Latest analysis
Updated Nov 4, 2026
Enterprise Products Partners expands Permian processing capacity with four new trains and fractionation unit
Enterprise announced plans to construct four additional natural gas processing trains in the Permian Basin (Athena 2, Midland Basin Plant 11, Delaware Basin Plants 12 and 13) with a combined 1.2 Bcf/d capacity and one NGL fractionator (Frac 15) at Mont Belvieu, all supported by long-term acreage dedications and minimum-volume commitments. The company secured an additional $1.0 billion revolving credit facility in July 2026, increasing total borrowing capacity to $5.2 billion, to enhance liquidity amid commodity price volatility. Q3 2026 saw natural gas average $2.96/MMBtu and crude oil (WTI) average $85.79/barrel, with NGL weighted-average prices at $0.69/gallon.
Tone: bullishRevenue
$52.6B
EPD 10-K · FY 2025
Revenue FY2024
$56.2B
Founded
1998
Headquarters
Houston, TX
Profile
EPD 10-K Item 1 · Feb 27, 2026Enterprise Products Partners L.P. is a publicly traded Delaware limited partnership and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. The partnership operates a fully integrated midstream energy asset network linking major U.S., Canadian and Gulf of Mexico supply basins with domestic consumers and international markets. All business operations are conducted through its indirect subsidiary Enterprise Products Operating LLC.
Read filing description ↓ Collapse description ↑
We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange under the ticker symbol 'EPD.' Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries. Our fully integrated, midstream energy asset network (or 'value chain') links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the U.S., Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases and ethane); crude oil gathering, transportation, storage, and marine terminals; propylene production facilities (including propane dehydrogenation facilities), butane isomerization, octane enhancement, isobutane dehydrogenation and high purity isobutylene production facilities; petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene); and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems.
Primary products
- natural gas gathering, treating, processing, transportation and storage
- NGL transportation, fractionation, storage, and marine terminals
- liquefied petroleum gases (LPG) export
- ethane export
- crude oil gathering, transportation, storage, and marine terminals
- propylene production facilities
End markets
Geographies
“We are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $56,219 million in 2024 to $52,596 million in 2025, driven by lower third-party revenues.
The rest of EPD is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.