What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-06 · 150 added, 312 removed, 442 unchanged (51% of the section changed)

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RESULTS OF OPERATIONS.

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

For the Three Months Ended March 31, 2026 and 2025

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, 2025 (the “ 2025 Form 10-K”), as filed on February 27, 2026 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 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.

This quarterly report on Form 10-Q for the three months ended March 31, 2026 (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.

Although we and our general partner believe that our expectations reflected in such forward-looking statements (including any forward-looking statements/expectations of third parties referenced in this quarterly report) are reasonable, neither we nor our general partner can give any assurances that such expectations will prove to be correct.

Forward-looking statements are subject to a variety of risks, uncertainties and assumptions as described in more detail under Part I, Item 1A of our 2024 Form 10-K and within Part II, Item 1A of this quarterly report.

Forward-looking statements are subject to a variety of risks, uncertainties and assumptions as described in more detail under Part I, Item 1A of our 2025 Form 10-K.

If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or expected.

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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 32.5% 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 .

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 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 .

As used in this quarterly report, the phrase “quarter-to-quarter” means the first quarter of 2026 compared to the first quarter of 2025.

Overview of Business

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Our financial position, results of operations and cash flows are subject to certain risks.

For information regarding such risks, see “ Risk Factors ” included under Part I, Item 1A of the 2024 Form 10-K and Part II, Item 1A of this quarterly report.

For information regarding such risks, see “ Risk Factors ” included under Part I, Item 1A of the 2025 Form 10-K.

We provide investors access to additional information regarding the Partnership and our consolidated businesses, including information relating to governance procedures and principles, through our website, www.enterpriseproducts.com.

Recent Developments

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 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 $581 million in cash consideration.

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.

This natural gas processing train, which will have the capacity to process approximately 300 MMcf/d of natural gas and extract up to 40 MBPD of NGLs, is expected to begin service in the fourth quarter of 2026.

Enterprise Begins Initial Service at Neches River Ethane / Propane Export Facility

In July 2025, we placed into service the first phase of our new ethane / propane export facility located on the Neches River in Orange County, Texas (“Neches River Ethane / Propane Export Facility”).

This phase included the completion of a loading dock and an ethane refrigeration train with a nameplate capacity of 120 MBPD.

The second phase of the project, which will add a second refrigeration train capable of loading up to 180 MBPD of ethane, 360 MBPD of propane, or a combination thereof, is expected to begin service in the first half of 2026.

Enterprise Begins Service at Mentone West 1 and Orion

In July 2025, we placed our first natural gas processing train at our Mentone West location in the Delaware Basin (“Mentone West 1”) and our eighth Midland Basin natural gas processing train (“Orion”) into commercial service.

Both Mentone West 1 and Orion are capable of processing over 300 MMcf/d of natural gas and extracting more than 40 MBPD of NGLs and are supported by long-term acreage dedication agreements and minimum volume commitments.

Issuance 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.

Selected Energy Commodity Price Data

The following table presents selected average index prices for natural gas and selected NGL and petrochemical products for the periods indicated:

The following table presents selected average index prices for natural gas and selected NGL products for the periods indicated:

$/MMBtu Ethane,

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$/gallon Natural

$/gallon Polymer

$/pound Refinery

$/pound Indicative Gas

(1) (2) (2) (2) (2) (2)

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1st Quarter $5.05 $0.23 $0.66 $0.88 $0.89 $1.50

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

$3.39 $0.25 $0.79 $0.93 $0.97 $1.38 $0.40 $0.30 $0.32

(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices as reported by Platts, which is a division of S&P Global, Inc.

(2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline are based on Mont Belvieu, Texas Non-TET commercial index prices as reported by Oil Price Information Service, which is a division of Dow Jones.

(3) Polymer grade propylene prices represent average contract pricing for such product as reported by IHS Markit (“IHS”), which is a division of S&P Global, Inc.

Refinery grade propylene (“RGP”) prices represent weighted-average spot prices for such product as reported by IHS.

(4) The “Indicative Gas Processing Gross Spread” represents our generic estimate of the gross economic benefit from extracting NGLs from natural gas production based on certain pricing assumptions.

Specifically, it is the amount by which the assumed economic value of a composite gallon of NGLs in Chambers County, Texas exceeds the value of the equivalent amount of energy in natural gas at Henry Hub, Louisiana.

Our estimate of the indicative spread does not consider the operating costs incurred by a natural gas processing facility to extract the NGLs nor the transportation and fractionation costs to deliver the NGLs to market.

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 $0.56 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 weighted-average indicative market price for NGLs was $0.57 per gallon in the first quarter of 2026 versus $0.67 per gallon in the first quarter of 2025.

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

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1st Quarter $71.93 $73.97 $74.67

2nd Quarter $63.87 $64.42 $64.65

3rd Quarter $64.93 $65.76 $66.09

2025 Averages $66.74 $67.57 $67.85

(1) WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX.

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Impact of Inflation

Inflation rates in the U.S.

increased significantly in 2022 and have remained elevated compared to recent historical levels.

While pandemic-era supply chain disruptions have largely dissipated and measures taken by the U.S.

Federal Reserve Bank helped slow the growth of inflation, the high-cost environment that began in 2022 has generally remained intact in 2025.

Inflation rates in the U.S., which are generally influenced by a variety of macroeconomic and policy-related factors, have moderated from prior levels, but remain a relevant consideration for the overall cost environment.

In addition, there is uncertainty of what effect, if any, trade tariffs will have on inflation in future periods.

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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,

Revenues $ 14,386 $ 15,417

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Income before income taxes 1,518 1,430

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

Provision for income taxes (22) (24)

Net income 1,496 1,406

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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,

NGL Pipelines & Services:

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Total consolidated revenues $ 14,386 $ 15,417

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 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 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 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 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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Total revenues for the first quarter of 2026 decreased $1.0 billion when compared to the first quarter of 2025 primarily due to lower marketing revenues.

Revenues from the marketing of NGLs decreased $ 1.4 billion quarter-to-quarter primarily due to lower average sales prices.

Revenues from the marketing of petrochemicals and refined products decreased $727 million quarter-to-quarter primarily due to lower sales volumes, which accounted for a $479 million decrease, and lower average sales prices, which accounted for an additional $248 million decrease.

Revenues from the marketing of natural gas decreased $ 154 million quarter-to-quarter primarily due to lower average sales prices.

Revenues from the marketing of crude oil increased a net $ 1.2 billion quarter-to-quarter primarily due to higher sales volumes, which accounted for a $ 1.4 billion increase, partially offset by lower average sales prices, which accounted for a $ 259 million decrease.

Revenues from midstream services for the first quarter of 2026 increased $51 million when compared to the first quarter of 2025 primarily due to higher demand for transportation services on our NGL and natural gas transportation assets.

Operating costs and expenses

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 .

Total operating costs and expenses for the first quarter of 2026 decreased $1.2 billion when compared to the first quarter of 2025 .

Cost of sales

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 .

First Quarter of 2026 Compared to First Quarter of 2025 .

Cost of sales for the first quarter of 2026 decreased a net $1.3 billion when compared to the first quarter of 2025 .

The cost of sales associated with the marketing of NGLs decreased $1.9 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 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.

The cost of sales associated with the marketing of petrochemicals and refined products decreased $645 million quarter-to-quarter primarily due to lower volumes, which accounted for a $527 million decrease, and lower average purchase prices, which accounted for an additional $118 million decrease.

The cost of sales associated with the marketing of crude oil increased a net $ 1.2 billion quarter-to-quarter primarily due to higher volumes which accounted for a $ 1.4 billion increase, partially offset by lower average purchase prices, which accounted for a $163 million decrease.

Other operating costs and expenses

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.

Other operating costs and expenses for the first quarter of 2026 increased $75 million when compared to the first quarter of 2025 primarily due to higher employee compensation and chemical costs.

Depreciation, amortization and accretion expenses

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 .

Depreciation, amortization and accretion expense for the first quarter of 2026 increased $64 million when compared to the first quarter of 2025 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the first quarter of 2025 .

General and administrative 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.

General and administrative costs for the first quarter of 2026 increased $4 million when compared to the first quarter of 2025 primarily due to higher employee compensation costs.

Equity in income of unconsolidated affiliates

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.

Equity income from our unconsolidated affiliates for the first quarter of 2026 decreased $18 million when compared to the first quarter of 2025 primarily due to lower earnings from investments in crude pipelines.

Operating income

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.

Operating income for the first quarter of 2026 increased $134 million when compared to the first quarter of 2025 due to the previously described quarter-to-quarter changes.

Interest expense

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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,

Interest charged on debt principal outstanding (1) $ 403 $ 379

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Interest costs capitalized in connection with construction projects (2) (24) (45)

Other 9 7 24 20

Total $ 385 $ 340

(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.

(1) The weighted-average interest rates on debt principal outstanding during the first quarters of 2026 and 2025 were 4.71% and 4.70%, 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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Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings.

Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net $27 million quarter-to-quarter and a net $81 million period-to-period.

These increases were primarily due to the issuance of $2.5 billion and $2.0 billion of fixed-rate senior notes in August 2024 and June 2025, respectively, which accounted for a combined increase of $37 million quarter-to-quarter and $106 million period-to-period.

These increases were partially offset by the retirement of $1.15 billion of fixed-rate senior notes in February 2025, which accounted for a decrease of $11 million quarter-to-quarter and $27 million period-to-period.

Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net $24 million quarter-to-quarter.

This increase was primarily due to the issuance of $2.0 billion and $1.65 billion of fixed-rate senior notes in June 2025 and November 2025, respectively, which accounted for a combined increase of $44 million quarter-to-quarter, partially offset by the retirement of $1.15 billion, $750 million and $875 million of fixed-rate senior notes in February 2025, January 2026 and February 2026, respectively, which accounted for a combined decrease of $18 million quarter-to-quarter.

For additional information regarding our debt obligations, see Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.

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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,

Gross operating margin by segment:

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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,

Operating income $ 1,895 $ 1,761

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Depreciation, amortization and accretion expense in operating costs and expenses (1)

625 586 1,837 1,749

Asset impairment charges in operating costs and expenses 8 10

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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,

Segment gross operating margin:

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Natural gas processing and related NGL marketing activities

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).

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from natural gas processing and related NGL marketing activities for the first quarter of 2026 increased $42 million when compared to the first quarter of 2025 .

Gross operating margin from our Midland Basin natural gas processing facilities increased $25 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $15 million increase, an 11 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $7 million increase, and higher average processing fees, which accounted for an additional $4 million increase.

Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 31 MMcf/d quarter-to-quarter.

Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $22 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $35 million increase, and higher fee-based natural gas processing volumes, which accounted for a $12 million increase, partially offset by a 10 MBPD decrease in equity NGL-equivalent production volumes, which accounted for an $18 million decrease, and higher operating costs, which accounted for an additional $7 million decrease.

Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 242 MMcf/d quarter-to-quarter.

Gross operating margin from our NGL marketing activities increased a net $10 million quarter-to-quarter primarily due to higher sales volumes, which accounted for a $20 million increase, partially offset by lower average sales margins, which accounted for a $5 million decrease, and lower mark-to-market earnings, which accounted for an additional $4 million decrease.

Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $8 million quarter-to-quarter primarily due to lower average processing fees, which accounted for a $4 million decrease, and lower average processing margins (including the impact of hedging activities), which accounted for an additional $2 million decrease.

On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 69 MMcf/d and increased 8 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 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.

Gross operating margin from our South Texas natural gas processing facilities decreased $5 million quarter-to-quarter primarily due to higher operating costs.

Fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 12 MMcf/d and increased 3 MBPD, respectively, quarter-to-quarter.

NGL pipelines, storage and terminals

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 $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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from our NGL pipelines, storage and terminal assets during the first quarter of 2026 increased $1 million when compared to the first quarter of 2025 .

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

On a combined basis, gross operating margin from these pipelines increased $22 million quarter-to-quarter primarily due to an increase in transportation volumes.

Gross operating margin from our Mont Belvieu area storage complex increased $11 million quarter-to-quarter primarily due to higher storage revenues.

Gross operating margin at our Morgan’s Point and Neches River Export Terminals increased a combined net $6 million quarter-to-quarter primarily due to an increase in ethane export volumes, which accounted for a $23 million increase, and higher other fee revenues, which accounted for an additional $3 million increase, partially offset by lower average loading fees, which accounted for a $10 million decrease, and higher operating costs, which accounted for an additional $10 million decrease.

Ethane export volumes at these terminals increased a combined 104 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 LPG-related activities at our Enterprise Hydrocarbons Terminal (“EHT”) decreased $42 million quarter-to-quarter primarily due to lower average loading fees.

LPG export volumes at EHT decreased 1 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 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 $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 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

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.

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 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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from NGL fractionation during the first quarter of 2026 increased $42 million when compared to the first quarter of 2025 .

Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $33 million quarter-to-quarter primarily due to higher fractionation volumes, which accounted for a $46 million increase, and higher average fractionation fees (including the impact of hedging activities), which accounted for an additional $25 million increase, partially offset by higher operating costs, which accounted for a $29 million decrease, and lower ancillary service revenues, which accounted for an additional $9 million decrease.

NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 220 MBPD quarter-to-quarter primarily due to contributions fro m Frac 14, which was placed into service during the fourth quarter of 2025.

Crude Oil Pipelines & Services

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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,

Segment gross operating margin $ 329 $ 374

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Crude oil marine terminal volumes (MBPD) 866 736

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.

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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from our Crude Oil Pipelines & Services segment for the first quarter of 2026 decreased $45 million when compared to the first quarter of 2025 .

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined net $46 million quarter-to-quarter primarily due to lower average sales margins from marketing activities, which accounted for a $34 million decrease, lower transportation and related revenues, which accounted for a $24 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, and lower mark-to-market earnings, which accounted for an additional $11 million decrease, partially offset by higher sales volumes from marketing activities, which accounted for a $23 million increase.

Crude oil transportation volumes on these pipelines increased a combined 83 MBPD (net to our interest) quarter-to-quarter.

Gross operating margin from crude oil activities at EHT decreased a net $2 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $11 million decrease, and lower storage revenues, which accounted for an additional $5 million decrease, partially offset by higher loading and other revenues, which accounted for a $14 million increase.

Crude oil marine terminal volumes at EHT increased 113 MBPD quarter-to-quarter.

Natural Gas Pipelines & Services

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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,

Segment gross operating margin $ 496 $ 357

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Natural gas pipeline transportation volumes (BBtus/d) 21,171 20,310

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.

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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from our Natural Gas Pipelines & Services segment for the first quarter of 2026 increased $139 million when compared to the first quarter of 2025 .

Gross operating margin from our natural gas marketing activities increased a net $111 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $134 million increase, partially offset by lower mark-to-market earnings, which accounted for a $23 million decrease.

Gross operating margin from our Texas Intrastate System increased $15 million quarter-to-quarter primarily due to higher capacity reservation fees and other revenues, which accounted for a $9 million increase, and a 388 BBtus/d increase in transportation volumes, which accounted for an additional $5 million increase.

Gross operating margin from our Acadian Gas System and Haynesville Gathering System increased a combined $8 million quarter-to-quarter primarily due to a 269 BBtus/d increase in transportation volumes.

Gross operating margin from our Midland Basin Gathering System increased a net $7 million quarter-to-quarter primarily due to a 157 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, and higher other revenues, which accounted for a $6 million increase, partially offset by higher operating costs, which accounted for a $5 million decrease.

Gross operating margin from our Delaware Basin Gathering System increased a net $1 million quarter-to-quarter primarily due to a 396 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, partially offset by higher operating costs, which accounted for a $5 million decrease.

Gross operating margin from our East Texas Gathering System decreased $4 million quarter-to-quarter primarily due to a 298 BBtus/d decrease in gathering volumes.

Petrochemical & Refined Products Services

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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,

Segment gross operating margin:

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Propylene production and related activities

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 .

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from propylene production and related activities for the first quarter of 2026 increased $67 million when compared to the first quarter of 2025 .

On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $62 million quarter-to-quarter primarily due to higher average propylene sales margins, which accounted for a $52 million increase, and higher propylene sales volumes, which accounted for an additional $30 million increase, partially offset by lower other revenues, which accounted for a $17 million decrease .

Propylene and associated by-product production volumes at these facilities increased a combined 8 MBPD quarter-to-quarter .

Butane isomerization and related operations

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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from butane isomerization and related operations for the first quarter of 2026 increased $2 million when compared to the first quarter of 2025 primarily due to higher average sales margins and a 38 MBPD increase in isomerization and related DIB processing volumes.

Octane enhancement and related plant operations

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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from our octane enhancement and related plant operations for the first quarter of 2026 decreased $46 million when compared to the first quarter of 2025 primarily due to lower sales volumes, which accounted for a $30 million decrease, and lower mark-to-market earnings, which accounted for an additional $13 million decrease.

The quarter-to-quarter decrease in sales volumes at these facilities was primarily due to planned major maintenance activities at our octane enhancement plant during the first quarter of 2026, which were completed in April 2026.

Refined products pipelines and related activities

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 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.

Gross operating margin from our refined products marketing activities decreased $14 million period-to-period primarily due to lower average sales margins.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from refined products pipelines and related activities for the first quarter of 2026 decreased $36 million when compared to the first quarter of 2025 .

Gross operating margin from our refined products marketing activities decreased $35 million quarter-to-quarter primarily due to lower average sales margins, which accounted for a $24 million decrease, and lower non-cash, mark-to-market earnings, which accounted for an additional $11 million decrease.

Gross operating margin from our TE Products Pipeline System decreased a net $9 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $8 million decrease, and lower other revenues, which accounted for an additional $3 million decrease, partially offset by a 112 MBPD increase in transportation volumes, which accounted for a $3 million increase.

Gross operating margin from our refined products terminal in Beaumont, Texas increased $4 million quarter-to-quarter primarily due to higher storage and other fee revenues, which accounted for a $3 million increase, and lower operating expenses, which accounted for an additional $2 million increase.

Refined products marine terminal volumes at Beaumont increased 34 MBPD quarter-to-quarter.

Ethylene exports and related activities

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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from ethylene exports and related activities for the first quarter of 2026 increased a net $16 million when compared to the first quarter of 2025 primarily due to a 41 MBPD increase in ethylene export volumes, which accounted for an $18 million increase, a 51 MBPD increase in transportation volumes, which accounted for an additional $4 million increase, partially offset by higher operating costs, which accounted for a $7 million decrease.

Marine transportation and other services

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.

First Quarter of 2026 Compared to First Quarter of 2025 .

Gross operating margin from marine transportation and other services for the first quarter of 2026 decreased $4 million when compared to the first quarter of 2025 primarily due to higher operating costs.

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 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.

At March 31, 2026 , we had $3.3 billion of consolidated liquidity.

This amount was comprised of $191 million of unrestricted cash on hand and $3.1 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 $1.1 billion outstanding under EPO’s commercial paper program.

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 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.

Enterprise Declares Cash Distribution for First Quarter of 2026

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 on phantom unit awards.

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Consolidated Debt

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):

At March 31, 2026 , the average maturity of EPO’s consolidated debt obligations was approximately 16.9 years.

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2026 for the years indicated (dollars in millions):

Scheduled Maturities of Debt

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EPO’s borrowing capacity was unchanged from the prior 364-day 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 September 30, 2025 , there are no principal amounts outstanding under this revolving credit agreement.

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.

As of March 31, 2026 , there are no principal amounts outstanding under this new revolving credit agreement.

For additional information regarding our consolidated debt obligations, see Note 7 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report.

Credit 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.

As of May 7, 2026 , 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 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 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.

The Partnership repurchased 3,124,192 common units during the three months ended March 31, 2026 .

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

As of March 31, 2026 , the remaining available capacity under the 2019 Buyback Program was $3.4 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 Nine Months

Ended September 30,

For the Three Months

Ended March 31,

Net cash flow provided by operating activities $ 1,469 $ 2,314

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We may also incur credit and price risk to the extent customers do not fulfill their contractual obligations to us in connection with our marketing activities and long-term take-or-pay and dedication agreements.

For a more complete discussion of these and other risk factors pertinent to our business, see “ Risk Factors ” included under Part I, Item 1A of the 2024 Form 10-K and Part II, Item 1A of this quarterly report.

For a more complete discussion of these and other risk factors pertinent to our business, see “ Risk Factors ” included under Part I, Item 1A of the 2025 Form 10-K.

For additional information regarding our cash flow amounts, please refer to the Unaudited Condensed Statements of Consolidated Cash Flows included under Part I, Item 1 of this quarterly report.

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Operating activities

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.

Net cash flow provided by operating activities for the first quarter of 2026 decreased a net $845 million when compared to the first quarter of 2025 primarily due to:

• a $1.1 billion quarter-to-quarter decrease from 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;

partially offset by

• a $232 million quarter-to-quarter increase resulting from higher partnership earnings (determined by adjusting our $90 million quarter-to-quarter increase in net income for changes in the non-cash items identified on our Unaudited Condensed Consolidated Statements of Consolidated Cash Flows).

For information regarding significant quarter-to-quarter 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 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).

Net cash flow used in investing activities during the first quarter of 2026 decreased $666 million when compared to the first quarter of 2025 primarily due to:

• a $592 million quarter-to-quarter increase in proceeds from asset sales and other matters primarily attributable to the $595 million second installment payment received in January 2026 related to the sale of a 40% undivided joint interest in the Bahia NGL Pipeline;

• a $79 million quarter-to-quarter decrease 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 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;

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.

Net cash flow used in financing activities during the first quarter of 2026 increased $288 million when compared to the first quarter of 2025 primarily due to:

• a net cash outflow of $489 million related to debt transactions that occurred during the first quarter of 2026 compared to a net cash outflow of $332 million related to debt transactions that occurred during the first quarter of 2025 .

During the first quarter of 2026 , we repaid $1.63 billion aggregate principal amount of senior notes, partially offset by net issuances of $1.1 billion under EPO’s commercial paper program.

During the first quarter of 2025 , we repaid $1.15 billion aggregate principal amount of senior notes, partially offset by net issuances of $830 million under EPO’s commercial paper program;

• a $56 million quarter-to-quarter increase in the repurchase of common units under the 2019 Buyback Program;

• a $30 million quarter-to-quarter increase in cash distributions paid to common unitholders primarily attributable to increases in the quarterly cash distribution rate per unit.

Non-GAAP Cash Flow Measures

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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,

Net income attributable to common unitholders (GAAP) (1) $ 1,482 $ 1,393

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Change in fair market value of derivative instruments 98 42

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

Deferred income tax expense 14 11

Sustaining capital expenditures (3) (205) (102)

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Proceeds from asset sales and other matters 596 4

Monetization of interest rate derivative instruments accounted for as cash flow hedges – (4) 14 (33)

DCF (non-GAAP) $ 2,707 $ 2,013

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Total DCF retained by the Partnership with respect to period (5) $ 1,505 $ 842

Distribution coverage ratio (6) 1.5 x 1.7 x 1.6 x 1.7 x

Distribution coverage ratio (6) 2.3 x 1.7 x

(1) For a discussion of the primary drivers of changes in our comparative income statement amounts, see “ Income Statement Highlights ” within this Part I, Item 2.

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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,

Net cash flow provided by operating activities (GAAP) $ 1,469 $ 2,314

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Proceeds from asset sales and other matters 596 4

Monetization of interest rate derivative instruments accounted for as cash flow hedges – (4) 14 (33)

DCF (non-GAAP) $ 2,707 $ 2,013

Capital Investments

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.

Since the beginning of 2026, we have placed into service our second natural gas processing train at our Mentone West location in the Delaware Basin.

We have approximately $5.3 billion of growth capital projects scheduled to be completed by the end of 2027, including the following projects (including their respective scheduled completion dates):

• natural gas gathering, compression and treating expansion projects in the Delaware and Midland Basins (2026 and 2027);

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

• the second phase of enhancements at our Morgan’s Point terminal (fourth quarter of 2025);

• the second phase of our Neches River Ethane / Propane Export Facility located in Orange County, Texas (first half of 2026);

• our second natural gas processing train at our Mentone West location in the Delaware Basin (first half of 2026);

• the second phase of our Neches River Ethane / Propane Export Facility located in Orange County, Texas (second quarter of 2026);

• the expansion of our LPG and PGP export capacity at EHT, including Ref 4 (fourth quarter of 2026);

• 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 $5.0 billion, which reflects organic growth capital investments of $4.5 billion and sustaining capital expenditures of $525 million.

• a natural gas processing train in the Midland Basin (third quarter of 2027);

• a natural gas processing train in the Delaware Basin (fourth quarter of 2027);

• the expansion and extension of the Bahia NGL Pipeline (fourth quarter of 2027).

Based on information currently available, we expect our total organic capital investments for 2026 , net of contributions from noncontrolling interests, to approximate $3.5 to $3.8 billion, which reflects organic growth capital investments of $2.9 to $3.2 billion and sustaining capital expenditures of $580 million.

In addition, we expect approximately $600 million in cash proceeds from asset sales and other matters during 2026, primarily from the second installment payment received in January 2026 related to the sale of a 40% undivided joint interest in our Bahia NGL Pipeline, which may be used to offset a portion of our forecasted organic growth capital investments.

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 Nine Months

Ended September 30,

For the Three Months

Ended March 31,

Capital investments:

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Sustaining capital projects (3) 169 103

Asset acquisitions (4)

Total $ 983 $ 1,062

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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.

(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 our Bahia NGL Pipeline, which accounted for an additional $254 million increase;

partially offset by

• lower investments in our TW Products System (placed into service during 2024), which accounted for a $145 million decrease.

Investments attributable to sustaining capital projects decreased $167 million period-to-period primarily due to lower major maintenance activities performed at certain of our reaction-based plants (e.g., our PDH 1 and iBDH facilities) and fluctuations in timing and costs of pipeline integrity and similar projects.

Comparison of First Quarter of 2026 with First Quarter of 2025

In total, investments in growth capital projects decreased $145 million quarter-to-quarter primarily due to the following:

• lower investments at our Mont Belvieu area NGL fractionation complex (Frac 14 placed into service during the fourth quarter of 2025) , which accounted for a $58 million decrease;

• lower investments in ethylene, ethane, and LPG export expansion and enhancement projects that support our Gulf Coast terminals ( the first phase of our Neches River export facility placed into service in July 2025 and the second phase of enhancements at our Morgan’s Point terminal placed into service in December 2025) , which accounted for an additional $ 46 million decrease;

• lower investments in the construction of natural gas processing trains and related gathering system expansions in the Delaware and Midland Basins (two natural gas processing trains placed into service during the third quarter of 2025), which accounted for a $40 million decrease.

Investments attributable to sustaining capital projects increased $66 million quarter-to-quarter primarily due to higher major maintenance activities performed at certain of our reaction-based plants (e.g., our octane enhancement facilities) and fluctuations in timing and costs of pipeline integrity and similar projects.

Critical Accounting Policies and Estimates

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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 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.

At March 31, 2026 , the total amount of Guaranteed Debt was $34.5 billion , which was comprised of $30.8 billion of EPO’s senior notes, $2.3 billion of EPO’s junior subordinated notes, $1.1 billion of commercial paper and $287 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 $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 .

The total carrying value of the Obligor Group’s investments in the Non-Obligor Subsidiaries was $55.2 billion at March 31, 2026 .

The Obligor Group’s equity in the earnings of the Non-Obligor Subsidiaries for the first quarter of 2026 was $1.7 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,

March 31, 2026 December 31, 2025

Current receivables from Non-Obligor Subsidiaries $ 865 $ 487

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Long-term receivables from Non-Obligor Subsidiaries 187 187

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

Other noncurrent assets, excluding investments in Non-Obligor Subsidiaries of $55.2 billion at March 31, 2026 and $54.9 billion at December 31, 2025

Selected liability information:

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

Current portion of Guaranteed Debt, including interest of $287 million at March 31, 2026 and $566 million at December 31, 2025

$ 3,000 $ 2,190

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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 Nine Months Ended September 30,

For the Three Months Ended March 31,

2026 For the Twelve Months Ended December 31, 2025

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Operating income of Obligor Group 200 359

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

Net loss of Obligor Group excluding equity in earnings of Non-Obligor Subsidiaries of $1.7 billion for the three months ended March 31, 2026 and $6.9 billion for the twelve months ended December 31, 2025

(208) (1,082)

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