Enterprise Products Weathers 2020, Ramps Down Capex in 2021, 2022

SUGAR LAND--February 4, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Midstream company Enterprise Products Partners LP (NYSE:EPD) (Houston, Texas) squeaked through a rough 2020 with a drop in net income, which fell from $4.6 billion in 2019 to $3.8 billion in 2020. The company's diversification in pipelines, petrochemicals and terminals helped it weather the storm brought about in the just-passed year when compared with similar companies. Enterprise is tightening its belt in regard to capital spending in the coming years. Having made more than $3 billion in capital expenditures (capex) in 2020 after slicing off $1 billion in planned spending in the early days of the pandemic, executives said the company anticipated growth capital investments of $1.6 billion in 2021 and $800 million in 2022, with approximately $440 million in sustaining expenditures in 2021.