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Commodities

Enterprise Products Q2 Pipeline, Marine Terminal Volumes Reach Record Levels

Enterprise Products Partners (EPD) reported Q2 earnings Thursday, showing record equivalent pipeline transportation volumes of 14.7 million barrels per day, up from 13.6 million b/d a year earlier.Net pipeline transportation volumes for natural gas liquids, crude oil, petrochemicals and refined products increased to 9.1 million b/d for the quarter ended June 30, up from 8.2 million b/d a year earlier.Net natural gas pipeline transportation volumes rose to 21,048 billion British thermal units per day from 20,405 billion Btu/d a year earlier, according to the company.Net marine terminal volumes for natural gas liquids, crude oil, refined products and petrochemicals increased to 2.8 million b/d, up from 2.1 million b/d in the year-ago quarter, Enterprise Products said.Within the natural gas liquids segment, natural gas liquids pipeline transportation volumes increased to 4.9 million b/d in Q2, up from 4.6 million b/d a year earlier. Natural gas liquids marine terminal volumes rose to 1.2 million b/d, up from 942,000 b/d.Natural gas liquids fractionation volumes increased to 1.9 million b/d from 1.7 million b/d a year earlier, while equity natural gas liquids-equivalent production volumes rose to 230,000 b/d from 214,000 b/d.Fee-based natural gas processing volumes increased to 7.5 billion cubic feet per day from 7.3 Bcf/d a year earlier, while natural gas processing inlet volumes rose to 8.6 Bcf/d from 8.5 Bcf/d, according to the company.Within the crude oil pipeline segment, crude oil pipeline transportation volumes increased to 3 million b/d for Q2, up from 2.6 million b/d a year earlier. Crude oil marine terminal volumes rose to 1.1 million b/d from 811,000 b/d, according to the company.Within the petrochemical and refined products services segment, propylene production volumes increased to 134,000 b/d, up from 118,000 b/d a year earlier. Butane isomerization volumes declined to 115,000 b/d from 122,000 b/d, according to the company.Standalone DIB processing volumes increased to 228,000 b/d from 186,000 b/d a year earlier. Octane enhancement and related plant sales volumes edged down to 37,000 b/d from 39,000 b/d, the company said.Pipeline transportation volumes, primarily refined products and petrochemicals, rose to 1.2 million b/d in the quarter from 1 million b/d a year earlier, according to the company, while refined products and petrochemicals marine terminal volumes increased to 422,000 b/d from 328,000 b/d a year earlier, Enterprise Products said.The company expects 2026 growth capital spending, net of asset-sale proceeds, to range between $2.9 billion to $3.4 billion, alongside about $600 million in sustaining capital expenditures.Price: $38.33, Change: $-0.34, Percent Change: -0.88%

$EPD
Wire

Enterprise Products Partners Seen Posting Strong Q2 on Higher Liquids Margins Export Demand, RBC Says

Enterprise Products Partners (EPD) is likely to report a strong Q2, helped by wider margins on natural gas liquids and firm demand for export cargoes, RBC Capital Markets said Tuesday in a report.Enterprise is also expected to benefit from improved economics for converting normal butane into higher-value gasoline blendstock, which strengthened during the quarter, the report said.RBC raised its Q2 adjusted EBITDA estimate to $2.69 billion, citing better commodity pricing and stronger marketing results. It also increased its 2026 adjusted EBITDA forecast to $10.77 billion from $10.69 billion, and its 2027 outlook to $11.32 billion from $11.28 billion.Q2 results are expected around July 28.RBC said it will listen for updates on export volumes, activity levels at Enterprise's liquids-processing plants, pipeline utilization, and any comments on whether current pricing trends may extend into H2.RBC maintained its outperform rating on Enterprise stock and its $42 price target.Price: $36.62, Change: $-0.14, Percent Change: -0.39%

$EPD
Oil & Energy

Demand for North American LPG Will Remain 'Solid' Even if Hormuz Reopens, RBC Says

Demand for North America's liquefied petroleum gas will remain "solid" both in the near- and long term, driven by restocking and building of strategic reserves, even if flow of Middle Eastern LPG through the Strait of Hormuz returns, RBC Capital Markets said Tuesday.Attacks linked to the US-Iran war have damaged LPG-related infrastructure in the Middle East, cutting LPG production and making it difficult to immediately return to pre-war supply levels even if the Strait fully reopens.Infrastructure damage in Qatar, Oman, and Iran has curbed LPG output by around 170,000 barrels per day, with further curtailment likely from reported attacks on eight other LPG sites, according to the International Energy Agency, as cited by RBC.Middle Eastern LPG is primarily exported to Asia, where "normal" demand growth is expected as buyers restock and seek to maintain larger strategic reserves, the research firm said.Cooking is a key LPG demand driver in the region, according to the IEA, with about 80% of Indian households and 90% of Indonesian homes using the fuel for this purpose.RBC noted that terminal operators in North America are "well-positioned" to benefit in the near term from elevated restocking demand, "and especially over the longer term if global LPG buyers enhance their supply diversity by looking to North America."The investment bank expects AltaGas can capture most upside, given the company's LPG growth projects and exposure to the spot market.RBC believes that the greatest upside for AltaGas is "if it can secure new long-term tolling contracts to underpin further expansions of its Ridley Island Energy Export Facility." The company operates two joint venture terminals in Prince Rupert, British Columbia and owns an LPG export facility in Ferndale, Washington.For US Gulf Coast LPG export terminal operators, including Energy Transfer (ET), Enterprise Product Partners (EPD), ONEOK (OKE), and Targa (TRGP), RBC sees "clearer" prospects for additional long-term contracts at higher rates. Additional upside could also materialize if there is demand for capacity expansion, it said.RBC highlighted that alleviation of oversupply concerns prior to the US-Iran war will have a "positive" impact on stocks of LPG companies on the US Gulf Coast, where the LPG market is expansive and where buyers will most likely turn for supplies.

$EPD$ET$OKE$TRGP
Research

Research Alert: CFRA Cuts View On Enterprise Products Partners To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our downgrade (to Hold from Buy) is on valuation, with shares up 21% YTD and now trading close to our target price. We maintain our 12-month target price at $40, a 10.9x multiple of enterprise value to projected '27 EBITDA, slightly above EPD's historical forward average. The applied multiple is a small premium to EPD's historical forward average, but is merited in our view by rising demand for U.S. midstream assets. Such assets can help bring more crude oil, NGLs, and natural gas to export terminals at a time when Middle East-sourced energy is constrained. We raise our '26 EPS estimate by $0.06 to $2.90, and '27's by $0.03 to $3.23. Capex spend looks relatively high in '26, but should drop off meaningfully in '27. Units yield 5.7%, adding to total return potential. We see EPD with the combination of growth capex and dividends chewing up 89% of operating cash flow in '26, about in line with peers, and implying a modest margin for error.

$EPD
Commodities

Enterprise Product Partners Q1 Processed Volumes Rise YOY

Midstream services company Enterprise Product Partners (EPD) highlighted record natural gas inlet processing volumes in its Q1 results on Tuesday, helped by a 9% increase in plant inlet flows in the Permian Basin, to reach 8.3 billion cubic feet per day.The company said marine terminal volumes also reached a record after climbing 15% to 2.3 million barrels per day while natural gas liquids output grew 16% to 1.9 million bpd.It said a "strong start" to 2026 saw it break 12 operational records for volumes handled, helped by the start-up of new assets over the past year, such as the Bahia NGL pipeline, NGL fractionator 14 and three Permian natural gas processing plants.Enterprise Product Partners brought the Mentone West 2 gas processing plant online during the quarter and announced plans for two 300 million cubic feet per day natural gas processing plants in the Midland and Delaware basins. Those two projects will increase gas processing capacity by 12%, it said.Capital investments during the quarter totaled $988 million, with $783 million of that sum for growth capital projects and $205 million for sustaining capital expenditures, it said.Guidance for growth capital spending in 2026 is seen between $2.3 billion and $2.6 billion net of proceeds coming from asset sales totaling $596 million, the company said.

$EPD
Research

Research Alert: Epd: Permian Growth Remains Strong, But A Slight Miss In Q1

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Enterprise Products Partners (EPD) kicked off 2026 with Q1 earnings per unit of $0.68, missing consensus by $0.05, though adjusted EBITDA of $2.7B rose 10% Y/Y, reflecting strong underlying performance. Volume growth remained robust across key segments, with record natural gas processing inlet volumes of 8.3 bcf/d up 7% Y/Y and NGL pipeline volumes of 4.9 mmb/d up 10% Y/Y. Growth opportunities in natural gas processing look healthy, with plans for two additional processing plants in 2027 to increase total capacity by 12% and capture growing Permian production. Management noted natural gas and NGL production growth is expected to be 1.6x that of crude oil production growth. The company sees 2026 growth capex of $2.3B-$2.6B, down from original plans of $2.5B-$2.9B. With recent projects in service, we see EPD entering "harvesting mode" with meaningful free cash flow expansion ahead. We think demand for midstream services is increasingly fueled by data center expansion requiring more natural gas pipeline capacity.

$EPD
Commodities

Kinder Morgan Q1 Earnings Beat Estimates, Lifts 2026 Outlook, RBC Says

Kinder Morgan's (KMI) Q1 earnings exceeded expectations, supported by stronger volumes, winter weather tailwinds and firmer commodity prices, RBC Capital Markets strategists said in a note on Friday.RBC analysts said it now expects 2026 adjusted EBITDA to come in at least 3% above its prior budget, reflecting stronger operating conditions across its network.However, despite the upbeat results, Kinder Morgan shares edged lower following the release, which analysts attributed to limited backlog growth, uncertainty surrounding its Western Gateway project and investor positioning ahead of other earnings in the sector.The broader midstream space has continued to outperform this year. The Alerian MLP Index rose 1.6% in the week ended April 23, outpacing the S&P 500, which gained 1%. Year-to-date, the midstream benchmark is up 14.5%, compared with a 3.8% rise in the S&P 500.RBC said that strength in the sector has been supported by steady cash flows and growing demand for natural gas infrastructure, even as commodity prices remain volatile.Front-month West Texas Intermediate crude rose about 2% on the week to about $97 per barrel, while Henry Hub natural gas prices slipped about 2% to $2.59 per million British thermal units.Cheniere Energy (LNG), in contrast, declined 2.1%, in what RBC analysts said could reflect positioning ahead of earnings and a rotation into other midstream names.Master limited partnerships modestly outperformed C-corporations during the week, with MLPs up 1.2% versus a 1% gain for corporates.Going forward, investors are focused on upcoming earnings from Enterprise Products Partners (EPD) and Oneok (OKE), both scheduled to report on April 28.Market participants will be watching for commentary on the impact of higher commodity prices, producer activity, project ramp-ups, export demand and capital allocation plans, as well as the effects of winter weather and evolving price spreads across key basins.RBC analysts flagged potential read-throughs for other operators, including Williams Companies (WMB), Energy Transfer (ET), Targa Resources (TRGP) and Sunoco (SUN), citing expected tailwinds from seasonal demand, marketing optimization and commodity price volatility.

$EPD$ET$KMI$LNG$OKE$SUN$TRGP$WMB

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