What changed in this filing

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Item 1. Financial Statements

2025-05-07 compared with 2024-11-08 · 281 added, 385 removed, 988 unchanged (40% of the section changed)

3 unchanged sentences

(Dollars in millions)

September 30,

Current assets:

2 unchanged sentences

Accounts receivable – trade, net of allowance for credit losses

of $ 38 at September 30, 2024 and $ 35 at December 31, 2023

of $ 38 at March 31, 2025 and $ 38 at December 31, 2024

Accounts receivable – related parties

23 unchanged sentences

Series A cumulative convertible preferred units (“preferred units”)

( 50,594 units outstanding at September 30, 2024 and 50,412 units outstanding at

( 50,782 units outstanding at March 31, 2025 and 50,687 units outstanding at

December 31, 2024 )

1 unchanged sentence

Common limited partner interests ( 2,168,902,635 units issued and outstanding at

September 30, 2024 , 2,168,245,238 units issued and outstanding at December 31, 2023 )

March 31, 2025 , 2,165,699,962 units issued and outstanding at December 31, 2024 )

Treasury units, at cost

8 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Third parties

24 unchanged sentences

(see Note 11)

Basic earnings per common unit

Diluted earnings per common unit

Basic and diluted earnings per common unit

See Notes to Unaudited Condensed Consolidated Financial Statements.

4 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Other comprehensive income (loss):

3 unchanged sentences

Changes in fair value of cash flow hedges

Reclassificatio n of losses ( gains) to ne t income

Reclassificati on of losses (gains) to ne t income

Interest rate hedging derivative instruments:

11 unchanged sentences

(Dollars in millions)

For the Nine Months

Ended September 30,

For the Three Months

Ended March 31,

Operating activities:

7 unchanged sentences

Distributions received from unconsolidated affiliates attributable to earnings

Net losses (gains) attributable to asset sales and related matters

Net gains attributable to asset sales and related matters

Deferred income tax expense

6 unchanged sentences

Capital expenditures

Investments in unconsolidated affiliates

Distributions received from unconsolidated affiliates attributable to the return of capital

21 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

(Dollars in millions)

3 unchanged sentences

Noncontrolling

For the Three Months Ended September 30, 2024 :

Balance June 30, 2024

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

Balance, September 30, 2024

Partners’ Equity

Comprehensive

Income (Loss)

Noncontrolling

For the Nine Months Ended September 30, 2024 :

Balance, December 31, 2024

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

Acquisition of noncontrolling interests

Cash flow hedges

Balance, September 30, 2024

See Notes to Unaudited Condensed Consolidated Financial Statements.

For information regarding Unit History and

Accumulated Other Comprehensive Income (Loss), see Note 8.

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023

(Dollars in millions)

Partners’ Equity

Comprehensive

Income (Loss)

Noncontrolling

For the Three Months Ended September 30, 2023 :

Balance, June 30, 2023

Cash distributions paid to common unitholders

Cash payments made in connection with

distribution equivalent rights

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

Balance, September 30, 2023

Balance, March 31, 2025

Partners’ Equity

2 unchanged sentences

Noncontrolling

For the Nine Months Ended September 30, 2023 :

Balance, December 31, 2023

Cash distributions paid to common unitholders

Cash payments made in connection with

distribution equivalent rights

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

Repurchase and cancellation of common units under 2019 Buyback Program

Amortization of fair value of equity-based awards

1 unchanged sentence

Cash flow hedges

Balance, September 30, 2023

Balance, March 31, 2024

See Notes to Unaudited Condensed Consolidated Financial Statements.

For information regarding Unit History and

For information regarding Unit History,

Accumulated Other Comprehensive Income (Loss), see Note 8.

25 unchanged sentences

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 32.4 % of the Partnership’s common units outstanding at September 30, 2024.

EPCO, together with its privately held affiliates, owned approximately 32.4 % of the Partnership’s common units outstanding at March 31, 2025.

With the exception of per unit amounts, or as noted within the context of each disclosure,

21 unchanged sentences

See Note 15 for information regarding related party matters.

Our results of operations for the nine months ended September 30, 2024 are not necessarily indicative of results expected for the full year of 2024.

Our results of operations for the three months ended March 31, 2025 are not necessarily indicative of results expected for the full year of 2025.

In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation.

9 unchanged sentences

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.

September 30,

Cash and cash equivalents

6 unchanged sentences

Our inventory amounts by product type were as follows at the dates indicated:

September 30,

Petrochemicals and refined products

2 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Cost of sales (1)

Lower of cost or net realizable value adjustments

recognized in cost of sales

Lower of cost or net realizable value adjustments recognized in cost of sales

Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.

4 unchanged sentences

The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:

September 30,

Plants, pipelines and facilities (1)(5)

32 unchanged sentences

On a weighted-average basis, the expected remaining amortization period for these costs is 3.2 years.

Property, plant and equipment at September 30, 2024 and December 31, 2023 includes $ 135 million and $ 109 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

Property, plant and equipment at March 31, 2025 and December 31, 2024 includes $ 133 million and $ 134 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, 2024:

4 unchanged sentences

Accretion expense (4)

ARO liability balance, September 30, 2024

ARO liability balance, March 31, 2025

Represents the initial recognition of estimated ARO liabilities during the period.

2 unchanged sentences

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 $ 261 million total ARO liability recorded at September 30, 2024 , $ 6 million was reflected as a current liability and $ 255 million as a long-term liability.

Of the $ 269 million total ARO liability recorded at March 31, 2025 , $ 6 million was reflected as a current liability and $ 263 million as a long-term liability.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Depreciation expense (1)

7 unchanged sentences

We account for these investments using the equity method.

September 30,

NGL Pipelines & Services

2 unchanged sentences

Petrochemical & Refined Products Services

The following table presents our equity in income of unconsolidated affiliates by business segment for the periods indicated:

The following table presents our equity in inc ome of u nconsolidated affiliates by business segment for the periods indicated:

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

NGL Pipelines & Services

7 unchanged sentences

The following table summarizes our intangible assets by business segment at the dates indicated:

September 30, 2024

March 31, 2025

December 31, 2024

18 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

NGL Pipelines & Services

9 unchanged sentences

The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:

September 30,

EPO senior debt obligations:

Commercial Paper Notes, variable-rates

Senior Notes JJ, 3.90 % fixed-rate, due February 2024

Senior Notes MM, 3.75 % fixed-rate, due February 2025

March 2024 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2025 (1)

Senior Notes FFF, 5.05 % fixed-rate, due January 2026

Senior Notes PP, 3.70 % fixed-rate, due February 2026

March 2025 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2026 (1)

Senior Notes HHH, 4.60 % fixed-rate, due January 2027

Senior Notes SS, 3.95 % fixed-rate, due February 2027

March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2028 (2)

Senior Notes WW, 4.15 % fixed-rate, due October 2028

1 unchanged sentence

Senior Notes AAA, 2.80 % fixed-rate, due January 2030

March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 (2)

Senior Notes GGG, 5.35 % fixed-rate, due January 2033

28 unchanged sentences

EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6)

TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (3)(7)

Total principal amount of senior and junior debt obligations

10 unchanged sentences

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 %.

Effective July 1, 2023 and in accordance with the Adjustable Interest Rate (LIBOR) Act, all series of our junior subordinated notes subject to a variable interest rate replaced the 3-month London Interbank Offered Rate (“LIBOR”) with 3-month CME Term SOFR plus a 0.26161% tenor spread adjustment.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

References to “TEPPCO” mean TEPPCO Partners, L.P.

prior to its merger with one of our wholly owned subsidiaries in October 2009.

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 nine months ended September 30, 2024:

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, 2025:

Range of Interest

3 unchanged sentences

4.50 % to 4.65 %

EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes

EPO Junior Subordinated Notes C

7.36 % to 7.51 %

6 unchanged sentences

Scheduled Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2024 for the next five years, and in total thereafter:

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2025 for the next five years, and in total thereafter:

Scheduled Maturities of Debt

Commercial Paper Notes

Junior Subordinated Notes

1 unchanged sentence

In March 2025, EPO entered into a new 364-Day Revolving Credit Agreement (the “March 2025 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement.

There were no principal amounts outstanding under the prior 364-day revolving credit agreement when it was replaced by the March 2024 $1.5 Billion 364-Day Revolving Credit Agreement.

As of September 30, 2024, there were no principal amounts outstanding under the March 2024 $1.5 Billion 364-Day Revolving Credit Agreement.

As of March 31, 2025, there were no principal amounts outstanding under the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement.

Under the terms of the March 2025 $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.

8 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Issuance of $2.0 Billion of Senior Notes in January 2024

In January 2024, EPO issued $ 2.0 billion aggregate principal amount of senior notes comprised of (i) $ 1.0 billion principal amount of senior notes due January 2027 (“Senior Notes HHH”) and (ii) $ 1.0 billion principal amount of senior notes due January 2034 (“Senior Notes III”).

Net proceeds from this offering were used by EPO for general company purposes, including for growth capital investments, and the repayment of debt (including the repayment of all of our $ 850 million principal amount of 3.90 % Senior Notes JJ at their maturity in February 2024 and amounts outstanding under our commercial paper program).

Senior Notes HHH were issued at 99.897 % of their principal amount and have a fixed interest rate of 4.60 % per year.

Senior Notes III were issued at 99.705 % of their principal amount and have a fixed interest rate of 4.85 % per year.

The Partnership guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Issuance of $2.5 Billion of Senior Notes in August 2024

In August 2024, EPO issued $ 2.5 billion aggregate principal amount of senior notes comprised of (i) $ 1.1 billion principal amount of senior notes due February 2035 (“Senior Notes JJJ”) and (ii) $ 1.4 billion principal amount of senior notes due February 2055 (“Senior Notes KKK”).

Net proceeds from this offering will be used by EPO for general company purposes, including for growth capital investments, and the repayment of debt (including the repayment of all or a portion of our $ 1.15 billion principal amount of 3.75 % Senior Notes MM at their maturity in February 2025).

Senior Notes JJJ were issued at 99.400 % of their principal amount and have a fixed interest rate of 4.95 % per year.

Senior Notes KKK were issued at 99.663 % of their principal amount and have a fixed interest rate of 5.55 % per year.

The Partnership guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Amendment to the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement

In March 2025, we amended our March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement to extend its maturity date from March 2028 to March 2030.

The remaining material terms of the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, as amended, are consistent with those reported in our 2024 Form 10-K.

Letters of Credit

At September 30, 2024, EPO had $ 28 million of letters of credit outstanding primarily related to our insurance program.

At March 31, 2025, EPO had $ 28 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 September 30, 2024.

We were in compliance with the financial covenants of our consolidated debt agreements at March 31, 2025.

Parent-Subsidiary Guarantor Relationships

The Partnership acts as guarantor of the consolidated debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO.

The Partnership acts as guarantor of the consolidated debt obligations of EPO.

If EPO were to default on any of its guaranteed debt, the Partnership would be responsible for full and unconditional repayment of such obligations.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Capital Accounts

7 unchanged sentences

2,168,902,635

Common unit repurchases under 2019 Buyback Program

Common units issued in connection with the vesting of phantom unit awards, net

Common units outstanding at June 30, 2024

2,170,301,640

Common unit repurchases under 2019 Buyback Program

Common units issued in connection with the vesting of phantom unit awards, net

Common units outstanding at September 30, 2024

2,167,752,040

Registration Statements

We have a universal shelf registration statement (the “2021 Shelf”) 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.

The 2021 Shelf will expire in November 2024, at which time we expect to file a replacement universal shelf registration statement.

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 nine months ended September 30, 2024 .

The Partnership’s capacity to issue additional common units under the ATM program remains at $ 2.5 billion as of September 30, 2024.

The Partnership did not issue any common units under its ATM program during the three months ended March 31, 2025 .

The Partnership’s capacity to issue additional common units under the ATM program remains at $ 2.5 billion as of March 31, 2025.

We may issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital investments.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Common Unit Repurchases Under 2019 Buyback Program

2 unchanged sentences

No time limit has been set for completion of the program, and it may be suspended or discontinued at any time.

During the three and nine months ended September 30, 2024, the Partnership repurchased 2,646,351 and 5,452,767 common units, respectively, under the 2019 Buyback Program through open market purchases.

During the three months ended March 31, 2025 and 2024, the Partnership repurchased 1,803,215 and 1,386,835 common units, respectively, under the 2019 Buyback Program through open market purchases.

The total cost of these repurchases, including commissions and fees, was $ 60 million and $ 40 million, respectively.

The Partnership elected not to repurchase common units during the three months ended September 30, 2023.

During the nine months ended September 30, 2023 , the Partnership repurchased 3,592,710 common units under the 2019 Buyback Program through open market purchases.

The total cost of these repurchases, including commissions and fees, was $ 92 million.

Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition.

At September 30, 2024, the remaining available capacity under the 2019 Buyback Program was $ 926 million.

At March 31, 2025, the remaining available capacity under the 2019 Buyback Program was $ 803 million.

Common Units Issued in Connection With the Vesting of Phantom Unit Awards

After taking into account tax withholding requirements, the Partnership issued 4,938,995 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 30, 2024.

After taking into account tax withholding requirements, the Partnership issued 4,989,490 new common units to employees in connection with the vesting of phantom unit awards during the three months ended March 31, 2025.

See Note 13 for information regarding our phantom unit awards.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Common Units Delivered Under DRIP and EUPP

2 unchanged sentences

This election is subject to change in future quarters depending on the Partnership’s need for equity capital.

During the nine months ended September 30, 2024 , agents of the Partnership purchased 4,971,186 common units on the open market and delivered them to participants in the DRIP and EUPP.

During the three months ended March 31, 2025 , agents of the Partnership purchased 1,063,842 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 November 14, 2024.

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, 2025.

Preferred Units

The following table summarizes changes in the number of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding since December 31, 2024.

Preferred units outstanding at December 31, 2023 and March 31, 2024

Paid in-kind distribution to third party

Preferred units outstanding at June 30, 2024

Preferred units outstanding at December 31, 2024

Paid in-kind distribution to third party

Preferred units outstanding at September 30, 2024

Preferred units outstanding at March 31, 2025

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 nine months ended September 30, 2024, the Partnership made quarterly cash distributions to its preferred unitholders of $ 3 million and paid-in-kind distributions of 182 new preferred units valued at less than $1 million.

During the three months ended March 31, 2025, the Partnership made quarterly cash distributions to its preferred unitholders of $ 1 million and paid-in-kind distributions of 95 new preferred units valued at less than $1 million.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Accumulated Other Comprehensive Income (Loss)

6 unchanged sentences

Total other comprehensive income (loss) for period

Accumulated Other Comprehensive Income (Loss), September 30, 2024

Accumulated Other Comprehensive Income (Loss), March 31, 2025

Cash Flow Hedges

4 unchanged sentences

Total other comprehensive income (loss) for period

Accumulated Other Comprehensive Income (Loss), September 30, 2023

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents reclassifications of losses (gains) out of accumulated other comprehensive income into net income during the periods indicated:

Accumulated Other Comprehensive Income (Loss), March 31, 2024

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 September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Losses (gains) on cash flow hedges:

5 unchanged sentences

For information regarding our interest rate and commodity derivative instruments, see Note 14.

Noncontrolling Interests

On February 16, 2024, we acquired the remaining 20 % equity interest in Whitethorn Pipeline Company LLC (“Whitethorn”) and remaining 25 % equity interest in Enterprise EF78 LLC (“EF78”) from affiliates of Western Midstream Partners, LP (“Western Midstream”) for total cash consideration of $ 375 million.

We funded the cash consideration using cash on hand and proceeds from the issuance of short-term notes under our commercial paper program.

As a result of these transactions, Whitethorn and EF78 are now our wholly owned subsidiaries.

Additionally, on March 27, 2024, we acquired an additional 15 % equity interest in Panola Pipeline Company, LLC (“Panola”) from an affiliate of Western Midstream for $ 25 million in cash consideration.

We funded the cash consideration using cash on hand.

As a result of this transaction, our equity interest in Panola increased to 70 %.

Since we had a controlling interest in each of these entities before and after the acquisitions, the increase in our ownership interest in each entity was accounted for as an equity transaction with no gain or loss recognized.

Cash Distributions

On October 2 , 2024, we announced that the Board declared a quarterly cash distribution of $ 0.525 per common unit, or $ 2.10 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the third quarter of 2024.

The quarterly distribution is payable on November 14 , 2024 to unitholders of record as of the close of business on October 31, 2024.

On April 7 , 2025, we announced that the Board declared a quarterly cash distribution of $ 0.535 per common unit, or $ 2.14 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the first quarter of 2025.

The quarterly distribution is payable on May 14 , 2025 to unitholders of record as of the close of business on April 30, 2025.

The total amount to be paid is $ 1.17 billion, which includes $ 11 million for distribution equivalent rights (“DERs”) on phantom unit awards.

7 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

NGL Pipelines & Services:

32 unchanged sentences

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at September 30, 2024:

The following table provides information regarding our contract assets and contract liabilities at March 31, 2025:

Contract Asset

6 unchanged sentences

Other long-term liabilities

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2024:

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2025:

Balance at December 31, 2024

3 unchanged sentences

Other changes

Balance at September 30, 2024

Balance at March 31, 2025

Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer.

4 unchanged sentences

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 September 30, 2024.

These amounts represent the revenues we expect to recognize in future periods from these contracts as of March 31, 2025.

Consideration

Three Months Ended December 31, 2024

Nine Months Ended December 31, 2025

One Year Ended December 31, 2026

8 unchanged sentences

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 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 co-chief operating decision makers.

While these two officers evaluate results in a number of different ways, the business segment structure is the primary basis for which the allocation of resources and financial results are assessed.

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:

7 unchanged sentences

Segment Gross Operating Margin

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.

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.

4 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents our measurement of total segment gross operating margin for the periods presented.

The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.

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 September 30,

For the Nine Months

Ended September 30,

Operating income

Adjustments to reconcile operating income to total segment gross operating margin

(addition or subtraction indicated by sign):

Ended March 31,

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 losses (gains) attributable to asset sales and related matters in operating costs

Net gains attributable to asset sales and related matters in operating costs

General and administrative costs

Non-refundable payments received from shippers attributable to make-up rights (2)

N on-refundable payments received from shippers attributable to make-up rights (2)

Subsequent recognition of revenues attributable to make-up rights (3)

Total segment gross operating margin

Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.

Total other expense, net (4)

Income before income taxes

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.

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;

1 unchanged sentence

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.

Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions.

The following table presents gross operating margin by segment for the periods indicated:

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Gross operating margin by segment:

NGL Pipelines & Services

Crude Oil Pipelines & Services

Natural Gas Pipelines & Services

Petrochemical & Refined Products Services

Total segment gross operating margin

As presented on our Statements of Consolidated Operations, Total other expense, net is comprised of Interest expense, Interest income and Other, net.

ENTERPRISE PRODUCTS PARTNERS L.P.

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Summarized Segment Financial Information

Information by business segment, together with reconciliations to amounts presented on, or included in, our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:

Reportable Business Segments

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, 2025

Petrochemical

Segment revenues:

Revenues from third parties

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

Revenues from related parties

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

Intersegment and intrasegment revenues

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

Total revenues:

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

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

Three months ended September 30, 2024

Three months ended September 30, 2023

Nine months ended September 30, 2024

Nine months ended September 30, 2023

Other segment items (3)

Total other segment income

Total segment gross operating margin

Other financial information:

Capital expenditures

Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

Other segment items for each segment primarily represent the following:

• NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights and subsequent recognition of revenues attributable to make-up rights.

• Crude Oil Pipelines & Services – Other segment expenses.

• Petrochemical & Refined Products Services – Other segment expenses.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024

Petrochemical

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 (expense), net

Total segment gross operating margin

Other financial information:

Capital expenditures

Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

Other segment items for each segment primarily represent the following:

• NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights and subsequent recognition of revenues attributable to make-up rights.

• Crude Oil Pipelines & Services – Other segment expenses.

• Natural Gas Pipelines & Services – Other segment expenses.

• Petrochemical & Refined Products Services – Other segment expenses.

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.

Substantially all of our consolidated revenues are earned in the U.S.

and derived from a wide customer base.

Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:

Reportable Business Segments

Petrochemical

Property, plant and equipment, net:

At September 30, 2024

At December 31, 2023

Investments in unconsolidated affiliates:

At September 30, 2024

At December 31, 2023

Intangible assets, net:

At September 30, 2024

At December 31, 2023

At September 30, 2024

At December 31, 2023

Segment assets:

At September 30, 2024

At December 31, 2023

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,

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.

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:

NGL Pipelines & Services

Crude Oil Pipelines & Services

Natural Gas Pipelines & Services

Petrochemical & Refined Products Services

Total segment assets

Construction in progress

Current assets

Consolidated total assets

Supplemental Revenue and Expense Information

1 unchanged sentence

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Consolidated revenues:

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Asset impairment charges

Ne t losses (gains) attributable to asset sales and related matters

Net gains attributable to asset sales and related matters

General and administrative costs

Total consolidated costs and expenses

Represents the cost of operating our plants, pipelines and other fixed assets excluding:

depreciation, amortization and accretion;

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.

and net 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.

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For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

BASIC EARNINGS PER COMMON UNIT

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Phantom units are considered participating securities for purposes of computing basic earnings per unit.

See Note 12 for information regarding phantom units.

See Note 13 for information regarding our phantom units.

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.

1 unchanged sentence

See Note 8 for information regarding preferred units.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Business Combination

Acquisition of Pi n on Midstream

On October 28, 2024, we acquired Pinon Midstream for $ 953 million in cash consideration.

We funded this transaction using cash on hand.

Pinon Midstream’s assets include 43 miles of natural gas gathering and redelivery pipelines, five 3-stage compressor stations, 270 million cubic feet per day (“MMcf/d”) of hydrogen sulfide and carbon dioxide treating facilities and two high capacity acid gas injection wells.

The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the acquisition at October 28, 2024 (the effective date of the acquisition).

The allocation is provisional and subject to ongoing efforts to clarify the values assigned to tangible and identifiable intangible assets.

Purchase price for 100% interest in Pinon Midstream

Recognized amounts of identifiable assets acquired and liabilities assumed (1):

Cash and cash equivalents

Property, plant and equipment

Contract-based intangible asset

Total identifiable net assets

As part of this transaction, we acquired other assets and assumed liabilities that net to a negligible amount.

Acquired other assets primarily included accounts receivable and ROU assets.

Assumed liabilities primarily included accounts payable and operating lease liabilities.

None of these amounts were considered individually significant.

On a historical pro forma basis, our revenues, costs and expenses, operating income, net income attributable to common unitholders and earnings per unit for the three months ended March 31, 2024 would not have differed materially from those we actually reported had the acquisition been completed on January 1, 2024 rather than October 28, 2024.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Equity-Based Awards

2 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Equity-classified awards:

3 unchanged sentences

Equity-classified awards are expected to result in the issuance of the Partnership’s common units upon vesting.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Phantom Unit Awards

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Phantom unit awards at December 31, 2024

Phantom unit awards at September 30, 2024

Phantom unit awards at March 31, 2025

Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

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For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

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 $ 244 million at September 30, 2024, of which our share of such cost is currently estimated to be $ 196 million.

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 385 million at March 31, 2025, of which our share of such cost is currently estimated to be $ 317 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.

Profits Interest Awards

As of January 1, 2024, EPCO had two limited partnerships (referred to as “Employee Partnerships”) that served as long-term incentive arrangements for key employees of EPCO by providing them profits interest awards (or Class B limited partner interests) in one or more of the Employee Partnerships.

The Class B limited partner interests of these two Employee Partnerships vested on March 26, 2024 when the closing market price of the Partnership’s common units exceeded $ 29.02 per unit.

As a result of these vesting events, we recognized an incremental $ 7 million of non-cash compensation expense in the three months ended March 31, 2024.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Hedging Activities and Fair Value Measurements

2 unchanged sentences

Substantially all of our derivatives are used for non-trading activities.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Interest Rate Hedging Activities

We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements.

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.

3 unchanged sentences

We use treasury lock agreements to hedge our exposure to interest rate changes and to reduce the volatility of financing costs on an expected future debt issuance.

During the fourth quarter of 2023, we entered into three treasury lock transactions to fix the ten-year treasury rate at a weighted-average rate of approximately 4.48 % on an aggregate notional amount of $ 600 million.

In January 2024, we entered into two additional treasury lock transactions to fix the ten-year treasury rate at 3.97 % on a notional amount of $ 400 million and to fix the three-year treasury rate at 4.11 % on a notional amount of $ 750 million.

The purpose of these transactions was to hedge the underlying interest rate risk associated with debt issuances that occurred in January 2024 (see Note 7).

In January 2024, we terminated these treasury lock transactions simultaneously with our issuance of the three-year and ten-year notes and made total cash payments of $ 29 million.

In August 2024, we entered into two treasury lock transactions to fix the ten-year treasury rate at 3.98 % on a notional amount of $ 1.0 billion and to fix the thirty-year treasury rate at 4.29 % on a notional amount of $ 1.0 billion.

The purpose of these transactions was to hedge the underlying interest rate risk associated with debt issuances that occurred in August 2024 (see Note 7).

In August 2024, we terminated these treasury lock transactions simultaneously with our issuance of the ten-year and thirty-year notes and made total cash payments of $ 4 million.

As cash flow hedges, losses on these derivative instruments are reflected as a component of accumulated other comprehensive income and will be amortized to earnings as a component of interest expense over the full term of each issuance.

Each of our treasury lock transactions was designated as a cash flow hedge of interest payments associated with an anticipated debt issuance.

During the first quarter of 2025, we entered into two treasury lock transactions to fix the seven-year treasury rate at a weighted-average rate of approximately 4.04 % on an aggregate notional amount of $ 500 million.

As cash flow hedges, changes in the fair value of these derivative instruments are reflected as a component of accumulated other comprehensive income.

As of March 31, 2025, the fair value of these treasury locks was $ 2 million.

In April 2025, we entered into two additional treasury lock transactions to fix the seven-year treasury rate at a weighted-average rate of approximately 3.87 % on an aggregate notional amount of $ 250 million.

Each of our outstanding treasury locks is expected to settle in May 2025.

Upon settlement, the gains or losses in accumulated other comprehensive income (loss) will be amortized to interest expense over the life of the future underlying debt issuance.

Commodity Hedging Activities

1 unchanged sentence

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 September 30, 2024 , 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 .

At March 31, 2025 , 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.

6 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2024 (volume measures as noted):

The following table summarizes our portfolio of commodity derivative instruments outstanding at March 31, 2025 (volume measures as noted):

Derivative Purpose

2 unchanged sentences

Natural gas processing:

Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))

Cash flow hedge

Forecasted sales of natural gas (Bcf)

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Natural gas marketing:

Forecasted purchases of natural gas (Bcf)

Cash flow hedge

Natural gas storage inventory management activities (Bcf)

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Petrochemical marketing:

Forecasted purchases of petrochemical products (MMBbls)

Cash flow hedge

Forecasted sales of petrochemical products (MMBbls)

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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.

The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2027, January 2025 and December 2027, respectively.

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 $ 3 million and $ 2 million at September 30, 2024 and December 31, 2023, respectively.

The carrying amount of our inventories subject to fair value hedges was $ 8 million and $ 11 million at March 31, 2025 and December 31, 2024, respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

5 unchanged sentences

Liability Derivatives

September 30, 2024

March 31, 2025

December 31, 2024

September 30, 2024

March 31, 2025

December 31, 2024

Derivatives designated as hedging instruments

Interest derivatives

Interest rate derivatives

Commodity derivatives

22 unchanged sentences

(v) = (iii) + (iv)

As of September 30, 2024:

As of March 31, 2025:

Interest rate derivatives

Commodity derivatives

11 unchanged sentences

(v) = (iii) + (iv)

As of September 30, 2024:

As of March 31, 2025:

Commodity derivatives

As of December 31, 2024:

Interest rate derivatives

Commodity derivatives

11 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Commodity derivatives

4 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Commodity derivatives

5 unchanged sentences

Change in Value Recognized in

Other Comprehensive Income (Loss) on Derivative

Other Comprehensive Income (Loss)

on Derivative

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Interest rate derivatives

2 unchanged sentences

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.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Derivatives in Cash Flow

1 unchanged sentence

Gain (Loss) Reclassified from

Accumulated Other Comprehensive Income (Loss) to Income

Accumulated Other

Comprehensive Income (Loss)

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Interest rate derivatives

3 unchanged sentences

Operating costs and expenses

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Over the next twelve months, we expect to reclassify $ 6 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 $ 125 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $ 139 million as an increase in revenue and $ 14 million as an increase in operating costs and expenses.

Likewise, we expect to reclassify $ 107 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $ 94 million as an increase in revenue and $ 13 million as a decrease 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:

4 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Commodity derivatives

1 unchanged sentence

Operating costs and expenses

The $ 10 million net loss recognized for the nine months ended September 30, 2024 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 16 million of net realized losses and $ 6 million of net unrealized mark-to-market gains attributable to commodity derivatives.

The $ 23 million net loss recognized for the three months ended March 31, 2025 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 15 million of net realized gains and $ 38 million of net unrealized mark-to-market losses attributable to commodity derivatives.

Fair Value Measurements

8 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At September 30, 2024

At March 31, 2025

Fair Value Measurements Using

3 unchanged sentences

Financial assets:

Interest rate derivatives

Commodity derivatives:

18 unchanged sentences

Financial liabilities:

Interest rate derivatives:

Commodity derivatives:

2 unchanged sentences

Total commodity derivatives

In the aggregate, the fair value of our commodity hedging portfolios at September 30, 2024 was a net derivative asset of $ 138 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at September 30, 2024 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

In the aggregate, the fair value of our commodity hedging portfolios at March 31, 2025 was a net derivative asset of $ 65 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at March 31, 2025 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

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 $ 30.4 billion and $ 26.7 billion at September 30, 2024 and December 31, 2023, respectively.

The aggregate carrying value of these debt obligations was $ 31.6 billion and $ 28.0 billion at September 30, 2024 and December 31, 2023, respectively.

The estimated total fair value of our fixed-rate debt obligations was $ 28.1 billion and $ 28.9 billion at March 31, 2025 and December 31, 2024, respectively.

The aggregate carrying value of these debt obligations was $ 30.5 billion and $ 31.6 billion at March 31, 2025 and December 31, 2024, 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.

5 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Revenues – related parties:

4 unchanged sentences

The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:

September 30,

Accounts receivable - related parties:

7 unchanged sentences

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 September 30, 2024, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:

At March 31, 2025, 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

3 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Of the total number of Partnership common units held by EPCO and its privately held affiliates, 62,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at September 30, 2024.

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, 2025.

These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO.

2 unchanged sentences

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 nine months ended September 30, 2024 and 2023, we paid EPCO and its privately held affiliates cash distributions totaling $ 1.1 billion and $ 1.0 billion, respectively.

During the three months ended March 31, 2025 and 2024, we paid EPCO and its privately held affiliates cash distributions totaling $ 363 million and $ 350 million, respectively.

We have no employees.

3 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Operating costs and expenses

1 unchanged sentence

Total costs and expenses

We lease office space from privately held affiliates of EPCO at rental rates that approximate market rates.

For the three months ended September 30, 2024 and 2023 , we recognized $ 7 million and $ 3 million, respectively, of related party operating lease expense in connection with these office space leases.

For the nine months ended September 30, 2024 and 2023, we recognized $ 17 million and $ 10 million, respectively, of related party operating lease expense in connection with these office space leases.

We lease office space from privately held affiliates of EPCO.

For the three months ended March 31, 2025 and 2024 , we recognized $ 6 million and $ 3 million, respectively, of related party operating lease expense in connection with these office space leases.

Income taxes are accounted for under the asset-and-liability method.

5 unchanged sentences

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 and nine months ended September 30, 2024 and 2023 .

We did not rely on any uncertain tax positions in recording our income tax-related amounts during the first quarters of 2025 and 2024.

Our federal, state and foreign income tax benefit (provision) is summarized below:

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Current portion of income tax provision:

8 unchanged sentences

For the Three Months

Ended September 30,

For the Nine Months

Ended September 30,

Ended March 31,

Pre-Tax Net Book Income (“NBI”)

1 unchanged sentence

State income tax provision, net of federal benefit

Federal income tax provision computed by applying

the federal statutory rate to NBI of corporate entities

Federal income tax provision computed by applying the federal

statutory rate to NBI of corporate entities

Provision for income taxes

2 unchanged sentences

The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:

September 30,

Deferred tax liabilities:

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("OTA"), which we acquired in March 2020.

The loss amount presented as of September 30, 2024 has an indefinite carryover period.

The loss amount presented as of March 31, 2025 has an indefinite carryover period.

All losses are subject to limitations on their utilization.

5 unchanged sentences

We will vigorously defend the Partnership in litigation matters.

There were no accruals for litigation contingencies at September 30, 2024 and December 31, 2023, respectively.

There were no accruals for litigation contingencies at March 31, 2025 and December 31, 2024, respectively.

Contractual Obligations

1 unchanged sentence

We have long-term and short-term payment obligations under debt agreements.

In total, the principal amount of our consolidated debt obligations were $ 32.2 billion and $ 29.0 billion at September 30, 2024 and December 31, 2023, respectively.

In total, the principal amount of our consolidated debt obligations were $ 31.9 billion and $ 32.2 billion at March 31, 2025 and December 31, 2024, 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 lease obligations since those disclosed in the 2023 Form 10-K.

The following table presents information regarding operating leases where we are the lessee at September 30, 2024:

There has been no significant change in our operating and finance lease obligations since those disclosed in the 2024 Form 10-K.

The following table presents information regarding operating and finance leases where we are the lessee at March 31, 2025:

Asset Category

Operating leases

Storage and pipeline facilities

1 unchanged sentence

Office and warehouse space

Right of use (“ROU”) asset amounts are a component of “ Other assets ” on our Unaudited Condensed Consolidated Balance Sheet.

At September 30, 2024, lease liabilities of $ 95 million and $ 350 million were included within “ Other current liabilities ” and “ Other long-term liabilities ,” respectively.

Total operating leases

Finance leases

Transportation equipment

Total finance leases

ROU asset amounts are a component of “ Other assets ” on our Unaudited Condensed Consolidated Balance Sheet.

At March 31, 2025, operating lease liabilities of $ 104 million and $ 348 million were included within “ Other current liabilities ” and “ Other long-term liabilities ,” respectively.

Additionally at March 31, 2025, finance lease liabilities of $ 2 million and $ 11 million were included within " Other current liabilities " and " Other long-term liabilities ," respectively.

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 .

The following table disaggregates our total operating lease expense for the periods indicated :

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 September 30,

For the Nine Months

Ended September 30,

Long-term operating leases:

Fixed lease expense:

Ended March 31,

Long-term leases:

Fixed operating lease expense:

Non-cash lease expense (amortization of ROU assets)

Related accretion expense on lease liability balances

Total fixed lease expense

Total fixed operating lease expense

Fixed finance lease expense:

Amortization of ROU assets (1)

Interest on finance lease liabilities (1)

Total fixed finance lease expense (1)

Variable lease expense

Total long-term operating lease expense

Short-term operating leases

Total operating lease expense

Total long-term lease expense

Short-term leases

Total lease expense

For the three months ended March 31, 2025, total fixed finance lease expense, which include amortization of finance lease ROU assets and interest on finance lease liabilities, was less than $1 million.

Amount is negligible.

Cash paid for operating lease liabilities was $ 34 million and $ 23 million for the three months ended March 31, 2025 and 2024, respectively.

Operating lease income for each of the three months ended March 31, 2025 and 2024 was $ 4 million.

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, 2025 did not differ materially from those reported in our 2024 Form 10-K.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Cash paid for operating lease liabilities was $ 28 million and $ 21 million for the three months ended September 30, 2024 and 2023, respectively.

For the nine months ended September 30, 2024 and 2023, cash paid for operating lease liabilities was $ 78 million and $ 62 million, respectively.

Operating lease income for each of the three months ended September 30, 2024 and 2023 was $ 4 million.

For the nine months ended September 30, 2024 and 2023, operating lease income was $ 11 million and $ 12 million, respectively.

Purchase Obligations

We have contractual future product purchase commitments for natural gas, NGLs, crude oil, petrochemicals and refined products representing enforceable and legally binding agreements as of the reporting date.

Our product purchase commitments decreased from $ 11.9 billion at December 31, 2023 to $ 9.0 billion at September 30, 2024 primarily due to commitments that expired during the year.

Supplemental Cash Flow Information

The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:

For the Nine Months

Ended September 30,

For the Three Months

Ended March 31,

Decrease (increase) in:

11 unchanged sentences

Cash payments for interest, net of $ 45 and $ 25 capitalized during the

nine months ended September 30, 2024 and 2023 , respectively

Cash payments for federal and state income taxes

We incurred liabilities for construction in progress that had not been paid at September 30, 2024 and December 31, 2023 of $ 491 million and $ 400 million, respectively.

three months ended March 31, 2025 and 2024 , respectively

Cash refunds for federal and state income taxes

We incurred liabilities for construction in progress that had not been paid at March 31, 2025 and December 31, 2024 of $ 586 million and $ 490 million, respectively.

Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.

Subsequent Event

Acquisition of Pi ñ on Midstream

In August 2024, we announced that an affiliate of Enterprise entered into a definitive agreement to acquire Piñon Midstream, LLC (“Piñon Midstream”) for $ 950 million in cash consideration.

This transaction, which closed October 28, 2024, was funded using cash on hand.

Piñon Midstream’s assets include approximately 50 miles of natural gas gathering and redelivery pipelines, five 3-stage compressor stations, 270 million cubic feet per day (“MMcf/d”) of hydrogen sulfide and carbon dioxide treating facilities and two high capacity acid gas injection wells.

Due to the recent nature of this transaction, we have not completed the preliminary allocation of the purchase price.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements