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Item 2. Management’s Discussion and Analysis

2025-11-06 compared with 2025-08-08 · 213 added, 198 removed, 541 unchanged (43% of the section changed)

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RESULTS OF OPERATIONS.

For the Three and Six Months Ended June 30, 2025 and 2024

For the Three and Nine Months Ended September 30, 2025 and 2024

The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and accompanying Notes included in this quarterly report on Form 10-Q and the Audited Consolidated Financial Statements and related Notes, together with our discussion and analysis of financial position and results of operations, included in our annual report on Form 10-K for the year ended December 31, 2024 (the “ 2024 Form 10-K”), as filed on February 28, 2025 with the U.S.

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Cautionary Statement Regarding Forward-Looking Information

This quarterly report on Form 10-Q for the three and six months ended June 30, 2025 (our “quarterly report”) contains various forward-looking statements and information that are based on our beliefs and those of our general partner, as well as assumptions made by us and information currently available to us.

This quarterly report on Form 10-Q for the three and nine months ended September 30, 2025 (our “quarterly report”) contains various forward-looking statements and information that are based on our beliefs and those of our general partner, as well as assumptions made by us and information currently available to us.

When used in this document, words such as “anticipate,” “project,” “expect,” “plan,” “seek,” “goal,” “estimate,” “forecast,” “intend,” “could,” “should,” “would,” “will,” “believe,” “may,” “scheduled,” “pending,” “potential” and similar expressions and statements regarding our plans and objectives for future operations are intended to identify forward-looking statements.

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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 .

As generally used in the energy industry and in this quarterly report, the acronyms below have the following meanings:

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MMBbls = million barrels TBtus = trillion British thermal units

As used in this quarterly report, the phrase “quarter-to-quarter” means the second quarter of 2025 compared to the second quarter of 2024 .

Likewise, the phrase “period-to-period” means the six months ended June 30, 2025 compared to the six months ended June 30, 2024 .

As used in this quarterly report, the phrase “quarter-to-quarter” means the third quarter of 2025 compared to the third quarter of 2024 .

Likewise, the phrase “period-to-period” means the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 .

Overview of Business

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Recent Developments

Enterprise Agrees to Acquire Oxy Affiliate, Enters into Service Agreements, and Expands Midland Basin Processing Capacity

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.

Enterprise Announces Increase to 2019 Buyback Program

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.

Enterprise Acquires Oxy Affiliate, Enters into Service Agreements, and Expands Midland Basin Processing Capacity

In addition, an affiliate of Enterprise 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.

This transaction closed on August 22, 2025.

In order to accommodate this production growth in the Midland Basin, we also announced plans to expand our natural gas gathering and processing capabilities in the Midland Basin with the construction of a ninth natural gas processing train (“Athena”) and further expansion of our Midland Basin gathering system.

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2nd Quarter $3.44 $0.24 $0.78 $0.88 $0.93 $1.32 $0.38 $0.30 $0.30

$3.07 $0.23 $0.69 $0.86 $0.92 $1.30 $0.36 $0.28 $0.30

2025 Averages

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In addition, the actual gas processing spread earned at each plant is further influenced by regional pricing and extraction dynamics.

The weighted-average indicative market price for NGLs was $0.58 per gallon in the second quarter of 2025 versus $0.59 per gallon in the second quarter of 2024 .

Likewise, the weighted-average indicative market price for NGLs was $0.63 per gallon during the six months ended June 30, 2025 compared to $0.61 per gallon during the six months ended June 30, 2024 .

The weighted-average indicative market price for NGLs was $0.56 per gallon in the third quarter of 2025 versus $0.57 per gallon in the third quarter of 2024 .

Likewise, the weighted-average indicative market price for NGLs was $0.60 per gallon during the nine months ended September 30, 2025 compared to $0.59 per gallon during the nine months ended September 30, 2024 .

The following table presents selected average index prices for crude oil for the periods indicated:

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2nd Quarter $63.87 $64.42 $64.65

3rd Quarter $64.93 $65.76 $66.09

2025 Averages $66.74 $67.57 $67.85

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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

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

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

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

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

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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

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

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Total revenues for the second quarter of 2025 decreased $2.1 billion when compared to the second quarter of 2024 primarily due to lower marketing revenues.

Revenues from the marketing of NGLs and crude oil decreased a combined net $ 2.0 billion quarter-to-quarter primarily due to lower average sales prices, which accounted for a $2.3 billion decrease, partially offset by higher sales volumes, which accounted for a $357 million increase.

Revenues from the marketing of petrochemicals and refined products decreased $614 million quarter-to-quarter primarily due to lower average sales prices.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Total revenues for the third quarter of 2025 decreased $1.8 billion when compared to the third quarter of 2024 primarily due to lower marketing revenues.

Revenues from the marketing of NGLs and petrochemicals and refined products decreased a combined $ 2.2 billion quarter-to-quarter primarily due to lower average sales prices, which accounted for a $1.6 billion decrease, and lower sales volumes, which accounted for an additional $583 million decrease.

Revenues from the marketing of natural gas increased $233 million quarter-to-quarter primarily due to higher average sales prices.

Revenues from midstream services for the second quarter of 2025 increased a net $80 million when compared to the second quarter of 2024 .

Revenues from the marketing of crude oil increased a net $134 million quarter-to-quarter primarily due to higher sales volumes, which accounted for a $738 million increase, partially offset by lower average sales prices, which accounted for a $604 million decrease.

Revenues from midstream services for the third quarter of 2025 increased $110 million when compared to the third quarter of 2024 .

Revenues from our NGL and natural gas transportation assets increased a combined $69 million quarter-to-quarter primarily due to higher demand for transportation services.

Revenues from our natural gas processing facilities decreased $43 million quarter-to-quarter primarily due to lower market values for the equity NGL-equivalent production volumes we receive as non-cash consideration for processing services.

Six Months Ended June 30, 2025 Com pared to Six Months Ended June 30, 2024 .

Total revenues for the six months ended June 30, 2025 decreased $1.5 billion when compared to the six months ended June 30, 2024 primarily due to lower marketing revenues.

Revenues from the marketing of NGLs, crude oil and petrochemicals and refined products decreased a combined net $2.3 billion period-to-period primarily due to lower average sales prices, which accounted for a $3.8 billion decrease, partially offset by higher sales volumes, which accounted for a $1.5 billion increase.

Revenues from our natural gas processing facilities increased $20 million quarter-to-quarter primarily due to an increase in total fee-based natural gas processing volumes as a result of the contributions from our Orion and Mentone West 1 natural gas processing trains, which were placed into service in the third quarter of 2025.

Lastly, revenues from our Midland-to-ECHO System increased $22 million quarter-to-quarter primarily due to higher demand for transportation services.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Total revenues for the nine months ended September 30, 2025 decreased $3.2 billion when compared to the nine months ended September 30, 2024 primarily due to lower marketing revenues.

Revenues from the marketing of NGLs and crude oil decreased a combined net $3.3 billion period-to-period primarily due to lower average sales prices, which accounted for a $4.9 billion decrease, partially offset by higher sales volumes, which accounted for a $1.6 billion increase.

Revenues from the marketing of petrochemicals and refined products decreased $1.1 billion period-to-period primarily due to lower average sales prices.

Revenues from the marketing of natural gas increased $906 million period-to-period primarily due to higher average sales prices.

Revenues from midstream services for the six months ended June 30, 2025 increased a net $140 million when compared to the six months ended June 30, 2024 .

Revenues from midstream services for the nine months ended September 30, 2025 increased a net $250 million when compared to the nine months ended September 30, 2024 .

Revenues from our NGL and natural gas transportation assets increased a combined $298 million period-to-period primarily due to higher demand for transportation services.

Revenues from our natural gas processing facilities decreased $49 million period-to-period primarily due to lower market values for the equity NGL-equivalent production volumes we receive as non-cash consideration for processing services.

Lastly, revenues from our octane enhancement and related plant operations decreased $34 million period-to-period primarily due to lower deficiency fee revenues.

Revenues from our octane enhancement and related plant operations decreased $34 million period-to-period primarily due to lower deficiency fee revenues.

Lastly, r evenues from our natural gas processing facilities decreased $29 million period-to-period primarily due to lower market values for the equity NGL-equivalent production volumes we receive as non-cash consideration for processing services.

Operating costs and expenses

Total operating costs and expenses for the three and six months ended June 30, 2025 decreased $2.2 billion and $1.5 billion , respectively when compared to the same periods in 2024 .

Total operating costs and expenses for the three and nine months ended September 30, 2025 decreased $1.7 billion and $3.1 billion , respectively when compared to the same periods in 2024 .

Cost of sales

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Cost of sales for the second quarter of 2025 decreased a net $2.3 billion when compared to the second quarter of 2024 .

The cost of sales associated with the marketing of NGLs and crude oil decreased a combined net $1.8 billion quarter-to-quarter primarily due to lower average purchase prices, which accounted for a $2.1 billion decrease, partially offset by higher volumes, which accounted for a $315 million increase.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Cost of sales for the third quarter of 2025 decreased a net $1.8 billion when compared to the third quarter of 2024 .

The cost of sales associated with the marketing of NGLs decreased $1.3 billion quarter-to-quarter primarily due to lower average purchase prices.

The cost of sales associated with the marketing of petrochemicals and refined products decreased $798 million quarter-to-quarter primarily due to lower volumes.

The cost of sales associated with the marketing of natural gas increased $82 million quarter-to-quarter primarily due to higher average purchase prices.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Cost of sales for the six months ended June 30, 2025 decreased a net $1.7 billion when compared to the six months ended June 30, 2024 .

The cost of sales associated with the marketing of NGLs and crude oil decreased a combined net $1.7 billion period-to-period primarily due to lower average purchase prices, which accounted for a $2.6 billion decrease, partially offset by higher volumes, which accounted for a $971 million increase.

The cost of sales associated with the marketing of petrochemicals and refined products decreased $262 million period-to-period primarily due to lower volumes, which accounted for a $164 million decrease, and lower average purchase price, which accounted for an additional $98 million decrease.

The cost of sales associated with the marketing of crude oil increased a net $246 million quarter-to-quarter primarily due to higher volumes which accounted for a $677 million increase, partially offset by lower average purchase prices, which accounted for a $431 million decrease.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Cost of sales for the nine months ended September 30, 2025 decreased a net $3.5 billion when compared to the nine months ended September 30, 2024 .

The cost of sales associated with the marketing of NGLs and crude oil decreased a combined net $2.7 billion period-to-period primarily due to lower average purchase prices, which accounted for a $4.2 billion decrease, partially offset by higher volumes, which accounted for a $1.5 billion increase.

The cost of sales associated with the marketing of petrochemicals and refined products decreased $1.1 billion period-to-period primarily due to lower volumes.

The cost of sales associated with the marketing of natural gas increased $308 million period-to-period primarily due to higher average purchase prices.

Other operating costs and expenses

Other operating costs and expenses for the three and six months ended June 30, 2025 increased $90 million and $195 million , respectively, when compared to the same periods in 2024 primarily due to higher employee compensation, maintenance and utility costs.

Other operating costs and expenses for the three and nine months ended September 30, 2025 increased $102 million and $297 million , respectively, when compared to the same periods in 2024 primarily due to higher employee compensation, maintenance and utility costs.

Depreciation, amortization and accretion expenses

Depreciation, amortization and accretion expense for the three and six months ended June 30, 2025 increased $30 million and $53 million , respectively, when compared to the same periods in 2024 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the respective periods in 2024 .

Depreciation, amortization and accretion expense for the three and nine months ended September 30, 2025 increased $42 million and $95 million , respectively, when compared to the same periods in 2024 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the respective periods in 2024 .

General and administrative costs

General and administrative costs for the three and six months ended June 30, 2025 increased $11 million and $5 million , respectively, when compared to the same periods in 2024 primarily due to higher employee compensation costs.

General and administrative costs for the three months ended September 30, 2025 was flat when compared to the same period in 2024.

General and administrative costs for the nine months ended September 30, 2025 increased $5 million when compared to the same period in 2024 primarily due to higher employee compensation costs.

Equity in income of unconsolidated affiliates

Equity income from our unconsolidated affiliates for the three and six months ended June 30, 2025 decreased $9 million and $17 million , respectively, when compared to the same periods in 2024 primarily due to lower earnings from investments in NGL pipelines and services.

Equity income from our unconsolidated affiliates for the three and nine months ended September 30, 2025 decreased $9 million and $26 million , respectively, when compared to the same periods in 2024 primarily due to lower earnings from investments in NGL pipelines and services.

Operating income

Operating income for the three and six months ended June 30, 2025 increased $30 million and decreased $31 million , respectively, when compared to the same periods in 2024 due to the previously described quarter-to-quarter and period-to-period changes.

Operating income for the three and nine months ended September 30, 2025 decreased $94 million and $125 million , respectively, when compared to the same periods in 2024 due to the previously described quarter-to-quarter and period-to-period changes.

Interest expense

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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

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Total $ 354 $ 343 $ 1,026 $ 1,006

(1) The weighted-average interest rates on debt principal outstanding during the three and six months ended June 30, 2025 were 4.67% and 4.68%, respectively.

The weighted-average interest rates on debt principal outstanding during the three and six months ended June 30, 2024 were 4.62% and 4.61%, respectively.

(1) The weighted-average interest rates on debt principal outstanding during the three and nine months ended September 30, 2025 were 4.62% and 4.66%, respectively.

The weighted-average interest rates on debt principal outstanding during the three and nine months ended September 30, 2024 were 4.59% and 4.60%, respectively.

(2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase.

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For a discussion of our capital projects, see “ Capital Investments ” within this Part I, Item 2.

Our income taxes are primarily comprised of our state tax obligations under the Revised Texas Franchise Tax (“Texas Margin Tax”).

Our provision for income taxes for the three and six months ended June 30, 2025 increased $1 million and $4 million, respectively, when compared to the same periods in 2024 .

Business Segment Highlights

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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

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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

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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

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Natural gas processing and related NGL marketing activities

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from natural gas processing and related NGL marketing activities for the second quarter of 2025 decreased $45 million when compared to the second quarter of 2024 .

Gross operating margin from our NGL marketing activities decreased a net $18 million quarter-to-quarter primarily due to lower average sales margins, which accounted for a $14 million decrease, and lower mark-to-market earnings, which accounted for an additional $17 million decrease, partially offset by higher sales volumes, which accounted for a $14 million increase.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from natural gas processing and related NGL marketing activities for the third quarter of 2025 decreased $17 million when compared to the third quarter of 2024 .

Gross operating margin from our NGL marketing activities decreased a net $21 million quarter-to-quarter primarily due to lower average sales margins, which accounted for a $49 million decrease, partially offset by higher mark-to-market earnings, which accounted for a $16 million increase, and higher sales volumes, which accounted for an additional $12 million increase.

Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $11 million quarter-to-quarter primarily due to lower average processing margins (including the impact of hedging activities).

On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 34 MMcf/d and 4 MBPD, respectively, quarter-to-quarter.

Gross operating margin from our Midland Basin natural gas processing facilities decreased a net $9 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $8 million decrease, and lower average processing margins (including the impact of hedging activities), which accounted for an additional $4 million decrease, partially offset by a 296 MMcf/d increase in fee-based natural gas processing volumes, which accounted for a $3 million increase.

Gross operating margin from our Delaware Basin natural gas processing facilities decreased a net $5 million quarter-to-quarter primarily due to lower average processing margins (including the impact of hedging activities), which accounted for an $8 million decrease, and higher operating costs, which accounted for an additional $6 million decrease, partially offset by a 257 MMcf/d increase in fee-based natural gas processing volumes, which accounted for a $9 million increase.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from natural gas processing and related NGL marketing activities for the six months ended June 30, 2025 decreased $30 million when compared to the six months ended June 30, 2024 .

Gross operating margin from our NGL marketing activities decreased a net $37 million period-to-period primarily due to lower average sales margins, which accounted for a $48 million decrease, and lower mark-to-market earnings, which accounted for an additional $12 million decrease, partially offset by higher sales volumes, which accounted for a $24 million increase.

On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 69 MMcf/d and increased 3 MBPD, respectively, quarter-to-quarter.

Gross operating margin from our Midland Basin natural gas processing facilities decreased a net $11 million quarter-to-quarter primarily due to lower average processing margins (including the impact of hedging activities), which accounted for a $12 million decrease, and higher operating costs, which accounted for an additional $9 million decrease, partially offset by higher fee-based natural gas processing volumes, which accounted for an $8 million increase.

Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 211 MMcf/d quarter-to-quarter primarily due to contributions from our Orion natural gas processing train, which was placed into service in the third quarter of 2025.

Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $13 million quarter-to-quarter primarily due to higher fee-based natural gas processing volumes, which accounted for a $10 million increase, and higher average processing margins (including the impact of hedging activities), which accounted for an additional $9 million increase, partially offset by higher operating costs, which accounted for a $6 million decrease.

Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 240 MMcf/d quarter-to-quarter primarily due to contributions from our Mentone West 1 natural gas processing train, which was placed into service in the third quarter of 2025.

Gross operating margin from our Louisiana and Mississippi natural gas processing facilities increased $8 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $4 million increase, a 12 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $3 million increase, and a 318 MMcf/d increase in fee-based natural gas processing volumes, which accounted for an additional $2 million increase.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from natural gas processing and related NGL marketing activities for the nine months ended September 30, 2025 decreased $47 million when compared to the nine months ended September 30, 2024 .

Gross operating margin from our NGL marketing activities decreased a net $58 million period-to-period primarily due to lower average sales margins, which accounted for a $97 million decrease, partially offset by higher sales volumes, which accounted for a $36 million increase, and higher mark-to-market earnings, which accounted for an additional $4 million increase.

Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $28 million period-to-period primarily due to lower average processing margins (including the impact of hedging activities).

On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 49 MMcf/d and 1 MBPD, respectively, period-to-period.

Gross operating margin from our Delaware Basin natural gas processing facilities decreased a net $1 million period-to-period primarily due to lower average processing margins (including the impact of hedging activities), which accounted for a $32 million decrease, and higher operating costs, which accounted for an additional $4 million decrease, partially offset by higher fee-based natural gas processing volumes, which accounted for a $25 million increase, and a 7 MBPD increase in equity NGL-equivalent production volumes, which accounted for an additional $10 million increase.

Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 323 MMcf/d period-to-period primarily due to contributions from our Mentone 3 natural gas processing train, which was placed into service in late first quarter of 2024.

Gross operating margin from our Midland Basin natural gas processing facilities increased a net $32 million period-to-period primarily due to an 11 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $17 million increase, higher fee-based natural gas processing volumes, which accounted for a $15 million increase, and higher average processing margins (including the impact of hedging activities), which accounted for an additional $13 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease.

Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 388 MMcf/d period-to-period primarily due to contributions from our Leonidas natural gas processing train, which was placed into service in late first quarter of 2024.

On a combined basis, fee-based natural gas processing volumes decreased 56 MMcf/d and equity NGL-equivalent production were flat period-to-period.

Gross operating margin from our Midland Basin natural gas processing facilities increased a net $20 million period-to-period primarily due to higher fee-based natural gas processing volumes, which accounted for a $29 million increase, and a 6 MBPD increase in equity NGL-equivalent production volumes, which accounted for an additional $14 million increase, partially offset by higher operating costs, which accounted for a $23 million decrease.

Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 329 MMcf/d period-to-period primarily due to contributions from our Leonidas and Orion natural gas processing trains, which were placed into service in late first quarter of 2024 and the third quarter of 2025, respectively.

Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $14 million period-to-period primarily due to higher fee-based natural gas processing volumes, which accounted for a $32 million increase, and a 5 MBPD increase in equity NGL-equivalent production volumes, which accounted for an additional $21 million increase, partially offset by lower average processing margins (including the impact of hedging activities), which accounted for a $30 million decrease, and higher operating costs, which accounted for an additional $9 million decrease.

Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 296 MMcf/d period-to-period primarily due to contributions from our Mentone 3 and Mentone West 1 natural gas processing trains, which were placed into service in late first quarter of 2024 and the third quarter of 2025, respectively.

NGL pipelines, storage and terminals

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from our NGL pipelines, storage and terminal assets during the second quarter of 2025 increased $31 million when compared to the second quarter of 2024 .

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from our NGL pipelines, storage and terminal assets during the third quarter of 2025 increased $30 million when compared to the third quarter of 2024 .

Gross operating margin for our Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $19 million quarter-to-quarter primarily due to higher average transportation fees, which accounted for an $11 million increase, and a 109 MBPD increase in transportation volumes, which accounted for an additional $6 million increase.

A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, and Shin Oak NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers.

On a combined basis, gross operating margin from these pipelines increased a net $23 million quarter-to-quarter primarily due to higher other revenues, which accounted for a $12 million increase, a 40 MBPD increase in transportation volumes, which accounted for a $9 million increase, and higher average transportation fees, which accounted for an additional $6 million increase, partially offset by higher operating costs, which accounted for a $4 million decrease.

Gross operating margin for our Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $14 million quarter-to-quarter primarily due to a 100 MBPD increase in transportation volumes, which accounted for a $9 million increase, and higher average transportation fees, which accounted for an additional $9 million increase.

Gross operating margin from our Tri-States NGL Pipeline increased $10 million quarter-to-quarter primarily due to a 9 MBPD increase in transportation volumes, which accounted for a $3 million increase, and higher average transportation fees, which accounted for an additional $3 million increase.

Gross operating margin from our South Texas NGL Pipeline System increased $5 million quarter-to-quarter primarily due to higher capacity reservation revenues, which accounted for a $3 million increase, and lower operating costs, which accounted for an additional $2 million increase.

Transportation volumes on this system increased 9 MBPD quarter-to-quarter.

On a combined basis, gross operating margin from these pipelines increased $16 million quarter-to-quarter primarily due to a 138 MBPD increase in transportation volumes.

Gross operating margin from our Tri-States NGL Pipeline increased $5 million quarter-to-quarter primarily due to an 11 MBPD increase in transportation volumes.

Gross operating margin from our Mont Belvieu area storage complex increased a net $5 million quarter-to-quarter primarily due to higher storage revenues, which accounted for a $9 million increase, partially offset by higher operating costs, which accounted for a $4 million decrease.

Gross operating margin from our Dixie Pipeline and related terminals increased $4 million quarter-to-quarter primarily due to higher average transportation and related fees.

Transportation volumes on our Dixie Pipeline increased 6 MBPD quarter-to-quarter.

Gross operating margin from LPG-related activities at our Enterprise Hydrocarbons Terminal (“EHT”) decreased $44 million quarter-to-quarter primarily due to lower average loading fees.

LPG export volumes at EHT increased 55 MBPD quarter-to-quarter.

Gross operating margin at our Morgan’s Point Ethane Export Terminal increased $4 million quarter-to-quarter primarily due to an 11 MBPD increase in export volumes.

Gross operating margin from our related Houston Ship Channel Pipeline System increased $5 million quarter-to-quarter primarily due to a 67 MBPD increase in transportation volumes.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from our NGL pipelines, storage and terminal assets during the six months ended June 30, 2025 increased $113 million when compared to the six months ended June 30, 2024 .

LPG export volumes at EHT decreased 42 MBPD quarter-to-quarter.

Gross operating margin at our Morgan’s Point and Neches River Export Terminals increased a combined $22 million quarter-to-quarter primarily due to higher ethane export volumes, which accounted for a $16 million increase, and higher other fee revenues, which accounted for an additional $4 million increase.

Ethane export volumes at these terminals increased a combined 63 MBPD quarter-to-quarter primarily due to contributions from the first phase of our Neches River export facility, which was placed into service in July 2025.

Gross operating margin from our related Houston Ship Channel Pipeline System increased a net $1 million quarter-to-quarter primarily due to a 70 MBPD increase in transportation volumes, which accounted for a $5 million increase, partially offset by higher operating costs, which accounted for a $4 million decrease.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from our NGL pipelines, storage and terminal assets during the nine months ended September 30, 2025 increased $143 million when compared to the nine months ended September 30, 2024 .

A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, and Shin Oak NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers.

On a combined basis, gross operating margin from these pipelines increased $45 million period-to-period primarily due to a 56 MBPD increase in transportation volumes, which accounted for a $30 million increase, and higher average transportation fees, which accounted for an additional $11 million increase.

On a combined basis, gross operating margin from these pipelines increased a net $63 million period-to-period primarily due to an 84 MBPD increase in transportation volumes, which accounted for a $49 million increase, higher other revenues, which accounted for a $19 million increase, and higher average transportation fees, which accounted for an additional $10 million increase, partially offset by higher operating costs, which accounted for a $15 million decrease.

Gross operating margin for our Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $47 million period-to-period primarily due to higher average transportation fees, which accounted for a $29 million increase, and a 61 MBPD increase in transportation volumes, which accounted for an additional $15 million increase.

Gross operating margin from our Dixie Pipeline and related terminals increased $18 million period-to-period primarily due to higher average transportation fees, which accounted for a $10 million increase, and higher loading and other fee revenues, which accounted for an additional $9 million increase.

Gross operating margin from our Dixie Pipeline and related terminals increased $22 million period-to-period primarily due to higher average transportation fees, which accounted for an $11 million increase, and higher loading and other fee revenues, which accounted for an additional $10 million increase.

Transportation volumes on our Dixie Pipeline increased 6 MBPD period-to-period.

Gross operating margin from our Tri-States NGL Pipeline increased $18 million period-to-period primarily due to a 9 MBPD increase in transportation volumes, which accounted for a $9 million increase, and higher average transportation fees, which accounted for an additional $5 million increase.

Gross operating margin from our South Texas NGL Pipeline System increased $15 million period-to-period primarily due to higher capacity reservation revenues, which accounted for an $8 million increase, and lower operating costs, which accounted for an additional $4 million increase.

Transportation volumes on this system increased 15 MBPD period-to-period.

Gross operating margin from our Tri-States NGL Pipeline increased $13 million period-to-period primarily due to an 8 MBPD increase in transportation volumes, which accounted for a $5 million increase, and higher average transportation fees, which accounted for an additional $4 million increase.

Gross operating margin from LPG-related activities at EHT decreased a net $40 million period-to-period primarily due to lower average loading fees, which accounted for a $38 million decrease, and higher operating costs, which accounted for an additional $10 million decrease, partially offset by a 43 MBPD increase in LPG export volumes, which accounted for a $9 million increase.

Gross operating margin at our Morgan’s Point Ethane Export Terminal increased $23 million period-to-period primarily due to a 39 MBPD increase in export volumes.

Gross operating margin from our related Houston Ship Channel Pipeline System increased $10 million period-to-period primarily due to a 90 MBPD increase in transportation volumes.

Gross operating margin from our Mont Belvieu area storage complex increased a net $12 million period-to-period primarily due to higher storage revenues, which accounted for a $22 million increase, partially offset by higher operating costs, which accounted for a $10 million decrease.

Gross operating margin from LPG-related activities at EHT decreased $84 million period-to-period primarily due to lower average loading fees, which accounted for a $76 million decrease, and higher operating costs, which accounted for an additional $11 million decrease.

LPG export volumes at EHT increased 14 MBPD period-to-period .

Gross operating margin at our Morgan’s Point and Neches River Export Terminals increased a combined $42 million period-to-period primarily due to higher ethane export volumes, which accounted for a $36 million increase, and higher other fee revenues, which accounted for an additional $6 million increase.

The combined 47 MBPD period-to-period increase in e thane export volumes at these terminals included contributions from the first phase of our Neches River export facility, which was placed into service in July 2025.

Gross operating margin from our related Houston Ship Channel Pipeline System increased $11 million period-to-period primarily due to an 84 MBPD increase in transportation volumes.

NGL fractionation

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from NGL fractionation during the second quarter of 2025 decreased $14 million when compared to the second quarter of 2024 .

Gross operating margin from our Mont Belvieu area NGL fractionation complex decreased a net $4 million quarter-to-quarter primarily due to lower ancillary service revenues, which accounted for a $6 million decrease, partially offset by higher average fractionation fees, which accounted for a $3 million increase.

NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 6 MBPD quarter-to-quarter.

On a combined basis, gross operating margin from NGL fractionators other than our Mont Belvieu area complex decreased $11 million quarter-to-quarter primarily due to lower ancillary service revenues, which accounted for a $6 million decrease, and higher operating costs, which accounted for an additional $4 million decrease.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from NGL fractionation during the third quarter of 2025 decreased $45 million when compared to the third quarter of 2024 .

Gross operating margin from our Mont Belvieu area NGL fractionation complex decreased $33 million quarter-to-quarter primarily due to higher operating costs, which accounted for a $20 million decrease, and lower ancillary service revenues, which accounted for an additional $13 million decrease.

NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex decreased 21 MBPD quarter-to-quarter.

On a combined basis, gross operating margin from NGL fractionators other than our Mont Belvieu area complex decreased $9 million quarter-to-quarter primarily due to lower ancillary service revenues.

NGL fractionation volumes from these NGL fractionators decreased a combined 5 MBPD (net to our interest) quarter-to-quarter.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from NGL fractionation during the six months ended June 30, 2025 decreased $33 million when compared to the six months ended June 30, 2024 .

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from NGL fractionation during the nine months ended September 30, 2025 decreased $78 million when compared to the nine months ended September 30, 2024 .

Gross operating margin from our Mont Belvieu area NGL fractionation complex decreased $51 million period-to-period primarily due to higher operating costs, which accounted for a $28 million decrease, and lower ancillary service revenues, which accounted for an additional $23 million decrease.

NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 7 MBPD period-to-period.

On a combined basis, gross operating margin from NGL fractionators other than our Mont Belvieu area complex decreased $15 million period-to-period primarily due to lower ancillary service revenues, which accounted for a $12 million decrease, and higher operating costs, which accounted for an additional $5 million decrease.

NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex decreased 2 MBPD period-to-period.

On a combined basis, gross operating margin from NGL fractionators other than our Mont Belvieu area complex decreased $23 million period-to-period primarily due to lower ancillary service revenues.

NGL fractionation volumes from these NGL fractionators decreased a combined 9 MBPD (net to our interest) period-to-period.

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Ended June 30, For the Six Months

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Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

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Crude oil marine terminal volumes (MBPD) 720 910 757 992

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from our Crude Oil Pipelines & Services segment for the second quarter of 2025 decreased $14 million when compared to the second quarter of 2024 .

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined net $ 31 million quarter-to-quarter primarily due to lower sales volumes from marketing activities, which accounted for a $27 million decrease, higher operating costs, which accounted for a $7 million decrease, and lower other revenues, which accounted for an additional $6 million decrease, partially offset by higher average sales margins from marketing activities, which accounted for an $11 million increase.

Crude oil transportation volumes on these pipelines increased a combined 79 MBPD (net to our interest) quarter-to-quarter.

Gross operating margin from crude oil activities at EHT increased $18 million quarter-to-quarter primarily due to lower operating costs, which accounted for a $10 million increase, higher loading revenues, which accounted for a $4 million increase, and higher storage and other revenues, which accounted for an additional $4 million increase.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from our Crude Oil Pipelines & Services segment for the third quarter of 2025 decreased $30 million when compared to the third quarter of 2024 .

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined net $26 million quarter-to-quarter primarily due to lower average sales margins from marketing activities, which accounted for a $30 million decrease, lower mark-to-market earnings, which accounted for an $11 million decrease, and higher operating expenses, which accounted for an additional $8 million decrease, partially offset by a combined 99 MBPD (net to our interest) increase in crude oil transportation volumes, which accounted for a $12 million increase, and higher other revenues, which accounted for an additional $10 million increase.

Gross operating margin from crude oil activities at EHT decreased a net $1 million quarter-to-quarter primarily due to lower storage and other revenues, which accounted for a $6 million decrease, partially offset by higher loading revenues, which accounted for a $5 million increase.

Crude oil marine terminal volumes at EHT decreased 179 MBPD quarter-to-quarter.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from our Crude Oil Pipelines & Services segment for the six months ended June 30, 2025 decreased $51 million when compared to the six months ended June 30, 2024 .

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined $ 72 million period-to-period primarily due to lower sales volumes from marketing activities, which accounted for a $52 million decrease, lower mark-to-market earnings, which accounted for a $9 million decrease, and higher operating costs, which accounted for an additional $7 million decrease.

Crude oil transportation volumes on these pipelines increased a combined 60 MBPD (net to our interest) period-to-period.

Gross operating margin from crude oil activities at EHT increased $27 million period-to-period primarily due to lower operating costs, which accounted for a $12 million increase, higher storage and other revenues, which accounted for a $10 million increase, and higher loading revenues, which accounted for an additional $5 million increase.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from our Crude Oil Pipelines & Services segment for the nine months ended September 30, 2025 decreased $81 million when compared to the nine months ended September 30, 2024 .

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined net $100 million period-to-period primarily due to lower sales volumes from marketing activities, which accounted for a $43 million decrease, lower average sales margins from marketing activities, which accounted for a $41 million decrease, lower mark-to-market earnings, which accounted for a $20 million decrease, and higher operating costs, which accounted for an additional $19 million decrease, partially offset by higher average crude oil transportation fees, which accounted for a $14 million increase, and a combined 74 MBPD (net to our interest) increase in crude oil transportation volumes, which accounted for an additional $10 million increase.

Gross operating margin from crude oil activities at EHT increased $26 million period-to-period primarily due to lower operating costs, which accounted for a $12 million increase, higher loading revenues, which accounted for a $9 million increase, and higher storage and other revenues, which accounted for an additional $5 million increase.

Crude oil marine terminal volumes at EHT decreased 217 MBPD period-to-period.

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Ended June 30, For the Six Months

Ended June 30,

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

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Natural gas pipeline transportation volumes (BBtus/d) 21,027 19,517 20,583 19,057

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from our Natural Gas Pipelines & Services segment for the second quarter of 2025 increased $124 million when compared to the second quarter of 2024 .

Gross operating margin from our natural gas marketing activities increased $75 million quarter-to-quarter primarily due to higher mark-to-market earnings, which accounted for a $55 million increase, and higher average sales margins, which accounted for an additional $20 million increase.

Gross operating margin from our Texas Intrastate System increased a net $21 million quarter-to-quarter primarily due to higher capacity reservation fees and other revenues, which accounted for a $22 million increase, and a 426 BBtus/d increase in transportation volumes, which accounted for an additional $5 million increase, partially offset by lower average transportation fees, which accounted for a $6 million decrease.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from our Natural Gas Pipelines & Services segment for the third quarter of 2025 decreased $10 million when compared to the third quarter of 2024 .

Gross operating margin from our natural gas marketing activities decreased $47 million quarter-to-quarter primarily due to lower mark-to-market earnings, which accounted for a $41 million decrease, and lower average sales margins, which accounted for an additional $6 million decrease.

Gross operating margin from our Delaware Basin Gathering System, which includes the natural gas gathering system acquired in October 2024 through our acquisition of Pinon Midstream, increased a net $24 million quarter-to-quarter primarily due to higher treating and other revenues, which accounted for a $22 million increase, a 660 BBtus/d increase in natural gas gathering volumes, which accounted for an additional $13 million increase, partially offset by higher operating costs, which accounted for an $14 million decrease.

Gross operating margin from our Midland Basin Gathering System increased a net $7 million quarter-to-quarter primarily due to a 277 BBtus/d increase in natural gas gathering volumes, which accounted for a $12 million increase, partially offset by higher operating costs, which accounted for a $5 million decrease.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from our Natural Gas Pipelines & Services segment for the six months ended June 30, 2025 increased $169 million when compared to the six months ended June 30, 2024 .

Gross operating margin from our natural gas marketing activities increased $60 million period-to-period primarily due to higher average sales margins, which accounted for a $36 million increase, and higher mark-to-market earnings, which accounted for an additional $24 million increase.

Gross operating margin from our Texas Intrastate System increased $48 million period-to-period primarily due to higher capacity reservation fees and other revenues, which accounted for a $35 million increase, higher average transportation fees, which accounted for a $7 million increase, and a 278 BBtus/d increase in transportation volumes, which accounted for an additional $6 million increase.

Gross operating margin from our Texas Intrastate System increased a net $5 million quarter-to-quarter primarily due to higher capacity reservation fees and other revenues, which accounted for a $23 million increase, and a 374 BBtus/d increase in transportation volumes, which accounted for an additional $4 million increase, partially offset by lower average transportation fees, which accounted for a $21 million decrease.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from our Natural Gas Pipelines & Services segment for the nine months ended September 30, 2025 increased $159 million when compared to the nine months ended September 30, 2024 .

Gross operating margin from our Delaware Basin Gathering System, increased a net $69 million period-to-period primarily due to higher treating and other revenues, which accounted for a $59 million increase, a 649 BBtus/d increase in natural gas gathering volumes, which accounted for a $39 million increase, and higher average gathering fees, which accounted for an additional $12 million increase, partially offset by higher operating costs, which accounted for a $41 million decrease.

Gross operating margin from our Texas Intrastate System increased a net $53 million period-to-period primarily due to higher capacity reservation fees and other revenues, which accounted for a $58 million increase, and a 311 BBtus/d increase in transportation volumes, which accounted for an additional $11 million increase, partially offset by lower average transportation fees, which accounted for a $15 million decrease.

Gross operating margin from our Midland Basin Gathering System increased a net $23 million period-to-period primarily due to a 428 BBtus/d increase in natural gas gathering volumes, which accounted for a $45 million increase, partially offset by higher operating costs, which accounted for a $22 million decrease.

Gross operating margin from our natural gas marketing activities increased a net $13 million period-to-period primarily due to higher average sales margins, which accounted for a $21 million increase, and higher sales volumes, which accounted for an additional $9 million increase, partially offset by lower mark-to-market earnings, which accounted for a $17 million decrease.

Petrochemical & Refined Products Services

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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

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Propylene production and related activities

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from propylene production and related activities for the second quarter of 2025 increased $4 million when compared to the second quarter of 2024 .

On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $9 million quarter-to-quarter primarily due to higher propylene sales volumes, which accounted for a $38 million increase, and higher propylene processing and other revenues, which accounted for an additional $5 million increase, partially offset by higher operating costs, which accounted for a $34 million decrease.

Propylene and associated by-product production volumes at these facilities increased a combined 11 MBPD quarter-to-quarter .

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from propylene production and related activities for the six months ended June 30, 2025 decreased $48 million when compared to the six months ended June 30, 2024 .

On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities decreased $39 million period-to-period primarily due to lower average propylene sales margins.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from propylene production and related activities for the third quarter of 2025 decreased $16 million when compared to the third quarter of 2024 .

On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities decreased a net $8 million quarter-to-quarter primarily due to higher operating costs, which accounted for a $16 million decrease, partially offset by higher propylene sales volumes, which accounted for a $5 million increase, and higher propylene processing and other revenues, which accounted for an additional $4 million increase.

Propylene and associated by-product production volumes at these facilities decreased a combined 7 MBPD quarter-to-quarter .

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from propylene production and related activities for the nine months ended September 30, 2025 decreased $64 million when compared to the nine months ended September 30, 2024 .

On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities decreased a net $48 million period-to-period primarily due to higher operating costs, which accounted for an $82 million decrease, and lower average propylene sales margins, which accounted for an additional $42 million decrease, partially offset by higher propylene sales volumes, which accounted for a $52 million increase, and higher propylene processing and other revenues, which accounted for an additional $25 million increase .

Propylene and associated by-product production volumes at these facilities increased a combined 4 MBPD .

Butane isomerization and related operations

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from butane isomerization and related operations for the second quarter of 2025 increased a net $2 million when compared to the second quarter of 2024 primarily due higher ancillary service revenues, which accounted for a $5 million increase, partially offset by higher operating costs, which accounted for a $3 million decrease.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from butane isomerization and related operations for the six months ended June 30, 2025 decreased a net $4 million when compared to the six months ended June 30, 2024 primarily due to higher operating costs, which accounted for a $9 million decrease, partially offset by higher ancillary service revenues, which accounted for a $7 million increase.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from butane isomerization and related operations for the third quarter of 2025 increased $2 million when compared to the third quarter of 2024 primarily due to higher average sales margins and a 7 MBPD increase in isomerization volumes.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from butane isomerization and related operations for the nine months ended September 30, 2025 decreased a net $2 million when compared to the nine months ended September 30, 2024 primarily due to higher operating costs, which accounted for a $9 million decrease, partially offset by higher ancillary service revenues, which accounted for a $7 million increase.

Octane enhancement and related plant operations

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from our octane enhancement and related plant operations for the second quarter of 2025 decreased $49 million when compared to the second quarter of 2024 primarily due to lower average sales margins.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from our octane enhancement and related plant operations for the six months ended June 30, 2025 decreased $132 million when compared to the six months ended June 30, 2024 primarily due to lower average sales margins, which accounted for a $96 million decrease, and lower deficiency revenues, which accounted for an additional $32 million decrease.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from our octane enhancement and related plant operations for the third quarter of 2025 decreased a net $15 million when compared to the third quarter of 2024 primarily due to lower average sales margins, which accounted for a $27 million decrease, and higher operating costs, which accounted for an additional $5 million decrease, partially offset by higher sales volumes, which accounted for a $17 million increase.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from our octane enhancement and related plant operations for the nine months ended September 30, 2025 decreased a net $147 million when compared to the nine months ended September 30, 2024 primarily due to lower average sales margins, which accounted for a $125 million decrease, lower deficiency revenues, which accounted for a $32 million decrease, and higher operating costs, which accounted for an additional $8 million decrease, partially offset by higher sales volumes, which accounted for a $19 million increase.

Refined products pipelines and related activities

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from refined products pipelines and related activities for the second quarter of 2025 increased $3 million when compared to the second quarter of 2024 .

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from refined products pipelines and related activities for the third quarter of 2025 increased $26 million when compared to the third quarter of 2024 .

Gross operating margin from our TW Products System increased $10 million quarter-to-quarter primarily due to the full start-up of the system, which was placed into service in stages during 2024 and was fully operational in October 2024.

Gross operating margin from our TE Products Pipeline System increased $2 million quarter-to-quarter primarily due to a 5 MBPD increase in transportation volumes.

Gross operating margin from our refined products marketing activities decreased $13 million quarter-to-quarter primarily due to lower average sales margins.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from refined products pipelines and related activities for the six months ended June 30, 2025 increased $36 million when compared to the six months ended June 30, 2024 .

Gross operating margin from our TE Products Pipeline System increased a net $29 million period-to-period primarily due to a 20 MBPD increase in transportation volumes, which accounted for a $25 million increase, and higher average transportation fees, which accounted for an additional $10 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease.

Gross operating margin from our TE Products Pipeline System increased a net $9 million quarter-to-quarter primarily due to a 61 MBPD increase in transportation volumes, which accounted for a $16 million increase, partially offset by higher operating costs, which accounted for a $10 million decrease.

Gross operating margin from our refined products marketing activities increased a net $5 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $13 million increase, partially offset by lower sales volumes, which accounted for a $6 million decrease.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from refined products pipelines and related activities for the nine months ended September 30, 2025 increased $62 million when compared to the nine months ended September 30, 2024 .

Gross operating margin from our TE Products Pipeline System increased a net $38 million period-to-period primarily due to a 33 MBPD increase in transportation volumes, which accounted for a $39 million increase, higher average transportation fees, which accounted for a $12 million increase, and higher other revenues, which accounted for an additional $10 million increase, partially offset by higher operating costs, which accounted for a $23 million decrease.

Gross operating margin from our TW Products System increased $36 million period-to-period primarily due to the full start-up of the system, which was placed into service in stages during 2024 and was fully operational in October 2024.

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Ethylene exports and related activities

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from ethylene exports and related activities for the second quarter of 2025 increased $1 million when compared to the second quarter of 2024 primarily due to a 7 MBPD increase in ethylene export volumes.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from ethylene exports and related activities for the six months ended June 30, 2025 decreased $27 million when compared to the six months ended June 30, 2024 primarily due to lower deficiency fee revenues from our ethylene pipelines, which accounted for an $18 million decrease, and a 9 MBPD decrease in ethylene export volumes, which accounted for an additional $9 million decrease.

Ethylene transportation volumes decreased 7 MBPD period-to-period.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from ethylene exports and related activities for the third quarter of 2025 increased a net $11 million when compared to the third quarter of 2024 primarily due to a 28 MBPD increase in ethylene export volumes, which accounted for a $14 million increase, and higher storage and other revenues, which accounted for a $3 million increase, partially offset by higher operating costs, which accounted for a $7 million decrease.

Ethylene transportation volumes increased 22 MBPD quarter-to-quarter.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from ethylene exports and related activities for the nine months ended September 30, 2025 decreased a net $16 million when compared to the nine months ended September 30, 2024 primarily due to lower deficiency fee revenues from our ethylene pipelines, which accounted for a $16 million decrease, and higher operating costs, which accounted for an additional $10 million decrease, partially offset by a 3 MBPD increase in ethylene export volumes, which accounted for a $5 million increase, and higher storage and other revenues, which accounted for an additional $5 million increase.

Ethylene transportation volumes increased 3 MBPD period-to-period.

Marine transportation and other services

Second Quarter of 2025 Compared to Second Quarter of 2024 .

Gross operating margin from marine transportation and other services for the second quarter of 2025 increased $1 million when compared to the second quarter of 2024 primarily due to higher average fees.

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024 .

Gross operating margin from marine transportation and other services for the six months ended June 30, 2025 increased $8 million when compared to the six months ended June 30, 2024 primarily due to higher average fees.

Third Quarter of 2025 Compared to Third Quarter of 2024 .

Gross operating margin from marine transportation and other services for the third quarter of 2025 decreased $1 million when compared to the third quarter of 2024 primarily due to higher operating costs.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024 .

Gross operating margin from marine transportation and other services for the nine months ended September 30, 2025 increased a net $7 million when compared to the nine months ended September 30, 2024 primarily due to higher average fees, which accounted for a $10 million increase, partially offset by higher operating costs, which accounted for a $3 million decrease.

Liquidity and Capital Resources

Based on current market conditions (as of the filing date of this quarterly report), we believe that the Partnership and its consolidated businesses will have sufficient liquidity, cash flow from operations and access to capital markets to fund their capital investments and working capital needs for the reasonably foreseeable future.

At June 30, 2025 , we had $5.1 billion of consolidated liquidity.

This amount was comprised of $4.2 billion of available borrowing capacity under EPO’s revolving credit facilities and $870 million of unrestricted cash on hand.

At September 30, 2025 , we had $3.6 billion of consolidated liquidity.

This amount was comprised of $3.4 billion of available borrowing capacity under EPO’s revolving credit facilities, which is the net of $4.2 billion of total borrowing capacity under EPO’s revolving credit facilities and $840 million outstanding under EPO’s commercial paper program, and $206 million of unrestricted cash on hand.

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

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

Enterprise Declares Cash Distribution for Second Quarter of 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.

Enterprise Declares Cash Distribution for Third Quarter of 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 on phantom unit awards.

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Consolidated Debt

At June 30, 2025 , the average maturity of EPO’s consolidated debt obligations was approximately 17.7 years.

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2025 for the years indicated (dollars in millions):

At September 30, 2025 , the average maturity of EPO’s consolidated debt obligations was approximately 17.2 years.

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2025 for the years indicated (dollars in millions):

Scheduled Maturities of Debt

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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

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EPO’s borrowing capacity was unchanged from the prior 364-day revolving credit agreement.

As of June 30, 2025 , there are no principal amounts outstanding under this new revolving credit agreement.

As of September 30, 2025 , there are no principal amounts outstanding under this new revolving credit agreement.

Also in March 2025, EPO amended its Multi-Year Revolving Credit Agreement (the “March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement”) to extend its maturity date from March 2028 to March 2030.

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

As of June 30, 2025 , there are no principal amounts outstanding under this revolving credit agreement.

As of September 30, 2025 , there are no principal amounts outstanding under this revolving credit agreement.

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”).

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Credit Ratings

As of August 8, 2025 , the investment-grade credit ratings of EPO’s long-term senior unsecured debt securities were A- from Standard and Poor’s, A3 from Moody’s and A- from Fitch Ratings.

As of November 6, 2025 , the investment-grade credit ratings of EPO’s long-term senior unsecured debt securities were A- from Standard and Poor’s, A3 from Moody’s and A- from Fitch Ratings.

In addition, the credit ratings of EPO’s short-term senior unsecured debt securities were A-2 from Standard and Poor’s, P-2 from Moody’s and F-2 from Fitch Ratings.

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In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors.

The Partnership repurchased 3,566,979 and 5,370,194 common units through open market purchases during the three and six months ended June 30, 2025, respectively .

The Partnership repurchased 2,543,004 and 7,913,198 common units during the three and nine months ended September 30, 2025, respectively .

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

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

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

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

Cash Flow Statement Highlights

The following table summarizes our consolidated cash flows from operating, investing and financing activities for the periods indicated (dollars in millions).

For the Six Months

Ended June 30,

For the Nine Months

Ended September 30,

Net cash flow provided by operating activities $ 6,113 $ 5,757

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Operating activities

Net cash flow provided by operating activities for the six months ended June 30, 2025 increased $690 million when compared to the six months ended June 30, 2024 primarily due to changes in operating accounts primarily due to the use of working capital employed in our marketing activities, which includes the impact of (i) fluctuations in commodity prices, (ii) timing of our inventory purchase and sale strategies, and (iii) changes in margin deposit requirements associated with our commodity derivative instruments.

Net cash flow provided by operating activities for the nine months ended September 30, 2025 increased $356 million when compared to the nine months ended September 30, 2024 primarily due to changes in operating accounts primarily due to the use of working capital employed in our marketing activities, which includes the impact of (i) fluctuations in commodity prices, (ii) timing of our inventory purchase and sale strategies, and (iii) changes in margin deposit requirements associated with our commodity derivative instruments.

For information regarding significant period-to-period changes in our consolidated net income and underlying segment results, see “ Income Statement Highlights ” and “ Business Segment Highlights ” within this Part I, Item 2.

Investing activities

Net cash flow used in investing activities during the six months ended June 30, 2025 increased $40 million when compared to the six months ended June 30, 2024 primarily due to an increase in investments for property, plant and equipment (see “ Capital Investments ” within this Part I, Item 2 for additional information).

Net cash flow used in investing activities during the nine months ended September 30, 2025 increased $823 million when compared to the nine months ended September 30, 2024 primarily due to an increase in investments for property, plant and equipment (see “ Capital Investments ” within this Part I, Item 2 for additional information).

Financing activities

Net cash flow used in financing activities during the six months ended June 30, 2025 increased a net $506 million when compared to the six months ended June 30, 2024 primarily due to:

• a net cash inflow of $834 million related to debt transactions that occurred during the six months ended June 30, 2025 compared to a net cash inflow of $1.5 billion related to debt transactions that occurred during the six months ended June 30, 2024 .

During the six months ended June 30, 2025 , we issued $2.0 billion aggregate principal amount of senior notes, partially offset by the repayment of $1.15 billion principal amount of senior notes.

During the six months ended June 30, 2024 , we issued $2.0 billion aggregate principal amount of senior notes and issued a net $450 million under EPO’s commercial paper program, partially offset by the repayment of $850 million principal amount of senior notes;

Net cash flow used in financing activities during the nine months ended September 30, 2025 increased a net $1.3 billion when compared to the nine months ended September 30, 2024 primarily due to:

• a net cash inflow of $1.7 billion related to debt transactions that occurred during the nine months ended September 30, 2025 compared to a net cash inflow of $3.1 billion related to debt transactions that occurred during the nine months ended September 30, 2024 .

During the nine months ended September 30, 2025 , we issued $2.0 billion aggregate principal amount of senior notes and issued a net $840 million under EPO’s commercial paper program, partially offset by the repayment of $1.15 billion principal amount of senior notes.

During the nine months ended September 30, 2024 , we issued $4.5 billion aggregate principal amount of senior notes, partially offset by the repayment of $850 million principal amount of senior notes and net repayments of $450 million under EPO’s commercial paper program;

• a $125 million period-to-period increase in cash distributions paid to common unitholders primarily attributable to increases in the quarterly cash distribution rate per unit;

• a $94 million period-to-period increase in the repurchase of common units under the 2019 Buyback Program;

• an $84 million period-to-period increase in cash distributions paid to common unitholders primarily attributable to increases in the quarterly cash distribution rate per unit;

partially offset by

p artially offset by

• a $400 million cash outflow during the first quarter of 2024 in connection with the acquisition of noncontrolling interests from affiliates of Western Midstream Partners, LP.

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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

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Change in fair market value of derivative instruments 34 (3) 24 (11)

Deferred income tax expense 5 5 16 14

Deferred income tax expense (benefit) (17) 9 (1) 23

Sustaining capital expenditures (3) (198) (129) (417) (554)

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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

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Capital Investments

Since the beginning of 2025, we have placed into service two natural gas processing trains in the Permian Basin and the first phase of our Neches River Ethane / Propane Export Facility.

Since the beginning of 2025, we have placed into service two natural gas processing trains in the Permian Basin, the first phase of our Neches River Ethane / Propane Export Facility and an NGL fractionator (“Frac 14”) and associated DIB unit at our Mont Belvieu area NGL fractionation complex.

We have approximately $5.1 billion of growth capital projects scheduled to be completed by the end of 2026, including the following projects (including their respective scheduled completion dates):

• natural gas gathering, compression and treating expansion projects in the Delaware and Midland Basins (2025 and 2026);

• an NGL fractionator (“Frac 14”) and an associated DIB unit at our Mont Belvieu area NGL fractionation complex (fourth quarter of 2025);

• the Bahia NGL Pipeline (fourth quarter of 2025);

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• a ninth natural gas processing train (“Athena”) in the Midland Basin (fourth quarter of 2026).

Based on information currently available, we expect our total organic capital investments for 2025 , net of contributions from noncontrolling interests, to approximate $4.5 billion to $5.0 billion, which reflects organic growth capital investments of $4.0 billion to $4.5 billion and sustaining capital expenditures of $525 million.

In July 2025, an affiliate of Enterprise agreed to acquire an affiliate of 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).

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.

Based on information currently available, we expect our total organic capital investments for 2025 , net of contributions from noncontrolling interests, to approximate $5.0 billion, which reflects organic growth capital investments of $4.5 billion and sustaining capital expenditures of $525 million.

Our forecast of capital investments is dependent upon our ability to generate the required funds from either operating cash flows or other means, including borrowings under debt agreements, the issuance of additional equity and debt securities, and potential divestitures.

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The following table summarizes our capital investments for the periods indicated (dollars in millions):

For the Six Months

Ended June 30,

Capital investments for property, plant and equipment:

For the Nine Months

Ended September 30,

Capital investments:

Growth capital projects (2) $ 3,368 $ 2,950

Sustaining capital projects (3) 368 535

Asset acquisitions (4)

Total $ 4,319 $ 3,485

(1) Growth and sustaining capital amounts presented in the table above are presented on a cash basis.

(1) Growth capital, sustaining capital and asset acquisition amounts presented in the table above are presented on a cash basis.

In total, these amounts represent “Capital expenditures” as presented on our Unaudited Condensed Statements of Consolidated Cash Flows.

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Sustaining capital expenditures include the costs of major maintenance activities at our reaction-based plants, which are accounted for using the deferral method.

Comparison of Six Months Ended June 30, 2025 with Six Months Ended June 30, 2024

(4) Amount for the nine months ended September 30, 2025 represents the total cost of the acquisition of the Oxy natural gas gathering affiliate, which closed in August 2025.

The total acquisition cost presented is comprised of $581 million in cash consideration paid to Oxy and $2 million in transaction-related costs.

For additional information, see Note 12 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.

Comparison of Nine Months Ended September 30, 2025 with Nine Months Ended September 30, 2024

In total, investments in growth capital projects increased a net $418 million period-to-period primarily due to the following:

• higher investments in the construction of natural gas processing trains and related gathering system expansions in the Delaware and Midland Basins, which accounted for a $291 million increase;

• higher investments in ethane and LPG export expansion and enhancement projects at our Gulf Coast marine terminals, which accounted for an additional $82 million increase;

• higher investments in our Bahia NGL Pipeline, which accounted for an additional $254 million increase;

partially offset by

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

At June 30, 2025 , the total amount of Guaranteed Debt was $33.6 billion , which was comprised of $30.8 billion of EPO’s senior notes, $2.3 billion of EPO’s junior subordinated notes and $520 million of related accrued interest.

At September 30, 2025 , the total amount of Guaranteed Debt was $34.2 billion , which was comprised of $30.8 billion of EPO’s senior notes, $2.3 billion of EPO’s junior subordinated notes, $840 million of commercial paper and $288 million of related accrued interest.

The Partnership’s guarantees of EPO’s senior note obligations, commercial paper notes and borrowings under bank credit facilities represent unsecured and unsubordinated obligations of the Partnership that rank equal in right of payment to all other existing or future unsecured and unsubordinated indebtedness of the Partnership.

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In accordance with Rule 13.01 of Regulation S-X, the summarized financial information of the Obligor Group excludes the Obligor Group’s equity in income and investments in the consolidated subsidiaries of EPO that are not party to the guarantee obligations (the “Non-Obligor Subsidiaries”).

The total carrying value of the Obligor Group’s investments in the Non-Obligor Subsidiaries was $50.5 billion at June 30, 2025 .

The Obligor Group’s equity in the earnings of the Non-Obligor Subsidiaries for the six months ended June 30, 2025 was $3.3 billion .

The total carrying value of the Obligor Group’s investments in the Non-Obligor Subsidiaries was $54.5 billion at September 30, 2025 .

The Obligor Group’s equity in the earnings of the Non-Obligor Subsidiaries for the nine months ended September 30, 2025 was $5.0 billion .

Although the net assets and earnings of the Non-Obligor Subsidiaries are not directly available to the holders of the Guaranteed Debt to satisfy the repayment of such obligations, there are no significant restrictions on the ability of the Non-Obligor Subsidiaries to pay distributions or make loans to EPO or the Partnership.

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Selected asset information:

September 30,

2025 December 31,

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Long-term receivables from Non-Obligor Subsidiaries 187 187

Other noncurrent assets, excluding investments in Non-Obligor Subsidiaries of $50.5 billion at June 30, 2025 and $50.8 billion at December 31, 2024

Other noncurrent assets, excluding investments in Non-Obligor Subsidiaries of $54.5 billion at September 30, 2025 and $50.8 billion at December 31, 2024

Selected liability information:

Current portion of Guaranteed Debt, including interest of $520 million at June 30, 2025 and $536 million at December 31, 2024

Current portion of Guaranteed Debt, including interest of $288 million at September 30, 2025 and $536 million at December 31, 2024

$ 2,752 $ 1,686

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The following table presents summarized income statement information for the combined Obligor Group for the periods indicated (dollars in millions):

For the Six Months Ended June 30,

For the Nine Months Ended September 30,

2025 For the Twelve Months Ended December 31, 2024

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Operating income of Obligor Group 186 443

Net loss of Obligor Group excluding equity in earnings of Non-Obligor Subsidiaries of $3.3 billion for the six months ended June 30, 2025 and $6.8 billion for the twelve months ended December 31, 2024

Net loss of Obligor Group excluding equity in earnings of Non-Obligor Subsidiaries of $5.0 billion for the nine months ended September 30, 2025 and $6.8 billion for the twelve months ended December 31, 2024

Related Party Transactions

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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 2. Management’s Discussion and Analysis