Enterprise Products Partners L.P. Common Units (NYSE:EPD) Q2 2024 Earnings Conference Call July 30, 2024 10:00 AM ET

Company Participants

Libby Strait - Senior Director, IR
Jim Teague - Co-CEO
Randy Fowler - Co-CEO
Tug Hanley - SVP, Hydrocarbon Marketing
Graham Bacon - EVP and COO
Justin Kleiderer - SVP, Pipelines and Terminals
Anthony Chovanec - EVP, Fundamentals and Commodity Risk Assessment
Natalie Gayden - SVP, Natural Gas Assets
Brent Secrest - EVP and CCO

Conference Call Participants

Theresa Chen - Barclays
Michael Blum - Wells Fargo
Jeremy Tonet - JPMorgan
Tristan Richardson - Scotiabank
Spiro Dounis - Citi
Keith Stanley - Wolfe Research
John McKay - Goldman Sachs
Neal Dingmann - Truist
Manav Gupta - UBS

Operator

Thank you for standing by and welcome to the Enterprise Products Partners L.P.'s Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s program is being recorded.

I would now like to hand the call over to Libby Strait, Senior Director of Investor Relations. Please go ahead.

Libby Strait

Good morning and welcome to the Enterprise Product Partners' conference call to discuss second quarter 2024 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 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 will turn it over to Jim.

Jim Teague

Thank you, Libby. We had another solid quarter, both in terms of volume and cash flow. We reported adjusted EBITDA of $2.4 billion compared to $2.2 billion in the same quarter last year. We generated $1.8 billion of distributable cash flow. We had 1.6 times coverage for the quarter. We retained $661 million of DCF in the second quarter, and we're at $1.5 billion year-to-date.