Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) reports third-quarter results on Oct. 29. Units have gained 21% year to date. The report should demonstrate that a $6.5 billion project backlog can exist alongside with about $34 billion of debt.…
Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) reports third-quarter results on Oct. 29. Units have gained 21% year to date. The report should demonstrate that a $6.5 billion project backlog can exist alongside with about $34 billion of debt.
A Record Quarter Fueled Partly by a Geopolitical Windfall Last quarter brought EPS of $0.84 and revenue of $18.27B, up 60.8% year over year. Adjusted EBITDA hit a record $2.83B, and distributable cash flow covered the distribution 1.9x. Marine terminals handled 2.8 MMBPD, up 33%.
Middle East disruption caused much of that strength. Management tied about $200 million to April and May export demand and said those cash differentials have largely normalized. Marine volumes returned to normal by June and July.
Meanwhile, the backlog grew from $5.3B to $6.5B with two new Permian plants and a new Mont Belvieu fractionator. Units sit at $37.08, down 1.3% over the past month.
Consensus Points to Double-Digit Growth Metric Estimate Prior-Year Actual Implied Growth Q3 2026 EPS $0.7344 $0.61 20.4% Q3 2026 Revenue $14.98B $12.02B 24.6% FY2026 EPS $3.065 $2.66 15.2% FY2026 Revenue $62.80B $52.60B 19.4% Permian Throughput and Capex Discipline Will Set the Tone Volumes come first for me. Permian inlet volumes rose 14% to 4.3 Bcf/d last quarter, and basin NGL pipelines run at 86% of capacity. Management noted about 2 Bcf/d of cutback gas that could return. The EIA expects Permian gas output to grow 6% this year on rising gas-to-oil ratios.
Next, the LPG export expansion is due by year-end and is about 90% signed. I’ll be watching for timing confirmation, since new industry export capacity could pressure terminal fees over the next 12 to 18 months.
The balance sheet matters just as much. Total debt was $34.0B at June 30 versus $34.9B at year-end 2025, with net leverage at the 3.0 target. About 97% of that debt is fixed rate at a 4.7% average cost, which cushions rate pressure. 2026 growth capex guidance stands at $2.9-$3.4B.
You should also look at capital returns. Buybacks totaled $159M in Q2, using 34% of the $5.0B authorization, alongside a $0.56 quarterly distribution. Co-CEO Jim Teague announced his retirement on the July 30 call, so leadership tone carries extra weight.
Free Cash Flow Promises Face a $3 Billion Spending Reality A year ago, management called 2026 a “free cash flow inflection point.” Since then, growth capex rose by over $700 million, and co-CEO Randy Fowler said $3 billion might be the new level. Discretionary free cash flow could still approach the $1 billion area. If third-quarter EBITDA holds up without the spring windfall while debt remains flat, the volume-driven growth story behind 27 straight years of distribution increases looks durable heading into 2027.
Contact [email protected] for any questions or corrections.
Enterprise Products Partners ve 2. čtvrtletí 2026 dosáhla rekordního distributable cash flow z provozní činnosti ve výši 2,3 mld. USD; distribuci v hotovosti ve výši 1,2 mld. USD kryla 1,9násobně.
Enterprise Products Partners carries one of the biggest yields in large-cap energy, but the dividend yield alone tells you almost nothing about whether that payout is safe. The number that actually matters is one most investors never check first.
Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) pays one of the larger yields among large-cap energy names, so income investors usually start with the size of the check. A better first question is how much cash the business brings in for every dollar it pays out. That figure is the distribution coverage ratio, and Enterprise’s is unusually high.
Distribution Coverage Ratio: How Many Times the Payout Is Covered
Coverage compares distributable cash flow (DCF), which is the cash left after running the business and maintaining the assets, with the cash Enterprise sends to unitholders. A 1.0x ratio means every dollar earned goes out the door. Anything above that is a buffer. Revenue and earnings don’t show this. Enterprise’s revenue rose 60.8% year over year in Q2 2026, but much of that reflects commodity prices passing through its books. Coverage shows whether the payout is funded by the business itself or by borrowing and asset sales.
A 1.9x Cushion Sits Under Every Payment.
In Q2 2026, operational DCF reached a record $2.3B, up 21% from a year earlier. In management’s words, that “provided 1.9 times coverage of the partnership’s cash distribution.” Of that cash, $1.2B went to unitholders, and $1.1B stayed in-house to fund growth projects and buybacks.
The cash comes from volume fees. Pipeline volumes hit a record 14.7 MMBPD, up 8%, and marine terminal volumes rose 33% to a record 2.8 MMBPD. Fees tied to barrels moved hold up better through commodity price swings than profits that depend on the price of those barrels.
That buffer has funded steady increases. The quarterly distribution is now $0.56 per unit, up from $0.545 a year ago, and 2025 marked the 27th consecutive year of distribution growth. The $2.24 annualized payout works out to a yield of about 6.1% at the recent price of $36.76. Units bought before the October 30, 2026 ex-distribution date qualify for the November 13, 2026 payment.
K-1 Paperwork Comes With the Units
Enterprise is a partnership, so unitholders get a Schedule K-1 at tax time instead of a 1099. The K-1 reports “your share of income, deductions, credits, and tax preference items of the partnership,” and partners must report that share “whether or not they are actually distributed to you.” In practice, that means extra filing work, K-1s that are sometimes due late, and a tax picture that is more complicated than a typical dividend stock’s. A tax professional can help, especially if you hold units in a retirement account.
What Would Shrink the Cushion
The main risk is leverage combined with heavy spending. Total debt principal was about $34.2B as of Q1 2026, and the partnership has a $6.5B backlog of growth projects. If new LPG export capacity or the planned Permian gas plants start up late or bring in less volume than expected, DCF could grow more slowly while interest costs keep running. Also note that Q1’s $2.7B DCF included a roughly $600M one-time payment from the Bahia pipeline sale, which won’t repeat.
A bullish sign would be coverage holding above 1.7x as the new projects come online. Coverage moving toward 1.2x to 1.3x would suggest distribution growth may slow. Management has called 2026 a free cash flow turning point, with growth capex stepping down to $2.9B to $3.4B. That should leave more of the retained cash for buybacks under the $5.0B authorization.
Verdict
The 6% yield draws investors in, but the 1.9x coverage ratio shows Enterprise funds its payout from fee income, with nearly a dollar to spare for every dollar it pays out. For income investors sizing up what a mid six-figure balance can actually throw off each month, we outlined the full plan in a free income guide here.
Contact [email protected] for any questions or corrections.
Enterprise Products Partners vyplácí 0,56 USD za podílovou jednotku čtvrtletně, tedy zhruba 2,24 USD ročně; pro roční příjem 2 000 USD je potřeba asi 893 jednotek.
Enterprise Products Partners (EPD -0.05%) is a master limited partnership (MLP) specializing in the ownership of oil and gas pipelines. Along with sporting a high forward dividend yield of 6.1%, Enterprise Products Partners has a long track record of dividend growth. The MLP has raised its dividend, technically known as a distribution, for 28 consecutive years.
This combination of high yield and a history of dividend growth makes it a strong choice for investors seeking steady, growing portfolio income. Better yet, based on its payout ratio and growth history, this high-yielder has a strong history of dependable, consistent payout increases.
Image source: Getty images.
How many EPD shares do you need to earn $2,000 per year in dividends?
Currently, Enterprise Products Partners pays unitholders $0.56 per unit quarterly, or around $2.24 per unit annually. Hence, to generate $2,000 per year in dividend income, investors need around 893 shares. With shares priced at $36.69, this position is worth $32,764.
$36.80-$0.02 (-0.05%)
NYSE · As of 4:00 PM ET 10/19/26
Enterprise Products Partners has raised its payout by around 4% annually over the past five years, 3.6% over the past 10 years, and 4.8% over the past 20 years. While past performance does not guarantee future results, this consistency of 3.5%-5% annual dividend growth over decades strongly signals similar growth in the years ahead.
Lower payout ratio signals payout stability
In terms of dividend sustainability, Enterprise Products Partners takes a slightly more conservative approach to paying out distributable cash flow (DCF) to unitholders. While competing pipeline stocks and master limited partnerships pay out 65% and sometimes more than 70% of DCF, based on its 1.7x coverage ratio, this MLP distributes less than 60% of its DCF in the form of cash payouts.
That's not all. Enterprise Products Partners has steadily grown its operational DCF over the last 20 years, even amid macro challenges such as the late 2000s financial crisis, the mid-2010s oil price collapse, and the COVID-19 pandemic of 2020. During this time, DCF has nearly quadrupled. All of these factors make this pipeline stock a standout.
Enterprise Products Partners (EPD) očekává v aktuálním fiskálním roce meziroční růst zisku o 13,5 %; konsenzuální odhad zisku na akcii pro rok 2026 se za posledních 60 dní zvýšil o 0,04 USD na 3,02 USD.
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Stock to Watch: Enterprise Products Partners (EPD - Free Report) Enterprise Products Partners L.P. owns and operates a diversified midstream network across natural gas, natural gas liquids, crude oil, petrochemicals and refined products. The partnership provides gathering, treating, processing, transportation, fractionation, storage and terminaling services through an integrated asset base that links major United States supply basins to domestic demand centers and international markets.
EPD is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. EPD has a Growth Style Score of B, forecasting year-over-year earnings growth of 13.5% for the current fiscal year.
Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.04 to $3.02 per share. EPD also boasts an average earnings surprise of +1.5%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EPD should be on investors' short list.
Enterprise Products Partners zvýšila čtvrtletní hotovostní distribuci za třetí čtvrtletí 2026 o 2,8 % na 0,56 USD za podíl. Výplata proběhne 13. listopadu 2026 akcionářům evidovaným k 30. říjnu 2026.
HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) announced today that the board of directors of its general partner declared a quarterly cash distribution to be paid to Enterprise common unitholders with respect to the third quarter of 2026 of $0.56 per unit, or $2.24 per unit on an annualized basis.
This distribution represents a 2.8 percent increase over the distribution declared with respect to the third quarter of 2025. The quarterly distribution will be paid Friday, November 13, 2026, to common unitholders of record as of the close of business Friday, October 30, 2026.
Enterprise repurchased approximately $112 million of its common units during the third quarter of 2026, which brings the total year-to-date repurchases for 2026 to $387 million. Inclusive of these purchases, the partnership has utilized approximately 36 percent of its authorized $5.0 billion buyback program.
Enterprise will announce its earnings for the third quarter of 2026 on Thursday, October 29, 2026, before the New York Stock Exchange opens for trading. Following the announcement, the partnership will host a conference call at 9 a.m. CDT with analysts and investors to discuss earnings. The call will be webcast live on the internet and may be accessed through the “Investors” section of the partnership’s website at www.enterpriseproducts.com. A replay of the webcast will be available following the conference call and may be accessed approximately one hour after completion of the call.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.
Qualified Notice for Non-U.S. Unitholder Income Tax Withholding
This release is intended to serve as qualified notice under Treasury Regulation Section 1.1446-4(b)(4) and (d). Brokers and nominees should treat one hundred percent of Enterprise’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Enterprise’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not Enterprise Products Partners L.P., are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign investors.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Chickasaw Capital Management ve třetím čtvrtletí snížila svůj podíl v Enterprise Products Partners o 3,4 % na 4 564 870 akcií v hodnotě 162 555 000 USD.
Chickasaw Capital Management LLC trimmed its position in Enterprise Products Partners L.P. (NYSE:EPD – Free Report) by 3.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,564,870 shares of the oil and gas producer’s stock after selling 162,740 shares during the period. Enterprise Products Partners makes up about 5.8% of Chickasaw Capital Management LLC’s portfolio, making the stock its 8th largest holding. Chickasaw Capital Management LLC owned 0.21% of Enterprise Products Partners worth $162,555,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of EPD. Alps Advisors Inc. boosted its stake in Enterprise Products Partners by 0.6% during the fourth quarter. Alps Advisors Inc. now owns 42,639,131 shares of the oil and gas producer’s stock valued at $1,367,011,000 after buying an additional 260,305 shares in the last quarter. Auto Owners Insurance Co raised its position in Enterprise Products Partners by 3,106.0% in the fourth quarter. Auto Owners Insurance Co now owns 32,060,000 shares of the oil and gas producer’s stock worth $102,784,000 after acquiring an additional 31,060,000 shares in the last quarter. Energy Income Partners LLC acquired a new stake in Enterprise Products Partners in the 2nd quarter valued at about $508,461,000. Bank of America Corp DE acquired a new stake in Enterprise Products Partners in the 2nd quarter valued at about $416,553,000. Finally, BlackRock Inc. bought a new position in shares of Enterprise Products Partners during the 2nd quarter valued at about $255,325,000. 26.07% of the stock is currently owned by institutional investors and hedge funds.
Enterprise Products Partners Trading Down 0.9% Enterprise Products Partners stock opened at $36.93 on Thursday. Enterprise Products Partners L.P. has a 52 week low of $30.01 and a 52 week high of $40.17. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.66 and a current ratio of 0.93. The firm has a market capitalization of $79.75 billion, a price-to-earnings ratio of 12.82, a P/E/G ratio of 1.37 and a beta of 0.50. The company has a 50 day moving average price of $38.12 and a 200 day moving average price of $37.94.
Enterprise Products Partners (NYSE:EPD – Get Free Report) last announced its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.09. The company had revenue of $18.27 billion for the quarter, compared to the consensus estimate of $13.69 billion. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The company’s revenue was up 60.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.66 EPS. Research analysts forecast that Enterprise Products Partners L.P. will post 3.02 EPS for the current year. Analysts Set New Price Targets Several equities analysts have recently issued reports on EPD shares. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $38.00 price objective on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. TD Cowen reissued a “hold” rating and set a $38.00 target price (down from $39.00) on shares of Enterprise Products Partners in a research note on Monday, August 3rd. Weiss Ratings lowered shares of Enterprise Products Partners from a “buy (a-)” rating to a “buy (b)” rating in a research report on Friday, October 2nd. JPMorgan Chase & Co. upped their price target on Enterprise Products Partners from $41.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, Wall Street Zen downgraded Enterprise Products Partners from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 3rd. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Enterprise Products Partners has an average rating of “Hold” and a consensus price target of $40.12.
Check Out Our Latest Research Report on Enterprise Products Partners
(Free Report)
Enterprise Products Partners L.P. is a publicly traded master limited partnership that owns and operates midstream energy infrastructure in the United States. The company transports, stores, processes and exports oil, natural gas, natural gas liquids (NGLs), refined products and petrochemicals.
Its operations include pipelines, natural gas processing plants, NGL fractionation facilities, underground storage, marine terminals and export infrastructure. Enterprise serves producers, refiners, petrochemical manufacturers, utilities and other energy customers by connecting major producing regions with domestic and international markets.
Enterprise Products Partners was founded in 1968 and is headquartered in Houston, Texas.
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Akcie Enterprise Products Partners v pátek vzrostly o 1,3 % na 38,96 USD. Firma zároveň oznámila vyšší čtvrtletní dividendu ve výši 0,56 USD na akcii oproti 0,55 USD.
Enterprise Products Partners L.P. (NYSE:EPD – Get Free Report)’s share price rose 1.3% during trading on Friday . The stock traded as high as $39.10 and last traded at $38.96. Approximately 4,889,597 shares traded hands during mid-day trading, an increase of 25% from the average session volume of 3,904,107 shares. The stock had previously closed at $38.45.
Wall Street Analyst Weigh In EPD has been the topic of a number of research analyst reports. UBS Group reissued a “buy” rating and issued a $45.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. Wall Street Zen upgraded shares of Enterprise Products Partners from a “buy” rating to a “strong-buy” rating in a report on Sunday, September 6th. JPMorgan Chase & Co. raised their target price on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $38.00 price target on shares of Enterprise Products Partners in a research report on Wednesday, June 17th. Finally, Stifel Nicolaus assumed coverage on shares of Enterprise Products Partners in a research note on Thursday, September 10th. They set a “hold” rating and a $40.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $39.87.
View Our Latest Stock Report on Enterprise Products Partners
The firm’s 50 day simple moving average is $38.51 and its 200-day simple moving average is $37.96. The company has a market capitalization of $84.13 billion, a PE ratio of 13.53, a P/E/G ratio of 1.42 and a beta of 0.50. The company has a quick ratio of 0.66, a current ratio of 0.93 and a debt-to-equity ratio of 1.00. Enterprise Products Partners (NYSE:EPD – Get Free Report) last posted its earnings results on Wednesday, July 29th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.67%. The business had revenue of $18.27 billion for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the previous year, the business posted $0.66 EPS. The business’s quarterly revenue was up 60.8% on a year-over-year basis. As a group, equities research analysts anticipate that Enterprise Products Partners L.P. will post 3.03 EPS for the current year.
Enterprise Products Partners Increases Dividend The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Friday, July 31st. This is an increase from Enterprise Products Partners’s previous quarterly dividend of $0.55. Enterprise Products Partners’s dividend payout ratio (DPR) is 77.78%.
Institutional Inflows and Outflows Several institutional investors and hedge funds have recently made changes to their positions in the company. Security National Bank of Sioux City Iowa IA bought a new stake in shares of Enterprise Products Partners in the 2nd quarter valued at approximately $67,000. Anchor Investment Management LLC raised its holdings in shares of Enterprise Products Partners by 13.5% during the second quarter. Anchor Investment Management LLC now owns 42,150 shares of the oil and gas producer’s stock worth $1,549,000 after purchasing an additional 5,004 shares during the period. Core Capital Management & Research inc. bought a new position in shares of Enterprise Products Partners in the 2nd quarter worth about $4,393,000. Sequoia Financial Advisors LLC lifted its position in shares of Enterprise Products Partners by 1.9% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 66,928 shares of the oil and gas producer’s stock worth $2,460,000 after buying an additional 1,228 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings in shares of Enterprise Products Partners by 95.7% in the 2nd quarter. Tidal Investments LLC now owns 118,324 shares of the oil and gas producer’s stock valued at $4,350,000 after buying an additional 57,860 shares during the period. 26.07% of the stock is currently owned by hedge funds and other institutional investors.
About Enterprise Products Partners (Get Free Report)
Enterprise Products Partners L.P. (NYSE: EPD) is a publicly traded midstream energy partnership that provides transportation, storage, processing and export services for crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and marine terminals.
Enterprise’s NGL operations include natural gas processing, NGL fractionation and the production and distribution of ethane, propane, butanes and natural gasoline.
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Enterprise Products Partners zvýšila dividendu už 28 let v řadě a nyní nabízí výnos 5,9 %. Ve 2. čtvrtletí jí provozní distributabilní cash flow vzrostl o 21 % na 2,3 miliardy USD.
Enterprise Products Partners (EPD +1.14%) has delivered 28 years of distribution growth. The master limited partnership (MLP) has returned $65 billion in cash to its investors during that period through its growing distribution and unit repurchases. The MLP currently yields 5.9%, putting it well above the S&P 500's 1% yield.
The pipeline company is in a strong position to continue increasing its high-yielding distribution. That makes it an ideal option for investors seeking a lifetime source of passive income.
Image source: Getty Images.
Built on a fortified foundationEnterprise Products Partners owns and operates an integrated energy midstream platform with diversification across products and markets. Its assets are highly resilient as fee-based contracts underpin about 80% of its earnings, muting much of the impact of commodity price volatility. It has historically delivered income stability during major market downturns and growth in normal operating conditions.
The MLP generated $2.3 billion of operational distributable cash flow during the second quarter, a robust 21% increase, driven by expansion projects and strong market conditions. That was enough to cover its high-yield payout by a comfy 1.9x, enabling it to retain $1.1 billion in cash to reinvest in the partnership. The pipeline company's growing cash flow and strong coverage level have allowed it to increase its distribution by 2.8% over the past year.
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Enterprise Products Partners further fortifies its high-yielding distribution with a balance sheet that sets the standard for financial strength in the energy midstream sector. It has a leading A-/A3 credit rating, supported by a low leverage ratio of 3.0x (comfortably within its conservative 2.75x-3.25x target range).
The company's stable cash flows, robust post-distribution free cash flow, and balance sheet strength give it the flexibility to weather market downturns and continue investing to grow the partnership. It also allows the company to return additional cash to investors via unit repurchases ($405 million over the last year as part of its $5 billion unit repurchase program).
Several years of growth visibilityEnterprise Products Partners ended the second quarter with $6.5 billion of major capital projects under construction. They included several new natural gas processing plants across the Permian Basin, the expansion and extension of a natural gas liquids pipeline, a new NGL fractionator, and expanded LPG export capacity. The company expects these projects to enter commercial service through the first quarter of 2029. That provides it with lots of visibility into its growth over the next few years.
Meanwhile, there's more growth likely ahead. The company forecasts that U.S. natural gas demand will grow by 11 Bcf/d to 26 Bcf/d by 2030, driven by AI data centers and liquefied natural gas (LNG) exports. Additionally, the company sees strong supply growth ahead for crude oil, ethane, and LPG. Enterprise Products Partners' extensive, strategically located infrastructure puts it in a strong position to capitalize on the expected growth in supply and demand. It should continue to approve new pipeline expansions, natural gas processing plants, NGL fractionators, and export capacity expansion projects.
Enterprise Products Partners also has the financial flexibility to make acquisitions as opportunities arise, enhancing its growth. Last year, it bought Occidental Petroleum's natural gas gathering affiliate in the Permian Basin for $580 million. The MLP is now building new natural gas processing plants to support Occidental's growth in the region. Meanwhile, it bought Pinon Midstream for $950 million in 2024 to expand its sour gas treating and acid gas injection well capacity in the Permian, which it's currently expanding.
A durable passive income investmentEnterprise Products Partners has delivered 28 consecutive years of distribution increases, which is impressive considering the volatility in the energy sector. That track record is a testament to its resilient business model, fortress financial foundation, and steady growth. While there's no guarantee the MLP (which sends investors a Schedule K-1 Federal tax form each year) will continue increasing its high-yielding distribution for years to come, the company is currently in a strong position to do so. That makes it an ideal high-yield dividend stock to buy and hold for a potential lifetime of passive income.
Enterprise Products Partners ve 2. čtvrtletí zvýšil EBITDA na rekordních 2,8 miliardy USD, což je meziročně o 17 %, a znovu navýšil distribuci. Enbridge a Kinder Morgan zůstávají vysoce výnosovými dividendovými tituly s krytými výplatami.
Three pipeline giants collect tolls on North American energy flows regardless of where crude prices land, but choosing the wrong one for your retirement account could quietly cost you more than the yield is worth.
Pipeline operators sit at the center of North American energy flows, and their contracts are what fund the checks that hit retiree accounts. The three names below run on fee-based, capacity-reservation and take-or-pay style agreements that generate cash whether crude sits at $60 or $90. The shared hook: Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) generated a record $2.8 billion of EBITDA in the second quarter, a 17% increase over the second quarter of last year, and used it to raise its distribution again while holding leverage at target.
A tax note before the yields, because this matters more for retirement money than most investors realize. EPD is a master limited partnership that issues a Schedule K-1 and can generate unrelated business taxable income (UBTI) inside an IRA. The other two stocks on this list are corporations and issue standard 1099s. The three are not tax-interchangeable, and account location should drive selection as much as yield.
Enterprise Products Partners: The MLP Cash Machine EPD trades with a current distribution yield of 4.27%, putting it firmly in high-yield territory for a fee-based midstream operator. The forward annualized distribution runs at $2.24 per unit after the latest hike to $0.56 quarterly on the July 31, 2026 ex-date.
Distribution safety is the strongest story in the group. Co-CEO Jim Teague said the second quarter produced “one times coverage of our distributions” on record EBITDA, and operational distributable cash flow of $2.3 billion provided 1.9x coverage of the cash distribution. Adjusted cash flow from operations reached a record $2.5 billion for the second quarter of 2026. The balance sheet backs it up: the consolidated leverage ratio sits at the 3.0 target on a net basis, approximately 97% of our debt was fixed rate at a weighted-average cost of 4.7%, and consolidated liquidity totals roughly $5 billion including the new credit facility. The recent distribution progression, from 45 cents in 2021 to 56 cents on July 31, is a steady quarterly climb.
The bull case for income investors is straightforward. EPD runs an integrated NGL, crude, natural gas and petrochemical network that moved 14.7 million barrels a day of oil equivalent last quarter, with LPG export capacity about 90% contracted. A trailing P/E of 13 and beta of 0.48 make this the kind of low-volatility income compounder retirees typically build portfolios around.
Risk: the K-1 and potential UBTI treatment inside retirement accounts is a real complication that no yield on its own solves. Management also flagged that new LPG export capacity coming online could produce a period of time where we have less volatility in terminal fees and just overall lower rates than we’ve seen the last couple of years.
Enbridge: Ultra-High-Yield With A Regulated Backbone Enbridge (NYSE:ENB) carries the fattest payout of the three, with a current yield of 5.84%. That qualifies as ultra-high-yield, and it is backed by a business mix weighted toward regulated gas utilities and long-haul liquids pipelines rather than direct commodity exposure. The most recent quarterly cash dividend recorded in USD was 69 cents, with a trailing 12-month total of $2.786832.
Coverage and cash generation are solid, though leverage is worth watching. Second-quarter distributable cash flow was $2.95 billion, and 2026 guidance is reaffirmed at adjusted EBITDA of C$20.2-20.8 billion and DCF per share of C$5.70–6.10, with a ~5% CAGR outlook post-2026. Debt-to-EBITDA sits at 5.1x, which is elevated versus peers and partly reflects FX. The secured growth backlog is roughly C$41 billion, with $9 billion sanctioned year-to-date, giving management a decade of contracted growth to fund the payout.
The bull case: this is arguably the most diversified midstream infrastructure business on either side of the border, spanning Liquids Pipelines, Gas Transmission, Gas Distribution and Renewable Power. A large share of cash flow is regulated or take-or-pay contracted, which is exactly why the stock behaves more like a utility than an oil name. Beta is 0.769 and the forward P/E is 21.
Risk: the USD dividend fluctuates with the Canadian dollar. The most recent quarterly payment of 69 cents was actually lower than the prior 70 cents in USD terms even though the 97-cent Canadian declaration was unchanged. Retirees relying on the check should expect quarter-to-quarter FX noise on top of the underlying growth.
Kinder Morgan: Natural Gas Toll Roads With A Growing Payout Kinder Morgan (NYSE:KMI) yields 3.86%, the lowest of the trio, and the lower yield reflects both a stronger recent stock run and a more conservative payout policy after the 2015 dividend reset. The forward annualized dividend is $1.19, with quarterly payments now at 29 cents.
Dividend safety here rests on a natural-gas heavy asset base and improving credit. Second-quarter cash from operations was $2.0 billion, with free cash flow of $1.0 billion. Net debt to adjusted EBITDA ended the quarter at 3.6 times, which is down from 3.8 at the beginning of the year, and CFO David Michels noted this “puts us well below the midpoint of our target leverage range of 4.0 times.” Moody’s upgraded the company to Baa1 (BBB+ equivalent). For 2026, management now expects adjusted EBITDA at least 5% above the 2026 budget and adjusted EPS at least 12% above the original 2026 budget. The recent dividend history is a slow, deliberate climb: 28 cents in early 2024 to 29 cents in 2026.
The bull case is levered to gas. Natural gas transport volumes rose 7% in the quarter versus the second quarter of 2025, and gathering volumes were up 26% year over year. The project backlog stands at $9.6 billion (~92% natural gas; >60% supporting power gen/LDC demand), aimed at LNG export and power-generation demand that Wood Mackenzie projects to reach more than 160 billion cubic feet per day by 2035. Executive Chairman Rich Kinder said the company can “fund these projects almost completely with our internally generated cash flow while still continuing to pay a solid and growing dividend”.
Risk: KMI carries the memory of a reduction from 51 cents on Oct. 29, 2015, to 12 cents beginning with the Jan. 28, 2016, ex-dividend date. The current payout is well-covered and rising, but retirees looking at the ten-year dividend chart should know that history exists.
Putting The Three Together For Retirement Income All three names collect the toll while producers, refiners and utilities absorb the commodity risk, which is exactly the business model that produces stable retirement income across oil cycles. ENB offers the largest yield and the most regulated cash-flow mix, EPD offers the strongest coverage and balance sheet in exchange for K-1 paperwork, and KMI offers the cleanest natural-gas growth story with an investment-grade credit and a lower but faster-improving payout. Volume declines in a deep production downturn would eventually hit all three, so the correct posture is owning them for the contracted cash flow across oil cycles (the same live-off-the-checks setup we walked through in a free dividend ladder guide here: Never Touch the Principal).
Contact [email protected] for any questions or corrections.
EPD ve 2. čtvrtletí zvýšila zpracovatelské objemy v Permské pánvi o 14 % na 4,3 Bcf/d. Firma zároveň chystá nové závody v Delaware a Midlandu s kapacitou 300 MMcf/d.
Key Takeaways EPD's Permian processing volumes rose 14% year over year to 4.3 Bcf/d in the second quarter.New 300 MMcf/d plants in Delaware and Midland are slated for 2028 and 2029, expanding EPD's capacity.EPD's integrated network should support higher utilization and stable cash flows as Permian output rises. Enterprise Products Partners LP (EPD - Free Report) is a leading player in the midstream energy landscape and earns consistent fee-based income backed by long-term contracts, which supports stable earnings. EPD’s midstream business model reduces exposure to commodity price volatility, enabling the partnership to generate predictable cash flows. Demand for the partnership’s midstream services is expected to grow, driven by increased demand for U.S. hydrocarbons. In its latest earnings call, Enterprise noted that natural gas processing volumes have risen significantly, particularly in the Permian Basin.
In fact, Permian volumes increased 14% year over year to 4.3 billion cubic feet per day (Bcf/d) in the second quarter, reflecting continued growth in producer activity. To support the volume growth from the Permian Basin, EPD has announced several expansion projects. These include the Delaware Plant 13, which is expected to come online by the third quarter of 2028 with a processing capacity of 300 million cubic feet per day (MMcf/d).
The Midland Basin Plant 11, with a 300 MMcf/d processing capacity, is expected to be placed into service in the first quarter of 2029. The partnership has also approved Frac 15, a new fractionation facility in Mont Belvieu. These projects are expected to increase EPD’s processing and throughput capacity and generate long-term returns for the partnership. The increase in hydrocarbon production in the Permian Basin is anticipated to create sustained demand for EPD’s midstream services.
In addition, Enterprise’s midstream network, spanning from the wellhead to end markets, provides it with the flexibility to capture value at multiple stages across the energy value chain. Combined with rising production in the Permian Basin, its flexible, integrated asset network should support higher utilization across its processing, pipeline and fractionation infrastructure. These factors, along with the growing demand for U.S. energy, should help EPD maintain stable cash flows and support its long-term growth.
Other Midstream Players to Benefit From Rising Energy DemandKinder Morgan Inc. (KMI - Free Report) is a leading midstream energy company that owns and operates one of the largest energy infrastructure networks in North America, comprising approximately 78,000 miles of pipelines, 136 terminals and more than 700 billion cubic feet of natural gas storage capacity.
The Williams Companies, Inc. (WMB - Free Report) is another leading player in the midstream energy sector that operates a widespread pipeline system of more than 32,000 miles, including the Transco and Northwest Pipeline systems. These pipeline systems are among the largest natural gas transportation networks in the United States.
Rising energy demand in domestic and international markets is expected to support sustained demand for the midstream services of Kinder Morgan and Williams Companies.
EPD’s Price Performance, Valuation & EstimatesEnterprise Products units have jumped 29.2% over the past year compared with the 30.3% improvement of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, EPD trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 11.10X. This is below the broader industry average of 11.34X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EPD’s 2026 earnings has remained unchanged over the past seven days.
Image Source: Zacks Investment Research
EPD, KMI and WMB currently carry a Zacks Rank #3 (Hold) each. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enterprise Products ve 2. čtvrtletí 2026 zvýšil ekvivalentní objemy v potrubí o 8 % na rekordních 14,7 milionu barelů denně díky silné poptávce po exportu americké energie. Zhruba 90 % kapacity pro export LPG má už nasmlouvanou.
Key Takeaways EPD's equivalent pipeline volumes rose 8% to a record 14.7 MMBPD as demand for U.S. energy exports grew.Enterprise Products has $6.5B of organic projects under construction to support Permian and export growth.About 90% of EPD's system-wide LPG export capacity is contracted, supporting volume-driven growth. Enterprise Products Partners L.P. (EPD - Free Report) provides transportation, processing, fractionation, storage and marine terminal services for natural gas, natural gas liquids (“NGLs”), crude oil, petrochemicals and refined products. The partnership primarily generates revenues through long-term contracts under which customers use its midstream infrastructure to transport, process and store hydrocarbons and related products. Strong international demand for U.S. energy benefited EPD in the second quarter of 2026, enabling equivalent pipeline volumes to increase 8% to a record 14.7 million barrels per day (MMBPD) and marine terminal volumes to rise 33% to 2.8 MMBPD.
The leading North American midstream operator’s growth prospects are supported by $6.5 billion of organic projects under construction, including assets designed to accommodate Permian production growth and international demand for U.S. NGLs. The Enterprise Hydrocarbons Terminal expansion is expected to add 300 thousand barrels per day (MBPD) of liquefied petroleum gas (“LPG”) loading capacity by the fourth quarter of 2026, strengthening Enterprise Products’ ability to handle additional export volumes. Management noted increased interest from countries historically dependent on Middle Eastern supplies that are seeking to shift part of their long-term energy sourcing toward the United States.
Ethane exports represent another potential growth catalyst for Enterprise Products, supported by expanding vessel availability and higher customer liftings under existing contracts. The partnership has roughly 90% of its system-wide LPG export capacity contracted, limiting its exposure to potential weakness in terminal rates as new industry capacity enters the market. Overall, expanding U.S. energy exports are expected to support higher throughput across EPD’s integrated infrastructure network and strengthen its volume-driven growth prospects over the coming years.
Two Other Midstream Players Leveraging Export GrowthApart from Enterprise Products Partners, rising U.S. energy exports are creating growth opportunities for other large midstream operators with extensive pipeline and export infrastructure, including Kinder Morgan, Inc. (KMI - Free Report) and Energy Transfer LP (ET - Free Report) .
Kinder Morgan is positioned to benefit from increasing U.S. LNG exports through its extensive natural gas pipeline network. In the second quarter of 2026, KMI’s natural gas transportation volumes increased 7%, partly reflecting higher LNG deliveries on the Tennessee Gas Pipeline and increased exports to Mexico. Kinder Morgan noted that rising LNG exports, power demand and industrial growth are increasing the value of its highly utilized infrastructure and creating additional investment opportunities. KMI expects its growth projects to generate additional cash flow as demand for natural gas infrastructure expands.
Energy Transfer is benefiting from stronger overseas demand for U.S. hydrocarbons, particularly NGLs. In the second quarter of 2026, ET achieved record NGL exports, which increased 25%, while elevated shipment levels bolstered terminal-services margins at both the Nederland and Marcus Hook facilities. Energy Transfer is preparing for additional export growth through its fully subscribed Nederland expansion, which is expected to add 240 MBPD of ethane export capacity and 55 MBPD of LPG capacity. ET is expanding its Mont Belvieu-to-Nederland pipeline and adding two NGL ship docks, strengthening Energy Transfer’s ability to capitalize on rising U.S. energy exports.
EPD’s Price Performance, Valuation & EstimatesEnterprise Products shares have risen 23.4% over the past year compared with the industry’s 24.4% growth.
Image Source: Zacks Investment Research
From a valuation standpoint, EPD trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 11.12X. This is below the broader industry average of 11.37X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EPD's fourth-quarter 2026 earnings has been unchanged over the past seven days. Meanwhile, estimates for third-quarter and full-year 2026 earnings have seen upward revisions.
Image Source: Zacks Investment Research
EPD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enterprise Products Partners (EPD -0.08%) has raised its quarterly distributions for 29 consecutive years, never once reducing its payout. Despite midstream energy's steadiness relative to other segments of the energy sector, a track record of zero dividend cuts or suspensions is quite rare among pipeline stocks. Other large pipeline master limited partnerships (MLPs), including Plains All American Pipeline and Energy Transfer, have had to cut their distributions in the past.
A key reason for Enterprise's strong record is its approach to cash flow distribution. By taking a more cautious approach, this MLP's unitholders could continue to benefit from its payout consistency.
Image source: Getty Images.
Enterprise Products Partners and its well-covered dividend In its quarterly earnings releases, Enterprise Products provides numerous financial metrics. One to pay particular attention to is the coverage of distributions ratio, which is distributable cash flow divided by distributions. Last quarter, this figure came in at 1.9x.
In other words, the MLP generated distributable cash flow nearly twice the size of distributions. With this high coverage, Enterprise is able to, on one hand, maintain and grow its nearly 5.75% dividend. At the same time, there's plenty of cash flow on hand to fund growth and expansion, reducing Enterprise Products Partners' need to borrow or issue additional MLP units.
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Keeping an eye on this metric Enterprise Products Partners is not for all investors. For those seeking stable gains, largely in the form of cash distributions, it's a solid opportunity. Keep in mind, however, that distribution growth has slowed down in recent years.
Moreover, if you do choose to buy Enterprise Product Partners, be sure to keep an eye on the coverage ratio. Each quarter, management presents this figure. If it starts to materially drop, it could be a sign that Enterprise is deviating from its historical approach, calling into question the sustainability of its future dividend growth.
Enterprise Products Partners má rozestavěné projekty za 6,5 mld. USD, které mají v letech 2026–2028 podpořit zisk, cash flow a ziskovost. Firma navíc získává 90 % dlouhodobých kontraktů s inflační eskalací.
Key Takeaways EPD earns fee-based revenues, with 90% of long-term contracts including inflation escalation provisions.EPD has $6.5B of projects under construction, including Permian gas plants and pipeline expansions.Projects entering service through 2026-2028 should boost EPD's earnings, cash flows and profitability. Enterprise Products Partners (EPD - Free Report) , a leading North American midstream energy player, operates an integrated network of assets for the transportation and storage of crude oil, natural gas, natural gas liquids (NGLs), petrochemicals and refined products. The partnership earns stable fee-based revenues, which enable it to generate predictable cash flows across business cycles. Moreover, 90% of its long-term contracts include an escalation provision that protects its cash flows and distributions amid inflationary business environments.
EPD’s contracted business model makes its earnings less vulnerable to fluctuations in commodity prices. The partnership has also announced major projects worth $6.5 billion under construction, including new gas-processing plants in the Permian Basin, the Bahia pipeline expansion, Fractionator 15 and the Enterprise Hydrocarbons Terminal LPG expansion. These capital projects are expected to benefit from favorable energy market fundamentals, including increased hydrocarbon production from the Permian Basin higher natural gas demand from rising LNG exports, the expansion of data center infrastructure and increasing industrial demand.
Since many of these projects are expected to enter service during 2026-2028, they should contribute to Enterprise’s earnings, supporting profitability and cash flow growth. EPD's liquidity position and healthy free cash flow generation should enable it to capitalize on growth opportunities while prioritizing returns to unitholders and debt reduction.
Other Midstream Players to Benefit From Rising Energy DemandKinder Morgan Inc. (KMI - Free Report) is a leading midstream energy company that owns and operates one of the largest energy infrastructure networks in North America, comprising approximately 78,000 miles of pipelines, 136 terminals and more than 700 billion cubic feet of natural gas storage capacity.
The Williams Companies, Inc. (WMB - Free Report) is another leading player in the midstream energy sector, which operates a widespread pipeline system of more than 32,000 miles, including the Transco and Northwest Pipeline systems. These pipeline systems are among the largest natural gas transportation networks in the United States.
Rising energy demand in domestic and international markets is expected to support sustained demand for Kinder Morgan and Williams Companies’ midstream services.
EPD’s Price Performance, Valuation & EstimatesEnterprise Products units have jumped 28.3% over the past year compared with the 30.6% improvement of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, EPD trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 10.98X. This is below the broader industry average of 11.27X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EPD’s 2026 earnings has been revised upward over the past seven days.
Image Source: Zacks Investment Research
EPD, KMI and WMB each currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Brent ráno vystoupil na 95,40 USD za barel, z 67,21 USD před rokem, po obnoveném napětí kolem Íránu a Hormuzského průlivu. Růst ropy se zatím neprojevil v oficiální inflaci, ale ohrožuje její ochlazování.
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Brent crude traded at $95.40 a barrel in early trading this morning, up from $67.21 a year ago, after the expired US-Iran ceasefire and Strait of Hormuz disruption pushed the oil complex back into crisis mode. That matters for retirees because July CPI came in mild at a 3.4% annual rate with a 0.1% monthly gain, extending a cooling trend after annual CPI ran 4.2% in May 2026. August CPI is not published until September, so this crude spike has not yet shown up in an official inflation print. It remains a threat to the cooldown that has not yet broken the trend. The three names below convert every dollar of Brent strength into cash returns, whether the Fed likes it or not.
Chevron Turns $95 Brent Crude Into Record Cash Chevron (NYSE:CVX | CVX Price Prediction) pays a quarterly dividend of $1.78 per share, raised from $1.71 and declared January 30, 2026, for a forward annualized payout of $7.12 and a current yield of 3.16%. The next check hits accounts on September 10, 2026.
Dividend safety here is the real story. Chevron generated $19.7 billion of cash flow from operations excluding working capital and $15.4 billion of adjusted free cash flow in the second quarter, while cutting debt by more than $8 billion in the quarter alone. Net debt to CFFO ended the period at 0.6 times, interest coverage sits at 13.7x, and the company reached $3 billion of structural cost reductions six months ahead of schedule. The historical dividend record is a long, steady march of quarterly hikes: $1.63 in the 2024 payments, $1.71 through 2025, and $1.78 starting with the February 2026 ex-date.
The bull case is simple. Chevron produced a record 2,077 MBOED in the US upstream and grew worldwide output by 20% year over year to 4,070 MBOED, so every $10 move on Brent lands on a much bigger production base than it did a year ago. Hess synergies of $1.5 billion have been captured within a year, and Guyana pushes high-margin barrels into the 2030s. For color, Berkshire Hathaway’s June 30, 2026 13F disclosed 84,375,856 CVX shares worth $13.99 billion, or 4.67% of the portfolio, held unchanged during the quarter. That disclosure reflects a mid-year position rather than fresh buying.
The caveat: CPC pipeline flows out of Kazakhstan and the Strait of Hormuz situation can flip from tailwind to headwind fast, and higher DD&A from the Hess deal will keep pressure on reported earnings.
Exxon Mobil Has the Balance Sheet, and the Next Raise Is Pending Exxon Mobil (NYSE:XOM) pays a quarterly dividend of $1.03 per share, raised from $0.99 and declared October 31, 2025. All three 2026 payments have held at $1.03, so treat the next hike as still pending. Forward annualized comes to $4.12, a yield of 2.54%, with the next payment on September 10, 2026.
The safety read is arguably the strongest in Big Oil. Exxon’s second quarter delivered industry-leading earnings of $14.5 billion, cash flow from operations of $23.6 billion, more than $17 billion of free cash flow, and a more than $7 billion reduction in net debt, all while absorbing the temporary loss of approximately 10% of upstream production from Middle East disruption. Debt to equity is 0.17, net debt to EBITDA is 0.55, and interest coverage is 56.3x. Cumulative structural cost savings hit $16.3 billion since 2019. The dividend history moved from $0.95 across 2024, to $0.99 in early 2025, to $1.03 starting with the November 2025 ex-date. CEO Darren Woods told investors this is a “fundamentally stronger company than it was just a few years ago.”
The bull case for retirees is that Exxon has decoupled cash returns from crude prices. It returned more than $9 billion to shareholders through dividends and share repurchases in the quarter, is executing a $20 billion share repurchase plan for 2026, and just achieved a Guyana milestone that management called an inflection: Neil Hansen told analysts “we’ve fully recovered the $55 billion of investment along with all the operating costs” and projected two times the level of free cash flow in 2030 than we saw in 2025. Permian output hit a record 1.8 million oil equivalent barrels per day, and Golden Pass LNG Train 1 shipped its first cargo in April 2026.
The caveat: reported Q1 net income of $4.18 billion was dragged by $3.88 billion of mark-to-market timing and $706 million in Middle East disruption losses, so quarterly headlines will remain lumpy while the Strait remains contested.
Enterprise Products Partners Pays You a Toll on Every Barrel Enterprise Products Partners (NYSE:EPD) declared a quarterly distribution of $0.56 per unit, raised from $0.55 on July 7, 2026, for a forward annualized payout of $2.24 per unit. At a unit price near $38.20, that is a high-yield income stream backed by fee-based midstream volumes rather than crude prices themselves. One important structural note for retirement accounts: EPD is a master limited partnership that pays distributions, issues a Schedule K-1 rather than a 1099, and can generate unrelated business taxable income (UBTI) inside an IRA. That is not a reason to avoid it, but it belongs on the checklist before you buy it in a Roth.
Coverage is the headline safety number. Management reported record $2.8 billion of EBITDA, a 17% increase over the second quarter of last year, and adjusted cash flow from operations up 19% to a record $2.5 billion. Distribution coverage from operational distributable cash flow was 1.9x. Consolidated leverage sits at the company’s 3.0 target on a net basis, weighted average cost of debt is 4.7%, and 97% of debt is fixed rate with a 17-year weighted average life. Distributions have climbed steadily from $0.515 in early 2024 to $0.56 in July 2026.
The bull case is that Enterprise gets paid to move the barrels the world is fighting over. Pipeline volumes rose 8% year over year to 14.7 million barrels a day of oil equivalent, marine terminal volumes jumped 33%, and Permian gas processing hit 4.3 billion cubic feet a day, up 14%. The April-May demand surge added roughly $200 million in the quarter. Management returned $1.2 billion in cash distributions plus $159 million in unit buybacks, retaining $1.1 billion for growth and repurchases. Co-CEO Jim Teague said Enterprise posted “record earnings and cash flow in the second quarter of 2026.”
The caveat: growth capex is stepping up to the $3 billion area in 2027, and NGL prices still swing with the commodity cycle, so distribution growth is more likely to keep its slow-and-steady cadence than to accelerate on the oil spike.
Bottom Line for Income Investors Chevron gives you a delivered 2026 raise, record US production, and a fortress balance sheet. Exxon gives you the strongest balance sheet in the industry, a Guyana free cash flow inflection, and a pending raise that its cash generation clearly supports. Enterprise gives you a toll booth on the entire US export machine with 1.9x coverage and a fresh distribution bump. If Brent settles in the mid-$90s, all three keep growing payouts; if oil rolls back to the $80s, coverage on all three still holds, which is exactly the point for a retiree portfolio. Building a lineup like this so you can live off the checks without selling shares is the whole exercise in our free dividend ladder guide.
Contact [email protected] for any questions or corrections.
EPD ve 2. čtvrtletí zvýšila vstupní objemy zpracování plynu v Permianu o 14 % na 4,3 Bcf/d. Do roku 2029 přidají nové závody kapacitu 300 MMcf/d a 45 000 Bbl/d kapalin na každý.
Key Takeaways Enterprise Products' Permian gas-processing inlet volumes rose 14% to 4.3 Bcf/d in the second quarter.New plants through 2029 are poised to add 300 MMcf/d of processing capacity & 45,000 Bbl/d of liquids each.EPD's integrated system captures fees across gathering, processing, transportation, fractionation and exports. Enterprise Products Partners L.P. (EPD - Free Report) is building a more integrated Permian value chain that captures fees across gathering, processing, transportation, fractionation and exports. Permian gas-processing inlet volumes rose 14% to 4.3 billion cubic feet per day in second-quarter 2026, supporting demand for additional midstream capacity. EPD is adding processing plants with a capacity of 300 million cubic feet per day (MMcf/d) each through 2029, including Athena, Athena 2, Midland Plant 11, Delaware Plant 12 and Delaware Plant 13.
Each new plant will extract roughly 45,000 barrels per day (Bbl/d) of liquids, which can move through EPD’s Shin Oak and Bahia pipelines into its downstream system. With Shin Oak and Bahia operating at about 86% of capacity, higher Y-grade volumes from Plant 11 and Plant 13 are poised to improve utilization of existing infrastructure. EPD is expanding Bahia by 400 thousand barrels per day (MBbls/d) and 92 miles while adding the 150-MBbls/d Frac 15, creating more downstream capacity to handle growing Permian NGL production.
This integrated strategy will allow Enterprise Products to monetize incremental Permian production at multiple stages rather than relying on a single processing fee. Since 2022, gas-processing inlet and equivalent pipeline transportation volumes have witnessed roughly 8% CAGR, while natural gas liquid (NGL) fractionation and marine-terminal volumes increased about 11% and 13%, respectively. With management targeting roughly 10% EBITDA growth from 2025 to 2027, continued Permian growth is expected to boost utilization, improve returns on new and existing assets and strengthen EPD’s long-term cash-flow growth.
KMI & MPLX Focused on Deepening Their Permian Value ChainsOther than Enterprise Products, Kinder Morgan, Inc. (KMI - Free Report) and MPLX LP (MPLX - Free Report) are investing to deepen their Permian value chains and capture more fee-based revenues as production grows.
Kinder Morgan is expanding its Permian network by increasing natural gas takeaway capacity through projects such as the Gulf Coast Express expansion, which added about 570 MMcf/d of transportation capacity from the Permian to South Texas. The expansion quickly filled after entering service, highlighting strong producer demand and allowing KMI to earn additional pipeline fees while reducing transportation bottlenecks. KMI is advancing its Permian Link project to connect Permian gas with storage and growing power demand, creating another long-term opportunity to monetize basin volumes.
MPLX is strengthening its Permian-to-Gulf Coast integrated value chain by expanding gas processing, sour-gas treating and NGL transportation capacity to meet rising producer demand. The company is increasing Permian sour-gas treating capacity to more than 400 MMcf/d, expanding the BANGL NGL pipeline to 300,000 barrels per day and advancing the 2.5-Bcf/d Blackcomb pipeline, creating greater connectivity from the Permian to Gulf Coast markets. By integrating processing, pipelines, fractionation and export infrastructure, MPLX can capture more value from growing Permian volumes while supporting long-term EBITDA growth and higher utilization across its midstream network.
EPD’s Price Performance, Valuation & EstimatesEnterprise Products shares have gained 23% over the past year compared with the industry’s 24% growth.
Image Source: Zacks Investment Research
From a valuation standpoint, EPD trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 11.02X. This is below the broader industry average of 11.26X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for EPD's fourth-quarter 2026 earnings has been unchanged over the past seven days. Meanwhile, estimates for third-quarter 2026 and full-year 2026 earnings have seen upward revisions.
Image Source: Zacks Investment Research
EPD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enterprise Products Partners se obchoduje na 11,07x EV/EBITDA, pod průměrem odvětví 11,29x. Zároveň má téměř 90 % dlouhodobých smluv s možností zvyšovat poplatky při inflaci.
Key Takeaways EPD trades at 11.07x EV/EBITDA, below the industry average and midstream peers.Nearly 90% of EPD's long-term contracts can raise fees during inflation, supporting cash flows.EPD has $6.5B in key projects ahead, but excess LPG export capacity could pressure fees. Enterprise Products Partners LP (EPD - Free Report) is trading at a trailing 12-month EV/EBITDA multiple of 11.07x, which is lower than the broader industry average of 11.29x. Enbridge Inc. (ENB - Free Report) and Kinder Morgan Inc. (KMI - Free Report) , two other midstream majors, are valued higher at 15.48x and 13.98x, respectively.
Image Source: Zacks Investment Research
Since EPD is undervalued, should investors buy the stock immediately? Before deciding, it’s better to analyze EPD’s overall business environment, even though the partnership generates stable fee-based revenues like ENB and KMI.
EPD’s Inflation-Resilient Contracts & Growth ProjectsEnterprise Products' pipeline network spans more than 50,000 miles, transporting oil, natural gas and other commodities. The partnership also has more than 300 million barrels of liquid storage capacity, generating stable cash flows. Importantly, EPD’s business model is inflation-protected because almost 90% of its long-term contracts include a provision for increasing fees when the business environment becomes inflationary. This is how the midstream energy player is able to safeguard its cash flow generation in all business scenarios.
EPD is also expected to generate incremental cash flow from its $6.5 billion in key capital projects, which are yet to come online.
Image Source: Enterprise Products Partners LP
EPD’s Attractive Capital Return FrameworkDue to the resilience of its business model, the partnership has been able to return capital to unitholders on an ongoing basis. Since its IPO, Enterprise Products has returned $65 billion to unitholders through both repurchases and distributions. EPD has increased distributions for 28 consecutive years. Thus, the partnership has become successful in keeping cash flow steady across all business cycles.
Is Now the Right Time to Invest in the Stock?Following the positive developments, EPD has risen 24.1% over the past year, marginally underperforming the industry’s 24.8%. Over the same time frame, Enbridge and Kinder Morgan have gained 9.1% and 25.1%, respectively.
Image Source: Zacks Investment Research
On the flip side, the partnership, on its latest earnings call, noted that too much LPG export capacity may come online before demand catches up, which could push export fees lower. However, EPD is partly protected because about 90% of its LPG export capacity is already contracted.
Thus, despite being undervalued and with all the positive developments in place, it is wise not to bet on EPD right away. But those who have already invested can retain the stock, which currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enterprise Products Partners ve 2. čtvrtletí vykázala rekordní EBITDA 2,8 miliardy USD a EPS 0,84 USD, nad odhady. Firma zároveň nabízí dividendový výnos 5,9 % a 28 let v řadě zvyšuje distribuci.
When it comes to energy investing, integrated oil giants like Chevron and ExxonMobil often steal the spotlight. They are top picks for dividend investors thanks to their impressive dividend growth streaks of 39 and 43 years, respectively.
While these integrated giants have impressive dividend histories, they don't offer the highest yield for income-focused investors. If you're searching for superior yields and stable cash flows, consider midstream powerhouse Enterprise Products Partners (EPD +0.64%). Here's why.
Image source: Getty Images.
Enterprise Products Partners is built for long-term stability While upstream oil drillers are vulnerable to price swings in commodity markets, Enterprise Products Partners serves as a highway system for moving oil and gas across North America. It has a massive infrastructure footprint that includes 50,000 miles of pipelines, 300 million barrels of liquid storage capacity, and 21 deep-water docks.
The business is built for stability. Roughly 80% of its gross operating margin is fee-based, and the company earns fees based on the volume of product moved rather than the spot price of oil and gas. Additionally, about 90% of its long-term contracts have escalation provisions to mitigate the effects of inflation. This business model helps shield it from price volatility, providing stable cash flows.
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In the second quarter, the company delivered stellar results, generating a record $2.8 billion in earnings before interest, taxes, depreciation, and amortization (EBITDA), along with earnings per share (EPS) of $0.84, ahead of consensus estimates.
The strong results were boosted by robust global demand for U.S. energy, as total pipeline-equivalent volumes rose 8% to 14.7 million barrels per day (MMBPD), while marine terminal volumes surged 33% to 2.8 MMBPD across its docks. The company is building on its strong position, including several new processing plants in the Permian, a region that has been a massive growth driver for it.
Enterprise boasts an impressive track record of rewarding investors Enterprise Products Partners has an impressive dividend yield of 5.9%, well above Chevron's (3.7%) and ExxonMobil's (2.6%). This dividend is supported by a sound business and its corporate structure as a master limited partnership (MLP).
As a pass-through entity, Enterprise does not pay corporate income tax; instead, it passes profits, losses, and deductions directly to unitholders. While this provides great tax-deferral benefits, investors should note that they will receive a Schedule K-1 at tax time, which can complicate tax filing.
That said, Enterprise Products has an impressive yield and an exceptional track record of raising its distribution for 28 consecutive years, making it a solid dividend stock for investors seeking income from their investment portfolios today.
Enterprise Products Partners (EPD - Free Report) reported $18.27 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 60.8%. EPS of $0.84 for the same period compares to $0.66 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $13.6 billion, representing a surprise of +34.33%. The company delivered an EPS surprise of +12%, with the consensus EPS estimate being $0.75.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Enterprise Products performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
NGL Pipelines & Services net - NGL fractionation volumes per day: 1858 millions of barrels of oil per day versus 1925.72 millions of barrels of oil per day estimated by two analysts on average.NGL Pipelines & Services net - Fee-based natural gas processing per day: 7448 millions of barrels of oil per day versus 7539.53 millions of barrels of oil per day estimated by two analysts on average.NGL Pipelines & Services net - NGL pipeline transportation volumes per day: 4913 millions of barrels of oil per day versus the two-analyst average estimate of 4883.57 millions of barrels of oil per day.Natural Gas Pipelines & Services net - Natural gas transportation volumes per day: 21,048.00 BBtu/D versus 20,887.46 BBtu/D estimated by two analysts on average.Petrochemical Services net - Butane isomerization volumes per day: 115 millions of barrels of oil per day compared to the 121.81 millions of barrels of oil per day average estimate based on two analysts.Petrochemical Services net - Propylene fractionation volumes per day: 134 millions of barrels of oil per day versus 124.37 millions of barrels of oil per day estimated by two analysts on average.Petrochemical Services net - Octane enhancement and related plant sales volumes per day: 37 millions of barrels of oil per day versus 30.47 millions of barrels of oil per day estimated by two analysts on average.NGL Pipelines & Services net - Equity NGL production per day: 230 millions of barrels of oil per day compared to the 226.81 millions of barrels of oil per day average estimate based on two analysts.Gross operating margin- Petrochemical & Refined Products Services- Propylene production and related activities: $154 million versus the two-analyst average estimate of $138.38 million.Gross operating margin- NGL Pipelines & Services: $1.55 billion versus the two-analyst average estimate of $1.52 billion.Gross operating margin- Crude Oil Pipelines & Services: $485 million versus $389.99 million estimated by two analysts on average.Gross operating margin- Natural Gas Pipelines & Services: $556 million versus $462.48 million estimated by two analysts on average.View all Key Company Metrics for Enterprise Products here>>>
Shares of Enterprise Products have returned +2% over the past month versus the Zacks S&P 500 composite's +2.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Key Takeaways EPD's Q2 earnings rose 27.3% as record volumes drove higher revenues, EBITDA and cash flow.EPD's marine terminal volumes surged 33% to a record 2.8 million barrels per day on export demand.EPD has $6.5 billion of projects under construction, with over 80% of 2027 growth spending committed. Enterprise Products Partners L.P.(EPD - Free Report) delivered record second-quarter 2026 volumes, earnings and cash flow as global demand pulled more U.S. energy through its system.
The central question is whether contracted assets and sanctioned projects can offset the normalization of unusually favorable market differentials. The Zacks Consensus Estimate points to continued growth, with earnings projected at $2.94 per unit in 2026 and $3.20 in 2027.
EPD’s Record Volumes Drove a Broad Earnings BeatSecond-quarter earnings rose 27.3% to 84 cents per unit, topping the Zacks Consensus Estimate by 12%. Revenues increased 60.8% to $18.3 billion and beat the consensus mark by 34.6%.
Equivalent pipeline volumes rose 8% to a record 14.7 million barrels per day (MMBbl/d). Adjusted EBITDA reached a record $2.83 billion, while operational distributable cash flow increased 21% to $2.31 billion and covered the quarterly distribution 1.9 times.
Enterprise Products Benefited From Export DemandMarine terminal volumes rose 33% to a record 2.8 MMBbl/d. Management attributed about $200 million of second-quarter results to incremental volumes and margins created by acute global demand for U.S. energy during April and May.
That contribution was spread across natural gas liquids, crude oil, petrochemicals and other operations. The breadth matters because Enterprise’s integrated network can capture value through pipelines, storage, fractionation and export terminals rather than relying on one asset.
EPD’s Exceptional Market Tailwinds Have FadedManagement said the strong cash differentials seen in April and May had largely normalized. Marine terminal activity also returned to more typical levels in June and July after the initial surge in demand.
Future growth therefore depends more heavily on recurring fee income, sustained throughput and new projects. Fee-based activities represented 80% of gross operating margin in the first half of 2026, but the remaining exposure to spreads, differentials and marketing margins can still create earnings volatility.
Enterprise Products Expanded Margins Across SegmentsNatural gas liquids gross operating margin increased to $1.55 billion from $1.30 billion. Permian processing inlet volumes rose 14% to 4.3 billion cubic feet per day, while natural gas liquids pipeline volumes reached a record 4.9 MMBbl/d
Crude oil gross operating margin advanced to $485 million, natural gas delivered a record $556 million and petrochemical and refined products margin rose to $418 million. Higher volumes, processing margins, transportation fees and marketing activity supported the gains.
EPD’s New Assets Could Extend the MomentumEnterprise has $6.5 billion of major projects under construction. The Houston Ship Channel liquefied petroleum gas expansion is expected to begin service by year-end 2026, followed by additional processing, fractionation and pipeline projects through early 2029.
More than 80% of expected 2027 growth spending of about $3 billion is already committed. Energy Transfer LP (ET - Free Report) , with diversified natural gas, natural gas liquids, crude and refined-products infrastructure, is a relevant export-focused peer. ONEOK, Inc. (OKE - Free Report) also operates integrated natural gas liquids, gas, refined-products and crude assets, making project execution and contracted volume growth important comparison points.
EPD’s Earnings Outlook and Estimate TrendsThe Zacks Consensus Estimate calls for current-quarter earnings of 72 cents per unit, up 18% from the year-ago period. Current-year earnings are projected to rise 10.5% to $2.94 per unit, followed by an 8.8% increase to $3.20 in 2027. Still, the most recent consensus estimates of 70 cents for the current quarter, $2.88 for 2026 and $3.13 for 2027 sit below the broader consensus marks. The trend supports continued earnings growth through 2027, though the lower recent estimates warrant some caution.
Image Source: Zacks Investment Research
EPD’s Ratings Temper the Record-Quarter ExcitementThe operating setup supports measured optimism. The Zacks Consensus Estimate implies 8.8% earnings growth in 2027, but normalized differentials, higher capital intensity and execution risk could limit the pace of improvement.
EPD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Its Value Score of B is more favorable than its Growth Score of C, Momentum Score of C and VGM Score of C. The combination suggests relatively better value characteristics, while the broader score mix and Hold rank support a balanced stance rather than an aggressive near-term view.
Enterprise Products zvýší dividendu vyplácenou 14. srpna o 2,8 % meziročně; akcie po 3. srpnu nesou výnos 5,8 %. Firma navíc drží 28 let po sobě rostoucí dividendy.
For the bulk of the 21st century, buybacks have been corporate America's preferred way of returning capital to shareholders, but S&P 500 dividend growth has been solid, if not awe-inspiring. Savvy equity income investors know that some segments deliver the dividend goods more than others. Those groups include energy stocks.
Taking things a step further, pipeline stocks are known for offering tempting yields and, in many cases, dependable payout growth. Enterprise Products Partners (EPD +0.66%) checks those boxes. Although the third quarter isn't even half over, it's already brought a spate of midstream dividend hikes, with Enterprise Products being one of the guests at that party.
Enterprise Products is one of the dividend leaders in the midstream segment. Image source: Getty Images.
On July 7, the pipeline operator told investors that the dividend it's delivering Aug. 14 represents a 2.8% year-over-year increase. As of Aug. 3, the stock yields 5.8%. That's more than 5x the dividend yield on the S&P 500, and more than double the yield of the largest energy exchange-traded fund (ETF). Fortunately, that's not the end of the good news when it comes to the Enterprise Products dividend.
A dependable pipeline payout Not all oil stocks are cut of the same dividend cloth. In the energy patch, there are low yields, alarmingly high yields, and a lack of dividend clarity. Enterprise Products doesn't wear any of those dubious labels. Twenty-eight consecutive years of increased distributions confirm that this is a dependable equity income name.
Fundamentals indicate that the streak can be extended over the long haul. Income investors assessing Enterprise Products today can benefit from valuable insight provided by the company when it delivered second-quarter earnings on July 30. For those who don't want to get "in the weeds," the dividend is safe. For investors demanding more detail, here goes.
In the June quarter, this pipeline operator generated a record $2.3 billion in operational distributable cash flow (DCF), resulting in coverage of 1.9x the distributions paid during that period. Enterprise Products also retained $1.1 billion of that DCF.
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Here are two more points that dividend investors will like. First, the midstream company repurchased $159 million worth of its stock during Q2. Fewer shares outstanding reduce a company's dividend obligations because dividends aren't paid on retired shares. Second, the 56% payout ratio isn't demanding given rising DCF and declining shares outstanding.
Long-term allure Pipeline stocks, including Enterprise Products, are often calmer than their integrated and exploration and production peers, implying it's advisable to approach midstream equities with long-term perspectives.
With Enterprise Products, investors should consider that approach because the true value of dividend growth is realized over longer holding periods. Additionally, the company is just beginning to realize benefits from new projects, including increased volumes in the pipeline and at marine terminals.
Those volume increases, combined with higher marketing volumes and margins, supported Q2 earnings and cash flow growth. Margin expansion was evident in Enterprise Products' natural gas liquids (NGLs) segment, where the company has industry-leading export infrastructure. That underpins Enterprise Products' status as a wide-moat midstream operator, potentially bolstering the stock's long-term bull case.
Enterprise Products Partners ve 2. čtvrtletí zvýšila zisk na 84 centů na jednotku a tržby vyskočily o 60,8 % na 18,3 miliardy USD. Upravená EBITDA dosáhla rekordu 2,83 miliardy USD a kvartální distribuce stoupla o 2,8 %.
Key Takeaways EPD's Q2 earnings rose 27.3% as equivalent pipeline volumes reached a record 14.7 MMBbl/d.EPD's NGL, crude oil, natural gas and petrochemical segments posted higher gross margins.Enterprise Products generated a record $2.83B in adjusted EBITDA and raised its quarterly distribution 2.8%. Enterprise Products Partners L.P. (EPD - Free Report) reported second-quarter 2026 earnings of 84 cents per unit, up 27.3% from 66 cents per unit a year earlier. The bottom line topped the Zacks Consensus Estimate of 75 cents per unit by 12%.
Revenues surged 60.8% to $18.3 billion from $11.4 billion in the prior-year quarter. The top line surpassed the consensus estimate of $13.6 billion by 34.56%.
The strong quarterly results were driven by increased international demand, higher marketing margins and record system activity.
Equivalent pipeline volumes rose 8% to a record 14.7 million barrels per day (bpd), up from 13.6 million bpd in the year-ago quarter.
EPD Benefits From Broad-Based Margin GrowthTotal gross operating margin increased $514 million to a record $3 billion. The improvement included a $77 million increase in unrealized mark-to-market gains on financial instruments used for hedging activities.
Management attributed the strong quarter partly to acute global demand for U.S. energy during April and May. The partnership generated about $200 million from incremental volumes and margins tied to this demand, with the contribution distributed across NGL, crude oil, petrochemicals and other operations. Those market differentials largely normalized afterward.
Enterprise Products’ NGL Operations StrengthenThe NGL Pipelines & Services segment generated gross operating margin of $1.6 billion, up from $1.3 billion a year earlier. Gross operating margin from natural gas processing and related NGL marketing increased to $512 million from $341 million.
Permian Basin processing volumes rose 14% to 4.3 billion cubic feet per day (Bcf/d). Higher processing margins and volumes lifted results in both the Midland and Delaware basins. NGL marketing also benefited from improved sales margins, higher sales volumes and favorable mark-to-market activity.
NGL pipeline volumes increased 8% to a record 4.9 million barrels per day (MMBbl/d). Fractionation volumes reached 1.9 MMBbl/d, aided by Frac 14, which entered service in the fourth quarter of 2025.
EPD Posts Record Crude & Gas ResultsCrude Oil Pipelines and Services gross operating margin increased to $485 million from $403 million. Texas crude oil pipelines, terminals and marketing benefited from higher sales volumes and margins, while the Seaway Pipeline gained from increased pipeline and marine terminal activity.
Crude oil pipeline volumes reached a record 3 MMBbl/d, while crude marine terminal volumes rose to 1.1 MMBbl/d. Seaway volumes benefited from exports of crude originating from the U.S. Strategic Petroleum Reserve.
Natural Gas Pipelines and Services delivered a record gross operating margin of $556 million, up from $417 million a year earlier. Higher natural gas marketing margins, improved transportation fees on the Texas Intrastate System and increased Permian gathering volumes supported the gain.
Enterprise Products Expands Petrochemical MarginsPetrochemical and Refined Products Services gross operating margin rose to $418 million from $354 million. Segment pipeline volumes increased to a record 1.2 MMBbl/d, while marine terminal volumes advanced to 422,000 barrels per day (Bbl/d).
The ethylene business benefited from higher export, sales and pipeline volumes. Propylene production increased 14% to a record 134,000 Bbl/d, driving higher sales volumes and margins. Improved octane enhancement sales margins also contributed to the segment’s performance.
EPD Generates Record Cash FlowAdjusted EBITDA increased 17% to a record $2.83 billion. Operational distributable cash flow rose 21% to $2.31 billion and provided 1.9 times the coverage of the second-quarter distribution. Enterprise Products retained $1.1 billion of distributable cash flow.
Adjusted cash flow from operations advanced 19% to $2.52 billion.
Enterprise Products’ Balance sheet & DividendTotal debt principal was $33.53 billion at quarter-end. Enterprise Products reported a 3.0X leverage ratio and $4 billion of liquidity, later supplemented by an incremental $1 billion short-term credit facility.
The partnership declared a quarterly distribution of 56 cents per unit, up 2.8% and repurchased $159 million of common units during the quarter.
EPD Advances Growth ProjectsEnterprise Products invested $1.2 billion during the quarter, including $1 billion in growth projects and $140 million in sustaining capital. It expects 2026 growth capital spending in the range of $2.9-$3.4 billion after applying about $600 million of asset-sale proceeds. Sustaining capital expenditures are projected at approximately $600 million.
The partnership has $6.5 billion of major projects under construction. Planned additions include two 300 million-cubic-feet-per-day Permian processing plants and the 150,000 Bbl/d Frac 15 facility. The Houston Ship Channel LPG export terminal expansion is expected to begin operations by year-end 2026.
Management expects growth capital expenditures to be around $3 billion in 2027, with more than 80% already committed to sanctioned projects. Despite higher planned investment, discretionary free cash flow for 2026 could still approach $1 billion.
EPD’s Zacks Rank & Key PicksEnterprise Products currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are PBF Energy Inc. (PBF - Free Report) , HF Sinclair Corporation (DINO - Free Report) and Cactus, Inc. (WHD - Free Report) . PBF sports a Zacks Rank #1 (Strong Buy), while DINO and WHD carry a Zacks Rank #2 (Buy) each, at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
PBF reported second-quarter 2026 adjusted earnings of $6.22 per share, surpassing the Zacks Consensus Estimate of $4.05 per share.
As of June 30, 2026, PBF had total debt of $1.75 billion, and cash and cash equivalents of $894.1 million.
HF Sinclair reported second-quarter 2026 adjusted earnings of $5.31 per share, topping the Zacks Consensus Estimate of $4.39 per share.
As of June 30, 2026, DINO had total debt of $2.77 billion, and cash and cash equivalents of $2.26 billion.
Cactus reported second-quarter 2026 adjusted earnings of 93 cents per share, surpassing the Zacks Consensus Estimate of 71 cents per share.
As of June 30, 2026, WHD had cash and cash equivalents of $365 million.
Axiom Investment Management ve 1. čtvrtletí koupila nový podíl v Enterprise Products Partners za zhruba 1,656 milionu USD. Firma zároveň oznámila čtvrtletní dividendu ve výši 0,56 USD na jednotku, což je více než předchozích 0,55 USD.
Axiom Investment Management LLC purchased a new stake in shares of Enterprise Products Partners L.P. (NYSE:EPD – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 43,774 shares of the oil and gas producer’s stock, valued at approximately $1,656,000. Enterprise Products Partners accounts for approximately 1.3% of Axiom Investment Management LLC’s investment portfolio, making the stock its 18th largest position.
A number of other hedge funds and other institutional investors have also bought and sold shares of EPD. WNY Asset Management LLC purchased a new position in shares of Enterprise Products Partners during the 1st quarter valued at about $367,000. Montchanin Asset Management LLC purchased a new stake in Enterprise Products Partners in the 1st quarter worth approximately $2,777,000. Compass Capital Management Inc. bought a new stake in Enterprise Products Partners during the 1st quarter worth approximately $378,000. Hobbs Group Advisors LLC raised its stake in Enterprise Products Partners by 1.4% during the 1st quarter. Hobbs Group Advisors LLC now owns 20,895 shares of the oil and gas producer’s stock worth $791,000 after acquiring an additional 298 shares during the period. Finally, Western Wealth Management LLC lifted its holdings in Enterprise Products Partners by 15.3% during the first quarter. Western Wealth Management LLC now owns 9,723 shares of the oil and gas producer’s stock valued at $368,000 after purchasing an additional 1,288 shares in the last quarter. Hedge funds and other institutional investors own 26.07% of the company’s stock.
Enterprise Products Partners Price Performance EPD stock opened at $38.07 on Friday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.61 and a current ratio of 0.91. The company’s fifty day moving average price is $37.55 and its 200-day moving average price is $36.97. Enterprise Products Partners L.P. has a one year low of $30.01 and a one year high of $40.17. The company has a market capitalization of $82.30 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.39 and a beta of 0.49.
Enterprise Products Partners (NYSE:EPD – Get Free Report) last posted its earnings results on Thursday, July 30th. The oil and gas producer reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.09. Enterprise Products Partners had a net margin of 10.79% and a return on equity of 20.80%. The company had revenue of $18.27 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the company posted $0.66 earnings per share. Enterprise Products Partners’s quarterly revenue was up 60.8% on a year-over-year basis. On average, equities analysts anticipate that Enterprise Products Partners L.P. will post 2.91 EPS for the current fiscal year.
Enterprise Products Partners Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 5.9%. This is a positive change from Enterprise Products Partners’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Friday, July 31st. Enterprise Products Partners’s payout ratio is presently 81.48%.
Key Enterprise Products Partners News Here are the key news stories impacting Enterprise Products Partners this week:
Positive Sentiment: Q2 results beat expectations: EPD reported $0.84 in earnings per unit versus the $0.75 consensus estimate, while revenue reached $18.27 billion, well above the $13.69 billion forecast and up 60.8% year over year. Net income attributable to common unitholders rose 28% to $1.84 billion. Enterprise Products Partners Q2 earnings report Positive Sentiment: Record operating performance supports cash flow: Adjusted EBITDA increased 17% to a record $2.8 billion, and operational distributable cash flow reached $2.31 billion, providing 1.9 times coverage of the quarterly distribution. Pipeline volumes rose 8% to 14.7 million barrels per day, while marine terminal volumes jumped 33% to 2.8 million barrels per day. Enterprise Reports Second Quarter 2026 Earnings Positive Sentiment: Growth and income remain central to the investment case: The partnership declared a $0.56-per-unit distribution, payable August 14, and outlined a roughly $3 billion 2027 capital plan. Planned projects include a 150,000-barrel-per-day NGL fractionator at Mont Belvieu and two 300-million-cubic-feet-per-day Permian Basin gas-processing plants. Midstream peers are also increasing payouts, reinforcing sector-wide income appeal. EPD Q2 earnings call highlights Neutral Sentiment: EPD’s roughly 5.6% yield and long history of distribution growth continue to attract income-focused investors. However, the July 31 ex-dividend date may create temporary trading effects as the distribution is reflected in the unit price. EPD dividend analysis Negative Sentiment: Analyst estimate reductions add pressure: US Capital Advisors lowered its EPS forecasts for Q3 and Q4 2026, FY2026, FY2027 and FY2028. Its FY2026 estimate fell to $2.88 from $2.94, while FY2028 declined to $3.29 from $3.43, signaling some concern about longer-term earnings growth despite the latest beat. Analysts Set New Price Targets A number of research firms have weighed in on EPD. JPMorgan Chase & Co. upped their price target on shares of Enterprise Products Partners from $41.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Weiss Ratings downgraded shares of Enterprise Products Partners from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday, July 2nd. UBS Group reiterated a “buy” rating and issued a $45.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. TD Cowen reissued a “hold” rating and set a $38.00 price target (up from $34.00) on shares of Enterprise Products Partners in a report on Thursday, April 16th. Finally, Citigroup restated a “buy” rating and issued a $44.00 price objective (up from $39.00) on shares of Enterprise Products Partners in a research report on Friday, May 1st. Eight analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $39.93.
Check Out Our Latest Stock Analysis on EPD
About Enterprise Products Partners (Free Report)
Enterprise Products Partners L.P. (NYSE: EPD) is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.
Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.
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Enterprise Products Partners uspořádala konferenční hovor k výsledkům za 2. čtvrtletí 2026. V úvodu zaznělo, že vedení bude komentovat hospodaření a výhled společnosti.
Enterprise Products Partners L.P. Common Units (EPD) Q2 2026 Earnings Call July 30, 2026 10:00 AM EDT
Company Participants
Joseph Theriac - Vice President of Finance & Investor Relations
A. Teague - Co-CEO & Director of Enterprise Products Holdings LLC
W. Fowler - Co-CEO & Director of Enterprise Products Holdings LLC
Tyler Cott - Senior Vice President of Hydrocarbon Marketing
Tug Hanley - Executive VP & Chief Commercial Officer
Natalie Gayden - Senior Vice President, Natural Gas Assets
Justin Kleiderer - Senior Vice President of Pipelines & Terminals
Graham Bacon - Executive VP & COO of Enterprise Products Holdings LLC
Conference Call Participants
Jean Ann Salisbury - BofA Securities, Research Division
Spiro Dounis - Citigroup Inc., Research Division
John Mackay - Goldman Sachs Group, Inc., Research Division
Keith Stanley - Wolfe Research, LLC
Theresa Chen - Barclays Bank PLC, Research Division
Gabe Daoud - Truist Securities, Inc., Research Division
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Andrew John O'Donnell - Tudor, Pickering, Holt & Co. Securities, LLC, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Presentation
Operator
Thank you for standing by, and welcome to Enterprise Products Partners L.P.'s Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I would now like to hand the call over to Joe Theriac, VP of Finance and Investor Relations. Please go ahead.
Joseph Theriac
Vice President of Finance & Investor Relations
Thanks, Latif. Good morning, and welcome to the Enterprise Products Partners conference call to discuss second quarter 2026 earnings. Our speakers today will be Co-Chief Executive Officers of Enterprise's General Partner, Jim Teague and Randy Fowler. Other members of our senior management team are also in attendance for the call today.
During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company as well as assumptions
Enterprise Products Partners oznámila rekordní výsledky za 2. čtvrtletí: výnosy byly o 30 % nad odhady a distribuční peněžní tok meziročně vzrostl o 21 %.
SummaryEnterprise Products Partners L.P. delivered a record Q2, with revenues 30% above estimates and distributable cash flow up 21% year-over-year.EPD's robust results stem from macro tailwinds, AI-driven energy demand, and recent growth investments, including new LNG export capacity.With a strong 1.9x dividend coverage ratio and moderating growth CapEx ahead, EPD appears poised for accelerated dividend growth.Despite recent price appreciation, EPD stock remains attractive for income-focused investors seeking potential double-digit total returns.Looking for a helping hand in the market? Members of Cash Flow Club get exclusive ideas and guidance to navigate any climate. Learn More » Richard Drury/DigitalVision via Getty Images
Article Thesis Enterprise Products Partners L.P. (EPD) announced its Q2 earnings results on Thursday. The record quarter shows that the combination of macro tailwinds and EPD's growth investments is working out very well
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of EPD, ET, MPLX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Wall Street čeká, že Enterprise Products oznámí zisk 0,74 USD na akcii a tržby 13,6 miliardy USD, což představuje meziroční růst o 12,1 % a 19,7 %. Odhad EPS byl za posledních 30 dní snížen o 3,1 %.
Analysts on Wall Street project that Enterprise Products Partners (EPD - Free Report) will announce quarterly earnings of $0.74 per share in its forthcoming report, representing an increase of 12.1% year over year. Revenues are projected to reach $13.6 billion, increasing 19.7% from the same quarter last year.
The current level reflects a downward revision of 3.1% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
With that in mind, let's delve into the average projections of some Enterprise Products metrics that are commonly tracked and projected by analysts on Wall Street.
The consensus estimate for 'NGL Pipelines & Services net - NGL fractionation volumes per day' stands at 1,925.72 thousands of barrels of oil. Compared to the present estimate, the company reported 1,667.00 thousands of barrels of oil in the same quarter last year.
The combined assessment of analysts suggests that 'NGL Pipelines & Services net - Fee-based natural gas processing per day' will likely reach 7,539.53 thousands of barrels of oil. Compared to the current estimate, the company reported 7,266.00 thousands of barrels of oil in the same quarter of the previous year.
Analysts' assessment points toward 'NGL Pipelines & Services net - NGL pipeline transportation volumes per day' reaching 4,883.57 thousands of barrels of oil. Compared to the present estimate, the company reported 4,562.00 thousands of barrels of oil in the same quarter last year.
The consensus among analysts is that 'Natural Gas Pipelines & Services net - Natural gas transportation volumes per day' will reach 20887 billion british thermal units per day. Compared to the present estimate, the company reported 20405 billion british thermal units per day in the same quarter last year.
The average prediction of analysts places 'Petrochemical Services net - Butane isomerization volumes per day' at 121.81 thousands of barrels of oil. Compared to the present estimate, the company reported 122.00 thousands of barrels of oil in the same quarter last year.
Analysts predict that the 'Petrochemical Services net - Propylene fractionation volumes per day' will reach 124.37 thousands of barrels of oil. The estimate compares to the year-ago value of 118.00 thousands of barrels of oil.
According to the collective judgment of analysts, 'Petrochemical Services net - Octane enhancement and related plant sales volumes per day' should come in at 30.47 thousands of barrels of oil. Compared to the current estimate, the company reported 39.00 thousands of barrels of oil in the same quarter of the previous year.
It is projected by analysts that the 'NGL Pipelines & Services net - Equity NGL production per day' will reach 226.81 thousands of barrels of oil. The estimate compares to the year-ago value of 214.00 thousands of barrels of oil.
Analysts expect 'Gross operating margin- NGL Pipelines & Services' to come in at $1.52 billion. Compared to the present estimate, the company reported $1.30 billion in the same quarter last year.
Based on the collective assessment of analysts, 'Gross operating margin- Crude Oil Pipelines & Services' should arrive at $389.99 million. The estimate compares to the year-ago value of $403.00 million.
The collective assessment of analysts points to an estimated 'Gross operating margin- Natural Gas Pipelines & Services' of $462.48 million. Compared to the present estimate, the company reported $417.00 million in the same quarter last year.
Analysts forecast 'Gross operating margin- Petrochemical & Refined Products Services' to reach $363.92 million. The estimate compares to the year-ago value of $354.00 million.
View all Key Company Metrics for Enterprise Products here>>>
Shares of Enterprise Products have experienced a change of +4% in the past month compared to the +1.7% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), EPD is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Enterprise Products Partners má 30. července před otevřením trhu zveřejnit výsledky za 2. čtvrtletí; tržby mají meziročně vzrůst o 17,9 % na 13,40 miliardy USD.
Key Takeaways Enterprise Products is set to report second-quarter 2026 results on July 30 before the opening bell.Enterprise Products' second-quarter revenues are projected to rise 17.9% year over year to $13.40 billion.EPD is expected to see higher gross operating margins across its Natural Gas, Crude Oil and NGL segments. Enterprise Products Partners L.P. (EPD - Free Report) is set to report second-quarter 2026 results on July 30, before the opening bell.
In the last reported quarter, the partnership’s adjusted earnings of 68 cents per share missed the Zacks Consensus Estimate of 71 cents due to weak margins in Crude Oil Pipelines & Services and Petrochemical & Refined Products Services.
The partnership’s earnings surpassed the Zacks Consensus Estimate in two of the trailing four quarters, while missing the same twice, delivering an average negative surprise of 1.1%. This is depicted in the graph below.
Estimate Trend for EPDThe Zacks Consensus Estimate for second-quarter earnings per share of 74 cents has seen one upward revision and one downward revision in the past seven days. The estimated figure indicates a 12.1% jump from the prior-year reported figure.
The Zacks Consensus Estimate for revenues of $13.40 billion implies a 17.9% increase from the year-ago recorded figure.
Factors to Consider for EPD's Q2 ResultsEnterprise Products is a leading player in the midstream energy sector, with an extensive pipeline network spanning more than 50,600 miles, liquids storage facilities with more than 300 million barrels’ storage capacity, deepwater docks, natural gas processing trains, fractionators, PDH and iBDH. The partnership stores and transports natural gas liquids (NGL), crude oil, natural gas, petrochemicals and refined products using its midstream assets. A large portion of its contracts are fee-based with inflation protection provisions. Therefore, EPD likely generated stable cash flows in the June-end quarter of 2026.
For the second quarter, the Zacks Consensus Estimate for the gross operating margin of the Natural Gas Pipelines & Services segment is pegged at $462 million, up from $417 million a year ago. Estimates for Crude Oil Pipelines & Services and NGL Pipelines & Services stand at $390 million and $1,516 million, respectively, showing improvements from the prior-year figures of $385 million and $1,416 million, respectively.
Q2 Earnings Whispers for EPD StockOur proven model does not indicate an earnings beat for EPD this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here, as you will see below.
Enterprise Products' Earnings ESP: EPD has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Zacks Rank of EPD: Enterprise Products currently carries a Zacks Rank #3.
Stocks to ConsiderHere are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
NOV Inc. (NOV - Free Report) has an Earnings ESP of +19.69% and currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
NOV is scheduled to release earnings on July 28, 2026. The Zacks Consensus Estimate for NOV’s earnings is pegged at 16 cents per share, indicating a 44.8% decline from the prior-year reported figure.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +7.04% and carries a Zacks Rank #2 at present. Cactus is scheduled to release earnings on July 29, 2026.
The Zacks Consensus Estimate for WHD’s earnings is pegged at 71 cents per share, suggesting a 7.6% improvement from the prior-year reported figure.
Western Midstream Partners, LP (WES - Free Report) has an Earnings ESP of +1.19% and carries a Zacks Rank #2 at present. Western Midstream is scheduled to release earnings on Aug. 5, 2026.
The Zacks Consensus Estimate for WES’ earnings is pegged at 90 cents per share, suggesting a 3.4% improvement from the prior-year reported figure.
Altria, Verizon, Enterprise Products Partners, Ares Capital a AGNC Investment lákají na vysoké dividendy až 12,7 % a většina z nich má silné krytí výplat. Enterprise a Altria mají nejdelší sérii růstu dividend.
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Retirees are hunting for durable monthly and quarterly checks that keep landing regardless of who wins the news cycle. Five names anchor that shortlist right now, and the group averages a payout that trounces the S&P 500’s sub-2% yield: Ares Capital pays a 10.3% dividend yield and AGNC Investment pays 12.7%, both well above what Treasuries or index funds are offering in mid-2026. Here is how the five stack up on safety, coverage, and staying power.
Altria Group Altria (NYSE:MO | MO Price Prediction) is the classic boomer income name, and it still earns the label. The tobacco giant currently yields 5.96% on a quarterly dividend that was raised from $1.02 to $1.06 per share effective with the March 2026 payment, an annualized run rate of $4.24.
Dividend safety is the whole story here. Trailing EPS of $4.96 comfortably covers the $4.24 payout, and management’s FY26 adjusted EPS guidance of $5.56 to $5.72 pushes coverage further into the safe zone. Altria paid $7.0 billion in dividends for full-year 2025 while still returning capital via buybacks. The dividend track record is one of the longest in the market, with regular annual increases visible in the data every year going back more than two decades.
The bull case for income investors: a low-beta (0.494), cash-gushing operator trading at a forward P/E of 13 with a nearly 6% yield and a raise almost every year. Shares are up 32.54% over the past year, so this is not a beaten-down setup anymore.
Risk: cigarette volumes remain in secular decline, and Marlboro retail share slipped 1.4 points to 39.7%. If smokeable volumes decelerate faster than pricing can offset, the dividend growth rate compresses.
Verizon Communications Verizon (NYSE:VZ) is the ultra-high-yield telecom that retirees actually own. The stock yields 6.46%, and the board pushed the quarterly payout from $0.69 to $0.7075 per share earlier this year, an annualized rate of $2.83.
Coverage looks solid on a cash basis. Verizon guided FY26 free cash flow to at least $21.5 billion against a dividend obligation that runs a fraction of that. Adjusted EPS guidance of $4.95 to $4.99 against a $2.83 annualized payout implies a payout ratio well under 60%. The dividend growth record here spans 25+ years of uninterrupted quarterly payments with steady annual bumps.
The bull case is boring in the best way: first positive Q1 postpaid phone net adds since 2013, fiber connections jumping 41.9% year over year to about 10.8 million post-Frontier close, and a beta of just 0.238. This is a portfolio stabilizer that pays you to hold it.
Risk: total debt jumped to $172.5 billion after the Frontier close, with net unsecured leverage at 2.6x. If deleveraging stalls, dividend growth stays capped in the low single digits.
Enterprise Products Partners Enterprise Products Partners (NYSE:EPD) is the midstream MLP that income investors treat like a bond substitute. The distribution yield sits at 5.84%, with the latest quarterly payout raised to $0.56 from $0.55 and an annualized forward distribution of $2.24.
Safety is best-in-class for the group. Enterprise generated Q1 2026 distributable cash flow of $2.7 billion and retained $1.5 billion of DCF after distributions, a coverage ratio most retirees only dream about. The distribution has now grown for 27 consecutive years, which is why it gets called a shadow Dividend King. Debt of $34.2 billion is manageable against EBITDA of $9.79 billion, and the model is fee-based, not commodity-price driven.
The bull case: record volumes across the system (NGL fractionation +16%, pipeline +7%, marine +15%), $5.3 billion of growth projects under construction, and a distribution that has literally never gone backward in nearly three decades. The stock is up 28.8% over the past year and 127.84% over five years.
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Risk: MLPs issue K-1 tax forms, which complicates filings and generally makes them a poor fit inside IRAs due to UBTI concerns.
Ares Capital Ares Capital (NASDAQ:ARCC) is the largest publicly traded business development company, and it earns the ultra-high-yield tag. The stock pays $1.92 annually for a 10.3% yield, with $0.48 per quarter maintained consistently since Q1 2023.
Coverage runs through net investment income, and it holds up. Q1 2026 net investment income was $0.55 per share against the $0.48 dividend, giving roughly 15% of cushion. The portfolio is $29.5 billion across 603 companies, weighted heavily to first-lien senior secured loans at 73% of new commitments, and non-accruals sit at a manageable 2.1%. Leverage at 1.12x leaves headroom versus the regulatory cap.
The bull case for income buyers: a double-digit yield, a P/E of 11, a price-to-book of 0.952 (essentially at NAV), and a dividend that has been stable or rising through the last three years. Analyst consensus skews positive with 4 Strong Buys and 7 Buys against 3 Holds and zero Sells.
Risk: BDCs live and die by the credit cycle. Non-accruals ticked up from 1.8% and $412 million in net unrealized losses dragged GAAP EPS to $0.13 in Q1. If spreads widen further, NAV takes another leg down.
AGNC Investment AGNC Investment (NASDAQ:AGNC) is the monthly-payer wildcard that retirees either love or avoid entirely. The mortgage REIT pays $0.12 per share monthly, or $1.44 annualized for a 12.7% yield.
Safety is the key question. The monthly $0.12 rate has been held steady for 6+ consecutive years, and Q1 2026 net spread and dollar roll income rose to $0.42 per share from $0.35, comfortably covering the quarterly equivalent of the payout. However, tangible net book value per share fell 5.6% to $8.38 in the quarter, and the company posted a GAAP net loss of $0.17 per share. The dividend was cut from $0.16 to $0.12 back in 2020, so this is not a Dividend Aristocrat story.
The bull case: monthly income, an Agency MBS portfolio of $94.7 billion that carries government backing on the underlying credit risk, and a FY25 economic return on tangible common equity of 22.7%. Shares are up 41.51% over the past year on total return.
Risk: book value volatility is real. AGNC runs 7.4x leverage, so a bad quarter for MBS spreads can erase months of dividend income on the mark-to-market.
The Bottom Line Enterprise Products Partners and Altria are the ballast of this group, offering the strongest coverage and longest raise streaks. Verizon adds low-beta telecom cash flow with a 6%-plus yield that just got another bump. Ares Capital and AGNC layer on the double-digit yields boomers want, with the caveat that BDC credit and mortgage REIT book value swings mean position-sizing matters. Blended together, these five build the kind of income ladder retirees are buying in size and holding indefinitely.
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Energy Transfer zvýšil výhled upraveného EBITDA na 18,2–18,6 mld. USD poté, co tržby v 1. čtvrtletí vzrostly o 32 % na 27,77 mld. USD. Firma zároveň podepsala smlouvy pro datová centra Oracle.
Midstream pipelines have quietly become the income engine of the energy sector in 2026. With U.S. LNG exports running near maximum capacity and commercial electricity demand (driven by data centers) projected to surpass residential consumption for the first time on record in 2027, the companies that move hydrocarbons are sitting on multi-year volume tailwinds. The bonus: they pay you generously while you wait for the thesis to play out.
Here are three pipeline names worth a hard look this July, each backed by a tool-verified yield and a concrete growth catalyst. A quick tax note up front: EPD and ET are MLPs that issue K-1 forms, while KMI is a C-corp that issues a standard 1099, a meaningful simplicity advantage for IRA holders and casual investors.
Enterprise Products Partners (NYSE: EPD) Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) trades at $36.84 with a current yield of 6%, supported by a 55-cent quarterly distribution ($2.20 annualized) that just stepped up 3% year over year. That extends what is now 27 consecutive years of distribution growth, a track record almost no income vehicle outside the Dividend Aristocrats can match.
The bull case is operational momentum colliding with a finishing build cycle. EPD set 12 new operational records in Q1 2026, including NGL fractionation up 16% and marine terminal volumes up 15%. Adjusted EBITDA hit $2.69 billion, up 10% year over year, even with NGL prices falling to $0.57 per gallon from $0.67 per gallon. CEO Jim Teague has framed 2026 as a free-cash-flow inflection point as the 2022 to 2025 capex cycle winds down, and management backed that with a $5.0 billion buyback authorization. Shares are up 15% year-to-date and 18% over the past year.
Risk: NGL price weakness can pressure unit margins. With $34.2 billion in total debt and ongoing derivative MTM losses, a sustained commodity slump would compress coverage even with the fee-based model.
Energy Transfer (NYSE: ET) Energy Transfer (NYSE:ET) is the highest-yielder of the three at 7%, with units trading near $19.38. The latest quarterly distribution of 33 cents (paid May 20) marks another step in a steady recovery: Distributions have climbed every quarter since 2023 and now sit above the pre-pandemic baseline.
The bull case is scale plus AI-power optionality. Q1 2026 revenue grew 32% year over year to $27.77 billion, and management raised FY2026 adjusted EBITDA guidance by $750 million to $18.2B–$18.6B. NGL exports rose 19% and the company signed Oracle data center supply agreements ramping to ~900 MMcf/d across three facilities. The Transwestern Desert Southwest expansion was upsized to 2.3 Bcf/d (~$5.6 billion), locking in long-haul Permian capacity at the exact moment data center power demand is exploding. Units are up 20% year-to-date, and analysts carry a $23.59 average price target versus the current unit price.
Risk: Q1 EPS of 35 cents missed the 38-cent estimate, with interest expense climbing to $947 million from $809 million against $68.3 billion in long-term debt. The leverage works both ways.
Kinder Morgan (NYSE: KMI) Kinder Morgan (NYSE:KMI) yields 4% at $32.52, the lowest payout of the trio but with the simplest tax treatment. As a C-corp, KMI issues a 1099, no K-1 forms, no UBTI complications inside retirement accounts. The 29-cent quarterly dividend paid May 15, annualizes to $1.19 per share, up 2% from 2025.
The bull case is data centers, full stop. CEO Kim Dang noted that “approximately 70% of future power demand from data centers under development is in states served by KMI assets” and that long-term contracts to move 8 Bcf/d of natural gas feedstocks to LNG facilities are projected to grow to 12 Bcf/d by the end of 2028. The project backlog stands at $10.1 billion, with 92% tied to natural gas and ~60% supporting power generation and LDC demand. Q1 2026 delivered an EPS beat of 48 cents versus 39 cents expected (+22%), and Moody’s upgraded the credit rating to Baa1, putting all three agencies at BBB+ equivalent. Shares lead the group at +22% year-to-date.
Risk: Forward P/E of 24x is the priciest in the group, and KMI carries genuine commodity exposure through its CO2 segment, with crude and condensate volumes down 12% in Q1.
What to Watch Next The next ex-distribution dates land in late July and early August. EPD historically declares its July distribution around early July with a late-July ex-date, and Energy Transfer follows a similar cadence. If you want to capture the next payment, the calendar matters. The bigger picture: with U.S. LNG export capacity projected to reach 27.7 Bcf/d by 2030 from 14.9 Bcf/d in 2025, the volumes that ride these pipelines have a structural growth runway that fee-based midstream operators are uniquely positioned to capture. Investors get paid handsomely while that math compounds.
HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) today reported that A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner, has announced his intention to retire as of January 4, 2027. W. Randall “Randy” Fowler, Enterprise’s co-chief executive officer, will serve as chief executive officer effective upon Mr. Teague’s retirement.
“Jim has been integral to our success since he joined Enterprise in 1999,” said Randa Duncan, non-executive chairman of Enterprise’s general partner. “Under Jim’s leadership, Enterprise has played a leading role in developing and serving both domestic and international markets for prolific supplies of NGL production from the U.S. shale plays. Enterprise became the first midstream company to provide wellhead to water NGL services in 2009. These efforts have facilitated production and generated incremental revenue for U.S. shale producers, contributed to the renaissance of the U.S. petrochemical industry and provided reliable and affordable U.S. ethane and propane supplies to international markets, which has literally improved the lives of millions of people globally by lifting them out of energy poverty.”
“Jim also led Enterprise’s innovation to deliver additional value and flexibility for our petrochemical customers by transitioning a historically opaque contract market for ethylene and polymer-grade propylene on the U.S. Gulf Coast to transparent and liquid pricing and storage hubs for these products in Mont Belvieu, Texas. The industry adoption and success of these pricing points ultimately led to the development of financial futures markets for these products,” continued Ms. Duncan.
“Over this period, we have grown the enterprise value of the partnership from $1.8 billion to almost $120 billion. All of us at Enterprise are grateful for Jim’s twenty-eight years of leadership and contributions. We wish him the very best in his future endeavors and a well-deserved retirement. Over the next six months, in addition to his normal duties, Jim will be actively involved in transition activities as we prepare for his retirement,” said Ms. Duncan.
“I look forward to continue working with Randy as our chief executive officer to continue to execute on Enterprise’s growth capital investments and pursue new opportunities,” said Ms. Duncan.
“Throughout my career, I have been fortunate to experience two exceptionally rewarding chapters,” said Teague. “I spent 22 years with Dow Chemical, where I had the opportunity to travel extensively around the world, serving as Vice President of Hydrocarbon Feedstocks. That experience provided me with a deep appreciation for the global energy and petrochemical landscape, as well as exposure to diverse cultures.”
“My 28 years with Enterprise Products have been even more meaningful. I have had the privilege of being part of an organization that has grown far beyond what I could have ever imagined. It has been truly rewarding to witness not only our significant growth in earnings, but also the increasing sophistication of our business as we have learned to fully capture the opportunities within our asset footprint,” stated Teague.
“Most importantly, at Enterprise Products I have had the honor of working alongside some of the most talented, dedicated, and principled individuals in our industry. This has been a remarkable journey, and I am deeply proud of the relationships we have built, the experiences we have shared, and the accomplishments we have achieved," said Teague.
Mr. Fowler has served as a director of Enterprise’s general partner since 2011 and as Enterprise’s co-chief executive officer since 2020. He also served as our chief financial officer from 2007 to 2015 and then again from 2018 to 2024. He joined Enterprise in 1999, shortly after Enterprise’s initial public offering. Mr. Fowler has 48 years of finance and accounting experience in various sectors of the energy industry.
Upon Mr. Teague’s retirement, Enterprise’s general partner will expand the Office of the Chairman, which is a management oversight group that serves as a liaison between the board of Enterprise’s general partner and senior management. Currently, the Office of the Chairman is comprised of Ms. Duncan serving as non-executive chairman, Richard H. “Hank” Bachmann serving as vice chairman of Enterprise’s general partner, and Teague and Fowler each serving as co-chief executive officers. Upon Mr. Teague’s retirement, the Office of the Chairman will be comprised of Ms. Duncan, Mr. Bachmann, Mr. Fowler, Michael C. “Tug” Hanley serving as chief commercial officer and R. Daniel Boss serving as chief financial officer.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil and refined products transportation, storage and terminals; petrochemical transportation and services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include over 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
