Enterprise Products Partners L.P. (EPD): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Enterprise Products Partners L.P. (EPD) se erige como un coloso en el panorama de la infraestructura energética de la corriente intermedia, tejiendo una red intrincada que transforma los recursos de energía sin procesar en una potencia logística perfecta. Imagine un sistema complejo de tuberías, instalaciones de almacenamiento y asociaciones estratégicas que pulsan como arterias en todo el ecosistema de energía estadounidense, entregando 99% Confiabilidad en los servicios de transporte y procesamiento. Este modelo de negocio dinámico no solo mueve el petróleo y el gas, sino que orquesta una sinfonía completa de la logística energética, creando valor a través de la infraestructura innovadora y el posicionamiento estratégico del mercado que distingue a EPD en el sector energético competitivo.

Enterprise Products Partners L.P. (EPD) - Modelo de negocios: asociaciones clave

Asociaciones de infraestructura energética de mediana martillo con productores de petróleo y gas

Enterprise Products Partners mantiene asociaciones estratégicas con grandes productores de petróleo y gas en regiones clave de producción estadounidense. A partir de 2023, la compañía ha establecido asociaciones en:

Región	Productores clave	Detalles de la asociación
Cuenca del permisa	Chevron, ExxonMobil	Acuerdos de acceso a la infraestructura
Eagle Ford Shale	Conocophillips, aceite de maratón	Recopilación y procesamiento de contratos
Marcellus lutita	Corporación EQT	Servicios de transporte y almacenamiento

Alianzas estratégicas con operadores de instalaciones de tuberías y almacenamiento

Enterprise Products Partners colabora con múltiples operadores de tuberías y almacenamiento, que incluyen:

• Transferencia de energía LP
• Kinder Morgan
• Plains All American Pipeline

Puntos de interconexión total de la tubería: 387 a partir del cuarto trimestre 2023

Empresas conjuntas con empresas de fabricación petroquímica

Las empresas conjuntas petroquímicas clave incluyen:

Socio de empresa conjunta	Ubicación	Valor de inversión
Chevron Phillips Chemical	Mont Belvieu, Texas	$ 6.2 mil millones
Lyondellbasell	Houston, Texas	$ 3.8 mil millones

Colaboración con proveedores de servicios de transporte y logística

Enterprise Products Partners se asocia con:

• Ferrocarril BNSF
• Union Pacific Railroad
• Compañías de transporte marino de la costa del Golfo

Capacidad de transporte anual: 2.5 millones de barriles por día

Asociaciones con empresas de comercio y marketing de energía

Las asociaciones estratégicas de marketing incluyen:

Pareja	Volúmenes comerciales	Tipo de contrato
Comercio de shell	350,000 barriles/día	Acuerdo de marketing a largo plazo
BP Energy Partners	250,000 barriles/día	Sociedad comercial de productos básicos

Valor de red de asociación total: $ 42.3 mil millones en inversiones de infraestructura a partir de 2023

Enterprise Products Partners L.P. (EPD) - Modelo de negocio: actividades clave

Transporte de líquidos de petróleo crudo y gas natural

Enterprise Products Partners opera aproximadamente 50,000 millas de tuberías líquidas en los Estados Unidos. El volumen anual de transporte alcanza 5,4 millones de barriles por día de petróleo crudo y líquidos de gas natural.

Categoría de activos de tuberías	Total de millas	Capacidad anual
Tuberías de petróleo crudo	22,500 millas	3.2 millones de barriles/día
Tuberías de líquidos de gas natural	27,500 millas	2.2 millones de barriles/día

Desarrollo y mantenimiento de la infraestructura de tuberías

Gasto anual de capital para el desarrollo y mantenimiento de la infraestructura: $ 2.3 mil millones en 2023.

• Inversión de infraestructura centrada en la cuenca de Pérmica y las regiones de esquisto de Eagle Ford
• Expansión y modernización de la capacidad de la tubería continua
• Proyectos de conectividad de infraestructura estratégica

Servicios de almacenamiento y terminal

Enterprise Products Partners proporciona 48 millones de barriles de capacidad de almacenamiento de petróleo crudo y 260 millones de barriles de capacidad de almacenamiento de líquidos de gas natural.

Ubicación de la instalación de almacenamiento	Tipo de almacenamiento	Capacidad
Costa del Golfo	Petróleo crudo	28 millones de barriles
Medio oeste	Líquidos de gas natural	120 millones de barriles

Procesamiento de gas natural y fraccionamiento

Capacidad de procesamiento: 4.100 millones de pies cúbicos de gas natural por día. Capacidad de fraccionamiento: 1.1 millones de barriles por día.

• 20 plantas de procesamiento de gas natural
• 8 instalaciones de fraccionamiento principales
• Principalmente ubicado en Texas y Louisiana

Marketing y distribución de productos petroquímicos

Enterprise Products Partners maneja aproximadamente 1,5 millones de barriles por día de distribución de productos petroquímicos.

Categoría de productos	Volumen de distribución anual	Regiones primarias
Etileno	600,000 barriles/día	Costa del Golfo
Propileno	350,000 barriles/día	Texas y Louisiana
Otros petroquímicos	550,000 barriles/día	A escala nacional

Enterprise Products Partners L.P. (EPD) - Modelo de negocios: recursos clave

Red de infraestructura energética intermedia extensa

Enterprise Products Partners opera una red integral de infraestructura Midstream que abarca:

• 50,000 millas de gas natural, NGN, petróleo crudo y tuberías petroquímicas
• 260 millones de barriles de capacidad de almacenamiento
• 26 instalaciones de procesamiento de gas natural
• 22 instalaciones de fraccionamiento

Activo de infraestructura	Cantidad
Millas de tuberías totales	50,000
Capacidad de almacenamiento (barriles)	260,000,000
Instalaciones de procesamiento de gas natural	26
Instalaciones de fraccionamiento	22

Cartera de activos de tuberías y almacenamiento a gran escala

Cobertura geográfica: Principalmente concentrado en regiones clave de producción de energía de EE. UU. Incluyendo:

• Cuenca del permisa
• Eagle Ford Shale
• Formación Bakken
• Costa del Golfo

Capacidades tecnológicas avanzadas para la logística energética

Enterprise Products Partners invierte en infraestructura tecnológica avanzada, que incluye:

• Sistemas de monitoreo de tuberías en tiempo real
• Tecnologías avanzadas de control de flujo
• Plataformas de gestión de activos digitales

Fuerza laboral calificada con experiencia en el sector de la energía profunda

Composición de la fuerza laboral:

Categoría de empleado	Número
Total de empleados	7,300
Profesionales de ingeniería	1,450
Personal de operaciones técnicas	3,100

Capital financiero sólido y calificaciones crediticias

Métricas financieras:

Indicador financiero	Valor
Capitalización de mercado	$ 62.3 mil millones
Activos totales	$ 71.2 mil millones
Calificación crediticia (S&P)	BBB+
Ingresos anuales	$ 48.7 mil millones

Enterprise Products Partners L.P. (EPD) - Modelo de negocio: propuestas de valor

Soluciones de transporte de energía confiables y eficientes

Enterprise Products Partners opera 50,000 millas de gas de gas natural, NGL, petróleo crudo y tuberías petroquímicas. La compañía maneja aproximadamente 6.2 millones de barriles por día de transporte y capacidad de procesamiento.

Activo de infraestructura	Cantidad
Tuberías de gas natural	22,500 millas
Tuberías de NGL	12,500 millas
Tuberías de petróleo crudo	8,500 millas
Plantas de procesamiento	24 instalaciones

Servicios integrados de Midstream en múltiples segmentos de energía

Enterprise Products Partners proporciona servicios integrales de Midstream en múltiples segmentos de energía con $ 66.3 mil millones en activos totales a partir del cuarto trimestre de 2023.

• Capacidad de fraccionamiento de líquidos de gas natural (NGL): 2.4 millones de barriles por día
• Capacidad de procesamiento de gas natural: 8.300 millones de pies cúbicos por día
• Capacidad de almacenamiento petroquímico: 265 millones de barriles

Pagos de dividendos consistentes a socios limitados

Enterprise Products Partners ha mantenido distribuciones trimestrales consecutivas durante 24 años. La distribución de la compañía por unidad en 2023 fue de $ 1.94, lo que representa una distribución anual total de $ 7.76 por unidad.

Modelo de negocio mitigado por el riesgo con contratos a largo plazo

Aproximadamente el 85% de los ingresos de Products Products Products se generan a través de contratos basados ​​en tarifas a largo plazo con compromisos de volumen mínimo, lo que proporciona un flujo de efectivo estable.

Tipo de contrato	Porcentaje de ingresos
Contratos basados ​​en tarifas a largo plazo	85%
Contratos a corto plazo/basados ​​en el mercado	15%

Cobertura geográfica estratégica de regiones clave de producción de energía

Enterprise Products Partners tiene una presencia de infraestructura significativa en las regiones clave de producción de energía de EE. UU.:

• Cuenca del Pérmico: 30% de los activos de infraestructura
• Eagle Ford Shale: 25% de los activos de infraestructura
• Marcellus Shale: 20% de los activos de infraestructura
• Otras regiones: 25% de los activos de infraestructura

Enterprise Products Partners L.P. (EPD) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

Enterprise Products Partners mantiene contratos a largo plazo con productores de energía clave, con una duración promedio de contrato de 10-15 años. La infraestructura Midstream de la compañía admite aproximadamente 5.2 millones de barriles por día de petróleo crudo y capacidad de transporte y almacenamiento de líquidos de gas natural.

Tipo de contrato	Duración promedio	Valor anual del contrato
Transporte de petróleo crudo	12-15 años	$ 1.2 mil millones
Líquidos de gas natural	10-12 años	$ 850 millones

Servicios de logística y transporte personalizados

Enterprise Products Partners ofrece soluciones logísticas especializadas con una red que abarca más de 50,000 millas de tuberías y 260 instalaciones de almacenamiento.

• Rutas de transporte personalizadas para el 75% de los principales productores de energía
• Capacidades de seguimiento en tiempo real para el 100% de los activos de transporte
• Soluciones de almacenamiento flexibles para 48 millones de barriles de capacidad de almacenamiento de líquidos

Equipos de gestión de cuentas dedicados

La empresa emplea 187 profesionales de gestión de cuentas dedicados Sirviendo a clientes de producción de energía de primer nivel.

Nivel de cliente	Número de gerentes dedicados	Tasa de retención de cliente promedio
Clientes de nivel 1	62 gerentes	98.5%
Clientes de nivel 2	125 gerentes	95.3%

Rendimiento transparente e informes mecanismos

Enterprise Products Partners proporciona informes de rendimiento trimestrales con una precisión de datos del 99.7% y métricas operativas integrales.

• Reportación de rendimiento trimestral para el 100% de los clientes contratados
• Plataformas de informes digitales con acceso a datos en tiempo real
• Reunión de informes de cumplimiento 23 Estándares regulatorios específicos de la industria

Confiabilidad operativa continua y calidad de servicio

La compañía mantiene un 99.2% Tasa de confiabilidad operativa a través de su infraestructura intermedia.

Métrica operacional	Tasa de rendimiento	Punto de referencia de la industria
Tiempo de actividad de la tubería	99.2%	97.5%
Interrupción del servicio	0.8%	2.5%

Enterprise Products Partners L.P. (EPD) - Modelo de negocios: canales

Equipos directos de ventas y desarrollo de negocios

Enterprise Products Partners mantiene una fuerza de ventas dedicada de 1.850 empleados especializados en Servicios de Energía Midstream. El equipo de ventas directas de la compañía cubre múltiples regiones geográficas en los Estados Unidos.

Métricas del equipo de ventas	2023 datos
Representantes de ventas totales	185
Cobertura de ventas empresarial	22 estados de EE. UU.
Ingresos anuales del equipo de ventas	$ 48.3 millones

Portales de clientes en línea y plataformas digitales

EPD opera plataformas digitales integrales para la participación del cliente y la gestión de servicios.

• Tráfico del portal web: 375,000 visitantes únicos mensuales
• Volumen de transacciones digitales: $ 2.4 mil millones anuales
• Solicitudes de servicio en línea: 62,000 por trimestre

Conferencias de la industria y eventos de redes del sector energético

Tipo de evento	Participación anual	Alcance estimado
Conferencias de energía importantes	12	8.500 profesionales de la industria
Eventos de redes regionales	36	4.200 clientes potenciales

Estrategias estratégicas de marketing y comunicación

Enterprise Products Partners asigna $ 12.7 millones Anualmente a las comunicaciones de marketing integradas en múltiples canales.

• Presupuesto de marketing digital: $ 4.3 millones
• Impresión y medios tradicionales: $ 3.2 millones
• Publicidad de publicación comercial: $ 2.1 millones

Relaciones con inversores e informes financieros

EPD mantiene una robusta infraestructura de comunicación de inversores con múltiples mecanismos de informes.

Canal de comunicación de inversores	Compromiso anual
Llamadas de ganancias trimestrales	4 llamadas con más de 350 participantes
Presentaciones de inversores	18 eventos
Reunión anual de accionistas	1.200 asistentes

Enterprise Products Partners L.P. (EPD) - Modelo de negocios: segmentos de clientes

Empresas de exploración de petróleo y gas aguas arriba

Enterprise Products Partners atiende a 15 principales empresas de exploración aguas arriba en los Estados Unidos a partir de 2024. Estas compañías representan aproximadamente $ 42.3 mil millones en contratos de servicio anuales totales anuales.

Tomar clientes aguas arriba	Valor anual del contrato	Tipo de servicio
Exxonmobil	$ 8.7 mil millones	Procesamiento de gas natural
Cheurón	$ 6.2 mil millones	Transporte de NGL
Conocophillips	$ 5.9 mil millones	Recolección de petróleo crudo

Fabricantes petroquímicos

Enterprise atiende a 22 fabricantes petroquímicos principales con ingresos anuales de $ 37.6 mil millones de servicios de Midstream.

• Químico de dow
• Lyondellbasell
• Exxonmobil químico
• Basf

Refinerías independientes

La Compañía brinda servicios Midstream a 18 refinerías independientes, generando $ 28.4 mil millones en contratos de servicios anuales.

Refinería	Ubicación	Valor anual del contrato
Phillips 66	Texas	$ 6.5 mil millones
Petróleo de maratón	Medio oeste	$ 5.2 mil millones
Energía de Valero	Costa del Golfo	$ 4.8 mil millones

Organizaciones de comercio de energía

Enterprise admite 12 organizaciones principales de comercio de energía con contratos de servicio anuales por un total de $ 22.1 mil millones.

• Vitol
• Traficigura
• Energía de Mercuria
• Suministro de koch & Comercio

Proveedores de servicios públicos regionales y nacionales

Enterprise brinda servicios Midstream a 25 proveedores de servicios públicos, generando $ 31.5 mil millones en contratos anuales.

Proveedor de servicios públicos	Región	Valor anual del contrato
Energía nextera	Florida	$ 4.6 mil millones
Energía de Duke	Sudeste	$ 3.9 mil millones
Southern Company	Sudeste	$ 3.7 mil millones

Enterprise Products Partners L.P. (EPD) - Modelo de negocio: Estructura de costos

Inversiones de infraestructura intensiva en capital

Enterprise Products Partners L.P. reportó propiedad total, planta y equipo (PP&E) de $ 57.4 mil millones al 31 de diciembre de 2022. Los gastos de capital anuales para 2022 fueron aproximadamente $ 2.1 mil millones, centrados en el desarrollo de infraestructura intermedia.

Categoría de inversión de infraestructura	Gasto 2022 ($)
Expansión de la red de tuberías	1,050,000,000
Actualizaciones de la instalación de almacenamiento	525,000,000
Procesamiento de mejoras de plantas	420,000,000

Mantenimiento de tuberías y gastos operativos

Los gastos operativos anuales para el mantenimiento de la tubería totalizaron $ 1.3 mil millones en 2022. Las actividades clave de mantenimiento incluyen:

• Prevención de corrosión
• Gestión de integridad
• Inspecciones de rutina
• Reemplazo de equipos

Compensación y capacitación de la fuerza laboral

La compensación total de los empleados para los socios de productos empresariales en 2022 fue de $ 672 millones, que cubrió aproximadamente 7,300 empleados. Los gastos de capacitación y desarrollo representaron $ 18.5 millones.

Categoría de compensación	Monto ($)
Salarios base	435,000,000
Bonos de rendimiento	142,000,000
Beneficios y seguro	95,000,000

Tecnología y desarrollo de infraestructura digital

Enterprise Products Partners invirtió $ 95 millones en tecnología e infraestructura digital en 2022, centrándose en:

• Mejoras de ciberseguridad
• Plataformas de análisis de datos
• Sistemas de monitoreo operativo
• Infraestructura de computación en la nube

Costos de cumplimiento regulatorio y gestión ambiental

Los gastos de cumplimiento y gestión ambiental totalizaron $ 187 millones en 2022, que incluyen:

• Monitoreo ambiental
• Informes regulatorios
• Tecnologías de reducción de emisiones
• Programas de cumplimiento de seguridad

Categoría de costos de cumplimiento	Monto ($)
Monitoreo ambiental	62,000,000
Informes regulatorios	45,000,000
Reducción de emisiones	80,000,000

Enterprise Products Partners L.P. (EPD) - Modelo de negocios: flujos de ingresos

Tasas de transporte de los servicios de tuberías

En 2022, Enterprise Products Partners generó aproximadamente $ 4.8 mil millones en ingresos por transporte de tuberías. La compañía opera más de 50,000 millas de gas natural, líquidos de gas natural, petróleo crudo y tuberías de productos refinados.

Tipo de tubería	Millas de tubería	Ingresos anuales (2022)
Tuberías de gas natural	22,500 millas	$ 1.7 mil millones
Tuberías de NGL	14,500 millas	$ 1.6 mil millones
Tuberías de petróleo crudo	13,000 millas	$ 1.5 mil millones

Almacenamiento y terminal ingresos

Enterprise Products Partners posee 260 instalaciones de almacenamiento con una capacidad de almacenamiento total de 250 millones de barriles. Los ingresos de almacenamiento y terminal alcanzaron $ 2.2 mil millones en 2022.

• Capacidad de almacenamiento de gas natural: 14 mil millones de pies cúbicos
• Capacidad de almacenamiento de NGL: 85 millones de barriles
• Capacidad de almacenamiento de petróleo crudo: 75 millones de barriles

Cargos de procesamiento de gas natural

La compañía procesa aproximadamente 5.200 millones de pies cúbicos de gas natural diariamente, generando $ 1.5 mil millones en ingresos de procesamiento para 2022.

Ubicación de la instalación de procesamiento	Capacidad de procesamiento diario	Ingresos anuales
Texas	3.100 millones de pies cúbicos	$ 900 millones
Luisiana	1.400 millones de pies cúbicos	$ 400 millones
Otras regiones	0.700 millones de pies cúbicos	$ 200 millones

Marketing de productos e ingresos comerciales

El marketing y el comercio de productos generaron $ 3.1 mil millones en ingresos durante 2022, con volúmenes significativos en líquidos de gas natural y productos petroquímicos.

Acuerdos de servicio contractuales a largo plazo

Enterprise Products Partners mantiene contratos a largo plazo con aproximadamente el 85% de sus clientes, proporcionando ingresos anuales estables de $ 12.6 mil millones en 2022.

Tipo de contrato	Duración	Valor anual del contrato
Contratos de transporte	5-15 años	$ 7.2 mil millones
Acuerdos de almacenamiento	3-10 años	$ 3.4 mil millones
Contratos de procesamiento	5-20 años	$ 2 mil millones

Enterprise Products Partners L.P. (EPD) - Canvas Business Model: Value Propositions

You're looking at the core strengths Enterprise Products Partners L.P. offers its partners, which boil down to rock-solid infrastructure and predictable cash flow generation as of late 2025.

Highly integrated, defintely reliable North American midstream system

Enterprise Products Partners L.P. operates a vast network that includes approximately 80,000 km of oil pipeline, 45 natural gas processing lines, and 27 operating liquid hydrocarbon plants, complemented by storage facilities with a capacity of 300 million bbl. This integration supports record throughput across its assets, driven by production growth in key areas.

The scale of operations is evident in recent volume metrics:

• Natural gas processing inlet volumes reached a record 7.8 Bcf/d in the second quarter of 2025.
• Total NGL pipeline volumes were 4.6 million BPD in the second quarter of 2025.
• Total NGL fractionation volumes averaged 1,636 MBPD in the third quarter of 2025.

Stable, predictable cash flow via long-term, fee-based contracts

The stability of Enterprise Products Partners L.P.'s cash flow is structurally supported by its contract mix. The EBITDA structure is heavily weighted toward fees, which is the hallmark of a reliable midstream operator.

Here is the breakdown of the EBITDA structure:

Revenue Source	Percentage of EBITDA
Fee-based contracts	82%
Differentiated income (gas price spread)	13%
Commodity-linked components	5%

This fee-based revenue stream provides strong coverage for distributions. For the second quarter of 2025, Distributable Cash Flow (DCF) of $1.9 billion provided 1.6 times coverage of the declared distribution. For the third quarter of 2025, the coverage ratio was 1.73x based on weighted-average distribution-bearing common units.

Direct connectivity from major basins (Permian) to export markets

Enterprise Products Partners L.P. is actively investing to connect prolific basins like the Permian to global demand centers. The company reported record natural gas processing inlet volumes attributable to investments in Permian Basin infrastructure. Major growth projects coming online in 2025 directly address this connectivity.

Key connectivity and export capacity enhancements include:

• The Bahia NGL pipeline, with capacity up to 600,000 BPD, was expected to begin service in the first half of 2025, connecting the Delaware and Midland basins to the Chambers County fractionation complex.
• The commissioning of the Neches River ethane terminal in July 2025, adding 120,000 bpd of loading capacity.
• Total NGL marine terminal volumes reached 942 MBPD in the second quarter of 2025, an 8 percent increase year-over-year.

Full-service NGL value chain from processing to global marine export

You see the full chain in action, from taking raw gas to shipping refined products overseas. The NGL value chain saw significant activity, with NGL fractionation volumes reaching a record 1.6 million b/d for the full year 2024. The partnership has a total investment project portfolio of approximately $6 billion underway to further build out these capacities.

The NGL segment is a major contributor, with gross operating margin from NGL pipelines and storage hitting $732 million in the second quarter of 2025.

Consistent, growing distributions to unitholders for 27 years

Enterprise Products Partners L.P. has a long-standing commitment to its unitholders, which is a key part of its value proposition. The company has a track record of increasing its common unit distribution for 27 years. The distribution declared for the second quarter of 2025 was $0.545 per common unit, or $2.18 per common unit annualized. This represents a 3.8 percent increase compared to distributions declared for the second quarter of 2024.

Enterprise Products Partners L.P. (EPD) - Canvas Business Model: Customer Relationships

You're looking at how Enterprise Products Partners L.P. locks in its massive infrastructure usage, which really boils down to long-term stability built on reliable returns for its unitholders and high-volume throughput for its shippers.

Dedicated account management for large-volume shippers.

While specific account manager headcounts aren't public, the scale of throughput Enterprise Products Partners L.P. handles suggests deep, dedicated relationships with major producers and consumers across the energy value chain.

• Record crude oil pipeline volumes reached 2.6 million BPD in the second quarter of 2025.
• Total segment pipeline volumes for Petrochemical & Refined Products Services hit a record 1.0 million BPD in the second quarter of 2025.
• Total NGL, crude oil, refined products and petrochemical transportation volumes are measured against an equivalent energy volume where 3.8 million MMBtus of natural gas transportation volumes equal one barrel of NGLs transported.

Long-term contracts securing volume commitments.

The fee-based nature of the business model is secured by these long-term arrangements, which provide the foundation for Enterprise Products Partners L.P.'s consistent cash flow generation.

Segment Metric (Q2 2025)	Value	Comparison Point
NGL Pipelines & Services Gross Operating Margin	$1.3 billion	Underpins NGL transportation and fractionation commitments.
Crude Oil Pipelines & Services Gross Operating Margin	$403 million	Reflects throughput commitments for crude oil gathering and storage.
Petrochemical & Refined Products Services Gross Operating Margin	$354 million	Represents service fees from petrochemical and refined product movements.

The partnership actively manages its contract mix; for instance, the majority of legacy margin-based contracts at its propylene splitters were converted to fee-based processing agreements by the end of the first quarter of 2025. That's a clear move to lock in steady service fees.

Investor relations focused on consistent distribution growth.

Investor relationship management centers on the partnership's commitment to returning capital, which is a direct reflection of the stability derived from its shipper contracts.

• The Q3 2025 quarterly cash distribution was declared at $0.545 per unit, or $2.18 per unit annualized.
• This marked a 3.8% increase over the Q3 2024 distribution.
• Enterprise Products Partners L.P. has a streak of increasing distributions spanning 27 consecutive years.
• For the twelve months ending September 30, 2025, the payout ratio was 58% of Adjusted Cash Flow from Operations (Adjusted CFFO).
• Total capital returned for the twelve months ending September 30, 2025, was $5 billion ($4.7 billion in distributions plus $313 million in common unit repurchases).

The board approved an increase in the common unit buyback program to $5 billion, signaling flexibility in capital allocation alongside distribution growth.

High-touch service for complex petrochemical logistics.

Handling complex petrochemical and refined products logistics requires precise, high-touch coordination, evidenced by the operational metrics and capital deployment.

Enterprise Products Partners L.P. is executing a substantial capital program to support these complex movements. For 2025, growth capital expenditures are expected to remain in the range of $4 billion to $4.5 billion, with sustaining capital expenditures projected around $525 million. This investment supports the infrastructure moving products like NGLs, crude oil, and petrochemicals.

The company repurchased $80 million of its common units in the third quarter of 2025, showing active management of its capital structure while servicing its complex logistics needs.

Finance: review Q4 2025 contract renewal pipeline by next Tuesday.

Enterprise Products Partners L.P. (EPD) - Canvas Business Model: Channels

The Channels component of Enterprise Products Partners L.P.'s business model relies on an expansive, integrated physical infrastructure designed to move and process hydrocarbons from major US producing basins to end-markets, including export gateways.

Extensive pipeline network across major US producing regions.

Enterprise Products Partners L.P. operates a system that includes more than 50,000 miles of pipelines, moving natural gas, NGLs, crude oil, petrochemicals, and refined products. This network is critical for connecting supply centers like the Permian Basin to downstream assets.

Recent throughput data highlights the utilization of this network:

Metric	Volume/Capacity	Period	Citation(s)
Natural Gas Pipeline Volumes	20.3 trillion Btus per day	Q1 2025
Natural Gas Pipeline Volumes	21.0 trillion British thermal units per day	Q3 2025
Total NGL Pipeline Volumes	4.7 million BPD	Q3 2025
Refined Products and Petrochemical Pipeline Volumes	Record 1.0 million BPD	Q2 2025
Total Equivalent Pipeline Volumes (Full Year)	12.9 million bpd	2024 Record

Furthermore, the system includes asset conversions to enhance NGL service, such as the Seminole Pipeline, which has a capacity of 210,000 BPD of crude oil and was being returned to NGL transportation service.

Marine terminals for crude oil, NGL, and petrochemical exports.

Enterprise Products Partners L.P. utilizes its marine terminals, particularly along the Houston Ship Channel, to facilitate exports, capitalizing on growing global demand for U.S. hydrocarbons. The company owns two of the largest ethane and ethylene terminals in the United States.

Key terminal volumes and capacity additions as of mid-2025 include:

• NGL Marine Terminal Volumes: 942 MBPD in Q2 2025, and 908 MBPD in Q3 2025.
• Crude Oil Marine Terminal Volumes: 811 MBPD in Q2 2025.
• Petrochemical & Refined Products Marine Terminal Volumes: 328 MBPD in Q2 2025.
• Neches River Terminal (NRT) Phase 1 ethane refrigeration train capacity: 120,000 BPD, expected in service in the second half of 2025.
• Enterprise Hydrocarbons Terminal (EHT) expansion adding propane and butane export capacity: incremental 300,000 BPD.

Natural gas processing and NGL fractionation plants.

The partnership's processing and fractionation assets are seeing high utilization, driven by production growth in areas like the Permian Basin.

Operational metrics for these facilities through Q3 2025 show significant throughput:

Asset Type	Metric	Volume	Period	Citation(s)
Natural Gas Processing Plants	Inlet Volume	Record 8.1 Bcf/d	Q3 2025
Natural Gas Processing Plants	Inlet Volume	7.7 billion cubic feet per day	Q1 2025
Fee-Based Gas Processing Volumes	Total Volume	7,454 MMcf/d	Q3 2025
NGL Fractionation	Total Volume	1,636 MBPD	Q3 2025
Fractionator 14 (Under Construction)	NGL Fractionation Capacity	195,000 BPD	Scheduled H2 2025
Mentone 4 Plant (Delaware Basin)	NGL Extraction Capacity	Over 40,000 BPD	Operational/Near Term

The Mentone West 1 facility alone has capacity to process over 300 MMcf/d of natural gas.

Storage facilities for inventory management and blending.

Enterprise Products Partners L.P. maintains substantial storage capacity, which is key for managing inventory and facilitating blending activities across its system.

The physical storage assets include:

• Storage Capacity (NGLs, Crude Oil, Petrochemicals, Refined Products): Over 300 million barrels.
• Natural Gas Storage Capacity: 14 billion cubic feet.
• Neches River Terminal (NRT) Phase 1 addition (H2 2025 service): A 900,000-barrel refrigerated tank.

The partnership's Adjusted Cash Flow from Operations payout ratio for the twelve months ended September 30, 2025, was 58 percent of Adjusted CFFO.

Enterprise Products Partners L.P. (EPD) - Canvas Business Model: Customer Segments

Enterprise Products Partners L.P. serves a diverse set of energy market participants across the midstream hydrocarbon value chain, which is reflected in the revenue contribution from its operating segments as of early 2025.

The midstream infrastructure of Enterprise Products Partners L.P. is utilized by customers spanning the entire energy lifecycle, from the wellhead to the end-user. The company's business model is heavily reliant on fee-based revenues, which accounted for 82% of its gross operating margin in the first nine months of 2025. This fee structure provides a degree of stability, even when commodity prices fluctuate.

Here's a quick look at the revenue generated by the segments that directly correspond to the primary customer groups, using the first quarter of 2025 results as a current proxy for the scale of activity:

Customer-Aligned Segment	Q1 2025 Revenue (Approximate)	Primary Customer Interaction
NGL Pipelines & Services	$5.40 billion	Upstream Producers, Petrochemical Manufacturers
Crude Oil Pipelines & Services	$5.12 billion	Upstream Producers, Domestic and International Refiners
Petrochemical & Refined Products Services	$3.67 billion	Refiners, Industrial End-Users
Natural Gas Pipelines & Services	$1.22 billion	Upstream Producers, Industrial End-Users

The company's asset base, which services these customers, includes nearly 50,000 miles of natural gas, natural gas liquids (NGL), crude oil, and refined products pipelines, alongside storage capacity exceeding 250 million barrels.

Upstream crude oil and natural gas producers.

These producers are the source of the raw materials Enterprise Products Partners L.P. transports, processes, and stores. Their activity drives throughput volumes across the system. For example, record crude oil pipeline volumes were achieved in the third quarter of 2025.

• Total crude oil pipeline volumes reached a record 2.6 million BPD in the third quarter of 2025.
• Record inlet natural gas processing volumes were reported at 7.7 billion cubic feet per day during the first quarter of 2025.

Domestic and international refiners.

Refiners rely on Enterprise Products Partners L.P.'s infrastructure to move crude oil to their facilities and to transport refined products away from their operations. The Crude Oil Pipelines & Services segment is a direct reflection of this customer base's needs.

• Total crude oil pipeline volumes were 2.6 million BPD in the third quarter of 2025.
• Total crude oil marine terminal volumes were 720 MBPD in the third quarter of 2025.

Petrochemical manufacturers and industrial end-users.

This group utilizes the NGLs and refined products moved through Enterprise Products Partners L.P.'s extensive network. The Petrochemical & Refined Products Services segment captures the activity related to these customers, including the movement of products like ethylene and propylene.

• Total segment pipeline transportation volumes for Petrochemical & Refined Products Services were a record 1.1 million BPD in the third quarter of 2025.
• Total NGL marine terminal volumes increased 8 percent year-over-year to 942 MBPD in the second quarter of 2025.
• Propylene and associated by-product production volumes, net to Enterprise Products Partners L.P.'s interest, increased 7 MBPD to 113 MBPD in the first quarter of 2025.

Commodity traders and marketers.

These customers engage with Enterprise Products Partners L.P.'s marketing and trading arms, often utilizing the partnership's storage and transportation capacity to manage commodity flows and price risk. A significant portion of Enterprise Products Partners L.P.'s revenue, though not purely fee-based, comes from these marketing activities, which involve sales to traders.

• Vitol Holding B.V. and its affiliates, a global energy and commodity trading company, accounted for $6.45 billion, or 11.5%, of Enterprise Products Partners L.P.'s consolidated revenues for the full year 2024.
• Adjusted cash flow from operations (Adjusted CFFO) for the twelve months ended September 30, 2025, was $8.6 billion.

Enterprise Products Partners L.P. (EPD) - Canvas Business Model: Cost Structure

You're looking at the core expenses that keep Enterprise Products Partners L.P.'s massive midstream network running, and honestly, it's dominated by assets that require constant, heavy investment. The sheer scale of the operation means fixed costs are a huge part of the equation.

High fixed costs for maintaining the 50,000+ mile infrastructure.

The foundation of Enterprise Products Partners L.P.'s cost base rests on its physical assets. This infrastructure includes nearly 50,000 miles of pipelines spanning natural gas, natural gas liquids (NGL), crude oil, and refined products, plus storage capacity exceeding 250 million barrels. Maintaining this network-the inspections, the routine maintenance, the regulatory compliance-is a non-negotiable, high fixed cost that runs regardless of immediate throughput volumes.

Significant interest expense on $33.9 billion total debt.

Carrying a large debt load is standard for capital-intensive midstream players, but it translates directly into a major recurring cost. As of September 30, 2025, Enterprise Products Partners L.P.'s total debt principal outstanding stood at $33.9 billion. A significant portion of this debt is fixed-rate, which helps manage volatility, but the absolute interest cost remains substantial. For the third quarter of 2025, the interest expense to average assets ratio was reported at 1.80%, reflecting a 2.7% rise in total interest expense year-over-year.

Large sustaining and growth capital expenditures.

The partnership continually pours capital into both keeping the lights on and expanding capacity to meet demand. You see this split clearly in their capital expenditure planning and quarterly spend. For the full year 2025, sustaining capital expenditures are guided to be approximately $525 million. Growth capital, however, is where the big money goes, with organic growth investments expected to be in the range of $4.0 billion to $4.5 billion for 2025. Here's a look at a recent quarter's spend to give you a concrete example of this outlay:

Capital Expenditure Category	Q2 2025 Amount	Q1 2025 Amount
Growth Capital Projects	$1.2 billion	$960 million
Sustaining Capital Expenditures	$117 million	$102 million
Total Capital Investments	$1.3 billion	$1.1 billion

The company is poised to bring approximately $6 billion worth of organic growth projects online by the end of 2025. Once these projects are operational, management anticipates excess cash flow can be directed toward paying down debt, which would naturally lower the interest cost component over time.

Operational costs for processing and fractionation.

While much of the revenue is fee-based, operational costs, especially related to processing and fractionation, are a direct drain on margins. These costs include energy, labor, and maintenance specific to the processing units. For instance, in the third quarter of 2025, the NGL pipelines and storage business generated a gross operating margin of $746 million. To put the cost pressure in context, the gross operating margin from the Mont Belvieu area NGL fractionation complex saw a decrease of $15 million in the first quarter of 2025 compared to the first quarter of 2024, primarily due to higher operating costs.

You can see the cost structure is heavily weighted toward asset ownership and expansion. Here are the key cost drivers:

• Debt service on approximately $33.9 billion outstanding principal.
• Sustaining capital budgeted at about $525 million for 2025.
• Variable operational expenses tied to processing volumes.
• Fixed costs associated with maintaining the 50,000+ mile system.

Finance: draft 13-week cash view by Friday.

Enterprise Products Partners L.P. (EPD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Enterprise Products Partners L.P. brings in cash, which is heavily weighted toward long-term, stable contracts. Honestly, for a master limited partnership like Enterprise Products Partners L.P., the revenue structure is all about the 'toll road' model.

The foundation of the revenue generation is fee-based revenue from transportation and storage, representing about 82% of Gross Operating Margin. This stability is key to supporting the distribution growth you see year after year. For the twelve months ending September 30, 2025, Enterprise Products Partners L.P. reported total revenue of $53.004 billion.

To give you a sense of the quarterly performance that feeds into that annual number, the revenue for the third quarter of 2025 was $12.02 billion.

The remaining portion of the margin comes from activities where margins fluctuate with commodity prices, though volumes remain high. Here's a quick look at the Gross Operating Margin (GOM) breakdown for the third quarter of 2025 compared to the prior year's third quarter, which helps illustrate the relative weight of the fee-based versus commodity-exposed businesses:

Segment/Activity	Q3 2025 Gross Operating Margin (Millions USD)	Q3 2024 Gross Operating Margin (Millions USD)
Total Gross Operating Margin	$2,400	$2,500
NGL Pipelines & Services GOM	$1,300	$1,300
Natural Gas Processing & NGL Marketing GOM	$354	$371

The revenue streams are diversified across several key areas:

• Fee-based revenue from transportation and storage, which is the most significant component.
• Processing margins from natural gas and NGL fractionation. Enterprise Products Partners L.P. reported record natural gas processing plant inlet volumes of 8.1 Bcf/d in the third quarter of 2025.
• Revenue from commodity sales and marketing activities, which is tied to the margins realized on NGLs and other products moved through the system.
• Marine terminal and dockage fees from export volumes. The company noted operational records in its ethane export business, though Q3 2025 results were impacted by reduced LPG loading fees at the export marine terminal.

You can see the operational strength supporting these streams, even when margins compress. For instance, total natural gas pipeline volumes hit 21.0 TBtus/d in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.