In the third quarter of 2020, Enterprise Products’ adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) edged up despite challenges from the coronavirus pandemic.
The impact of weak margins, volumes, and earnings from natural gas gathering and processing assets was offset by the performance of the company’s marketing, storage, natural gas liquids (NGL) fractionation, NGL pipeline, petrochemical pipeline, and Permian gathering and processing businesses.
Stockpiles climbed by 2%. The company has adjusted down its 2020 growth capital investment forecast while cutting the 2021 and 2022 budgets. The adjusted earnings per limited partner unit of 48 cents and the bottom line improved yearly.
Revenues went down to USD6,922 million from USD7,964.1 million in the corresponding time a year ago. The top line, however, beat the estimate of USD6,529 million. The bottom line was supported by the increased transportation volumes in Petrochemical & Refined Products Services and higher fee-based volumes from the Permian Basin at its gas processing plants.
