Enterprise Is Expected to See a Weaker 2023 After a Robust 2022

Enterprise's asset and geographical diversity allow it to pursue growth in virtually any environment. It can aggregate supply of every type of hydrocarbon from multiple sources in major producing basins and deliver it to multiple end markets (refiners, petrochemicals, exports). Its robust marketing operations let it clip transaction-fee-like earnings during volatile oil and gas markets like we saw with winter storm Uri in 2021. With marketing spreads narrowing across the gas and petrochemicals markets, we expect Enterprise's marketing performance to be weaker in 2023 than its very strong 2022.