Enterprise Products Partners L.P. (NYSE:EPD) Q2 2020 Earnings Conference Call - Final Transcript
Jul 29, 2020 • 10:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the second-quarter Enterprise Products Partners earnings call. [Operator instructions] Please be advised today's conference is being recorded. [Operator instructions] I would now like to hand the conference over to your speaker, Randy Burkhalter. Please go ahead.
Good morning, and welcome to the Enterprise Products Partners conference call to discuss second-quarter earnings. Our speakers today will be co-chief executive officers of Enterprise's general partner, Jim Teague and Randy Fowler. Other members of our senior management team are also in attendance and will assist on the call today. During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, based on the beliefs of the company, as well as assumptions made by and information currently available to Enterprise's management team.
Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Please refer to our latest filings with the SEC for a list of factors that may cause actual results to differ materially from those in any forward-looking statements made during this call. And with that, I'll turn the call over to Jim.
Thank you, Randy. I said at the beginning of the last call, when we were talking about first-quarter earnings, while I thought -- while it was supposed to be an earnings call, I thought it was going to be a COVID call, and that's what it turned out to be. So sticking with that theme, I guess, today, we're going to tell you our COVID story. For the second quarter of 2020, we reported EBITDA of $2 billion, compared to $2.1 billion for the same quarter last year.
Our DCF, I think you saw in the press release, was 1.6 times coverage. And year to date, we've retained $1.2 billion. And something else we're quite proud of is this is the best first-half safety performance that we've ever had at Enterprise. Given what we've all gone through, as you would expect, our volumes were down as a result of the pandemic and the oil price crash, but they are quickly improving.
With all of the events, our results for the second quarter highlight the diversification of our system, the quality of our customers, cost control, and the responsiveness of our assets and our employees during what was probably the most challenging quarter of my career. Our profits were protected by a strong base of firm customer obligations and the natural hedge we have in our storage and marketing activities, which enabled us to largely offset the weakness in our natural gas gathering and processing and petrochemical businesses. The facts are we're in the commodity service business. For us, both on the supply and demand side of the equation.
We transport, store, upgrade and buy and sell multiple energy commodities. Because we're so tightly integrated, we have a lot of tools at our disposal.