Enterprise Products Partners (EPD) 31 Oct 232023 Q3 Earnings call transcript

Hello, and welcome to Enterprise Products Partners L.P. Q3 2023 Earnings Conference Call. [Operator Instructions]I would now like to hand the conference over to Randy Burkhalter, VP of Investor Relations. Sir, you may begin.

Thank you, Twanda. welcome our Enterprise third and as conference everyone, discuss we quarter morning, to Products the call Good earnings. Randy Speakers Officers today and of Executive Fowler. Enterprise's general will partner, Jim be Co-Chief Teague made beliefs this well team of members in and the management based make by of the our XXXX statements management Section as the the call, Other Exchange are XXE Act will team. we available of of of senior currently attendance as to also for within assumptions the meaning company, forward-looking call.During information Securities on and Enterprise's

that management in give are Although believes expectations correct. forward-looking that to with that so you over latest of assurance to reflected actual the Jim. cause in the those list will can SEC such it differ filings it from I refer to the be expectations statements a made Please the results forward-looking to will turn reasonable, such prove for statements no factors during our materially that, call.And with may

pipelines also in Thank heat results by we the quarter. exports, were including a crude affected of from NGL we plants focused reported crude for to we ethylene we everything In XX.X pipelines, $X.X our our natural low the day reported $XXX coverage focus hydrocarbon and NGL our we processing and and million throughout day. Record on distributable oil. record natural and of crude and across on refrigeration facilities. we but liquids barrels challenges challenged system, despite August our experienced you, plants.We retained at transported PDH our exports, September barrels total, And midstream per including we fractionators oil But solid cash billion. while of challenges, exports. our million pipelines, throughput quarter, hydrocarbon NGL exported EBITDA of flow our handle gas these export most adjusted marine morning had terminals. third prices. Randy. Okay. equivalent.In had our We people And million X.X We gas terms X.Xx at volumes operational This challenges

Randy growing of we I so folks more and highlights spot seems appetite permits our like it all that comes year far of negotiations appetite even been LPG soon.Our continuing some construct past. growing the our from assets have.Among And with and expanding an this I having the in exports license are group We're facility a ethane to to very fundamentals and forecast demand the export on our world. the getting of parts in can for also course, unbelievable of productive have think both optimistic exports. we're see this for anticipation we're do the money is consistently

this expansion outlook. their XXX cubic have Therefore, confidence lot future of We converting Permian in to NGL we'll our NGL XX back that oil pipeline we support XXX,XXX companywide.Today, Midland. announced When have takeaway. are XX in in of feet in NGL we processing per Permian completed, needed a day an crude also franchise. in the we Delaware to and X our trains X Seminole our the the barrel X day processing We're million service plants a Permian, more and going announced morning build to

fractionation switch to The originate storage into This and In XXX,XXX able frac would We'll service to capacity the we in a approximately day. to day Enterprise's barrels million fractionators. Seminole of a DIB. TW to in announced our and NGLs Chambers XX is pipeline we system.Finally, build Bahia X be beauty include as or NGLs XXX,XXX related fractionate The our NGL to company-wide barrels that addition, frac can product announced our across of will a this an seamlessly new XX a refined we similar our that we is barrels system pipeline today expansion day XX-inch frac County. Permian up will XX. of bring deliver

crude We've could talking been about and new we've to the that take assets. also Brent for mirror tackling, the specs. blocking receipts deliver money we've over improve entire WTI a We loaded those of people quality of met every That every is and example our to receipts hour adopted dated improve our is a XXX I we performance this monitor ensure meet crude initiative Platts this haven't Brent the of develop just up specs, system crude. what doing of customers.We've doing May, one to which announcing in are cargos Since initiative cargo has we've the spent But to to been our been dated the existing projects. day our specs. what Permian Platts

we global Eagle our producer Randy. markets.We've that it's quality each Our every for South entire it one improving the highly also the improved exceedingly Coast turn Not focus I'll of sell to ensure of the strong is proud on growth people, Whether Gulf we of quality in performance Enterprise it oil Ford system. them.With we and are crude. get important or to only assets price community over deliver that has have, wheat, crude our continue remains Texas to extremely improved that, made order projects the in to new that desirable of crude it's results. easier to it financial folks, creating And

flow unit flow common third treat will of capital declared a XX November common a I purchased X.X% for before you close million for X.X or is This year $X.XX which a and operations guess a purchase open compared dividend to plan basis can third items. employee of good Starting business third XXXX. the distribution XXth treat of common the marks unitholders morning, year.Adjusted a today.Our XXXX, everyone. third unitholders approximately was $X.XX $X.XX declared -- paid plan is of from working quarter per on $X.X billion XXXX quarter distribution the during to billion third price activities you unit you the Net XXXX the for for units consecutive the quarters of the Thank and diluted last distribution cash of XXXX. the $X can fully operating as for attributable be cash Okay. segment XXXX. quarter on total of of $XX increase over changes in with reinvestment of purchase record both that say or which million or distribution from The per year We market of income for per diluted growth. today. common $X.X third as quarter quarter of of a common enterprise on to our basis unit income unit the unit and fully was approximately distribution common billion

cash of utilization price with the for Our Enterprise last X lumpy with units not flow of September XX% unit having Enterprise ratio combined activity equity elected free the of distributions months unchanged months quarter. XX the authorized at $XXX XX, period.Our for million.For distributions buyback in $X.X cash the last $X buyback in the year approximately approximately paid adjusted months. payout result program of months partners. of These purchases of to payout the total ratio common a for million X.X has to a first XX% billion limited been approximately over XX XX that flow adjusted admittedly million and XX% from third EPD in operations totaling $XX buyback of ending the is purchase billion a XX-month for buybacks in out

of During XX-week quarter. the doing back the our we our quarter XX% volume fourth elected unit VWAP, was expect price, and third to patient. window, fully be to average be buybacks buyback price, We the market in our in weighted

established of years. opportunistic last the We track a record have over buybacks X

We only flow its capitalization approximately X focused unit over did will period Xth reduce continue company we market midstream one companies without a peer. unit windows is count for material midstream comparison by have those remain unit/share over reduced Since as energy of common North asset per period this our reduce recently the X% And metrics.We to we over $XX count. EPD our this as billion. look XXXX, of on a companies, count to unit EPD cash largest American common with only improving to unit are time did reduced actually count sales. the to opportunistic

it flow consistent of a a X is a buybacks row.We start by this or grew only While in modest distributable XX% X also X companies start, of more. per unit years for is were that cash

EPD of increased group this energy company to for fact, midstream per is count and both reduced the unit unit. companies, have X DCF In only

the includes in organic quarter quarter million third approach upcoming partnership months include of We billion investments this expenditures. for file the in were growth in $XXX change increasing were million, sustaining $XXX per deck debt value of EPD's after this peers CapEx. which capital third million their our first balanced capital DCF $X will limited peer Capital growth, over show comparison $XXX unit year X this billion, sustaining change believe $XX for and growth for and million count XXXX the projects included the and our investments partners $X.X of unit of slide investor in of which We will capital our to for for time.Total projects XX-Qs.

to billion. We capital our growth XXXX expenditures expect total $X

business billion the mentioned and volumes of and pipeline bring in earlier fractionation and $XXX production this and capital growth facilitating gas downstream NGL indirect growth organic projects projects natural businesses. of for growth the expenditures our basin projects sustaining NGL to to provides out additional production gas provide expect $X.X North our These morning, opportunities capacity natural million.As terminal we our These support core XXXX pipeline also We America. franchise storage, NGL addition, Permian approximately announced assets.In also Permian prolific most will oil in to Basin. marine will continued expand also processing Jim growth be crude will additional

projects, expenditures of of addition $X.X billion X With capital of we growth have under the projects construction. major these

billion impact not capital range buyback expect activity billion.We We XXXX our forecasting to capital do our growth to distribution of are $X XXXX. this level in expenditures or $X.X growth the in currently of investment

our activity For XXX buyback to approximately our XXXX, $XXX we of year. million to consistent be with history a expect million

We September flow, are the billion was and flow NGL generated buybacks.Our outstanding chain free value of capital our $XX.X both which total future distribution will growth cash the through organic returns cash confident continued unit in these of of support and per approximately XXXX. debt returns heart as growth support the XX, capital in EPD's investments principal will by

for final the approximately weighted life years. date maturity Assuming our was portfolio of XX average our debt the hybrids,

X.X%. weighted average Our of cost debt is

liability the only these I XXXX, growth. appreciated.Our $XXX credit combination term in availability includes unrestricted mature.For end cash debt In our billion our will As materially obligations, of debt words, was in our million and current foundation unit X September life term $XX.X facilities The our $X.X maturity excludes to of and provides value years, of cash the XXXX ladder, this thus per or the XX% other approximately consolidated incremental believe with eroded billion unit.In debt generated per flow management portfolio our ample through cash the be rate fixed approximately paper, XXXX, will only our rate. provide at partnership debt debt from and flexibility liquidity not into having debt was and portfolio of by of is our to the high do and under new and obligations fully interest better on which a the refinance XX, XX% actually of hand. translate of fixed matured. quarter, solid flow average X% projects portfolio this existing of not of financial the environment rate commercial approximately debt percentage cash grow modest high

XX debt XXXX.We of September XX, EBITDA treatment reduced ending a billion the adjusted and after hand. the Our months unrestricted quarter hybrid ratio by ended the cash compared trailing billion partial was to for months on net the with for the a XX, adjusting equity XXXX, on consolidated trailing leverage $X.X our XX $X basis ending partnership's X.Xx of for September debt

range or up it questions. open plus X.XXx.With Xx we of can so remains minus target that, Randy, X.XX, leverage Our X.XXx the to for

participants Okay. to take questions Thank we're one now participants. to restrict follow-up. you, from And question Randy. I your and our Twanda, questions would remind our ready please one to just

Okay. ahead. Twanda, go

the with Theresa question first from Barclays. Our of Instructions] line [Operator Chen comes

in? expectations the the Would project providing juncture? changed at CapEx drove FIDs of cadence? your range, weren't this about magnitude projects been what earlier in that there billion more color What these of previous growth to one in you more billion were previously some that mind specific got expensive? contemplated $X discrete $X.X projects but the now CapEx brought versus way, some annual Were things And

like out time there, what opportunities the more we it to grade. And plants like changes to we needed in out Oak. felt I was Chris? Permian, Shin on and X I there's our to we know look past right Oak, move felt lot guess as 'XX, go. doing build lot plants Theresa. that there of in a the quite the Shin questions And to what we're at which we're Y we is given the of on going a bringing were

Yes. Theresa, this Chris is Nelly.

And to, think was for most of takeaway expand what some what capacity, basin. processing to alluded that that, the quarter's you that, pipeline. with we've commercial way capacity we to we've been was winning last a out capacity. in talking I effective result build of conclusion of on call and came needed the the the we need frac And looking about we the gas on had our Bahia were Jim to the earnings successes as as additional NGL of full downstream that expanding contracts

So it in the is our things in franchise. minds hand very go of NGL that much our core and hand these in

Theresa, to until now need out took service, Bahia the pipeline takeaway that of And gets in because Seminole we right as we crude service. NGL evidence

be will processing So on will Nelly. be frac right, plants XX we when them those full, and full, X bring

echo also effort, And able would space, or provide would given which today, across that And imagine infrastructure project of aspect over system commercialization for of tremendous see maybe amount on maybe if some make that every supplementing of Got expansions do be along your a NGL incremental chain the to move anything? your volumes nearly be your SPOT? to that for exports? possible it. exports, NGL NGL you commercialization growth all I you an it SPOT, Would update underlying value to announcement includes progress export the

-- optimistic And frankly, I'm having some day. to going producers more trading large productive with we're We're Yes. getting and negotiations the on SPOT. houses by

-- We still to have decision. We're end hoping the waiting license expect have year. construct, on to we record Sanders, that of the we're the Bob by of which

that work of on MARAD We're the Transportation Department continuing and with forward. to moving

So sir. relatively Yes, timing short. is

Brent? You got anything,

does think better. momentum SPOT group And question, Chovanec Tony on to we going align production earlier me and for to forecast I a take to the what to the as No, things. and crude I overall what oil lap think all to that's the victory from company? their ability be and is his this need toward. continues do about and SPOT get better all believe Basin what Permian is And projects question these a

lot that's understand, To of And November knows daylight ship when be lifted get traffic. can the X-way coming what the I we then restrictions From channel, a widen X, Ship have they it, will everybody but much I I Houston LPG neat the Bob. that more -- out even down traffic the question the Channel. is think channel, of love about thing channel ship you more how

to or more Yes, correct. it's wider product, The crude to oil. going us allow LPGs whether channel move absolutely sir. is That's

right. fine. That's All

question comes from Securities. Jeremy Tonet with next JPMorgan of Our line the

unfolding flow ability and and capital it us to well projects. allocation. how leverage significantly Just could given Enterprise deep lumpiness investors you potential to drop remarks the believe positioned of Enterprises highlights come your as and overlaying, particularly return projects these but to allocation wanted the more talk below to you And I the you cash through with come messaging seems. described? Xx here, once prepared cash Appreciate, wanted see maybe, these back the for to more the well free today, generate projects capital announced just service to are to in appears there, commentary kind

check And our going as range think to keeping metric XXXX, is think free I Because grow like grow, leverage of to Xx that per to invest unit in into flow as Yes. the in -- per flow and the eventually back coming say Jeremy, in we me, the were metric. CapEx to consistently. cash in unit in again, continuing growth to we is we've demonstrated flow more over far I X.Xx. really the and the main and with time.We cash is I'd balanced we And per to you unit. said main -- buybacks flows cash growth leverage partnership lumpy the translate in because going cash this is be the

it's And the have some or Neches have some propane a export are to projects I facility we word whether But lumpy. out use the fairly fractionators it's is, of export, number there, projects. the X ahead Bahia those, years. whether CapEx.SPOT spread that ethane be NGL large our we that and of River keep pipeline would hating we projects. our that material out manageable years, something going can very you over if get that's be past out but X.X to growth gas plants, that, commercializing finish natural Once that's processing are there, go and

really see limited. to period So investing pretty is billion the where year billion, $X.X $X we're I

so a flow out of we in of And the a target we see reduce need further, think once X.Xx. anymore bit 'XX, where don't be get good from I free a to you ought and it with off we as call 'XX, result, you 'XX, as are throwing today Right say. come cash leverage to now

So for again, provides distribution and cash more buybacks. that growth

focal the by could. needs Clearly, And projects then if announced your point production the midstream today. for announcement highlighted pivot just Permian more wanted with robust, to the little logistics today growing bit associated here, to back a I is

and production I there. growth. think the diving entry NGL you acreage with in outpace, all of size NGL the announcement, in to this at system a to comfort on of side Enterprise a a look $X.X industry. guess, road? pipes more if market an NGL talked to which loop sees appear did so barriers down And And Enterprise XXXX, today's pipe see granted additions provides But the pipe NGL risk in about pipe? I Enterprise closed the NGL do you dedications specifically, pipeline here looser a little the has million gain How bit the NGL

talking about You're the Bahia? XX-inch

Yes.

given Just -- sorry.

size, like like Tony pays. I down lot is felt A stack of looking what We sometimes right at people that have we what probably Permian given XX is was the -- see.

Greater side, Delaware Jim. than on that, particularly the

Yes.

the middle. plus on XX

recoveries, And more efficient and empty better one about I won't mean, Exxon just at Fowler Teague -- for like think we'll they I scratching CEO long. and surface. we're thing then look Jim are the stay somebody I getting I what and think getting said hates Randy and empty assets, hates and

Yes. And had the Brazil thought timing highlighted. add good, and Jeremy, what a also of was I'd note that also, rest I

End of last week.

Yes. some of Tony, to hit last week. the… of End you want

Yes.

have we production at July, what look So supposed for go to for we actuals tomorrow. just barrels actuals forecast, today if are words when growth what those EIA crude out they for far. worth be so through are year of our this XXX,XXX in or But production they're showing through oil

they've to, very and lot for time talked had over trajectory profitability to going XXXX very we their evenly.I'd XXXX people in tell is a produce, going a going spend X.X about a you, at look to to year-to-year? I And But -- to barrels it gauge change for have admittedly. for activity of do your matter, tell, said, okay? ask for in data mean, we without divide just over XXXX, the I what's for this XXX a And lot through change on it well, to have you said, the it's relative a how XXXX? definitely hard I million I hard set but doubt, been you what's Now take watch well, to commentary. And X-year myself, additions. and what's the oil period, XXXX? to that effort. of and when crude thank on Brent I Or

of least, with data and the data then would people that of we institutional have. We have science we not army significant to call I it a we relative we sources amount buy things last engineering. that are knowledge from significant But amalgamate but have and that

Chaparral top of out of On service. service and -- NGL we then Seminole took remember, of taking NGL that, we're out

one Now repurposing. then into X we're damn and what will right option we do putting true. it have says, And good it on now, as service, Bahia hey, and is back we guys of pretty which things we with once NGL to Seminole which more with takeaway at comes we're can you need the do

I at that said and would a for forward. and I think the is us pipes would portfolio Jim look enterprises market going use we that we've to how sees expect as I assets and what fit those do permanent demonstrated

was more wanted, you an That than wasn't it? of answer

Our of Tristan next question comes Scotiabank. from the with line Richardson

the capacity? and outlook landscape the Can context export either or your production of enter competitive complex how critical you really this of like Just for particularly the market, you offered I peers in and some as talk NGL the mean, now M&A might unique is. NGL about export organically? to an be

the a have in Hi, project, how someone keep personally is be especially like or made were mistake competes was that. hearing market and we won't the maybe high we have pretty we lower I after with door wish brownfield it. a a think, holding in Jim. project even gone fees. mistake, in when game going I aggressive I share and opened again. to don't fees because know Tristan. you when we growing damn I Enterprise town, a for that after we'd a went only This greenfield happen competition. made it Yes, we that's That

or as for then any around yet about are update goals all there near very Can Project folks end and XXXX? more importantly focused talked your And incentivized X.X. on incentive give you've we you at the Enterprise thoughts targets of really and an

guidance, It remember time goal, was never missed was be of it can't one It took such. I goal. a every and last meeting you goal. intended the as to we a was guys although X.X a

Bernstein. with next Ann Our comes question Jean from of Salisbury the line

mid-XXXX. getting There's capacity tight year? over export added capacity be Coast you any next being next not for and that like a see the tailwind Gulf year, until X.X you could export really Do LPG

Ann. tight, very be will It Jean

As you a of talk how versus the announced options. follow-up, pros cons in G&P you today. organic and Permian? growth of about There's obviously a lot Can the at looked obviously inorganic of lot Permian a G&P ads you organic

you that hell where acquiring a And a some them. a of organic, company to to plants can has other want you companies. build of don't with With lot you have dedications deal

So and we just -- where the want control we we them them can when we build liquids.

next from of question comes Our line with the UBS. Reynolds Brian

a on for Maybe of forecasts significant predicated this going you timeframe. NGL new the are Permian some Permian Jim, forward. Tony follow-up in Clearly, fundamentals. efficiencies discussed crude question announcements project to and the Permian a lot through of are these some And on expected that

be these if curious forward, medium of you term this numbers of Permian forward, of still need to going seen outlook kind that but efficiencies the then we many discuss, second, to your in show Rig with weakness we does view?And seeing kind these can what realized imply do up for seems some have be the intact? to So how going Count just

I'll Well, did activity we to going When was out. start what we projected be. our forecast,

ranged between and And Permian counts, So we XXX and would XXX. said, range rig they've XXX XXX. between

math So not hard there.

hand It's talk and with We in hand we they're XXX to between We behavior. projects producers' XXX and For between and XXX, our they're them. look, frac And capital and crews, estimated customers. XXX. them. plan

amount what knowledge. institutional So we a have I'd significant call of

efficiencies? growing me let in something. ask build did In you Tony, forecast, any your all

this efficiencies Permian running. of Jim XX know have XX do Out growing great don't for that X for been your point. greater basin are those point, the coefficient they've a a or I years. there rigs and them to have in put producers today. in only that's rigs of XX what working about question. XX, stops there We not them No, growing at

Okay. less There but simple that metrics the that's a significant of XX you as rigs that's reality. lot upside have a at, can one. producers running. look is as That's far X than There's

also the of that forecast guess, a on higher assume your did And reserves. I team Tony, worked not recovery

are single-digit historical in range. which sir, not. No, high assumes It recoveries, did the it

know have all they at that X majors we is that that going Now not least are said forward. forecasting how

using all extra. Louisiana a a lagniappe, little something Brian, Ann So, Jean that be would sorry. term,

a and your on gas gas whether Great. kind of that's products seems liquids, towards the referenced catered Maybe I prepared Permian Seminole quick just natural the liquids. Appreciate the molecule highest remarks conversion or on refined that. going natural color to crude follow-up think in margin forward. you be

opportunities SPOT Oak should in the that plus, and of kind to for see Seminole to kind market? see just Shin or service XXXX back margin the you timeframe give half ultimately a just opportunities you returning petchem XXXX think you the in just for plus, we how of and wait Is maybe about highest So Seminole of of given go period? going that market's do to exports the want crude back crude what if in pursue that do to

we're Brent? it's able of another on is Europe, I X like ago, and commercialization. of earlier, optimistic really in We're going those with weeks good SPOT I talking we're success thing said think all build being Brent just one. lot and getting were more the dependent done what, I mean, to on lot possible. full, We'll to If stay get possible. a a flexible, I this to are But Brian. people. above It's

ago. weeks X

pretty purpose sole to our was got promote and SPOT And from good we some feedback people.

next of question from Dounis with Our Citi. Spiro comes the line

think get presumably still I buyback want level the on in of cleanup I time. and me. SPOT growth CapEx plan. lean sort with going for mentioned to about maybe while. going But that think capital current few distribution get you'd does this sanctions, try sheet just to next CapEx guys thinking year, to to you just back come sort able if I to higher. program But you balance the maintain see And verify time first not I the say Randy for be off of to SPOT this one lumpy and of allocation questions can is A you more a if goes

I'm So that if SPOT does still get sanctions? all does hold curious, just

to get Cool. once how – many not Bob, we? Hi, We're Cool. a Cool. we construct, are license Rob. through,

are that XXXX needed. about of first the just that's sir, No,

we So The to it's ditches. and go going out construct mean take start to didn't digging there license while. a can

sir. No,

cash ramp flow. a on was That up

Yes.

So most -- shape distribution with that's we're during it frankly, And with without buybacks time growth successful I that we're of XXXX. SPOT, good most think, to again, SPOT, in And going I or mean, XX%, doesn't XX%. continue and be XX%, period. if impact to

And minus Chris. where be think if add is a Xx to one to leverage Spiro plus is SPOT a I still would we'll thing that or point its quarter sanctioned, get our also I still turn. within a we The of even

to different going X M&A perspectives. just from I'm So

one, guess I we've consolidate. on of customer side, a base So lot seen to the upstream continue your

guess your the get broadly. think of on front impact for curious then of words imagine being, potential M&A I don't I'm your growth you're that mouth? put I to in mark out midstream given as but slate time And we of in more sort of for you, EPD into the updated just EPD, So views projects the to about

Price us it's the right says. The sure price back Randy right deal, strategically. what at be the from matters. right deal price. it, away like right that but we'd to I fits the got I'm not

Sachs. Mackay Our from the comes next with question line John Goldman of

think I mentioned call. wanted up something Chris that to earlier I pick the on on

think you overall, on all think about projects your you growth And next over market own the the if at how to your versus the do terms do we're side on that share these new how pipeline side, in looking EPD throughput years? of Just going thinking from couple NGL trends flow on much flows? the of plants third-party NGL Permian is come

Justin, you got any idea?

the a will to some percent, to exact base growing and going that the to to will think previous percent G&P pipes grow our and continue to mean, our on continue continue fed I I but commentary, G&P, back it's going would continue is be the XX-plus asset what feeder percentage I from I of grow that's and our expect basis. own have to we as Don't bet footprint. NGL

Have shifting X just the the on there. PDH ramp in commentary Maybe gears quickly.

quarter we're now little for and into give maybe bit us what we a there? Just update fourth an that look should the

resolved that We with month quarter licensure. some the did PDH, one-off have returning this issues expect have with later a third operational operation later the this in and We in to we're the reactor some be issues full with to November. and the working should

question next from Blum. Our line the Michael of comes

that wonder lot particularly the what on projects India, China on seeing the today supply. impacting on really of a on on a But then shifting question, you're all same exports. you Where can for how Do give time. products side, current is the at but demand these and here very see an Panama any long part all question you term, the from I Canal U.S. do So second you're and that and questions, if update in obviously are bullish supply being setup? obviously, the us see issues consumed? you And longer your of

question. Brent ask I'll and probably I'll then a start

As it's that And for not -- Asia. got I ethane. Europe. script, that we the our we've expect And sign. pleasant that's at more Michael, in it's contracts appetite in said a I been a surprise in will couple That's

the looks build I really like more project. And It to Brent, didn't So ethane just be me was I wanted product. traded a to a it's but thought much becoming, first I to expect it. one, point-to-point going

so. More

And of expected. to type on we Than the -- speak people the type demand Brent, then, of see I LPG.

Yes Africa. went, LPG quarter look cargos the the XX% went Asia, just where the in at XX% third XX% Americas, Europe and to Michael, if to went you X%

look incremental the far is Asia goes. If you the going, of molecule leader trend where go molecule to at and each were it's where that away and

was is human LPG X/X yesterday. these to and use LPGs people us heating. used I for want used heating.Tony for On is going needs, it billion and the look used and out but about of at about call for said gave to X/X IEA demand for, side use, try notes, numbers, cooking I'm it X.X what is that came petchem some say cooking to

If look the access at to there's you have it. people don't about XXXX, estimates who X through billion

a need little of now of at If shy the XXXX. those look look billion about people he's U.S. barrels if between at XXX,XXX you of Tony's from XXXX. barrels consumption X same through capita, per million you LPG forecast, and the would LPG And

some will to is of fill that going that, void. So East at step point U.S. Middle some up up the the to make but Producer and have

transitional? organization and an a natural there that was gas Chris, was propane said

an changer. why the really LPGs a a will. about recently and LPGs if and Enterprise is of the what came out is rating that upgraded people Hemisphere, Jim, now the that game came life ESG are the a an day Southern of think for A staffs okay, to the really green result MSCI for and call million MSCI I the out score. do decade absolute reason said, Yes, think is it in barrels And In throughout. needing you if quality fuel, X you their Again, branches now improving additional end between an in of of that LPGs

gas to solar, and how to to about over homes are matter a let's or They're LPG. to get happen. to we've going with. But like move the XX solar, think what Africa, about And it, to I'd and choice in very good with Africa, they're not. eat going It people simply years use add, no And is more. electricity not around. seen cook think is you okay, expensive and it's XX relative going natural to That's it. last

get it's and around. lot not not energy of to move math. You hard It's hard a

You and carry tank just it little up a fill home.

Absolutely.

transition. It of only And never to that. Yergin, Daniel done I back has And see going paraphrase we're energy I world more has addition. this to done go think energy

next Keith line Research. comes the Our question of from with Stanley Wolfe

a the question and quarter a on on then NGL I had follow-up pipe. the

marketing than unit huge a you'd but had And softer Anything up down was margin the drivers call NGL highlight? you has frac per Any quarter, margin year just lot. been the on volumes new frac, a the too, out last there? So year. the you'd with this step in

want to Zach? You talk to frac

frac. Yes, I'll start the with

we this had of then quarter from the on Obviously, get increased relative fracs so cost. uplift X year. pricing, that just X year over is we So And ERCOT year summer year. hot that last which this some our our hit down to there turnarounds blend us were margins,

I market structure the to in with think Keith, do most has of just it marketing, NGL And on a storage.

when So of obviously happened, COVID we if contango. you a put on look lot back

this was volatile year. of Some just less had further we extended then hasn't this year. of didn't been It's that frankly we backwardation spreads. And really opportunities been There opportunities year general in those some just a dated. that see lot last long

pipe. I sorry then And one have the on NGL

want even lot the to alternatives, of it's added getting what you pipe, of see the it's capacity, just think, new build. any a color of so a market's if it's added, some I other greenfield disadvantages I that's like Oak some looping just there's or the getting of at way confirm a the because new And third-party brand a that of one Shin So all to more on as cheaper capacity leveraging seeing give time?

to barrels what Shin looked XXX,XXX at you, And partial we now? other build Oak, decided That served I'll guess a I getting remind needed. a Chaparral's entire the that loops, what We're didn't day, we think day on barrels right barrels a we've and move XXX,XXX We pipe. day? capacity, was -- pipe. just around to We got XXX,XXX in

XXX.

it We leverage third-party And own. in don't we need we pipes. put our Seminole and frankly,

Randy. is this Twanda,

time for one have We more question.

line next America. of comes question Neel the of the Our with from Bank Mitra

understand, system is the full. some of is I conversion volumes. what the relatively Midland-to-ECHO some crude I volumes the moving about and had offloading From and a X be where whole Midland-to-ECHO question you'll

So do barrels go? the when where to service, crude you move this NGL

that a for cost, than in with Again but up more difference XXX,XXX up service. Midland-to-ECHO can we Seminole X, what XXX,XXX, and NGL barrels a to marginal do get day. we is There made

per And barrels but then increase crude horse, oil the XXX,XXX dead in to not XXXX. beat day a

Tony, from the cetera. flat et the and in wondering, just growth and XQ constraints it perspective, seemed your heat had XQ with hydrocarbon all for like of Permian infrastructure general out Just we the compression,

it ramp? growth December if been the of today has here a most first like kind you quarter, big So expecting the not come are seems that's mistaken? of September Because I'm through

the very I EIA through sat wants to our to What count sporadic, thing for of what didn't really and wait a rig third very come through dropping, admission our see would get the will built.So facts but a the the quarter-by-quarter. their the very, have very, plants the is the you tremendous had rigs rigs the people XXXX looking it's above. people just amount Yes. happened up own at EIA are COVID. by that rich we until hard have are But which erratic, both kept tell quarter, during production in build can't you to we understand to about you the about numbers, drop, to been lull. because is reported. I of The every management and Tuesday meeting in gas remember plants that's morning, that, worried in that what make hear second that if quarter massive our you other

stay at You couldn't that levels like forever. those

matter. The of and off year. replenish the There know us to to is you as cap say be have to and one path had it but it's Well, large. next we're inventories and you that that sir. it. But one have pointing out, what Jim's I hotter You quarter look, on quarter hard big Yes, basin of doesn't the takes path -- per End don't path XXXand story. did.So was very exceed look XXX, freeze-offs it other? because than just so from so a

the over for I back this gentlemen, to and Randy turn call time, closing would remarks. at Ladies like to

replay We'd day, Thank I'll And for us like available comments, a joining to call you you, it thank back That for webcast. concludes Twanda. have our everybody the our good any website is the of again, A today. turn to to call. closing and via Twanda.

concludes you and Thank conference Ladies you. gentlemen, participation. Thank this your call. today's for

disconnect. You now may