What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-07 · 254 added, 141 removed, 451 unchanged (47% of the section changed)

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RESULTS OF OPERATIONS.

For the Three Months Ended March 31, 2026 and 2025

For the Three and Six Months Ended June 30, 2026 and 2025

The following information should be read in conjunction with our Unaudited Condensed Consolidated Financial Statements and accompanying Notes included in this quarterly report on Form 10-Q and the Audited Consolidated Financial Statements and related Notes, together with our discussion and analysis of financial position and results of operations, included in our annual report on Form 10-K for the year ended December 31, 2025 (the “ 2025 Form 10-K”), as filed on February 27, 2026 with the U.S.

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Cautionary Statement Regarding Forward-Looking Information

This quarterly report on Form 10-Q for the three 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.

This quarterly report on Form 10-Q for the three and six months ended June 30, 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.

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

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

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

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MMBbls = million barrels TBtus = trillion British thermal units

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

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

Likewise, the phrase “period-to-period” means the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Overview of Business

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

Recent Developments

Enterprise to Expand Permian Basin Processing and Mont Belvieu Area NGL Fractionation Capacity

To support ongoing production growth in the Permian Basin, we announced in April 2026 plans to construct a tenth natural gas processing train (“Athena 2”) in the Midland Basin and a twelfth natural gas processing train (“Delaware Basin Plant 12”) in the Delaware Basin and in July 2026 announced plans to construct an eleventh natural gas processing train (“Midland Basin Plant 11”) in the Midland Basin and a thirteenth natural gas processing train (“Delaware Basin Plant 13”) in the Delaware Basin.

In the Midland Basin, each of these processing trains will have a nameplate natural gas processing capacity of 300 MMcf/d and will be able to extract more than 40 MBPD of NGLs.

Athena 2 and Midland Basin Plant 11, which are supported by long-term acreage dedication agreements, are expected to be placed into service in the third quarter of 2027 and first quarter of 2029, respectively.

In the Delaware Basin, each of these processing trains will have a nameplate natural gas processing capacity of 300 MMcf/d and will be able to extract more than 40 MBPD of NGLs.

Delaware Basin Plant 12 and Delaware Basin Plant 13, which are supported by long-term acreage dedication agreements and minimum volume commitments, are expected to be placed into service in the fourth quarter of 2027 and third quarter of 2028, respectively.

To accommodate incremental NGL production from the Permian Basin, we plan to construct an additional NGL fractionator (“Frac 15”) at our Mont Belvieu area NGL fractionation complex.

Frac 15 will have a nameplate capacity of 150 MBPD and is expected to be completed in the first quarter of 2028.

Enterprise Enters Into July 2026 $1.0 Billion Incremental Credit Agreement

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.

The July 2026 $1.0 Billion Incremental Credit Agreement increases EPO’s aggregate borrowing capacity under its credit agreements to $5.2 billion and enhances our liquidity and financial flexibility to support our working capital requirements amid increased commodity price volatility.

Proceeds from borrowings under the agreement may be used 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.

Selected Energy Commodity Price Data

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

2nd Quarter $2.90 $0.21 $0.78 $1.08 $1.12 $1.94

2026 Averages $3.98 $0.22 $0.72 $0.98 $1.01 $1.72

(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 weighted-average indicative market price for NGLs was $0.68 per gallon in the second quarter of 2026 versus $0.58 per gallon in the second quarter of 2025.

Likewise, the weighted-average indicative market price for NGLs was $0.63 per gallon during the six months ended June 30, 2026 compared to $0.63 during the six months ended June 30, 2025.

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

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1st Quarter $71.93 $73.97 $74.67

2nd Quarter $92.71 $94.61 $95.28

2026 Averages $82.32 $84.29 $84.98

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

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Revenues $ 18,269 $ 11,363 $ 32,655 $ 26,780

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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)

Total operating costs and expenses 16,065 9,592 28,568 23,282

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

NGL Pipelines & Services:

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Total consolidated revenues $ 18,269 $ 11,363 $ 32,655 $ 26,780

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Total revenues for the second quarter of 2026 increased $6.9 billion when compared to the second quarter of 2025 primarily due to higher marketing revenues.

Revenues from the marketing of crude oil, NGLs and petrochemicals and refined products increased a combined $ 7.2 billion quarter-to-quarter primarily due to higher average sales prices, which accounted for a $4.2 billion increase, and higher sales volumes, which accounted for an additional $3.0 billion increase.

Revenues from the marketing of natural gas decreased $ 465 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.

Revenues from midstream services for the second quarter of 2026 increased $129 million when compared to the second quarter of 2025.

Revenues from our natural gas processing facilities increased $111 million quarter-to-quarter primarily due to higher market values for the equity NGL-equivalent production volumes we received as non-cash consideration for processing services.

Revenues from our natural gas transportation assets increased $52 million quarter-to-quarter primarily due to higher demand for transportation services .

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Total revenues for the six months ended June 30, 2026 increased $5.9 billion when compared to the six months ended June 30, 2025 primarily due to higher marketing revenues.

Revenues from the marketing of crude oil and petrochemicals and refined products increased a combined $5.9 billion period-to-period primarily due to higher sales volumes, which accounted for a $3.1 billion increase, and higher average sales prices, which accounted for an additional $2.8 billion increase.

Revenues from the marketing of NGLs increased $370 million period-to-period primarily due to higher sales volumes.

Revenues from the marketing of natural gas decreased $620 million period-to-period primarily due to lower average sales prices.

Revenues from midstream services for the six months ended June 30, 2026 increased $180 million when compared to the six months ended June 30, 2025 .

Revenues from our natural gas processing facilities increased $101 million period-to-period primarily due to higher market values for the equity NGL-equivalent production volumes we receive as non-cash consideration for processing services.

Revenues from our natural gas transportation assets increased $91 million period-to-period primarily due to higher demand for transportation services.

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 .

Total operating costs and expenses for the three and six months ended June 30, 2026 increased $6.5 billion and $5.3 billion, respectively, when compared to the same periods in 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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Cost of sales for the second quarter of 2026 increased a net $6.3 billion when compared to the second quarter of 2025 .

The cost of sales associated with the marketing of crude oil, NGLs and petrochemicals and refined products increased a combined $6.3 billion quarter-to-quarter primarily due to higher average purchase prices, which accounted for a $3.3 billion increase, and higher volumes, which accounted for an additional $3.0 billion increase.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Cost of sales for the six months ended June 30, 2026 increased a net $4.9 billion when compared to the six months ended June 30, 2025 .

The cost of sales associated with the marketing of crude oil and petrochemicals and refined products increased a combined $5.8 billion period-to-period primarily due to higher volumes, which accounted for a $3.0 billion increase, and higher average purchase prices, which accounted for an additional $2.8 billion increase.

The cost of sales associated with the marketing of NGLs and natural gas decreased a combined net $850 million period-to-period primarily due to lower average purchase prices, which accounted for a $1.2 billion decrease, partially offset by higher volumes, which accounted for a $338 million increase.

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.

Other operating costs and expenses for the three and six months ended June 30, 2026 increased $130 million and $205 million, respectively, when compared to the same periods in 2025 primarily due to higher compensation, chemical costs, ad valorem taxes, maintenance and other operating costs.

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 .

Depreciation, amortization and accretion expense for the three and six months ended June 30, 2026 increased $79 million and $143 million, respectively, when compared to the same periods in 2025 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the respective periods in 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.

General and administrative costs for the three months ended June 30, 2026 decreased $4 million when compared to the same period in 2025 primarily due to lower compensation costs.

General and administrative costs for the six months ended June 30, 2026 were flat when compared to the same period in 2025.

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.

Equity income from our unconsolidated affiliates for the three months ended June 30, 2026 increased $17 million when compared to the same period in 2025 primarily due to higher earnings from investments in crude pipelines.

Equity income from our unconsolidated affiliates for the six months ended June 30, 2026 decreased $1 million when compared to the same period in 2025.

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.

Operating income for the three and six months ended June 30, 2026 increased $454 million and $588 million, respectively, when compared to the same periods in 2025 due to the previously described quarter-to-quarter and period-to-period changes.

Interest expense

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Interest charged on debt principal outstanding (1) $ 400 $ 379 $ 803 $ 758

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Interest costs capitalized in connection with construction projects (2) (23) (53) (47) (98)

Other 9 8 17 15

Total $ 384 $ 332 $ 769 $ 672

(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.

(1) The weighted-average interest rates on debt principal outstanding during the three and six months ended June 30, 2026 were 4.66% and 4.68%, respectively.

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

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

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Capitalized interest amounts fluctuate based on the timing of when projects are placed into service, our capital investment levels and the interest rates charged on borrowings.

Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net $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.

Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net $21 million quarter-to-quarter and a net $45 million period-to-period .

These increases were 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 $41 million quarter-to-quarter and $85 million period-to-period.

These increases were partially offset by the retirement of $750 million and $875 million of fixed-rate senior notes in January 2026 and February 2026, respectively, which accounted for a combined decrease of $18 million quarter-to-quarter and $30 million period-to-period.

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

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Gross operating margin by segment:

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Operating income $ 2,249 $ 1,795 $ 4,144 $ 3,556

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

671 610 1,327 1,212

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

Net losses (gains) 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

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Segment gross operating margin:

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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.

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from natural gas processing and related NGL marketing activities for the second quarter of 2026 increased $171 million when compared to the second quarter of 2025 .

Gross operating margin from our NGL marketing activities increased $83 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $51 million increase, higher mark-to-market earnings, which accounted for a $19 million increase, and higher sales volumes, which accounted for an additional $13 million increase.

Gross operating margin from our Midland Basin natural gas processing facilities increased $47 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $27 million increase, a 10 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $7 million increase, a 218 MMcf/d increase in fee-based natural gas processing volumes, which accounted for a $7 million increase, and higher average processing fees, which accounted for an additional $4 million increase.

Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $36 million quarter-to-quarter primarily due to an 8 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $20 million increase, higher average processing margins (including the impact of hedging activities), which accounted for a $15 million increase, and a 288 MMcf/d increase in fee-based natural gas processing volumes, which accounted for an additional $12 million increase, partially offset by higher operating costs, which accounted for an $11 million decrease.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from natural gas processing and related NGL marketing activities for the six months ended June 30, 2026 increased $213 million when compared to the six months ended June 30, 2025 .

Gross operating margin from our NGL marketing activities increased $93 million period-to-period primarily due to higher average sales margins, which accounted for a $44 million increase, higher sales volumes, which accounted for a $35 million increase, and higher mark-to-market earnings, which accounted for an additional $15 million increase.

Gross operating margin from our Midland Basin natural gas processing facilities increased $73 million period-to-period primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $42 million increase, a 10 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $14 million increase, a 125 MMcf/d increase in fee-based natural gas processing volumes, which accounted for a $9 million increase, and higher average processing fees, which accounted for an additional $7 million increase.

Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $59 million period-to-period primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $51 million increase, and a 265 MMcf/d increase in fee-based natural gas processing volumes, which accounted for an additional $25 million increase, partially offset by higher operating costs, which accounted for a $17 million decrease.

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 .

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from our NGL pipelines, storage and terminal assets during the second quarter of 2026 increased $25 million when compared to the second quarter of 2025 .

Gross operating margin at our Morgan’s Point, Neches River and Enterprise Hydrocarbons Terminals increased a combined net $27 million quarter-to-quarter primarily due to an increase in ethane export volumes, which accounted for a $32 million increase, and an increase in propane export volumes, which accounted for an additional $12 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease, and lower average ethane loading fees, which accounted for an additional $7 million decrease.

Ethane export volumes at these terminals increased a combined 143 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.

Propane export volumes at these terminals increased 141 MBPD quarter-to-quarter due to contributions from the second phase of our Neches River export facility, which was placed into service in May 2026.

LPG export volumes at Enterprise Hydrocarbons Terminal (“EHT”) were flat quarter-to-quarter .

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.

On a combined basis, gross operating margin from these pipelines increased a net $11 million quarter-to-quarter primarily due to higher average transportation fees, which accounted for a $10 million increase, an increase in transportation volumes, which accounted for a $7 million increase, and lower operating costs, which accounted for an additional $4 million increase, partially offset by lower other revenues, which accounted for a $10 million decrease.

Gross operating margin from our Mont Belvieu area storage complex increased $10 million quarter-to-quarter primarily due to higher storage revenues.

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

Ethane export volumes at these terminals increased a combined 104 MBPD quarter-to-quarter primarily due to contributions from the first phase of our Neches River export facility, which was placed into service in July 2025.

Gross operating margin from LPG-related activities at our Enterprise Hydrocarbons Terminal (“EHT”) decreased $42 million quarter-to-quarter primarily due to lower average loading fees.

LPG export volumes at EHT decreased 1 MBPD quarter-to-quarter.

Gross operating margin from our South Texas NGL Pipeline System decreased $9 million quarter-to-quarter primarily due to lower capacity reservation revenues, which accounted for a $4 million decrease, and higher operating costs, which accounted for an additional $6 million decrease.

Transportation volumes on this system decreased 7 MBPD quarter-to-quarter.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from our NGL pipelines, storage and terminal assets during the six months ended June 30, 2026 increased $26 million when compared to the six months ended June 30, 2025 .

On a combined basis, gross operating margin from these pipelines increased $33 million period-to-period primarily due to an increase in transportation volumes, which accounted for a $23 million increase, and higher average transportation fees, which accounted for an additional $11 million increase.

Gross operating margin from our Mont Belvieu area storage complex increased $22 million period-to-period primarily due to higher storage revenues.

Gross operating margin from our South Texas NGL Pipeline System decreased $13 million period-to-period primarily due to lower capacity reservation revenues, which accounted for a $7 million decrease, and higher operating costs, which accounted for an additional $9 million decrease.

Transportation volumes on this system decreased 5 MBPD period-to-period.

Gross operating margin at our Morgan’s Point, Neches River and Enterprise Hydrocarbons Terminals decreased a combined net $8 million period-to-period primarily due to lower average LPG loading fees, which accounted for a $42 million decrease, higher operating costs, which accounted for a $21 million decrease, and lower average ethane loading fees, which accounted for an additional $16 million decrease, partially offset by an increase in ethane export volumes, which accounted for a $54 million increase, and an increase in propane export volumes, which accounted for an additional $12 million increase.

Ethane export volumes at these terminals increased a combined 123 MBPD period-to-period primarily due to contributions from the first phase of our Neches River export facility, which was placed into service in July 2025.

Propane export volumes at these terminals increased 71 MBPD period-to-period due to contributions from the second phase of our Neches River export facility, which was placed into service in May 2026.

LPG export volumes at EHT were flat period-to-period .

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from NGL fractionation during the second quarter of 2026 increased $52 million when compared to the second quarter of 2025 .

Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $54 million quarter-to-quarter primarily due to higher fractionation volumes, which accounted for a $42 million increase, and higher ancillary service revenues, which accounted for an additional $23 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease.

NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 207 MBPD quarter-to-quarter primarily due to contributions fro m Frac 14, which was placed into service during the fourth quarter of 2025.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from NGL fractionation during the six months ended June 30, 2026 increased $94 million when compared to the six months ended June 30, 2025 .

Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $87 million period-to-period primarily due to higher fractionation volumes, which accounted for an $87 million increase, higher average fractionation fees (including the impact of hedging activities), which accounted for a $27 million increase, and higher ancillary service revenues, which accounted for an additional $13 million increase, partially offset by higher operating costs, which accounted for a $42 million decrease.

NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 214 MBPD period-to-period primarily due to contributions fro m Frac 14, which was placed into service during the fourth quarter of 2025.

Crude Oil Pipelines & Services

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Segment gross operating margin $ 485 $ 403 $ 814 $ 777

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Crude oil marine terminal volumes (MBPD) 1,123 811 995 774

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from our Crude Oil Pipelines & Services segment for the second quarter of 2026 increased $82 million when compared to the second quarter of 2025 .

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) increased a combined net $69 million quarter-to-quarter primarily due to higher average sales margins from marketing activities, which accounted for a $52 million increase, higher sales volumes from marketing activities, which accounted for a $37 million increase, and higher mark-to-market earnings, which accounted for an additional $11 million increase, partially offset by lower transportation and related revenues, which accounted for a $19 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, and higher operating costs, which accounted for an additional $12 million decrease.

The increases in marketing sales margins and volumes benefited from higher demand across our integrated crude oil value chain, reflected in a 265 MBPD (net to our interest) combined increase in crude oil transportation volumes on these pipelines and a 227 MBPD increase in crude oil marine terminal volumes at EHT, as well as corresponding market opportunities captured by our marketing activities.

Gross operating margin from our equity investment in the Seaway Pipeline increased $23 million quarter-to-quarter primarily due to a 138 MBPD (net to our interest) increase in transportation volumes, which accounted for an $11 million increase, and higher loading and other fee revenues, which accounted for an additional $13 million increase.

On a combined basis, crude oil marine terminal volumes at the Freeport System and Texas City System increased 86 MBPD (net to our interest) quarter-to-quarter.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from our Crude Oil Pipelines & Services segment for the six months ended June 30, 2026 increased $37 million when compared to the six months ended June 30, 2025 .

Gross operating margin from our equity investment in the Seaway Pipeline increased $24 million period-to-period primarily due to a 110 MBPD (net to our interest) increase in transportation volumes, which accounted for a $14 million increase, and higher loading and other fee revenues, which accounted for an additional $12 million increase.

On a combined basis, crude oil marine terminal volumes at the Freeport System and Texas City System increased 57 MBPD (net to our interest) period-to-period.

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) increased a combined net $23 million period-to-period primarily due to higher sales volumes from marketing activities, which accounted for a $61 million increase, and higher average sales margins from marketing activities, which accounted for an additional $17 million increase, partially offset by lower transportation and related revenues, which accounted for a $43 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, and higher operating costs, which accounted for an additional $12 million decrease.

Crude oil transportation volumes on these pipelines increased a combined 173 MBPD (net to our interest) period-to-period.

Natural Gas Pipelines & Services

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Segment gross operating margin $ 556 $ 417 $ 1,052 $ 774

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Natural gas pipeline transportation volumes (BBtus/d) 21,048 20,405 21,109 20,358

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

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

Gross operating margin from our natural gas marketing activities increased $91 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $60 million increase, and higher mark-to-market earnings, which accounted for an additional $31 million increase.

Gross operating margin from our Texas Intrastate System increased $32 million quarter-to-quarter primarily due to higher average transportation fees, which accounted for a $17 million increase, higher capacity reservation fees and other revenues, which accounted for a $10 million increase, and a 158 BBtus/d increase in transportation volumes, which accounted for an additional $3 million increase.

Gross operating margin from our Delaware Basin Gathering System increased a net $7 million quarter-to-quarter primarily due to a 349 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, higher average gathering fees, which accounted for a $5 million increase, and higher treating and other revenues, which accounted for an additional $3 million increase, partially offset by higher operating costs, which accounted for a $7 million decrease.

Gross operating margin from our Midland Basin Gathering System increased a net $6 million quarter-to-quarter primarily due to a 300 BBtus/d increase in natural gas gathering volumes, which accounted for a $9 million increase, and higher other revenues, which accounted for an additional $5 million increase, partially offset by higher operating costs, which accounted for a $8 million decrease.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from our Natural Gas Pipelines & Services segment for the six months ended June 30, 2026 increased $278 million when compared to the six months ended June 30, 2025 .

Gross operating margin from our natural gas marketing activities increased $201 million period-to-period primarily due to higher average sales margins, which accounted for a $193 million increase, and higher mark-to-market earnings, which accounted for an additional $8 million increase.

Gross operating margin from our Texas Intrastate System increased $46 million period-to-period primarily due to higher average transportation fees, which accounted for a $19 million increase, higher capacity reservation fees and other revenues, which accounted for a $19 million increase, and a 273 BBtus/d increase in transportation volumes, which accounted for an additional $8 million increase.

Gross operating margin from our Midland Basin Gathering System increased a net $12 million period-to-period primarily due to a 229 BBtus/d increase in natural gas gathering volumes, which accounted for a $15 million increase, and higher other revenues, which accounted for an additional $11 million increase, partially offset by higher operating costs, which accounted for a $14 million decrease.

Gross operating margin from our Delaware Basin Gathering System, increased a net $8 million period-to-period primarily due to a 372 BBtus/d increase in natural gas gathering volumes, which accounted for a $12 million increase, and higher treating and other revenues, which accounted for an additional $7 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease.

Petrochemical & Refined Products Services

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Segment gross operating margin:

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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 .

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from propylene production and related activities for the second quarter of 2026 increased $19 million when compared to the second quarter of 2025 .

On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $20 million quarter-to-quarter primarily due to higher propylene sales volumes , which accounted for a $21 million increase, and higher average propylene sales margins , which accounted for an additional $15 million increase, partially offset by higher operating costs, which accounted for a $20 million decrease .

Propylene and associated by-product production volumes at these facilities increased a combined 12 MBPD quarter-to-quarter .

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from propylene production and related activities for the six months ended June 30, 2026 increased $86 million when compared to the six months ended June 30, 2025 .

On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $82 million period-to-period primarily due to higher average propylene sales margins , which accounted for a $67 million increase, and higher propylene sales volumes , which accounted for an additional $51 million increase, partially offset by higher operating costs, which accounted for a $23 million decrease, and lower other revenues, which accounted for an additional $13 million decrease.

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

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from butane isomerization and related operations for the second quarter of 2026 increased a net $2 million when compared to the second quarter of 2025 primarily due to higher average sales margins, which accounted for an $8 million increase, partially offset by lower sales volumes, which accounted for a $4 million decrease, and higher operating costs, which accounted for an additional $3 million decrease.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from butane isomerization and related operations for the six months ended June 30, 2026 increased a net $4 million when compared to the six months ended June 30, 2025 primarily due to higher average sales margins, which accounted for a $10 million increase, a 36 MBPD increase in isomerization and related DIB processing volumes, which accounted for an additional $4 million increase, partially offset by higher operating costs, which accounted for a $6 million decrease, and lower sales volumes, which accounted for an additional $4 million decrease.

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from our octane enhancement and related plant operations for the second quarter of 2026 increased a net $8 million when compared to the second quarter of 2025 primarily due to higher average sales margins, which accounted for an $8 million increase, and higher mark-to-market earnings, which accounted for an additional $5 million increase, partially offset by higher operating costs, which accounted for a $6 million decrease.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from our octane enhancement and related plant operations for the six months ended June 30, 2026 decreased a net $38 million when compared to the six months ended June 30, 2025 primarily due to lower sales volumes, which accounted for a $31 million decrease, higher operating costs, which accounted for a $9 million decrease, and lower mark-to-market earnings, which accounted for an additional $7 million decrease, partially offset by higher average sales margins, which accounted for a $9 million increase.

The period-to-period 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.

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from refined products pipelines and related activities for the second quarter of 2026 increased $13 million when compared to the second quarter of 2025 .

Gross operating margin from our refined products marketing activities, including the TW Products System, increased $14 million quarter-to-quarter primarily due to higher mark-to-market earnings.

Gross operating margin from our refined products terminal in Beaumont, Texas increased $6 million quarter-to-quarter primarily due to lower operating costs, which accounted for a $4 million increase, and higher storage and other fee revenues, which accounted for an additional $2 million increase.

Refined products marine terminal volumes at Beaumont increased 51 MBPD quarter-to-quarter.

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 a $17 million decrease, and lower other revenues, which accounted for an additional $5 million decrease, partially offset by a 169 MBPD increase in transportation volumes, which accounted for a $13 million increase.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from refined products pipelines and related activities for the six months ended June 30, 2026 decreased $23 million when compared to the six months ended June 30, 2025 .

Gross operating margin from our refined products marketing activities, including the TW Products System, decreased $18 million period-to-period primarily due to lower average sales margins.

Gross operating margin from our TE Products Pipeline System decreased a net $18 million period-to-period primarily due to higher operating costs, which accounted for a $25 million decrease, and lower other revenues, which accounted for an additional $8 million decrease, partially offset by a 139 MBPD increase in transportation volumes, which accounted for an $18 million increase.

Gross operating margin from our refined products terminal in Beaumont, Texas increased $10 million period-to-period primarily due to lower operating costs, which accounted for a $6 million increase, and higher storage and other fee revenues, which accounted for an additional $5 million increase.

Refined products marine terminal volumes at Beaumont increased 42 MBPD period-to-period.

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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from ethylene exports and related activities for the second quarter of 2026 increased $23 million when compared to the second quarter of 2025 primarily due to a 20 MBPD increase in ethylene export volumes, which accounted for an $11 million increase, higher sales volumes, which accounted for a $7 million increase, and a 38 MBPD increase in transportation volumes, which accounted for an additional $3 million increase.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from ethylene exports and related activities for the six months ended June 30, 2026 increased a net $39 million when compared to the six months ended June 30, 2025 primarily due a 30 MBPD increase in ethylene export volumes, which accounted for a $30 million increase, higher sales volumes, which accounted for a $9 million increase, and a 43 MBPD increase in transportation volumes, which accounted for an additional $9 million increase, partially offset by higher operating costs, which accounted for a $9 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.

Second Quarter of 2026 Compared to Second Quarter of 2025 .

Gross operating margin from marine transportation and other services for the second quarter of 2026 decreased $1 million when compared to the second quarter of 2025 primarily due to higher operating costs.

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 .

Gross operating margin from marine transportation and other services for the six months ended June 30, 2026 decreased $5 million when compared to the six months ended June 30, 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.

At June 30, 2026 , we had $4.0 billion of consolidated liquidity.

This amount was comprised of $246 million of unrestricted cash on hand and $3.8 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 $450 million outstanding under EPO’s commercial paper program.

In July 2026, our liquidity position was enhanced when EPO entered into its July 2026 $1.0 Billion Incremental Credit Agreement, which provides EPO with an additional $1.0 billion of borrowing capacity (see “ Recent Developments ” within this Item 2).

As a result, EPO’s aggregate borrowing capacity under its revolving credit facilities, including that of the July 2026 $1.0 Billion Incremental Credit Agreement, is currently $5.2 billion.

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

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

Enterprise Declares Cash Distribution for 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 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.

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

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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):

At June 30, 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 June 30, 2026 for the years indicated (dollars in millions):

Scheduled Maturities of Debt

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Total $ 33,532 $ 450 $ 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.

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.

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.

As of June 30, 2026 , there are no principal amounts outstanding under this 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.

As of August 7, 2026 , the investment-grade credit ratings of EPO’s long-term senior unsecured debt securities were A- from Standard and Poor’s, A3 from Moody’s and A- from Fitch Ratings.

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

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In 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.

The Partnership repurchased 4,166,738 and 7,290,930 common units during the three and six months ended June 30, 2026, respectively .

The total cost of these repurchases, including commissions and fees, was $159 million and $275 million, respectively .

As of June 30, 2026 , the remaining available capacity under the 2019 Buyback Program was $3.3 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,

For the Six Months

Ended June 30,

Net cash flow provided by operating activities $ 4,650 $ 4,375

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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;

Net cash flow provided by operating activities for the six months ended June 30, 2026 increased a net $275 million when compared to the six months ended June 30, 2025 primarily due to:

• a $629 million period-to-period increase resulting from higher partnership earnings (determined by adjusting our $492 million period-to-period increase in net income for changes in the non-cash items identified on our Unaudited Condensed Consolidated Statements of Consolidated Cash Flows);

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.

• a $348 million period-to-period 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.

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

Investing activities

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

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

• a $79 million quarter-to-quarter decrease in investments for property, plant and equipment (see “ Capital Investments ” within this Part I, Item 2 for additional information).

Net cash flow used in investing activities during the six months ended June 30, 2026 decreased $786 million when compared to the six months ended June 30, 2025 primarily due to:

• a $584 million period-to-period increase in proceeds from asset sales and other matters primarily attributable to the $595 million second installment payment received in January 2026 related to the sale of a 40% undivided joint interest in the Bahia NGL Pipeline;

• a $220 million period-to-period 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;

• 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.

Net cash flow used in financing activities during the six months ended June 30, 2026 increased $2.2 billion when compared to the six months ended June 30, 2025 primarily due to:

• a net cash outflow of $1.2 billion related to debt transactions that occurred during the six months ended June 30, 2026 compared to a net cash inflow of $834 million related to debt transactions that occurred during the six months ended June 30, 2025 .

During the six months ended June 30, 2026 , we repaid $1.63 billion aggregate principal amount of senior notes, partially offset by net issuances of $450 million under EPO’s commercial paper program.

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

• a $105 million period-to-period increase in the repurchase of common units under the 2019 Buyback Program;

• a $60 million period-to-period increase in cash distributions paid to common unitholders primarily attributable to increases in the quarterly cash distribution rate per unit.

Non-GAAP Cash Flow Measures

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Net income attributable to common unitholders (GAAP) (1) $ 1,840 $ 1,435 $ 3,322 $ 2,828

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Proceeds from asset sales and other matters 3 11 599 15

Monetization of interest rate derivative instruments accounted for as cash flow hedges – 14 – 14

DCF (non-GAAP) $ 2,315 $ 1,939 $ 5,022 $ 3,952

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Total DCF retained by the Partnership with respect to period (5) $ 1,094 $ 748 $ 2,599 $ 1,590

Distribution coverage ratio (6) 2.3 x 1.7 x

Distribution coverage ratio (6) 1.9 x 1.6 x 2.1 x 1.7 x

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

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For the Three Months

Ended March 31,

Ended June 30, For the Six Months

Ended June 30,

2026 2025 2026 2025

Net cash flow provided by operating activities (GAAP) $ 3,181 $ 2,061 $ 4,650 $ 4,375

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Proceeds from asset sales and other matters 3 11 599 15

Monetization of interest rate derivative instruments accounted for as cash flow hedges – 14 – 14

DCF (non-GAAP) $ 2,315 $ 1,939 $ 5,022 $ 3,952

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):

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 and the second phase of our Neches River Ethane / Propane Export Facility located in Orange County, Texas.

We have approximately $6.5 billion of major growth capital projects scheduled to be completed by the end of the first quarter of 2029 , 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);

• a tenth natural gas processing train (“Athena 2”) in the Midland Basin (third quarter of 2027);

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

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

• an NGL fractionator (“Frac 15”) at our Mont Belvieu area NGL fractionation complex (first quarter of 2028);

• a thirteenth natural gas processing train in the Delaware Basin (third quarter of 2028);

• an eleventh natural gas processing train in the Midland Basin (first quarter of 2029).

Based on information currently available, we expect our total organic capital investments for 2026 , net of contributions from noncontrolling interests, to approximate $4.1 to $4.6 billion, which reflects organic growth capital investments of $3.5 to $4.0 billion and sustaining capital expenditures of $600 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.

In addition, we have received $599 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 proceeds may be used to offset a portion of our forecasted organic growth capital investments.

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

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

For the Three Months

Ended March 31,

For the Six Months

Ended June 30,

Capital investments:

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Sustaining capital projects (3) 349 223

Asset acquisitions

Total $ 2,141 $ 2,361

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

Comparison of First Quarter of 2026 with First Quarter of 2025

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

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

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

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

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

Comparison of Six Months Ended June 30, 2026 with Six Months Ended June 30, 2025

In total, investments in growth capital projects decreased $366 million period-to-period primarily due to the following:

• lower investments in our Bahia NGL Pipeline (placed into service in December 2025), which accounted for a $197 million decrease;

• lower investments in ethylene, ethane, and LPG export expansion and enhancement projects that support our Gulf Coast terminals (the first and second phases of our Neches River export facility placed into service in July 2025 and May 2026, respectively, and the second phase of enhancements at our Morgan’s Point terminal placed into service in December 2025) , which accounted for a $130 million decrease;

• lower investments at our Mont Belvieu area NGL fractionation complex (Frac 14 placed into service during the fourth quarter of 2025) , which accounted for an additional $67 million decrease;

partially offset by

• higher investments in the construction of natural gas processing trains and related gathering system expansions in the Delaware and Midland Basins, which accounted for a $68 million increase.

Investments attributable to sustaining capital projects increased $126 million period-to-period primarily due to higher major maintenance activities performed at certain of our reaction-based plants (e.g., our octane enhancement facilities) and fluctuations in timing and costs of pipeline integrity and similar projects.

Critical Accounting Policies and Estimates

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

At 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.

At June 30, 2026 , the total amount of Guaranteed Debt was $34.1 billion , which was comprised of $30.8 billion of EPO’s senior notes, $2.3 billion of EPO’s junior subordinated notes, $450 million of commercial paper and $552 million of related accrued interest.

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

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

The total carrying value of the Obligor Group’s investments in the Non-Obligor Subsidiaries was $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 .

The total carrying value of the Obligor Group’s investments in the Non-Obligor Subsidiaries was $55.2 billion at June 30, 2026 .

The Obligor Group’s equity in the earnings of the Non-Obligor Subsidiaries for the six months ended June 30, 2026 was $3.7 billion .

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

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Selected asset information:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Current receivables from Non-Obligor Subsidiaries $ 813 $ 487

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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

Other noncurrent assets, excluding investments in Non-Obligor Subsidiaries of $55.2 billion at June 30, 2026 and $54.9 billion at December 31, 2025

Selected liability information:

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

Current portion of Guaranteed Debt, including interest of $552 million at June 30, 2026 and $566 million at December 31, 2025

$ 2,576 $ 2,190

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

For the Three Months Ended March 31,

For the Six Months Ended June 30,

2026 For the Twelve Months Ended December 31, 2025

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Operating income of Obligor Group 445 359

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

Net loss of Obligor Group excluding equity in earnings of Non-Obligor Subsidiaries of $3.7 billion for the six months ended June 30, 2026 and $6.9 billion for the twelve months ended December 31, 2025

(369) (1,082)

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis