On the company’s earnings call on April 28, Enterprise reported that Q1 2026 was another strong quarter, highlighted by solid operating results, several new projects that have come online, and wide price spreads fueled by the Iran war. The entire Enterprise system is operating at high utilization levels. New assets brought online over the past year — including the Bahia NGL pipeline out of the Permian, Fractionator 14 in Mont Belvieu, and three new Permian gas plants — ramped quickly to high utilization, helping drive record throughput across the network. Gas processing volumes reached 8.3 Bcf/d, up 7% year-over-year, while NGL fractionation and dock loadings rose 16% and 15%, respectively. The company announced plans to build two additional 300 MMcf/d processing plants in the Permian, underscoring continued confidence in volume growth and infrastructure demand.
Management also emphasized that global supply disruptions tied to the Iran war are likely to support strong demand for U.S. hydrocarbons for an extended period. Executives asserted that financial markets look to be underestimating the scale and duration of lost supply through the Strait of Hormuz — roughly 10–15 MMb/d of crude oil, products, and NGLs — and suggested that the recovery process will be slow even after shipping lanes reopen. As they put it, “we believe the financial markets are underestimating the potential global supply implications from a prolonged closure of the Strait of Hormuz,” suggesting that the futures forward curve does not seem to be reflecting physical market realities. The implication is that the market could be characterized by high prices and tight global balances for an extended period of time. In management’s words, “it could take years to get back to where we were before the war,” a dynamic that points to continued strength in utilization across the company’s wellhead-to-dock infrastructure.
