Enterprise Products Partners reported higher earnings and record operating volumes for the third quarter of 2026, alongside increased spending on growth projects. The pipeline and storage partnership also declared a higher quarterly distribution and continued repurchasing common units.
Net income attributable to common unitholders rose 21% from a year earlier to $1.6 billion, or 75 cents per diluted unit. Adjusted EBITDA and operating cash flow also increased, while cash generation exceeded the quarter’s distribution payments.
Key details
- Earnings and cash flow: Adjusted EBITDA was $2.8 billion, up 16% year over year. Adjusted cash flow from operations rose 18% to $2.4 billion.
- Cash available after operating needs: Operational distributable cash flow reached $2.3 billion, up 27%. It covered declared distributions 1.9 times, leaving $1.1 billion retained.
- Distribution: Enterprise declared a quarterly distribution of 56 cents per common unit, equivalent to $2.24 annually. That is a 2.8% increase.
- Unit repurchases: The partnership bought back $112 million of common units during the quarter and $437 million over the 12 months through September 30. Those purchases represent 36% cumulative use of its $5 billion buyback program.
- Payout rate: Over the same 12-month period, distributions and common-unit repurchases together equaled 54% of adjusted cash flow from operations.
- Record operating volumes: Permian natural gas processing inlet volumes reached 4.6 billion cubic feet per day, up 12% year over year. Total natural gas processing inlet volumes set a record of 8.5 billion cubic feet per day, up 6%.
- Pipeline and marine activity: Equivalent pipeline volumes hit a record 14.8 million barrels per day, up 7%. Marine terminal volumes rose 28% to 2.5 million barrels per day.
- Capital spending: Third-quarter investment totaled $1.1 billion, including $900 million for growth projects and $185 million for sustaining capital.
- 2026 spending outlook: Enterprise expects growth capital spending of $2.9 billion to $3.4 billion for 2026, net of $600 million in expected asset-sale proceeds. It expects another $650 million of sustaining capital spending.
- Investor call: The partnership scheduled a webcast for 9 a.m. Central time on October 29 to discuss the results.
What the results show
Enterprise’s higher earnings and record volumes indicate stronger activity across several parts of its network. Its operating cash flow covered distributions and buybacks at a 54% payout rate over the past 12 months, while the partnership also retained cash and invested in growth projects.