Enterprise Products Partners L.P 10-Q for FY2026 Q1
Enterprise Products Partners L.P. (EPD)
10-Q
2026-05-07
For: 2026-03-31
View Original
Added on
May 07, 2026
About this 10-Q
Enterprise Products Partners L.P filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).
Headline figures
Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.
- Revenue
- $14.39B
- down 6.7% from $15.42B a year earlier
- Net income
- $1.48B
- up 6.4% from net income of $1.39B a year earlier
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2026
OR
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___.
Commission file number: 1-14323
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of Principal Executive Offices, including Zip Code) | ||
( | ||
| (Registrant’s Telephone Number, including Area Code) | ||
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Accelerated filer ☐ | |||||
| Non-accelerated filer ☐ | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
There were 2,163,518,271 common units of Enterprise Products Partners L.P. outstanding at the close of business on April 30, 2026.
ENTERPRISE PRODUCTS PARTNERS L.P.
TABLE OF CONTENTS
| Page No. | ||||||||
1
PART I. FINANCIAL INFORMATION.
ITEM 1. FINANCIAL STATEMENTS.
ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
Accounts receivable – trade, net of allowance for credit losses of $ | |||||||||||
| Accounts receivable – related parties | |||||||||||
| Inventories (see Note 3) | |||||||||||
| Derivative assets (see Note 13) | |||||||||||
| Prepaid and other current assets | |||||||||||
| Total current assets | |||||||||||
Property, plant and equipment, net (see Note 4) | |||||||||||
Investments in unconsolidated affiliates (see Note 5) | |||||||||||
Intangible assets, net (see Note 6) | |||||||||||
Goodwill (see Note 6) | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Current maturities of debt (see Note 7) | $ | $ | |||||||||
| Accounts payable – trade | |||||||||||
| Accounts payable – related parties | |||||||||||
| Accrued product payables | |||||||||||
| Accrued interest | |||||||||||
| Derivative liabilities (see Note 13) | |||||||||||
| Other current liabilities | |||||||||||
| Total current liabilities | |||||||||||
Long-term debt (see Note 7) | |||||||||||
Deferred tax liabilities (see Note 15) | |||||||||||
| Other long-term liabilities | |||||||||||
Commitments and contingent liabilities (see Note 16) | |||||||||||
Redeemable preferred limited partner interests: (see Note 8) | |||||||||||
Series A cumulative convertible preferred units (“preferred units”) ( | |||||||||||
Equity: (see Note 8) | |||||||||||
| Partners’ equity: | |||||||||||
Common limited partner interests ( | |||||||||||
| Treasury units, at cost | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
| Total partners’ equity | |||||||||||
| Noncontrolling interests in consolidated subsidiaries | |||||||||||
| Total equity | |||||||||||
| Total liabilities, preferred units, and equity | $ | $ | |||||||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
2
ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
(Dollars in millions, except per unit amounts)
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||
| Third parties | $ | $ | |||||||||||||||||||||||||||
| Related parties | |||||||||||||||||||||||||||||
| Total revenues (see Note 9) | |||||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||
| Operating costs and expenses: | |||||||||||||||||||||||||||||
| Third party and other costs | |||||||||||||||||||||||||||||
| Related parties | |||||||||||||||||||||||||||||
| Total operating costs and expenses | |||||||||||||||||||||||||||||
| General and administrative costs: | |||||||||||||||||||||||||||||
| Third party and other costs | |||||||||||||||||||||||||||||
| Related parties | |||||||||||||||||||||||||||||
| Total general and administrative costs | |||||||||||||||||||||||||||||
| Total costs and expenses (see Note 10) | |||||||||||||||||||||||||||||
| Equity in income of unconsolidated affiliates | |||||||||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||||||||
| Interest expense | ( | ( | |||||||||||||||||||||||||||
| Interest income | |||||||||||||||||||||||||||||
| Other, net | |||||||||||||||||||||||||||||
| Total other expense, net | ( | ( | |||||||||||||||||||||||||||
| Income before income taxes | |||||||||||||||||||||||||||||
| Provision for income taxes (see Note 15) | ( | ( | |||||||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
| Net income attributable to preferred units | ( | ( | |||||||||||||||||||||||||||
| Net income attributable to common unitholders | $ | $ | |||||||||||||||||||||||||||
Earnings per unit: (see Note 11) | |||||||||||||||||||||||||||||
| Basic and diluted earnings per common unit | $ | $ | |||||||||||||||||||||||||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
3
ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED
COMPREHENSIVE INCOME
(Dollars in millions)
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Net income | $ | $ | |||||||||||||||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||||||||
| Cash flow hedges: (see Note 13) | |||||||||||||||||||||||||||||
| Commodity hedging derivative instruments: | |||||||||||||||||||||||||||||
| Changes in fair value of cash flow hedges | ( | ||||||||||||||||||||||||||||
| Reclassification of losses (gains) to net income | ( | ||||||||||||||||||||||||||||
| Interest rate hedging derivative instruments: | |||||||||||||||||||||||||||||
| Changes in fair value of cash flow hedges | |||||||||||||||||||||||||||||
| Reclassification of gains to net income | ( | ( | |||||||||||||||||||||||||||
| Total cash flow hedges | ( | ||||||||||||||||||||||||||||
| Total other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||
| Comprehensive income | |||||||||||||||||||||||||||||
| Comprehensive income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
| Comprehensive income attributable to preferred units | ( | ( | |||||||||||||||||||||||||||
| Comprehensive income attributable to common unitholders | $ | $ | |||||||||||||||||||||||||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
4
ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Dollars in millions)
| For the Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Operating activities: | |||||||||||||||||
| Net income | $ | $ | |||||||||||||||
| Reconciliation of net income to net cash flow provided by operating activities: | |||||||||||||||||
| Depreciation and accretion | |||||||||||||||||
| Amortization of intangible assets | |||||||||||||||||
| Amortization of major maintenance costs for reaction-based plants | |||||||||||||||||
| Other amortization expense | |||||||||||||||||
| Impairment of assets other than goodwill | |||||||||||||||||
| Equity in income of unconsolidated affiliates | ( | ( | |||||||||||||||
| Distributions received from unconsolidated affiliates attributable to earnings | |||||||||||||||||
| Net losses (gains) attributable to asset sales and related matters | ( | ||||||||||||||||
| Deferred income tax expense | |||||||||||||||||
| Change in fair market value of derivative instruments | |||||||||||||||||
| Non-cash expense related to long-term operating leases (see Note 16) | |||||||||||||||||
| Net effect of changes in operating accounts (see Note 17) | ( | ||||||||||||||||
| Other operating activities | ( | ( | |||||||||||||||
| Net cash flow provided by operating activities | |||||||||||||||||
| Investing activities: | |||||||||||||||||
| Capital expenditures | ( | ( | |||||||||||||||
| Distributions received from unconsolidated affiliates attributable to the return of capital | |||||||||||||||||
| Proceeds from asset sales and other matters | |||||||||||||||||
| Other investing activities | ( | ( | |||||||||||||||
| Net cash flow used in investing activities | ( | ( | |||||||||||||||
| Financing activities: | |||||||||||||||||
| Borrowings under debt agreements | |||||||||||||||||
| Repayments of debt | ( | ( | |||||||||||||||
| Debt issuance costs | ( | ( | |||||||||||||||
| Cash distributions paid to common unitholders (see Note 8) | ( | ( | |||||||||||||||
| Cash payments made in connection with distribution equivalent rights | ( | ( | |||||||||||||||
| Cash distributions paid to noncontrolling interests | ( | ( | |||||||||||||||
| Cash contributions from noncontrolling interests | |||||||||||||||||
| Repurchase of common units under 2019 Buyback Program | ( | ( | |||||||||||||||
| Other financing activities | ( | ( | |||||||||||||||
| Net cash flow used in financing activities | ( | ( | |||||||||||||||
| Net change in cash and cash equivalents, including restricted cash | ( | ( | |||||||||||||||
| Cash and cash equivalents, including restricted cash, at beginning of period | |||||||||||||||||
| Cash and cash equivalents, including restricted cash, at end of period | $ | $ | |||||||||||||||
See Notes to Unaudited Condensed Consolidated Financial Statements.
5
ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY
(Dollars in millions)
| Partners’ Equity | |||||||||||||||||||||||||||||
| Common Limited Partner Interests | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||
| Balance, December 31, 2025 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||
| Cash distributions paid to common unitholders | ( | ( | |||||||||||||||||||||||||||
| Cash payments made in connection with distribution equivalent rights | ( | ( | |||||||||||||||||||||||||||
| Cash distributions paid to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
| Repurchase and cancellation of common units under 2019 Buyback Program | ( | ( | |||||||||||||||||||||||||||
| Amortization of fair value of equity-based awards | |||||||||||||||||||||||||||||
| Cash flow hedges | ( | ( | |||||||||||||||||||||||||||
| Other, net | ( | ( | |||||||||||||||||||||||||||
| Balance, March 31, 2026 | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||
| Partners’ Equity | |||||||||||||||||||||||||||||
| Common Limited Partner Interests | Treasury Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Total | |||||||||||||||||||||||||
| Balance, December 31, 2024 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
| Net income | |||||||||||||||||||||||||||||
| Cash distributions paid to common unitholders | ( | ( | |||||||||||||||||||||||||||
| Cash payments made in connection with distribution equivalent rights | ( | ( | |||||||||||||||||||||||||||
| Cash distributions paid to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
| Cash contributions from noncontrolling interests | |||||||||||||||||||||||||||||
| Repurchase and cancellation of common units under 2019 Buyback Program | ( | ( | |||||||||||||||||||||||||||
| Amortization of fair value of equity-based awards | |||||||||||||||||||||||||||||
| Cash flow hedges | |||||||||||||||||||||||||||||
| Other, net | ( | ( | |||||||||||||||||||||||||||
| Balance, March 31, 2025 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
See Notes to Unaudited Condensed Consolidated Financial Statements. For information regarding Unit History,
Accumulated Other Comprehensive Income (Loss), see Note 8.
6
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
KEY REFERENCES USED IN THESE
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Unless the context requires otherwise, references to “we,” “us” or “our” within these Notes to Unaudited Condensed Consolidated Financial Statements are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries.
References to the “Partnership” or “Enterprise” mean Enterprise Products Partners L.P. on a standalone basis.
References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of the Partnership, and its consolidated subsidiaries, through which the Partnership conducts its business. We are managed by our general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company.
The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors of Enterprise GP (the “Board”); (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board; and (iii) W. Randall Fowler, who is also a director and a Co-Chief Executive Officer of Enterprise GP. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as managers of Dan Duncan LLC.
References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. The outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO; and (iii) Mr. Fowler, who serves as an Executive Vice President and the Chief Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as directors of EPCO.
We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. EPCO, together with its privately held affiliates, owned approximately 32.5% of the Partnership’s common units outstanding at March 31, 2026.
With the exception of per unit amounts, or as noted within the context of each disclosure,
the dollar amounts presented in the tabular data within these disclosures are
stated in millions of dollars.
7
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1. Partnership Organization and Operations
We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “EPD.” Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries.
Our fully integrated, midstream energy asset network (or “value chain”) links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States (“U.S.”), Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include:
•natural gas gathering, treating, processing, transportation and storage;
•NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases (“LPG”) and ethane);
•crude oil gathering, transportation, storage, and marine terminals;
•propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities;
•petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”)); and
•a marine transportation business that operates on key U.S. inland and intracoastal waterway systems.
Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. See Note 14 for information regarding related party matters.
Our results of operations for the three months ended March 31, 2026 are not necessarily indicative of results expected for the full year of 2026. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).
These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) filed with the SEC on February 27, 2026.
Note 2. Summary of Significant Accounting Policies
Apart from those matters described in this footnote, there have been no updates to our significant accounting policies since those reported under Note 2 of the 2025 Form 10-K.
8
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.
| March 31, 2026 | December 31, 2025 | ||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Restricted cash | |||||||||||
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows | $ | $ | |||||||||
Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, petrochemicals, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 13 for information regarding our derivative instruments and hedging activities.
Note 3. Inventories
Our inventory amounts by product type were as follows at the dates indicated:
| March 31, 2026 | December 31, 2025 | ||||||||||
| NGLs | $ | $ | |||||||||
| Petrochemicals and refined products | |||||||||||
| Crude oil | |||||||||||
| Natural gas | |||||||||||
| Total | $ | $ | |||||||||
Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Cost of sales (1) | $ | $ | |||||||||||||||||||||||||||
| Lower of cost or net realizable value adjustments recognized in cost of sales | |||||||||||||||||||||||||||||
(1)Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
9
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 4. Property, Plant and Equipment
The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:
| Estimated Useful Life in Years | March 31, 2026 | December 31, 2025 | |||||||||||||||
| Plants, pipelines and facilities (1)(5) | $ | $ | |||||||||||||||
| Underground and other storage facilities (2)(6) | |||||||||||||||||
| Transportation equipment (3) | |||||||||||||||||
| Marine vessels (4) | |||||||||||||||||
| Land | |||||||||||||||||
| Construction in progress | |||||||||||||||||
| Subtotal | |||||||||||||||||
| Less accumulated depreciation | |||||||||||||||||
| Subtotal property, plant and equipment, net | |||||||||||||||||
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7) | |||||||||||||||||
| Property, plant and equipment, net | $ | $ | |||||||||||||||
(1)Plants, pipelines and facilities include distillation-based and reaction-based plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2)Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3)Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4)Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5)In general, the estimated useful lives of major assets within this category are: distillation-based and reaction-based plants, 20 -35 years; pipelines and related equipment, 5 -45 years; terminal facilities, 10 -35 years; buildings, 20 -40 years; office furniture and equipment, 3 -20 years; and laboratory and shop equipment, 5 -35 years.
(6)In general, the estimated useful lives of assets within this category are: underground storage facilities, 5 -35 years; storage tanks, 10 -40 years; and water wells, 5 -35 years.
(7)For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected remaining amortization period for these costs is 1.8 years.
Property, plant and equipment at March 31, 2026 and December 31, 2025 includes $139 million and $141 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.
The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2025:
| ARO liability balance, December 31, 2025 | $ | ||||||||||||||||
| Liabilities incurred (1) | |||||||||||||||||
| Revisions in estimated cash flows (2) | |||||||||||||||||
| Liabilities settled (3) | |||||||||||||||||
| Accretion expense (4) | |||||||||||||||||
| ARO liability balance, March 31, 2026 | $ | ||||||||||||||||
(1)Represents the initial recognition of estimated ARO liabilities during the period.
(2)Represents subsequent adjustments to estimated ARO liabilities during the period.
(3)Represents cash payments to settle ARO liabilities during the period.
(4)Represents the net change in ARO liability balance attributable to the passage of time and other adjustments, including true-up amounts associated with revised closure estimates.
Of the $292 million total ARO liability recorded at March 31, 2026, $3 million was reflected as a current liability and $289 million as a long-term liability.
10
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Depreciation expense (1) | $ | $ | |||||||||||||||||||||||||||
| Capitalized interest (2) | |||||||||||||||||||||||||||||
(1)Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
(2)We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
Note 5. Investments in Unconsolidated Affiliates
The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.
| March 31, 2026 | December 31, 2025 | ||||||||||
| NGL Pipelines & Services | $ | $ | |||||||||
| Crude Oil Pipelines & Services | |||||||||||
| Natural Gas Pipelines & Services | |||||||||||
| Petrochemical & Refined Products Services | |||||||||||
| Total | $ | $ | |||||||||
The following table presents our equity in income of unconsolidated affiliates by business segment for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| NGL Pipelines & Services | $ | $ | |||||||||||||||||||||||||||
| Crude Oil Pipelines & Services | |||||||||||||||||||||||||||||
| Natural Gas Pipelines & Services | |||||||||||||||||||||||||||||
| Petrochemical & Refined Products Services | |||||||||||||||||||||||||||||
| Total | $ | $ | |||||||||||||||||||||||||||
11
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 6. Intangible Assets and Goodwill
Identifiable Intangible Assets
The following table summarizes our intangible assets by business segment at the dates indicated:
| March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||||||||
| Gross Value | Accumulated Amortization | Carrying Value | Gross Value | Accumulated Amortization | Carrying Value | ||||||||||||||||||||||||||||||
| NGL Pipelines & Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
| Contract-based intangibles | ( | ( | |||||||||||||||||||||||||||||||||
| Segment total | ( | ( | |||||||||||||||||||||||||||||||||
| Crude Oil Pipelines & Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | ( | ( | |||||||||||||||||||||||||||||||||
| Contract-based intangibles | ( | ( | |||||||||||||||||||||||||||||||||
| Segment total | ( | ( | |||||||||||||||||||||||||||||||||
| Natural Gas Pipelines & Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | ( | ( | |||||||||||||||||||||||||||||||||
| Contract-based intangibles | ( | ( | |||||||||||||||||||||||||||||||||
| Segment total | ( | ( | |||||||||||||||||||||||||||||||||
| Petrochemical & Refined Products Services: | |||||||||||||||||||||||||||||||||||
| Customer relationship intangibles | ( | ( | |||||||||||||||||||||||||||||||||
| Contract-based intangibles | ( | ( | |||||||||||||||||||||||||||||||||
| Segment total | ( | ( | |||||||||||||||||||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
The following table presents the amortization expense of our intangible assets by business segment for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| NGL Pipelines & Services | $ | $ | |||||||||||||||||||||||||||
| Crude Oil Pipelines & Services | |||||||||||||||||||||||||||||
| Natural Gas Pipelines & Services | |||||||||||||||||||||||||||||
| Petrochemical & Refined Products Services | |||||||||||||||||||||||||||||
| Total | $ | $ | |||||||||||||||||||||||||||
The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:
| Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | ||||||||||||||||||||||
| $ | $ | $ | $ | $ | ||||||||||||||||||||||
Goodwill
Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2025 Form 10-K.
12
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 7. Debt Obligations
The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
| March 31, 2026 | December 31, 2025 | ||||||||||
| EPO senior debt obligations: | |||||||||||
| Commercial Paper Notes, variable-rates | $ | $ | |||||||||
Senior Notes FFF, | |||||||||||
Senior Notes PP, | |||||||||||
Senior Notes HHH, | |||||||||||
Senior Notes SS, | |||||||||||
March 2026 $ | |||||||||||
Senior Notes LLL, | |||||||||||
Senior Notes WW, | |||||||||||
Senior Notes YY, | |||||||||||
Senior Notes AAA, | |||||||||||
March 2023 $ | |||||||||||
Senior Notes MMM, | |||||||||||
Senior Notes GGG, | |||||||||||
Senior Notes D, | |||||||||||
Senior Notes III, | |||||||||||
Senior Notes H, | |||||||||||
Senior Notes JJJ | |||||||||||
Senior Notes J, | |||||||||||
Senior Notes NNN, | |||||||||||
Senior Notes W, | |||||||||||
Senior Notes R, | |||||||||||
Senior Notes Z, | |||||||||||
Senior Notes BB, | |||||||||||
Senior Notes DD, | |||||||||||
Senior Notes EE, | |||||||||||
Senior Notes GG, | |||||||||||
Senior Notes II, | |||||||||||
Senior Notes KK, | |||||||||||
Senior Notes QQ, | |||||||||||
Senior Notes UU, | |||||||||||
Senior Notes XX, | |||||||||||
Senior Notes ZZ, | |||||||||||
Senior Notes BBB, | |||||||||||
Senior Notes DDD, | |||||||||||
Senior Notes EEE, | |||||||||||
Senior Notes NN, | |||||||||||
Senior Notes KKK, | |||||||||||
Senior Notes CCC, | |||||||||||
| Total principal amount of senior debt obligations | |||||||||||
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3) | |||||||||||
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4) | |||||||||||
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5) | |||||||||||
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6) | |||||||||||
| Total principal amount of senior and junior debt obligations | |||||||||||
| Other, non-principal amounts | ( | ( | |||||||||
| Less current maturities of debt | ( | ( | |||||||||
| Total long-term debt | $ | $ | |||||||||
(1)Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).
(2)Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).
(3)Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161 % tenor spread adjustment and (b) 2.778 %.
(4)Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161 % tenor spread adjustment and (b) 2.986 %.
(5)Fixed rate of 5.250 % through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161 % tenor spread adjustment and (b) 3.033 %.
(6)Fixed rate of 5.375 % through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161 % tenor spread adjustment and (b) 2.57 %.
13
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Variable Interest Rates
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the three months ended March 31, 2026:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid | |||||||
| Commercial Paper Notes | ||||||||
| EPO Junior Subordinated Notes C | ||||||||
| EPO Junior Subordinated Notes D | ||||||||
Amounts borrowed under EPO’s March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement and March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5 %, or (c) Adjusted Term SOFR, for an interest period of one month in effect on such day plus 1 %, and a variable spread. The applicable spreads are determined based on EPO’s debt ratings.
Scheduled Maturities of Debt
The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2026 for the next five years, and in total thereafter:
| Scheduled Maturities of Debt | |||||||||||||||||||||||||||||||||||||||||
| Total | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | |||||||||||||||||||||||||||||||||||
| Commercial Paper Notes | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
| Senior Notes | |||||||||||||||||||||||||||||||||||||||||
| Junior Subordinated Notes | |||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement
In March 2026, EPO entered into a new 364 -Day Revolving Credit Agreement (the “March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement”) that replaced its prior 364 -day revolving credit agreement. As of March 31, 2026, there were no principal amounts outstanding under the March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement.
Under the terms of the March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein. The March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement matures in March 2027. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in March 2028. Borrowings under the March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.
The March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.
EPO’s obligations under the March 2026 $1.5 Billion 364 -Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.
14
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Letters of Credit
At March 31, 2026, EPO had $35 million of letters of credit outstanding primarily related to our insurance program.
Lender Financial Covenants
We were in compliance with the financial covenants of our consolidated debt agreements at March 31, 2026.
Parent-Subsidiary Guarantor Relationships
Note 8. Capital Accounts
Common Limited Partner Interests
The following table summarizes changes in the number of our common units outstanding since December 31, 2025:
| Common units outstanding at December 31, 2025 | |||||
| Common unit repurchases under 2019 Buyback Program | ( | ||||
| Common units issued in connection with the vesting of phantom unit awards, net | |||||
| Other | |||||
| Common units outstanding at March 31, 2026 | |||||
Registration Statements
We have a universal shelf registration statement on file with the SEC which allows the Partnership and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively.
In addition, the Partnership has a registration statement on file with the SEC covering the issuance of up to $2.5 billion of its common units in amounts, at prices and on terms based on market conditions and other factors at the time of such offerings (referred to as the Partnership’s at-the-market (“ATM”) program). The Partnership did not issue any common units under its ATM program during the three months ended March 31, 2026. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of March 31, 2026.
We may issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital investments.
Common Unit Repurchases Under 2019 Buyback Program
In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. In October 2025, we announced that the Board approved an increase to the authorized maximum aggregate purchase price (excluding fees, commissions and other ancillary expenses) of the Partnership’s common units that may be repurchased under the 2019 Buyback Program from $2.0 billion to $5.0 billion. The 2019 Buyback Program authorizes the Partnership to repurchase its common units from time to time, including through open market purchases and negotiated transactions. No time limit has been set for completion of the program, and it may be suspended or discontinued at any time.
During the three months ended March 31, 2026 and 2025, the Partnership repurchased 3,124,192 and 1,803,215 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $116 million and $60 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At March 31, 2026, the remaining available capacity under the 2019 Buyback Program was $3.4 billion.
15
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Common Units Issued in Connection With the Vesting of Phantom Unit Awards
After taking into account tax withholding requirements, the Partnership issued 4,866,420 new common units to employees in connection with the vesting of phantom unit awards during the three months ended March 31, 2026. See Note 12 for information regarding our phantom unit awards.
Common Units Delivered Under DRIP and EUPP
The Partnership has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). In July 2019, the Partnership announced that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. This election is subject to change in future quarters depending on the Partnership’s need for equity capital.
During the three months ended March 31, 2026, agents of the Partnership purchased 1,013,933 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $1 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants. No other Partnership funds were used to satisfy these obligations. We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on May 14, 2026.
Preferred Units
As of March 31, 2026 and December 31, 2025, there were 45,412
We present the capital accounts attributable to our preferred unitholders as mezzanine equity on our consolidated balance sheets since the terms of the preferred units allow for cash redemption by such unitholders in the event of a Change of Control (as defined in our partnership agreement), without regard to the likelihood of such an event.
During the three months ended March 31, 2026, the Partnership made quarterly cash distributions to its preferred unitholders of $1 million.
Accumulated Other Comprehensive Income (Loss)
The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
| Cash Flow Hedges | Other | Total | |||||||||||||||||||||
| Commodity Derivative Instruments | Interest Rate Derivative Instruments | ||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), December 31, 2025 | $ | $ | $ | $ | |||||||||||||||||||
| Other comprehensive income (loss) for period, before reclassifications | ( | ( | |||||||||||||||||||||
| Reclassification of losses (gains) to net income during period | ( | ( | ( | ||||||||||||||||||||
| Total other comprehensive income (loss) for period | ( | ( | ( | ||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), March 31, 2026 | $ | ( | $ | $ | $ | ( | |||||||||||||||||
| Cash Flow Hedges | |||||||||||||||||||||||
| Commodity Derivative Instruments | Interest Rate Derivative Instruments | Other | Total | ||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), December 31, 2024 | $ | $ | $ | $ | |||||||||||||||||||
| Other comprehensive income (loss) for period, before reclassifications | |||||||||||||||||||||||
| Reclassification of losses (gains) to net income during period | ( | ||||||||||||||||||||||
| Total other comprehensive income (loss) for period | |||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), March 31, 2025 | $ | $ | $ | $ | |||||||||||||||||||
16
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income (loss) into net income during the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| Losses (gains) on cash flow hedges: | Location | 2026 | 2025 | ||||||||||||||||||||||||||
| Interest rate derivatives | Interest expense | $ | ( | $ | ( | ||||||||||||||||||||||||
| Commodity derivatives | Revenue | ( | |||||||||||||||||||||||||||
| Commodity derivatives | Operating costs and expenses | ||||||||||||||||||||||||||||
| Total | $ | ( | $ | ||||||||||||||||||||||||||
For information regarding our interest rate and commodity derivative instruments, see Note 13.
Cash Distributions
On April 9, 2026, we announced that the Board declared a quarterly cash distribution of $0.55 per common unit, or $2.20 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the first quarter of 2026. The quarterly distribution is payable on May 14, 2026 to unitholders of record as of the close of business on April 30, 2026. The total amount to be paid is $1.2 billion, which includes $12 million for distribution equivalent rights (“DERs”) on phantom unit awards.
17
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 9. Revenues
We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| NGL Pipelines & Services: | |||||||||||||||||||||||||||||
| Sales of NGLs and related products | $ | $ | |||||||||||||||||||||||||||
| Segment midstream services: | |||||||||||||||||||||||||||||
| Natural gas processing and fractionation | |||||||||||||||||||||||||||||
| Transportation | |||||||||||||||||||||||||||||
| Storage and terminals | |||||||||||||||||||||||||||||
| Total segment midstream services | |||||||||||||||||||||||||||||
| Total NGL Pipelines & Services | |||||||||||||||||||||||||||||
| Crude Oil Pipelines & Services: | |||||||||||||||||||||||||||||
| Sales of crude oil | |||||||||||||||||||||||||||||
| Segment midstream services: | |||||||||||||||||||||||||||||
| Transportation | |||||||||||||||||||||||||||||
| Storage and terminals | |||||||||||||||||||||||||||||
| Total segment midstream services | |||||||||||||||||||||||||||||
| Total Crude Oil Pipelines & Services | |||||||||||||||||||||||||||||
| Natural Gas Pipelines & Services: | |||||||||||||||||||||||||||||
| Sales of natural gas | |||||||||||||||||||||||||||||
| Segment midstream services: | |||||||||||||||||||||||||||||
| Transportation | |||||||||||||||||||||||||||||
| Total segment midstream services | |||||||||||||||||||||||||||||
| Total Natural Gas Pipelines & Services | |||||||||||||||||||||||||||||
| Petrochemical & Refined Products Services: | |||||||||||||||||||||||||||||
| Sales of petrochemicals and refined products | |||||||||||||||||||||||||||||
| Segment midstream services: | |||||||||||||||||||||||||||||
| Fractionation and isomerization | |||||||||||||||||||||||||||||
| Transportation, including marine logistics | |||||||||||||||||||||||||||||
| Storage and terminals | |||||||||||||||||||||||||||||
| Total segment midstream services | |||||||||||||||||||||||||||||
| Total Petrochemical & Refined Products Services | |||||||||||||||||||||||||||||
| Total consolidated revenues | $ | $ | |||||||||||||||||||||||||||
Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.
Unbilled Revenue and Deferred Revenue
The following tables provide information regarding our contract assets and contract liabilities at March 31, 2026:
| Contract Asset | Location | Balance | ||||||||||||
| Unbilled revenue (current amount) | Prepaid and other current assets | $ | ||||||||||||
| Total | $ | |||||||||||||
| Contract Liability | Location | Balance | ||||||||||||
| Deferred revenue (current amount) | Other current liabilities | $ | ||||||||||||
| Deferred revenue (noncurrent) | Other long-term liabilities | |||||||||||||
| Total | $ | |||||||||||||
18
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2026:
| Unbilled Revenue | Deferred Revenue | ||||||||||
| Balance at December 31, 2025 | $ | $ | |||||||||
| Amount included in opening balance transferred to other accounts during period (1) | ( | ( | |||||||||
| Amount recorded during period (2) | |||||||||||
| Amounts recorded during period transferred to other accounts (1) | ( | ( | |||||||||
| Other changes | ( | ||||||||||
| Balance at March 31, 2026 | $ | $ | |||||||||
(1)Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.
Remaining Performance Obligations
The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of March 31, 2026.
| Period | Fixed Consideration | |||||||
| $ | ||||||||
| Thereafter | ||||||||
| Total | $ | |||||||
Note 10. Business Segments and Related Information
Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold.
Financial information regarding these segments is evaluated regularly by our co-chief operating decision makers (“CODMs”) in deciding how to allocate resources and in assessing our operating and financial performance. The co-principal executive officers of our general partner have been identified as our CODMs.
The following information summarizes the assets and operations of each business segment:
•Our NGL Pipelines & Services business segment includes our natural gas processing and related NGL marketing activities, NGL pipelines, NGL fractionation facilities, NGL and related product storage facilities, and NGL marine terminals.
•Our Crude Oil Pipelines & Services business segment includes our crude oil pipelines, crude oil storage and marine terminals, and related crude oil marketing activities.
19
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
•Our Natural Gas Pipelines & Services business segment includes our natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas. This segment also includes our natural gas marketing activities.
•Our Petrochemical & Refined Products Services business segment includes our (i) propylene production facilities, which include propylene fractionation units and PDH facilities, and related pipelines and marketing activities, (ii) butane isomerization complex and related deisobutanizer operations, (iii) octane enhancement, iBDH and HPIB production facilities, (iv) refined products pipelines, terminals and related marketing activities, (v) ethylene export terminal and related operations; and (vi) marine transportation business.
Our plants, pipelines and other fixed assets are located in the U.S.
Segment Gross Operating Margin
Our CODMs evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations, forms the basis of our internal financial reporting, and is used by our CODMs on a monthly basis to monitor budgeted versus actual results. Our CODMs also consider gross operating margin results, in part, when determining how to allocate resources (e.g., employees and capital investments) to each segment, primarily in the annual budget process. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies.
The following table presents a reconciliation of total segment gross operating margin to income before income taxes for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Total segment gross operating margin | $ | $ | |||||||||||||||||||||||||||
| 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) | ( | ( | |||||||||||||||||||||||||||
| Asset impairment charges in operating costs and expenses | ( | ( | |||||||||||||||||||||||||||
| Net gains (losses) attributable to asset sales and related matters in operating costs and expenses | ( | ||||||||||||||||||||||||||||
| General and administrative costs | ( | ( | |||||||||||||||||||||||||||
| Non-refundable payments received from shippers attributable to make-up rights (2) | ( | ( | |||||||||||||||||||||||||||
| Subsequent recognition of revenues attributable to make-up rights (3) | |||||||||||||||||||||||||||||
| Total other expense, net (4) | ( | ( | |||||||||||||||||||||||||||
| Income before income taxes | $ | $ | |||||||||||||||||||||||||||
(1)Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use (“ROU”) assets, which are components of gross operating margin.
(2)Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are non-refundable to the shipper.
(3)As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.
(4)As presented on our Unaudited Condensed Statements of Consolidated Operations, Total other expense, net is comprised of Interest expense, Interest income and Other, net.
20
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Summarized Segment Financial Information
The following tables present segment revenues and significant segment expenses by segment, together with a reconciliation to segment gross operating margin, for the periods indicated:
| 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 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Revenues from related parties | |||||||||||||||||||||||||||||
| Intersegment and intrasegment revenues | |||||||||||||||||||||||||||||
| Total segment revenues | |||||||||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||
| Cost of sales | |||||||||||||||||||||||||||||
| Variable operating costs and expenses (1) | |||||||||||||||||||||||||||||
| Fixed operating costs and expenses (2) | |||||||||||||||||||||||||||||
| Total significant segment expenses | |||||||||||||||||||||||||||||
Other segment income (expense): | |||||||||||||||||||||||||||||
| Equity in income of unconsolidated affiliates | |||||||||||||||||||||||||||||
| Other segment items (3) | ( | ||||||||||||||||||||||||||||
| Total other segment income | |||||||||||||||||||||||||||||
| Total segment gross operating margin | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Other financial information: | |||||||||||||||||||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.
(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.
(3)Other segment items for each segment primarily represent the following:
•NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other miscellaneous segment items.
•Crude Oil Pipelines & Services – Other miscellaneous segment items.
•Natural Gas Pipelines & Services – Other miscellaneous segment items.
•Petrochemical & Refined Products Services – Other miscellaneous segment items.
21
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| 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 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Revenues from related parties | |||||||||||||||||||||||||||||
| Intersegment and intrasegment revenues | |||||||||||||||||||||||||||||
| Total segment revenues | |||||||||||||||||||||||||||||
| Significant segment expenses: | |||||||||||||||||||||||||||||
| Cost of sales | |||||||||||||||||||||||||||||
| Variable operating costs and expenses (1) | |||||||||||||||||||||||||||||
| Fixed operating costs and expenses (2) | |||||||||||||||||||||||||||||
| Total significant segment expenses | |||||||||||||||||||||||||||||
Other segment income: | |||||||||||||||||||||||||||||
| Equity in income of unconsolidated affiliates | |||||||||||||||||||||||||||||
| Other segment items (3) | |||||||||||||||||||||||||||||
Total other segment income | |||||||||||||||||||||||||||||
| Total segment gross operating margin | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
| Other financial information: | |||||||||||||||||||||||||||||
| Capital expenditures | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.
(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.
(3)Other segment items for each segment primarily represent the following:
•NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other miscellaneous segment items.
•Crude Oil Pipelines & Services – Other miscellaneous segment items.
•Petrochemical & Refined Products Services – Other miscellaneous segment items.
Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. The following table reconciles total segment revenues as reported in the preceding tables to consolidated revenues as presented on our Unaudited Condensed Statements of Consolidated Operations:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Segment revenues: | |||||||||||||||||||||||||||||
| NGL Pipelines & Services | $ | $ | |||||||||||||||||||||||||||
| Crude Oil Pipelines & Services | |||||||||||||||||||||||||||||
| Natural Gas Pipelines & Services | |||||||||||||||||||||||||||||
| Petrochemical & Refined Products Services | |||||||||||||||||||||||||||||
| Total segment revenues | |||||||||||||||||||||||||||||
| Elimination of intersegment and intrasegment revenues | ( | ( | |||||||||||||||||||||||||||
| Total consolidated revenues | $ | $ | |||||||||||||||||||||||||||
Segment expenses represent operating costs and expenses exclusive of (i) depreciation, amortization and accretion expenses (excluding amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets), (ii) impairment charges, and (iii) gains and losses attributable to asset sales and related matters. Segment expense presented in the tables above include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Additionally, the significant segment expense categories presented align with the manner in which our CODMs evaluate segment results. Our consolidated operating costs and expenses are inclusive of the aforementioned adjustments and reflect the elimination of intercompany transactions.
22
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table presents our segment assets, together with a reconciliation to our consolidated total assets, at the dates indicated:
| March 31, 2026 | December 31, 2025 | ||||||||||
| NGL Pipelines & Services | $ | $ | |||||||||
| Crude Oil Pipelines & Services | |||||||||||
| Natural Gas Pipelines & Services | |||||||||||
| Petrochemical & Refined Products Services | |||||||||||
| Total segment assets | |||||||||||
| Construction in progress | |||||||||||
| Current assets | |||||||||||
| Other assets | |||||||||||
| Consolidated total assets | $ | $ | |||||||||
Supplemental Revenue and Expense Information
The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Consolidated revenues: | |||||||||||||||||||||||||||||
| NGL Pipelines & Services | $ | $ | |||||||||||||||||||||||||||
| Crude Oil Pipelines & Services | |||||||||||||||||||||||||||||
| Natural Gas Pipelines & Services | |||||||||||||||||||||||||||||
| Petrochemical & Refined Products Services | |||||||||||||||||||||||||||||
| Total consolidated revenues | $ | $ | |||||||||||||||||||||||||||
| Consolidated costs and expenses | |||||||||||||||||||||||||||||
| Operating costs and expenses: | |||||||||||||||||||||||||||||
| Cost of sales | $ | $ | |||||||||||||||||||||||||||
| Other operating costs and expenses (1) | |||||||||||||||||||||||||||||
| Depreciation, amortization and accretion | |||||||||||||||||||||||||||||
| Asset impairment charges | |||||||||||||||||||||||||||||
| Net losses (gains) attributable to asset sales and related matters | ( | ||||||||||||||||||||||||||||
| General and administrative costs | |||||||||||||||||||||||||||||
| Total consolidated costs and expenses | $ | $ | |||||||||||||||||||||||||||
(1)Represents the cost of operating our plants, pipelines and other fixed assets excluding depreciation, amortization and accretion charges; asset impairment charges; and net losses (gains) attributable to asset sales and related matters.
Fluctuations in our product sales revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. In general, higher energy commodity prices result in an increase in our revenues attributable to product sales; however, these higher commodity prices would also be expected to increase the associated cost of sales as purchase costs are higher. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs.
23
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 11. Earnings Per Unit
The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| BASIC EARNINGS PER COMMON UNIT | |||||||||||||||||||||||||||||
| Net income attributable to common unitholders | $ | $ | |||||||||||||||||||||||||||
| Earnings allocated to phantom unit awards (1) | ( | ( | |||||||||||||||||||||||||||
| Net income allocated to common unitholders | $ | $ | |||||||||||||||||||||||||||
| Basic weighted-average number of common units outstanding | |||||||||||||||||||||||||||||
| Basic earnings per common unit | $ | $ | |||||||||||||||||||||||||||
| DILUTED EARNINGS PER COMMON UNIT | |||||||||||||||||||||||||||||
| Net income attributable to common unitholders | $ | $ | |||||||||||||||||||||||||||
| Net income attributable to preferred units | |||||||||||||||||||||||||||||
| Net income attributable to limited partners | $ | $ | |||||||||||||||||||||||||||
| Diluted weighted-average number of units outstanding: | |||||||||||||||||||||||||||||
| Distribution-bearing common units | |||||||||||||||||||||||||||||
| Phantom units (2) | |||||||||||||||||||||||||||||
| Preferred units (2) | |||||||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||||||
| Diluted earnings per common unit | $ | $ | |||||||||||||||||||||||||||
(1)Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding our phantom units.
(2)We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.
Note 12. Equity-Based Awards
An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Equity-classified awards: | |||||||||||||||||||||||||||||
| Phantom unit awards | $ | $ | |||||||||||||||||||||||||||
| Total | $ | $ | |||||||||||||||||||||||||||
The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of the Partnership’s common units upon vesting.
24
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Phantom Unit Awards
Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). The following table presents phantom unit award activity for the period indicated:
| Number of Units | Weighted- Average Grant Date Fair Value per Unit (1) | ||||||||||
| Phantom unit awards at December 31, 2025 | $ | ||||||||||
| Granted (4) | $ | ||||||||||
| Vested | ( | $ | |||||||||
| Forfeited | ( | $ | |||||||||
| Phantom unit awards at March 31, 2026 | $ | ||||||||||
(1)Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.
(2)The aggregate grant date fair value of phantom unit awards issued during 2026 was $284 million based on a grant date market price of the Partnership’s common units ranging from $32.16 to $35.19 per unit. An estimated annual forfeiture rate of 2.0 % was applied to these awards.
Each phantom unit award includes a DER, which entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by the Partnership to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed.
The following table presents supplemental information regarding phantom unit awards for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Cash payments made in connection with DERs | $ | $ | |||||||||||||||||||||||||||
| Total intrinsic value of phantom unit awards that vested during period | |||||||||||||||||||||||||||||
For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $437 million at March 31, 2026, of which our share of such cost is currently estimated to be $360 million. Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.4 years.
25
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 13. Hedging Activities and Fair Value Measurements
In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities.
Interest Rate Hedging Activities
We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), treasury locks and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy may be used in controlling our overall cost of capital associated with such borrowings.
We do not have any interest rate derivative instruments outstanding at March 31, 2026.
Commodity Hedging Activities
The prices of natural gas, NGLs, crude oil, petrochemicals and refined products, and power are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps and basis swaps.
At March 31, 2026, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins, (iii) hedging the fair value of commodity products held in inventory and (iv) hedging anticipated future purchases of power for certain operations in Southeast Texas.
•The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices through the use of derivative instruments and related contracts.
•The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing fixed-price sales for a portion of our expected equity production using derivative instruments and related contracts. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged using derivative instruments and related contracts.
•The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of derivative instruments and related contracts.
•The objective of our commercial energy hedging program is to hedge anticipated future purchases of power for certain operations in Southeast Texas by locking in purchase prices through the use of derivative instruments and related contracts.
26
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes our portfolio of commodity derivative instruments outstanding at March 31, 2026 (volume measures as noted):
| 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) | n/a | Cash flow hedge | |||||||||
| Forecasted sales of natural gas (Bcf) | Cash flow hedge | ||||||||||
| Forecasted sales of NGLs (MMBbls) | n/a | Cash flow hedge | |||||||||
| Octane enhancement: | |||||||||||
| Forecasted sales of octane enhancement products (MMBbls) | Cash flow hedge | ||||||||||
| Natural gas marketing: | |||||||||||
| Natural gas storage inventory management activities (Bcf) | n/a | Fair value hedge | |||||||||
| NGL marketing: | |||||||||||
| Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) | Cash flow hedge | ||||||||||
| Forecasted sales of NGLs and related hydrocarbon products (MMBbls) | Cash flow hedge | ||||||||||
| Refined products marketing: | |||||||||||
| Forecasted purchases of refined products (MMBbls) | n/a | Cash flow hedge | |||||||||
| Forecasted sales of refined products (MMBbls) | n/a | Cash flow hedge | |||||||||
| Crude oil marketing: | |||||||||||
| Forecasted purchases of crude oil (MMBbls) | Cash flow hedge | ||||||||||
| Forecasted sales of crude oil (MMBbls) | Cash flow hedge | ||||||||||
| Commercial energy: | |||||||||||
| Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) | Cash flow hedge | ||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||
| Natural gas risk management activities (Bcf) (3) | n/a | Mark-to-market | |||||||||
| NGL risk management activities (MMBbls) (3) | Mark-to-market | ||||||||||
| Refined products risk management activities (MMBbls) (3) | n/a | Mark-to-market | |||||||||
| Crude oil risk management activities (MMBbls) (3) | n/a | Mark-to-market | |||||||||
| Commercial energy risk management activities (TWh) (3) | n/a | Mark-to-market | |||||||||
(1)Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.
(2)The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2029, December 2026 and December 2027, respectively.
(3)Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.
The carrying amount of our inventories subject to fair value hedges was $2 million and $6 million at March 31, 2026 and December 31, 2025, respectively.
27
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Tabular Presentation of Fair Value Amounts, and Gains and Losses on
Derivative Instruments and Related Hedged Items
The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:
| 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 | $ | Current assets | $ | Current liabilities | $ | Current liabilities | $ | ||||||||||||||||||
| Commodity derivatives | Other assets | Other assets | Other liabilities | Other liabilities | ||||||||||||||||||||||
| Total commodity derivatives | ||||||||||||||||||||||||||
| Total derivatives designated as hedging instruments | $ | $ | $ | $ | ||||||||||||||||||||||
| Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||
| Commodity derivatives | Current assets | $ | Current assets | $ | Current liabilities | $ | Current liabilities | $ | ||||||||||||||||||
| Commodity derivatives | Other assets | Other assets | Other liabilities | Other liabilities | ||||||||||||||||||||||
| Total commodity derivatives | ||||||||||||||||||||||||||
| Total derivatives not designated as hedging instruments | $ | $ | $ | $ | ||||||||||||||||||||||
Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:
| 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 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
| As of December 31, 2025: | |||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
28
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| 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 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
| As of December 31, 2025: | |||||||||||||||||||||||||||||||||||||||||
| Commodity derivatives | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Derivative assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in these tables, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from these tables.
The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
| 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 | $ | ( | $ | |||||||||||||||||||||||||||||
| Total | $ | ( | $ | |||||||||||||||||||||||||||||
| 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 | $ | $ | |||||||||||||||||||||||||||||
| Total | $ | $ | ||||||||||||||||||||||||||||||
The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented. The remaining gain (loss) for each period presented is primarily attributable to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness.
29
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:
| 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 | $ | $ | |||||||||||||||||||||||||||
| Commodity derivatives – Revenue (1) | ( | ||||||||||||||||||||||||||||
| Commodity derivatives – Operating costs and expenses (1) | ( | ||||||||||||||||||||||||||||
| Total | $ | ( | $ | ||||||||||||||||||||||||||
(1)The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations when the forecasted transactions affect earnings.
| 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 | $ | $ | |||||||||||||||||||||||||||||
| Commodity derivatives | Revenue | ( | ||||||||||||||||||||||||||||||
| Commodity derivatives | Operating costs and expenses | ( | ( | |||||||||||||||||||||||||||||
| Total | $ | $ | ( | |||||||||||||||||||||||||||||
Over the next twelve months, we expect to reclassify $7 million of gains attributable to interest rate derivative instruments from accumulated other comprehensive income to earnings as a decrease in interest expense. Likewise, we expect to reclassify $161 million of losses attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings, with $147 million as a decrease in revenue and $14 million as an increase in operating costs and expenses.
The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:
| 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 | $ | ( | $ | ( | |||||||||||||||||||||||||||
| Commodity derivatives | Operating costs and expenses | ( | ( | |||||||||||||||||||||||||||||
| Total | $ | ( | $ | ( | ||||||||||||||||||||||||||||
The $102 million net loss recognized for the three months ended March 31, 2026 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $5 million of net realized losses and $97 million of net unrealized mark-to-market losses attributable to commodity derivatives.
Fair Value Measurements
The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.
30
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The values for commodity derivatives are presented before and after the application of CME Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.
| 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 | $ | $ | $ | $ | |||||||||||||||||||
| Impact of CME Rule 814 | ( | ( | ( | ||||||||||||||||||||
| Total commodity derivatives | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Commodity derivatives: | |||||||||||||||||||||||
| Value before application of CME Rule 814 | $ | $ | $ | $ | |||||||||||||||||||
| Impact of CME Rule 814 | ( | ( | ( | ||||||||||||||||||||
| Total commodity derivatives | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| 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 | $ | $ | $ | $ | |||||||||||||||||||
| Impact of CME Rule 814 | ( | ( | ( | ||||||||||||||||||||
| Total commodity derivatives | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Commodity derivatives: | |||||||||||||||||||||||
| Value before application of CME Rule 814 | $ | $ | $ | $ | |||||||||||||||||||
| Impact of CME Rule 814 | ( | ( | ( | ||||||||||||||||||||
| Total commodity derivatives | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
In the aggregate, the fair value of our commodity hedging portfolios at March 31, 2026 was a net derivative liability of $177 million prior to the impact of CME Rule 814.
Financial assets and liabilities recorded on the balance sheet at March 31, 2026 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.
31
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Other Fair Value Information
The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature. The estimated total fair value of our fixed-rate debt obligations was $30.2 billion and $32.2 billion at March 31, 2026 and December 31, 2025, respectively. The aggregate carrying value of these debt obligations was $32.5 billion and $34.1 billion at March 31, 2026 and December 31, 2025, respectively. These values are primarily based on quoted market prices for such debt or debt of similar terms and maturities (Level 2) and our credit standing. Changes in market rates of interest affect the fair value of our fixed-rate debt. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value.
Note 14. Related Party Transactions
The following table summarizes our related party transactions for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Revenues – related parties: | |||||||||||||||||||||||||||||
| Unconsolidated affiliates | $ | $ | |||||||||||||||||||||||||||
| Costs and expenses – related parties: | |||||||||||||||||||||||||||||
| EPCO and its privately held affiliates | $ | $ | |||||||||||||||||||||||||||
| Unconsolidated affiliates | |||||||||||||||||||||||||||||
| Total | $ | $ | |||||||||||||||||||||||||||
The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:
| March 31, 2026 | December 31, 2025 | ||||||||||
| Accounts receivable - related parties: | |||||||||||
| Unconsolidated affiliates | $ | $ | |||||||||
| Accounts payable - related parties: | |||||||||||
| EPCO and its privately held affiliates | $ | $ | |||||||||
| Unconsolidated affiliates | |||||||||||
| Total | $ | $ | |||||||||
We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties.
Relationship with EPCO and Affiliates
We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies.
At March 31, 2026, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:
| Total Number of Limited Partner Interests Held | Percentage of Common Units Outstanding | ||||
32
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Of the total number of Partnership common units held by EPCO and its privately held affiliates, 59,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at March 31, 2026. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of the Partnership’s common units.
The Partnership and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates use cash on hand and cash distributions they receive from us and other investments to fund their other activities and to meet their respective debt obligations, if any. During the three months ended March 31, 2026 and 2025, we paid EPCO and its privately held affiliates cash distributions totaling $374 million and $363 million, respectively.
We have no employees. All of our administrative and operating functions are provided either by employees of EPCO (pursuant to the ASA) or by other service providers. We and our general partner are parties to the ASA. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Operating costs and expenses | $ | $ | |||||||||||||||||||||||||||
| General and administrative expenses | |||||||||||||||||||||||||||||
| Total costs and expenses | $ | $ | |||||||||||||||||||||||||||
We lease office space from privately held affiliates of EPCO. For each of the three months ended March 31, 2026 and 2025, we recognized $6
Note 15. Income Taxes
Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the three months ended March 31, 2026 and 2025.
Our federal, state and foreign income tax benefit (provision) is summarized below:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Current portion of income tax provision: | |||||||||||||||||||||||||||||
| Federal | $ | ( | $ | ( | |||||||||||||||||||||||||
| State | ( | ( | |||||||||||||||||||||||||||
| Total current portion | ( | ( | |||||||||||||||||||||||||||
| Deferred portion of income tax provision: | |||||||||||||||||||||||||||||
| Federal | ( | ( | |||||||||||||||||||||||||||
| State | ( | ( | |||||||||||||||||||||||||||
| Total deferred portion | ( | ( | |||||||||||||||||||||||||||
| Total provision for income taxes | $ | ( | $ | ( | |||||||||||||||||||||||||
33
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:
| For the Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Pre-Tax Net Book Income (“NBI”) | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Income tax provision at the U.S. federal income tax rate | ( | ( | % | ( | ( | % | ||||||||||||||||||||||||||||||||||||||
| Reduction (increase) in provision for income taxes resulting from: | ||||||||||||||||||||||||||||||||||||||||||||
| Partnership income not subject to federal income tax | % | % | ||||||||||||||||||||||||||||||||||||||||||
| Texas Margin Tax (1) | ( | ( | % | ( | ( | % | ||||||||||||||||||||||||||||||||||||||
| Other | ( | ( | % | ( | ( | % | ||||||||||||||||||||||||||||||||||||||
| Provision for income taxes | $ | ( | ( | % | $ | ( | ( | % | ||||||||||||||||||||||||||||||||||||
| Effective income tax rate | ( | % | ( | % | ||||||||||||||||||||||||||||||||||||||||
(1)Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.
The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:
| March 31, 2026 | December 31, 2025 | ||||||||||
| Deferred tax liabilities: | |||||||||||
| Attributable to investment in OTA (1) | $ | $ | |||||||||
| Attributable to property, plant and equipment | |||||||||||
| Attributable to investments in other entities | |||||||||||
| Other | |||||||||||
| Total deferred tax liabilities | |||||||||||
| Deferred tax assets: | |||||||||||
| Net operating loss carryovers (2) | |||||||||||
| Temporary differences related to Texas Margin Tax | |||||||||||
| Total deferred tax assets | |||||||||||
| Total net deferred tax liabilities | $ | $ | |||||||||
(1)Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. (“OTA”), which we acquired in March 2020.
(2)The loss amount presented as of March 31, 2026 has an indefinite carryover period. All losses are subject to limitations on their utilization.
The following table presents income taxes paid, net of refunds received, during the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Federal | $ | $ | |||||||||||||||||||||||||||
| State | ( | ( | |||||||||||||||||||||||||||
| Total | $ | $ | ( | ||||||||||||||||||||||||||
34
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 16. Commitments and Contingent Liabilities
Litigation
As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the Partnership in litigation matters.
There were no accruals for litigation contingencies at March 31, 2026 and December 31, 2025, respectively.
Contractual Obligations
Scheduled Maturities of Debt
We have long-term and short-term payment obligations under debt agreements. In total, the principal amount of our consolidated debt obligations were $34.2 billion and $34.7 billion at March 31, 2026 and December 31, 2025, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal.
Lease Accounting Matters
There has been no significant change in our operating and finance lease obligations since those disclosed in the 2025 Form 10-K.
The following table presents information regarding operating and finance leases where we are the lessee at March 31, 2026:
| 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 | $ | $ | |||||||||||||||||||||
| Transportation equipment | |||||||||||||||||||||||
| Office and warehouse space | |||||||||||||||||||||||
| Total operating leases | |||||||||||||||||||||||
| Finance leases | |||||||||||||||||||||||
| Transportation equipment | |||||||||||||||||||||||
| Total finance leases | |||||||||||||||||||||||
| Total leases | $ | $ | |||||||||||||||||||||
(1)ROU asset amounts are a component of “” on our Unaudited Condensed Consolidated Balance Sheet.
(2)At March 31, 2026, operating lease liabilities of $88 million and $363 million were included within “” and “,” respectively. Additionally at March 31, 2026, finance lease liabilities of $3 million and $12 million were included within “” and “,” respectively.
(3)The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.
35
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table disaggregates our total operating and finance lease expense for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
| Long-term leases: | |||||||||||||||||||||||||||||
| Fixed operating lease expense: | |||||||||||||||||||||||||||||
| Non-cash lease expense (amortization of ROU assets) | $ | $ | |||||||||||||||||||||||||||
| Related accretion expense on lease liability balances | |||||||||||||||||||||||||||||
| Total fixed operating lease expense | |||||||||||||||||||||||||||||
| Fixed finance lease expense: | |||||||||||||||||||||||||||||
| Amortization of ROU assets | |||||||||||||||||||||||||||||
| Interest on finance lease liabilities | |||||||||||||||||||||||||||||
| Total fixed finance lease expense | |||||||||||||||||||||||||||||
| Variable lease expense | |||||||||||||||||||||||||||||
| Total long-term lease expense | |||||||||||||||||||||||||||||
| Short-term leases | |||||||||||||||||||||||||||||
| Total lease expense | $ | $ | |||||||||||||||||||||||||||
Cash paid for operating lease liabilities was $35 million and $34 million for the three months ended March 31, 2026 and 2025, respectively. Cash paid for finance leases was $1 million for the three months ended March 31, 2026.
Operating lease income was $5 million and $4 million for the three months ended March 31, 2026 and 2025, respectively.
Purchase Obligations
We have contractual future product purchase commitments for NGLs and crude oil representing enforceable and legally binding agreements as of the reporting date. In the ordinary course of business, we fulfill product purchase commitments with our third party suppliers. Outside of changes related to the ordinary course of business, our consolidated product purchase commitments at March 31, 2026 did not differ materially from those reported in our 2025 Form 10-K.
36
ENTERPRISE PRODUCTS PARTNERS L.P.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 17. Supplemental Cash Flow Information
The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Decrease (increase) in: | |||||||||||||||||
| Accounts receivable – trade | $ | ( | $ | ||||||||||||||
| Accounts receivable – related parties | |||||||||||||||||
| Inventories | ( | ||||||||||||||||
| Prepaid and other current assets | |||||||||||||||||
| Other assets | ( | ||||||||||||||||
| Increase (decrease) in: | |||||||||||||||||
| Accounts payable – trade | ( | ||||||||||||||||
| Accounts payable – related parties | ( | ( | |||||||||||||||
| Accrued product payables | ( | ||||||||||||||||
| Accrued interest | ( | ( | |||||||||||||||
| Other current liabilities | ( | ( | |||||||||||||||
| Other long-term liabilities | ( | ( | |||||||||||||||
| Net effect of changes in operating accounts | $ | ( | $ | ||||||||||||||
Cash payments for interest, net of $ | $ | $ | |||||||||||||||
We incurred liabilities for construction in progress that had not been paid at March 31, 2026 and December 31, 2025 of $465 million and $401 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.
The following table presents our cash proceeds from asset sales and other matters for the periods indicated:
| For the Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
Sale of Bahia NGL Pipeline ownership interest (1) | $ | $ | |||||||||||||||
| Other asset sales | |||||||||||||||||
| Total | $ | $ | |||||||||||||||
(1)In December 2025, we completed the sale of a 40 % undivided joint interest in our Bahia NGL Pipeline to ExxonMobil for approximately $655 million in cash. The cash consideration was payable in two installments, with $60 million received in December 2025 and the remaining $595 million received in January 2026.
37
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
For the Three Months Ended March 31, 2026 and 2025
The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and accompanying Notes included in this quarterly report on Form 10-Q and the Audited Consolidated Financial Statements and related Notes, together with our discussion and analysis of financial position and results of operations, included in our annual report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”), as filed on February 27, 2026 with the U.S. Securities and Exchange Commission (“SEC”). Our financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”).
Cautionary Statement Regarding Forward-Looking Information
This quarterly report on Form 10-Q for the three months ended March 31, 2026 (our “quarterly report”) contains various forward-looking statements and information that are based on our beliefs and those of our general partner, as well as assumptions made by us and information currently available to us. When used in this document, words such as “anticipate,” “project,” “expect,” “plan,” “seek,” “goal,” “estimate,” “forecast,” “intend,” “could,” “should,” “would,” “will,” “believe,” “may,” “scheduled,” “pending,” “potential” and similar expressions and statements regarding our plans and objectives for future operations are intended to identify forward-looking statements. Although we and our general partner believe that our expectations reflected in such forward-looking statements (including any forward-looking statements/expectations of third parties referenced in this quarterly report) are reasonable, neither we nor our general partner can give any assurances that such expectations will prove to be correct.
Forward-looking statements are subject to a variety of risks, uncertainties and assumptions as described in more detail under Part I, Item 1A of our 2025 Form 10-K. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or expected. You should not put undue reliance on any forward-looking statements. The forward-looking statements in this quarterly report speak only as of the date hereof. Except as required by federal and state securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or any other reason.
Key References Used in this Management’s Discussion and Analysis
Unless the context requires otherwise, references to “we,” “us” or “our” within this quarterly report are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries.
References to the “Partnership” or “Enterprise” mean Enterprise Products Partners L.P. on a standalone basis.
References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of the Partnership, and its consolidated subsidiaries, through which the Partnership conducts its business. We are managed by our general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company.
The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors of Enterprise GP (the “Board”); (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board; and (iii) W. Randall Fowler, who is also a director and a Co-Chief Executive Officer of Enterprise GP. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as managers of Dan Duncan LLC.
References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. The outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO; and (iii) Mr. Fowler, who serves as an Executive Vice President and the Chief Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as directors of EPCO.
38
We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. EPCO, together with its privately held affiliates, owned approximately 32.5% of the Partnership’s common units outstanding at March 31, 2026.
As generally used in the energy industry and in this quarterly report, the acronyms below have the following meanings:
| /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 | ||||||||||||
As used in this quarterly report, the phrase “quarter-to-quarter” means the first quarter of 2026 compared to the first quarter of 2025.
Overview of Business
We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “EPD.” Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries.
Our fully integrated, midstream energy asset network (or “value chain”) links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the U.S., Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include:
•natural gas gathering, treating, processing, transportation and storage;
•NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases (“LPG”) and ethane);
•crude oil gathering, transportation, storage, and marine terminals;
•propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities;
•petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”)); and
•a marine transportation business that operates on key U.S. inland and intracoastal waterway systems.
The safe operation of our assets is a top priority. We are committed to protecting the environment and the health and safety of the public and those working on our behalf by conducting our business activities in a safe and environmentally responsible manner. For additional information, see “Environmental, Safety and Conservation” within the Regulatory Matters section of Part I, Items 1 and 2 of the 2025 Form 10-K.
Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers.
Our financial position, results of operations and cash flows are subject to certain risks. For information regarding such risks, see “Risk Factors” included under Part I, Item 1A of the 2025 Form 10-K.
39
We provide investors access to additional information regarding the Partnership and our consolidated businesses, including information relating to governance procedures and principles, through our website, www.enterpriseproducts.com.
Selected Energy Commodity Price Data
The following table presents selected average index prices for natural gas and selected NGL products for the periods indicated:
| 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 | |||||||||||||||||||||||
(1)Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of S&P Global, Inc.
(2)NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu, Texas Non-TET commercial index prices as reported by Oil Price Information Service, which is a division of Dow Jones.
The weighted-average indicative market price for NGLs was $0.57 per gallon in the first quarter of 2026 versus $0.67 per gallon in the first quarter of 2025.
The following table presents selected average index prices for crude oil for the periods indicated:
| 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 | ||||||||
(1)WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX.
(2)Midland and Houston crude oil prices are based on commercial index prices as reported by Argus.
Fluctuations in our consolidated revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. An increase in our consolidated marketing revenues due to higher energy commodity sales prices may not result in an increase in gross operating margin or cash available for distribution, since our consolidated cost of sales amounts would also be expected to increase due to comparable increases in the purchase prices of the underlying energy commodities. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs.
We attempt to mitigate commodity price exposure through our hedging activities and the use of fee-based arrangements. See Note 13 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report and “Quantitative and Qualitative Disclosures About Market Risk” under Part I, Item 3 of this quarterly report for information regarding our commodity hedging activities.
40
Impact of Inflation
Inflation rates in the U.S., which are generally influenced by a variety of macroeconomic and policy-related factors, have moderated from prior levels, but remain a relevant consideration for the overall cost environment. In addition, there is uncertainty of what effect, if any, trade tariffs will have on inflation in future periods. However, to the extent that a rising cost environment impacts our results, there are typically offsetting benefits either inherent in our business or that result from other steps we take proactively to reduce the impact of inflation on our net operating results. These benefits include: (1) provisions included in our long-term fee-based revenue contracts that offset cost increases in the form of rate escalations based on positive changes in the U.S. Consumer Price Index, Producer Price Index for Finished Goods or other factors; (2) provisions in other revenue contracts that enable us to pass through higher energy costs to customers in the form of gas, electricity and fuel rebills or surcharges; and (3) higher commodity prices, which generally enhance our results in the form of increased volumetric throughput and demand for our services. Additionally, we take measures to mitigate the impact of cost increases in certain commodities, including a portion of our electricity needs, using fixed-price, term purchase agreements, or financial derivatives. For these reasons, the increased cost environment, caused in part by inflation, has not had a material impact on our historical results of operations for the periods presented in this report. However, a significant or prolonged period of high inflation could adversely impact our results if costs were to increase at a rate greater than the increase in the revenues we receive.
See “Capital Investments” within this Part I, Item 2 for a discussion of the impact of inflation on our capital investment decisions.
Income Statement Highlights
The following table summarizes the key components of our consolidated results of operations for the periods indicated (dollars in millions):
| 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 | |||||||||||||||||||
41
Revenues
The following table presents each business segment’s contribution to consolidated revenues for the periods indicated (dollars in millions):
| 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 | |||||||||||||||||||
First Quarter of 2026 Compared to First Quarter of 2025. Total revenues for the first quarter of 2026 decreased $1.0 billion when compared to the first quarter of 2025 primarily due to lower marketing revenues.
Revenues from the marketing of NGLs decreased $1.4 billion quarter-to-quarter primarily due to lower average sales prices. Revenues from the marketing of petrochemicals and refined products decreased $727 million quarter-to-quarter primarily due to lower sales volumes, which accounted for a $479 million decrease, and lower average sales prices, which accounted for an additional $248 million decrease. Revenues from the marketing of natural gas decreased $154 million quarter-to-quarter primarily due to lower average sales prices. Revenues from the marketing of crude oil increased a net $1.2 billion quarter-to-quarter primarily due to higher sales volumes, which accounted for a $1.4 billion increase, partially offset by lower average sales prices, which accounted for a $259 million decrease.
Revenues from midstream services for the first quarter of 2026 increased $51 million when compared to the first quarter of 2025 primarily due to higher demand for transportation services on our NGL and natural gas transportation assets.
Operating costs and expenses
Total operating costs and expenses for the first quarter of 2026 decreased $1.2 billion when compared to the first quarter of 2025.
Cost of sales
First Quarter of 2026 Compared to First Quarter of 2025. Cost of sales for the first quarter of 2026 decreased a net $1.3 billion when compared to the first quarter of 2025. The cost of sales associated with the marketing of NGLs decreased $1.9 billion quarter-to-quarter primarily due to lower average purchase prices. The cost of sales associated with the marketing of petrochemicals and refined products decreased $645 million quarter-to-quarter primarily due to lower volumes, which accounted for a $527 million decrease, and lower average purchase prices, which accounted for an additional $118 million decrease. The cost of sales associated with the marketing of crude oil increased a net $1.2 billion quarter-to-quarter primarily due to higher volumes which accounted for a $1.4 billion increase, partially offset by lower average purchase prices, which accounted for a $163 million decrease.
Other operating costs and expenses
Other operating costs and expenses for the first quarter of 2026 increased $75 million when compared to the first quarter of 2025 primarily due to higher employee compensation and chemical costs.
42
Depreciation, amortization and accretion expenses
Depreciation, amortization and accretion expense for the first quarter of 2026 increased $64 million when compared to the first quarter of 2025 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the first quarter of 2025.
General and administrative costs
General and administrative costs for the first quarter of 2026 increased $4 million when compared to the first quarter of 2025 primarily due to higher employee compensation costs.
Equity in income of unconsolidated affiliates
Equity income from our unconsolidated affiliates for the first quarter of 2026 decreased $18 million when compared to the first quarter of 2025 primarily due to lower earnings from investments in crude pipelines.
Operating income
Operating income for the first quarter of 2026 increased $134 million when compared to the first quarter of 2025 due to the previously described quarter-to-quarter changes.
Interest expense
The following table presents the components of our consolidated interest expense for the periods indicated (dollars in millions):
| 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 | |||||||||||||||||||
(1)The weighted-average interest rates on debt principal outstanding during the first quarters of 2026 and 2025 were 4.71% and 4.70%, respectively.
(2)We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings.
Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net $24 million quarter-to-quarter. This increase was primarily due to the issuance of $2.0 billion and $1.65 billion of fixed-rate senior notes in June 2025 and November 2025, respectively, which accounted for a combined increase of $44 million quarter-to-quarter, partially offset by the retirement of $1.15 billion, $750 million and $875 million of fixed-rate senior notes in February 2025, January 2026 and February 2026, respectively, which accounted for a combined decrease of $18 million quarter-to-quarter.
For additional information regarding our debt obligations, see Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. For a discussion of our capital projects, see “Capital Investments” within this Part I, Item 2.
Business Segment Highlights
Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold.
43
We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results.
The following table presents gross operating margin by segment and total gross operating margin, a non-generally accepted accounting principle (“non-GAAP”) financial measure, for the periods indicated (dollars in millions):
| 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 | |||||||||||||||||||
(1)Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found under Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
Gross operating margin includes equity in the earnings of unconsolidated affiliates, but is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies. Segment gross operating margin for NGL Pipelines & Services and Crude Oil Pipelines & Services reflect adjustments for shipper make-up rights that are included in management’s evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin.
The GAAP financial measure most directly comparable to total gross operating margin is operating income. For a discussion of operating income and its components, see the previous section titled “Income Statement Highlights” within this Part I, Item 2. The following table presents a reconciliation of operating income to total gross operating margin for the periods indicated (dollars in millions):
| 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 | |||||||||||||||||||
(1)Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets, which are components of gross operating margin.
44
Each of our business segments benefits from the supporting role of our marketing activities. The main purpose of our marketing activities is to support the utilization and expansion of assets across our midstream energy asset network by increasing the volumes handled by such assets, which results in additional fee-based earnings for each business segment. In performing these support roles, our marketing activities also seek to participate in supply and demand opportunities as a supplemental source of gross operating margin for us. The financial results of our marketing efforts fluctuate due to changes in volumes handled and overall market conditions, which are influenced by current and forward market prices for the products bought and sold.
NGL Pipelines & Services
The following table presents segment gross operating margin and selected volumetric data for the NGL Pipelines & Services segment for the periods indicated (dollars in millions, volumes as noted):
| 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 | |||||||||||||||||||||
(1)Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business.
(2)Volumes reported correspond to the revenue streams earned by our natural gas processing plants.
(3)Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d.
Natural gas processing and related NGL marketing activities
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from natural gas processing and related NGL marketing activities for the first quarter of 2026 increased $42 million when compared to the first quarter of 2025.
Gross operating margin from our Midland Basin natural gas processing facilities increased $25 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $15 million increase, an 11 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $7 million increase, and higher average processing fees, which accounted for an additional $4 million increase. Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 31 MMcf/d quarter-to-quarter.
Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $22 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $35 million increase, and higher fee-based natural gas processing volumes, which accounted for a $12 million increase, partially offset by a 10 MBPD decrease in equity NGL-equivalent production volumes, which accounted for an $18 million decrease, and higher operating costs, which accounted for an additional $7 million decrease. Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 242 MMcf/d quarter-to-quarter.
Gross operating margin from our NGL marketing activities increased a net $10 million quarter-to-quarter primarily due to higher sales volumes, which accounted for a $20 million increase, partially offset by lower average sales margins, which accounted for a $5 million decrease, and lower mark-to-market earnings, which accounted for an additional $4 million decrease.
45
Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $8 million quarter-to-quarter primarily due to lower average processing fees, which accounted for a $4 million decrease, and lower average processing margins (including the impact of hedging activities), which accounted for an additional $2 million decrease. On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 69 MMcf/d and increased 8 MBPD, respectively, quarter-to-quarter.
Gross operating margin from our South Texas natural gas processing facilities decreased $5 million quarter-to-quarter primarily due to higher operating costs. Fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 12 MMcf/d and increased 3 MBPD, respectively, quarter-to-quarter.
NGL pipelines, storage and terminals
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our NGL pipelines, storage and terminal assets during the first quarter of 2026 increased $1 million when compared to the first quarter of 2025.
A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, Shin Oak NGL Pipeline and Bahia NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased $22 million quarter-to-quarter primarily due to an increase in transportation volumes.
Gross operating margin from our Mont Belvieu area storage complex increased $11 million quarter-to-quarter primarily due to higher storage revenues.
Gross operating margin at our Morgan’s Point and Neches River Export Terminals increased a combined net $6 million quarter-to-quarter primarily due to an increase in ethane export volumes, which accounted for a $23 million increase, and higher other fee revenues, which accounted for an additional $3 million increase, partially offset by lower average loading fees, which accounted for a $10 million decrease, and higher operating costs, which accounted for an additional $10 million decrease. Ethane export volumes at these terminals increased a combined 104 MBPD quarter-to-quarter primarily due to contributions from the first phase of our Neches River export facility, which was placed into service in July 2025.
Gross operating margin from LPG-related activities at our Enterprise Hydrocarbons Terminal (“EHT”) decreased $42 million quarter-to-quarter primarily due to lower average loading fees. LPG export volumes at EHT decreased 1 MBPD quarter-to-quarter.
NGL fractionation
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from NGL fractionation during the first quarter of 2026 increased $42 million when compared to the first quarter of 2025.
Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $33 million quarter-to-quarter primarily due to higher fractionation volumes, which accounted for a $46 million increase, and higher average fractionation fees (including the impact of hedging activities), which accounted for an additional $25 million increase, partially offset by higher operating costs, which accounted for a $29 million decrease, and lower ancillary service revenues, which accounted for an additional $9 million decrease. NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 220 MBPD quarter-to-quarter primarily due to contributions from Frac 14, which was placed into service during the fourth quarter of 2025.
Crude Oil Pipelines & Services
The following table presents segment gross operating margin and selected volumetric data for the Crude Oil Pipelines & Services segment for the periods indicated (dollars in millions, volumes as noted):
| 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 | |||||||||||||||||||||
46
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our Crude Oil Pipelines & Services segment for the first quarter of 2026 decreased $45 million when compared to the first quarter of 2025.
Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined net $46 million quarter-to-quarter primarily due to lower average sales margins from marketing activities, which accounted for a $34 million decrease, lower transportation and related revenues, which accounted for a $24 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, and lower mark-to-market earnings, which accounted for an additional $11 million decrease, partially offset by higher sales volumes from marketing activities, which accounted for a $23 million increase. Crude oil transportation volumes on these pipelines increased a combined 83 MBPD (net to our interest) quarter-to-quarter.
Gross operating margin from crude oil activities at EHT decreased a net $2 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $11 million decrease, and lower storage revenues, which accounted for an additional $5 million decrease, partially offset by higher loading and other revenues, which accounted for a $14 million increase. Crude oil marine terminal volumes at EHT increased 113 MBPD quarter-to-quarter.
Natural Gas Pipelines & Services
The following table presents segment gross operating margin and selected volumetric data for the Natural Gas Pipelines & Services segment for the periods indicated (dollars in millions, volumes as noted):
| 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 | |||||||||||||||||||||
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our Natural Gas Pipelines & Services segment for the first quarter of 2026 increased $139 million when compared to the first quarter of 2025.
Gross operating margin from our natural gas marketing activities increased a net $111 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $134 million increase, partially offset by lower mark-to-market earnings, which accounted for a $23 million decrease.
Gross operating margin from our Texas Intrastate System increased $15 million quarter-to-quarter primarily due to higher capacity reservation fees and other revenues, which accounted for a $9 million increase, and a 388 BBtus/d increase in transportation volumes, which accounted for an additional $5 million increase.
Gross operating margin from our Acadian Gas System and Haynesville Gathering System increased a combined $8 million quarter-to-quarter primarily due to a 269 BBtus/d increase in transportation volumes.
Gross operating margin from our Midland Basin Gathering System increased a net $7 million quarter-to-quarter primarily due to a 157 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, and higher other revenues, which accounted for a $6 million increase, partially offset by higher operating costs, which accounted for a $5 million decrease.
Gross operating margin from our Delaware Basin Gathering System increased a net $1 million quarter-to-quarter primarily due to a 396 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, partially offset by higher operating costs, which accounted for a $5 million decrease.
Gross operating margin from our East Texas Gathering System decreased $4 million quarter-to-quarter primarily due to a 298 BBtus/d decrease in gathering volumes.
47
Petrochemical & Refined Products Services
The following table presents segment gross operating margin and selected volumetric data for the Petrochemical & Refined Products Services segment for the periods indicated (dollars in millions, volumes as noted):
| 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 | |||||||||||||||||||||
(1)Reflects aggregate sales volumes for our octane enhancement and iBDH facilities located at our Mont Belvieu area complex and our HPIB facility located adjacent to the Houston Ship Channel.
Propylene production and related activities
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from propylene production and related activities for the first quarter of 2026 increased $67 million when compared to the first quarter of 2025.
On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $62 million quarter-to-quarter primarily due to higher average propylene sales margins, which accounted for a $52 million increase, and higher propylene sales volumes, which accounted for an additional $30 million increase, partially offset by lower other revenues, which accounted for a $17 million decrease. Propylene and associated by-product production volumes at these facilities increased a combined 8 MBPD quarter-to-quarter.
Butane isomerization and related operations
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from butane isomerization and related operations for the first quarter of 2026 increased $2 million when compared to the first quarter of 2025 primarily due to higher average sales margins and a 38 MBPD increase in isomerization and related DIB processing volumes.
Octane enhancement and related plant operations
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our octane enhancement and related plant operations for the first quarter of 2026 decreased $46 million when compared to the first quarter of 2025 primarily due to lower sales volumes, which accounted for a $30 million decrease, and lower mark-to-market earnings, which accounted for an additional $13 million decrease. The quarter-to-quarter decrease in sales volumes at these facilities was primarily due to planned major maintenance activities at our octane enhancement plant during the first quarter of 2026, which were completed in April 2026.
Refined products pipelines and related activities
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from refined products pipelines and related activities for the first quarter of 2026 decreased $36 million when compared to the first quarter of 2025.
Gross operating margin from our refined products marketing activities decreased $35 million quarter-to-quarter primarily due to lower average sales margins, which accounted for a $24 million decrease, and lower non-cash, mark-to-market earnings, which accounted for an additional $11 million decrease.
48
Gross operating margin from our TE Products Pipeline System decreased a net $9 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $8 million decrease, and lower other revenues, which accounted for an additional $3 million decrease, partially offset by a 112 MBPD increase in transportation volumes, which accounted for a $3 million increase.
Gross operating margin from our refined products terminal in Beaumont, Texas increased $4 million quarter-to-quarter primarily due to higher storage and other fee revenues, which accounted for a $3 million increase, and lower operating expenses, which accounted for an additional $2 million increase. Refined products marine terminal volumes at Beaumont increased 34 MBPD quarter-to-quarter.
Ethylene exports and related activities
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from ethylene exports and related activities for the first quarter of 2026 increased a net $16 million when compared to the first quarter of 2025 primarily due to a 41 MBPD increase in ethylene export volumes, which accounted for an $18 million increase, a 51 MBPD increase in transportation volumes, which accounted for an additional $4 million increase, partially offset by higher operating costs, which accounted for a $7 million decrease.
Marine transportation and other services
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from marine transportation and other services for the first quarter of 2026 decreased $4 million when compared to the first quarter of 2025 primarily due to higher operating costs.
Liquidity and Capital Resources
Based on current market conditions (as of the filing date of this quarterly report), we believe that the Partnership and its consolidated businesses will have sufficient liquidity, cash flow from operations and access to capital markets to fund their capital investments and working capital needs for the reasonably foreseeable future. At March 31, 2026, we had $3.3 billion of consolidated liquidity. This amount was comprised of $191 million of unrestricted cash on hand and $3.1 billion of available borrowing capacity under EPO’s revolving credit facilities, which is the net of $4.2 billion of total borrowing capacity under EPO’s revolving credit facilities and $1.1 billion outstanding under EPO’s commercial paper program.
We may issue debt and equity securities to assist us in meeting our future funding and liquidity requirements, including those related to capital investments. We have a universal shelf registration statement on file with the SEC that allows the Partnership and EPO to issue an unlimited amount of equity and debt securities, respectively. In addition, we have a registration statement on file with the SEC covering the issuance of up to $2.5 billion of the Partnership’s common units in amounts, at prices and on terms based on market conditions and other factors at the time of such offerings (referred to as the Partnership’s at-the-market (“ATM”) program).
Enterprise Declares Cash Distribution for First Quarter of 2026
On April 9, 2026, we announced that the Board declared a quarterly cash distribution of $0.55 per common unit, or $2.20 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the first quarter of 2026. The quarterly distribution is payable on May 14, 2026 to unitholders of record as of the close of business on April 30, 2026. The total amount to be paid is $1.2 billion, which includes $12 million for distribution equivalent rights on phantom unit awards.
The payment of quarterly cash distributions is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. Management will evaluate any future increases in cash distributions on a quarterly basis.
49
Consolidated Debt
At March 31, 2026, the average maturity of EPO’s consolidated debt obligations was approximately 16.9 years. The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2026 for the years indicated (dollars in millions):
| 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 | |||||||||||||||||||||||||||
In March 2026, EPO entered into a new 364-Day Revolving Credit Agreement (the “March 2026 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement. The March 2026 $1.5 Billion 364-Day Revolving Credit Agreement matures in March 2027. EPO’s borrowing capacity was unchanged from the prior 364-day revolving credit agreement. As of March 31, 2026, there are no principal amounts outstanding under this new revolving credit agreement.
For additional information regarding our consolidated debt obligations, see Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
Credit Ratings
As of May 7, 2026, the investment-grade credit ratings of EPO’s long-term senior unsecured debt securities were A- from Standard and Poor’s, A3 from Moody’s and A- from Fitch Ratings. In addition, the credit ratings of EPO’s short-term senior unsecured debt securities were A-2 from Standard and Poor’s, P-2 from Moody’s and F-2 from Fitch Ratings. EPO’s credit ratings reflect only the view of a rating agency and should not be interpreted as a recommendation to buy, sell or hold any of our securities. A credit rating can be revised upward or downward or withdrawn at any time by a rating agency, if it determines that circumstances warrant such a change. A credit rating from one rating agency should be evaluated independently of credit ratings from other rating agencies.
Common Unit Repurchases Under 2019 Buyback Program
In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. In October 2025, we announced that the Board approved an increase to the authorized maximum aggregate purchase price (excluding fees, commissions and other ancillary expenses) of the Partnership’s common units that may be repurchased under the 2019 Buyback Program from $2.0 billion to $5.0 billion. The Partnership repurchased 3,124,192 common units during the three months ended March 31, 2026. The total cost of these repurchases, including commissions and fees was $116 million. As of March 31, 2026, the remaining available capacity under the 2019 Buyback Program was $3.4 billion.
Cash Flow Statement Highlights
The following table summarizes our consolidated cash flows from operating, investing and financing activities for the periods indicated (dollars in millions).
| 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 | |||||||||
50
Net cash flow provided by operating activities are largely dependent on earnings from our consolidated business activities. Changes in energy commodity prices may impact the demand for natural gas, NGLs, crude oil, petrochemicals and refined products, which could impact sales of our products and the demand for our midstream services. Changes in demand for our products and services may be caused by other factors, including prevailing economic conditions, reduced demand by consumers for the end products made with hydrocarbon products, increased competition, public health emergencies, adverse weather conditions and government regulations affecting prices and production levels. We may also incur credit and price risk to the extent customers do not fulfill their contractual obligations to us in connection with our marketing activities and long-term take-or-pay and dedication agreements. For a more complete discussion of these and other risk factors pertinent to our business, see “Risk Factors” included under Part I, Item 1A of the 2025 Form 10-K.
For additional information regarding our cash flow amounts, please refer to the Unaudited Condensed Statements of Consolidated Cash Flows included under Part I, Item 1 of this quarterly report.
The following information highlights significant quarter-to-quarter fluctuations in our consolidated cash flow amounts:
Operating activities
Net cash flow provided by operating activities for the first quarter of 2026 decreased a net $845 million when compared to the first quarter of 2025 primarily due to:
•a $1.1 billion quarter-to-quarter decrease from changes in operating accounts primarily due to the use of working capital employed in our marketing activities, which includes the impact of (i) fluctuations in commodity prices, (ii) timing of our inventory purchase and sale strategies, and (iii) changes in margin deposit requirements associated with our commodity derivative instruments; partially offset by
•a $232 million quarter-to-quarter increase resulting from higher partnership earnings (determined by adjusting our $90 million quarter-to-quarter increase in net income for changes in the non-cash items identified on our Unaudited Condensed Consolidated Statements of Consolidated Cash Flows).
For information regarding significant quarter-to-quarter changes in our consolidated net income and underlying segment results, see “Income Statement Highlights” and “Business Segment Highlights” within this Part I, Item 2.
Investing activities
Net cash flow used in investing activities during the first quarter of 2026 decreased $666 million when compared to the first quarter of 2025 primarily due to:
•a $592 million quarter-to-quarter increase in proceeds from asset sales and other matters primarily attributable to the $595 million second installment payment received in January 2026 related to the sale of a 40% undivided joint interest in the Bahia NGL Pipeline; and
•a $79 million quarter-to-quarter decrease in investments for property, plant and equipment (see “Capital Investments” within this Part I, Item 2 for additional information).
Financing activities
Net cash flow used in financing activities during the first quarter of 2026 increased $288 million when compared to the first quarter of 2025 primarily due to:
•a net cash outflow of $489 million related to debt transactions that occurred during the first quarter of 2026 compared to a net cash outflow of $332 million related to debt transactions that occurred during the first quarter of 2025. During the first quarter of 2026, we repaid $1.63 billion aggregate principal amount of senior notes, partially offset by net issuances of $1.1 billion under EPO’s commercial paper program. During the first quarter of 2025, we repaid $1.15 billion aggregate principal amount of senior notes, partially offset by net issuances of $830 million under EPO’s commercial paper program;
•a $56 million quarter-to-quarter increase in the repurchase of common units under the 2019 Buyback Program; and
•a $30 million quarter-to-quarter increase in cash distributions paid to common unitholders primarily attributable to increases in the quarterly cash distribution rate per unit.
51
Non-GAAP Cash Flow Measures
Distributable Cash Flow and Operational Distributable Cash Flow
Our partnership agreement requires us to make quarterly distributions to our common unitholders of all available cash, after any cash reserves established by Enterprise GP in its sole discretion. Cash reserves include those for the proper conduct of our business, including those for capital investments, debt service, working capital, operating expenses, common unit repurchases, commitments and contingencies and other amounts. The retention of cash allows us to reinvest in our growth and reduce our future reliance on the equity and debt capital markets.
We measure available cash by reference to distributable cash flow (“DCF”), which is a non-GAAP cash flow measure. DCF is an important financial measure for our common unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flows at a level that can sustain our declared quarterly cash distributions. DCF is also a quantitative standard used by the investment community with respect to publicly traded partnerships since the value of a partnership unit is, in part, measured by its yield, which is based on the amount of cash distributions a partnership can pay to a unitholder. Our management compares the DCF we generate to the cash distributions we expect to pay our common unitholders. Using this metric, management computes our distribution coverage ratio. Our calculation of DCF may or may not be comparable to similarly titled measures used by other companies.
Based on the level of available cash each quarter, management proposes a quarterly cash distribution rate to the Board, which has sole authority in approving such matters. Enterprise GP has a non-economic ownership interest in the Partnership and is not entitled to receive any cash distributions from it based on incentive distribution rights or other equity interests.
Operational distributable cash flow (“Operational DCF”), which is defined as DCF excluding the impact of proceeds from asset sales and other matters and monetization of interest rate derivative instruments, is a supplemental non-GAAP liquidity measure that quantifies the portion of cash available for distribution to common unitholders that was generated from our normal operations. We believe that it is important to consider this non-GAAP measure as it provides an enhanced perspective of our assets’ ability to generate cash flows without regard for certain items that do not reflect our core operations.
Our use of DCF and Operational DCF for the limited purposes described above and in this quarterly report is not a substitute for net cash flow provided by operating activities, which is the most comparable GAAP measure to DCF and Operational DCF. For a discussion of net cash flow provided by operating activities, see “Cash Flow Statement Highlights” within this Part I, Item 2.
52
The following table summarizes our calculation of DCF and Operational DCF for the periods indicated (dollars in millions):
| 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 | |||||||||||||||||||
(1)For a discussion of the primary drivers of changes in our comparative income statement amounts, see “Income Statement Highlights” within this Part I, Item 2.
(2)Reflects aggregate distributions received from unconsolidated affiliates attributable to both earnings and the return of capital.
(3)Sustaining capital expenditures include cash payments and accruals applicable to the period.
(4)See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for information regarding our quarterly cash distributions declared with respect to the periods indicated.
(5)Cash retained by the Partnership may be used for capital investments, debt service, working capital, operating expenses, common unit repurchases, commitments and contingencies and other amounts. The retention of cash reduces our reliance on the capital markets.
(6)Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to common unitholders and in connection with distribution equivalent rights with respect to the period.
53
The following table presents a reconciliation of net cash flow provided by operating activities to DCF and Operational DCF for the periods indicated (dollars in millions):
| 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 | |||||||||||||||||||
Capital Investments
Since the beginning of 2026, we have placed into service our second natural gas processing train at our Mentone West location in the Delaware Basin. We have approximately $5.3 billion of growth capital projects scheduled to be completed by the end of 2027, including the following projects (including their respective scheduled completion dates):
•natural gas gathering, compression and treating expansion projects in the Delaware and Midland Basins (2026 and 2027);
•the second phase of our Neches River Ethane / Propane Export Facility located in Orange County, Texas (second quarter of 2026);
•the expansion of our LPG and PGP export capacity at EHT, including Ref 4 (fourth quarter of 2026);
•a ninth natural gas processing train (“Athena”) in the Midland Basin (fourth quarter of 2026);
•a natural gas processing train in the Midland Basin (third quarter of 2027);
•a natural gas processing train in the Delaware Basin (fourth quarter of 2027); and
•the expansion and extension of the Bahia NGL Pipeline (fourth quarter of 2027).
Based on information currently available, we expect our total organic capital investments for 2026, net of contributions from noncontrolling interests, to approximate $3.5 to $3.8 billion, which reflects organic growth capital investments of $2.9 to $3.2 billion and sustaining capital expenditures of $580 million. In addition, we expect approximately $600 million in cash proceeds from asset sales and other matters during 2026, primarily from the second installment payment received in January 2026 related to the sale of a 40% undivided joint interest in our Bahia NGL Pipeline, which may be used to offset a portion of our forecasted organic growth capital investments.
Our forecast of capital investments is dependent upon our ability to generate the required funds from either operating cash flows or other means, including borrowings under debt agreements, the issuance of additional equity and debt securities, and potential divestitures. We may revise our forecast of capital investments due to factors beyond our control, such as adverse economic conditions, weather-related issues and changes in supplier prices resulting from raw material or labor shortages, supply chain disruptions or inflation. Furthermore, our forecast of capital investments may change over time based on future decisions by management, which may include changing the scope or timing of projects or cancelling projects altogether. Our success in raising capital, having the ability to increase revenues commensurate with cost increases and our ability to partner with other companies to share project costs and risks continue to be significant factors in determining how much capital we can invest. We believe our access to capital resources is sufficient to meet the demands of our current and future growth needs, and although we currently expect to make the forecast capital investments noted above, we may revise our plans in response to changes in economic and capital market conditions.
54
The following table summarizes our capital investments for the periods indicated (dollars in millions):
| 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 | |||||||
(1)Growth capital, sustaining capital and asset acquisition amounts presented in the table above are presented on a cash basis. In total, these amounts represent “Capital expenditures” as presented on our Unaudited Condensed Statements of Consolidated Cash Flows.
(2)Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows.
(3)Sustaining capital projects are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings. Sustaining capital expenditures include the costs of major maintenance activities at our reaction-based plants, which are accounted for using the deferral method.
Comparison of First Quarter of 2026 with First Quarter of 2025
In total, investments in growth capital projects decreased $145 million quarter-to-quarter primarily due to the following:
•lower investments at our Mont Belvieu area NGL fractionation complex (Frac 14 placed into service during the fourth quarter of 2025), which accounted for a $58 million decrease;
•lower investments in ethylene, ethane, and LPG export expansion and enhancement projects that support our Gulf Coast terminals (the first phase of our Neches River export facility placed into service in July 2025 and the second phase of enhancements at our Morgan’s Point terminal placed into service in December 2025), which accounted for an additional $46 million decrease; and
•lower investments in the construction of natural gas processing trains and related gathering system expansions in the Delaware and Midland Basins (two natural gas processing trains placed into service during the third quarter of 2025), which accounted for a $40 million decrease.
Investments attributable to sustaining capital projects increased $66 million quarter-to-quarter primarily due to higher major maintenance activities performed at certain of our reaction-based plants (e.g., our octane enhancement facilities) and fluctuations in timing and costs of pipeline integrity and similar projects.
Critical Accounting Policies and Estimates
A discussion of our critical accounting policies and estimates is included in our 2025 Form 10-K. The following types of estimates, in our opinion, are subjective in nature, require the exercise of professional judgment and involve complex analysis:
•depreciation methods and estimated useful lives of property, plant and equipment;
•measuring recoverability of long-lived assets and fair value of equity method investments;
•amortization methods of customer relationships and contract-based intangible assets;
•methods we employ to measure the fair value of goodwill and related assets; and
•the use of estimates for revenue and expenses.
When used to prepare our Unaudited Condensed Consolidated Financial Statements, the foregoing types of estimates are based on our current knowledge and understanding of the underlying facts and circumstances. Such estimates may be revised as a result of changes in the underlying facts and circumstances. Subsequent changes in these estimates may have a significant impact on our consolidated financial position, results of operations and cash flows.
55
Other Matters
Parent-Subsidiary Guarantor Relationship
The Partnership (the “Parent Guarantor”) has guaranteed the payment of principal and interest on the consolidated debt obligations of EPO (the “Subsidiary Issuer”) (collectively, the “Guaranteed Debt”). If EPO were to default on any of its Guaranteed Debt, the Partnership would be responsible for full and unconditional repayment of such obligations. At March 31, 2026, the total amount of Guaranteed Debt was $34.5 billion, which was comprised of $30.8 billion of EPO’s senior notes, $2.3 billion of EPO’s junior subordinated notes, $1.1 billion of commercial paper and $287 million of related accrued interest.
The Partnership’s guarantees of EPO’s senior note obligations, commercial paper notes and borrowings under bank credit facilities represent unsecured and unsubordinated obligations of the Partnership that rank equal in right of payment to all other existing or future unsecured and unsubordinated indebtedness of the Partnership. In addition, these guarantees effectively rank junior in right of payment to any existing or future indebtedness of the Partnership that is secured and unsubordinated, to the extent of the assets securing such indebtedness.
The Partnership’s guarantees of EPO’s junior subordinated notes represent unsecured and subordinated obligations of the Partnership that rank equal in right of payment to all other existing or future subordinated indebtedness of the Partnership and senior in right of payment to all existing or future equity securities of the Partnership. The Partnership’s guarantees of EPO’s junior subordinated notes effectively rank junior in right of payment to (i) any existing or future indebtedness of the Partnership that is secured, to the extent of the assets securing such indebtedness and (ii) all other existing or future unsecured and unsubordinated indebtedness of the Partnership.
The Partnership may be released from its guarantee obligations only in connection with EPO’s exercise of its legal or covenant defeasance options as described in the underlying agreements.
Selected Financial Information of Obligor Group
The following tables present summarized financial information of the Partnership (as Parent Guarantor) and EPO (as Subsidiary Issuer) on a combined basis (collectively, the “Obligor Group”), after the elimination of intercompany balances and transactions among the Obligor Group.
In accordance with Rule 13.01 of Regulation S-X, the summarized financial information of the Obligor Group excludes the Obligor Group’s equity in income and investments in the consolidated subsidiaries of EPO that are not party to the guarantee obligations (the “Non-Obligor Subsidiaries”). The total carrying value of the Obligor Group’s investments in the Non-Obligor Subsidiaries was $55.2 billion at March 31, 2026. The Obligor Group’s equity in the earnings of the Non-Obligor Subsidiaries for the first quarter of 2026 was $1.7 billion. Although the net assets and earnings of the Non-Obligor Subsidiaries are not directly available to the holders of the Guaranteed Debt to satisfy the repayment of such obligations, there are no significant restrictions on the ability of the Non-Obligor Subsidiaries to pay distributions or make loans to EPO or the Partnership. EPO exercises control over the Non-Obligor Subsidiaries. We continue to believe that the unaudited condensed consolidated financial statements of the Partnership presented under Part I, Item 1 of this quarterly report provide a more appropriate view of our credit standing. Our investment grade credit ratings are based on the Partnership’s consolidated financial statements and not the Obligor Group’s financial information presented below.
56
The following table presents summarized balance sheet information for the combined Obligor Group at the dates indicated (dollars in millions):
| 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 | |||||||
The following table presents summarized income statement information for the combined Obligor Group for the periods indicated (dollars in millions):
| 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) | |||||||||
Related Party Transactions
For information regarding our related party transactions, see Note 14 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
57
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
General
In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities.
We assess the risk associated with each of our derivative instrument portfolios using a sensitivity analysis model. This approach measures the change in fair value of the derivative instrument portfolio based on a hypothetical 10% change in the underlying interest rates or quoted market prices on a particular day. In addition to these variables, the fair value of each portfolio is influenced by changes in the notional amounts of the instruments outstanding. The sensitivity analysis approach does not reflect the impact that the same hypothetical price movement would have on the hedged exposures to which they relate. Therefore, the impact on the fair value of a derivative instrument resulting from a change in interest rates or quoted market prices (as applicable) would normally be offset by a corresponding gain or loss on the hedged debt instrument, inventory value or forecasted transaction assuming:
•the derivative instrument functions effectively as a hedge of the underlying risk;
•the derivative instrument is not closed out in advance of its expected term; and
•the hedged forecasted transaction occurs within the expected time period.
We routinely review the effectiveness of our derivative instrument portfolios in light of current market conditions. Accordingly, the nature and volume of our derivative instruments may change depending on the specific exposure being managed.
Commodity Hedging Activities
The price of energy commodities such as natural gas, NGLs, crude oil, petrochemicals and refined products and power are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps and basis swaps.
At March 31, 2026, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins, (iii) hedging the fair value of commodity products held in inventory and (iv) hedging anticipated future purchases of power for certain operations in Southeast Texas. For a summary of our portfolio of commodity derivative instruments outstanding, see Note 13 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
Sensitivity Analysis
The following tables show the effect of hypothetical price movements on the estimated fair values of our principal commodity derivative instrument portfolios at the dates indicated (dollars in millions).
The fair value information presented in the sensitivity analysis tables excludes the impact of applying Chicago Mercantile Exchange (“CME”) Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.
58
Natural gas marketing portfolio
| 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) | |||||||||||||||||||
NGL, petrochemical and refined products marketing, natural gas processing and octane enhancement portfolio
| 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 | |||||||||||||||||||
Crude oil marketing portfolio
| 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) | |||||||||||||||||||
Commercial energy derivative portfolio
| 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) | |||||||||||||||||||
Interest Rate Hedging Activities
We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), treasury locks and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy may be used in controlling our overall cost of capital associated with such borrowings. As of the filing date of this quarterly report, we do not have any interest rate hedging instruments outstanding.
59
ITEM 4. CONTROLS AND PROCEDURES.
Disclosure Controls and Procedures
As of the end of the period covered by this quarterly report, our management carried out an evaluation, with the participation of (i) A. James Teague, Co-Chief Executive Officer of Enterprise GP, (ii) W. Randall Fowler, Co-Chief Executive Officer of Enterprise GP and (iii) R. Daniel Boss, Executive Vice President and Chief Financial Officer of Enterprise GP, of the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 of the Securities Exchange Act of 1934. Based on this evaluation, as of the end of the period covered by this quarterly report, Messrs. Teague, Fowler and Boss concluded:
(i)that our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow for timely decisions regarding required disclosures; and
(ii)that our disclosure controls and procedures are effective.
Changes in Internal Control over Financial Reporting
There were no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) during the first quarter of 2026, that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
Section 302 and 906 Certifications
The required certifications of Messrs. Teague, Fowler and Boss under Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are included as exhibits to this quarterly report (see Exhibits 31 and 32 under Part II, Item 6 of this quarterly report).
60
PART II. OTHER INFORMATION.
ITEM 1. LEGAL PROCEEDINGS.
As part of our normal business activities, we may be named as defendants in litigation and legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to indemnify us against liabilities arising from future legal proceedings. We will vigorously defend the Partnership in litigation matters.
For additional information regarding our litigation matters, see Note 16 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
On occasion, we are assessed monetary penalties by governmental authorities related to administrative or judicial proceedings involving environmental matters. The following information summarizes matters where the eventual resolution of each of these matters may result in monetary sanctions in excess of $0.3 million. We do not expect that any expenditures related to the following matters will be material to our consolidated financial statements.
•In June 2019, we received a Notice of Violation from the U.S. Environmental Protection Agency (“EPA”) in connection with regulatory requirements applicable to facilities that we operate near Baton Rouge, Louisiana.
•In August 2022, we received a Notice of Violation from the U.S. EPA alleging that gasoline at two of our refined products terminals in Texas had exceeded certain Clean Air Act-related standards during two past regulatory control periods.
•In November 2024 and January 2025, we received notices that the New Mexico Environment Department intended to pursue enforcement for alleged exceedances of emission limits, and alleged associated late emissions reports, at our recently acquired Pinon Midstream treating facility and compressor station on various occasions from 2021 through October 2024 (prior to our acquisition date).
ITEM 1A. RISK FACTORS.
An investment in our securities involves certain risks. Security holders and potential investors in our securities should carefully consider the risks described under “Risk Factors” set forth in Part I, Item 1A of our 2025 Form 10-K, in addition to other information in such annual report and this quarterly report. The risk factors set forth in our 2025 Form 10-K are important factors that could cause our actual results to differ materially from those contained in any written or oral forward-looking statements made by us or on our behalf.
61
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Recent Issuances of Unregistered Securities
Holders of our Series A Cumulative Convertible Preferred Units (“preferred units”) are entitled to receive cumulative quarterly distributions at a rate of 7.25% per annum. We may satisfy our obligation to pay distributions to the preferred unitholders through the issuance, in whole or in part, of additional preferred units (referred to as paid-in-kind or “PIK” distributions), with the remainder in cash, subject to certain rights of a holder to elect all cash and other conditions as described in our partnership agreement.
The Partnership made quarterly PIK distributions to preferred unitholders in the first quarter of 2026 of 22,424 preferred units. All PIK distributions made during the first quarter of 2026 were to OTA Holdings, Inc. (“OTA”), an indirect, wholly owned subsidiary of the Partnership. The preferred units held by OTA are accounted for as treasury units in consolidation. For additional information regarding the preferred units, see Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.
The issuances of preferred units as PIK distributions during the first quarter of 2026 were undertaken in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof.
Other than as described above, there were no sales of unregistered equity securities during the first quarter of 2026.
Issuer Purchases of Equity Securities
The following table summarizes our equity repurchase activity during the first quarter of 2026:
| 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 | |||||||||||||||||||||
(1)In January 2019, we announced the 2019 Buyback Program, which authorized the repurchase of up to $2 billion of the Partnership’s common units. In October 2025, we announced that the 2019 Buyback Program was increased to authorize the repurchase of up to $5 billion of the Partnership’s common units. After giving effect to this increase, the remaining available capacity under the 2019 Buyback Program is $3.4 billion. Units repurchased under this program are cancelled immediately upon acquisition.
(2)Of the 7,118,344 phantom unit awards that vested in February 2026 and converted to common units, 2,254,919 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition.
(3)Of the 4,075 phantom unit awards that vested in March 2026 and converted to common units, 1,080 units were sold back to us by employees to cover related withholding tax requirements. These repurchases are not part of any announced program. We cancelled these units immediately upon acquisition.
62
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
During the three months ended March 31, 2026, no director or officer (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) of Enterprise GP adopted terminated
ITEM 6. EXHIBITS.
| Exhibit Number | Exhibit | ||||
| 2.1 | |||||
| 2.2 | |||||
| 2.3 | |||||
| 2.4 | |||||
| 2.5 | |||||
| 2.6 | |||||
| 2.7 | |||||
| 2.8 | |||||
| 2.9 | |||||
| 2.10 | |||||
63
| 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 | |||||
64
| 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 | |||||
65
66
| 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 | |||||
67
| 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 | |||||
68
| 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. | ||||
69
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 7, 2026.
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 | |||||||
70
EXHIBIT 22.1
List of Issuers of Debt Securities Guaranteed by Enterprise Products Partners L.P. and Associated Securities at March 31, 2026.
In compliance with Item 601(b)(22) of Regulation S-K, the following is a list of publicly traded debt securities issued by Enterprise Products Operating LLC (the “Subsidiary Issuer”) and guaranteed by Enterprise Products Partners L.P. (the “Parent Guarantor”) (dollars in millions):
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 | ||||
EXHIBIT 31.1
SARBANES-OXLEY SECTION 302 CERTIFICATION
I, A. James Teague, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 7, 2026
| /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. | |||||||
EXHIBIT 31.2
SARBANES-OXLEY SECTION 302 CERTIFICATION
I, W. Randall Fowler, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 7, 2026
| /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. | |||||||
EXHIBIT 31.3
SARBANES-OXLEY SECTION 302 CERTIFICATION
I, R. Daniel Boss, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Enterprise Products Partners L.P;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 7, 2026
| /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. | |||||||
EXHIBIT 32.1
SARBANES-OXLEY SECTION 906 CERTIFICATION
CERTIFICATION OF A. JAMES TEAGUE, CO-CHIEF EXECUTIVE OFFICER
OF ENTERPRISE PRODUCTS HOLDINGS LLC, THE GENERAL PARTNER OF
ENTERPRISE PRODUCTS PARTNERS L.P.
In connection with this quarterly report of Enterprise Products Partners L.P. (the “Registrant”) on Form 10-Q for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, A. James Teague, Co-Chief Executive Officer of Enterprise Products Holdings LLC, the General Partner of the Registrant, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: May 7, 2026
| /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. | |||||||
EXHIBIT 32.2
SARBANES-OXLEY SECTION 906 CERTIFICATION
CERTIFICATION OF W. RANDALL FOWLER, CO-CHIEF EXECUTIVE OFFICER
OF ENTERPRISE PRODUCTS HOLDINGS LLC, THE GENERAL PARTNER OF
ENTERPRISE PRODUCTS PARTNERS L.P.
In connection with this quarterly report of Enterprise Products Partners L.P. (the “Registrant”) on Form 10-Q for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, W. Randall Fowler, Co-Chief Executive Officer of Enterprise Products Holdings LLC, the General Partner of the Registrant, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: May 7, 2026
| /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. | |||||||
EXHIBIT 32.3
SARBANES-OXLEY SECTION 906 CERTIFICATION
CERTIFICATION OF R. DANIEL BOSS,
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
OF ENTERPRISE PRODUCTS HOLDINGS LLC, THE GENERAL PARTNER OF
ENTERPRISE PRODUCTS PARTNERS L.P.
In connection with this quarterly report of Enterprise Products Partners L.P. (the “Registrant”) on Form 10-Q for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, R. Daniel Boss, Executive Vice President and Chief Financial Officer of Enterprise Products Holdings LLC, the General Partner of the Registrant, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
Date: May 7, 2026
| /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. | |||||||