Enterprise Products Partners (NYSE: EPD) reported Q4 EPS of $0.50, $0.04 worse than the analyst estimate of $0.54. Revenue for the quarter came in at $8 billion versus the consensus estimate of $8.57 billion.

“We ended the decade with record performance in 2019 with all of our business segments reporting increased results, including 28 operating and financial records,” stated A. J. “Jim” Teague, chief executive officer of Enterprise’s general partner. “Volume growth and new assets placed in service resulted in 13 operational records including 10.4 million equivalent barrels per day of total system transportation volumes, 6.7 million barrels per day of liquid transportation volumes and 1.9 million barrels per day of marine terminal export volumes. This fee-based volume growth, contributions from new and repurposed assets, combined with higher NGL, crude oil and natural gas marketing volumes and margins led to record gross operating margin of $8.3 billion for 2019, a 13 percent increase from $7.3 billion reported for 2018. The record cash flow we generated in 2019 allowed us to increase the distributions paid to our partners for the 21st consecutive year, while self-funding the equity portion of our growth capital expenditures. We completed the year with significant financial flexibility and a strong balance sheet.”

“2019 was our most successful year in terms of developing high quality, fee-based projects that bolt-on to our integrated system and are substantially underwritten by long-term contracts with creditworthy customers across the E&P, refining and petrochemical industries. The creativity and resourcefulness of our commercial, engineering and operating teams also allowed us to respond quickly to the needs of our customers as well as capturing regional price spread opportunities during the year,” said Teague.

“During 2019, Enterprise completed construction and began service on approximately $5.4 billion of organic growth capital projects, including $2.5 billion of projects that were completed in the fourth quarter of 2019. Most of these major projects were completed on time and on budget,” stated Teague.

“As we enter this new decade, we will continue to operate our partnership in a disciplined manner with a long-term focus on providing reliable, value-added services to our customers, generating attractive returns on invested capital, and maintaining a strong balance sheet. Our interests and goals are aligned with all stakeholders, including our limited partners, and we will continue our strong track record of returning capital to our investors. 2019 was an extraordinary year for our partnership thanks to the support of our customers, suppliers, banks and debt and equity investors. I would also like to thank our 7,000 employees, who made these successes possible,” concluded Teague.

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