Enterprise Products Partners L.P. reported a decline in financial performance for the third quarter and the first nine months of 2025 compared to the same periods in 2024. Total revenues for the third quarter were $12.023 billion, down from $13.775 billion in the prior year, while revenues for the nine months ended September 30, 2025, were $38.803 billion, compared to $42.018 billion in 2024. The decrease in revenue was primarily attributed to lower marketing revenues, particularly in the natural gas liquids (NGLs) and petrochemicals segments, which were impacted by reduced average sales prices and lower sales volumes.
Operating income for the third quarter of 2025 was $1.686 billion, a decrease from $1.780 billion in the same quarter of 2024. For the nine-month period, operating income also fell to $5.242 billion from $5.367 billion. Net income attributable to common unitholders for the third quarter was $1.338 billion, down from $1.417 billion, while for the nine months, it decreased to $4.166 billion from $4.278 billion. The decline in profitability was influenced by increased operating costs, particularly in the marketing and processing segments, as well as higher depreciation and amortization expenses.
In terms of strategic developments, Enterprise Products completed the acquisition of an affiliate of Occidental Petroleum in August 2025 for $583 million, which included approximately 200 miles of natural gas gathering pipelines in the Midland Basin. The company also announced plans to expand its natural gas processing capabilities in the Midland Basin, with a new processing train expected to begin service in late 2026. Additionally, the first phase of the Neches River Ethane/Propane Export Facility was placed into service in July 2025, enhancing the company’s export capabilities.
Operationally, the company reported a total of 2,163,321,050 common units outstanding as of October 31, 2025. The firm’s capital expenditures for the nine months ended September 30, 2025, totaled $4.319 billion, an increase from $3.485 billion in the same period of 2024. This increase was primarily due to higher investments in natural gas processing trains and related gathering system expansions. The company also repurchased 7.9 million common units under its buyback program during the nine months, with a remaining capacity of $613 million as of September 30, 2025.
Looking ahead, Enterprise Products anticipates continued investment in growth capital projects, with approximately $5.1 billion scheduled for completion by the end of 2026. The company maintains a strong liquidity position, with $3.6 billion available, including $3.4 billion in borrowing capacity under its revolving credit facilities. The firm declared a quarterly cash distribution of $0.545 per common unit, reflecting its commitment to returning capital to unitholders while managing its financial health amid fluctuating market conditions.
About ENTERPRISE PRODUCTS PARTNERS L.P.
Enterprise Products Partners L.P. is a leading North American midstream energy company providing natural gas, NGL, crude oil, petrochemical, and refined product transportation, processing, storage, and export services. Its integrated network links producers with domestic and international markets, offering fee-based, regulated, and contractual services. Core assets include pipelines, fractionators, storage facilities, marine terminals, and export terminals, serving major supply basins and markets across the U.S. and Gulf Coast.
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