Enterprise Products Partners Reports $56.2 Billion Revenue for Fiscal Year 2024

Enterprise Products Partners L.P. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $56.2 billion, up from $49.7 billion in 2023. This $6.5 billion increase was primarily driven by higher marketing revenues, which rose by $7.1 billion due to increased sales volumes across various segments. However, revenues from natural gas marketing decreased by $915 million, attributed to lower average sales prices. The company’s operating income also saw a rise, increasing to $7.3 billion from $6.9 billion in the previous year.

The partnership's total operating costs and expenses increased by $6 billion to $49.3 billion, largely due to a $5.6 billion rise in the cost of sales associated with the marketing of hydrocarbons. This increase was primarily driven by higher volumes, which accounted for a $6.6 billion increase, partially offset by lower average purchase prices. Other operating costs also rose, reflecting higher maintenance and employee compensation expenses. Despite these increases, net income attributable to common unitholders rose to $5.9 billion, compared to $5.5 billion in 2023.

Strategically, Enterprise Products made several significant moves in 2024, including the acquisition of Pinon Midstream for $953 million, which closed in October. This acquisition added 43 miles of natural gas gathering pipelines and related facilities to its portfolio. Additionally, the company issued $2.5 billion in senior notes to fund general company purposes and capital investments, including the expansion of its LPG export capacity at the Enterprise Hydrocarbon Terminal. The company also announced plans for several growth projects, including new natural gas processing trains and the Bahia NGL Pipeline, expected to enhance its operational capacity and market reach.

Operationally, the company reported increased throughput across its various segments. NGL pipeline transportation volumes rose to 4,355 MBPD from 4,040 MBPD in 2023, while crude oil pipeline transportation volumes increased to 2,510 MBPD from 2,461 MBPD. The company’s natural gas processing facilities also saw improved performance, with fee-based processing volumes increasing significantly. As of December 31, 2024, Enterprise Products employed approximately 7,800 personnel, reflecting a commitment to maintaining a robust workforce to support its operations.

Looking ahead, Enterprise Products maintains a positive outlook, anticipating continued growth in hydrocarbon supply and demand fundamentals. The company expects to leverage its integrated asset base to capitalize on rising production levels and increasing global demand for energy. However, it remains vigilant regarding potential risks, including geopolitical tensions and regulatory changes that could impact market dynamics. The partnership's ability to adapt to these challenges while executing its growth strategy will be crucial for sustaining its financial performance and distribution levels in the future.