Enterprise Products Partners hikes dividend by 1.9%
Enterprise Products Partners (EPD) will raise its quarterly distribution by 1.9% to $0.535 per share. This marks 27 consecutive years of increased dividends.
Enterprise Products Partners L.P. announced today that the board of directors of its general partner declared a quarterly cash distribution to be paid to Enterprise common unitholders with respect to the fourth quarter of 2024 of $0.535 per unit, or $2.14 per unit on an annualized basis.
The quarterly distribution will be paid Friday, February 14, 2025, to common unitholders of record as of the close of business Friday, January 31, 2025. This distribution represents a 3.9 percent increase over the distribution declared with respect to the fourth quarter of 2023. The dividend yield for EPD is 6.6% at a stock price of $32.30.
Enterprise repurchased $63 million of its common units in the open market during the fourth quarter of 2024, bringing total common unit repurchases in 2024 to $219 million. Inclusive of these purchases, the partnership has utilized approximately 57 percent of its authorized $2.0 billion buyback program.
Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and marine terminals; crude oil gathering, transportation, storage and marine terminals; petrochemical and refined products transportation, storage and marine terminals; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include more than 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals and refined products; and 14 billion cubic feet of natural gas storage capacity.
