Enterprise Products Partners L.P. reported a decrease in total revenues for the fiscal year ending December 31, 2025, amounting to $52.6 billion, down from $56.2 billion in 2024. This decline of approximately 6.4% was primarily attributed to lower marketing revenues, which fell by $4.8 billion due to decreased average sales prices across various energy commodities. Despite this, the company experienced an increase in sales volumes, which partially offset the revenue decline. Operating income for the year was reported at $7.3 billion, slightly down from $7.4 billion in the previous year.
The company’s operating costs and expenses also decreased, totaling $45.7 billion in 2025 compared to $49.3 billion in 2024. The cost of sales associated with the marketing of NGLs and crude oil decreased by $4 billion, primarily due to lower average purchase prices. Other operating costs increased by $283 million, driven by higher employee compensation and utility costs. The overall gross operating margin for the company was $10 billion, reflecting a slight increase from $9.98 billion in 2024.
Strategically, Enterprise Products made significant moves in 2025, including the completion of the Bahia NGL Pipeline, which began commercial operations in December 2025 with an initial capacity of 600 MBPD. The company also sold a 40% undivided interest in this pipeline to ExxonMobil for $655 million. Additionally, Enterprise acquired an affiliate of Occidental Petroleum, enhancing its natural gas gathering capabilities in the Midland Basin. The company is also expanding its processing capacity with new facilities expected to come online in 2026 and 2027.
Operationally, the company reported a total of 8,000 employees as of February 1, 2026, with a focus on maintaining a diverse workforce. The utilization rates for its natural gas processing facilities averaged 67.8% in 2025, while NGL pipeline transportation volumes increased to 4,646 MBPD, up from 4,426 MBPD in 2024. The company’s liquidity position remains strong, with $5.2 billion available, including $4.2 billion in revolving credit facilities and $969 million in cash.
Looking ahead, Enterprise Products anticipates continued growth in hydrocarbon production and demand, particularly in the U.S. and the Permian Basin. The company expects to invest between $3.1 billion and $3.5 billion in capital projects in 2026, focusing on expanding its midstream services to meet rising global energy demands. The outlook remains cautiously optimistic, with management highlighting the importance of macroeconomic conditions and geopolitical factors in shaping future performance.
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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