Enterprise Products Partners L.P. (EPD) used an old buyback program dating back to December 1998 to buy back about 1.2 million units in December 2018. EPD announced a new $2 billion share buyback program in 2019, which we believe it could look to use over the next few years. However, the partnership has become a bit more conservative over the past couple of years, transitioning to more of a self-funding model, with slower distribution growth. In addition, we expect the partnership to maintain leverage in the 3.5x range. EPD has had a relatively large capital spending budget, which we expect will continue. Total capital investments were $4.5 billion in 2018, of which approximately $300 million was sustaining capital spending. In
