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**Key Takeaways**: 
- **Project Completion & Growth**: Major infrastructure projects (Frac 14, Bahia, Neches River Terminal) set to ramp up in H2 2025/H1 2026, driving 2026 EBITDA growth. 
- **Capital Return Expansion**: Buyback program increased to $5 billion, signaling confidence in free cash flow generation. 
- **Ethane Export Momentum**: 1 million b/d ethane exports expected by 2026, supported by Asian petrochemical demand. 
- **PDH Operational Turnaround**: Both PDH plants on track for full run rates in 2026 after resolving technical issues. 
- **Permian Sour Gas Expansion**: Pinon project and future trains to add 200 MMcf/d of sour gas processing capacity by 2027. 
- **Liquidity & Debt Management**: Debt-to-EBITDA ratio expected to normalize by end-2026 as new projects contribute. 


**【CEO Summary Section】**
- Reported Q3 2025 adjusted EBITDA of $2.4 billion and distributable cash flow (DCF) of $1.8 billion, with 1.5x coverage.
- Major projects nearing completion: Frac 14 PDH plant, Bahia NGL pipeline, and Neches River Terminal (expected fully operational by mid-2026).
- Announced a $3 billion increase to the buyback program, bringing total authorization to $5 billion, emphasizing capital return to unitholders.
- Projected 2026 organic capital expenditures of $2.2 billion to $2.5 billion, with a focus on pipeline expansions and smaller projects.
- Highlighted the durability of Permian PDP volumes, with Midland Basin wells maintaining production levels 12 months post-completion.

**【CFO Financial Commentary】**
- Q3 2025 net income attributable to common unitholders: $1.3 billion ($0.61 per unit).
- Adjusted cash flow from operations: $2.1 billion.
- Distribution declared: $0.545 per unit (3.8% increase YoY).
- Total buybacks for 2025: $250 million (8.2 million units), with $1.4 billion in total capital returns (including distributions).
- Debt-to-EBITDA ratio: 3.3x (above target range of 2.75-3.25x), expected to normalize by end-2026 as new projects contribute to EBITDA.
- Weighted average cost of debt: 4.7%, with 96% of debt fixed-rate.

**【Q&A Key Highlights】**
1. **Permian Gas Pipelines & Ethane Exports**: 
   - New pipelines will alleviate gas takeaway constraints, benefiting producers and enabling higher oil production. 
   - Ethane exports expected to reach 1 million b/d by 2026, driven by petrochemical demand in Asia. 
   - Company has 90% of LPG volumes and 100% of ethane volumes under long-term contracts for new trains. 

2. **PDH Plant Performance**: 
   - PDH 1 operating at 95% nameplate capacity; PDH 2 issues resolved with new operating procedures and licensor support. 
   - Both plants expected to achieve full run rates in 2026. 

3. **Capital Allocation**: 
   - Free cash flow to be split evenly between buybacks and debt repayment. 
   - Programmatic buybacks likely, but flexibility to act opportunistically. 

4. **Permian Sour Gas Growth**: 
   - Pinon sour gas project (180 MMcf/d capacity) on track for Q2 2026 startup. 
   - Additional trains (4, 5, 6) in development, supporting 200 MMcf/d incremental volumes by 2027. 

5. **Storage & Marketing Opportunities**: 
   - Propane contango and LPG price arbitrage opportunities to be monetized via storage assets. 
   - Largest global LPG storage position to benefit from price differentials. 


Enterprise Products Partners L.P. Common Units (EPD) Q3 2025 Earnings Call Transcript

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