Enterprise Products earnings steady on record volumes

Enterprise Products Partners (EPP) LP second-quarter 2025 net income was generally flat from a year earlier at $1.45 billion vs. $1.42 billion. Total capital investments were $1.3 billion in second-quarter 2025, which included $1.2 billion for growth capital projects and $117 million of sustaining capital expenditures.

Record volumes driven by its Permian and Haynesville basin operations helped Enterprise maintain its financials despite what co-chief executive officer Jim Teague described as “macroeconomic, geopolitical, and commodity-price headwinds.” EPP’s natural gas processing plant inlet volumes for the totaled are record 7.8 bcfd, up from 7.5 bcfd in second-quarter 2024. Other records included natural gas pipeline volumes of 20.4 bcfd (vs. 18.7 bcfd in a year earlier), crude oil pipeline volumes of 2.6 million b/d, and refined products and petrochemical pipeline volumes of 1 million b/d.

“We are excited for the opportunities the second half of 2025 is poised to present with approximately $6 billion of our organic growth capital projects slated to enter commercial service,” continued Teague.

The projects include the commissioning of two 300-MMcfd processing plants. With the addition of Mentone West 1, EPP says it now has the capacity to process more than 2.5 bcfd of Delaware basin gas and extract more than 330,000 b/d of NGL. Mentone West 2 is under development and will add another 300 MMcfd of gas processing and 40,000 b/d of NGL production (OGJ Online, June 4, 2024).

In Midland basin, the addition of the Orion plant increased the company’s processing capacity to 1.9 bcfd and 270,000 b/d.

Earlier this month Enterprise began service at its Neches River Terminal (NRT) in Orange County, Tex. The terminal dock and a 120,000-b/d ethane refrigeration train have allowed the start of Phase 1 operations at the export project, with the first shipment loaded last week. Multiple ship-tracking services reported the LNG-fueled, 35,000-cu m Navigator Eclipse as having picked up the cargo. 

NRT Phase 2 includes a second refrigeration train that will allow Enterprise to load up to 180,000 b/d of ethane, 360,000 b/d of propane, or a combination of the two. The second phase is expected to begin service first-half 2026.

EPP plans to commission its nameplate 150,000-b/d Mont Belvieu Fractionator 14 (capable of up to 195,000 b/d, according to the company) and 680,000-b/d Bahia pipeline in fourth-quarter 2025. The 550-mile pipeline will transport mixed NGL from the Permian basin to fractionation in Mont Belvieu, Tex.

The company’s expectations for organic growth capital investments held steady at $4.0-4.5 billion in 2025, and $2.0-2.5 billion in 2026. Sustaining capital expenditures are expected to total about $525 million in 2025.