Enterprise Products Partners (EPD) reported net income attributable to common unitholders of $1.6 billion, or $0.75 a share, for the three months ended September 30, 2026, up 21% from a year earlier.

The midstream partnership said total gross operating margin rose 15% to $2.7 billion, including a $21 million increase in unrealized mark-to-market earnings on hedging instruments. Adjusted EBITDA was $2.8 billion. Operational distributable cash flow was $2.3 billion, up 27%, providing 1.9 times coverage of the quarter’s declared distribution; the partnership retained $1.1 billion of DCF. Adjusted cash flow from operations was $2.4 billion.

Permian natural gas processing inlet volumes reached a record 4.6 Bcf/d, up 12%. Total natural gas processing inlet volumes were a record 8.5 Bcf/d, up 6%. Fee-based processing volumes increased 742 MMcf/d to a record 8.2 Bcf/d. Equity NGL-equivalent production volumes rose 8% to 242 MBPD.

Co-chief executive officer A.J. “Jim” Teague said the partnership handled record volumes at Permian gas plants, NGL pipelines, natural gas pipelines and ethane marine export terminals, and that three segments reported higher gross operating margin than a year earlier. He said the partnership also benefited from assets placed in service over the past twelve months, including an eleventh Delaware Basin gas plant, the Bahia NGL pipeline, Frac 14 at Mont Belvieu and the second phase of the Neches River NGL marine terminal.

NGL Pipelines & Services gross operating margin was $1.5 billion. Natural gas processing and related NGL marketing contributed $488 million. NGL pipelines and storage contributed $785 million. NGL fractionation contributed $262 million on 1.9 MMBPD of volumes, which the company said was primarily due to Frac 14, placed into service in the fourth quarter of 2025. Total NGL pipeline volumes were a record 5.0 MMBPD. NGL marine terminal volumes were 1.2 MMBPD.

Crude Oil Pipelines & Services gross operating margin was $367 million. Crude oil pipeline volumes were 2.7 MMBPD. Crude oil marine terminal volumes were 926 MBPD.

Natural Gas Pipelines & Services gross operating margin was $411 million. Natural gas pipeline volumes were a record 22.7 TBtus/d, up 8%. Petrochemical & Refined Products Services gross operating margin was $430 million. Segment pipeline volumes were 1.2 MMBPD and marine terminal volumes were 413 MBPD.

Equivalent pipeline volumes were a record 14.8 MMBPD, up 7%. Marine terminal volumes were 2.5 MMBPD, up 28%.

Capital investments for the quarter were $1.1 billion, including $0.9 billion for growth projects and $185 million for sustaining work. The partnership declared a distribution of $0.56 a common unit, or $2.24 annualized, up 2.8%. It repurchased $112 million of common units in the quarter and $437 million for the 12 months ended September 30, 2026, using 36% of a $5.0 billion program. For those 12 months, the payout ratio of distributions and buybacks was 54% of Adjusted CFFO.

Growth capital spending for 2026, net of $600 million of asset-sale proceeds, is expected in a range of $2.9 billion to $3.4 billion, with $650 million for sustaining capital. Teague said the partnership has $6.3 billion of growth projects under construction that will begin commercial operations between now and 2028. In the fourth quarter of 2026, the next scheduled completions are a fourth expansion of the Houston Ship Channel LPG marine terminal, which he said will raise the LPG loading rate by about 300 MBPD to 1.1 MMBPD, and the Athena plant in the Midland Basin, with capacity to process 300 MMcf/d of natural gas and extract up to 40 MBPD of NGLs.