Enterprise Products Partners L.P. Q2 2024 10-Q Filing

TL;DR

EPD's Q2 2024 10-Q is in. Check financials for energy infrastructure giant.

AI Summary

Enterprise Products Partners L.P. filed its 10-Q report for the period ending June 30, 2024. The company, primarily involved in natural gas transmission, reported financial results for the second quarter of 2024. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details of Enterprise Products Partners L.P., crucial for understanding the company's current standing and future outlook in the energy sector.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial and operational updates, not indicating any immediate or unusual risks.

Key Numbers

• Q2 2024 — Quarterly Period (Financial results reported for this period.)
• 20240630 — End of Reporting Period (The date through which financial information is reported.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ENTERPRISE PRODUCTS PARTNERS L.P. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 7133816500 (phone_number) — Business phone number
• 1100 LOUISIANA 10TH FLOOR (address) — Business and mailing address
• HOUSTON (location) — City of business address
• DE (state) — State of incorporation

FAQ

Filing Documents

• form10q.htm (10-Q) — 3830KB
• exhibit22_1.htm (EX-22.1) — 39KB
• exhibit31_1.htm (EX-31.1) — 14KB
• exhibit31_2.htm (EX-31.2) — 14KB
• exhibit31_3.htm (EX-31.3) — 14KB
• exhibit32_1.htm (EX-32.1) — 6KB
• exhibit32_2.htm (EX-32.2) — 6KB
• exhibit32_3.htm (EX-32.3) — 6KB
• 0001061219-24-000016.txt ( ) — 18646KB
• epd-20240630.xsd (EX-101.SCH) — 121KB
• epd-20240630_cal.xml (EX-101.CAL) — 128KB
• epd-20240630_def.xml (EX-101.DEF) — 678KB
• epd-20240630_lab.xml (EX-101.LAB) — 1629KB
• epd-20240630_pre.xml (EX-101.PRE) — 903KB
• form10q_htm.xml (XML) — 4035KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION. Item 1.

Financial Statements

Financial Statements. Unaudited Condensed Consolidated Balance Sheets 2 Unaudited Condensed Statements of Consolidated Operations 3 Unaudited Condensed Statements of Consolidated Comprehensive Income 4 Unaudited Condensed Statements of Consolidated Cash Flows 5 Unaudited Condensed Statements of Consolidated Equity 6 Notes to Unaudited Condensed Consolidated Financial Statements: 1. Partnership Organization and Operations 9 2. Summary of Significant Accounting Policies 10 3. Inventories 10 4. Property, Plant and Equipment 11 5. Investments in Unconsolidated Affiliates 12 6. Intangible Assets and Goodwill 13 7. Debt Obligations 14 8. Capital Accounts 16 9. Revenues 19 10. Business Segments and Related Information 21 11. Earnings Per Unit 25 12. Equity-Based Awards 25 13. Hedging Activities and Fair Value Measurements 27 14. Related Party Transactions 33 15. Income Taxes 34 16. Commitments and Contingent Liabilities 36 17. Supplemental Cash Flow Information 37 18. Subsequent Event 37 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 38 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 66 Item 4.

Controls and Procedures

Controls and Procedures. 68

OTHER INFORMATION

PART II. OTHER INFORMATION. Item 1. Legal Proceedings. 69 Item 1A. Risk Factors. 69 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 70 Item 3. Defaults Upon Senior Securities. 71 Item 4. Mine Safety Disclosures. 71 Item 5. Other Information. 71 Item 6. Exhibits. 71

Signatures

Signatures 80 1 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. EN TERPRISE PRODUCTS PARTNERS L.P. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 138 $ 180 Restricted cash 296 140 Accounts receivable – trade, net of allowance for credit losses of $ 37 at June 30, 2024 and $ 35 at December 31, 2023 8,647 7,765 Accounts receivable – related parties 8 7 Inventories (see Note 3) 3,356 3,352 Derivative assets (see Note 13) 465 347 Prepaid and other current assets 543 457 Total current assets 13,453 12,248 Property, plant and equipment, net (see Note 4) 47,436 45,804 Investments in unconsolidated affiliates (see Note 5) 2,292 2,330 Intangible assets, net (see Note 6) 3,671 3,770 Goodwill (see Note 6) 5,608 5,608 Other assets 1,101 1,222 Total assets $ 73,561 $ 70,982 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt (see Note 7) $ 2,049 $ 1,300 Accounts payable – trade 1,147 1,195 Accounts payable – related parties 109 199 Accrued product payables 9,859 8,911 Accrued interest 487 455 Derivative liabilities (see Note 13) 450 396 Other current liabilities 708 675 Total current liabilities 14,809 13,131 Long-term debt (see Note 7) 28,289 27,448 Deferred tax liabilities (see Note 15) 625 611 Other long-term liabilities 992 984 Commitments and contingent liabilities (see Note 16) Redeemable preferred limited partner interests: (see Note 8) Series A cumulative convertible preferred units ("preferred units") ( 50,502 units outstanding at June 30, 2024 and 50,412 units outstanding at December 31, 2023 ) 49 49 Equity: (see Note 8) Partners' equity: Common limited partner interests ( 2,170,301,640 units issued and outstanding at June 30, 2024 , 2,168,245,238 units issued and outstanding at December 31, 2023 ) 29,110 28,663 Treasury units,

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View this 10-Q filing on SEC EDGAR