Enterprise Products Partners L P - Unit

Record Q2 operating performance / strong demand - Enterprise reported record $2.8B EBITDA in 2Q26 (+17% YoY) and 1x coverage of distributions. - Volumes were strong: total pipeline volumes +8% YoY, marine terminals +33% YoY; moved 14.7 million b/d oil equivalent and 2.8 million b/d across docks. - Gas processing: inlet volumes 8.1 Bcf/d (+~4% YoY); Permian inlet +14% YoY to 4.3 Bcf/d. - Management attributes results largely to elevated global demand for U.S. energy (especially April–May) supporting crude, LPG, ethane and petrochemical-linked export economics; they quantified ~$200M of quarter benefit from global demand (noted as largely normalized from peak).

Distributions, capital returns, and free cash flow positioning - Declared distribution: $0.56 per common unit (+2.8% YoY), payable Aug 14 to holders of record July 31. - Continued shareholder returns via buybacks: $159M repurchased in Q2 and $275M in 1H26 (last 12 months: $404M). - $5B buyback program utilization: 34% cumulative; plus reinvestment/employee plans added ~1M units (~$40M) in the quarter. - Adjusted cash flow from operations (before working capital changes): $2.5B (+19% YoY). - Discretionary free cash flow (DFCF) view: despite higher growth CapEx, management still expects DFCF in/near the ~$1B range for 2026 (key swing drivers cited: EBITDA strength offset higher growth CapEx; they explicitly downplayed working capital as a component of DFCF).

CapEx outlook / growth pipeline projects (opportunities) - 2Q26 total capital investments: $1.2B (includes $1B growth, $140M sustaining). - 2026 expected gross CapEx range: $2.9B–$3.4B net of ~ $600M asset-sale proceeds already received (net after applying those proceeds). - 2027 growth CapEx: expected ~$3B area. - Major growth approvals/updates: - Permian Plants 11 & Delaware Plant 13: each ~300 MMcf/d processing plants (with in-service timing: Plant 13 in 3Q28, Plant 11 in 1Q29). - NGL frac 15 (Mont Belvieu) and a new 150,000 b/d LPG facility in Mont Belvieu (mentioned as part of the expansion set). - Next major export project: Neches River LPG export terminal expansion on track for service by end of 2026. - Systems utilization framing: NGL pipeline systems ~86% of capacity today; incremental wide-grade volumes from new processing support additional downstream throughput.