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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.