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Enterprise Products Partners LP EPD

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Enterprise Turns in Solid Q3 Results, Remains Attractive While Waiting for Further Recovery

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Enterprise Products Partners reported solid third-quarter results, with gross operating margin remaining essentially flat sequentially at $2 billion. Petrochemicals was, in our view, the bright spot this quarter, as gross operating margin increased to $315 million from $192 million sequentially, thanks to wider propylene spreads and refined products contango opportunities captured by storage. Record natural gas liquids fractionation volumes, benefiting from the startup of two fractionators during 2020 also helped offset lower volumes and margins from gathering and processing assets in the Rockies, South Texas, and Haynesville, as well as crude oil pipelines.

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Company Profile

Business Description

Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the Lower 48 states. Enterprise is particularly dominant in the NGL market and is one of the few MLPs that provide midstream services across the full hydrocarbon value chain.

Contact
1100 Louisiana Street, 10th Floor
Houston, TX, 77002
T +1 713 381-6500
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees

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