What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-06 · 157 added, 387 removed, 1144 unchanged (32% of the section changed)

3 unchanged sentences

(Dollars in millions)

September 30,

2026 December 31,

2 unchanged sentences

Restricted cash 203 276

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

Accounts receivable – trade, net of allowance for credit losses of $ 35 at March 31, 2026 and December 31, 2025

Accounts receivable – related parties 1 1

26 unchanged sentences

Redeemable preferred limited partner interests:

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

Series A cumulative convertible preferred units (“preferred units”) ( 45,412 units outstanding at March 31, 2026 and December 31, 2025)

Partners’ equity:

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

Common limited partner interests ( 2,163,518,271 units issued and outstanding at March 31, 2026, 2,161,760,683 units issued and outstanding at December 31, 2025)

30,838 30,700

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

Accumulated other comprehensive income 264 236

Accumulated other comprehensive income (loss)

Total partners’ equity 29,526 29,739

7 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Third parties $ 14,370 $ 15,404

19 unchanged sentences

Income before income taxes 1,518 1,430

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

Provision for income taxes (see Note 15) ( 22 ) ( 24 )

Net income 1,496 1,406

4 unchanged sentences

(see Note 11)

Basic earnings per common unit

$ 0.61 $ 0.65 $ 1.91 $ 1.95

Diluted earnings per common unit

$ 0.61 $ 0.65 $ 1.90 $ 1.95

Basic and diluted earnings per common unit $ 0.68 $ 0.64

See Notes to Unaudited Condensed Consolidated Financial Statements.

4 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Net income $ 1,496 $ 1,406

4 unchanged sentences

Changes in fair value of cash flow hedges ( 308 ) 22

Reclassification of gains to net income ( 35 ) ( 77 ) ( 68 ) ( 124 )

Reclassification of losses (gains) to net income ( 41 ) 26

Interest rate hedging derivative instruments:

11 unchanged sentences

(Dollars in millions)

For the Nine Months

Ended September 30,

For the Three Months

Ended March 31,

Operating activities:

9 unchanged sentences

Net losses (gains) attributable to asset sales and related matters 1 ( 2 )

Deferred income tax expense (benefit) ( 1 ) 23

Deferred income tax expense 14 11

Change in fair market value of derivative instruments 98 42

5 unchanged sentences

Capital expenditures ( 983 ) ( 1,062 )

Investments in unconsolidated affiliates

Distributions received from unconsolidated affiliates attributable to the return of capital 11 15

6 unchanged sentences

Debt issuance costs ( 4 ) ( 12 )

Monetization of interest rate derivative instruments 14 ( 33 )

Cash distributions paid to common unitholders (see Note 8) ( 1,189 ) ( 1,159 )

3 unchanged sentences

Repurchase of common units under 2019 Buyback Program ( 116 ) ( 60 )

Acquisition of noncontrolling interests – ( 400 )

Other financing activities ( 111 ) ( 80 )

6 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

(Dollars in millions)

5 unchanged sentences

Subsidiaries Total

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

Net income 1,338 – – 17 1,355

Cash distributions paid to common unitholders ( 1,180 ) – – – ( 1,180 )

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

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

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

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

Cash flow hedges – – 28 – 28

Other, net ( 1 ) – – – ( 1 )

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

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss) Noncontrolling

Subsidiaries Total

Balance, December 31, 2025 $ 30,700 $ ( 1,297 ) $ 336 $ 831 $ 30,570

3 unchanged sentences

Cash distributions paid to noncontrolling interests – – – ( 23 ) ( 23 )

Cash contributions from noncontrolling interests – – – 5 5

Repurchase and cancellation of common units under 2019 Buyback Program ( 116 ) – – – ( 116 )

2 unchanged sentences

Other, net ( 82 ) – – – ( 82 )

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

See Notes to Unaudited Condensed Consolidated Financial Statements.

For information regarding Unit History,

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

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

(Dollars in millions)

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss) Noncontrolling

Subsidiaries Total

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

Net income 1,417 – – 14 1,431

Cash distributions paid to common unitholders ( 1,139 ) – – – ( 1,139 )

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

Cash distributions paid to noncontrolling interests – – – ( 21 ) ( 21 )

Cash contributions from noncontrolling interests – – – 8 8

Repurchase and cancellation of common units under 2019 Buyback Program ( 76 ) – – – ( 76 )

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

Cash flow hedges – – 127 – 127

Other, net ( 2 ) – – – ( 2 )

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

Balance, March 31, 2026 $ 30,838 $ ( 1,297 ) $ ( 15 ) $ 821 $ 30,347

Partners’ Equity

12 unchanged sentences

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

Acquisition of noncontrolling interests ( 118 ) – – ( 282 ) ( 400 )

Cash flow hedges – – 49 – 49

Other, net ( 78 ) – – – ( 78 )

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

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

See Notes to Unaudited Condensed Consolidated Financial Statements.

27 unchanged sentences

We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees.

EPCO, together with its privately held affiliates, owned approximately 32.5% of the Partnership’s common units outstanding at September 30, 2025 .

EPCO, together with its privately held affiliates, owned approximately 32.5% of the Partnership’s common units outstanding at March 31, 2026 .

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

21 unchanged sentences

See Note 14 for information regarding related party matters.

Our results of operations for the nine months ended September 30, 2025 are not necessarily indicative of results expected for the full year of 2025.

Our results of operations for the three months ended March 31, 2026 are not necessarily indicative of results expected for the full year of 2026.

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

9 unchanged sentences

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows.

September 30,

2026 December 31,

2 unchanged sentences

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

$ 394 $ 1,245

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

2 unchanged sentences

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

September 30,

2026 December 31,

7 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Cost of sales (1) $ 10,678 $ 12,005

6 unchanged sentences

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

in Years September 30,

in Years March 31,

2026 December 31,

34 unchanged sentences

On a weighted-average basis, the expected remaining amortization period for these costs is 1.8 years.

Property, plant and equipment at both September 30, 2025 and December 31, 2024 includes $ 134 million of asset retirement costs capitalized as an increase in the associated long-lived asset.

Property, plant and equipment at March 31, 2026 and December 31, 2025 includes $ 139 million and $ 141 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2025:

4 unchanged sentences

Accretion expense (4) 2

ARO liability balance, September 30, 2025 $ 279

ARO liability balance, March 31, 2026 $ 292

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

2 unchanged sentences

(4) Represents the net change in ARO liability balance attributable to the passage of time and other adjustments, including true-up amounts associated with revised closure estimates.

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

Of the $ 292 million total ARO liability recorded at March 31, 2026, $ 3 million was reflected as a current liability and $ 289 million as a long-term liability.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Depreciation expense (1) $ 553 $ 506

7 unchanged sentences

We account for these investments using the equity method.

September 30,

2026 December 31,

6 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

NGL Pipelines & Services $ 19 $ 20

3 unchanged sentences

Total $ 76 $ 94

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

3 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Value Accumulated

21 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

NGL Pipelines & Services $ 14 $ 11

12 unchanged sentences

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

September 30,

2026 December 31,

1 unchanged sentence

Commercial Paper Notes, variable-rates $ 1,140 $ –

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

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

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

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

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

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

March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement, variable-rate, due March 2027 (1)

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

50 unchanged sentences

Variable Interest Rates

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

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the three months ended March 31, 2026:

Range of Interest

9 unchanged sentences

Scheduled Maturities of Debt

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

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2026 for the next five years, and in total thereafter:

Scheduled Maturities of Debt

7 unchanged sentences

In March 2026, EPO entered into a new 364 -Day Revolving Credit Agreement (the “March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement”) that replaced its prior 364 -day revolving credit agreement.

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

As of March 31, 2026, there were no principal amounts outstanding under the March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement.

Under the terms of the March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement, EPO may borrow up to $ 1.5 billion (which may be increased by up to $ 200 million to $ 1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein.

8 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

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

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

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

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

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

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

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

Letters of Credit

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

At March 31, 2026, EPO had $ 35 million of letters of credit outstanding primarily related to our insurance program.

Lender Financial Covenants

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

We were in compliance with the financial covenants of our consolidated debt agreements at March 31, 2026.

Parent-Subsidiary Guarantor Relationships

8 unchanged sentences

Common units outstanding at March 31, 2026 2,163,518,271

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

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

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

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

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

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

Registration Statements

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

The Partnership did not issue any common units under its ATM program during the three months ended March 31, 2026.

The Partnership’s capacity to issue additional common units under the ATM program remains at $ 2.5 billion as of March 31, 2026.

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

1 unchanged sentence

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

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

The 2019 Buyback Program authorizes the Partnership to repurchase its common units from time to time, including through open market purchases and negotiated transactions.

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

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

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

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

During the three months ended March 31, 2026 and 2025, the Partnership repurchased 3,124,192 and 1,803,215 common units, respectively, under the 2019 Buyback Program.

The total cost of these repurchases, including commissions and fees, was $ 116 million and $ 60 million, respectively.

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

At 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.

At March 31, 2026, the remaining available capacity under the 2019 Buyback Program was $ 3.4 billion.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

After taking into account tax withholding requirements, the Partnership issued 5,323,416 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 30, 2025.

After taking into account tax withholding requirements, the Partnership issued 4,866,420 new common units to employees in connection with the vesting of phantom unit awards during the three months ended March 31, 2026.

See Note 12 for information regarding our phantom unit awards.

3 unchanged sentences

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

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

During the three months ended March 31, 2026, agents of the Partnership purchased 1,013,933 common units on the open market and delivered them to participants in the DRIP and EUPP.

Apart from $ 1 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants.

No other Partnership funds were used to satisfy these obligations.

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on May 14, 2026.

Preferred Units

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

Preferred units outstanding at December 31, 2024 50,687

Paid in-kind distribution to third party 95

Preferred units outstanding at March 31, 2025 50,782

Paid in-kind distribution to third party 97

Preferred units outstanding at June 30, 2025 50,879

Paid in-kind distribution to third party 99

Preferred units outstanding at September 30, 2025 50,978

As of March 31, 2026 and December 31, 2025, there were 45,412 Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding.

There were no changes in the number of preferred units outstanding during the three months ended March 31, 2026.

We present the capital accounts attributable to our preferred unitholders as mezzanine equity on our consolidated balance sheets since the terms of the preferred units allow for cash redemption by such unitholders in the event of a Change of Control (as defined in our partnership agreement), without regard to the likelihood of such an event.

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

During the three months ended March 31, 2026, the Partnership made quarterly cash distributions to its preferred unitholders of $ 1 million.

Accumulated Other Comprehensive Income (Loss)

6 unchanged sentences

Total other comprehensive income (loss) for period ( 349 ) ( 2 ) – ( 351 )

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

Accumulated Other Comprehensive Income (Loss), March 31, 2026 $ ( 165 ) $ 148 $ 2 $ ( 15 )

Cash Flow Hedges

5 unchanged sentences

Total other comprehensive income (loss) for period 48 1 – 49

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

Accumulated Other Comprehensive Income (Loss), March 31, 2025 $ 139 $ 144 $ 2 $ 285

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

Ended March 31,

Losses (gains) on cash flow hedges:

4 unchanged sentences

Total $ ( 43 ) $ 25

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For information regarding our interest rate and commodity derivative instruments, see Note 13.

Cash Distributions

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.

On April 9, 2026, we announced that the Board declared a quarterly cash distribution of $ 0.55 per common unit, or $ 2.20 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the first quarter of 2026.

The quarterly distribution is payable on May 14, 2026 to unitholders of record as of the close of business on April 30, 2026.

The total amount to be paid is $ 1.2 billion, which includes $ 12 million for distribution equivalent rights (“DERs”) on phantom unit awards.

1 unchanged sentence

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

2 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

NGL Pipelines & Services:

28 unchanged sentences

Total consolidated revenues $ 14,386 $ 15,417

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

Unbilled Revenue and Deferred Revenue

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

The following tables provide information regarding our contract assets and contract liabilities at March 31, 2026:

Contract Asset Location Balance

3 unchanged sentences

Deferred revenue (noncurrent) Other long-term liabilities 274

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2026:

Revenue Deferred

4 unchanged sentences

Other changes – ( 3 )

Balance at September 30, 2025 $ 7 $ 411

Balance at March 31, 2026 $ 9 $ 435

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

4 unchanged sentences

The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year.

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

These amounts represent the revenues we expect to recognize in future periods from these contracts as of March 31, 2026.

Consideration

Three months ended December 31, 2025

Nine months ended December 31, 2026

One year ended December 31, 2027

4 unchanged sentences

Total $ 26,416

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Business Segments and Related Information

7 unchanged sentences

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

• Our Natural Gas Pipelines & Services business segment includes our natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas.

11 unchanged sentences

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table presents a reconciliation of total segment gross operating margin to income before income taxes for the periods indicated:

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Total segment gross operating margin $ 2,642 $ 2,464

12 unchanged sentences

(3) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

The following tables present segment revenues and significant segment expenses by segment, together with a reconciliation to segment gross operating margin, for the periods indicated:

For the Three Months Ended September 30, 2025

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

Revenues from third parties $ 3,463 $ 5,389 $ 927 $ 2,230 $ 12,009

Revenues from related parties 2 7 5 – 14

Intersegment and intrasegment revenues 17,583 11,504 235 4,019 33,341

Total segment revenues 21,048 16,900 1,167 6,249 45,364

Significant segment expenses:

Cost of sales 19,093 16,450 616 5,484 41,643

Variable operating costs and expenses (1) 219 36 21 118 394

Fixed operating costs and expenses (2) 456 116 194 282 1,048

Total significant segment expenses 19,768 16,602 831 5,884 43,085

Other segment income:

Equity in income of unconsolidated affiliates 21 68 2 ( 1 ) 90

Other segment items (3) 2 5 1 6 14

Total other segment income 23 73 3 5 104

Total segment gross operating margin $ 1,303 $ 371 $ 339 $ 370 $ 2,383

Other financial information:

Capital expenditures $ 1,097 $ 35 $ 674 $ 152 $ 1,958

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

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

(3) Other segment items for each segment primarily represent the following:

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

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

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

& Services Crude Oil

12 unchanged sentences

Total significant segment expenses 19,123 17,764 964 7,557 45,408

Other segment income:

Other segment income (expense):

Equity in income of unconsolidated affiliates 19 54 2 1 76

13 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

& Services Crude Oil

16 unchanged sentences

Total other segment income

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

Other financial information:

Capital expenditures $ 629 $ 52 $ 246 $ 247 $ 1,174

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

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

(3) Other segment items for each segment primarily represent the following:

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

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

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Nine Months Ended September 30, 2024

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

Revenues from third parties $ 14,227 $ 16,530 $ 2,106 $ 9,113 $ 41,976

Revenues from related parties 9 24 9 – 42

Intersegment and intrasegment revenues 34,157 42,547 481 18,982 96,167

Total segment revenues 48,393 59,101 2,596 28,095 138,185

Significant segment expenses:

Cost of sales 42,713 57,679 1,106 25,866 127,364

Variable operating costs and expenses (1) 531 102 54 266 953

Fixed operating costs and expenses (2) 1,254 310 492 756 2,812

Total significant segment expenses 44,498 58,091 1,652 26,888 131,129

Other segment income (expense):

Equity in income of unconsolidated affiliates 84 212 5 1 302

Other segment items (3) 21 7 5 ( 9 ) 24

Total other segment income (expense), net 105 219 10 ( 8 ) 326

56 74 2 1 133

Total segment gross operating margin $ 1,418 $ 374 $ 357 $ 315 $ 2,464

6 unchanged sentences

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

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

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

3 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Segment revenues:

13 unchanged sentences

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

September 30,

2026 December 31,

11 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Consolidated revenues:

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For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

BASIC EARNINGS PER COMMON UNIT

19 unchanged sentences

See Note 8 for information regarding preferred units.

Acquisition of Oxy Natural Gas Gathering Affiliate

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

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

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

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

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

Property, plant and equipment

Contract-based intangible asset

Total net assets acquired $ 583

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

Acquired other assets primarily included accounts receivable, and assumed liabilities primarily included accounts payable and asset retirement obligations.

None of these amounts were considered individually significant.

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

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

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

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

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

Acquisition of Pinon Midstream

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

We funded this transaction using cash on hand.

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

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

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

Purchase price for 100 % interest in Pinon Midstream

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

Cash and cash equivalents $ 4

Property, plant and equipment 410

Contract-based intangible asset 435

Total identifiable net assets $ 849

Goodwill $ 104

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

Acquired other assets primarily included accounts receivable and ROU assets.

Assumed liabilities primarily included accounts payable and operating lease liabilities.

None of these amounts were considered individually significant.

On a historical pro forma basis, our revenues, costs and expenses, operating income, net income attributable to common unitholders and earnings per unit for the three and nine months ended September 30, 2024 would not have differed materially from those we actually reported had the acquisition been completed on January 1, 2024 rather than October 28, 2024.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Equity-Based Awards

2 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Equity-classified awards:

Phantom unit awards $ 54 $ 49

Profits interest awards – – – 10

Total $ 54 $ 49

1 unchanged sentence

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Phantom Unit Awards

8 unchanged sentences

Forfeited ( 101,386 ) $ 30.29

Phantom unit awards at September 30, 2025 20,083,707 $ 28.49

Phantom unit awards at March 31, 2026 21,418,756 $ 31.53

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

6 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Cash payments made in connection with DERs $ 11 $ 11

Total intrinsic value of phantom unit awards that vested during period 261 247

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

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 437 million at March 31, 2026, of which our share of such cost is currently estimated to be $ 360 million.

Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.4 years.

8 unchanged sentences

This strategy may be used in controlling our overall cost of capital associated with such borrowings.

Treasury Locks

A treasury lock is an agreement that fixes the price (or yield) of a specified U.S.

treasury security for an established period of time.

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

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

During 2025, we entered into four treasury lock transactions to fix the seven-year treasury rate at a weighted-average rate of approximately 3.98 % on an aggregate notional amount of $ 750 million.

The purpose of these transactions was to hedge the underlying interest rate risk associated with debt issuances that occurred in June 2025.

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

As cash flow hedges, gains on these derivative instruments are reflected as a component of accumulated other comprehensive income and will be amortized to earnings as a component of interest expense over seven years .

We do not have any interest rate derivative instruments outstanding at March 31, 2026.

Commodity Hedging Activities

1 unchanged sentence

In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps and basis swaps.

At September 30, 2025, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins, (iii) hedging the fair value of commodity products held in inventory and (iv) hedging anticipated future purchases of power for certain operations in Southeast Texas.

At March 31, 2026, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins, (iii) hedging the fair value of commodity products held in inventory and (iv) hedging anticipated future purchases of power for certain operations in Southeast Texas.

• The objective of our anticipated future commodity purchases and sales hedging program is to hedge the margins of certain transportation, storage, blending and operational activities by locking in purchase and sale prices through the use of derivative instruments and related contracts.

6 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table summarizes our portfolio of commodity derivative instruments outstanding at March 31, 2026 (volume measures as noted):

Volume (1) Accounting

3 unchanged sentences

Natural gas processing:

Forecasted natural gas purchases for plant thermal reduction (Bcf)

Cash flow hedge

Forecasted sales of natural gas (Bcf) 38.2 13.5 Cash flow hedge

Forecasted sales of NGLs (MMBbls) 2.7 0.2 Cash flow hedge

Forecasted sales of NGLs (MMBbls) 9.0 n/a

Cash flow hedge

Octane enhancement:

7 unchanged sentences

Forecasted purchases of refined products (MMBbls) 2.9 n/a Cash flow hedge

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

Forecasted sales of refined products (MMBbls) 5.0 n/a

Cash flow hedge

Crude oil marketing:

1 unchanged sentence

Forecasted sales of crude oil (MMBbls) 30.7 14.2 Cash flow hedge

Petrochemical marketing:

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

Commercial energy:

5 unchanged sentences

Crude oil risk management activities (MMBbls) (3) 30.2 n/a Mark-to-market

Petrochemical risk management activities (MMBbls) (3)

Mark-to-market

Commercial energy risk management activities (TWh) (3) 0.2 n/a Mark-to-market

(1) Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.

(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2028, December 2025 and December 2027, respectively.

(2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2029, December 2026 and December 2027, respectively.

(3) Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

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

The carrying amount of our inventories subject to fair value hedges was $ 2 million and $ 6 million at March 31, 2026 and December 31, 2025, respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

4 unchanged sentences

Asset Derivatives Liability Derivatives

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

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Location Fair

34 unchanged sentences

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

As of September 30, 2025:

As of March 31, 2026:

Commodity derivatives $ 1,047 $ – $ 1,047 $ ( 1,037 ) $ ( 8 ) $ – $ 2

14 unchanged sentences

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

As of September 30, 2025:

As of March 31, 2026:

Commodity derivatives $ 1,041 $ – $ 1,041 $ ( 1,037 ) $ – $ – $ 4

10 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Commodity derivatives Revenue $ ( 3 ) $ 1

4 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Commodity derivatives Revenue $ 11 $ –

9 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Interest rate derivatives $ – $ 2

5 unchanged sentences

Hedging Relationships Location Gain (Loss) Reclassified from

Accumulated Other Comprehensive Income (Loss) to Income

Accumulated Other Comprehensive

Income (Loss) to Income

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Interest rate derivatives Interest expense $ 2 $ 1

3 unchanged sentences

Over the next twelve months, we expect to reclassify $ 7 million of gains attributable to interest rate derivative instruments from accumulated other comprehensive income to earnings as a decrease in interest expense.

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

Likewise, we expect to reclassify $ 161 million of losses attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings, with $ 147 million as a decrease in revenue and $ 14 million as an increase in operating costs and expenses.

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

3 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Commodity derivatives Revenue $ ( 99 ) $ ( 21 )

1 unchanged sentence

Total $ ( 102 ) $ ( 23 )

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

The $ 102 million net loss recognized for the three months ended March 31, 2026 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 5 million of net realized losses and $ 97 million of net unrealized mark-to-market losses attributable to commodity derivatives.

Fair Value Measurements

8 unchanged sentences

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

At September 30, 2025

At March 31, 2026

Fair Value Measurements Using

37 unchanged sentences

Total $ 1 $ 362 $ – $ 363

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

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

In the aggregate, the fair value of our commodity hedging portfolios at March 31, 2026 was a net derivative liability of $ 177 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at March 31, 2026 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature.

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

The aggregate carrying value of these debt obligations was $ 32.5 billion and $ 31.6 billion at September 30, 2025 and December 31, 2024, respectively.

The estimated total fair value of our fixed-rate debt obligations was $ 30.2 billion and $ 32.2 billion at March 31, 2026 and December 31, 2025, respectively.

The aggregate carrying value of these debt obligations was $ 32.5 billion and $ 34.1 billion at March 31, 2026 and December 31, 2025, respectively.

These values are primarily based on quoted market prices for such debt or debt of similar terms and maturities (Level 2) and our credit standing.

5 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Revenues – related parties:

5 unchanged sentences

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

September 30,

2026 December 31,

9 unchanged sentences

We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies.

At September 30, 2025, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:

At March 31, 2026, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:

Total Number of Limited Partner Interests Held Percentage of

2 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Of the total number of Partnership common units held by EPCO and its privately held affiliates, 59,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at September 30, 2025.

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

2 unchanged sentences

EPCO and its privately held affiliates use cash on hand and cash distributions they receive from us and other investments to fund their other activities and to meet their respective debt obligations, if any.

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

During the three months ended March 31, 2026 and 2025, we paid EPCO and its privately held affiliates cash distributions totaling $ 374 million and $ 363 million, respectively.

We have no employees.

3 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Operating costs and expenses $ 382 $ 351

2 unchanged sentences

We lease office space from privately held affiliates of EPCO.

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

For the nine months ended September 30, 2025 and 2024, we recognized $ 18 million and $ 17 million, respectively, of related party operating lease expense in connection with these office space leases.

For each of the three months ended March 31, 2026 and 2025, we recognized $ 6 million of related party operating lease expense in connection with these office space leases.

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

5 unchanged sentences

Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We did not rely on any uncertain tax positions in recording our income tax-related amounts during the three months ended March 31, 2026 and 2025.

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

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Current portion of income tax provision:

5 unchanged sentences

State ( 10 ) ( 7 )

– ( 1 ) – ( 1 )

Total deferred portion ( 14 ) ( 11 )

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

Total provision for income taxes $ ( 22 ) $ ( 24 )

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

1 unchanged sentence

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Pre-Tax Net Book Income (“NBI”) $ 1,518 $ 1,430

Income tax provision at the U.S.

federal income tax rate

( 319 ) ( 21.0 ) % ( 300 ) ( 21.0 ) %

Reduction (increase) in provision for income taxes resulting from:

Partnership income not subject to federal income tax 315 20.8 % 296 20.7 %

Texas Margin Tax (1) ( 17 ) ( 1.1 ) % ( 19 ) ( 1.3 ) %

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

Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities ( 5 ) ( 4 ) ( 14 ) ( 12 )

Other ( 1 ) ( 0.1 ) % ( 1 ) ( 0.1 ) %

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

Provision for income taxes $ ( 22 ) ( 1.4 ) % $ ( 24 ) ( 1.7 ) %

Effective income tax rate ( 1.4 ) % ( 1.7 ) %

1 unchanged sentence

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

September 30,

2026 December 31,

3 unchanged sentences

Attributable to investments in other entities 4 4

Other 106 107

Total deferred tax liabilities 795 778

6 unchanged sentences

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

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

(2) The loss amount presented as of March 31, 2026 has an indefinite carryover period.

All losses are subject to limitations on their utilization.

The following table presents income taxes paid, net of refunds received, during the periods indicated:

For the Three Months

Ended March 31,

Federal $ 1 $ 1

State ( 1 ) ( 4 )

Total $ – $ ( 3 )

ENTERPRISE PRODUCTS PARTNERS L.P.

4 unchanged sentences

We will vigorously defend the Partnership in litigation matters.

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

There were no accruals for litigation contingencies at March 31, 2026 and December 31, 2025, respectively.

Contractual Obligations

1 unchanged sentence

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

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

In total, the principal amount of our consolidated debt obligations were $ 34.2 billion and $ 34.7 billion at March 31, 2026 and December 31, 2025, respectively.

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

1 unchanged sentence

There has been no significant change in our operating and finance lease obligations since those disclosed in the 2025 Form 10-K.

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

The following table presents information regarding operating and finance leases where we are the lessee at March 31, 2026:

Asset Category ROU

10 unchanged sentences

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

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

Additionally at September 30, 2025, finance lease liabilities of $ 3 million and $ 14 million were included within “ Other current liabilities” and “ Other long-term liabilities ,” respectively.

(2) At March 31, 2026, operating lease liabilities of $ 88 million and $ 363 million were included within “ Other current liabilities ” and “ Other long-term liabilities ,” respectively.

Additionally at March 31, 2026, finance lease liabilities of $ 3 million and $ 12 million were included within “ Other current liabilities ” and “ Other long-term liabilities ,” respectively.

(3) The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable).

4 unchanged sentences

For the Three Months

Ended September 30, For the Nine Months

Ended September 30,

2025 2024 2025 2024

Ended March 31,

Long-term leases:

11 unchanged sentences

Total lease expense $ 81 $ 72

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

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

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

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

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

Cash paid for operating lease liabilities was $ 35 million and $ 34 million for the three months ended March 31, 2026 and 2025, respectively.

Cash paid for finance leases was $ 1 million for the three months ended March 31, 2026.

Operating lease income was $ 5 million and $ 4 million for the three months ended March 31, 2026 and 2025, respectively.

Purchase Obligations

1 unchanged sentence

In the ordinary course of business, we fulfill product purchase commitments with our third party suppliers.

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

Outside of changes related to the ordinary course of business, our consolidated product purchase commitments at March 31, 2026 did not differ materially from those reported in our 2025 Form 10-K.

ENTERPRISE PRODUCTS PARTNERS L.P.

1 unchanged sentence

Supplemental Cash Flow Information

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

For the Nine Months

Ended September 30,

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

For the Three Months

Ended March 31,

Decrease (increase) in:

12 unchanged sentences

Net effect of changes in operating accounts $ ( 861 ) $ 203

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

$ 1,260 $ 1,180

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

We incurred liabilities for construction in progress that had not been paid at September 30, 2025 and December 31, 2024 of $ 571 million and $ 490 million, respectively.

Cash payments for interest, net of $ 24 and $ 45 capitalized during the three months ended March 31, 2026 and 2025, respectively

We incurred liabilities for construction in progress that had not been paid at March 31, 2026 and December 31, 2025 of $ 465 million and $ 401 million, respectively.

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

The following table presents our cash proceeds from asset sales and other matters for the periods indicated:

For the Three Months

Ended March 31,

Sale of Bahia NGL Pipeline ownership interest (1)

Other asset sales 1 4

Total $ 596 $ 4

(1) In December 2025, we completed the sale of a 40 % undivided joint interest in our Bahia NGL Pipeline to ExxonMobil for approximately $ 655 million in cash.

The cash consideration was payable in two installments, with $ 60 million received in December 2025 and the remaining $ 595 million received in January 2026.

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

What changed 10-Q

Item 1. Financial Statements