What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-11-06 compared with 2025-08-08 · 204 added, 176 removed, 1327 unchanged (22% of the section changed)

3 unchanged sentences

(Dollars in millions)

September 30,

2025 December 31,

2 unchanged sentences

Restricted cash 226 255

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

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

Accounts receivable – related parties 1 4

26 unchanged sentences

Redeemable preferred limited partner interests:

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)

Series A cumulative convertible preferred units (“preferred units”) ( 50,978 units outstanding at September 30, 2025 and 50,687 units outstanding at December 31, 2024)

Partners’ equity:

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)

Common limited partner interests ( 2,163,126,578 units issued and outstanding at September 30, 2025, 2,165,699,962 units issued and outstanding at December 31, 2024)

30,242 29,793

10 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

20 unchanged sentences

Income before income taxes 1,343 1,451 4,243 4,392

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

Benefit from (provision for) income taxes (see Note 16) 13 ( 19 ) ( 27 ) ( 55 )

Net income 1,356 1,432 4,216 4,337

14 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

19 unchanged sentences

(Dollars in millions)

For the Six Months

Ended June 30,

For the Nine Months

Ended September 30,

Operating activities:

9 unchanged sentences

Net losses (gains) attributable to asset sales and related matters ( 13 ) 5

Deferred income tax expense 16 14

Deferred income tax expense (benefit) ( 1 ) 23

Change in fair market value of derivative instruments 24 ( 11 )

29 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

(Dollars in millions)

5 unchanged sentences

Subsidiaries Total

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

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

Net income 1,338 – – 17 1,355

2 unchanged sentences

Cash distributions paid to noncontrolling interests – – – ( 29 ) ( 29 )

Cash contributions from noncontrolling interests – – – 1 1

Repurchase and cancellation of common units under 2019 Buyback Program ( 80 ) – – – ( 80 )

2 unchanged sentences

Other, net ( 1 ) – – – ( 1 )

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

Balance, September 30, 2025 $ 30,242 $ ( 1,297 ) $ 264 $ 841 $ 30,050

Partners’ Equity

14 unchanged sentences

Other, net ( 82 ) – – – ( 82 )

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

Balance, September 30, 2025 $ 30,242 $ ( 1,297 ) $ 264 $ 841 $ 30,050

See Notes to Unaudited Condensed Consolidated Financial Statements.

3 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

(Dollars in millions)

5 unchanged sentences

Subsidiaries Total

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

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

Net income 1,417 – – 14 1,431

7 unchanged sentences

Other, net ( 2 ) – – – ( 2 )

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

Balance, September 30, 2024 $ 29,343 $ ( 1,297 ) $ 303 $ 809 $ 29,158

Partners’ Equity

15 unchanged sentences

Other, net ( 62 ) – – – ( 62 )

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

Balance, September 30, 2024 $ 29,343 $ ( 1,297 ) $ 303 $ 809 $ 29,158

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 June 30, 2025 .

EPCO, together with its privately held affiliates, owned approximately 32.5% of the Partnership’s common units outstanding at September 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 six months ended June 30, 2025 are not necessarily indicative of results expected for the full year of 2025 .

Our results of operations for the nine months ended September 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.

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,

2025 December 31,

2 unchanged sentences

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

$ 1,096 $ 838

Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, petrochemicals, refined products and power.

2 unchanged sentences

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

September 30,

2025 December 31,

7 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

7 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,

in Years September 30,

2025 December 31,

34 unchanged sentences

On a weighted-average basis, the expected remaining amortization period for these costs is 2.7 years.

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.

Property, plant and equipment at both September 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) 16

ARO liability balance, June 30, 2025 $ 276

ARO liability balance, September 30, 2025 $ 279

(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 $ 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.

Of the $ 279 million total ARO liability recorded at September 30, 2025, $ 4 million was reflected as a current liability and $ 275 million as a long-term liability.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

8 unchanged sentences

We account for these investments using the equity method.

September 30,

2025 December 31,

6 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

11 unchanged sentences

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Value Accumulated

21 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

13 unchanged sentences

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

September 30,

2025 December 31,

59 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 six months ended June 30, 2025 :

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, 2025:

Range of Interest

9 unchanged sentences

Scheduled Maturities of Debt

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:

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

Scheduled Maturities of Debt

1 unchanged sentence

of 2025 2026 2027 2028 2029 Thereafter

Commercial Paper Notes $ 840 $ 840 $ – $ – $ – $ – $ –

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

3 unchanged sentences

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 June 30, 2025 , there were no principal amounts outstanding under the March 2025 $ 1.5 Billion 364 -Day Revolving Credit Agreement.

As of September 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.

19 unchanged sentences

Letters of Credit

At June 30, 2025 , EPO had $ 35 million of letters of credit outstanding primarily related to our insurance program.

At September 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 June 30, 2025 .

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

Parent-Subsidiary Guarantor Relationships

11 unchanged sentences

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

Common unit repurchases under 2019 Buyback Program ( 2,543,004 )

Common units issued in connection with the vesting of phantom unit awards, net 113,097

Common units outstanding at September 30, 2025 2,163,126,578

Registration Statements

We have a universal shelf registration statement on file with the SEC which allows the Partnership and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively.

In addition, the Partnership has a registration statement on file with the SEC covering the issuance of up to $ 2.5 billion of its common units in amounts, at prices and on terms based on market conditions and other factors at the time of such offerings (referred to as the Partnership’s at-the-market (“ATM”) program).

The Partnership did not issue any common units under its ATM program during the 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

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

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

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

3 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 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.

During the three and nine months ended September 30, 2025, the Partnership repurchased 2,543,004 and 7,913,198 common units, respectively, under the 2019 Buyback Program.

The total cost of these repurchases, including commissions and fees, was $ 80 million and $ 250 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.

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.

The total cost of these repurchases, including commissions and fees, was $ 76 million and $ 156 million, respectively.

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

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

At September 30, 2025, the remaining available capacity under the 2019 Buyback Program was $ 613 million.

In October 2025, we announced that the Board approved an increase to the authorized maximum aggregate purchase price (excluding fees, commissions and other ancillary expenses) of the Partnership’s common units that may be repurchased under the 2019 Buyback Program from $ 2.0 billion to $ 5.0 billion.

After giving effect to this increase, the remaining available capacity under the 2019 Buyback Program is $ 3.6 billion.

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

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 .

After taking into account tax withholding requirements, the Partnership issued 5,323,416 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 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 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.

During the nine months ended September 30, 2025, agents of the Partnership purchased 3,529,782 common units on the open market and delivered them to participants in the DRIP and EUPP.

Apart from $ 3 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 August 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 November 14, 2025.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Preferred Units

5 unchanged sentences

Preferred units outstanding at June 30, 2025 50,879

Paid in-kind distribution to third party 99

Preferred units outstanding at September 30, 2025 50,978

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 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.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

During the nine months ended September 30, 2025, the Partnership made quarterly cash distributions to its preferred unitholders of $ 2 million and paid-in-kind distributions of 291 new preferred units valued at less than $ 1 million.

Accumulated Other Comprehensive Income (Loss)

6 unchanged sentences

Total other comprehensive income (loss) for period 19 9 – 28

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

Accumulated Other Comprehensive Income (Loss), September 30, 2025 $ 110 $ 152 $ 2 $ 264

Cash Flow Hedges

5 unchanged sentences

Total other comprehensive income (loss) for period 3 ( 7 ) – ( 4 )

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

Accumulated Other Comprehensive Income (Loss), September 30, 2024 $ 157 $ 144 $ 2 $ 303

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 June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

Losses (gains) on cash flow hedges:

4 unchanged sentences

Total $ ( 37 ) $ ( 79 ) $ ( 73 ) $ ( 129 )

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Cash Distributions

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 .

On October 7, 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 third quarter of 2025.

The quarterly distribution is payable on November 14, 2025 to unitholders of record as of the close of business on October 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.

1 unchanged sentence

Management will evaluate any future increases in cash distributions on a quarterly basis.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We classify our revenues into sales of products and midstream services.

2 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

29 unchanged sentences

Total consolidated revenues $ 12,023 $ 13,775 $ 38,803 $ 42,018

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 :

The following tables provide information regarding our contract assets and contract liabilities at September 30, 2025:

Contract Asset Location Balance

3 unchanged sentences

Deferred revenue (noncurrent) Other long-term liabilities 253

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

Revenue Deferred

4 unchanged sentences

Other changes – 1

Balance at June 30, 2025 $ 8 $ 444

Balance at September 30, 2025 $ 7 $ 411

(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 June 30, 2025 .

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

Consideration

Six months ended December 31, 2025

Three months ended December 31, 2025

One year ended December 31, 2026

4 unchanged sentences

Total $ 27,006

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

Net gains (losses) attributable to asset sales and related matters in operating costs and expenses 4 – 13 ( 5 )

7 ( 5 ) 9 ( 5 )

General and administrative costs ( 61 ) ( 61 ) ( 189 ) ( 184 )

12 unchanged sentences

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 June 30, 2025

For the Three Months Ended September 30, 2025

& Services Crude Oil

22 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, subsequent recognition of revenues attributable to make-up rights and other miscellaneous segment items.

• NGL Pipelines & Services – Subsequent recognition of revenues attributable to make-up rights and other miscellaneous segment items.

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

3 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2025

For the Nine Months Ended September 30, 2025

& Services Crude Oil

28 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended June 30, 2024

For the Three Months Ended September 30, 2024

& Services Crude Oil

16 unchanged sentences

Total other segment income

30 83 4 3 120

Total segment gross operating margin $ 1,335 $ 401 $ 349 $ 363 $ 2,448

10 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2024

For the Nine Months Ended September 30, 2024

& Services Crude Oil

30 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

14 unchanged sentences

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

September 30,

2025 December 31,

11 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

12 unchanged sentences

Net losses (gains) attributable to asset sales and related matters ( 4 ) – ( 13 ) 5

( 7 ) 5 ( 9 ) 5

General and administrative costs 61 61 189 184

2 unchanged sentences

asset impairment charges;

and net gains attributable to asset sales and related matters.

and net losses (gains) attributable to asset sales and related matters.

Fluctuations in our product sales revenues and cost of sales amounts are explained in large part by changes in energy commodity prices.

7 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

20 unchanged sentences

See Note 8 for information regarding preferred units.

Business Combination

Acquisition of Oxy Natural Gas Gathering Affiliate

In July 2025, we entered into definitive agreements to acquire an affiliate of Occidental Petroleum Corporation (“Oxy”) that owns approximately 200 miles of natural gas gathering pipelines in the Midland Basin and to provide natural gas gathering and processing services to Oxy for production from approximately 73,000 dedicated acres across four counties in the Midland Basin.

This acquisition, which closed on August 22, 2025, did not meet the definition of a business under ASC 805, Business Combinations , and was therefore accounted for as an asset acquisition.

Asset acquisitions require, among other considerations, that the total cost of the acquisition be allocated to the assets acquired and liabilities assumed on a relative fair value basis.

Additionally, transaction costs incurred in connection with an asset acquisition are capitalized as part of the total cost of the acquired assets.

The total cost of the acquisition was $ 583 million, consisting of $ 581 million in cash consideration and $ 2 million in transaction-related costs.

This amount is reflected as a component of “Capital expenditures” on our Unaudited Condensed Consolidated Statements of Consolidated Cash Flows.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the allocation of the total cost to the assets acquired and liabilities assumed:

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

Property, plant and equipment

Contract-based intangible asset

Total net assets acquired $ 583

(1) 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 assumed liabilities primarily included accounts payable and asset retirement obligations.

None of these amounts were considered individually significant.

The fair value of the acquired property, plant and equipment was determined using the cost approach and consisted of pipelines and related equipment.

See Note 4 for additional information regarding our property, plant and equipment.

The contract-based intangible asset represents the estimated value assigned to the long-term gathering and processing services agreement with Oxy, which is expected to renew in approximately 15 years under similar commercial terms.

The fair value of the contract-based intangible asset was determined using the income approach, specifically a discounted cash flow analysis, which incorporated Level 3 inputs including management’s long-term forecast of cash flows generated by the gathering and processing services agreement, based on the estimated life of the hydrocarbon resource basin served, resource depletion rates, and expected contract renewals.

The intangible asset will be amortized on a straight-line basis over approximately 23 years.

Acquisition of Pinon Midstream

2 unchanged sentences

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).

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

This acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations .

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

Purchase price for 100 % interest in Pinon Midstream

9 unchanged sentences

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 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.

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 nine months ended September 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.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Equity-Based Awards

2 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

15 unchanged sentences

Forfeited ( 514,233 ) $ 28.40

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

Phantom unit awards at September 30, 2025 20,083,707 $ 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 June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

1 unchanged sentence

Total intrinsic value of phantom unit awards that vested during period 5 3 261 197

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.

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 267 million at September 30, 2025, of which our share of such cost is currently estimated to be $ 212 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 2.3 years.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Hedging Activities and Fair Value Measurements

17 unchanged sentences

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.

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.

At September 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.

6 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

Volume (1) Accounting

14 unchanged sentences

Forecasted purchases of refined products (MMBbls) 0.6 n/a Cash flow hedge

Forecasted sales of refined products (MMBbls) 3.6 n/a Cash flow hedge

Forecasted sales of refined products (MMBbls) 1.8 0.1 Cash flow hedge

Crude oil marketing:

9 unchanged sentences

Refined products risk management activities (MMBbls) (3) 7.2 n/a Mark-to-market

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

Crude oil risk management activities (MMBbls) (3) 50.3 n/a 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.

(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 $ 7 million and $ 11 million at June 30, 2025 and December 31, 2024 , respectively.

The carrying amount of our inventories subject to fair value hedges was $ 4 million and $ 11 million at September 30, 2025 and December 31, 2024, respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

4 unchanged sentences

Asset Derivatives Liability Derivatives

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

September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

Location Fair

34 unchanged sentences

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

As of June 30, 2025:

As of September 30, 2025:

Commodity derivatives $ 476 $ – $ 476 $ ( 417 ) $ ( 59 ) $ – $ –

14 unchanged sentences

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

As of June 30, 2025:

As of September 30, 2025:

Commodity derivatives $ 418 $ – $ 418 $ ( 417 ) $ – $ – $ 1

10 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

5 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

10 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

8 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

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.

Likewise, we expect to reclassify $ 83 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $ 80 million as an increase in revenue and $ 3 million as a decrease in operating costs and expenses.

Likewise, we expect to reclassify $ 102 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $ 111 million as an increase in revenue and $ 9 million as an increase in operating costs and expenses.

The following table presents the effect of our derivative instruments not designated as hedging instruments on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

3 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

2 unchanged sentences

Total $ ( 22 ) $ ( 17 ) $ 26 $ ( 10 )

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.

The $ 26 million net gain recognized for the nine months ended September 30, 2025 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 46 million of net realized gains and $ 20 million of net unrealized mark-to-market losses attributable to commodity derivatives.

Fair Value Measurements

8 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.

At June 30, 2025

At September 30, 2025

Fair Value Measurements Using

37 unchanged sentences

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.

In the aggregate, the fair value of our commodity hedging portfolios at September 30, 2025 was a net derivative asset of $ 96 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at September 30, 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 $ 30.2 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.

The estimated total fair value of our fixed-rate debt obligations was $ 30.6 billion and $ 28.9 billion at September 30, 2025 and December 31, 2024, respectively.

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

5 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

6 unchanged sentences

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

September 30,

2025 December 31,

9 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 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:

At September 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

2 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, 59,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at June 30, 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 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.

During the nine months ended September 30, 2025 and 2024, we paid EPCO and its privately held affiliates cash distributions totaling $ 1.1 billion and $ 1.1 billion, respectively.

We have no employees.

3 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

3 unchanged sentences

We lease office space from privately held affiliates of EPCO.

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.

For the three months ended September 30, 2025 and 2024, we recognized $ 6 million and $ 7 million, respectively, of related party operating lease expense in connection with these office space leases.

For the nine months ended September 30, 2025 and 2024, we recognized $ 18 million and $ 17 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 six months ended June 30, 2025 and 2024 .

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, 2025 and 2024.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

6 unchanged sentences

State 21 ( 4 ) 13 ( 10 )

– ( 1 ) – ( 1 )

Total deferred portion 17 ( 9 ) 1 ( 23 )

Total provision for income taxes $ ( 16 ) $ ( 15 ) $ ( 40 ) $ ( 36 )

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S.

Total benefit from (provision for) income taxes $ 13 $ ( 19 ) $ ( 27 ) $ ( 55 )

A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S.

federal income tax rate to income before income taxes is as follows:

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

4 unchanged sentences

Other – ( 1 ) – ( 2 )

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

Benefit from (provision for) income taxes $ 13 $ ( 19 ) $ ( 27 ) $ ( 55 )

Effective income tax rate 1.0 % ( 1.3 ) % ( 0.6 ) % ( 1.3 ) %

1 unchanged sentence

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

September 30,

2025 December 31,

11 unchanged sentences

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

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

(2) The loss amount presented as of September 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

2 unchanged sentences

We will vigorously defend the Partnership in litigation matters.

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

There were no accruals for litigation contingencies at September 30, 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 $ 33.1 billion and $ 32.2 billion at June 30, 2025 and December 31, 2024 , respectively.

In total, the principal amount of our consolidated debt obligations were $ 33.9 billion and $ 32.2 billion at September 30, 2025 and December 31, 2024, respectively.

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

1 unchanged sentence

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 June 30, 2025 :

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

Asset Category ROU

10 unchanged sentences

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

(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.

(2) At September 30, 2025, operating lease liabilities of $ 94 million and $ 315 million were included within “ Other current liabilities ” and “ Other long-term liabilities ,” respectively.

Additionally at September 30, 2025, finance lease liabilities of $ 3 million and $ 14 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).

4 unchanged sentences

For the Three Months

Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

12 unchanged sentences

Total lease expense $ 82 $ 65 $ 230 $ 183

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.

Cash paid for operating lease liabilities was $ 31 million and $ 28 million for the three months ended September 30, 2025 and 2024, respectively.

For the nine months ended September 30, 2025 and 2024, cash paid for operating lease liabilities was $ 97 million and $ 78 million, respectively.

Cash paid for finance leases was $ 1 million and $ 2 million for the three and nine months ended September 30, 2025, respectively.

Operating lease income for each of the three months ended September 30, 2025 and 2024 was $ 4 million.

Operating lease income for each of the nine months ended September 30, 2025 and 2024 was $ 11 million.

Purchase Obligations

1 unchanged sentence

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 June 30, 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 September 30, 2025 did not differ materially from those reported in our 2024 Form 10-K.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

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 Six Months

Ended June 30,

For the Nine Months

Ended September 30,

Decrease (increase) in:

12 unchanged sentences

Net effect of changes in operating accounts $ ( 169 ) $ ( 563 )

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

Cash payments for interest, net of $ 147 and $ 82 capitalized during the nine months ended September 30, 2025 and 2024, respectively

$ 1,260 $ 1,180

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.

We incurred liabilities for construction in progress that had not been paid at September 30, 2025 and December 31, 2024 of $ 571 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