Enterprise Products Partners L.P. J.P. Morgan Natural Resources Conference Takeaways

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Enterprise Products Partners L.P. J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

Enterprise Products Partners L.P. Neutral

EPD, EPD US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$37.13

Head of North America Power,

Enterprise Products Partners LP CEO Randy Fowler presented today at the J.P. Utilities, Midstream, LNG, and

Nuclear

Morgan Natural Resources Conference, where we hosted a fireside chat. Please see

below for some quick takeaways. Jeremy Tonet, CFA AC

(1-212) 622-4915

Net takeaways: EPD’s messaging stayed the course, reiterating predominantly jeremy.b.tonet@jpmorgan.com

fee-based cash flow stability, constructive Permian fundamentals, and disciplined Vrathan Reddy

capital allocation. The partnership's fundamental view stands largely unchanged (1-212) 622-4692

vrathan.reddy@jpmchase.com

versus the April update, with management highlighting commodity pricing having

Eli Jossen, CFA

nearly round-tripped to pre-war levels. After a clear inflection in May export

(1-212) 622-4113

activity, June appears more normalized, in part given vessel schedules and pricing. eli.jossen@jpmchase.com

Acknowledging that optimization opportunities thus far have benefitted the 2026 Francina Kolluri

outlook, management reiterated prior expectations for ~10% EBITDA growth in (1-212) 270-5796

2027, relative to initial 2026 expectations. On capital allocation, EPD expects to francina.kolluri@jpmchase.com

deploy 50–60% of the ~$1bn of discretionary FCF this year towards buybacks, J.P. Morgan Securities LLC

with the remainder towards debt reduction. We see growth investments focused on

Permian wellhead to water enhancement, including processing, NM sour gas