What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-07 · 328 added, 139 removed, 1162 unchanged (29% of the section changed)

7 unchanged sentences

Restricted cash 99 276

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

Accounts receivable – trade, net of allowance for credit losses of $ 36 at June 30, 2026 and $ 35 at December 31, 2025

Accounts receivable – related parties 2 1

8 unchanged sentences

Goodwill (see Note 6)

Operating lease right-of-use assets, net (see Note 16)

Other assets 944 690

8 unchanged sentences

Derivative liabilities (see Note 13) 642 347

Current operating lease liabilities (see Note 16) 90 94

Other current liabilities 679 779

3 unchanged sentences

Deferred tax liabilities (see Note 15)

Long-term operating lease liabilities (see Note 16)

Other long-term liabilities 872 607

1 unchanged sentence

Redeemable preferred limited partner interests:

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

Series A cumulative convertible preferred units (“preferred units”) ( 45,412 units outstanding at June 30, 2026 and December 31, 2025)

Partners’ equity:

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

Common limited partner interests ( 2,159,477,169 units issued and outstanding at June 30, 2026, 2,161,760,683 units issued and outstanding at December 31, 2025)

31,371 30,700

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

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income

Total partners’ equity 30,248 29,739

7 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Third parties $ 18,255 $ 11,352 $ 32,625 $ 26,756

33 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Net income $ 1,856 $ 1,454 $ 3,352 $ 2,860

18 unchanged sentences

(Dollars in millions)

For the Three Months

Ended March 31,

For the Six Months

Ended June 30,

Operating activities:

4 unchanged sentences

Amortization of major maintenance costs for reaction-based plants 57 31

Amortization of finance lease right-of-use assets

Other amortization expense 126 114

2 unchanged sentences

Distributions received from unconsolidated affiliates attributable to earnings 183 189

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

Net gains attributable to asset sales and related matters ( 1 ) ( 9 )

Deferred income tax expense 19 16

6 unchanged sentences

Capital expenditures ( 2,141 ) ( 2,361 )

Investments in unconsolidated affiliates

Distributions received from unconsolidated affiliates attributable to the return of capital 23 35

6 unchanged sentences

Debt issuance costs ( 4 ) ( 25 )

Monetization of interest rate derivative instruments – 14

Cash distributions paid to common unitholders (see Note 8) ( 2,379 ) ( 2,319 )

11 unchanged sentences

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026

(Dollars in millions)

5 unchanged sentences

Subsidiaries Total

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

Net income 1,840 – – 15 1,855

Cash distributions paid to common unitholders ( 1,190 ) – – – ( 1,190 )

Cash payments made in connection with distribution equivalent rights ( 12 ) – – – ( 12 )

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

Cash contributions from noncontrolling interests – – – 1 1

Repurchase and cancellation of common units under 2019 Buyback Program ( 159 ) – – – ( 159 )

Amortization of fair value of equity-based awards 55 – – – 55

Cash flow hedges – – 189 – 189

Other, net ( 1 ) – – – ( 1 )

Balance, June 30, 2026 $ 31,371 $ ( 1,297 ) $ 174 $ 816 $ 31,064

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss) Noncontrolling

Subsidiaries Total

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

3 unchanged sentences

Cash distributions paid to noncontrolling interests – – – ( 44 ) ( 44 )

Cash contributions from noncontrolling interests – – – 1 1

Repurchase and cancellation of common units under 2019 Buyback Program ( 275 ) – – – ( 275 )

2 unchanged sentences

Other, net ( 83 ) – – – ( 83 )

Balance, June 30, 2026 $ 31,371 $ ( 1,297 ) $ 174 $ 816 $ 31,064

See Notes to Unaudited Condensed Consolidated Financial Statements.

For information regarding Unit History,

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

ENTERPRISE PRODUCTS PARTNERS L.P.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

(Dollars in millions)

Partners’ Equity

Interests Treasury

Units Accumulated

Comprehensive

Income (Loss) Noncontrolling

Subsidiaries Total

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

Net income 1,435 – – 18 1,453

Cash distributions paid to common unitholders ( 1,160 ) – – – ( 1,160 )

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

Cash distributions paid to noncontrolling interests – – – ( 26 ) ( 26 )

Cash contributions from noncontrolling interests – – – 1 1

Repurchase and cancellation of common units under 2019 Buyback Program ( 110 ) – – – ( 110 )

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

Cash flow hedges – – ( 49 ) – ( 49 )

Other, net ( 3 ) – – – ( 3 )

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

Partners’ Equity

14 unchanged sentences

Other, net ( 81 ) – – – ( 81 )

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

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

See Notes to Unaudited Condensed Consolidated Financial Statements.

27 unchanged sentences

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

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

EPCO, together with its privately held affiliates, owned approximately 32.5% of the Partnership’s common units outstanding at June 30, 2026 .

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

21 unchanged sentences

See Note 14 for information regarding related party matters.

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

Our results of operations for the six months ended June 30, 2026 are not necessarily indicative of results expected for the full year of 2026.

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

27 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Cost of sales (1) $ 14,160 $ 7,899 $ 24,838 $ 19,904

6 unchanged sentences

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

in Years March 31,

in Years June 30,

2026 December 31,

34 unchanged sentences

On a weighted-average basis, the expected remaining amortization period for these costs is 2.2 years.

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

Property, plant and equipment at June 30, 2026 and December 31, 2025 includes $ 201 million and $ 141 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

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

4 unchanged sentences

Accretion expense (4) 8

ARO liability balance, March 31, 2026 $ 292

ARO liability balance, June 30, 2026 $ 360

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

2 unchanged sentences

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

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

Of the $ 360 million total ARO liability recorded at June 30, 2026, $ 4 million was reflected as a current liability and $ 356 million as a long-term liability.

ENTERPRISE PRODUCTS PARTNERS L.P.

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Depreciation expense (1) $ 562 $ 512 $ 1,115 $ 1,018

15 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

NGL Pipelines & Services $ 21 $ 18 $ 40 $ 38

8 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Value Accumulated

21 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

NGL Pipelines & Services $ 13 $ 12 $ 27 $ 23

72 unchanged sentences

Variable Interest Rates

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

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the six months ended June 30, 2026:

Range of Interest

9 unchanged sentences

Scheduled Maturities of Debt

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

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2026 for the next five years, and in total thereafter:

Scheduled Maturities of Debt

6 unchanged sentences

March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement

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

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

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

As of June 30, 2026, there were no principal amounts outstanding under the March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement.

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

9 unchanged sentences

Letters of Credit

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

At June 30, 2026, EPO had $ 59 million of letters of credit outstanding primarily related to our insurance program.

Lender Financial Covenants

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

We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2026.

Parent-Subsidiary Guarantor Relationships

8 unchanged sentences

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

Common unit repurchases under 2019 Buyback Program ( 4,166,738 )

Common units issued in connection with the vesting of phantom unit awards, net 125,636

Common units outstanding at June 30, 2026 2,159,477,169

Registration Statements

1 unchanged sentence

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

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

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

The Partnership did not issue any common units under its ATM program during the six months ended June 30, 2026.

The Partnership’s capacity to issue additional common units under the ATM program remains at $ 2.5 billion as of June 30, 2026.

The existing registration statement for our ATM program is scheduled to expire in August 2026, at which time we expect to file a replacement registration statement with the SEC in order to maintain our financial flexibility.

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

4 unchanged sentences

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

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

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

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

During the three months ended June 30, 2026 and 2025, the Partnership repurchased 4,166,738 and 3,566,979 common units, respectively, under the 2019 Buyback Program.

The total cost of these repurchases, including commissions and fees, was $ 159 million and $ 110 million, respectively.

During the six months ended June 30, 2026 and 2025, the Partnership repurchased 7,290,930 and 5,370,194 common units, respectively, under the 2019 Buyback Program.

The total cost of these repurchases, including commissions and fees, was $ 275 million and $ 170 million, respectively.

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

At June 30, 2026, the remaining available capacity under the 2019 Buyback Program was $ 3.3 billion.

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

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

After taking into account tax withholding requirements, the Partnership issued 4,992,056 new common units to employees in connection with the vesting of phantom unit awards during the six months ended June 30, 2026.

See Note 12 for information regarding our phantom unit awards.

3 unchanged sentences

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

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

During the six months ended June 30, 2026, agents of the Partnership purchased 2,040,782 common units on the open market and delivered them to participants in the DRIP and EUPP.

Apart from $ 2 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants.

No other Partnership funds were used to satisfy these obligations.

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

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

Preferred Units

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

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

As of June 30, 2026 and December 31, 2025, there were 45,412 Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding.

There were no changes in the number of preferred units outstanding during the three and six months ended June 30, 2026.

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

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

During the six months ended June 30, 2026, the Partnership made quarterly cash distributions to its preferred unitholders of $ 2 million.

Accumulated Other Comprehensive Income (Loss)

6 unchanged sentences

Total other comprehensive income (loss) for period ( 158 ) ( 4 ) – ( 162 )

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

Accumulated Other Comprehensive Income (Loss), June 30, 2026 $ 26 $ 146 $ 2 $ 174

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Cash Flow Hedges

5 unchanged sentences

Total other comprehensive income (loss) for period ( 11 ) 11 – –

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

Losses (gains) on cash flow hedges:

6 unchanged sentences

Cash Distributions

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.

On July 7, 2026, we announced that the Board declared a quarterly cash distribution of $ 0.56 per common unit, or $ 2.24 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the second quarter of 2026.

The quarterly distribution is payable on August 14, 2026 to unitholders of record as of the close of business on July 31, 2026.

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

7 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

NGL Pipelines & Services:

30 unchanged sentences

Unbilled Revenue and Deferred Revenue

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

The following tables provide information regarding our contract assets and contract liabilities at June 30, 2026:

Contract Asset Location Balance

5 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2026:

Revenue Deferred

4 unchanged sentences

Other changes – 1

Balance at March 31, 2026 $ 9 $ 435

Balance at June 30, 2026 $ 7 $ 440

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

4 unchanged sentences

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

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

These amounts represent the revenues we expect to recognize in future periods from these contracts as of June 30, 2026.

Consideration

Nine months ended December 31, 2026

Six months ended December 31, 2026

One year ended December 31, 2027

30 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Total segment gross operating margin $ 3,004 $ 2,471 $ 5,646 $ 4,935

2 unchanged sentences

Asset impairment charges in operating costs and expenses ( 9 ) ( 11 ) ( 17 ) ( 21 )

Net gains (losses) attributable to asset sales and related matters in operating costs and expenses ( 1 ) 2

Net gains attributable to asset sales and related matters in operating costs and expenses 2 7 1 9

General and administrative costs ( 64 ) ( 68 ) ( 128 ) ( 128 )

12 unchanged sentences

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

For the Three Months Ended March 31, 2026

For the Three Months Ended June 30, 2026

& Services Crude Oil

22 unchanged sentences

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

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

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

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2026

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

Revenues from third parties $ 9,260 $ 14,626 $ 1,754 $ 6,985 $ 32,625

Revenues from related parties 6 12 12 – 30

Intersegment and intrasegment revenues 35,235 28,648 585 14,364 78,832

Total segment revenues 44,501 43,286 2,351 21,349 111,487

Significant segment expenses:

Cost of sales 40,134 42,323 861 19,753 103,071

Variable operating costs and expenses (1) 418 79 41 272 810

Fixed operating costs and expenses (2) 981 236 402 601 2,220

Total significant segment expenses 41,533 42,638 1,304 20,626 106,101

Other segment income:

Equity in income of unconsolidated affiliates 40 140 3 2 185

Other segment items (3) 40 26 2 7 75

Total other segment income 80 166 5 9 260

Total segment gross operating margin $ 3,048 $ 814 $ 1,052 $ 732 $ 5,646

Other financial information:

Capital expenditures $ 1,031 $ 49 $ 819 $ 242 $ 2,141

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

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

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

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

4 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025

& Services Crude Oil

25 unchanged sentences

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

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

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

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the Six Months Ended June 30, 2025

& Services Crude Oil

& Services Natural Gas

& Services Petrochemical

Services Segment

Segment revenues:

Revenues from third parties $ 8,802 $ 9,892 $ 2,284 $ 5,778 $ 26,756

Revenues from related parties 4 12 8 – 24

Intersegment and intrasegment revenues 34,021 19,946 434 12,992 67,393

Total segment revenues 42,827 29,850 2,726 18,770 94,173

Significant segment expenses:

Cost of sales 38,920 28,967 1,543 17,315 86,745

Variable operating costs and expenses (1) 403 69 42 213 727

Fixed operating costs and expenses (2) 865 189 372 577 2,003

Total significant segment expenses 40,188 29,225 1,957 18,105 89,475

Other segment income (expense):

Equity in income of unconsolidated affiliates 38 144 2 2 186

Other segment items (3) 38 8 3 2 51

Total other segment income 76 152 5 4 237

Total segment gross operating margin $ 2,715 $ 777 $ 774 $ 669 $ 4,935

Other financial information:

Capital expenditures $ 1,460 $ 48 $ 630 $ 223 $ 2,361

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

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

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

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

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

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

Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates.

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Segment revenues:

21 unchanged sentences

Current assets 15,905 13,360

Operating lease right-of-use assets, net

Other assets 944 690

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Consolidated revenues:

10 unchanged sentences

Asset impairment charges 9 11 17 21

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

Net gains attributable to asset sales and related matters ( 2 ) ( 7 ) ( 1 ) ( 9 )

General and administrative costs 64 68 128 128

12 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

BASIC EARNINGS PER COMMON UNIT

23 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Equity-classified awards:

Phantom unit awards $ 56 $ 50 $ 110 $ 99

Total $ 54 $ 49

The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period.

12 unchanged sentences

Forfeited ( 259,981 ) $ 31.20

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

Phantom unit awards at June 30, 2026 21,115,516 $ 31.54

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

6 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Cash payments made in connection with DERs $ 12 $ 11 $ 23 $ 22

Total intrinsic value of phantom unit awards that vested during period 7 9 268 256

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

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $ 373 million at June 30, 2026, of which our share of such cost is currently estimated to be $ 304 million.

Due to the graded vesting provisions of these awards, we expect to recognize our share of the unrecognized compensation cost for these awards over a weighted-average period of 2.2 years.

8 unchanged sentences

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

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

We do not have any interest rate derivative instruments outstanding at June 30, 2026.

Commodity Hedging Activities

1 unchanged sentence

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

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

At June 30, 2026, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins, (iii) hedging the fair value of commodity products held in inventory and (iv) hedging anticipated future purchases of power for certain operations in Southeast Texas.

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

6 unchanged sentences

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2026 (volume measures as noted):

Volume (1) Accounting

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Forecasted sales of crude oil (MMBbls) 26.4 12.9 Cash flow hedge

Petrochemical marketing:

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

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

Commercial energy:

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Refined products risk management activities (MMBbls) (3) 3.7 n/a Mark-to-market

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

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

Crude oil risk management activities (MMBbls) (3) 31.9 7.6 Mark-to-market

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

1 unchanged sentence

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

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

The carrying amount of our inventories subject to fair value hedges was $ 4 million and $ 6 million at June 30, 2026 and December 31, 2025, respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

4 unchanged sentences

Asset Derivatives Liability Derivatives

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

June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025

Location Fair

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

As of March 31, 2026:

As of June 30, 2026:

Commodity derivatives $ 707 $ – $ 707 $ ( 679 ) $ ( 27 ) $ – $ 1

14 unchanged sentences

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

As of March 31, 2026:

As of June 30, 2026:

Commodity derivatives $ 680 $ – $ 680 $ ( 679 ) $ – $ – $ 1

10 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Commodity derivatives Revenue $ – $ 3 $ ( 3 ) $ 4

Total $ ( 3 ) $ 1

Derivatives in Fair Value

2 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Commodity derivatives Revenue $ – $ ( 2 ) $ 11 $ ( 2 )

Total $ 11 $ –

The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented.

7 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Interest rate derivatives $ – $ 12 $ – $ 14

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Hedging Relationships Location Gain (Loss) Reclassified from

Accumulated Other Comprehensive

Income (Loss) to Income

Accumulated Other Comprehensive Income (Loss) to Income

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Interest rate derivatives Interest expense $ 2 $ 2 $ 4 $ 3

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

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

Likewise, we expect to reclassify $ 15 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings, with $ 24 million as an increase in revenue and $ 9 million as an increase in operating costs and expenses.

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

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Commodity derivatives Revenue $ 58 $ 68 $ ( 41 ) $ 47

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Total $ 58 $ 71 $ ( 44 ) $ 48

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

The $ 44 million net loss recognized for the six months ended June 30, 2026 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $ 76 million of net realized losses and $ 32 million of net unrealized mark-to-market gains attributable to commodity derivatives.

Fair Value Measurements

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

At March 31, 2026

At June 30, 2026

Fair Value Measurements Using

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Total $ 1 $ 362 $ – $ 363

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

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

In the aggregate, the fair value of our commodity hedging portfolios at June 30, 2026 was a net derivative liability of $ 67 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at June 30, 2026 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

ENTERPRISE PRODUCTS PARTNERS L.P.

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

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

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

The estimated total fair value of our fixed-rate debt obligations was $ 30.2 billion and $ 32.2 billion at June 30, 2026 and December 31, 2025, respectively.

The aggregate carrying value of these debt obligations was $ 32.5 billion and $ 34.1 billion at June 30, 2026 and December 31, 2025, respectively.

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

5 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Revenues – related parties:

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

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

At June 30, 2026, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:

Total Number of Limited Partner Interests Held Percentage of

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Of the total number of Partnership common units held by EPCO and its privately held affiliates, 59,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at March 31, 2026.

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

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

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

During the six months ended June 30, 2026 and 2025, we paid EPCO and its privately held affiliates cash distributions totaling $ 747 million and $ 727 million, respectively.

We have no employees.

3 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Operating costs and expenses $ 394 $ 364 $ 776 $ 715

2 unchanged sentences

We lease office space from privately held affiliates of EPCO.

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

For each of the three months ended June 30, 2026 and 2025, we recognized $ 6 million of related party operating lease expense in connection with these office space leases.

For each of the six months ended June 30, 2026 and 2025, we recognized $ 12 million of related party operating lease expense in connection with these office space leases.

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

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

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

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

We did not rely on any uncertain tax positions in recording our income tax-related amounts during the three and six months ended June 30, 2026 and 2025.

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

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Current portion of income tax provision:

12 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Pre-Tax Net Book Income (“NBI”) $ 1,868 $ 1,470 $ 3,386 $ 2,900

14 unchanged sentences

Attributable to property, plant and equipment 182 172

Attributable to investments in other entities 4 4

Other 110 111

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

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

(2) The loss amount presented as of June 30, 2026 has an indefinite carryover period.

All losses are subject to limitations on their utilization.

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

For the Three Months

Ended March 31,

Federal $ 1 $ 1

State ( 1 ) ( 4 )

Total $ – $ ( 3 )

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Commitments and Contingent Liabilities

2 unchanged sentences

We will vigorously defend the Partnership in litigation matters.

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

There were no accruals for litigation contingencies at June 30, 2026 and December 31, 2025, respectively.

ENTERPRISE PRODUCTS PARTNERS L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Contractual Obligations

1 unchanged sentence

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

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

In total, the principal amount of our consolidated debt obligations were $ 33.5 billion and $ 34.7 billion at June 30, 2026 and December 31, 2025, respectively.

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

Lease Accounting Matters

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

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

Asset Category ROU

Term Weighted-

In June 2026, we modified certain compressor lease agreements and extended the lease terms.

The agreements include annual termination options for a defined portion of the leased compressors and multi-year renewal options.

These options were excluded from the measurement of the related lease liabilities and right-of-use (“ROU”) assets because their exercise was not reasonably certain.

The agreements contain a lease component related to the use of compression equipment and non-lease components for maintenance and other services.

For compressor leases, we separate the lease and non-lease components, and the contract consideration attributable to the non-lease service components was estimated using observable market information for comparable services.

At the modification date, we recognized incremental operating lease liabilities of approximately $ 345 million and finance lease liabilities of approximately $ 177 million, together with corresponding ROU assets.

Prior to the modifications, these arrangements were primarily accounted for as short-term leases due to their contractual terms of 12 months or less.

The following table presents information regarding operating and finance leases where we are the lessee at June 30, 2026:

Balance Sheet Location

Operating leases:

Storage and pipeline facilities $ 236 $ 232 10 years 4.8 %

Transportation equipment 29 30 3 years 4.8 %

Office and warehouse space 155 189 11 years 3.3 %

Total operating leases 420 451

ROU assets, net Operating lease right-of-use assets, net $ 758

Lease liabilities, current Current operating lease liabilities 90

Lease liabilities, noncurrent Long-term operating lease liabilities 701

Weighted-average remaining term 9 years

Weighted-average discount rate (1) 4.6 %

Finance leases:

Transportation equipment 15 15 3 years 4.8 %

Total finance leases 15 15

Total leases $ 435 $ 466

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

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

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

ROU assets, net Other assets $ 191

Lease liabilities, current Other current liabilities 20

Lease liabilities, noncurrent Other long-term liabilities 171

Weighted-average remaining term 8 years

Weighted-average discount rate (1) 5.0 %

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

4 unchanged sentences

For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Long-term leases:

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Total long-term lease expense 37 38 76 75

Short-term leases 42 35

Short-term lease expense 35 38 77 73

Total lease expense $ 72 $ 76 $ 153 $ 148

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

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

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

The following table presents supplemental cash flow and non-cash activity related to our operating and finance leases for the periods indicated:

For the Six Months

Ended June 30,

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflows from operating leases $ 64 $ 66

Financing cash outflows from finance leases 4 1

Non-cash change in lease liabilities from recognition of ROU assets:

Operating leases $ 373 $ 15

Finance leases 178 15

The following table presents the maturities of our operating and finance lease liabilities at June 30, 2026:

Operating Finance

Six months ended December 31, 2026 $ 62 $ 14

One year ended December 31, 2027 116 29

One year ended December 31, 2028 106 30

One year ended December 31, 2029 100 30

One year ended December 31, 2030 98 28

Thereafter 492 100

Total undiscounted lease payments $ 974 $ 231

Less implied interest 183 40

Total lease liabilities $ 791 $ 191

We do not have any significant operating leases where we are the lessor.

Operating lease income was $ 5 million and $ 3 million for the three months ended June 30, 2026 and 2025, respectively.

Operating lease income was $ 10 million and $ 7 million for the six months ended June 30, 2026 and 2025, respectively.

Purchase Obligations

1 unchanged sentence

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

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

Outside of changes related to the ordinary course of business, our consolidated product purchase commitments at June 30, 2026 did not differ materially from those reported in our 2025 Form 10-K.

ENTERPRISE PRODUCTS PARTNERS L.P.

1 unchanged sentence

Supplemental Cash Flow Information

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

For the Three Months

Ended March 31,

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

For the Six Months

Ended June 30,

Decrease (increase) in:

12 unchanged sentences

Net effect of changes in operating accounts $ ( 195 ) $ 153

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

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

Cash payments for interest, net of $ 47 and $ 98 capitalized during the six months ended June 30, 2026 and 2025, respectively

Cash payments for federal and state income taxes $ 1 $ 12

We incurred liabilities for construction in progress that had not been paid at June 30, 2026 and December 31, 2025 of $ 411 million and $ 401 million, respectively.

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

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

For the Three Months

Ended March 31,

For the Six Months

Ended June 30,

Sale of Bahia NGL Pipeline ownership interest (1)

3 unchanged sentences

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

Subsequent Event

In July 2026, EPO entered into an additional revolving credit agreement (the “July 2026 $ 1.0 Billion Incremental Credit Agreement”).

Under the new agreement, EPO may borrow up to $ 1.0 billion at a variable interest rate, subject to its terms and conditions.

EPO may use proceeds from borrowings under the July 2026 $ 1.0 Billion Incremental Credit Agreement for working capital, capital expenditures, acquisitions and other company purposes.

Amounts borrowed under the agreement mature on March 26, 2027, coinciding with the maturity date of EPO’s existing March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement.

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

What changed 10-Q

Item 1. Financial Statements