Enterprise Products Partners L.P. (EPD, Financial) owns integrated energy infrastructure that separates, transports, and stores natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. The company links North American producers with domestic consumers and international markets. Annual cash returns have varied between 10% and 15%. 2022 marked the 24th year of Enterprise increasing its cash distributions. Today, it is dramatically more expensive to put pipes in the ground and more is needed to meet growing domestic supply and demand.
From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) 2022 annual report.
