Enterprise Products Partners L.P.

Good day, and thank you for standing by. Welcome to the fourth quarter 2025 Enterprise Products Partners LP earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Libby Strait, Vice President of Investor Relations. Please go ahead.

Good morning and welcome to the Enterprise Products Partners Conference call to discuss fourth quarter 2025 earnings. Our speakers today will be Co-Chief Executive Officers of Enterprises 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 made by and information currently available to Enterprise's management team. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Please refer to our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. With that, I'll turn it over to Jim.

Thank you. Thank you, Libby. The headline for the fourth quarter is a record $2.7 billion of EBITDA, surpassing the previous record of $2.6 billion set in the fourth quarter of 2024. We brought on a number of assets in 2025. Black 14 in mid-October, Midtown West and Orion mid-year, several gathering and treating projects in the Permian, the Natchez River Terminal ethane export train mid-year, a mid-year startup of diluent exports to Canada, and finally, the AHIA NGO pipeline in December. All these assets performed well, but they also filled holes created by a decline in our commodity-sensitive businesses and marketing spreads. Pre-market realities shaped the year. Crude oil prices averaged about $12 a barrel lower than in 2024. That reduced many of the price and spreads we benefited from over the prior three years. Our pay margins were weaker in 2025. A large 10-year LPG export contract originally signed at double-digit fees was recontracted at market rates. RGP PGP spreads were 14 cents a pound in the fourth quarter of 2024, but only three cents a pound in the fourth quarter of 2025, which is an extension, a reflection of the weakness in the housing market. During 24 and 25, we renegotiated our RGP purchase agreements to a fixed fee structure. which makes our splitter business largely spread agnostic. Splitters are now essentially an annuity. We're fully contracted on our ethane export terminals and all 20 processing trains that we will have online at the Permian by year end. For ethane exports, typically ships must be built and receiving terminals constructed to ultimately ramp to full utilization in our docks. With that being said, however, the shift seemed to be coming earlier than the receiving. For processing, while production grows over time, the two trains we brought on in mid-year 2025 are virtually full today. Our LPG exports are highly contracted through the end of this decade. and we continue to see strong interest for additional long-term commitments. We expect modest growth in 2026 as these assets and the assets we're bringing on in 2026 continue to ramp. We expect to see double-digit growth in 2027 once these assets reach full utilization. Naysayers doubted Bahia in the beginning. But that is to be expected when you're first. Bahia and Chinook is an integrated system, has 1.2 million barrels to capacity, and are running at 80%. Having Exxon as a UJI partner and agreeing to expand Bahia to one million barrels per day is a win for both Enterprise and Exxon. Associated with the UJI are a dozen downstream agreements. the export front enterprise continues to expand its mgl export franchise in 2025 we loaded between 350 and 360 million barrels across 744 ships and that will only grow as we complete phase two of the natures river terminal and the lpg expansion of the houston ship channel next year We expect to be exporting near 1.5 million barrels a day of NGLs or 550 million on an annual basis. A little history lesson. We've been doing international business since 1983 when we built our LPG import tunnel. In 1999, we expanded the facility to include export capabilities. Many of our customers have been with us for more than 20 years. They know us. They know how we behave. They like how we operate. They are more than just customers. Relationships like that tend to be very sticky. We spend a lot of time with our customers around the world and domestically. For example, over the holidays, I was in Thailand meeting with three large petrochemical companies. Christiana was in Europe in the fourth quarter, and we'd be back in March. On the crew team, Kerry Weber was in Asia in October, and Jay Baney will be in Europe later this month. In GLs, God bless Tyler Cott and his travels. Tyler was in Asia in November with stops in Korea and India, and will be in Europe this month and back to Asia in March. Finally, Tug and I will be in Japan. Next month, we visit several export customers. We're equally focused on our domestic customers, be they producers, petrochemicals, refiners, traders, or wholesale. We deliver roughly 25 million barrels a month of methane to U.S. crackers. That's around 300 million barrels a year. In total, we move over 14 million barrels per day of oil equivalent to our 50,000 now pipeline network. Additionally, Enterprise looks at its storage hubs as a critical part of its infrastructure to support its customers. Cushing, Midland, Houston, and Mount Bellevue. These are all open access systems where our customers can trade freely without any concern of being held hostage. We are proud of our record 2.7 billion EBITDA in the fourth quarter. But as investors look to the future, I would encourage you to look beyond the numbers. Enterprise long-term success is driven by our culture, our teamwork, our creativity, and our laser focus on customer relationships. Those intangibles are what give rise to the numbers you see each quarter. Randy?