By Rob Curran
Enterprise Products Partners posted third-quarter earnings growth as higher commodity volumes ran through its natural-gas, refined-products and oil pipeline networks.
The Houston-based pipeline company posted net income of $1.43 billion, or 65 cents a unit, up from $1.35 billion, or 63 cents a unit, a year earlier.
Enterprise Products posted distributable cash flow of $2 billion, rising 5% from a year earlier and surpassing the average analyst target of $1.97 billion, according to FactSet.
Revenue rose 15% to $13.78 billion, topping the average Wall Street peg of $13.48 billion based on analysts polled by FactSet.
Gross operating margin at its natural gas processing unit rose 27% to $371 million, on strength at its Permian Basin operations. At its natural-gas-liquids pipeline and storage unit, gross operating margin increased to $716 million, as volumes rose 6%. Gross operating margin at the natural-gas-liquids fractionation unit rose 25% to $248 million. Gross operating margin at the crude-oil pipeline and services unit fell to $401 million, as volumes declined. Gross operating margin at the natural-gas pipelines and services unit rose sharply to $349 million. Gross operating margin at the petrochemical and refined products fell 20% to $363 million, despite an increase in volumes.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
October 29, 2024 06:21 ET (10:21 GMT)
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