Enterprise Announces Q3 2024 Distribution and Buyback Update
Enterprise Products Partners Declares Quarterly Distribution
Enterprise Products Partners L.P. (NYSE: EPD) recently announced a cash distribution of $0.525 per unit, reflecting a consistent commitment to its unitholders. This distribution, which equates to an annualized rate of $2.10 per unit, is set for the third quarter of 2024.
Upcoming Payment Schedule
The quarterly distribution is scheduled for payment in mid-November to common unitholders who are on record as of the end of October. This action represents a 5.0 percent increase compared to the prior year's distribution, showcasing the company's growth and financial health.
Strategic Buyback Initiatives
In addition to the quarterly distribution, Enterprise has been proactive in share repurchases, acquiring $76 million worth of its units in the open market during the third quarter of 2024. Cumulatively, this brings the total repurchases for the year to $156 million and an impressive total of $252 million for the twelve-month period.
This buyback strategy aligns with the company's broader plan to return value to its stakeholders, with approximately $1.1 billion being repurchased under its $2.0 billion authorization. Such moves are indicative of a strategic focus on enhancing shareholder return and reinforcing confidence in its market position.
Upcoming Earnings Announcement
Looking ahead, Enterprise is slated to release its earnings for the third quarter of 2024 at the end of October, just before the market opens. Following this announcement, the company will conduct a conference call aimed at detailing its performance and financial results to analysts and investors. The session promises to provide insightful commentary regarding the partnership's direction and strategy.
About Enterprise Products Partners L.P.
Enterprise Products Partners L.P. stands as a prominent figure in the North American energy landscape, specializing in midstream services. The company provides vital services that encompass natural gas gathering, processing, transportation, and storage, in addition to NGL, crude oil, and petrochemical management. With an extensive infrastructure comprising over 50,000 miles of pipelines and substantial storage capabilities, the partnership is well-equipped to meet the evolving demands of energy producers and consumers alike.
Enterprise continues to enhance its service offerings and operational efficiency while maintaining a strong commitment to its sustainability goals. As a key player in the market, the partnership remains focused on expanding its capacity and ensuring the reliable delivery of energy resources.
Frequently Asked Questions
What is the amount of the announced distribution for Q3 2024?
The distribution amount is $0.525 per unit, representing an annualized rate of $2.10.
When will the distribution be paid?
The distribution is scheduled to be paid on November 14, 2024.
Has there been an increase in the distribution compared to last year?
Yes, there has been a 5.0 percent increase in the distribution compared to the third quarter of 2023.
What are the share repurchase figures for Enterprise?
In the third quarter of 2024, Enterprise repurchased $76 million of its common units, totaling $156 million for the year to date.
What services does Enterprise provide?
Enterprise offers midstream energy services including natural gas gathering, processing, transportation, and storage, along with services for crude oil, NGLs, and petrochemicals.
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