Enterprise Products Partners L.P. (NYSE:EPD) Q3 2023 Earnings Conference Call October 31, 2023 10:00 AM ET

Company Participants

Randy Burkhalter - Vice President, Investor Relations

Jim Teague - Co-Chief Executive Officer

Randy Fowler - Co-Chief Executive Officer and Chief Financial Officer

Chris D’Anna - Senior Vice President, Petrochemicals

Brent Secrest - Executive Vice President and Chief Commercial Officer

Tony Chovanec - Vice President, Fundamentals and Supply Appraisal

Christian Nelly - Executive Vice President, Finance and Sustainability and Treasurer

Robert Sanders - Executive Vice President Asset Optimization

Justin Kleiderer - Senior Vice President, Pipelines and Terminals

Conference Call Participants

Theresa Chen - Barclays

Jeremy Tonet - JPMorgan Securities

Tristan Richardson - Scotiabank

Jean Ann Salisbury - Bernstein

Brian Reynolds - UBS

Spiro Dounis - Citi

John Mckay - Goldman Sachs

Michael Blum - Wells Fargo Securities

Keith Stanley - Wolfe Research

Neel Mitra - Bank of America

Operator

Hello and welcome to Enterprise Products Partners LP Q3 2023 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. [Operator Instructions]

I would now like to hand the conference over to Randy Burkhalter, VP of Investor Relations. Sir, you may begin.

Randy Burkhalter

Thank you, Tawanda. Good morning everyone and welcome to the Enterprise Products conference call as we discuss our third quarter 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 will turn it over to you Jim.

Jim Teague

Okay, thank you, Randy. This morning we reported solid results for the third quarter including adjusted EBITDA of $2.3 billion. We had 1.7 times coverage of our distributable cash flow and we retained $773 million. But we had challenges throughout the quarter. Record heat in August and September affected our processing plants throughput and refrigeration at our NGL export facilities and we experienced operational challenges at our PDH plants.