Enterprise Products Partners hikes dividend by 2% in Q3 of 2023

Enterprise Products Partners just announced the second dividend hike for 2023 with a 2.0% increase to $0.50 quarterly per share. This brings the total dividend increase to 5.3% YTD with EPD hiking the dividend by a total of 5.6% in 2022. The MLP Has now raised its dividend for 25 consecutive years.

Enterprise Products Partners L.P. (NYSE: EPD) (“Enterprise”) 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 second quarter of 2023 of $0.50 per unit, or $2.00 per unit on an annualized basis.

This quarterly distribution will be paid August 14, 2023, to common unitholders of record as of the close of business July 31, 2023. This distribution represents a 5.3 percent increase over the distribution declared with regard to the second quarter of 2022 and a 2.0 percent increase over the distribution declared for the first quarter of 2023. This year marks the partnership’s 25th consecutive year of distribution growth.

Enterprise repurchased 2.9 million of its common units in the open market during the second quarter of 2023 for a total purchase price of approximately $75 million. Inclusive of these purchases, the partnership has utilized 41 percent of its authorized $2.0 billion buyback program.