segments 1.
- Growth capital of up to $3.4 billion and the buyback program could absorb significant capital, and higher costs could dilute returns 3.
- Geopolitical risks and trade tariffs could disrupt shipping and construction costs, with effects on cash flow 13.
What to watch
- Finalizarea extinderii terminalului maritim GPL de pe Houston Ship Channel2026
- Completion of the LPG export terminal expansion on the Houston Ship Channel2026
- Start-up of the Athena 2 processing train in the Midland BasinQ3 2027
- Growth capex against the $2.9 to $3.4 billion guidance2026 full year results
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (29 Oct 2026 · results).
The business
Enterprise Products Partners L.P. is a publicly traded Delaware limited partnership whose common units are listed on the NYSE under EPD, formed in April 1998 to own and operate NGL-related businesses of EPCO 12. It provides midstream services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products through an integrated network linking basins in the U.S., Canada and the Gulf of Mexico with domestic and international markets 12. It has no employees; management and operations are performed by EPCO under an administrative services agreement 1. In the second quarter of 2026 total gross operating margin was $3.0 billion and Adjusted EBITDA was $2.8 billion 3.
On investment, the company approved in the second quarter two new 300 MMcf/d gas processing plants in the Permian Basin and a 150 MBPD NGL fractionator at its Mont Belvieu complex 3. Organic growth projects under construction total $6.5 billion 3. The next major completion is the expansion of the LPG export terminal on the Houston Ship Channel, expected to begin operations by year-end 2026 3.
Segments
Crude Oil Pipelines & Services
The Crude Oil Pipelines & Services segment reported gross operating margin of $485 million in the second quarter of 2026 3. Crude oil pipeline volumes were a record 3.0 MMBPD and crude marine terminal volumes reached 1.1 MMBPD 3. The growth came mainly from higher sales margins and volumes on the Texas pipelines 3.
Market context
Global liquid hydrocarbon markets moved into a modest surplus at the start of 2026, and the EIA expects WTI to average $53.42 per barrel in 2026 1. Henry Hub is forecast at $4.31 per MMBtu in 2026, and U.S. dry gas production could rise about 2% to 110 Bcf/d 1. The IMF projects global growth of 3.3% in 2026 1.
Permian Basin production growth and U.S. LNG exports underpin demand for the company's midstream infrastructure 13. If oil prices stay lower, demand and volumes in some segments could be affected, but record second-quarter 2026 volumes partly offset price effects 13.
Trends
- Permian Basin production growthtailwind
Permian output could keep growing as the gas-to-oil ratio rises, supporting the company's gas and NGL volumes 1. New processing plans in Midland and Delaware respond to this demand 23.
- International demand for U.S. energytailwind
Foreign demand, including for LPG and ethane exports, supported record marine terminal volumes in the second quarter 3. Its continuation depends on global shipping, which remains disrupted in the Middle East 3.
- Price and cost pressureheadwind
Lower oil prices and construction cost inflation could compress margins or demand in some business lines 1. PPI-based tariffs may fall in deflationary periods, forcing rate adjustments 1.
- Trade policy and tariffsmixed
Tariffs could raise the cost of imported steel used to build and maintain pipelines, potentially reducing project returns 1. The effect on demand and access to capital remains uncertain 1.
Competitive position
The company competes with other North American midstream operators for gas, NGL and crude volumes, and for new investment projects, as described in the annual report risk factors 1. Greater competition for investment opportunities could limit its ability to execute the growth strategy 1.
Its advantage comes from an integrated network linking production with export markets, along with its marine terminals and Mont Belvieu fractionation 23. If competitors expand capacity in the same basins, pressure on tariffs and volumes could increase 1.
- North American midstream operators in the Permian and Gulf Coast
The analyzed sources do not name direct competitors or tickers; competition is described generically in the annual report risk factors 1.
- Marine terminal operators for LPG and ethane
Competition for LPG and ethane exports is mentioned generally, without naming specific companies in the analyzed sources 3.
- Crude oil pipeline operators in Texas
The company operates crude pipelines and terminals in Texas, but the sources do not name specific competitors 3.
- Natural gas processing providers
Processing in the Permian and Delaware basins faces competition from other providers, per the general risk factors in the annual report 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
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- Future-proofing enterprise AI: The impact of post-quantum cryptography on Red Hat AI EnterpriseRed Hat Blog · 03 Nov 2026 · EN
- Enterprise customers want to see AI’s ROI. Here’s how startups can show itSifted (EU startups) · 02 Nov 2026 · EN
- Russia says drone hit 'industrial enterprise' near Moscow, Kyiv claims hit major refineryThe Hindu — International · 01 Nov 2026 · EN
- Dincolo de „ultima frontieră”. NASA îi aduce un omagiu lui Patrick Stewart printr-o fotografie cosmică în care galaxiile desenează silueta navei EnterpriseAdevărul · 31 Oct 2026 · RO
- „Istoria nu va uita numele Căpitanului Picard”. Omagiul adus de NASA lui Sir Patrick Stewart: 3 galaxii iau forma USS EnterpriseAntena 3 CNN · 30 Oct 2026 · RO
- „Istoria nu va uita numele Căpitanului Picard”. Omagiul adus de NASA actorului Sir Patrick Stewart: 3 galaxii iau forma USS Enterprise - Antena 3Antena 3 CNN · 30 Oct 2026 · RO
- „Istoria nu va uita numele Căpitanului Picard”. Omagiul adus de NASA actorului Sir Patrick Stewart: 3 galaxii iau forma USS Enterprise - Antena 3Antena 3 CNN · 30 Oct 2026 · RO
- Russian drone strikes enterprise in Shostka, killing one and injuring eightUkrinform (UA, EN) · 30 Oct 2026 · EN
- Credit Saison achieves 954% ROI in a ChatGPT Enterprise pilotOpenAI Blog · 29 Oct 2026 · EN
- Creating AI value with enterprise contextMIT Technology Review · 28 Oct 2026 · EN
- OpenAI and ServiceNow expand partnership across enterprise workflowsOpenAI Blog · 28 Oct 2026 · EN
- IBM Introduces Identity and Control for AI Agents , Securing Frontier Intelligence for the EnterpriseSurge — GDELT DOC · 27 Oct 2026 · RO
- Securing the enterprise software supply chain in the AI eraRed Hat Blog · 27 Oct 2026 · EN
- Russians attack enterprise in Odesa OblastUkrainska Pravda (UA, EN) · 26 Oct 2026 · EN
- Lessons for Pentagon Procurement from the Special Operations EnterpriseWar on the Rocks · 26 Oct 2026 · EN
SEC filings
- Quarterly report04 Nov 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report30 Jul 2026Material agreement · Results of operations · Creation of a direct financial obligation · Financial statements and exhibits
- Current report01 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report28 Apr 2026Results of operations · Financial statements and exhibits
- Current report27 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Annual report27 Feb 2026
- Current report03 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Enterprise Products Partners L.P. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Enterprise Products Partners L.P. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Enterprise Products Partners L.P. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.