EPP 2022 income up nearly 20%, $3.6 billion of projects set for 2023

Enterprise Products Partners LP (EPP) reported net income attributable to common unitholders of $5.5 billion for 2022, compared with $4.6 billion for 2021. Quarterly net income of $1.45 billion was up from $1.06 billion in fourth-quarter 2021, supported by a 17% increase in EPP’s gross operating margin for its NGL pipelines and services segment to $1.3 billion.

The company has $5.8 billion of major projects under construction, roughly $3.6 billion of which will be completed this year. Permian basin natural gas gathering additions will be occurring over the course of the year. Other projects set to be completed in 2023 include:

• Acadian Expansion II, 400 MMcfd incremental pipeline capacity, Haynesville shale-to-Louisiana Gulf Coast (Q2).
• PDH 2, 1.65 billion lb/year polymer grade propylene, Mont Belvieu, Tex. (Q2).
• Midland Basin Poseidon Plant 6, 300,000 b/d (Q3).
• Frac 12, 150,000 b/d fractionation, Mont Belvieu, Tex. (Q3).
• Mentone II, 300,000-b/d cryogenic natural gas processing plant, Loving County, Tex., Delaware basin (Q4).
• Texas Western Products System, 60,000-b/d batched refined products pipeline using both new and existing assets between Mont Belvieu, Tex., and Grand Junction, Colo. (Q4).
• Ethylene Export Expansion, 500,000 tonnes/year, Morgan’s Point, Tex., Houston Ship Channel (2H).