[Management View]
Enterprise Products Partners reported adjusted EBITDA of $2.4 billion for Q3 2025. Key strategic priorities include the completion of major capital projects and an increase in the buyback program by $3 billion, bringing the total to $5 billion.

[Outlook]
Management expects an inflection point in discretionary free cash flow in 2026 as major projects and acquisitions complete their capital investment phase and begin contributing EBITDA. Future capital allocation will focus on buybacks and debt reduction.

[Financial Performance]
- Adjusted EBITDA: $2.4 billion in Q3 2025
- Distributable Cash Flow (DCF): $1.8 billion with a 1.5x coverage ratio
- Net Income Attributable to Common Unitholders: $1.3 billion, $0.61 per common unit
- Unit Repurchases: 2.5 million common units for $80 million in Q3 2025
- Total Distributions Paid: $4.7 billion over the twelve months ending September 30, 2025
- Growth Capital Expenditures: $1.2 billion in Q3 2025; full-year guidance of $4.5 billion for 2025 and $2.2–$2.5 billion for 2026

[Q&A Highlights]
Question 1: Do you think the new Permian gas pipelines will drive producers to produce more gas at the margin?
Answer: The Permian Basin is primarily an oil basin. More gas pipelines and NGL transportation takeaway are healthy for producers and the basin overall.

Question 2: As LPG exports ramp, do you see Asia ResCom and Pet Chem demand as an unlimited sink for all that LPG?
Answer: Both ResCom and petrochemical demand are growing internationally. The US will balance the market, and price will adjust based on global demand.

Question 3: Can you provide more details on the capital allocation outlook for the next couple of years?
Answer: Organic growth CapEx is expected to be in the $2 to $2.5 billion range. Free cash flow will be split between buybacks and debt pay down, with a mix of programmatic and opportunistic buybacks.

Question 4: Could Zynos' plans to move refined products lead to better utilization of your Texas Western product system?
Answer: The system benefits from Mid Continent pricing being at a premium to the Gulf. The overall product system will benefit if any of the announced projects proceed.

Question 5: How do you balance the potential increase in buybacks with tax ramifications for unitholders?
Answer: Tax ramifications primarily affect selling unitholders, not those who remain.

Question 6: What is your current view on the macro environment and producer activity?
Answer: Volumes in Midland and Delaware are up, with a record number of wells being connected. The base volume durability of gas is strong, and the growth trajectory remains intact.

Question 7: When do you expect the major projects to be fully ramped?
Answer: Projects like Frac 14, PDH 2, and the Natchez River Terminal are expected to be fully ramped by mid-2026.

Question 8: Where do you see the most attractive opportunities for organic growth?
Answer: Gas processing plants and export opportunities for ethane and LPG are key areas. There is clear line of sight to two more gas processing plants in the near term.

Question 9: How is the integration of the Oxy asset acquisition progressing?
Answer: The acquisition extends the reach and will unlock incremental volumes by 2027. Synergies are already being realized.

Question 10: What is your view on the domestic propane market and storage opportunities?
Answer: If propane goes into contango, Enterprise's extensive storage assets will be beneficial.

[Sentiment Analysis]
The tone of the management was optimistic, focusing on strategic investments and future growth. Analysts expressed appreciation for the detailed insights and congratulated Tony Chovanec on his retirement.

[Quarterly Comparison]
| Metric | Q3 2025 | Q2 2025 | Q3 2024 |
|--------|---------|---------|---------|
| Adjusted EBITDA | $2.4B | $2.3B | $2.2B |
| DCF | $1.8B | $1.7B | $1.6B |
| Net Income | $1.3B | $1.2B | $1.1B |
| Unit Repurchases | 2.5M | 2.0M | 1.8M |

[Risks and Concerns]
- Delays in project completions could impact future EBITDA contributions.
- Market dynamics and price adjustments for LPG and ethane exports.
- Integration challenges with recent acquisitions.

[Final Takeaway]
Enterprise Products Partners reported strong financial performance in Q3 2025, driven by strategic investments and an expanded buyback program. Management remains optimistic about future growth, with significant projects expected to contribute to EBITDA in 2026. The company is well-positioned to capitalize on long-term growth opportunities in the Permian and Haynesville basins, while maintaining a balanced approach to capital allocation between buybacks and debt reduction.