Enterprise Products Partners (NYSE: EPD) reported Q4 EPS of $0.59, $0.09 better than the analyst estimate of $0.50. Revenue for the quarter came in at $9.18 billion versus the consensus estimate of $9.33 billion.

“We are extremely proud of Enterprise’s performance in 2018,” stated Jim Teague, chief executive officer of Enterprise’s general partner. “The partnership established 23 operational and financial records for the year. All of our business segments reported operational records. Compared to 2017, liquid pipeline volumes increased 9 percent; natural gas pipeline volumes increased 12 percent; marine terminal volumes increased 12 percent; NGL fractionation volumes increased 14 percent; and propylene plant production volumes increased 23 percent. This volume growth combined with higher natural gas processing and marketing margins led to record gross operating margin for each of our business segments. As a result, total gross operating margin for 2018 increased 29 percent to a record $7.3 billion compared to $5.7 billion in 2017.”

“We generated $6.0 billion of distributable cash flow, which allowed us to increase the distributions paid to our partners for the 20th consecutive year while self-funding the equity portion of our growth capital expenditures. We achieved our goal of equity self-funding a year earlier than expected. Today, we announced the authorization of a $2.0 billion multi-year, common unit buyback program that provides us with an alternative means to opportunistically return capital to our limited partners,” said Teague.

“During 2018, Enterprise completed construction and began service on $1.9 billion of organic growth capital projects, including two cryogenic natural gas processing plants in the Delaware Basin and our ninth NGL fractionator at Mont Belvieu. We have another $6.7 billion of growth projects under construction. This includes five major projects scheduled to be completed in 2019, including: the conversion of one of the Seminole NGL pipelines to crude oil service; the Shin Oak NGL pipeline; the third processing train at our Orla complex; our isobutylene dehydrogenation unit at Mont Belvieu; and our ethylene export terminal on the Houston Ship Channel. In addition, our integrated footprint of assets and customer relationships continue to provide new opportunities for growth projects that are currently under development,” continued Teague.

“Our successes in 2018 were attributable to the teamwork, hustle and creativity of our team of over 7,000 employees. They enabled us to provide reliable, best-in-class midstream services in a safe and environmentally responsible manner. We would also like to thank our customers, suppliers, banks and our debt and equity investors for their continued support,” concluded Teague.

For earnings history and earnings-related data on Enterprise Products Partners (EPD) click here.