Enterprise Products Partners L.P. (EPD) reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased revenues across its midstream energy services. For the three months ended September 30, 2024, revenues reached $13,775 million, a notable increase from $11,998 million in the same period of 2023. For the nine months, revenues totaled $42,018 million, up from $35,093 million year-over-year. This growth was primarily attributed to higher marketing revenues from natural gas liquids (NGLs), petrochemicals, and refined products, which saw a combined increase of $2.2 billion in Q3 2024.

Operating income for Q3 2024 was $1,780 million, compared to $1,695 million in Q3 2023, while net income rose to $1,432 million from $1,350 million. The net income attributable to common unitholders also increased to $1,417 million from $1,318 million, reflecting a basic and diluted earnings per common unit of $0.65, up from $0.60 in the prior year.

Total costs and expenses for Q3 2024 were $12,094 million, compared to $10,425 million in Q3 2023, largely due to increased costs associated with higher sales volumes. The cost of sales for the quarter increased to $10,387 million from $8,786 million, while for the nine months, it rose to $31,976 million from $25,796 million.

In terms of strategic developments, Enterprise completed several acquisitions, including the remaining 20% equity interest in Whitethorn Pipeline Company and a 25% interest in Enterprise EF78 LLC for $375 million in February 2024, and an additional 15% interest in Panola Pipeline Company for $25 million in March 2024. Furthermore, the company announced the acquisition of Piñon Midstream for $950 million, which closed on October 28, 2024.

The company also issued $2.5 billion in senior notes in August 2024, with proceeds allocated for general purposes and debt repayment. As of September 30, 2024, Enterprise's total consolidated debt obligations stood at $32.2 billion, up from $29.0 billion at the end of 2023.

Cash and cash equivalents significantly increased to $1,434 million as of September 30, 2024, compared to $180 million at the end of 2023. The company reported net cash flow provided by operating activities of $5,757 million for the nine months ended September 30, 2024, an increase from $5,203 million in the same period of 2023.

Overall, Enterprise Products Partners L.P. demonstrated robust financial performance and strategic growth initiatives, positioning itself favorably within the midstream energy sector.