ENTERPRISE PRODUCTS PARTNERS L.P. 10-Q

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 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. Securities and Exchange Commission (“SEC”). Our financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States (“U.S.”). Cautionary Statement Regarding Forward-Looking Information 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 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. You should not put undue reliance on any forward-looking statements. The forward-looking statements in this quarterly report speak only as of the date hereof. Except as required by federal and state securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or any other reason. Key References Used in this Management’s Discussion and Analysis Unless the context requires otherwise, references to “we,” “us” or “our” within this quarterly report are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries. References to the “Partnership” or “Enterprise” mean Enterprise Products Partners L.P. on a standalone basis. References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of the Partnership, and its consolidated subsidiaries, through which the Partnership conducts its business. We are managed by our general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company. The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors of Enterprise GP (the “Board”); (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board; and (iii) W. Randall Fowler, who is also a director and a Co-Chief Executive Officer of Enterprise GP. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as managers of Dan Duncan LLC. References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. The outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO; and (iii) Mr. Fowler, who serves as an Executive Vice President and the Chief Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as directors of EPCO. 38 Table of Contents 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 March 31, 2026 . As generally used in the energy industry and in this quarterly report, the acronyms below have the following meanings: /d = per day MMBPD = million barrels per day BBtus = billion British thermal units MMBtus = million British thermal units Bcf = billion cubic feet MMcf = million cubic feet BPD = barrels per day MWac = megawatts, alternating current MBPD = thousand barrels per day MWdc = megawatts, direct current MMBbls = million barrels TBtus = trillion British thermal units 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 We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “EPD.” Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries. Our fully integrated, midstream energy asset network (or “value chain”) links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the U.S., Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include: • natural gas gathering, treating, processing, transportation and storage; • NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases (“LPG”) and ethane); • crude oil gathering, transportation, storage, and marine terminals; • propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities; • petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”)); and • a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The safe operation of our assets is a top priority. We are committed to protecting the environment and the health and safety of the public and those working on our behalf by conducting our business activities in a safe and environmentally responsible manner. For additional information, see “ Environmental, Safety and Conservation ” within the Regulatory Matters section of Part I, Items 1 and 2 of the 2025 Form 10-K. Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. 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 2025 Form 10-K. 39 Table of Contents 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. Selected Energy Commodity Price Data The following table presents selected average index prices for natural gas and selected NGL products for the periods indicated: Natural Gas, $/MMBtu Ethane, $/gallon Propane, $/gallon Normal Butane, $/gallon Isobutane, $/gallon Natural Gasoline, $/gallon (1) (2) (2) (2) (2) (2) 2025 by quarter: 1st Quarter $3.65 $0.27 $0.90 $1.06 $1.07 $1.53 2nd Quarter $3.44 $0.24 $0.78 $0.88 $0.93 $1.32 3rd Quarter $3.07 $0.23 $0.69 $0.86 $0.92 $1.30 4th Quarter $3.55 $0.27 $0.62 $0.84 $0.88 $1.24 2025 Averages $3.43 $0.25 $0.75 $0.91 $0.95 $1.35 2026 by quarter: 1st Quarter $5.05 $0.23 $0.66 $0.88 $0.89 $1.50 (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. 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: WTI Crude Oil, $/barrel Midland Crude Oil, $/barrel Houston Crude Oil, $/barrel (1) (2) (2) 2025 by quarter: 1st Quarter $71.42 $72.52 $72.81 2nd Quarter $63.87 $64.42 $64.65 3rd Quarter $64.93 $65.76 $66.09 4th Quarter $59.14 $59.77 $60.05 2025 Averages $64.84 $65.62 $65.90 2026 by quarter: 1st Quarter $71.93 $73.97 $74.67 (1) WTI prices are based on commercial index prices at Cushing, Oklahoma as measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as reported by Argus. Fluctuations in our consolidated revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. An increase in our consolidated marketing revenues due to higher energy commodity sales prices may not result in an increase in gross operating margin or cash available for distribution, since our consolidated cost of sales amounts would also be expected to increase due to comparable increases in the purchase prices of the underlying energy commodities. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs. We attempt to mitigate commodity price exposure through our hedging activities and the use of fee-based arrangements. See Note 13 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report and “ Quantitative and Qualitative Disclosures About Market Risk ” under Part I, Item 3 of this quarterly report for information regarding our commodity hedging activities. 40 Table of Contents Impact of Inflation 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. However, to the extent that a rising cost environment impacts our results, there are typically offsetting benefits either inherent in our business or that result from other steps we take proactively to reduce the impact of inflation on our net operating results. These benefits include: (1) provisions included in our long-term fee-based revenue contracts that offset cost increases in the form of rate escalations based on positive changes in the U.S. Consumer Price Index, Producer Price Index for Finished Goods or other factors; (2) provisions in other revenue contracts that enable us to pass through higher energy costs to customers in the form of gas, electricity and fuel rebills or surcharges; and (3) higher commodity prices, which generally enhance our results in the form of increased volumetric throughput and demand for our services. Additionally, we take measures to mitigate the impact of cost increases in certain commodities, including a portion of our electricity needs, using fixed-price, term purchase agreements, or financial derivatives. For these reasons, the increased cost environment, caused in part by inflation, has not had a material impact on our historical results of operations for the periods presented in this report. However, a significant or prolonged period of high inflation could adversely impact our results if costs were to increase at a rate greater than the increase in the revenues we receive. See “ Capital Investments ” within this Part I, Item 2 for a discussion of the impact of inflation on our capital investment decisions. Income Statement Highlights The following table summarizes the key components of our consolidated results of operations for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 Revenues $ 14,386 $ 15,417 Costs and expenses: Operating costs and expenses: Cost of sales 10,678 12,005 Other operating costs and expenses 1,134 1,059 Depreciation, amortization and accretion expenses 682 618 Asset impairment charges 8 10 Net losses (gains) attributable to asset sales and related matters 1 (2) Total operating costs and expenses 12,503 13,690 General and administrative costs 64 60 Total costs and expenses 12,567 13,750 Equity in income of unconsolidated affiliates 76 94 Operating income 1,895 1,761 Other income (expense): Interest expense (385) (340) Other, net 8 9 Total other expense, net (377) (331) Income before income taxes 1,518 1,430 Provision for income taxes (22) (24) Net income 1,496 1,406 Net income attributable to noncontrolling interests (13) (12) Net income attributable to preferred units (1) (1) Net income attributable to common unitholders $ 1,482 $ 1,393 41 Table of Contents Revenues The following table presents each business segment’s contribution to consolidated revenues for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 NGL Pipelines & Services: Sales of NGLs and related products $ 3,269 $ 4,651 Midstream services 763 749 Total 4,032 5,400 Crude Oil Pipelines & Services: Sales of crude oil 6,005 4,825 Midstream services 294 296 Total 6,299 5,121 Natural Gas Pipelines & Services: Sales of natural gas 632 785 Midstream services 475 436 Total 1,107 1,221 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 2,599 3,326 Midstream services 349 349 Total 2,948 3,675 Total consolidated revenues $ 14,386 $ 15,417 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 first quarter of 2026 decreased $1.2 billion when compared to the first quarter of 2025 . Cost of sales 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 $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 first quarter of 2026 increased $75 million when compared to the first quarter of 2025 primarily due to higher employee compensation and chemical costs. 42 Table of Contents Depreciation, amortization and accretion expenses 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 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 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 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 The following table presents the components of our consolidated interest expense for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 Interest charged on debt principal outstanding (1) $ 403 $ 379 Impact of interest rate hedging program, including related amortization (2) (1) Interest costs capitalized in connection with construction projects (2) (24) (45) Other 8 7 Total $ 385 $ 340 (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. Capitalized interest amounts become part of the historical cost of an asset and are charged to earnings (as a component of depreciation expense) on a straight-line basis over the estimated useful life of the asset once the asset enters its intended service. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. 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 $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. For a discussion of our capital projects, see “ Capital Investments ” within this Part I, Item 2. Business Segment Highlights Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold. 43 Table of Contents We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. The following table presents gross operating margin by segment and total gross operating margin, a non-generally accepted accounting principle (“non-GAAP”) financial measure, for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 Gross operating margin by segment: NGL Pipelines & Services $ 1,503 $ 1,418 Crude Oil Pipelines & Services 329 374 Natural Gas Pipelines & Services 496 357 Petrochemical & Refined Products Services 314 315 Total segment gross operating margin (1) 2,642 2,464 Net adjustment for shipper make-up rights (18) (33) Total gross operating margin (non-GAAP) $ 2,624 $ 2,431 (1) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within our business segment disclosures found under Note 10 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. Gross operating margin includes equity in the earnings of unconsolidated affiliates, but is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies. Segment gross operating margin for NGL Pipelines & Services and Crude Oil Pipelines & Services reflect adjustments for shipper make-up rights that are included in management’s evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin. The GAAP financial measure most directly comparable to total gross operating margin is operating income. For a discussion of operating income and its components, see the previous section titled “ Income Statement Highlights ” within this Part I, Item 2. The following table presents a reconciliation of operating income to total gross operating margin for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 Operating income $ 1,895 $ 1,761 Adjustments to reconcile operating income to total gross operating margin (addition or subtraction indicated by sign): Depreciation, amortization and accretion expense in operating costs and expenses (1) 656 602 Asset impairment charges in operating costs and expenses 8 10 Net losses (gains) attributable to asset sales and related matters in operating costs and expenses 1 (2) General and administrative costs 64 60 Total gross operating margin (non-GAAP) $ 2,624 $ 2,431 (1) Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets, which are components of gross operating margin. 44 Table of Contents Each of our business segments benefits from the supporting role of our marketing activities. The main purpose of our marketing activities is to support the utilization and expansion of assets across our midstream energy asset network by increasing the volumes handled by such assets, which results in additional fee-based earnings for each business segment. In performing these support roles, our marketing activities also seek to participate in supply and demand opportunities as a supplemental source of gross operating margin for us. The financial results of our marketing efforts fluctuate due to changes in volumes handled and overall market conditions, which are influenced by current and forward market prices for the products bought and sold. NGL Pipelines & Services The following table presents segment gross operating margin and selected volumetric data for the NGL Pipelines & Services segment for the periods indicated (dollars in millions, volumes as noted): For the Three Months Ended March 31, 2026 2025 Segment gross operating margin: Natural gas processing and related NGL marketing activities $ 415 $ 373 NGL pipelines, storage and terminals 832 831 NGL fractionation 256 214 Total $ 1,503 $ 1,418 Selected volumetric data: NGL pipeline transportation volumes (MBPD) 4,881 4,447 NGL marine terminal volumes (MBPD) 1,097 994 NGL fractionation volumes (MBPD) 1,910 1,652 Equity NGL-equivalent production volumes (MBPD) (1) 234 225 Fee-based natural gas processing volumes (MMcf/d) (2,3) 7,478 7,181 (1) Primarily represents the NGL and condensate volumes we earn and take title to in connection with our processing activities. The total equity NGL-equivalent production volumes also include residue natural gas volumes from our natural gas processing business. (2) Volumes reported correspond to the revenue streams earned by our natural gas processing plants. (3) Fee-based natural gas processing volumes are measured at either the wellhead or plant inlet in MMcf/d. Natural gas processing and related NGL marketing 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. 45 Table of Contents 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 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 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. NGL fractionation 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 The following table presents segment gross operating margin and selected volumetric data for the Crude Oil Pipelines & Services segment for the periods indicated (dollars in millions, volumes as noted): For the Three Months Ended March 31, 2026 2025 Segment gross operating margin $ 329 $ 374 Selected volumetric data: Crude oil pipeline transportation volumes (MBPD) 2,649 2,484 Crude oil marine terminal volumes (MBPD) 866 736 46 Table of Contents 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 The following table presents segment gross operating margin and selected volumetric data for the Natural Gas Pipelines & Services segment for the periods indicated (dollars in millions, volumes as noted): For the Three Months Ended March 31, 2026 2025 Segment gross operating margin $ 496 $ 357 Selected volumetric data: Natural gas pipeline transportation volumes (BBtus/d) 21,171 20,310 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. 47 Table of Contents Petrochemical & Refined Products Services The following table presents segment gross operating margin and selected volumetric data for the Petrochemical & Refined Products Services segment for the periods indicated (dollars in millions, volumes as noted): For the Three Months Ended March 31, 2026 2025 Segment gross operating margin: Propylene production and related activities $ 152 $ 85 Butane isomerization and related operations 29 27 Octane enhancement and related plant operations 13 59 Refined products pipelines and related activities 69 105 Ethylene exports and related activities 36 20 Marine transportation and other services 15 19 Total $ 314 $ 315 Selected volumetric data: Propylene production volumes (MBPD) 124 113 Butane isomerization volumes (MBPD) 121 114 Standalone deisobutanizer (“DIB”) processing volumes (MBPD) 219 188 Octane enhancement and related plant sales volumes (MBPD) (1) 29 46 Pipeline transportation volumes, primarily refined products and petrochemicals (MBPD) 1,098 949 Marine terminal volumes, primarily refined products and petrochemicals (MBPD) 383 311 (1) Reflects aggregate sales volumes for our octane enhancement and iBDH facilities located at our Mont Belvieu area complex and our HPIB facility located adjacent to the Houston Ship Channel. Propylene production and related activities 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 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 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 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. 48 Table of Contents 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 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 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 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. We have a universal shelf registration statement on file with the SEC that allows the Partnership and EPO to issue an unlimited amount of equity and debt securities, respectively. 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 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. The payment of quarterly cash distributions is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. Management will evaluate any future increases in cash distributions on a quarterly basis. 49 Table of Contents Consolidated Debt 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 Total Remainder of 2026 2027 2028 2029 2030 Thereafter Commercial Paper Notes $ 1,140 $ 1,140 $ – $ – $ – $ – $ – Senior Notes 30,800 – 1,575 1,800 1,250 1,250 24,925 Junior Subordinated Notes 2,282 – – – – – 2,282 Total $ 34,222 $ 1,140 $ 1,575 $ 1,800 $ 1,250 $ 1,250 $ 27,207 In March 2026, EPO entered into a new 364-Day Revolving Credit Agreement (the “March 2026 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement. The March 2026 $1.5 Billion 364-Day Revolving Credit Agreement matures in March 2027. EPO’s borrowing capacity was unchanged from the prior 364-day revolving credit agreement. 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 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. EPO’s credit ratings reflect only the view of a rating agency and should not be interpreted as a recommendation to buy, sell or hold any of our securities. A credit rating can be revised upward or downward or withdrawn at any time by a rating agency, if it determines that circumstances warrant such a change. A credit rating from one rating agency should be evaluated independently of credit ratings from other rating agencies. Common Unit Repurchases Under 2019 Buyback Program In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. In October 2025, we announced that the Board approved an increase to the authorized maximum aggregate purchase price (excluding fees, commissions and other ancillary expenses) of the Partnership’s common units that may be repurchased under the 2019 Buyback Program from $2.0 billion to $5.0 billion. The 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 Three Months Ended March 31, 2026 2025 Net cash flow provided by operating activities $ 1,469 $ 2,314 Net cash flow used in investing activities 381 1,047 Net cash flow used in financing activities 1,939 1,651 50 Table of Contents Net cash flow provided by operating activities are largely dependent on earnings from our consolidated business activities. Changes in energy commodity prices may impact the demand for natural gas, NGLs, crude oil, petrochemicals and refined products, which could impact sales of our products and the demand for our midstream services. Changes in demand for our products and services may be caused by other factors, including prevailing economic conditions, reduced demand by consumers for the end products made with hydrocarbon products, increased competition, public health emergencies, adverse weather conditions and government regulations affecting prices and production levels. 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 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. The following information highlights significant quarter-to-quarter fluctuations in our consolidated cash flow amounts: Operating activities 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 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; and • 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 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; and • 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. 51 Table of Contents Non-GAAP Cash Flow Measures Distributable Cash Flow and Operational Distributable Cash Flow Our partnership agreement requires us to make quarterly distributions to our common unitholders of all available cash, after any cash reserves established by Enterprise GP in its sole discretion. Cash reserves include those for the proper conduct of our business, including those for capital investments, debt service, working capital, operating expenses, common unit repurchases, commitments and contingencies and other amounts. The retention of cash allows us to reinvest in our growth and reduce our future reliance on the equity and debt capital markets. We measure available cash by reference to distributable cash flow (“DCF”), which is a non-GAAP cash flow measure. DCF is an important financial measure for our common unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flows at a level that can sustain our declared quarterly cash distributions. DCF is also a quantitative standard used by the investment community with respect to publicly traded partnerships since the value of a partnership unit is, in part, measured by its yield, which is based on the amount of cash distributions a partnership can pay to a unitholder. Our management compares the DCF we generate to the cash distributions we expect to pay our common unitholders. Using this metric, management computes our distribution coverage ratio. Our calculation of DCF may or may not be comparable to similarly titled measures used by other companies. Based on the level of available cash each quarter, management proposes a quarterly cash distribution rate to the Board, which has sole authority in approving such matters. Enterprise GP has a non-economic ownership interest in the Partnership and is not entitled to receive any cash distributions from it based on incentive distribution rights or other equity interests. Operational distributable cash flow (“Operational DCF”), which is defined as DCF excluding the impact of proceeds from asset sales and other matters and monetization of interest rate derivative instruments, is a supplemental non-GAAP liquidity measure that quantifies the portion of cash available for distribution to common unitholders that was generated from our normal operations. We believe that it is important to consider this non-GAAP measure as it provides an enhanced perspective of our assets’ ability to generate cash flows without regard for certain items that do not reflect our core operations. Our use of DCF and Operational DCF for the limited purposes described above and in this quarterly report is not a substitute for net cash flow provided by operating activities, which is the most comparable GAAP measure to DCF and Operational DCF. For a discussion of net cash flow provided by operating activities, see “ Cash Flow Statement Highlights ” within this Part I, Item 2. 52 Table of Contents The following table summarizes our calculation of DCF and Operational DCF for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 Net income attributable to common unitholders (GAAP) (1) $ 1,482 $ 1,393 Adjustments to net income attributable to common unitholders to derive DCF and Operational DCF (addition or subtraction indicated by sign): Depreciation, amortization and accretion expenses 701 636 Cash distributions received from unconsolidated affiliates (2) 86 103 Equity in income of unconsolidated affiliates (76) (94) Asset impairment charges 8 10 Change in fair market value of derivative instruments 98 42 Deferred income tax expense 14 11 Sustaining capital expenditures (3) (205) (102) Other, net 3 10 Operational DCF (non-GAAP) $ 2,111 $ 2,009 Proceeds from asset sales and other matters 596 4 DCF (non-GAAP) $ 2,707 $ 2,013 Cash distributions paid to common unitholders with respect to period, including distribution equivalent rights on phantom unit awards $ 1,202 $ 1,171 Cash distribution per common unit declared by Enterprise GP with respect to period (4) $ 0.5500 $ 0.5350 Total DCF retained by the Partnership with respect to period (5) $ 1,505 $ 842 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. (2) Reflects aggregate distributions received from unconsolidated affiliates attributable to both earnings and the return of capital. (3) Sustaining capital expenditures include cash payments and accruals applicable to the period. (4) See Note 8 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report for information regarding our quarterly cash distributions declared with respect to the periods indicated. (5) Cash retained by the Partnership may be used for capital investments, debt service, working capital, operating expenses, common unit repurchases, commitments and contingencies and other amounts. The retention of cash reduces our reliance on the capital markets. (6) Distribution coverage ratio is determined by dividing DCF by total cash distributions paid to common unitholders and in connection with distribution equivalent rights with respect to the period. 53 Table of Contents The following table presents a reconciliation of net cash flow provided by operating activities to DCF and Operational DCF for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 Net cash flow provided by operating activities (GAAP) $ 1,469 $ 2,314 Adjustments to reconcile net cash flow provided by operating activities to DCF and Operational DCF (addition or subtraction indicated by sign): Net effect of changes in operating accounts 861 (203) Sustaining capital expenditures (205) (102) Distributions received from unconsolidated affiliates attributable to the return of capital 11 15 Net income attributable to noncontrolling interests (13) (12) Other, net (12) (3) Operational DCF (non-GAAP) $ 2,111 $ 2,009 Proceeds from asset sales and other matters 596 4 DCF (non-GAAP) $ 2,707 $ 2,013 Capital Investments 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 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); • 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); and • 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. We may revise our forecast of capital investments due to factors beyond our control, such as adverse economic conditions, weather-related issues and changes in supplier prices resulting from raw material or labor shortages, supply chain disruptions or inflation. Furthermore, our forecast of capital investments may change over time based on future decisions by management, which may include changing the scope or timing of projects or cancelling projects altogether. Our success in raising capital, having the ability to increase revenues commensurate with cost increases and our ability to partner with other companies to share project costs and risks continue to be significant factors in determining how much capital we can invest. We believe our access to capital resources is sufficient to meet the demands of our current and future growth needs, and although we currently expect to make the forecast capital investments noted above, we may revise our plans in response to changes in economic and capital market conditions. 54 Table of Contents The following table summarizes our capital investments for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 2025 Capital investments: (1) Growth capital projects (2) $ 814 $ 959 Sustaining capital projects (3) 169 103 Total $ 983 $ 1,062 (1) Growth capital, sustaining capital and asset acquisition amounts presented in the table above are presented on a cash basis. In total, these amounts represent “Capital expenditures” as presented on our Unaudited Condensed Statements of Consolidated Cash Flows. (2) Growth capital projects either (a) result in new sources of cash flow due to enhancements of or additions to existing assets (e.g., additional revenue streams, cost savings resulting from debottlenecking of a facility, etc.) or (b) expand our asset base through construction of new facilities that will generate additional revenue streams and cash flows. (3) Sustaining capital projects are capital expenditures (as defined by GAAP) resulting from improvements to existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues or result in significant cost savings. Sustaining capital expenditures include the costs of major maintenance activities at our reaction-based plants, which are accounted for using the deferral method. Comparison of 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; and • 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 A discussion of our critical accounting policies and estimates is included in our 2025 Form 10-K. The following types of estimates, in our opinion, are subjective in nature, require the exercise of professional judgment and involve complex analysis: • depreciation methods and estimated useful lives of property, plant and equipment; • measuring recoverability of long-lived assets and fair value of equity method investments; • amortization methods of customer relationships and contract-based intangible assets; • methods we employ to measure the fair value of goodwill and related assets; and • the use of estimates for revenue and expenses. When used to prepare our Unaudited Condensed Consolidated Financial Statements, the foregoing types of estimates are based on our current knowledge and understanding of the underlying facts and circumstances. Such estimates may be revised as a result of changes in the underlying facts and circumstances. Subsequent changes in these estimates may have a significant impact on our consolidated financial position, results of operations and cash flows. 55 Table of Contents Other Matters Parent-Subsidiary Guarantor Relationship The Partnership (the “Parent Guarantor”) has guaranteed the payment of principal and interest on the consolidated debt obligations of EPO (the “Subsidiary Issuer”) (collectively, the “Guaranteed Debt”). 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 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. In addition, these guarantees effectively rank junior in right of payment to any existing or future indebtedness of the Partnership that is secured and unsubordinated, to the extent of the assets securing such indebtedness. The Partnership’s guarantees of EPO’s junior subordinated notes represent unsecured and subordinated obligations of the Partnership that rank equal in right of payment to all other existing or future subordinated indebtedness of the Partnership and senior in right of payment to all existing or future equity securities of the Partnership. The Partnership’s guarantees of EPO’s junior subordinated notes effectively rank junior in right of payment to (i) any existing or future indebtedness of the Partnership that is secured, to the extent of the assets securing such indebtedness and (ii) all other existing or future unsecured and unsubordinated indebtedness of the Partnership. The Partnership may be released from its guarantee obligations only in connection with EPO’s exercise of its legal or covenant defeasance options as described in the underlying agreements. Selected Financial Information of Obligor Group The following tables present summarized financial information of the Partnership (as Parent Guarantor) and EPO (as Subsidiary Issuer) on a combined basis (collectively, the “Obligor Group”), after the elimination of intercompany balances and transactions among the Obligor Group. 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 $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. EPO exercises control over the Non-Obligor Subsidiaries. We continue to believe that the unaudited condensed consolidated financial statements of the Partnership presented under Part I, Item 1 of this quarterly report provide a more appropriate view of our credit standing. Our investment grade credit ratings are based on the Partnership’s consolidated financial statements and not the Obligor Group’s financial information presented below. 56 Table of Contents The following table presents summarized balance sheet information for the combined Obligor Group at the dates indicated (dollars in millions): Selected asset information: March 31, 2026 December 31, 2025 Current receivables from Non-Obligor Subsidiaries $ 865 $ 487 Other current assets 7,524 7,035 Long-term receivables from Non-Obligor Subsidiaries 187 187 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 9,457 9,519 Selected liability information: 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 Current payables to Non-Obligor Subsidiaries 1,659 1,344 Other current liabilities 5,687 4,416 Noncurrent portion of Guaranteed Debt, principal only 31,507 33,082 Noncurrent payables to Non-Obligor Subsidiaries 55 54 Other noncurrent liabilities 244 205 Mezzanine equity of Obligor Group: Preferred units $ 44 $ 44 The following table presents summarized income statement information for the combined Obligor Group for the periods indicated (dollars in millions): For the Three Months Ended March 31, 2026 For the Twelve Months Ended December 31, 2025 Revenues from Non-Obligor Subsidiaries $ 1,999 $ 16,128 Revenues from other sources 5,498 17,795 Operating income of Obligor Group 200 359 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 For information regarding our related party transactions, see Note 14 of the Notes to Unaudited Condensed Consolidated Financial Statements included under Part I, Item 1 of this quarterly report. 57 Table of Contents