What changed in this filing

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Item 1. Financial Statements

2025-08-08 compared with 2025-05-07 · 518 added, 284 removed, 985 unchanged (45% of the section changed)

FINANCIAL STATEMENTS.

EN TERPRISE PRODUCTS PARTNERS L.P.

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

2025 December 31,

Current assets:

1 unchanged sentence

Restricted cash 226 255

Accounts receivable – trade, net of allowance for credit losses

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

Accounts receivable – trade, net of allowance for credit losses of $ 37 at June 30, 2025 and $ 38 at December 31, 2024

Accounts receivable – related parties 2 4

4 unchanged sentences

Property, plant and equipment, net (see Note 4)

50,495 49,062

Investments in unconsolidated affiliates (see Note 5)

1 unchanged sentence

Goodwill (see Note 6)

Other assets 952 997

Total assets $ 77,442 $ 77,168

LIABILITIES AND EQUITY

9 unchanged sentences

Long-term debt (see Note 7)

31,110 30,746

Deferred tax liabilities (see Note 16 )

2 unchanged sentences

Redeemable preferred limited partner interests:

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

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

December 31, 2024 )

Series A cumulative convertible preferred units (“preferred units”) ( 50,879 units outstanding at June 30, 2025 and 50,687 units outstanding at December 31, 2024)

Partners’ equity:

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

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

Common limited partner interests ( 2,165,556,485 units issued and outstanding at June 30, 2025, 2,165,699,962 units issued and outstanding at December 31, 2024)

30,127 29,793

Treasury units, at cost ( 1,297 ) ( 1,297 )

2 unchanged sentences

Noncontrolling interests in consolidated subsidiaries 853 857

Total equity 29,919 29,589

Total liabilities, preferred units, and equity $ 77,442 $ 77,168

4 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Third parties $ 11,352 $ 13,472 $ 26,756 $ 28,217

16 unchanged sentences

Interest income 6 4 14 17

Other, net 1 – 2 –

Total other expense, net ( 325 ) ( 328 ) ( 656 ) ( 646 )

1 unchanged sentence

Provision for income taxes (see Note 16) ( 16 ) ( 15 ) ( 40 ) ( 36 )

Net income 1,454 1,422 2,860 2,905

Net income attributable to noncontrolling interests ( 18 ) ( 16 ) ( 30 ) ( 42 )

3 unchanged sentences

(see Note 11)

Basic and diluted earnings per common unit

Basic earnings per common unit

$ 0.66 $ 0.64 $ 1.29 $ 1.31

Diluted earnings per common unit

$ 0.66 $ 0.64 $ 1.29 $ 1.30

See Notes to Unaudited Condensed Consolidated Financial Statements.

4 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Net income $ 1,454 $ 1,422 $ 2,860 $ 2,905

Other comprehensive income (loss):

3 unchanged sentences

Changes in fair value of cash flow hedges – 79 22 ( 83 )

Reclassificati on of losses (gains) to ne t income

Reclassification of gains to net income ( 59 ) ( 45 ) ( 33 ) ( 47 )

Interest rate hedging derivative instruments:

2 unchanged sentences

Total cash flow hedges ( 49 ) 33 – ( 131 )

Total other comprehens ive income (loss)

Total other comprehensive income (loss) ( 49 ) 33 – ( 131 )

Comprehensive income 1,405 1,455 2,860 2,774

3 unchanged sentences

See Notes to Unaudited Condensed Consolidated Financial Statements.

ENTERPRISE PRODUCT S PARTNERS L.P.

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS

(Dollars in millions)

For the Three Months

Ended March 31,

For the Six Months

Ended June 30,

Operating activities:

Net income $ 2,860 $ 2,905

Reconciliation of net income to net cash flow provided by operating activities:

6 unchanged sentences

Distributions received from unconsolidated affiliates attributable to earnings 189 204

Net gains attributable to asset sales and related matters

Net losses (gains) attributable to asset sales and related matters ( 9 ) 5

Deferred income tax expense 16 14

6 unchanged sentences

Capital expenditures ( 2,361 ) ( 2,311 )

Investments in unconsolidated affiliates

Distributions received from unconsolidated affiliates attributable to the return of capital 35 39

21 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

(Dollars in millions)

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss)

Noncontrolling

Income (Loss) Noncontrolling

Subsidiaries Total

Balance, March 31, 2025 $ 29,927 $ ( 1,297 ) $ 285 $ 860 $ 29,775

Net income 1,435 – – 18 1,453

Cash distributions paid to common unitholders ( 1,160 ) – – – ( 1,160 )

Cash payments made in connection with distribution equivalent rights ( 11 ) – – – ( 11 )

Cash distributions paid to noncontrolling interests – – – ( 26 ) ( 26 )

Cash contributions from noncontrolling interests – – – 1 1

Repurchase and cancellation of common units under 2019 Buyback Program ( 110 ) – – – ( 110 )

Amortization of fair value of equity-based awards 49 – – – 49

Cash flow hedges – – ( 49 ) – ( 49 )

Other, net ( 3 ) – – – ( 3 )

Balance, June 30, 2025 $ 30,127 $ ( 1,297 ) $ 236 $ 853 $ 29,919

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss) Noncontrolling

Subsidiaries Total

Balance, December 31, 2024 $ 29,793 $ ( 1,297 ) $ 236 $ 857 $ 29,589

Net income 2,828 – – 30 2,858

Cash distributions paid to common unitholders ( 2,319 ) – – – ( 2,319 )

5 unchanged sentences

Cash flow hedges – – – – –

Other, net ( 81 ) – – – ( 81 )

Balance, June 30, 2025 $ 30,127 $ ( 1,297 ) $ 236 $ 853 $ 29,919

See Notes to Unaudited Condensed Consolidated Financial Statements.

For information regarding Unit History,

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

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024

(Dollars in millions)

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss) Noncontrolling

Subsidiaries Total

Balance, March 31, 2024 $ 28,831 $ ( 1,297 ) $ 143 $ 800 $ 28,477

Net income 1,405 – – 16 1,421

Cash distributions paid to common unitholders ( 1,118 ) – – – ( 1,118 )

Cash payments made in connection with distribution equivalent rights ( 11 ) – – – ( 11 )

Cash distributions paid to noncontrolling interests – – – ( 25 ) ( 25 )

Cash contributions from noncontrolling interests – – – 17 17

Repurchase and cancellation of common units under 2019 Buyback Program ( 40 ) – – – ( 40 )

Amortization of fair value of equity-based awards 44 – – – 44

Cash flow hedges – – 33 – 33

Other, net ( 1 ) – – – ( 1 )

Balance, June 30, 2024 $ 29,110 $ ( 1,297 ) $ 176 $ 808 $ 28,797

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss)

Noncontrolling

Income (Loss) Noncontrolling

Subsidiaries Total

Balance, December 31, 2023 $ 28,663 $ ( 1,297 ) $ 307 $ 1,086 $ 28,759

Net income 2,861 – – 42 2,903

Cash distributions paid to common unitholders ( 2,235 ) – – – ( 2,235 )

6 unchanged sentences

Cash flow hedges – – ( 131 ) – ( 131 )

Balance, March 31, 2024

Other, net ( 60 ) – – – ( 60 )

Balance, June 30, 2024 $ 29,110 $ ( 1,297 ) $ 176 $ 808 $ 28,797

See Notes to Unaudited Condensed Consolidated Financial Statements.

27 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 March 31, 2025.

EPCO, together with its privately held affiliates, owned approximately 32.4% of the Partnership’s common units outstanding at June 30, 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 three months ended March 31, 2025 are not necessarily indicative of results expected for the full year of 2025.

Our results of operations for the six months ended June 30, 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.

3 unchanged sentences

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, 2024 (the “ 2024 Form 10-K”) filed with the SEC on February 28, 2025.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 2024 Form 10-K.

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.

2025 December 31,

Cash and cash equivalents $ 870 $ 583

Restricted cash 226 255

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, refined products and power.

Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows

$ 1,096 $ 838

Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change.

1 unchanged sentence

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

2025 December 31,

NGLs $ 3,026 $ 2,768

Petrochemicals and refined products 638 652

Crude oil 299 523

Natural gas 6 12

Total $ 3,969 $ 3,955

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.

1 unchanged sentence

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Cost of sales (1) $ 7,899 $ 10,184 $ 19,904 $ 21,589

6 unchanged sentences

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

in Years June 30,

2025 December 31,

Plants, pipelines and facilities (1)(5) 3 - 45

$ 62,321 $ 60,716

Underground and other storage facilities (2)(6) 5 - 40

2 unchanged sentences

Construction in progress 4,900 4,138

Subtotal 73,637 71,203

Less accumulated depreciation 23,305 22,330

Subtotal property, plant and equipment, net 50,332 48,873

Capitalized major maintenance costs for reaction-based

plants, net of accumulated amortization (7)

Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)

Property, plant and equipment, net $ 50,495 $ 49,062

23 unchanged sentences

On a weighted-average basis, the expected remaining amortization period for these costs is 2.9 years.

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.

Property, plant and equipment at both June 30, 2025 and December 31, 2024 includes $ 134 million 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) 12

ARO liability balance, March 31, 2025

ARO liability balance, June 30, 2025 $ 276

(1) Represents the initial recognition of estimated ARO liabilities during the period.

2 unchanged sentences

(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 $ 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.

Of the $ 276 million total ARO liability recorded at June 30, 2025 , $ 6 million was reflected as a current liability and $ 270 million as a long-term liability.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Depreciation expense (1) $ 512 $ 491 $ 1,018 $ 976

7 unchanged sentences

We account for these investments using the equity method.

2025 December 31,

NGL Pipelines & Services $ 578 $ 598

2 unchanged sentences

Petrochemical & Refined Products Services 1 3

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

Total $ 2,221 $ 2,259

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,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

NGL Pipelines & Services $ 18 $ 26 $ 38 $ 57

2 unchanged sentences

Petrochemical & Refined Products Services 2 1 2 1

Total $ 92 $ 101 $ 186 $ 203

In June 2025, we sold our 25 % membership interest in Transport 4, L.L.C.

(“Transport 4”) to third parties for cash proceeds of $ 8 million and recorded a $ 6 million gain.

ENTERPRISE PRODUCTS PARTNERS L.P.

3 unchanged sentences

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

March 31, 2025

December 31, 2024

June 30, 2025 December 31, 2024

Value Accumulated

Amortization Carrying

Value Accumulated

Amortization Carrying

NGL Pipelines & Services:

17 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

NGL Pipelines & Services $ 12 $ 11 $ 23 $ 21

2 unchanged sentences

Petrochemical & Refined Products Services 1 1 3 3

Total $ 52 $ 51 $ 104 $ 101

The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:

of 2025 2026 2027 2028 2029

$ 111 $ 216 $ 209 $ 198 $ 199

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.

4 unchanged sentences

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

2025 December 31,

EPO senior debt obligations:

6 unchanged sentences

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

Senior Notes LLL, 4.30 % fixed-rate, due June 2028

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

2 unchanged sentences

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

Senior Notes MMM, 4.60 % fixed-rate, due January 2031

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

4 unchanged sentences

Senior Notes J, 5.75 % fixed-rate, due March 2035

Senior Notes NNN, 5.20 % fixed-rate, due January 2036

Senior Notes W, 7.55 % fixed-rate, due April 2038

37 unchanged sentences

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, 2025:

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2025 :

Range of Interest

Weighted-Average

Rates Paid Weighted-Average

Interest Rate Paid

Commercial Paper Notes

4.50 % to 4.65 %

EPO Junior Subordinated Notes C

7.36 % to 7.51 %

EPO Junior Subordinated Notes D

7.57 % to 7.73 %

Commercial Paper Notes 4.50 % to 4.68 %

EPO Junior Subordinated Notes C 7.36 % to 7.51 %

EPO Junior Subordinated Notes D 7.57 % to 7.73 %

Amounts borrowed under EPO’s March 2025 $ 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:

3 unchanged sentences

Scheduled Maturities of Debt

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:

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2025 for the next five years, and in total thereafter:

Scheduled Maturities of Debt

Commercial Paper Notes

Total Remainder

of 2025 2026 2027 2028 2029 Thereafter

Senior Notes $ 30,775 $ – $ 1,625 $ 1,575 $ 1,500 $ 1,250 $ 24,825

Junior Subordinated Notes 2,282 – – – – – 2,282

Total $ 33,057 $ – $ 1,625 $ 1,575 $ 1,500 $ 1,250 $ 27,107

March 2025 $ 1.5 Billion 364 -Day Revolving Credit Agreement

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.

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

As of June 30, 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.

11 unchanged sentences

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.

Issu an ce of $ 2.0 Billion of Senior Notes in June 2025

In June 2025, EPO issued $ 2.0 billion aggregate principal amount of senior notes comprised of (i) $ 500 million principal amount of senior notes due June 2028 (“Senior Notes LLL”), (ii) $ 750 million principal amount of senior notes due January 2031 (“Senior Notes MMM”) and (iii) $ 750 million principal amount of senior notes due January 2036 (“Senior Notes NNN”).

Net proceeds from this offering were used by EPO for general company purposes, including for growth capital investments, and the repayment of debt (including amounts outstanding under our commercial paper program).

Senior Notes LLL were issued at 99.869 % of their principal amount and have a fixed interest rate of 4.30 % per year.

Senior Notes MMM were issued at 99.816 % of their principal amount and have a fixed interest rate of 4.60 % per year.

Senior Notes NNN were issued at 99.665 % of their principal amount and have a fixed interest rate of 5.20 % per year.

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

Letters of Credit

At March 31, 2025, EPO had $ 28 million of letters of credit outstanding primarily related to our insurance program.

At June 30, 2025 , 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, 2025.

We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2025 .

Parent-Subsidiary Guarantor Relationships

5 unchanged sentences

Common units outstanding at December 31, 2024 2,165,699,962

2,165,699,962

Common unit repurchases under 2019 Buyback Program ( 1,803,215 )

1 unchanged sentence

Common units outstanding at March 31, 2025 2,168,902,635

2,168,902,635

Common unit repurchases under 2019 Buyback Program ( 3,566,979 )

Common units issued in connection with the vesting of phantom unit awards, net 220,829

Common units outstanding at June 30, 2025 2,165,556,485

Registration Statements

1 unchanged sentence

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, 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.

The Partnership did not issue any common units under its ATM program during the six months ended June 30, 2025 .

The Partnership’s capacity to issue additional common units under the ATM program remains at $ 2.5 billion as of June 30, 2025 .

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 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.

During the three and six months ended June 30, 2025 , the Partnership repurchased 3,566,979 and 5,370,194 common units, respectively, under the 2019 Buyback Program through open market purchases.

The total cost of these repurchases, including commissions and fees, was $ 110 million and $ 170 million , respectively.

During the three and six months ended June 30, 2024 , the Partnership repurchased 1,419,581 and 2,806,416 common units, respectively, under the 2019 Buyback Program through open market purchases.

The total cost of these repurchases, including commissions and fees, was $ 40 million and $ 80 million, respectively.

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

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

At June 30, 2025 , the remaining available capacity under the 2019 Buyback Program was $ 692 million.

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

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.

After taking into account tax withholding requirements, the Partnership issued 5,210,319 new common units to employees in connection with the vesting of phantom unit awards during the six months ended June 30, 2025 .

See Note 13 for information regarding our phantom unit awards.

3 unchanged sentences

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, 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.

During the six months ended June 30, 2025 , agents of the Partnership purchased 2,366,556 common units on the open market and delivered them to participants in the DRIP and EUPP.

Apart from $ 2 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, 2025.

We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on August 14, 2025 .

Preferred Units

3 unchanged sentences

Preferred units outstanding at March 31, 2025 50,782

Paid in-kind distribution to third party 97

Preferred units outstanding at June 30, 2025 50,879

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, 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.

During the six months ended June 30, 2025 , the Partnership made quarterly cash distributions to its preferred unitholders of $ 2 million and paid-in-kind distributions of 192 new preferred units valued at less than $ 1 million .

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

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

Interest Rate

Cash Flow Hedges Other Total

Instruments Interest Rate

Accumulated Other Comprehensive Income (Loss), December 31, 2024 $ 91 $ 143 $ 2 $ 236

2 unchanged sentences

Total other comprehensive income (loss) for period ( 11 ) 11 – –

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

Accumulated Other Comprehensive Income (Loss), June 30, 2025 $ 80 $ 154 $ 2 $ 236

Cash Flow Hedges

Interest Rate

Instruments Interest Rate

Instruments Other Total

Accumulated Other Comprehensive Income (Loss), December 31, 2023 $ 154 $ 151 $ 2 $ 307

2 unchanged sentences

Total other comprehensive income (loss) for period ( 130 ) ( 1 ) – ( 131 )

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

Accumulated Other Comprehensive Income (Loss), June 30, 2024 $ 24 $ 150 $ 2 $ 176

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,

Ended June 30, For the Six Months

Ended June 30,

Losses (gains) on cash flow hedges:

Interest rate derivatives

Interest expense

Commodity derivatives

Operating costs and expenses

Location 2025 2024 2025 2024

Interest rate derivatives Interest expense $ ( 2 ) $ ( 1 ) $ ( 3 ) $ ( 3 )

Commodity derivatives Revenue ( 67 ) ( 61 ) ( 53 ) ( 80 )

Commodity derivatives Operating costs and expenses 8 16 20 33

Total $ ( 61 ) $ ( 46 ) $ ( 36 ) $ ( 50 )

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

Cash Distributions

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.

On July 8, 2025, we announced that the Board declared a quarterly cash distribution of $ 0.545 per common unit, or $ 2.18 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the second quarter of 2025 .

The quarterly distribution is payable on August 14, 2025 to unitholders of record as of the close of business on July 31, 2025 .

The total amount to be paid is $ 1.19 billion, which includes $ 11 million for distribution equivalent rights (“DERs”) on phantom unit awards.

7 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

NGL Pipelines & Services:

29 unchanged sentences

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 June 30, 2025 :

Contract Asset Location Balance

Unbilled revenue (current amount) Prepaid and other current assets $ 8

Contract Liability Location Balance

Deferred revenue (current amount) Other current liabilities $ 184

Deferred revenue (noncurrent) Other long-term liabilities 260

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unbilled Revenue and Deferred Revenue

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

Contract Asset

Unbilled revenue (current amount)

Prepaid and other current assets

Contract Liability

Deferred revenue (current amount)

Other current liabilities

Deferred revenue (noncurrent)

Other long-term liabilities

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

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2025 :

Revenue Deferred

Balance at December 31, 2024 $ 9 $ 452

3 unchanged sentences

Other changes – ( 2 )

Balance at March 31, 2025

Balance at June 30, 2025 $ 8 $ 444

(1) 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 March 31, 2025.

These amounts represent the revenues we expect to recognize in future periods from these contracts as of June 30, 2025 .

Consideration

Nine Months Ended December 31, 2025

Six months ended December 31, 2025

One year ended December 31, 2026

2 unchanged sentences

One year ended December 31, 2029

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Thereafter 10,856

Total $ 27,491

Business Segments and Related Information

7 unchanged sentences

• Our Crude Oil Pipelines & Services business segment includes our crude oil pipelines, crude oil storage and marine terminals, and related crude oil marketing activities.

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.

11 unchanged sentences

Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Total segment gross operating margin $ 2,471 $ 2,427 $ 4,935 $ 4,934

Adjustments to reconcile total segment gross operating margin to

income before income taxes (addition or subtraction indicated by sign):

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) ( 610 ) ( 581 ) ( 1,212 ) ( 1,163 )

Asset impairment charges in operating costs and expenses ( 11 ) ( 4 ) ( 21 ) ( 24 )

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

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

7 ( 5 ) 9 ( 5 )

General and administrative costs ( 68 ) ( 57 ) ( 128 ) ( 123 )

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

Non-refundable payments received from shippers attributable to make-up rights (2) ( 6 ) ( 18 ) ( 43 ) ( 43 )

Subsequent recognition of revenues attributable to make-up rights (3) 12 3 16 11

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(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 nonrefundable to the shipper.

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.

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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

For the Three Months Ended June 30, 2025

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

18 unchanged sentences

(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 and subsequent recognition of revenues attributable to make-up rights.

• Crude Oil Pipelines & Services – Other segment expenses.

• Petrochemical & Refined Products Services – Other segment expenses.

• 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.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2024

Petrochemical

For the Six Months Ended June 30, 2025

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

8 unchanged sentences

Total significant segment expenses 40,188 29,225 1,957 18,105 89,475

Other segment income:

Equity in income of unconsolidated affiliates 38 144 2 2 186

Other segment items (3) 38 8 3 2 51

Total other segment income 76 152 5 4 237

Total segment gross operating margin $ 2,715 $ 777 $ 774 $ 669 $ 4,935

Other financial information:

Capital expenditures $ 1,460 $ 48 $ 630 $ 223 $ 2,361

(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:

• Crude Oil Pipelines & Services – Other miscellaneous segment items.

• Natural Gas Pipelines & Services – Other miscellaneous segment items.

• Petrochemical & Refined Products Services – Other miscellaneous segment items.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended June 30, 2024

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

Revenues from third parties $ 4,262 $ 5,883 $ 609 $ 2,718 $ 13,472

Revenues from related parties 3 5 3 – 11

Intersegment and intrasegment revenues 11,558 15,042 138 5,714 32,452

Total segment revenues 15,823 20,930 750 8,432 45,935

Significant segment expenses:

Cost of sales 13,957 20,467 269 7,710 42,403

Variable operating costs and expenses (1) 167 26 24 85 302

Fixed operating costs and expenses (2) 404 103 168 248 923

Total significant segment expenses 14,528 20,596 461 8,043 43,628

Other segment income:

Equity in income of unconsolidated affiliates 26 73 1 1 101

Other segment items (3) 4 10 3 2 19

Total other segment income

30 83 4 3 120

Total segment gross operating margin $ 1,325 $ 417 $ 293 $ 392 $ 2,427

Other financial information:

Capital expenditures $ 629 $ 44 $ 246 $ 345 $ 1,264

(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:

• Crude Oil Pipelines & Services – Other miscellaneous segment items.

• Natural Gas Pipelines & Services – Other miscellaneous segment items.

• Petrochemical & Refined Products Services – Other miscellaneous segment items.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2024

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

Revenues from third parties $ 9,399 $ 11,289 $ 1,460 $ 6,069 $ 28,217

Revenues from related parties 6 14 6 – 26

Intersegment and intrasegment revenues 23,113 28,869 315 12,038 64,335

Total segment revenues 32,518 40,172 1,781 18,107 92,578

Significant segment expenses:

Cost of sales 28,767 39,216 827 16,585 85,395

Variable operating costs and expenses (1) 341 72 39 179 631

Fixed operating costs and expenses (2) 829 207 318 497 1,851

Total significant segment expenses 29,937 39,495 1,184 17,261 87,877

Other segment income (expense):

8 unchanged sentences

(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 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.

• Crude Oil Pipelines & Services – Other miscellaneous segment items.

• Natural Gas 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.

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Segment revenues:

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The following table presents our segment assets, together with a reconciliation to our consolidated total assets, at the dates indicated:

2025 December 31,

NGL Pipelines & Services $ 22,457 $ 21,900

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Current assets 14,160 15,133

Other assets 952 997

Consolidated total assets $ 77,442 $ 77,168

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Consolidated revenues:

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Asset impairment charges 11 4 21 24

Net gains attributable to asset sales and related matters

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

( 7 ) 5 ( 9 ) 5

General and administrative costs 68 57 128 123

12 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

BASIC EARNINGS PER COMMON UNIT

12 unchanged sentences

Preferred units (2) 2 2 2 2

Total 2,190 2,194 2,190 2,194

Diluted earnings per common unit $ 0.66 $ 0.64 $ 1.29 $ 1.30

4 unchanged sentences

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

Acquisition of Pinon Midstream

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

1 unchanged sentence

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.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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).

6 unchanged sentences

Total identifiable net assets $ 849

Goodwill $ 104

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

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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

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 and six months ended June 30, 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.

Equity-Based Awards

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Equity-classified awards:

1 unchanged sentence

Profits interest awards – – – 10

Total $ 50 $ 45 $ 99 $ 101

The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period.

3 unchanged sentences

The following table presents phantom unit award activity for the period indicated:

Units Weighted-

Average Grant

1 unchanged sentence

Phantom unit awards at December 31, 2024 20,592,251 $ 25.21

Phantom unit awards at March 31, 2025

Granted (2) 7,792,090 $ 33.12

Vested ( 7,630,601 ) $ 24.37

Forfeited ( 407,883 ) $ 28.32

Phantom unit awards at June 30, 2025 20,345,857 $ 28.49

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

1 unchanged sentence

An estimated annual forfeiture rate of 2.0 % was applied to these awards.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Cash payments made in connection with DERs $ 11 $ 11 $ 22 $ 21

Total intrinsic value of phantom unit awards that vested during period 9 7 256 194

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.

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 322 million at June 30, 2025 , of which our share of such cost is currently estimated to be $ 261 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 2.2 years.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Hedging Activities and Fair Value Measurements

10 unchanged sentences

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.

During 2025, we entered into four treasury lock transactions to fix the seven-year treasury rate at a weighted-average rate of approximately 3.98 % on an aggregate 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 June 2025.

Upon settlement of these treasury lock transactions in May 2025, we received total cash proceeds of $ 14 million.

As cash flow hedges, gains 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 seven years .

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 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 .

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At June 30, 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.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Derivative Purpose

The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2025 (volume measures as noted):

Volume (1) Accounting

Derivative Purpose Current (2)

Long-Term (2)

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Natural gas processing:

Forecasted sales of natural gas (Bcf)

Cash flow hedge

Forecasted sales of NGLs (MMBbls)

Cash flow hedge

Forecasted sales of natural gas (Bcf) 36.5 18.4 Cash flow hedge

Forecasted sales of NGLs (MMBbls) 4.6 0.4 Cash flow hedge

Octane enhancement:

Forecasted sales of octane enhancement products (MMBbls)

Cash flow hedge

Forecasted sales of octane enhancement products (MMBbls) 2.5 0.1 Cash flow hedge

Natural gas marketing:

Natural gas storage inventory management activities (Bcf)

Fair value hedge

Natural gas storage inventory management activities (Bcf) 2.0 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

Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 216.3 17.4 Cash flow hedge

Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 214.2 19.0 Cash flow hedge

Refined products marketing:

Forecasted purchases of refined products (MMBbls)

Cash flow hedge

Forecasted sales of refined products (MMBbls)

Cash flow hedge

Forecasted purchases of refined products (MMBbls) 3.4 n/a Cash flow hedge

Forecasted sales of refined products (MMBbls) 3.6 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

Forecasted purchases of crude oil (MMBbls) 16.6 7.2 Cash flow hedge

Forecasted sales of crude oil (MMBbls) 23.2 14.3 Cash flow hedge

Petrochemical marketing:

Forecasted sales of petrochemical products (MMBbls)

Cash flow hedge

Forecasted sales of petrochemical products (MMBbls) 0.1 n/a Cash flow hedge

Commercial energy:

Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))

Cash flow hedge

Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) 1.2 0.7 Cash flow hedge

Derivatives not designated as hedging instruments:

Natural gas risk management activities (Bcf) (3)

Mark-to-market

NGL risk management activities (MMBbls) (3)

Mark-to-market

Refined products risk management activities (MMBbls) (3)

Mark-to-market

Crude oil risk management activities (MMBbls) (3)

Mark-to-market

Commercial energy risk management activities (TWh) (3)

Natural gas risk management activities (Bcf) (3) 64.9 n/a Mark-to-market

NGL risk management activities (MMBbls) (3) 22.4 11.6 Mark-to-market

Refined products risk management activities (MMBbls) (3) 3.5 n/a Mark-to-market

Crude oil risk management activities (MMBbls) (3) 90.9 0.5 Mark-to-market

Petrochemical risk management activities (MMBbls) (3)

Mark-to-market

Commercial energy risk management activities (TWh) (3) n/a 0.1 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.

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, December 2025 and December 2027, respectively.

(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 December 2027, December 2025 and August 2028, 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 $ 8 million and $ 11 million at March 31, 2025 and December 31, 2024, respectively.

The carrying amount of our inventories subject to fair value hedges was $ 7 million and $ 11 million at June 30, 2025 and December 31, 2024 , respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

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The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:

Asset Derivatives

Liability Derivatives

March 31, 2025

December 31, 2024

March 31, 2025

December 31, 2024

Asset Derivatives Liability Derivatives

June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

Location Fair

Value Balance

Location Fair

Value Balance

Location Fair

Value Balance

Location Fair

Derivatives designated as hedging instruments

Interest rate derivatives

Commodity derivatives

Other liabilities

Commodity derivatives Current

assets $ 232 Current

assets $ 210 Current

liabilities $ 209 Current

liabilities $ 178

Commodity derivatives Other assets 28 Other assets 22 Other liabilities 19 Other liabilities 4

Total commodity derivatives 260 232 228 182

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Derivatives not designated as hedging instruments

Commodity derivatives

Other liabilities

Commodity derivatives Current

assets $ 457 Current

assets $ 324 Current

liabilities $ 418 Current

liabilities $ 293

Commodity derivatives Other assets 2 Other assets 19 Other liabilities 1 Other liabilities 20

Total commodity derivatives 459 343 419 313

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Offset in the

Balance Sheet

Gross Amounts Not Offset

in the Balance Sheet

Balance Sheet Amounts

Balance Sheet Gross Amounts Not Offset

in the Balance Sheet Amounts That

Been Presented

(iii) = (i) – (ii)

(v) = (iii) + (iv)

As of March 31, 2025:

Interest rate derivatives

Instruments Cash

Received Cash

(i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv)

As of June 30, 2025:

Commodity derivatives $ 719 $ – $ 719 $ ( 644 ) $ ( 74 ) $ – $ 1

1 unchanged sentence

Commodity derivatives $ 575 $ – $ 575 $ ( 495 ) $ ( 79 ) $ – $ 1

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Offsetting of Financial Liabilities and Derivative Liabilities

Liabilities Gross

Offset in the

Balance Sheet

Balance Sheet Amounts

of Liabilities

Balance Sheet

Gross Amounts Not Offset

in the Balance Sheet

Balance Sheet Gross Amounts Not Offset

in the Balance Sheet Amounts That

Been Presented

(iii) = (i) – (ii)

(v) = (iii) + (iv)

As of March 31, 2025:

Instruments Cash

Received Cash

(i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv)

As of June 30, 2025:

Commodity derivatives $ 647 $ – $ 647 $ ( 644 ) $ – $ – $ 3

1 unchanged sentence

Commodity derivatives $ 495 $ – $ 495 $ ( 495 ) $ – $ – $ –

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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Derivatives in Fair Value

Hedging Relationships

Gain (Loss) Recognized in

Hedging Relationships Location Gain (Loss) Recognized in

Income on Derivative

For the Three Months

Ended March 31,

Commodity derivatives

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Commodity derivatives Revenue $ 3 $ – $ 4 $ 1

Total $ 3 $ – $ 4 $ 1

Derivatives in Fair Value

Hedging Relationships

Gain (Loss) Recognized in

Hedging Relationships Location Gain (Loss) Recognized in

Income on Hedged Item

For the Three Months

Ended March 31,

Commodity derivatives

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Commodity derivatives Revenue $ ( 2 ) $ 1 $ ( 2 ) $ 5

Total $ ( 2 ) $ 1 $ ( 2 ) $ 5

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.

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

Hedging Relationships Change in Value Recognized in

Other Comprehensive Income (Loss) on Derivative

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Interest rate derivatives $ 12 $ – $ 14 $ 2

1 unchanged sentence

Commodity derivatives – Operating costs and expenses (1) ( 19 ) 5 ( 15 ) ( 8 )

Total $ 12 $ 79 $ 36 $ ( 81 )

(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.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Derivatives in Cash Flow

Hedging Relationships

Gain (Loss) Reclassified from

Accumulated Other

Comprehensive Income (Loss)

Hedging Relationships Location Gain (Loss) Reclassified from

Accumulated Other Comprehensive Income (Loss) to Income

For the Three Months

Ended March 31,

Interest rate derivatives

Interest expense

Commodity derivatives

Operating costs and expenses

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Interest rate derivatives Interest expense $ 2 $ 1 $ 3 $ 3

Commodity derivatives Revenue 67 61 53 80

Commodity derivatives Operating costs and expenses ( 8 ) ( 16 ) ( 20 ) ( 33 )

Total $ 61 $ 46 $ 36 $ 50

Over the next twelve months, we expect to reclassify $ 8 million of gains attributable to interest rate derivative instruments from accumulated other comprehensive income to earnings as a decrease in interest expense.

2 unchanged sentences

Derivatives Not Designated

as Hedging Instruments

Gain (Loss) Recognized in

as Hedging Instruments Location Gain (Loss) Recognized in

Income on Derivative

For the Three Months

Ended March 31,

Commodity derivatives

Operating costs and expenses

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.

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Commodity derivatives Revenue $ 68 $ ( 5 ) $ 47 $ 8

Commodity derivatives Operating costs and expenses 3 – 1 ( 1 )

Total $ 71 $ ( 5 ) $ 48 $ 7

The $ 48 million net gain recognized for the six months ended June 30, 2025 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 35 million of net realized gains and $ 13 million of net unrealized mark-to-market gains attributable to commodity derivatives.

Fair Value Measurements

2 unchanged sentences

Our assessment of the relative significance of such inputs requires judgment.

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.

2 unchanged sentences

Derivative transactions cleared on exchanges other than the CME (e.g., the Intercontinental Exchange or ICE) continue to be reported on a gross basis.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

At March 31, 2025

At June 30, 2025

Fair Value Measurements Using

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and Liabilities

(Level 1) Significant

(Level 2) Significant

(Level 3) Total

Financial assets:

Interest rate derivatives

Commodity derivatives:

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Total commodity derivatives 417 301 1 719

Total $ 417 $ 301 $ 1 $ 719

Financial liabilities:

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Total commodity derivatives 376 270 1 647

Total $ 376 $ 270 $ 1 $ 647

At December 31, 2024

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and Liabilities

(Level 1) Significant

(Level 2) Significant

(Level 3) Total

Financial assets:

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Total commodity derivatives 299 276 – 575

Total $ 299 $ 276 $ – $ 575

Financial liabilities:

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Total commodity derivatives 248 247 – 495

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.

Total $ 248 $ 247 $ – $ 495

In the aggregate, the fair value of our commodity hedging portfolios at June 30, 2025 was a net derivative asset of $ 69 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at June 30, 2025 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

ENTERPRISE PRODUCTS PARTNERS L.P.

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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 $ 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.

The estimated total fair value of our fixed-rate debt obligations was $ 30.2 billion and $ 28.9 billion at June 30, 2025 and December 31, 2024 , respectively.

The aggregate carrying value of these debt obligations was $ 32.5 billion and $ 31.6 billion at June 30, 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.

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Revenues – related parties:

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Unconsolidated affiliates 37 40 75 86

Total $ 446 $ 402 $ 871 $ 804

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

2025 December 31,

Accounts receivable - related parties:

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Unconsolidated affiliates 14 18

Total $ 128 $ 198

We believe that the terms and provisions of our related party agreements are fair to us;

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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, 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

Percentage of

At June 30, 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 Percentage of

702,234,756 common units 32.4 %

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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, 2025.

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

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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, 2025 and 2024, we paid EPCO and its privately held affiliates cash distributions totaling $ 363 million and $ 350 million, respectively.

During the six months ended June 30, 2025 and 2024 , we paid EPCO and its privately held affiliates cash distributions totaling $ 727 million and $ 700 million, respectively.

We have no employees.

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Operating costs and expenses $ 364 $ 319 $ 715 $ 633

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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.

For the three months ended June 30, 2025 and 2024 , we recognized $ 6 million and $ 4 million , respectively, of related party operating lease expense in connection with these office space leases.

For the six months ended June 30, 2025 and 2024 , we recognized $ 12 million and $ 7 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.

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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 first quarters of 2025 and 2024.

We did not rely on any uncertain tax positions in recording our income tax-related amounts during the three and six months ended June 30, 2025 and 2024 .

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

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Current portion of income tax provision:

Federal $ – $ – $ ( 1 ) $ –

State ( 11 ) ( 10 ) ( 23 ) ( 22 )

Total current portion ( 11 ) ( 10 ) ( 24 ) ( 22 )

Deferred portion of income tax provision:

Federal ( 4 ) ( 4 ) ( 8 ) ( 8 )

State ( 1 ) ( 1 ) ( 8 ) ( 6 )

Total deferred portion ( 5 ) ( 5 ) ( 16 ) ( 14 )

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Pre-Tax Net Book Income (“NBI”) $ 1,470 $ 1,437 $ 2,900 $ 2,941

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State income tax provision, net of federal benefit – – ( 1 ) –

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 ( 5 ) ( 5 ) ( 9 ) ( 8 )

Other – – – ( 1 )

Provision for income taxes $ ( 16 ) $ ( 15 ) $ ( 40 ) $ ( 36 )

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

2025 December 31,

Deferred tax liabilities:

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(“OTA”), which we acquired in March 2020.

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

(2) The loss amount presented as of June 30, 2025 has an indefinite carryover period.

All losses are subject to limitations on their utilization.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Commitments and Contingent Liabilities

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We will vigorously defend the Partnership in litigation matters.

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

There were no accruals for litigation contingencies at June 30, 2025 and December 31, 2024 , respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Contractual Obligations

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

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.

In total, the principal amount of our consolidated debt obligations were $ 33.1 billion and $ 32.2 billion at June 30, 2025 and December 31, 2024 , respectively.

See Note 7 for additional information regarding our scheduled future maturities of debt principal.

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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

The following table presents information regarding operating and finance leases where we are the lessee at June 30, 2025 :

Asset Category ROU

Term Weighted-

Operating leases

Storage and pipeline facilities

Transportation equipment

Office and warehouse space

Storage and pipeline facilities $ 193 $ 191 8 years 4.5 %

Transportation equipment 37 38 3 years 4.8 %

Office and warehouse space 165 199 11 years 3.3 %

Total operating leases 395 428

Finance leases

Transportation equipment

Transportation equipment 18 18 4 years 4.8 %

Total finance leases 18 18

Total leases $ 413 $ 446

(1) 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.

(2) At June 30, 2025, operating lease liabilities of $ 99 million and $ 329 million were included within “ Other current liabilities ” and “ Other long-term liabilities ,” respectively.

Additionally at June 30, 2025, finance lease liabilities of $ 3 million and $ 15 million were included within “ Other current liabilities” and “ Other long-term liabilities ,” 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).

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2025 2024 2025 2024

Long-term leases:

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Total lease expense $ 76 $ 61 $ 148 $ 118

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.

Cash paid for operating lease liabilities was $ 32 million and $ 27 million for the three months ended June 30, 2025 and 2024 , respectively.

For the six months ended June 30, 2025 and 2024, c ash paid for operating lease liabilities was $ 66 million and $ 57 million, respectively.

Cash paid for finance leases was $ 1 million for the three and six months ended June 30, 2025.

Operating lease income for each of the three months ended June 30, 2025 and 2024 was $ 3 million .

Operating lease income for each of the six months ended June 30, 2025 and 2024 was $ 7 million.

Purchase Obligations

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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.

Outside of changes related to the ordinary course of business, our consolidated product purchase commitments at June 30, 2025 did not differ materially from those reported in our 2024 Form 10-K.

ENTERPRISE PRODUCTS PARTNERS L.P.

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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 Three Months

Ended March 31,

For the Six Months

Ended June 30,

Decrease (increase) in:

1 unchanged sentence

Accounts receivable – related parties 2 ( 3 )

Inventories 56 ( 11 )

Prepaid and other current assets ( 128 ) ( 110 )

Other assets 47 3

Increase (decrease) in:

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Net effect of changes in operating accounts $ 153 $ ( 527 )

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

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.

Cash payments for interest, net of $ 98 and $ 51 capitalized during the six months ended June 30, 2025 and 2024, respectively

Cash payments for federal and state income taxes $ 12 $ 19

We incurred liabilities for construction in progress that had not been paid at June 30, 2025 and December 31, 2024 of $ 595 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

In July 2025, an affiliate of Enterprise agreed to acquire an affiliate of Occidental Petroleum Corporation (“Oxy”), which owns approximately 200 miles of natural gas gathering pipelines in the Midland Basin, in a debt-free transaction for $ 580 million in cash consideration (subject to adjustment in accordance with the agreement).

In addition, an affiliate of Enterprise has agreed to provide Oxy with natural gas gathering and processing services, supported by a long-term dedication of approximately 73,000 acres across four counties in the Midland Basin.

Completion of the acquisition is subject to customary regulatory approvals and closing conditions.

The acquisition is expected to close in the third quarter of 2025.

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