Enterprise Products Partners L.P. (EPD) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 2, 2022 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by. Welcome to the Enterprise Products Partners L.P. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. [Operator Instructions]

I would now like to hand the conference over to today's speaker Mr. Randy Burkhalter, VP of Investor Relations. Please go ahead.

Randy Burkhalter

Thank you, Tanya. Good morning, everyone, and welcome to the Enterprise Products conference call to discuss our first quarter '22 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 and 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.

And so, with that, I'll turn it over to you, Jim.

Jim Teague

Thank you, Randy. I’ve got two numbers to start off with: $2.3 billion in EBITDA, 1.8 times distribution coverage, I think that says it all. Looking back, it seems like the first quarter of each of the last three years has been a quarter of events. First quarter 2020 COVID-19 shut everything down and we had too much of everything everywhere and our people did pretty good. Last year in the first quarter of 2021, Winter Storm Uri wreaked havoc on the entire State of Texas, shutting in production like we've never seen, our folks did pretty good. And then in late February of this year, the world rather suddenly found itself dealing with the invasion of Ukraine by Russia, and dealing with having to supplement Russian energy to our allies in Europe, along with coming to grips with the growing importance of energy security. In all three scenarios, pandemic, massive weather events and a sudden global energy shortage, our people delivered.