Enterprise Products Partners L.P. (EPD): PESTLE Analysis [Nov-2025 Updated]

You need to know if Enterprise Products Partners L.P. (EPD) is a safe bet for the next few years, and the answer lies in its PESTLE forces. The reality is that EPD's massive asset base-over 50,000 miles of pipelines-is a powerful shield, but it's facing a perfect storm of political and environmental pressure that is defintely rising. We're tracking how their projected 2025 capital plan of $2.8 billion navigates stricter methane rules and elevated interest rates, so let's cut through the noise and map the real near-term risks and opportunities shaping their distributable cash flow.

Enterprise Products Partners L.P. (EPD) - PESTLE Analysis: Political factors

Increased federal regulatory scrutiny on new interstate pipeline permitting.

You're seeing a significant political pivot in 2025, which directly impacts the pace and cost of new infrastructure for Enterprise Products Partners L.P. (EPD). The new US administration, starting in January 2025, has made energy dominance a core policy, immediately issuing executive orders to declare a national energy emergency and expedite permitting for fossil fuel projects. This is a massive shift from the previous administration's focus, which led to persistent delays and higher compliance costs for new interstate pipelines.

This new regulatory environment is defintely a tailwind for EPD, particularly for its organic growth pipeline. For 2025, EPD has projected organic growth capital expenditures (CapEx) between $4.0 billion and $4.5 billion, with approximately $6 billion worth of organic growth projects scheduled to enter service in the second half of the year. The administration's focus on streamlining the National Environmental Policy Act (NEPA) review process is aimed at getting projects like new Permian Basin gas processing plants and NGL export terminals online faster, reducing the risk of multi-year delays that plague the sector.

Geopolitical stability affecting global crude and NGL (Natural Gas Liquids) pricing.

Geopolitical volatility remains a constant, and while EPD's fee-based business model offers a strong buffer, the volumes flowing through its pipelines are still tied to global demand and pricing. We saw this clearly in the second quarter of 2025 (2Q25), where tensions in the Middle East caused significant price swings. Brent crude oil, for example, spiked from $69 per barrel (b) to $79/b in mid-June 2025 amid heightened supply disruption risks, before settling back down to around $70/b after a ceasefire was reached. This volatility impacts the upstream producers EPD serves, influencing their drilling and production decisions.

The NGL segment is EPD's core profit driver, accounting for more than 55% of its trailing twelve-month corporate adjusted EBITDA. The geopolitical risk here is tied to export demand, particularly from China, which is the destination for about 43% of US LPG exports. Any escalation in US-China trade tensions or a slowdown in China's industrial output could disrupt these volumes, even though EPD structures its contracts to avoid direct commodity price exposure. Another political-economic risk is the impact of US tariffs on critical components, which has led to shortages and a doubling of prices for essential equipment like power transformers, potentially delaying new project timelines by over 24 months.

State-level policies promoting or restricting fossil fuel infrastructure development.

The US energy policy landscape is a patchwork, with state-level policies often contradicting federal priorities, and EPD must navigate this complexity. Texas, where EPD has its largest footprint, is the nation's dominant fossil fuel producer, generating around $150 billion in annual economic output from the sector. This state environment is highly favorable to infrastructure development.

However, in other key operating regions, EPD faces headwinds. States like New Mexico, which is part of the Permian Basin, have implemented new setback rules that can restrict where new drilling and associated infrastructure, like gathering pipelines and processing plants, can be built. This increases the cost and complexity of expansion, even as EPD continues to invest heavily in the region. For instance, EPD is on track to complete two new Permian gas processing plants (Mentone West 1 and Orion) in 2025, which will boost its processing capacity across the Delaware and Midland Basins to over 4.4 billion cubic feet per day (Bcf/d).

Shifting US administration priorities on fossil fuel exports and trade agreements.

The new US administration's trade policy, titled 'America First Trade Policy' in an executive memorandum dated January 20, 2025, prioritizes expanding US energy exports, particularly liquefied natural gas (LNG) and crude oil, to solidify the US as a global energy leader. This is a direct benefit to EPD, whose entire strategy is centered on moving Permian and Gulf Coast production to international markets via its export terminals.

The administration is also reviewing all existing trade agreements, including the United States-Mexico-Canada Agreement (USMCA), to ensure they operate in the national interest. While EPD's business is largely midstream, a more aggressive trade posture, especially with China, could lead to unexpected tariffs or non-tariff barriers that impact the end-market demand for the NGLs and crude oil EPD transports. The clear action here is the federal push to streamline export permits, a key enabler for EPD's new Neches River Terminal and its expanded Houston LPG terminal capacity.

Here is a snapshot of EPD's operational records set in 2Q25, demonstrating the underlying volume strength despite political and economic volatility:

The political environment in 2025 is characterized by:

• Executive orders prioritizing fossil fuel development and deregulation.
• A push to accelerate permitting for new infrastructure like pipelines and export terminals.
• Geopolitical volatility in the Middle East causing short-term crude price spikes to $79/b.
• Trade tensions with China posing a risk to NGL export demand and supply chain costs for key components.

Enterprise Products Partners L.P. (EPD) - PESTLE Analysis: Economic factors

The economic landscape for Enterprise Products Partners L.P. (EPD) in 2025 is defined by a strong, volume-driven core business-midstream infrastructure-but is tempered by the persistent headwind of elevated interest rates and inflationary costs. Your core business remains highly fee-based, so volume stability is key, and the domestic production outlook is defintely working in your favor.

Here's the quick math: the partnership's ability to finance its massive growth projects at a reasonable cost is the single largest financial risk this year, but the underlying demand for Natural Gas Liquids (NGLs) provides a clear path to generating the cash flow needed to cover it.

Stable US crude oil production forecasts driving consistent pipeline utilization.

The stability of US crude oil production provides a reliable baseline for EPD's pipeline utilization and fee-based revenue. The US Energy Information Administration (EIA) forecasts that US crude oil production will average around 13.4 million to 13.59 million barrels per day (bpd) in 2025, which is a near-record level. This sustained volume, particularly the growth out of the Permian Basin, ensures high throughput for EPD's extensive crude oil and natural gas gathering and transportation network.

The key takeaway here is that EPD operates a toll-road business; high production volumes mean consistent tolls. The Permian Basin is the primary driver, with new pipeline capacity coming online to alleviate transportation constraints and keep EPD's assets near capacity.

Elevated interest rates increasing the cost of financing EPD's $2.8 billion capital program.

While the prompt mentions a $2.8 billion program, EPD's actual organic growth capital investments are projected to be between $4.0 billion and $4.5 billion for the full 2025 fiscal year, plus an additional $525 million in sustaining capital expenditures. This large capital program requires significant financing, and the current interest rate environment makes that more expensive than in recent years.

To be fair, EPD has managed this well, but the cost is clear. For example, in June 2025, EPD priced a $2.0 billion senior notes offering with fixed-rate coupons ranging from 4.30% for the 2028 notes to 5.20% for the 2036 notes. This is a higher cost of debt than in the low-rate era, directly impacting the return on investment (ROI) for new projects. The total debt principal outstanding at the end of the third quarter of 2025 stood at $33.9 billion.

Here is a snapshot of EPD's recent financing costs:

Moderate but sustained demand growth for NGLs, a core EPD revenue stream.

Natural Gas Liquids (NGLs) are a core component of EPD's revenue, making up over 54.5% of segment profits in the most recent quarter. The global demand outlook for NGLs, driven by petrochemical feedstock needs, remains positive and sustained.

Management is optimistic, projecting that over the next five years, global liquid hydrocarbon demand will grow by about 1 million bpd annually, with NGLs and naphtha expected to account for over 60% of that growth. This is a massive tailwind for EPD's integrated value chain, which includes extensive fractionation and export capacity at Mont Belvieu.

Key NGL metrics for 2025 underscore this strength:

• Total NGL pipeline volumes reached 4.6 million BPD in the second quarter of 2025, a 5% increase year-over-year.
• The new Bahia NGL pipeline, scheduled to enter service in December 2025, will add 600 Mb/d of Y-grade capacity from the Permian Basin.
• The first phase of the Neches River Terminal was placed in service in July 2025, contributing to a combined 63 MBPD increase in ethane export volumes at the Morgan's Point and Neches River Terminals in Q3 2025.

Inflationary pressures raising costs for steel, labor, and pipeline maintenance.

Inflationary pressures are a direct challenge to EPD's operating and capital expenditures. The construction industry, which is critical for pipeline build-outs and maintenance, is seeing cost growth forecasts between 5% and 7% in 2025.

This affects EPD in two main ways: new project costs and sustaining capital. The price volatility in materials like steel-a primary input for pipelines-and a tight labor market for skilled trades raise the cost of the multi-billion-dollar organic growth program. For maintenance, the US annual Consumer Price Index (CPI) accelerated to 2.7% in June 2025, impacting the cost of labor and services needed for ongoing pipeline maintenance and plant turnarounds. EPD's Mont Belvieu area NGL Fractionation Complex, for instance, saw a decrease in gross operating margin in Q3 2025, attributed primarily to higher operating costs.

Enterprise Products Partners L.P. (EPD) - PESTLE Analysis: Social factors

Growing public and investor pressure on Environmental, Social, and Governance (ESG) performance.

The pressure from both public and institutional investors on Environmental, Social, and Governance (ESG) performance is defintely a core social factor for Enterprise Products Partners L.P. (EPD) in 2025. Investors are increasingly using ESG metrics as a proxy for long-term operational risk and management quality, not just a feel-good measure. For EPD, a key social and governance metric is its commitment to unitholder returns: the partnership has a 27-year history of increasing its quarterly distributions, which is a major signal of stability to income-oriented investors.

In the twelve months ended September 30, 2025, the partnership's payout ratio (distributions plus common unit buybacks) stood at 58 percent of Adjusted Cash Flow from Operations (Adjusted CFFO), with Adjusted CFFO reaching $8.6 billion. This focus on consistent returns is a social contract with its investors, especially the roughly two-thirds of remaining units held by individuals and trusts. To maintain this, EPD must demonstrate continuous improvement in its 'S' factors-safety, community engagement, and workforce practices-to mitigate the headline risk that can erode investor confidence and valuation.

Changing demographics leading to a younger, more environmentally conscious workforce.

The US energy sector is grappling with a significant demographic shift, creating a talent war for companies like EPD. The industry faces an accelerating retirement wave, which is compounded by a younger generation of workers who are more environmentally conscious and often prefer roles in the rapidly expanding clean energy sector. The total US energy sector employed 8.5 million workers in 2024, with the Transmission, Distribution, and Storage sector-EPD's core area-employing 1,463,700 workers, with a median wage of $59,840.

This demographic trend forces EPD to evolve its employee value proposition beyond just competitive pay, which is already strong; the median wage for the overall energy sector was 18.8% higher than the national median in 2024. The challenge is attracting and retaining top engineering and technical talent who want to work for a company that can credibly articulate its role in a lower-carbon future. The company must invest heavily in upskilling and knowledge transfer to counter the workforce shortages reported by nearly three-quarters of energy professionals worldwide.

Increased landowner and community opposition to new pipeline construction routes.

While Enterprise Products Partners L.P. has a vast existing network of over 50,000 miles of pipelines, any new organic growth projects face a significantly higher hurdle of community and regulatory opposition than a decade ago. This heightened social scrutiny translates directly into project risk and cost.

The real-world impact of project execution challenges was visible in the third quarter of 2025, where a three-month construction delay for a new Natural Gas Liquids (NGL) fractionator contributed to a dip in financial performance. Net Income Attributable to Common Unitholders for Q3 2025 was $1.3 billion, down from $1.4 billion in Q3 2024. While the delay was not explicitly attributed to protests, it illustrates the difficulty of executing major capital projects in the current environment. The broader industry sees legal challenges to new natural gas pipeline projects, often based on threats to water quality, which creates a challenging environment for EPD's planned $4.5 billion in organic growth capital investments for 2025.

Consumer preference shifts towards cleaner energy sources over the long term.

The long-term shift in consumer preference toward cleaner energy sources is a structural headwind for the entire fossil fuel value chain, including midstream operators like EPD. This is not just a regulatory or political issue; it is a fundamental social change in demand. Data from 2025 shows that 72% of Americans prefer sustainable brands, and 65% are willing to pay a premium for them. This preference is translating into energy choices.

In the US electricity generation mix in 2024, wind and solar combined reached a record 17%, surpassing coal at 15% for the first time. Moreover, when asked how to meet rising energy demand, 66% of consumers in a recent survey preferred building solar farms plus battery storage over natural gas plants. This trend signals a long-term decline in demand growth for the core products EPD transports-crude oil and natural gas liquids (NGLs)-even as natural gas remains a key bridge fuel. EPD's strategy must continue to focus on the high-value, less-substitutable NGL and petrochemical segments, which are essential for manufacturing everyday products, to insulate itself from the accelerating power generation transition.

• 72% of US consumers prefer sustainable brands in 2025.

• 66% of consumers prefer solar/storage over gas to meet new energy demand.

• EPD must focus on NGLs and petrochemicals for long-term demand resilience.

Enterprise Products Partners L.P. (EPD) - PESTLE Analysis: Technological factors

Adoption of Artificial Intelligence (AI) for predictive pipeline integrity management

You are seeing a shift across the midstream sector toward using Artificial Intelligence (AI) to move from reactive to predictive maintenance, and Enterprise Products Partners is no exception, even if specific project names are proprietary. This technology is defintely a core part of managing a network that includes over 50,000 miles of pipelines.

AI-driven predictive maintenance systems analyze sensor data, satellite imagery, and historical records to forecast equipment failure weeks in advance. For the midstream industry, this approach is projected to reduce maintenance costs by up to 30% and significantly decrease unplanned downtime. This capability is crucial for EPD, as pipeline integrity directly impacts their fee-based revenue model and regulatory compliance.

Here's the quick math on the value proposition:

• Predictive analytics flag corrosion or stress points before failure.
• This reduces the risk of costly shutdowns and environmental incidents.
• It allows EPD to allocate its approximately $525 million in 2025 sustaining capital expenditures more efficiently.

Development of new CCUS technologies for reducing operational carbon footprint

EPD's primary technological play in carbon management is through its Carbon Capture, Utilization, and Storage (CCUS) infrastructure business, which leverages its core competency: pipelines. The company is developing a $\text{CO}_2$ transportation network to support the Bluebonnet Sequestration Hub in southeast Texas, a project with 1PointFive, a subsidiary of Occidental.

While this is a new fee-based service for third-party emitters, EPD is also focused on reducing its own operational carbon footprint. The internal strategy for reducing greenhouse gas (GHG) emissions intensity relies on proven technology application, not necessarily novel development.

The company's internal operational focus is on:

• Capturing and liquefying vapors across its processing plants.
• Installing lower-emitting equipment in new and existing facilities.
• Investing in technology to eliminate or minimize waste streams.

Automation of terminal and processing operations to cut labor costs and boost efficiency

The massive $4.5 billion in organic growth capital expenditures for 2025 is largely directed at new, highly automated infrastructure that drives efficiency and volume. The new facilities are designed with higher throughput and minimal human intervention, which is the direct mechanism for cutting long-term labor costs and boosting throughput.

For example, the new Neches River Terminal, which began initial service in July 2025, and the Morgan's Point Terminal enhancements contributed to a combined 36 thousand barrels per day (MBPD) increase in ethane export volumes in the third quarter of 2025. This kind of volume increase from new, automated assets shows the immediate return on technology investment.

A key efficiency metric is the reduction in unplanned downtime. In the second quarter of 2025, the unplanned maintenance downtime at the key PDH 1 facility was reduced to approximately 27 days, a significant improvement from the 79 days reported in the same quarter of the previous year. That's a huge win for reliability.

Advancements in renewable energy storage threatening long-term fossil fuel demand

The threat from renewable energy storage is real, but its impact on EPD is currently balanced by a surge in demand for natural gas infrastructure driven by the AI boom. Global energy storage deployment is set to hit 92 gigawatts (247 gigawatt-hours) in 2025, marking a 23% growth over 2024, with the U.S. being a major market.

This massive growth in battery storage capacity, particularly in markets like ERCOT, is designed to integrate intermittent solar and wind power, which directly undercuts the need for gas-fired peaking plants. This technological advancement creates a long-term headwind for natural gas demand growth in the power generation sector.

Still, the near-term reality is a counter-trend: the unprecedented energy demand from new, power-hungry data centers is creating a structural tailwind for natural gas. One major grid operator is forecasting peak summer electricity demand in 2035 that is 36% higher than anticipated for the summer of 2025, a demand that only reliable natural gas can meet at the required scale and speed. This translates to a sustained need for EPD's natural gas pipelines and processing capacity, effectively bridging the risk posed by battery storage for the foreseeable future.

Enterprise Products Partners L.P. (EPD) - PESTLE Analysis: Legal factors

You're operating a massive midstream network, so legal and regulatory compliance isn't just a cost center; it's a core operational risk that directly impacts your capital structure and project timelines. The legal landscape in 2025 is defined by tax certainty from new legislation, but also by acute regulatory uncertainty around environmental enforcement and the perpetual challenge of securing land rights.

Here's the quick math: Enterprise Products Partners L.P. (EPD) expects to spend between $4.0 billion and $4.5 billion on organic growth capital investments in 2025. Every eminent domain dispute or regulatory delay threatens the return on that capital, making risk mitigation a priority.

Ongoing litigation risk related to eminent domain and right-of-way disputes for assets

The biggest legal hurdle for any midstream operator like Enterprise Products Partners L.P. remains securing the right-of-way (ROW) for its over 50,000 miles of pipelines. This process often forces the company into eminent domain litigation, where the legal authority to take private land for public use, even with compensation, is constantly challenged by landowners.

While Enterprise Products Partners L.P. has successfully defended its common carrier status in key state supreme court cases, like the 2022 Texas ruling for the Oyster Creek Lateral Project, the risk is persistent and costly. The legal battle over land rights slows down project delivery and increases legal costs, plus, it can lead to significant financial penalties. For instance, an older, separate partnership dispute with Energy Transfer Partners resulted in a $319 million jury award against the company, illustrating the high-stakes nature of energy litigation. You defintely need to factor in the potential cost of delays and adverse rulings when modeling new projects.

Stricter enforcement of EPA (Environmental Protection Agency) methane emission rules

The regulatory environment for methane emissions is a mess right now, creating a high-risk/high-reward scenario for your compliance strategy. The Inflation Reduction Act (IRA) established a statutory Waste Emissions Charge (WEC) on methane that was set to begin at $1,200 per metric tonne for 2025 emissions exceeding a specified threshold.

But here's the complication: In March 2025, a joint Congressional resolution disapproved the final WEC rule, and the EPA's Acting Assistant Administrator issued a memo directing staff to no longer focus on methane emissions enforcement from oil and gas facilities. This creates a legal gray area. The statutory charge remains law, but the enforcement mechanism is now uncertain. A realist prepares for both outcomes:

• Budget for WEC compliance, as the statutory fee is $1,200/tonne for 2025.
• Continue to invest in Leak Detection and Repair (LDAR) programs to mitigate future liability.
• Monitor for new EPA rules that replace the WEC with a different regulatory framework.

Potential changes to tax law affecting the Master Limited Partnership (MLP) structure

The 'One Big Beautiful Bill Act' (OBBBA), signed in July 2025, provided a significant, positive legal shift for the MLP structure. It made permanent several key tax provisions, offering much-needed certainty for investors and for the partnership's cash flow planning. The core MLP structure, which allows for pass-through taxation of qualifying income, remains intact and even slightly enhanced for the future.

The immediate impact in 2025 stems from the permanence of key deductions and the increased clarity on loss limitations. This predictability helps Enterprise Products Partners L.P. maintain its attractive distribution coverage, which was 1.5 times for the third quarter of 2025. Also, the expansion of qualifying income to include certain low-carbon activities, effective after December 31, 2025, is a tailwind for future diversification.

Increased liability and insurance costs due to extreme weather events and spills

The legal and financial liability from extreme weather is skyrocketing, and it's hitting the midstream sector hard. Enterprise Products Partners L.P. operates in regions highly susceptible to hurricanes, floods, and severe convective storms, all of which drive up insurance costs and raise the legal risk of spills.

The macro data is clear: total economic losses from natural catastrophes in the U.S. reached a staggering $126 billion in the first half of 2025, which is about triple the 21st-century average. This unprecedented loss exposure directly translates to higher insurance premiums and stricter underwriting standards for operators with extensive infrastructure like Enterprise Products Partners L.P. You need to assume your liability insurance costs will continue to climb, and a single major spill event could trigger massive legal and cleanup costs that dwarf the expected $525 million in sustaining capital expenditures planned for 2025.

Enterprise Products Partners L.P. (EPD) - PESTLE Analysis: Environmental factors

You need to map the environmental pressures on Enterprise Products Partners L.P. (EPD) right now, and the takeaway is clear: regulatory compliance and physical climate risk are immediate, quantifiable costs, not just future concerns. The industry-wide compliance cost for new methane rules is estimated at over half a billion dollars this year, and EPD's coastal assets face a 60% chance of an above-normal hurricane season, making asset hardening a critical budget item.

Mandatory targets for reducing methane emissions from natural gas infrastructure

The regulatory landscape for methane is moving fast, shifting from voluntary programs to mandatory, costly compliance. The U.S. Environmental Protection Agency (EPA) finalized rules targeting methane emissions from new and modified oil and gas facilities, a mandate projected to reduce emissions by 510,000 tons by 2025 across the industry. The EPA estimates the total compliance cost for the industry will be around $530 million in 2025 alone, a cost that midstream operators like EPD must absorb and pass through, or cover with retained cash flow. This is a defintely a direct impact on operating expenses.

Beyond the EPA's New Source Performance Standards (NSPS), the Inflation Reduction Act (IRA) established a Waste Emissions Charge (WEC) for methane emissions exceeding specific thresholds. For 2025, that charge is set to increase to $1,200/tonne of methane, creating a powerful financial incentive-or penalty-for facilities that fail to meet the waste threshold. EPD's strategy of installing lower-emitting equipment and capturing and liquefying vapors is a direct response to mitigating this WEC exposure.

Increased physical risk to assets from severe weather events like hurricanes and floods

EPD's extensive infrastructure, particularly its Gulf Coast terminals, pipelines, and NGL storage at Mont Belvieu, faces a rapidly escalating physical climate risk. The National Oceanic and Atmospheric Administration (NOAA) forecasts a 60% chance of an above-normal hurricane season for 2025, which directly threatens EPD's key export hubs and processing facilities. This is more than just a weather report; it's a financial threat to operational uptime and asset integrity.

The economic impact of acute weather events is already staggering: total economic losses in the U.S. from natural catastrophes reached $126 billion in the first half of 2025, marking the costliest first half on record. EPD addresses this acute risk through its sustaining capital expenditure (CapEx), which is budgeted at approximately $525 million in 2025. This CapEx funds pipeline integrity, asset hardening, and system maintenance to ensure resilience and reduce downtime. The rising cost of insurance and reinsurance for coastal assets is another unstated but real financial pressure, reflecting the industry's 40% increase in global insured losses in the first half of 2025 compared to the same period in 2024.

Investor demand for transparent reporting on climate-related financial risks

Institutional investors, particularly those managing large pools of capital, are demanding standardized, decision-useful data on climate risk, pushing EPD toward greater transparency. This is no longer a niche request; it's a mainstream expectation. Investors want to see the financial implications of the physical and transition risks EPD faces.

EPD responds to this by utilizing established frameworks:

• Reports with reference to the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards.
• Participates in the Energy Infrastructure Council (EIC) ESG reporting template, a midstream-specific effort to standardize disclosures.
• The focus is on disclosing greenhouse gas (GHG) emissions intensity and detailing mitigation efforts, providing the data needed for investors to conduct their own scenario analysis (e.g., Task Force on Climate-related Financial Disclosures or TCFD-aligned risk modeling).

Competition from renewable energy developers for grid capacity and land use

While EPD's core business is midstream-transporting and processing hydrocarbons-the broader energy transition creates competition for capital, land, and future energy market share. The global Solar PV EPC (Engineering, Procurement, and Construction) market is projected to reach $85.17 billion in 2025, demonstrating the scale of the capital flowing into alternative energy. This competition is indirect but material.

The most direct impact is on land use and grid access in key operating regions, where large-scale solar and wind farms compete for the same real estate as new pipeline and processing plant corridors. This can lead to increased permitting complexity and project delays. Still, EPD is not entirely passive in the transition; it is actively exploring carbon capture and sequestration (CCS) projects, which, while not a major CapEx line item in the $4.5 billion 2025 growth budget focused on Permian NGLs, represents a strategic hedge against long-term transition risk.

Here's the quick math: EPD's stable fee-based revenue model is a shield, but their ability to deploy that $2.8 billion effectively-balancing maintenance, expansion, and new energy-will define 2026 returns. What this estimate hides is the true cost of regulatory delays, which can easily add 15% to a major project's budget.

Next Step: Finance: Model the sensitivity of EPD's distributable cash flow to a 50-basis-point rise in the 10-year Treasury yield by the end of the month.