Enterprise Products Partners (NYSE: EPD) reported Q1 EPS of $0.57, $0.09 better than the analyst estimate of $0.48. Revenue for the quarter came in at $8.54 billion versus the consensus estimate of $9.39 billion.

“Enterprise reported an exceptional first quarter of 2019,” said A. J. “Jim” Teague, chief executive officer of Enterprise’s general partner. “First, I would like to recognize the extraordinary efforts and teamwork of our engineering, operations, distribution and commercial groups to complete the conversion of one of the Seminole NGL pipelines into crude oil service and the construction of our Shin Oak NGL pipeline ahead of schedule. They accomplished these achievements while being responsible in terms of landowner relations, the environment and safety. These projects in combination with strong performance from our existing assets enabled us to turn a ‘solid’ first quarter into a ‘record’ first quarter, with eleven operational and financial records. Both Adjusted EBITDA and DCF, which exclude the effects of non-cash, mark-to-market earnings, increased 18 percent to $2.0 billion and $1.6 billion, respectively.

“Overall business fundamentals remain strong for the partnership’s integrated midstream system. We continue to benefit from production increases in the Permian and Haynesville shale regions, while demand for U.S. crude oil, NGLs and refined products remains strong in both domestic and international markets. Our crude oil marine terminals reported record volumes of nearly 900,000 barrels per day in the first quarter of 2019 despite the temporary closure of the Houston Ship Channel. With Permian crude oil volumes forecasted to increase by approximately 700,000 barrels per day in 2019, we believe substantially all of this increase in volumes will be destined for international markets. In addition, we expect approximately 300,000 barrels per day of new ethane demand from ethylene facilities on the U.S. Gulf Coast forecasted to begin operations during the remainder of 2019,” said Teague.

“Through April 2019, we placed $1.9 billion of growth capital projects into service. We have another $5.0 billion of major growth assets under construction of which we expect to put $3.5 billion of these projects into service between now and the end of the year. These projects include a third train at the Orla natural gas processing complex in the Permian, a tenth NGL fractionator and an isobutane dehydrogenation (iBDH) plant at our Mont Belvieu complex. In addition, we have a number of projects under development including crude oil, natural gas, NGL and petrochemical pipelines, natural gas processing plants in the Permian, a second PDH facility, and our Texas deep water crude oil port. With the flexibility to self-fund our equity needs and strong balance sheet, we believe these new projects will enable us to increase cash flow per unit and the equity value of our partnership.”

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