Delaware | 76-0568219 | |||||||
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
1100 Louisiana Street, 10th Floor | ||
Houston, Texas 77002 | ||
| (Address of Principal Executive Offices, including Zip Code) | ||
(713) 381-6500 | ||
| (Registrant’s Telephone Number, including Area Code) | ||
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||||||
| Common Units | EPD | New York Stock Exchange | ||||||
Large Accelerated Filer ☑ | Accelerated filer ☐ | ||||
| Non-accelerated filer ☐ | Smaller reporting company ☐ | ||||
| Emerging growth company ☐ | |||||
| Page No. | ||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 191 | $ | 969 | |||||||
| Restricted cash | 203 | 276 | |||||||||
Accounts receivable – trade, net of allowance for credit losses of $35 at March 31, 2026 and December 31, 2025 | 8,344 | 6,494 | |||||||||
| Accounts receivable – related parties | 1 | 1 | |||||||||
| Inventories (see Note 3) | 5,234 | 3,884 | |||||||||
| Derivative assets (see Note 13) | 991 | 434 | |||||||||
| Prepaid and other current assets | 713 | 1,302 | |||||||||
| Total current assets | 15,677 | 13,360 | |||||||||
Property, plant and equipment, net (see Note 4) | 51,728 | 51,359 | |||||||||
Investments in unconsolidated affiliates (see Note 5) | 2,176 | 2,185 | |||||||||
Intangible assets, net (see Note 6) | 4,103 | 4,159 | |||||||||
Goodwill (see Note 6) | 5,712 | 5,712 | |||||||||
| Other assets | 1,163 | 1,127 | |||||||||
| Total assets | $ | 80,559 | $ | 77,902 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current maturities of debt (see Note 7) | $ | 2,712 | $ | 1,625 | |||||||
| Accounts payable – trade | 1,297 | 1,021 | |||||||||
| Accounts payable – related parties | 108 | 217 | |||||||||
| Accrued product payables | 11,183 | 8,183 | |||||||||
| Accrued interest | 288 | 566 | |||||||||
| Derivative liabilities (see Note 13) | 992 | 347 | |||||||||
| Other current liabilities | 642 | 873 | |||||||||
| Total current liabilities | 17,222 | 12,832 | |||||||||
Long-term debt (see Note 7) | 31,202 | 32,770 | |||||||||
Deferred tax liabilities (see Note 15) | 716 | 702 | |||||||||
| Other long-term liabilities | 1,028 | 984 | |||||||||
Commitments and contingent liabilities (see Note 16) | |||||||||||
Redeemable preferred limited partner interests: (see Note 8) | |||||||||||
Series A cumulative convertible preferred units (“preferred units”) (45,412 units outstanding at March 31, 2026 and December 31, 2025) | 44 | 44 | |||||||||
Equity: (see Note 8) | |||||||||||
| Partners’ equity: | |||||||||||
Common limited partner interests (2,163,518,271 units issued and outstanding at March 31, 2026, 2,161,760,683 units issued and outstanding at December 31, 2025) | 30,838 | 30,700 | |||||||||
| Treasury units, at cost | (1,297) | (1,297) | |||||||||
Accumulated other comprehensive income (loss) | (15) | 336 | |||||||||
| Total partners’ equity | 29,526 | 29,739 | |||||||||
| Noncontrolling interests in consolidated subsidiaries | 821 | 831 | |||||||||
| Total equity | 30,347 | 30,570 | |||||||||
| Total liabilities, preferred units, and equity | $ | 80,559 | $ | 77,902 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||
| Third parties | $ | 14,370 | $ | 15,404 | |||||||
| Related parties | 16 | 13 | |||||||||
| Total revenues (see Note 9) | 14,386 | 15,417 | |||||||||
| Costs and expenses: | |||||||||||
| Operating costs and expenses: | |||||||||||
| Third party and other costs | 12,075 | 13,298 | |||||||||
| Related parties | 428 | 392 | |||||||||
| Total operating costs and expenses | 12,503 | 13,690 | |||||||||
| General and administrative costs: | |||||||||||
| Third party and other costs | 29 | 27 | |||||||||
| Related parties | 35 | 33 | |||||||||
| Total general and administrative costs | 64 | 60 | |||||||||
| Total costs and expenses (see Note 10) | 12,567 | 13,750 | |||||||||
| Equity in income of unconsolidated affiliates | 76 | 94 | |||||||||
| Operating income | 1,895 | 1,761 | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | (385) | (340) | |||||||||
| Interest income | 7 | 8 | |||||||||
| Other, net | 1 | 1 | |||||||||
| Total other expense, net | (377) | (331) | |||||||||
| Income before income taxes | 1,518 | 1,430 | |||||||||
| Provision for income taxes (see Note 15) | (22) | (24) | |||||||||
| Net income | 1,496 | 1,406 | |||||||||
| Net income attributable to noncontrolling interests | (13) | (12) | |||||||||
| Net income attributable to preferred units | (1) | (1) | |||||||||
| Net income attributable to common unitholders | $ | 1,482 | $ | 1,393 | |||||||
Earnings per unit: (see Note 11) | |||||||||||
| Basic and diluted earnings per common unit | $ | 0.68 | $ | 0.64 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income | $ | 1,496 | $ | 1,406 | |||||||
| Other comprehensive income (loss): | |||||||||||
| Cash flow hedges: (see Note 13) | |||||||||||
| Commodity hedging derivative instruments: | |||||||||||
| Changes in fair value of cash flow hedges | (308) | 22 | |||||||||
| Reclassification of losses (gains) to net income | (41) | 26 | |||||||||
| Interest rate hedging derivative instruments: | |||||||||||
| Changes in fair value of cash flow hedges | – | 2 | |||||||||
| Reclassification of gains to net income | (2) | (1) | |||||||||
| Total cash flow hedges | (351) | 49 | |||||||||
| Total other comprehensive income (loss) | (351) | 49 | |||||||||
| Comprehensive income | 1,145 | 1,455 | |||||||||
| Comprehensive income attributable to noncontrolling interests | (13) | (12) | |||||||||
| Comprehensive income attributable to preferred units | (1) | (1) | |||||||||
| Comprehensive income attributable to common unitholders | $ | 1,131 | $ | 1,442 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating activities: | |||||||||||
| Net income | $ | 1,496 | $ | 1,406 | |||||||
| Reconciliation of net income to net cash flow provided by operating activities: | |||||||||||
| Depreciation and accretion | 555 | 511 | |||||||||
| Amortization of intangible assets | 58 | 52 | |||||||||
| Amortization of major maintenance costs for reaction-based plants | 25 | 16 | |||||||||
| Other amortization expense | 63 | 57 | |||||||||
| Impairment of assets other than goodwill | 8 | 10 | |||||||||
| Equity in income of unconsolidated affiliates | (76) | (94) | |||||||||
| Distributions received from unconsolidated affiliates attributable to earnings | 75 | 88 | |||||||||
| Net losses (gains) attributable to asset sales and related matters | 1 | (2) | |||||||||
| Deferred income tax expense | 14 | 11 | |||||||||
| Change in fair market value of derivative instruments | 98 | 42 | |||||||||
| Non-cash expense related to long-term operating leases (see Note 16) | 28 | 28 | |||||||||
| Net effect of changes in operating accounts (see Note 17) | (861) | 203 | |||||||||
| Other operating activities | (15) | (14) | |||||||||
| Net cash flow provided by operating activities | 1,469 | 2,314 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures | (983) | (1,062) | |||||||||
| Distributions received from unconsolidated affiliates attributable to the return of capital | 11 | 15 | |||||||||
| Proceeds from asset sales and other matters | 596 | 4 | |||||||||
| Other investing activities | (5) | (4) | |||||||||
| Net cash flow used in investing activities | (381) | (1,047) | |||||||||
| Financing activities: | |||||||||||
| Borrowings under debt agreements | 22,489 | 19,103 | |||||||||
| Repayments of debt | (22,974) | (19,423) | |||||||||
| Debt issuance costs | (4) | (12) | |||||||||
| Cash distributions paid to common unitholders (see Note 8) | (1,189) | (1,159) | |||||||||
| Cash payments made in connection with distribution equivalent rights | (11) | (11) | |||||||||
| Cash distributions paid to noncontrolling interests | (23) | (13) | |||||||||
| Cash contributions from noncontrolling interests | – | 4 | |||||||||
| Repurchase of common units under 2019 Buyback Program | (116) | (60) | |||||||||
| Other financing activities | (111) | (80) | |||||||||
| Net cash flow used in financing activities | (1,939) | (1,651) | |||||||||
| Net change in cash and cash equivalents, including restricted cash | (851) | (384) | |||||||||
| Cash and cash equivalents, including restricted cash, at beginning of period | 1,245 | 838 | |||||||||
| Cash and cash equivalents, including restricted cash, at end of period | $ | 394 | $ | 454 | |||||||
| Partners’ Equity | |||||||||||||||||||||||||||||
| Common Limited Partner Interests | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||
| Balance, December 31, 2025 | $ | 30,700 | $ | (1,297) | $ | 336 | $ | 831 | $ | 30,570 | |||||||||||||||||||
| Net income | 1,482 | – | – | 13 | 1,495 | ||||||||||||||||||||||||
| Cash distributions paid to common unitholders | (1,189) | – | – | – | (1,189) | ||||||||||||||||||||||||
| Cash payments made in connection with distribution equivalent rights | (11) | – | – | – | (11) | ||||||||||||||||||||||||
| Cash distributions paid to noncontrolling interests | – | – | – | (23) | (23) | ||||||||||||||||||||||||
| Repurchase and cancellation of common units under 2019 Buyback Program | (116) | – | – | – | (116) | ||||||||||||||||||||||||
| Amortization of fair value of equity-based awards | 54 | – | – | – | 54 | ||||||||||||||||||||||||
| Cash flow hedges | – | – | (351) | – | (351) | ||||||||||||||||||||||||
| Other, net | (82) | – | – | – | (82) | ||||||||||||||||||||||||
| Balance, March 31, 2026 | $ | 30,838 | $ | (1,297) | $ | (15) | $ | 821 | $ | 30,347 | |||||||||||||||||||
| Partners’ Equity | |||||||||||||||||||||||||||||
| Common Limited Partner Interests | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||
| Balance, December 31, 2024 | $ | 29,793 | $ | (1,297) | $ | 236 | $ | 857 | $ | 29,589 | |||||||||||||||||||
| Net income | 1,393 | – | – | 12 | 1,405 | ||||||||||||||||||||||||
| Cash distributions paid to common unitholders | (1,159) | – | – | – | (1,159) | ||||||||||||||||||||||||
| Cash payments made in connection with distribution equivalent rights | (11) | – | – | – | (11) | ||||||||||||||||||||||||
| Cash distributions paid to noncontrolling interests | – | – | – | (13) | (13) | ||||||||||||||||||||||||
| Cash contributions from noncontrolling interests | – | – | – | 4 | 4 | ||||||||||||||||||||||||
| Repurchase and cancellation of common units under 2019 Buyback Program | (60) | – | – | – | (60) | ||||||||||||||||||||||||
| Amortization of fair value of equity-based awards | 49 | – | – | – | 49 | ||||||||||||||||||||||||
| Cash flow hedges | – | – | 49 | – | 49 | ||||||||||||||||||||||||
| Other, net | (78) | – | – | – | (78) | ||||||||||||||||||||||||
| Balance, March 31, 2025 | $ | 29,927 | $ | (1,297) | $ | 285 | $ | 860 | $ | 29,775 | |||||||||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Cash and cash equivalents | $ | 191 | $ | 969 | |||||||
| Restricted cash | 203 | 276 | |||||||||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ | 394 | $ | 1,245 | |||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| NGLs | $ | 3,592 | $ | 2,923 | |||||||
| Petrochemicals and refined products | 711 | 665 | |||||||||
| Crude oil | 929 | 288 | |||||||||
| Natural gas | 2 | 8 | |||||||||
| Total | $ | 5,234 | $ | 3,884 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cost of sales (1) | $ | 10,678 | $ | 12,005 | |||||||
| Lower of cost or net realizable value adjustments recognized in cost of sales | 1 | 2 | |||||||||
| Estimated Useful Life in Years | March 31, 2026 | December 31, 2025 | |||||||||||||||
| Plants, pipelines and facilities (1)(5) | 3-45 | $ | 67,062 | $ | 66,498 | ||||||||||||
| Underground and other storage facilities (2)(6) | 5-40 | 4,907 | 4,871 | ||||||||||||||
| Transportation equipment (3) | 3-10 | 302 | 294 | ||||||||||||||
| Marine vessels (4) | 15-30 | 979 | 970 | ||||||||||||||
| Land | 444 | 439 | |||||||||||||||
| Construction in progress | 2,639 | 2,400 | |||||||||||||||
| Subtotal | 76,333 | 75,472 | |||||||||||||||
| Less accumulated depreciation | 24,869 | 24,338 | |||||||||||||||
| Subtotal property, plant and equipment, net | 51,464 | 51,134 | |||||||||||||||
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7) | 264 | 225 | |||||||||||||||
| Property, plant and equipment, net | $ | 51,728 | $ | 51,359 | |||||||||||||
| ARO liability balance, December 31, 2025 | $ | 290 | |||
| Liabilities incurred (1) | – | ||||
| Revisions in estimated cash flows (2) | – | ||||
| Liabilities settled (3) | – | ||||
| Accretion expense (4) | 2 | ||||
| ARO liability balance, March 31, 2026 | $ | 292 | |||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Depreciation expense (1) | $ | 553 | $ | 506 | |||||||
| Capitalized interest (2) | 24 | 45 | |||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| NGL Pipelines & Services | $ | 566 | $ | 572 | |||||||
| Crude Oil Pipelines & Services | 1,577 | 1,581 | |||||||||
| Natural Gas Pipelines & Services | 31 | 31 | |||||||||
| Petrochemical & Refined Products Services | 2 | 1 | |||||||||
| Total | $ | 2,176 | $ | 2,185 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| NGL Pipelines & Services | $ | 19 | $ | 20 | |||||||
| Crude Oil Pipelines & Services | 54 | 72 | |||||||||
| Natural Gas Pipelines & Services | 2 | 2 | |||||||||
| Petrochemical & Refined Products Services | 1 | – | |||||||||
| Total | $ | 76 | $ | 94 | |||||||
| March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | ||||||||||||||||||||||||||||||
| NGL Pipelines & Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | $ | 449 | $ | (291) | $ | 158 | $ | 449 | $ | (289) | $ | 160 | |||||||||||||||||||||||
| Contract-based intangibles | 1,050 | (189) | 861 | 1,050 | (177) | 873 | |||||||||||||||||||||||||||||
| Segment total | 1,499 | (480) | 1,019 | 1,499 | (466) | 1,033 | |||||||||||||||||||||||||||||
| Crude Oil Pipelines & Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | 2,195 | (733) | 1,462 | 2,195 | (710) | 1,485 | |||||||||||||||||||||||||||||
| Contract-based intangibles | 283 | (280) | 3 | 283 | (280) | 3 | |||||||||||||||||||||||||||||
| Segment total | 2,478 | (1,013) | 1,465 | 2,478 | (990) | 1,488 | |||||||||||||||||||||||||||||
| Natural Gas Pipelines & Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | 1,351 | (709) | 642 | 1,351 | (700) | 651 | |||||||||||||||||||||||||||||
| Contract-based intangibles | 1,152 | (275) | 877 | 1,150 | (265) | 885 | |||||||||||||||||||||||||||||
| Segment total | 2,503 | (984) | 1,519 | 2,501 | (965) | 1,536 | |||||||||||||||||||||||||||||
| Petrochemical & Refined Products Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | 181 | (101) | 80 | 181 | (99) | 82 | |||||||||||||||||||||||||||||
| Contract-based intangibles | 50 | (30) | 20 | 50 | (30) | 20 | |||||||||||||||||||||||||||||
| Segment total | 231 | (131) | 100 | 231 | (129) | 102 | |||||||||||||||||||||||||||||
| Total intangible assets | $ | 6,711 | $ | (2,608) | $ | 4,103 | $ | 6,709 | $ | (2,550) | $ | 4,159 | |||||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| NGL Pipelines & Services | $ | 14 | $ | 11 | |||||||
| Crude Oil Pipelines & Services | 23 | 21 | |||||||||
| Natural Gas Pipelines & Services | 19 | 18 | |||||||||
| Petrochemical & Refined Products Services | 2 | 2 | |||||||||
| Total | $ | 58 | $ | 52 | |||||||
| Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | ||||||||||||||||||||||
| $ | 169 | $ | 225 | $ | 222 | $ | 217 | $ | 217 | |||||||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| EPO senior debt obligations: | |||||||||||
| Commercial Paper Notes, variable-rates | $ | 1,140 | $ | – | |||||||
Senior Notes FFF, 5.05% fixed-rate, due January 2026 | – | 750 | |||||||||
Senior Notes PP, 3.70% fixed-rate, due February 2026 | – | 875 | |||||||||
Senior Notes HHH, 4.60% fixed-rate, due January 2027 | 1,000 | 1,000 | |||||||||
Senior Notes SS, 3.95% fixed-rate, due February 2027 | 575 | 575 | |||||||||
March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2027 (1) | – | – | |||||||||
Senior Notes LLL, 4.30% fixed-rate, due June 2028 | 800 | 800 | |||||||||
Senior Notes WW, 4.15% fixed-rate, due October 2028 | 1,000 | 1,000 | |||||||||
Senior Notes YY, 3.125% fixed-rate, due July 2029 | 1,250 | 1,250 | |||||||||
Senior Notes AAA, 2.80% fixed-rate, due January 2030 | 1,250 | 1,250 | |||||||||
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 (2) | – | – | |||||||||
Senior Notes MMM, 4.60% fixed-rate, due January 2031 | 1,350 | 1,350 | |||||||||
Senior Notes GGG, 5.35% fixed-rate, due January 2033 | 1,000 | 1,000 | |||||||||
Senior Notes D, 6.875% fixed-rate, due March 2033 | 500 | 500 | |||||||||
Senior Notes III, 4.85% fixed-rate, due January 2034 | 1,000 | 1,000 | |||||||||
Senior Notes H, 6.65% fixed-rate, due October 2034 | 350 | 350 | |||||||||
Senior Notes JJJ 4.95% fixed-rate, due February 2035 | 1,100 | 1,100 | |||||||||
Senior Notes J, 5.75% fixed-rate, due March 2035 | 250 | 250 | |||||||||
Senior Notes NNN, 5.20% fixed-rate, due January 2036 | 1,500 | 1,500 | |||||||||
Senior Notes W, 7.55% fixed-rate, due April 2038 | 400 | 400 | |||||||||
Senior Notes R, 6.125% fixed-rate, due October 2039 | 600 | 600 | |||||||||
Senior Notes Z, 6.45% fixed-rate, due September 2040 | 600 | 600 | |||||||||
Senior Notes BB, 5.95% fixed-rate, due February 2041 | 750 | 750 | |||||||||
Senior Notes DD, 5.70% fixed-rate, due February 2042 | 600 | 600 | |||||||||
Senior Notes EE, 4.85% fixed-rate, due August 2042 | 750 | 750 | |||||||||
Senior Notes GG, 4.45% fixed-rate, due February 2043 | 1,100 | 1,100 | |||||||||
Senior Notes II, 4.85% fixed-rate, due March 2044 | 1,400 | 1,400 | |||||||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150 | 1,150 | |||||||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046 | 975 | 975 | |||||||||
Senior Notes UU, 4.25% fixed-rate, due February 2048 | 1,250 | 1,250 | |||||||||
Senior Notes XX, 4.80% fixed-rate, due February 2049 | 1,250 | 1,250 | |||||||||
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 | 1,250 | 1,250 | |||||||||
Senior Notes BBB, 3.70% fixed-rate, due January 2051 | 1,000 | 1,000 | |||||||||
Senior Notes DDD, 3.20% fixed-rate, due February 2052 | 1,000 | 1,000 | |||||||||
Senior Notes EEE, 3.30% fixed-rate, due February 2053 | 1,000 | 1,000 | |||||||||
Senior Notes NN, 4.95% fixed-rate, due October 2054 | 400 | 400 | |||||||||
Senior Notes KKK, 5.55% fixed-rate, due February 2055 | 1,400 | 1,400 | |||||||||
Senior Notes CCC, 3.95% fixed-rate, due January 2060 | 1,000 | 1,000 | |||||||||
| Total principal amount of senior debt obligations | 31,940 | 32,425 | |||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3) | 232 | 232 | |||||||||
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4) | 350 | 350 | |||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5) | 1,000 | 1,000 | |||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6) | 700 | 700 | |||||||||
| Total principal amount of senior and junior debt obligations | 34,222 | 34,707 | |||||||||
| Other, non-principal amounts | (308) | (312) | |||||||||
| Less current maturities of debt | (2,712) | (1,625) | |||||||||
| Total long-term debt | $ | 31,202 | $ | 32,770 | |||||||
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid | |||||||
| Commercial Paper Notes | 3.78% to 4.06% | 3.86% | ||||||
| EPO Junior Subordinated Notes C | 6.71% to 6.83% | 6.79% | ||||||
| EPO Junior Subordinated Notes D | 6.90% to 7.10% | 7.00% | ||||||
| Scheduled Maturities of Debt | |||||||||||||||||||||||||||||||||||||||||
| Total | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||||||||||||||||||||||
| Commercial Paper Notes | $ | 1,140 | $ | 1,140 | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||||||
| Senior Notes | 30,800 | – | 1,575 | 1,800 | 1,250 | 1,250 | 24,925 | ||||||||||||||||||||||||||||||||||
| Junior Subordinated Notes | 2,282 | – | – | – | – | – | 2,282 | ||||||||||||||||||||||||||||||||||
| Total | $ | 34,222 | $ | 1,140 | $ | 1,575 | $ | 1,800 | $ | 1,250 | $ | 1,250 | $ | 27,207 | |||||||||||||||||||||||||||
| Common units outstanding at December 31, 2025 | 2,161,760,683 | ||||
| Common unit repurchases under 2019 Buyback Program | (3,124,192) | ||||
| Common units issued in connection with the vesting of phantom unit awards, net | 4,866,420 | ||||
| Other | 15,360 | ||||
| Common units outstanding at March 31, 2026 | 2,163,518,271 | ||||
| Cash Flow Hedges | Other | Total | |||||||||||||||||||||
| Commodity Derivative Instruments | Interest Rate Derivative Instruments | ||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), December 31, 2025 | $ | 184 | $ | 150 | $ | 2 | $ | 336 | |||||||||||||||
| Other comprehensive income (loss) for period, before reclassifications | (308) | – | – | (308) | |||||||||||||||||||
| Reclassification of losses (gains) to net income during period | (41) | (2) | – | (43) | |||||||||||||||||||
| Total other comprehensive income (loss) for period | (349) | (2) | – | (351) | |||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), March 31, 2026 | $ | (165) | $ | 148 | $ | 2 | $ | (15) | |||||||||||||||
| Cash Flow Hedges | |||||||||||||||||||||||
| Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | ||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), December 31, 2024 | $ | 91 | $ | 143 | $ | 2 | $ | 236 | |||||||||||||||
| Other comprehensive income (loss) for period, before reclassifications | 22 | 2 | – | 24 | |||||||||||||||||||
| Reclassification of losses (gains) to net income during period | 26 | (1) | – | 25 | |||||||||||||||||||
| Total other comprehensive income (loss) for period | 48 | 1 | – | 49 | |||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), March 31, 2025 | $ | 139 | $ | 144 | $ | 2 | $ | 285 | |||||||||||||||
| For the Three Months Ended March 31, | |||||||||||||||||
| Losses (gains) on cash flow hedges: | Location | 2026 | 2025 | ||||||||||||||
| Interest rate derivatives | Interest expense | $ | (2) | $ | (1) | ||||||||||||
| Commodity derivatives | Revenue | (51) | 14 | ||||||||||||||
| Commodity derivatives | Operating costs and expenses | 10 | 12 | ||||||||||||||
| Total | $ | (43) | $ | 25 | |||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| NGL Pipelines & Services: | |||||||||||
| Sales of NGLs and related products | $ | 3,269 | $ | 4,651 | |||||||
| Segment midstream services: | |||||||||||
| Natural gas processing and fractionation | 342 | 352 | |||||||||
| Transportation | 326 | 312 | |||||||||
| Storage and terminals | 95 | 85 | |||||||||
| Total segment midstream services | 763 | 749 | |||||||||
| Total NGL Pipelines & Services | 4,032 | 5,400 | |||||||||
| Crude Oil Pipelines & Services: | |||||||||||
| Sales of crude oil | 6,005 | 4,825 | |||||||||
| Segment midstream services: | |||||||||||
| Transportation | 178 | 189 | |||||||||
| Storage and terminals | 116 | 107 | |||||||||
| Total segment midstream services | 294 | 296 | |||||||||
| Total Crude Oil Pipelines & Services | 6,299 | 5,121 | |||||||||
| Natural Gas Pipelines & Services: | |||||||||||
| Sales of natural gas | 632 | 785 | |||||||||
| Segment midstream services: | |||||||||||
| Transportation | 475 | 436 | |||||||||
| Total segment midstream services | 475 | 436 | |||||||||
| Total Natural Gas Pipelines & Services | 1,107 | 1,221 | |||||||||
| Petrochemical & Refined Products Services: | |||||||||||
| Sales of petrochemicals and refined products | 2,599 | 3,326 | |||||||||
| Segment midstream services: | |||||||||||
| Fractionation and isomerization | 87 | 103 | |||||||||
| Transportation, including marine logistics | 179 | 175 | |||||||||
| Storage and terminals | 83 | 71 | |||||||||
| Total segment midstream services | 349 | 349 | |||||||||
| Total Petrochemical & Refined Products Services | 2,948 | 3,675 | |||||||||
| Total consolidated revenues | $ | 14,386 | $ | 15,417 | |||||||
| Contract Asset | Location | Balance | ||||||
| Unbilled revenue (current amount) | Prepaid and other current assets | $ | 9 | |||||
| Total | $ | 9 | ||||||
| Contract Liability | Location | Balance | ||||||
| Deferred revenue (current amount) | Other current liabilities | $ | 161 | |||||
| Deferred revenue (noncurrent) | Other long-term liabilities | 274 | ||||||
| Total | $ | 435 | ||||||
| Unbilled Revenue | Deferred Revenue | ||||||||||
| Balance at December 31, 2025 | $ | 6 | $ | 418 | |||||||
| Amount included in opening balance transferred to other accounts during period (1) | (6) | (95) | |||||||||
| Amount recorded during period (2) | 23 | 238 | |||||||||
| Amounts recorded during period transferred to other accounts (1) | (14) | (123) | |||||||||
| Other changes | – | (3) | |||||||||
| Balance at March 31, 2026 | $ | 9 | $ | 435 | |||||||
| Period | Fixed Consideration | |||||||
Nine months ended December 31, 2026 | $ | 3,374 | ||||||
One year ended December 31, 2027 | 4,359 | |||||||
One year ended December 31, 2028 | 3,887 | |||||||
One year ended December 31, 2029 | 3,055 | |||||||
One year ended December 31, 2030 | 2,292 | |||||||
| Thereafter | 9,449 | |||||||
| Total | $ | 26,416 | ||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Total segment gross operating margin | $ | 2,642 | $ | 2,464 | |||||||
| Adjustments to reconcile total segment gross operating margin to income before income taxes (addition or subtraction indicated by sign): | |||||||||||
| Depreciation, amortization and accretion expense in operating costs and expenses (1) | (656) | (602) | |||||||||
| Asset impairment charges in operating costs and expenses | (8) | (10) | |||||||||
| Net gains (losses) attributable to asset sales and related matters in operating costs and expenses | (1) | 2 | |||||||||
| General and administrative costs | (64) | (60) | |||||||||
| Non-refundable payments received from shippers attributable to make-up rights (2) | (33) | (37) | |||||||||
| Subsequent recognition of revenues attributable to make-up rights (3) | 15 | 4 | |||||||||
| Total other expense, net (4) | (377) | (331) | |||||||||
| Income before income taxes | $ | 1,518 | $ | 1,430 | |||||||
| For the Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||||
| NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Segment Total | |||||||||||||||||||||||||
| Segment revenues: | |||||||||||||||||||||||||||||
| Revenues from third parties | $ | 4,028 | $ | 6,294 | $ | 1,100 | $ | 2,948 | $ | 14,370 | |||||||||||||||||||
| Revenues from related parties | 4 | 5 | 7 | – | 16 | ||||||||||||||||||||||||
| Intersegment and intrasegment revenues | 16,548 | 11,727 | 352 | 4,918 | 33,545 | ||||||||||||||||||||||||
| Total segment revenues | 20,580 | 18,026 | 1,459 | 7,866 | 47,931 | ||||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||
| Cost of sales | 18,425 | 17,606 | 754 | 7,133 | 43,918 | ||||||||||||||||||||||||
| Variable operating costs and expenses (1) | 221 | 37 | 18 | 132 | 408 | ||||||||||||||||||||||||
| Fixed operating costs and expenses (2) | 477 | 121 | 192 | 292 | 1,082 | ||||||||||||||||||||||||
| Total significant segment expenses | 19,123 | 17,764 | 964 | 7,557 | 45,408 | ||||||||||||||||||||||||
Other segment income (expense): | |||||||||||||||||||||||||||||
| Equity in income of unconsolidated affiliates | 19 | 54 | 2 | 1 | 76 | ||||||||||||||||||||||||
| Other segment items (3) | 27 | 13 | (1) | 4 | 43 | ||||||||||||||||||||||||
| Total other segment income | 46 | 67 | 1 | 5 | 119 | ||||||||||||||||||||||||
| Total segment gross operating margin | $ | 1,503 | $ | 329 | $ | 496 | $ | 314 | $ | 2,642 | |||||||||||||||||||
| Other financial information: | |||||||||||||||||||||||||||||
| Capital expenditures | $ | 492 | $ | 27 | $ | 340 | $ | 124 | $ | 983 | |||||||||||||||||||
| For the Three Months Ended March 31, 2025 | |||||||||||||||||||||||||||||
| NGL Pipelines & Services | Crude Oil Pipelines & Services | Natural Gas Pipelines & Services | Petrochemical & Refined Products Services | Segment Total | |||||||||||||||||||||||||
| Segment revenues: | |||||||||||||||||||||||||||||
| Revenues from third parties | $ | 5,398 | $ | 5,115 | $ | 1,216 | $ | 3,675 | $ | 15,404 | |||||||||||||||||||
| Revenues from related parties | 2 | 6 | 5 | – | 13 | ||||||||||||||||||||||||
| Intersegment and intrasegment revenues | 17,017 | 10,622 | 232 | 7,195 | 35,066 | ||||||||||||||||||||||||
| Total segment revenues | 22,417 | 15,743 | 1,453 | 10,870 | 50,483 | ||||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||
| Cost of sales | 20,433 | 15,307 | 899 | 10,156 | 46,795 | ||||||||||||||||||||||||
| Variable operating costs and expenses (1) | 199 | 35 | 22 | 106 | 362 | ||||||||||||||||||||||||
| Fixed operating costs and expenses (2) | 423 | 101 | 177 | 294 | 995 | ||||||||||||||||||||||||
| Total significant segment expenses | 21,055 | 15,443 | 1,098 | 10,556 | 48,152 | ||||||||||||||||||||||||
Other segment income: | |||||||||||||||||||||||||||||
| Equity in income of unconsolidated affiliates | 20 | 72 | 2 | – | 94 | ||||||||||||||||||||||||
| Other segment items (3) | 36 | 2 | – | 1 | 39 | ||||||||||||||||||||||||
Total other segment income | 56 | 74 | 2 | 1 | 133 | ||||||||||||||||||||||||
| Total segment gross operating margin | $ | 1,418 | $ | 374 | $ | 357 | $ | 315 | $ | 2,464 | |||||||||||||||||||
| Other financial information: | |||||||||||||||||||||||||||||
| Capital expenditures | $ | 635 | $ | 23 | $ | 303 | $ | 101 | $ | 1,062 | |||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Segment revenues: | |||||||||||
| NGL Pipelines & Services | $ | 20,580 | $ | 22,417 | |||||||
| Crude Oil Pipelines & Services | 18,026 | 15,743 | |||||||||
| Natural Gas Pipelines & Services | 1,459 | 1,453 | |||||||||
| Petrochemical & Refined Products Services | 7,866 | 10,870 | |||||||||
| Total segment revenues | 47,931 | 50,483 | |||||||||
| Elimination of intersegment and intrasegment revenues | (33,545) | (35,066) | |||||||||
| Total consolidated revenues | $ | 14,386 | $ | 15,417 | |||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| NGL Pipelines & Services | $ | 25,019 | $ | 24,999 | |||||||
| Crude Oil Pipelines & Services | 11,187 | 11,097 | |||||||||
| Natural Gas Pipelines & Services | 13,136 | 13,194 | |||||||||
| Petrochemical & Refined Products Services | 11,738 | 11,725 | |||||||||
| Total segment assets | 61,080 | 61,015 | |||||||||
| Construction in progress | 2,639 | 2,400 | |||||||||
| Current assets | 15,677 | 13,360 | |||||||||
| Other assets | 1,163 | 1,127 | |||||||||
| Consolidated total assets | $ | 80,559 | $ | 77,902 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Consolidated revenues: | |||||||||||
| NGL Pipelines & Services | $ | 4,032 | $ | 5,400 | |||||||
| Crude Oil Pipelines & Services | 6,299 | 5,121 | |||||||||
| Natural Gas Pipelines & Services | 1,107 | 1,221 | |||||||||
| Petrochemical & Refined Products Services | 2,948 | 3,675 | |||||||||
| Total consolidated revenues | $ | 14,386 | $ | 15,417 | |||||||
| Consolidated costs and expenses | |||||||||||
| Operating costs and expenses: | |||||||||||
| Cost of sales | $ | 10,678 | $ | 12,005 | |||||||
| Other operating costs and expenses (1) | 1,134 | 1,059 | |||||||||
| Depreciation, amortization and accretion | 682 | 618 | |||||||||
| Asset impairment charges | 8 | 10 | |||||||||
| Net losses (gains) attributable to asset sales and related matters | 1 | (2) | |||||||||
| General and administrative costs | 64 | 60 | |||||||||
| Total consolidated costs and expenses | $ | 12,567 | $ | 13,750 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| BASIC EARNINGS PER COMMON UNIT | |||||||||||
| Net income attributable to common unitholders | $ | 1,482 | $ | 1,393 | |||||||
| Earnings allocated to phantom unit awards (1) | (15) | (13) | |||||||||
| Net income allocated to common unitholders | $ | 1,467 | $ | 1,380 | |||||||
| Basic weighted-average number of common units outstanding | 2,164 | 2,168 | |||||||||
| Basic earnings per common unit | $ | 0.68 | $ | 0.64 | |||||||
| DILUTED EARNINGS PER COMMON UNIT | |||||||||||
| Net income attributable to common unitholders | $ | 1,482 | $ | 1,393 | |||||||
| Net income attributable to preferred units | 1 | 1 | |||||||||
| Net income attributable to limited partners | $ | 1,483 | $ | 1,394 | |||||||
| Diluted weighted-average number of units outstanding: | |||||||||||
| Distribution-bearing common units | 2,164 | 2,168 | |||||||||
| Phantom units (2) | 22 | 21 | |||||||||
| Preferred units (2) | 1 | 2 | |||||||||
| Total | 2,187 | 2,191 | |||||||||
| Diluted earnings per common unit | $ | 0.68 | $ | 0.64 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Equity-classified awards: | |||||||||||
| Phantom unit awards | $ | 54 | $ | 49 | |||||||
| Total | $ | 54 | $ | 49 | |||||||
| Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | ||||||||||
| Phantom unit awards at December 31, 2025 | 20,581,966 | $ | 28.60 | ||||||||
| Granted (4) | 8,060,595 | $ | 35.17 | ||||||||
| Vested | (7,122,419) | $ | 27.19 | ||||||||
| Forfeited | (101,386) | $ | 30.29 | ||||||||
| Phantom unit awards at March 31, 2026 | 21,418,756 | $ | 31.53 | ||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash payments made in connection with DERs | $ | 11 | $ | 11 | |||||||
| Total intrinsic value of phantom unit awards that vested during period | 261 | 247 | |||||||||
| Volume (1) | Accounting Treatment | ||||||||||
| Derivative Purpose | Current (2) | Long-Term (2) | |||||||||
| Derivatives designated as hedging instruments: | |||||||||||
| Natural gas processing: | |||||||||||
Forecasted natural gas purchases for plant thermal reduction (Bcf) | 20.3 | n/a | Cash flow hedge | ||||||||
| Forecasted sales of natural gas (Bcf) | 38.2 | 13.5 | Cash flow hedge | ||||||||
| Forecasted sales of NGLs (MMBbls) | 9.0 | n/a | Cash flow hedge | ||||||||
| Octane enhancement: | |||||||||||
| Forecasted sales of octane enhancement products (MMBbls) | 5.0 | 1.7 | Cash flow hedge | ||||||||
| Natural gas marketing: | |||||||||||
| Natural gas storage inventory management activities (Bcf) | 0.6 | n/a | Fair value hedge | ||||||||
| NGL marketing: | |||||||||||
| Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | 218.1 | 27.2 | Cash flow hedge | ||||||||
| Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | 216.7 | 26.1 | Cash flow hedge | ||||||||
| Refined products marketing: | |||||||||||
| Forecasted purchases of refined products (MMBbls) | 2.9 | n/a | Cash flow hedge | ||||||||
| Forecasted sales of refined products (MMBbls) | 5.0 | n/a | Cash flow hedge | ||||||||
| Crude oil marketing: | |||||||||||
| Forecasted purchases of crude oil (MMBbls) | 23.3 | 7.2 | Cash flow hedge | ||||||||
| Forecasted sales of crude oil (MMBbls) | 30.7 | 14.2 | Cash flow hedge | ||||||||
| Commercial energy: | |||||||||||
| Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) | 0.7 | 0.3 | Cash flow hedge | ||||||||
| Derivatives not designated as hedging instruments: | |||||||||||
| Natural gas risk management activities (Bcf) (3) | 46.5 | n/a | Mark-to-market | ||||||||
| NGL risk management activities (MMBbls) (3) | 58.0 | 16.7 | Mark-to-market | ||||||||
| Refined products risk management activities (MMBbls) (3) | 4.5 | n/a | Mark-to-market | ||||||||
| Crude oil risk management activities (MMBbls) (3) | 30.2 | n/a | Mark-to-market | ||||||||
| Commercial energy risk management activities (TWh) (3) | 0.2 | n/a | Mark-to-market | ||||||||
| Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||
| Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||||||||||||
| Derivatives designated as hedging instruments | ||||||||||||||||||||||||||
| Commodity derivatives | Current assets | $ | 842 | Current assets | $ | 403 | Current liabilities | $ | 789 | Current liabilities | $ | 312 | ||||||||||||||
| Commodity derivatives | Other assets | 55 | Other assets | 26 | Other liabilities | 40 | Other liabilities | 13 | ||||||||||||||||||
| Total commodity derivatives | 897 | 429 | 829 | 325 | ||||||||||||||||||||||
| Total derivatives designated as hedging instruments | $ | 897 | $ | 429 | $ | 829 | $ | 325 | ||||||||||||||||||
| Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
| Commodity derivatives | Current assets | $ | 149 | Current assets | $ | 31 | Current liabilities | $ | 203 | Current liabilities | $ | 35 | ||||||||||||||
| Commodity derivatives | Other assets | 1 | Other assets | – | Other liabilities | 9 | Other liabilities | 3 | ||||||||||||||||||
| Total commodity derivatives | 150 | 31 | 212 | 38 | ||||||||||||||||||||||
| Total derivatives not designated as hedging instruments | $ | 150 | $ | 31 | $ | 212 | $ | 38 | ||||||||||||||||||
| Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||||||||||||||||||||
| Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Amounts of Assets Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | |||||||||||||||||||||||||||||||||||||
| Financial Instruments | Cash Collateral Received | Cash Collateral Paid | |||||||||||||||||||||||||||||||||||||||
| (i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | |||||||||||||||||||||||||||||||||||||
| As of March 31, 2026: | |||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | $ | 1,047 | $ | – | $ | 1,047 | $ | (1,037) | $ | (8) | $ | – | $ | 2 | |||||||||||||||||||||||||||
| As of December 31, 2025: | |||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | $ | 460 | $ | – | $ | 460 | $ | (362) | $ | (98) | $ | – | $ | – | |||||||||||||||||||||||||||
| Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||
| Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Balance Sheet | Amounts of Liabilities Presented in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | Amounts That Would Have Been Presented On Net Basis | |||||||||||||||||||||||||||||||||||||
| Financial Instruments | Cash Collateral Received | Cash Collateral Paid | |||||||||||||||||||||||||||||||||||||||
| (i) | (ii) | (iii) = (i) – (ii) | (iv) | (v) = (iii) + (iv) | |||||||||||||||||||||||||||||||||||||
| As of March 31, 2026: | |||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | $ | 1,041 | $ | – | $ | 1,041 | $ | (1,037) | $ | – | $ | – | $ | 4 | |||||||||||||||||||||||||||
| As of December 31, 2025: | |||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | $ | 363 | $ | – | $ | 363 | $ | (362) | $ | – | $ | – | $ | 1 | |||||||||||||||||||||||||||
| Derivatives in Fair Value Hedging Relationships | Location | Gain (Loss) Recognized in Income on Derivative | ||||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Commodity derivatives | $ | (3) | $ | 1 | ||||||||||
| Total | $ | (3) | $ | 1 | ||||||||||
| Derivatives in Fair Value Hedging Relationships | Location | Gain (Loss) Recognized in Income on Hedged Item | ||||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Commodity derivatives | Revenue | $ | 11 | $ | – | |||||||||
| Total | $ | 11 | $ | – | ||||||||||
| Derivatives in Cash Flow Hedging Relationships | Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative | ||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Interest rate derivatives | $ | – | $ | 2 | |||||||
| Commodity derivatives – Revenue (1) | (283) | 18 | |||||||||
| Commodity derivatives – Operating costs and expenses (1) | (25) | 4 | |||||||||
| Total | $ | (308) | $ | 24 | |||||||
| Derivatives in Cash Flow Hedging Relationships | Location | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income | ||||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Interest rate derivatives | Interest expense | $ | 2 | $ | 1 | |||||||||
| Commodity derivatives | Revenue | 51 | (14) | |||||||||||
| Commodity derivatives | Operating costs and expenses | (10) | (12) | |||||||||||
| Total | $ | 43 | $ | (25) | ||||||||||
| Derivatives Not Designated as Hedging Instruments | Location | Gain (Loss) Recognized in Income on Derivative | ||||||||||||
| For the Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Commodity derivatives | Revenue | $ | (99) | $ | (21) | |||||||||
| Commodity derivatives | Operating costs and expenses | (3) | (2) | |||||||||||
| Total | $ | (102) | $ | (23) | ||||||||||
| At March 31, 2026 Fair Value Measurements Using | |||||||||||||||||||||||
| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Commodity derivatives: | |||||||||||||||||||||||
| Value before application of CME Rule 814 | $ | 330 | $ | 1,575 | $ | 2 | $ | 1,907 | |||||||||||||||
| Impact of CME Rule 814 | (203) | (657) | – | (860) | |||||||||||||||||||
| Total commodity derivatives | 127 | 918 | 2 | 1,047 | |||||||||||||||||||
| Total | $ | 127 | $ | 918 | $ | 2 | $ | 1,047 | |||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Commodity derivatives: | |||||||||||||||||||||||
| Value before application of CME Rule 814 | $ | 696 | $ | 1,386 | $ | 2 | $ | 2,084 | |||||||||||||||
| Impact of CME Rule 814 | (531) | (512) | – | (1,043) | |||||||||||||||||||
| Total commodity derivatives | 165 | 874 | 2 | 1,041 | |||||||||||||||||||
| Total | $ | 165 | $ | 874 | $ | 2 | $ | 1,041 | |||||||||||||||
| At December 31, 2025 Fair Value Measurements Using | |||||||||||||||||||||||
| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Commodity derivatives: | |||||||||||||||||||||||
| Value before application of CME Rule 814 | $ | 172 | $ | 777 | $ | – | $ | 949 | |||||||||||||||
| Impact of CME Rule 814 | (170) | (319) | – | (489) | |||||||||||||||||||
| Total commodity derivatives | 2 | 458 | – | 460 | |||||||||||||||||||
| Total | $ | 2 | $ | 458 | $ | – | $ | 460 | |||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Commodity derivatives: | |||||||||||||||||||||||
| Value before application of CME Rule 814 | $ | 32 | $ | 710 | $ | – | $ | 742 | |||||||||||||||
| Impact of CME Rule 814 | (31) | (348) | – | (379) | |||||||||||||||||||
| Total commodity derivatives | 1 | 362 | – | 363 | |||||||||||||||||||
| Total | $ | 1 | $ | 362 | $ | – | $ | 363 | |||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues – related parties: | |||||||||||
| Unconsolidated affiliates | $ | 16 | $ | 13 | |||||||
| Costs and expenses – related parties: | |||||||||||
| EPCO and its privately held affiliates | $ | 421 | $ | 387 | |||||||
| Unconsolidated affiliates | 42 | 38 | |||||||||
| Total | $ | 463 | $ | 425 | |||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Accounts receivable - related parties: | |||||||||||
| Unconsolidated affiliates | $ | 1 | $ | 1 | |||||||
| Accounts payable - related parties: | |||||||||||
| EPCO and its privately held affiliates | $ | 88 | $ | 195 | |||||||
| Unconsolidated affiliates | 20 | 22 | |||||||||
| Total | $ | 108 | $ | 217 | |||||||
| Total Number of Limited Partner Interests Held | Percentage of Common Units Outstanding | ||||
| 702,563,034 common units | 32.5% | ||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating costs and expenses | $ | 382 | $ | 351 | |||||||
| General and administrative expenses | 31 | 29 | |||||||||
| Total costs and expenses | $ | 413 | $ | 380 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Current portion of income tax provision: | |||||||||||
| Federal | $ | (1) | $ | (1) | |||||||
| State | (7) | (12) | |||||||||
| Total current portion | (8) | (13) | |||||||||
| Deferred portion of income tax provision: | |||||||||||
| Federal | (4) | (4) | |||||||||
| State | (10) | (7) | |||||||||
| Total deferred portion | (14) | (11) | |||||||||
| Total provision for income taxes | $ | (22) | $ | (24) | |||||||
| For the Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Pre-Tax Net Book Income (“NBI”) | $ | 1,518 | $ | 1,430 | |||||||||||||
Income tax provision at the U.S. federal income tax rate | (319) | (21.0) | % | (300) | (21.0) | % | |||||||||||
| Reduction (increase) in provision for income taxes resulting from: | |||||||||||||||||
| Partnership income not subject to federal income tax | 315 | 20.8 | % | 296 | 20.7 | % | |||||||||||
| Texas Margin Tax (1) | (17) | (1.1) | % | (19) | (1.3) | % | |||||||||||
| Other | (1) | (0.1) | % | (1) | (0.1) | % | |||||||||||
| Provision for income taxes | $ | (22) | (1.4) | % | $ | (24) | (1.7) | % | |||||||||
| Effective income tax rate | (1.4) | % | (1.7) | % | |||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Deferred tax liabilities: | |||||||||||
| Attributable to investment in OTA (1) | $ | 502 | $ | 495 | |||||||
| Attributable to property, plant and equipment | 183 | 172 | |||||||||
| Attributable to investments in other entities | 4 | 4 | |||||||||
| Other | 106 | 107 | |||||||||
| Total deferred tax liabilities | 795 | 778 | |||||||||
| Deferred tax assets: | |||||||||||
| Net operating loss carryovers (2) | 76 | 73 | |||||||||
| Temporary differences related to Texas Margin Tax | 3 | 3 | |||||||||
| Total deferred tax assets | 79 | 76 | |||||||||
| Total net deferred tax liabilities | $ | 716 | $ | 702 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Federal | $ | 1 | $ | 1 | |||||||
| State | (1) | (4) | |||||||||
| Total | $ | – | $ | (3) | |||||||
| Asset Category | ROU Asset Carrying Value (1) | Lease Liability Carrying Value (2) | Weighted- Average Remaining Term | Weighted- Average Discount Rate (3) | |||||||||||||||||||
| Operating leases | |||||||||||||||||||||||
| Storage and pipeline facilities | $ | 236 | $ | 232 | 10 years | 4.8% | |||||||||||||||||
| Transportation equipment | 29 | 30 | 3 years | 4.8% | |||||||||||||||||||
| Office and warehouse space | 155 | 189 | 11 years | 3.3% | |||||||||||||||||||
| Total operating leases | 420 | 451 | |||||||||||||||||||||
| Finance leases | |||||||||||||||||||||||
| Transportation equipment | 15 | 15 | 3 years | 4.8% | |||||||||||||||||||
| Total finance leases | 15 | 15 | |||||||||||||||||||||
| Total leases | $ | 435 | $ | 466 | |||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Long-term leases: | |||||||||||
| Fixed operating lease expense: | |||||||||||
| Non-cash lease expense (amortization of ROU assets) | $ | 28 | $ | 28 | |||||||
| Related accretion expense on lease liability balances | 5 | 4 | |||||||||
| Total fixed operating lease expense | 33 | 32 | |||||||||
| Fixed finance lease expense: | |||||||||||
| Amortization of ROU assets | 1 | – | |||||||||
| Interest on finance lease liabilities | – | – | |||||||||
| Total fixed finance lease expense | 1 | – | |||||||||
| Variable lease expense | 5 | 5 | |||||||||
| Total long-term lease expense | 39 | 37 | |||||||||
| Short-term leases | 42 | 35 | |||||||||
| Total lease expense | $ | 81 | $ | 72 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Decrease (increase) in: | |||||||||||
| Accounts receivable – trade | $ | (1,852) | $ | 1,384 | |||||||
| Accounts receivable – related parties | 1 | 2 | |||||||||
| Inventories | (1,266) | 736 | |||||||||
| Prepaid and other current assets | 360 | 111 | |||||||||
| Other assets | (2) | 13 | |||||||||
| Increase (decrease) in: | |||||||||||
| Accounts payable – trade | 284 | (35) | |||||||||
| Accounts payable – related parties | (108) | (107) | |||||||||
| Accrued product payables | 2,915 | (1,374) | |||||||||
| Accrued interest | (278) | (275) | |||||||||
| Other current liabilities | (894) | (178) | |||||||||
| Other long-term liabilities | (21) | (74) | |||||||||
| Net effect of changes in operating accounts | $ | (861) | $ | 203 | |||||||
Cash payments for interest, net of $24 and $45 capitalized during the three months ended March 31, 2026 and 2025, respectively | $ | 659 | $ | 611 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Sale of Bahia NGL Pipeline ownership interest (1) | $ | 595 | $ | – | |||||||
| Other asset sales | 1 | 4 | |||||||||
| Total | $ | 596 | $ | 4 | |||||||
| /d | = | per day | MMBPD | = | million barrels per day | ||||||||||||
| BBtus | = | billion British thermal units | MMBtus | = | million British thermal units | ||||||||||||
| Bcf | = | billion cubic feet | MMcf | = | million cubic feet | ||||||||||||
| BPD | = | barrels per day | MWac | = | megawatts, alternating current | ||||||||||||
| MBPD | = | thousand barrels per day | MWdc | = | megawatts, direct current | ||||||||||||
| MMBbls | = | million barrels | TBtus | = | trillion British thermal units | ||||||||||||
| Natural Gas, $/MMBtu | Ethane, $/gallon | Propane, $/gallon | Normal Butane, $/gallon | Isobutane, $/gallon | Natural Gasoline, $/gallon | |||||||||||||||
| (1) | (2) | (2) | (2) | (2) | (2) | |||||||||||||||
| 2025 by quarter: | ||||||||||||||||||||
| 1st Quarter | $3.65 | $0.27 | $0.90 | $1.06 | $1.07 | $1.53 | ||||||||||||||
| 2nd Quarter | $3.44 | $0.24 | $0.78 | $0.88 | $0.93 | $1.32 | ||||||||||||||
| 3rd Quarter | $3.07 | $0.23 | $0.69 | $0.86 | $0.92 | $1.30 | ||||||||||||||
| 4th Quarter | $3.55 | $0.27 | $0.62 | $0.84 | $0.88 | $1.24 | ||||||||||||||
| 2025 Averages | $3.43 | $0.25 | $0.75 | $0.91 | $0.95 | $1.35 | ||||||||||||||
| 2026 by quarter: | ||||||||||||||||||||
| 1st Quarter | $5.05 | $0.23 | $0.66 | $0.88 | $0.89 | $1.50 | ||||||||||||||
| WTI Crude Oil, $/barrel | Midland Crude Oil, $/barrel | Houston Crude Oil, $/barrel | |||||||||
| (1) | (2) | (2) | |||||||||
| 2025 by quarter: | |||||||||||
| 1st Quarter | $71.42 | $72.52 | $72.81 | ||||||||
| 2nd Quarter | $63.87 | $64.42 | $64.65 | ||||||||
| 3rd Quarter | $64.93 | $65.76 | $66.09 | ||||||||
| 4th Quarter | $59.14 | $59.77 | $60.05 | ||||||||
| 2025 Averages | $64.84 | $65.62 | $65.90 | ||||||||
| 2026 by quarter: | |||||||||||
| 1st Quarter | $71.93 | $73.97 | $74.67 | ||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues | $ | 14,386 | $ | 15,417 | |||||||
| Costs and expenses: | |||||||||||
| Operating costs and expenses: | |||||||||||
| Cost of sales | 10,678 | 12,005 | |||||||||
| Other operating costs and expenses | 1,134 | 1,059 | |||||||||
| Depreciation, amortization and accretion expenses | 682 | 618 | |||||||||
| Asset impairment charges | 8 | 10 | |||||||||
| Net losses (gains) attributable to asset sales and related matters | 1 | (2) | |||||||||
| Total operating costs and expenses | 12,503 | 13,690 | |||||||||
| General and administrative costs | 64 | 60 | |||||||||
| Total costs and expenses | 12,567 | 13,750 | |||||||||
| Equity in income of unconsolidated affiliates | 76 | 94 | |||||||||
| Operating income | 1,895 | 1,761 | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | (385) | (340) | |||||||||
| Other, net | 8 | 9 | |||||||||
| Total other expense, net | (377) | (331) | |||||||||
| Income before income taxes | 1,518 | 1,430 | |||||||||
| Provision for income taxes | (22) | (24) | |||||||||
| Net income | 1,496 | 1,406 | |||||||||
| Net income attributable to noncontrolling interests | (13) | (12) | |||||||||
| Net income attributable to preferred units | (1) | (1) | |||||||||
| Net income attributable to common unitholders | $ | 1,482 | $ | 1,393 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| NGL Pipelines & Services: | |||||||||||
| Sales of NGLs and related products | $ | 3,269 | $ | 4,651 | |||||||
| Midstream services | 763 | 749 | |||||||||
| Total | 4,032 | 5,400 | |||||||||
| Crude Oil Pipelines & Services: | |||||||||||
| Sales of crude oil | 6,005 | 4,825 | |||||||||
| Midstream services | 294 | 296 | |||||||||
| Total | 6,299 | 5,121 | |||||||||
| Natural Gas Pipelines & Services: | |||||||||||
| Sales of natural gas | 632 | 785 | |||||||||
| Midstream services | 475 | 436 | |||||||||
| Total | 1,107 | 1,221 | |||||||||
| Petrochemical & Refined Products Services: | |||||||||||
| Sales of petrochemicals and refined products | 2,599 | 3,326 | |||||||||
| Midstream services | 349 | 349 | |||||||||
| Total | 2,948 | 3,675 | |||||||||
| Total consolidated revenues | $ | 14,386 | $ | 15,417 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Interest charged on debt principal outstanding (1) | $ | 403 | $ | 379 | |||||||
| Impact of interest rate hedging program, including related amortization | (2) | (1) | |||||||||
| Interest costs capitalized in connection with construction projects (2) | (24) | (45) | |||||||||
| Other | 8 | 7 | |||||||||
| Total | $ | 385 | $ | 340 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Gross operating margin by segment: | |||||||||||
| NGL Pipelines & Services | $ | 1,503 | $ | 1,418 | |||||||
| Crude Oil Pipelines & Services | 329 | 374 | |||||||||
| Natural Gas Pipelines & Services | 496 | 357 | |||||||||
| Petrochemical & Refined Products Services | 314 | 315 | |||||||||
| Total segment gross operating margin (1) | 2,642 | 2,464 | |||||||||
| Net adjustment for shipper make-up rights | (18) | (33) | |||||||||
| Total gross operating margin (non-GAAP) | $ | 2,624 | $ | 2,431 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Operating income | $ | 1,895 | $ | 1,761 | |||||||
Adjustments to reconcile operating income to total gross operating margin (addition or subtraction indicated by sign): | |||||||||||
Depreciation, amortization and accretion expense in operating costs and expenses (1) | 656 | 602 | |||||||||
| Asset impairment charges in operating costs and expenses | 8 | 10 | |||||||||
| Net losses (gains) attributable to asset sales and related matters in operating costs and expenses | 1 | (2) | |||||||||
| General and administrative costs | 64 | 60 | |||||||||
| Total gross operating margin (non-GAAP) | $ | 2,624 | $ | 2,431 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Segment gross operating margin: | |||||||||||
| Natural gas processing and related NGL marketing activities | $ | 415 | $ | 373 | |||||||
| NGL pipelines, storage and terminals | 832 | 831 | |||||||||
| NGL fractionation | 256 | 214 | |||||||||
| Total | $ | 1,503 | $ | 1,418 | |||||||
| Selected volumetric data: | |||||||||||
| NGL pipeline transportation volumes (MBPD) | 4,881 | 4,447 | |||||||||
| NGL marine terminal volumes (MBPD) | 1,097 | 994 | |||||||||
| NGL fractionation volumes (MBPD) | 1,910 | 1,652 | |||||||||
| Equity NGL-equivalent production volumes (MBPD) (1) | 234 | 225 | |||||||||
| Fee-based natural gas processing volumes (MMcf/d) (2,3) | 7,478 | 7,181 | |||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Segment gross operating margin | $ | 329 | $ | 374 | |||||||
| Selected volumetric data: | |||||||||||
| Crude oil pipeline transportation volumes (MBPD) | 2,649 | 2,484 | |||||||||
| Crude oil marine terminal volumes (MBPD) | 866 | 736 | |||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Segment gross operating margin | $ | 496 | $ | 357 | |||||||
| Selected volumetric data: | |||||||||||
| Natural gas pipeline transportation volumes (BBtus/d) | 21,171 | 20,310 | |||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Segment gross operating margin: | |||||||||||
| Propylene production and related activities | $ | 152 | $ | 85 | |||||||
| Butane isomerization and related operations | 29 | 27 | |||||||||
| Octane enhancement and related plant operations | 13 | 59 | |||||||||
| Refined products pipelines and related activities | 69 | 105 | |||||||||
| Ethylene exports and related activities | 36 | 20 | |||||||||
| Marine transportation and other services | 15 | 19 | |||||||||
| Total | $ | 314 | $ | 315 | |||||||
| Selected volumetric data: | |||||||||||
| Propylene production volumes (MBPD) | 124 | 113 | |||||||||
| Butane isomerization volumes (MBPD) | 121 | 114 | |||||||||
| Standalone deisobutanizer (“DIB”) processing volumes (MBPD) | 219 | 188 | |||||||||
| Octane enhancement and related plant sales volumes (MBPD) (1) | 29 | 46 | |||||||||
| Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) | 1,098 | 949 | |||||||||
| Marine terminal volumes, primarily refined products and petrochemicals (MBPD) | 383 | 311 | |||||||||
| Scheduled Maturities of Debt | |||||||||||||||||||||||||||||||||||||||||
| Total | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||||||||||||||||||||||
| Commercial Paper Notes | $ | 1,140 | $ | 1,140 | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||||||||||||||
| Senior Notes | 30,800 | – | 1,575 | 1,800 | 1,250 | 1,250 | 24,925 | ||||||||||||||||||||||||||||||||||
| Junior Subordinated Notes | 2,282 | – | – | – | – | – | 2,282 | ||||||||||||||||||||||||||||||||||
| Total | $ | 34,222 | $ | 1,140 | $ | 1,575 | $ | 1,800 | $ | 1,250 | $ | 1,250 | $ | 27,207 | |||||||||||||||||||||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash flow provided by operating activities | $ | 1,469 | $ | 2,314 | |||||||
| Net cash flow used in investing activities | 381 | 1,047 | |||||||||
| Net cash flow used in financing activities | 1,939 | 1,651 | |||||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net income attributable to common unitholders (GAAP) (1) | $ | 1,482 | $ | 1,393 | |||||||
| Adjustments to net income attributable to common unitholders to derive DCF and Operational DCF (addition or subtraction indicated by sign): | |||||||||||
| Depreciation, amortization and accretion expenses | 701 | 636 | |||||||||
| Cash distributions received from unconsolidated affiliates (2) | 86 | 103 | |||||||||
| Equity in income of unconsolidated affiliates | (76) | (94) | |||||||||
| Asset impairment charges | 8 | 10 | |||||||||
| Change in fair market value of derivative instruments | 98 | 42 | |||||||||
| Deferred income tax expense | 14 | 11 | |||||||||
| Sustaining capital expenditures (3) | (205) | (102) | |||||||||
| Other, net | 3 | 10 | |||||||||
| Operational DCF (non-GAAP) | $ | 2,111 | $ | 2,009 | |||||||
| Proceeds from asset sales and other matters | 596 | 4 | |||||||||
| DCF (non-GAAP) | $ | 2,707 | $ | 2,013 | |||||||
| Cash distributions paid to common unitholders with respect to period, including distribution equivalent rights on phantom unit awards | $ | 1,202 | $ | 1,171 | |||||||
| Cash distribution per common unit declared by Enterprise GP with respect to period (4) | $ | 0.5500 | $ | 0.5350 | |||||||
| Total DCF retained by the Partnership with respect to period (5) | $ | 1,505 | $ | 842 | |||||||
| Distribution coverage ratio (6) | 2.3 | x | 1.7 | x | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash flow provided by operating activities (GAAP) | $ | 1,469 | $ | 2,314 | |||||||
| Adjustments to reconcile net cash flow provided by operating activities to DCF and Operational DCF (addition or subtraction indicated by sign): | |||||||||||
| Net effect of changes in operating accounts | 861 | (203) | |||||||||
| Sustaining capital expenditures | (205) | (102) | |||||||||
| Distributions received from unconsolidated affiliates attributable to the return of capital | 11 | 15 | |||||||||
| Net income attributable to noncontrolling interests | (13) | (12) | |||||||||
| Other, net | (12) | (3) | |||||||||
| Operational DCF (non-GAAP) | $ | 2,111 | $ | 2,009 | |||||||
| Proceeds from asset sales and other matters | 596 | 4 | |||||||||
| DCF (non-GAAP) | $ | 2,707 | $ | 2,013 | |||||||
| For the Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Capital investments: (1) | |||||||||||
| Growth capital projects (2) | $ | 814 | $ | 959 | |||||||
| Sustaining capital projects (3) | 169 | 103 | |||||||||
| Total | $ | 983 | $ | 1,062 | |||||||
| Selected asset information: | March 31, 2026 | December 31, 2025 | |||||||||
| Current receivables from Non-Obligor Subsidiaries | $ | 865 | $ | 487 | |||||||
| Other current assets | 7,524 | 7,035 | |||||||||
| Long-term receivables from Non-Obligor Subsidiaries | 187 | 187 | |||||||||
Other noncurrent assets, excluding investments in Non-Obligor Subsidiaries of $55.2 billion at March 31, 2026 and $54.9 billion at December 31, 2025 | 9,457 | 9,519 | |||||||||
| Selected liability information: | |||||||||||
Current portion of Guaranteed Debt, including interest of $287 million at March 31, 2026 and $566 million at December 31, 2025 | $ | 3,000 | $ | 2,190 | |||||||
| Current payables to Non-Obligor Subsidiaries | 1,659 | 1,344 | |||||||||
| Other current liabilities | 5,687 | 4,416 | |||||||||
| Noncurrent portion of Guaranteed Debt, principal only | 31,507 | 33,082 | |||||||||
| Noncurrent payables to Non-Obligor Subsidiaries | 55 | 54 | |||||||||
| Other noncurrent liabilities | 244 | 205 | |||||||||
| Mezzanine equity of Obligor Group: | |||||||||||
| Preferred units | $ | 44 | $ | 44 | |||||||
| For the Three Months Ended March 31, 2026 | For the Twelve Months Ended December 31, 2025 | ||||||||||
| Revenues from Non-Obligor Subsidiaries | $ | 1,999 | $ | 16,128 | |||||||
| Revenues from other sources | 5,498 | 17,795 | |||||||||
| Operating income of Obligor Group | 200 | 359 | |||||||||
Net loss of Obligor Group excluding equity in earnings of Non-Obligor Subsidiaries of $1.7 billion for the three months ended March 31, 2026 and $6.9 billion for the twelve months ended December 31, 2025 | (208) | (1,082) | |||||||||
| Portfolio Fair Value at | |||||||||||||||||||||||
| Scenario | Resulting Classification | December 31, 2025 | March 31, 2026 | April 15, 2026 | |||||||||||||||||||
| Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 10 | $ | (41) | $ | (74) | ||||||||||||||||
| Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | 3 | (54) | (91) | |||||||||||||||||||
| Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 17 | (28) | (57) | |||||||||||||||||||
| Portfolio Fair Value at | |||||||||||||||||||||||
| Scenario | Resulting Classification | December 31, 2025 | March 31, 2026 | April 15, 2026 | |||||||||||||||||||
| Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 91 | $ | 54 | $ | 80 | ||||||||||||||||
| Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | 32 | 2 | 27 | |||||||||||||||||||
| Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 150 | 106 | 133 | |||||||||||||||||||
| Portfolio Fair Value at | |||||||||||||||||||||||
| Scenario | Resulting Classification | December 31, 2025 | March 31, 2026 | April 15, 2026 | |||||||||||||||||||
| Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 102 | $ | (184) | $ | (194) | ||||||||||||||||
| Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | 1 | (303) | (284) | |||||||||||||||||||
| Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | 203 | (65) | (104) | |||||||||||||||||||
| Portfolio Fair Value at | |||||||||||||||||||||||
| Scenario | Resulting Classification | December 31, 2025 | March 31, 2026 | April 15, 2026 | |||||||||||||||||||
| Fair value assuming no change in underlying commodity prices | Asset (Liability) | $ | 4 | $ | (6) | $ | (10) | ||||||||||||||||
| Fair value assuming 10% increase in underlying commodity prices | Asset (Liability) | 10 | – | (5) | |||||||||||||||||||
| Fair value assuming 10% decrease in underlying commodity prices | Asset (Liability) | (2) | (12) | (15) | |||||||||||||||||||
| Period | Total Number of Units Purchased | Average Price Paid per Unit | Total Number Of Units Purchased as Part of 2019 Buyback Program | Remaining Dollar Amount of Units That May Be Purchased Under the 2019 Buyback Program ($ thousands) | ||||||||||||||||||||||
| 2019 Buyback Program: (1) | ||||||||||||||||||||||||||
January 2026 | – | $ | – | – | $ | 3,562,647 | ||||||||||||||||||||
February 2026 | 914,299 | $ | 35.18 | 914,299 | $ | 3,530,483 | ||||||||||||||||||||
March 2026 | 2,209,893 | $ | 37.43 | 2,209,893 | $ | 3,447,761 | ||||||||||||||||||||
| Vesting of phantom unit awards: | ||||||||||||||||||||||||||
February 2026 (2) | 2,254,919 | $ | 36.62 | n/a | n/a | |||||||||||||||||||||
March 2026 (3) | 1,080 | $ | 36.14 | n/a | n/a | |||||||||||||||||||||
| Exhibit Number | Exhibit | ||||
| 2.1 | |||||
| 2.2 | |||||
| 2.3 | |||||
| 2.4 | |||||
| 2.5 | |||||
| 2.6 | |||||
| 2.7 | |||||
| 2.8 | |||||
| 2.9 | |||||
| 2.10 | |||||
| 2.11 | |||||
| 2.12 | |||||
| 2.13 | |||||
| 2.14 | |||||
| 3.1 | |||||
| 3.2 | |||||
| 3.3 | |||||
| 3.4 | |||||
| 3.5 | |||||
| 3.6 | |||||
| 3.7 | |||||
| 3.8 | |||||
| 3.9 | |||||
| 4.1 | |||||
| 4.2 | |||||
| 4.3 | |||||
| 4.4 | |||||
| 4.5 | |||||
| 4.6 | |||||
| 4.7 | |||||
| 4.8 | |||||
| 4.9 | |||||
| 4.10 | |||||
| 4.11 | |||||
| 4.12 | |||||
| 4.13 | |||||
| 4.14 | |||||
| 4.15 | |||||
| 4.16 | |||||
| 4.17 | |||||
| 4.18 | |||||
| 4.19 | |||||
| 4.20 | |||||
| 4.21 | |||||
| 4.22 | |||||
| 4.23 | |||||
| 4.41 | |||||
| 4.42 | |||||
| 4.43 | |||||
| 4.44 | |||||
| 4.45 | |||||
| 4.46 | |||||
| 4.47 | |||||
| 4.48 | |||||
| 4.49 | |||||
| 4.50 | |||||
| 4.51 | |||||
| 4.52 | |||||
| 4.53 | |||||
| 4.54 | |||||
| 4.55 | |||||
| 4.56 | |||||
| 4.57 | |||||
| 4.58 | |||||
| 4.59 | |||||
| 4.60 | |||||
| 4.61 | |||||
| 4.62 | |||||
| 4.63 | |||||
| 4.64 | |||||
| 4.65 | |||||
| 4.66 | |||||
| 4.67 | |||||
| 4.68 | |||||
| 4.69 | |||||
| 4.70 | |||||
| 4.71 | |||||
| 4.72 | |||||
| 4.73 | |||||
| 4.74 | |||||
| 4.75 | |||||
| 4.76 | |||||
| 4.77 | |||||
| 4.78 | |||||
| 4.79 | |||||
| 4.80 | |||||
| 4.81 | |||||
| 4.82 | |||||
| 4.83 | |||||
| 4.84 | |||||
| 10.1 | |||||
| 10.2 | |||||
| 22.1# | |||||
| 31.1# | |||||
| 31.2# | |||||
| 31.3# | |||||
| 32.1# | |||||
| 32.2# | |||||
| 32.3# | |||||
| 101# | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline Extensible Business Reporting Language) in this Form 10-Q include the: (i) Unaudited Condensed Consolidated Balance Sheets, (ii) Unaudited Condensed Statements of Consolidated Operations, (iii) Unaudited Condensed Statements of Consolidated Comprehensive Income, (iv) Unaudited Condensed Statements of Consolidated Cash Flows, (v) Unaudited Condensed Statements of Consolidated Equity and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements. | ||||
| 104# | Cover Page Interactive Data File (embedded within the iXBRL document). | ||||
| # | Filed with this report. | ||||
ENTERPRISE PRODUCTS PARTNERS L.P. (A Delaware Limited Partnership) | ||||||||
| By: | Enterprise Products Holdings LLC, as General Partner | |||||||
| By: | /s/ R. Daniel Boss | |||||||
| Name: | R. Daniel Boss | |||||||
| Title: | Executive Vice President and Chief Financial Officer of the General Partner | |||||||
Amounts Outstanding at | |||||
Guaranteed Securities | March 31, 2026 | ||||
Senior Notes HHH, 4.60% fixed-rate, due January 2027 | $ | 1,000 | |||
Senior Notes SS, 3.95% fixed-rate, due February 2027 | 575 | ||||
Senior Notes LLL, 4.30%, fixed-rate, due June 2028 | 800 | ||||
Senior Notes WW, 4.15% fixed-rate, due October 2028 | 1,000 | ||||
Senior Notes YY, 3.125% fixed-rate, due July 2029 | 1,250 | ||||
Senior Notes AAA, 2.80% fixed-rate, due January 2030 | 1,250 | ||||
Senior Notes MMM, 4.60% fixed-rate, due January 2031 | 1,350 | ||||
Senior Notes GGG, 5.35% fixed-rate, due January 2033 | 1,000 | ||||
Senior Notes D, 6.875% fixed-rate, due March 2033 | 500 | ||||
Senior Notes III, 4.85% fixed-rate, due January 2034 | 1,000 | ||||
Senior Notes H, 6.65% fixed-rate, due October 2034 | 350 | ||||
Senior Notes JJJ, 4.95% fixed-rate, due February 2035 | 1,100 | ||||
Senior Notes J, 5.75% fixed-rate, due March 2035 | 250 | ||||
Senior Notes NNN, 5.20% fixed-rate, due January 2036 | 1,500 | ||||
Senior Notes W, 7.55% fixed-rate, due April 2038 | 400 | ||||
Senior Notes R, 6.125% fixed-rate, due October 2039 | 600 | ||||
Senior Notes Z, 6.45% fixed-rate, due September 2040 | 600 | ||||
Senior Notes BB, 5.95% fixed-rate, due February 2041 | 750 | ||||
Senior Notes DD, 5.70% fixed-rate, due February 2042 | 600 | ||||
Senior Notes EE, 4.85% fixed-rate, due August 2042 | 750 | ||||
Senior Notes GG, 4.45% fixed-rate, due February 2043 | 1,100 | ||||
Senior Notes II, 4.85% fixed-rate, due March 2044 | 1,400 | ||||
Senior Notes KK, 5.10% fixed-rate, due February 2045 | 1,150 | ||||
Senior Notes QQ, 4.90% fixed-rate, due May 2046 | 975 | ||||
Senior Notes UU, 4.25% fixed-rate, due February 2048 | 1,250 | ||||
Senior Notes XX, 4.80% fixed-rate, due February 2049 | 1,250 | ||||
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 | 1,250 | ||||
Senior Notes BBB, 3.70% fixed-rate, due January 2051 | 1,000 | ||||
Senior Notes DDD, 3.20% fixed-rate, due February 2052 | 1,000 | ||||
Senior Notes EEE, 3.30% fixed-rate, due February 2053 | 1,000 | ||||
Senior Notes NN, 4.95% fixed-rate, due October 2054 | 400 | ||||
Senior Notes KKK, 5.55% fixed-rate, due February 2055 | 1,400 | ||||
Senior Notes CCC, 3.95% fixed-rate, due January 2060 | 1,000 | ||||
Junior Subordinated Notes C, variable-rate, due June 2067 | 232 | ||||
Junior Subordinated Notes D, variable-rate, due August 2077 | 350 | ||||
Junior Subordinated Notes E, fixed/variable-rate, due August 2077 | 1,000 | ||||
Junior Subordinated Notes F, fixed/variable-rate, due February 2078 | 700 | ||||
| /s/ A. James Teague | ||||||||
| Name: | A. James Teague | |||||||
| Title: | Co-Chief Executive Officer of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P. | |||||||
| /s/ W. Randall Fowler | ||||||||
| Name: | W. Randall Fowler | |||||||
| Title: | Co-Chief Executive Officer of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P. | |||||||
| /s/ R. Daniel Boss | ||||||||
| Name: | R. Daniel Boss | |||||||
| Title: | Executive Vice President and Chief Financial Officer of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P. | |||||||
| /s/ A. James Teague | ||||||||
| Name: | A. James Teague | |||||||
| Title: | Co-Chief Executive Officer of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P. | |||||||
| /s/ W. Randall Fowler | ||||||||
| Name: | W. Randall Fowler | |||||||
| Title: | Co-Chief Executive Officer of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P. | |||||||
| /s/ R. Daniel Boss | ||||||||
| Name: | R. Daniel Boss | |||||||
| Title: | Executive Vice President and Chief Financial Officer of Enterprise Products Holdings LLC, the General Partner of Enterprise Products Partners L.P. | |||||||