ENTERPRISE PRODUCTS PARTNERS L.P. 10-Q

ITEM 1. FINANCIAL STATEMENTS. ENTERPRISE PRODUCTS PARTNERS L.P. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) June 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 246 $ 969 Restricted cash 99 276 Accounts receivable – trade, net of allowance for credit losses of $ 36 at June 30, 2026 and $ 35 at December 31, 2025 9,401 6,494 Accounts receivable – related parties 2 1 Inventories (see Note 3) 4,666 3,884 Derivative assets (see Note 13) 659 434 Prepaid and other current assets 832 1,302 Total current assets 15,905 13,360 Property, plant and equipment, net (see Note 4) 52,223 51,359 Investments in unconsolidated affiliates (see Note 5) 2,165 2,185 Intangible assets, net (see Note 6) 4,051 4,159 Goodwill (see Note 6) 5,712 5,712 Operating lease right-of-use assets, net (see Note 16) 758 437 Other assets 944 690 Total assets $ 81,758 $ 77,902 LIABILITIES AND EQUITY Current liabilities: Current maturities of debt (see Note 7) $ 2,023 $ 1,625 Accounts payable – trade 1,332 1,021 Accounts payable – related parties 151 217 Accrued product payables 11,683 8,183 Accrued interest 552 566 Derivative liabilities (see Note 13) 642 347 Current operating lease liabilities (see Note 16) 90 94 Other current liabilities 679 779 Total current liabilities 17,152 12,832 Long-term debt (see Note 7) 31,205 32,770 Deferred tax liabilities (see Note 15) 720 702 Long-term operating lease liabilities (see Note 16) 701 377 Other long-term liabilities 872 607 Commitments and contingent liabilities (see Note 16) Redeemable preferred limited partner interests: (see Note 8) Series A cumulative convertible preferred units (“preferred units”) ( 45,412 units outstanding at June 30, 2026 and December 31, 2025) 44 44 Equity: (see Note 8) Partners’ equity: 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 174 336 Total partners’ equity 30,248 29,739 Noncontrolling interests in consolidated subsidiaries 816 831 Total equity 31,064 30,570 Total liabilities, preferred units, and equity $ 81,758 $ 77,902 See Notes to Unaudited Condensed Consolidated Financial Statements. 2 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS (Dollars in millions, except per unit amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Third parties $ 18,255 $ 11,352 $ 32,625 $ 26,756 Related parties 14 11 30 24 Total revenues (see Note 9) 18,269 11,363 32,655 26,780 Costs and expenses: Operating costs and expenses: Third party and other costs 15,616 9,188 27,691 22,486 Related parties 449 404 877 796 Total operating costs and expenses 16,065 9,592 28,568 23,282 General and administrative costs: Third party and other costs 27 26 56 53 Related parties 37 42 72 75 Total general and administrative costs 64 68 128 128 Total costs and expenses (see Note 10) 16,129 9,660 28,696 23,410 Equity in income of unconsolidated affiliates 109 92 185 186 Operating income 2,249 1,795 4,144 3,556 Other income (expense): Interest expense ( 384 ) ( 332 ) ( 769 ) ( 672 ) Interest income 4 6 11 14 Other, net ( 1 ) 1 – 2 Total other expense, net ( 381 ) ( 325 ) ( 758 ) ( 656 ) Income before income taxes 1,868 1,470 3,386 2,900 Provision for income taxes (see Note 15) ( 12 ) ( 16 ) ( 34 ) ( 40 ) Net income 1,856 1,454 3,352 2,860 Net income attributable to noncontrolling interests ( 15 ) ( 18 ) ( 28 ) ( 30 ) Net income attributable to preferred units ( 1 ) ( 1 ) ( 2 ) ( 2 ) Net income attributable to common unitholders $ 1,840 $ 1,435 $ 3,322 $ 2,828 Earnings per unit: (see Note 11) Basic and diluted earnings per common unit $ 0.84 $ 0.66 $ 1.52 $ 1.29 See Notes to Unaudited Condensed Consolidated Financial Statements. 3 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (Dollars in millions) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net income $ 1,856 $ 1,454 $ 3,352 $ 2,860 Other comprehensive income (loss): Cash flow hedges: (see Note 13) Commodity hedging derivative instruments: Changes in fair value of cash flow hedges 7 – ( 301 ) 22 Reclassification of losses (gains) to net income 184 ( 59 ) 143 ( 33 ) Interest rate hedging derivative instruments: Changes in fair value of cash flow hedges – 12 – 14 Reclassification of gains to net income ( 2 ) ( 2 ) ( 4 ) ( 3 ) Total cash flow hedges 189 ( 49 ) ( 162 ) – Total other comprehensive income (loss) 189 ( 49 ) ( 162 ) – Comprehensive income 2,045 1,405 3,190 2,860 Comprehensive income attributable to noncontrolling interests ( 15 ) ( 18 ) ( 28 ) ( 30 ) Comprehensive income attributable to preferred units ( 1 ) ( 1 ) ( 2 ) ( 2 ) Comprehensive income attributable to common unitholders $ 2,029 $ 1,386 $ 3,160 $ 2,828 See Notes to Unaudited Condensed Consolidated Financial Statements. 4 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (Dollars in millions) For the Six Months Ended June 30, 2026 2025 Operating activities: Net income $ 3,352 $ 2,860 Reconciliation of net income to net cash flow provided by operating activities: Depreciation and accretion 1,123 1,030 Amortization of intangible assets 117 104 Amortization of major maintenance costs for reaction-based plants 57 31 Amortization of finance lease right-of-use assets 3 1 Other amortization expense 126 114 Impairment of assets other than goodwill 17 21 Equity in income of unconsolidated affiliates ( 185 ) ( 186 ) Distributions received from unconsolidated affiliates attributable to earnings 183 189 Net gains attributable to asset sales and related matters ( 1 ) ( 9 ) Deferred income tax expense 19 16 Change in fair market value of derivative instruments ( 31 ) ( 10 ) Non-cash expense related to long-term operating leases (see Note 16) 52 55 Net effect of changes in operating accounts (see Note 17) ( 195 ) 153 Other operating activities 13 6 Net cash flow provided by operating activities 4,650 4,375 Investing activities: Capital expenditures ( 2,141 ) ( 2,361 ) Investments in unconsolidated affiliates – ( 1 ) Distributions received from unconsolidated affiliates attributable to the return of capital 23 35 Proceeds from asset sales and other matters 599 15 Other investing activities ( 16 ) ( 9 ) Net cash flow used in investing activities ( 1,535 ) ( 2,321 ) Financing activities: Borrowings under debt agreements 54,221 49,565 Repayments of debt ( 55,396 ) ( 48,720 ) 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 ) Cash payments made in connection with distribution equivalent rights ( 23 ) ( 22 ) Cash distributions paid to noncontrolling interests ( 44 ) ( 39 ) Cash contributions from noncontrolling interests 1 5 Repurchase of common units under 2019 Buyback Program ( 275 ) ( 170 ) Other financing activities ( 116 ) ( 85 ) Net cash flow used in financing activities ( 4,015 ) ( 1,796 ) Net change in cash and cash equivalents, including restricted cash ( 900 ) 258 Cash and cash equivalents, including restricted cash, at beginning of period 1,245 838 Cash and cash equivalents, including restricted cash, at end of period $ 345 $ 1,096 See Notes to Unaudited Condensed Consolidated Financial Statements. 5 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 (Dollars in millions) Partners’ Equity Common Limited Partner Interests Treasury Units Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests in Consolidated 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 Common Limited Partner Interests Treasury Units Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests in Consolidated Subsidiaries Total Balance, December 31, 2025 $ 30,700 $ ( 1,297 ) $ 336 $ 831 $ 30,570 Net income 3,322 – – 28 3,350 Cash distributions paid to common unitholders ( 2,379 ) – – – ( 2,379 ) Cash payments made in connection with distribution equivalent rights ( 23 ) – – – ( 23 ) 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 ) Amortization of fair value of equity-based awards 109 – – – 109 Cash flow hedges – – ( 162 ) – ( 162 ) 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 . 6 Table of Contents 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 Common Limited Partner Interests Treasury Units Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests in Consolidated 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 Common Limited Partner Interests Treasury Units Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests in Consolidated Subsidiaries Total Balance, December 31, 2024 $ 29,793 $ ( 1,297 ) $ 236 $ 857 $ 29,589 Net income 2,828 – – 30 2,858 Cash distributions paid to common unitholders ( 2,319 ) – – – ( 2,319 ) Cash payments made in connection with distribution equivalent rights ( 22 ) – – – ( 22 ) Cash distributions paid to noncontrolling interests – – – ( 39 ) ( 39 ) Cash contributions from noncontrolling interests – – – 5 5 Repurchase and cancellation of common units under 2019 Buyback Program ( 170 ) – – – ( 170 ) Amortization of fair value of equity-based awards 98 – – – 98 Cash flow hedges – – – – – Other, net ( 81 ) – – – ( 81 ) Balance, June 30, 2025 $ 30,127 $ ( 1,297 ) $ 236 $ 853 $ 29,919 See Notes to Unaudited Condensed Consolidated Financial Statements. For information regarding Unit History, Accumulated Other Comprehensive Income (Loss), see Note 8 . 7 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS KEY REFERENCES USED IN THESE NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Unless the context requires otherwise, references to “we,” “us” or “our” within these Notes to Unaudited Condensed Consolidated Financial Statements are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries. References to the “Partnership” or “Enterprise” mean Enterprise Products Partners L.P. on a standalone basis. References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of the Partnership, and its consolidated subsidiaries, through which the Partnership conducts its business. We are managed by our general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company. The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors of Enterprise GP (the “Board”); (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board; and (iii) W. Randall Fowler, who is also a director and a Co-Chief Executive Officer of Enterprise GP. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as managers of Dan Duncan LLC. References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. The outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO; and (iii) Mr. Fowler, who serves as an Executive Vice President and the Chief Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as directors of EPCO. 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 June 30, 2026 . With the exception of per unit amounts, or as noted within the context of each disclosure, the dollar amounts presented in the tabular data within these disclosures are stated in millions of dollars. 8 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1. Partnership Organization and Operations We are a publicly traded Delaware limited partnership, the common units of which are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “EPD.” Our preferred units are not publicly traded. We were formed in April 1998 to own and operate certain natural gas liquids (“NGLs”) related businesses of EPCO and are a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and refined products. We are owned by our limited partners (preferred and common unitholders) from an economic perspective. Enterprise GP, which owns a non-economic general partner interest in us, manages our Partnership. We conduct substantially all of our business operations through EPO and its consolidated subsidiaries. Our fully integrated, midstream energy asset network (or “value chain”) links producers of natural gas, NGLs and crude oil from some of the largest supply basins in the United States (“U.S.”), Canada and the Gulf of Mexico with domestic consumers and international markets. Our midstream energy operations include: • natural gas gathering, treating, processing, transportation and storage; • NGL transportation, fractionation, storage, and marine terminals (including those used to export liquefied petroleum gases (“LPG”) and ethane); • crude oil gathering, transportation, storage, and marine terminals; • propylene production facilities (including propane dehydrogenation (“PDH”) facilities), butane isomerization, octane enhancement, isobutane dehydrogenation (“iBDH”) and high purity isobutylene (“HPIB”) production facilities; • petrochemical and refined products transportation, storage, and marine terminals (including those used to export ethylene and polymer grade propylene (“PGP”)); and • a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. Like many publicly traded partnerships, we have no employees. All of our management, administrative and operating functions are performed by employees of EPCO pursuant to an administrative services agreement (the “ASA”) or by other service providers. See Note 14 for information regarding related party matters. 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. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) filed with the SEC on February 27, 2026. Note 2. Summary of Significant Accounting Policies Apart from those matters described in this footnote, there have been no updates to our significant accounting policies since those reported under Note 2 of the 2025 Form 10-K. 9 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Unaudited Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Unaudited Condensed Statements of Consolidated Cash Flows. June 30, 2026 December 31, 2025 Cash and cash equivalents $ 246 $ 969 Restricted cash 99 276 Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows $ 345 $ 1,245 Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, petrochemicals, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 13 for information regarding our derivative instruments and hedging activities. Note 3. Inventories Our inventory amounts by product type were as follows at the dates indicated: June 30, 2026 December 31, 2025 NGLs $ 3,486 $ 2,923 Petrochemicals and refined products 719 665 Crude oil 458 288 Natural gas 3 8 Total $ 4,666 $ 3,884 Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated: For the Three Months 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 Lower of cost or net realizable value adjustments recognized in cost of sales 1 2 2 4 (1) Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities. 10 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 4. Property, Plant and Equipment The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated: Estimated Useful Life in Years June 30, 2026 December 31, 2025 Plants, pipelines and facilities (1)(5) 3 - 45 $ 68,542 $ 66,498 Underground and other storage facilities (2)(6) 5 - 40 4,960 4,871 Transportation equipment (3) 3 - 10 311 294 Marine vessels (4) 15 - 30 982 970 Land 445 439 Construction in progress 2,153 2,400 Subtotal 77,393 75,472 Less accumulated depreciation 25,402 24,338 Subtotal property, plant and equipment, net 51,991 51,134 Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7) 232 225 Property, plant and equipment, net $ 52,223 $ 51,359 (1) Plants, pipelines and facilities include distillation-based and reaction-based plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. (2) Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3) Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4) Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5) In general, the estimated useful lives of major assets within this category are: distillation-based and reaction-based plants, 20 - 35 years; pipelines and related equipment, 5 - 45 years; terminal facilities, 10 - 35 years; buildings, 20 - 40 years; office furniture and equipment, 3 - 20 years; and laboratory and shop equipment, 5 - 35 years. (6) In general, the estimated useful lives of assets within this category are: underground storage facilities, 5 - 35 years; storage tanks, 10 - 40 years; and water wells, 5 - 35 years. (7) For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected remaining amortization period for these costs is 2.2 years. 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: ARO liability balance, December 31, 2025 $ 290 Liabilities incurred (1) – Revisions in estimated cash flows (2) 63 Liabilities settled (3) ( 1 ) Accretion expense (4) 8 ARO liability balance, June 30, 2026 $ 360 (1) Represents the initial recognition of estimated ARO liabilities during the period. (2) Represents subsequent adjustments to estimated ARO liabilities during the period. (3) Represents cash payments to settle ARO liabilities during the period. (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 $ 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. 11 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Depreciation expense (1) $ 562 $ 512 $ 1,115 $ 1,018 Capitalized interest (2) 23 53 47 98 (1) Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2) We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. Note 5. Investments in Unconsolidated Affiliates The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method. June 30, 2026 December 31, 2025 NGL Pipelines & Services $ 564 $ 572 Crude Oil Pipelines & Services 1,568 1,581 Natural Gas Pipelines & Services 31 31 Petrochemical & Refined Products Services 2 1 Total $ 2,165 $ 2,185 The following table presents our equity in income of unconsolidated affiliates by business segment for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 NGL Pipelines & Services $ 21 $ 18 $ 40 $ 38 Crude Oil Pipelines & Services 86 72 140 144 Natural Gas Pipelines & Services 1 – 3 2 Petrochemical & Refined Products Services 1 2 2 2 Total $ 109 $ 92 $ 185 $ 186 12 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 6. Intangible Assets and Goodwill Identifiable Intangible Assets The following table summarizes our intangible assets by business segment at the dates indicated: June 30, 2026 December 31, 2025 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 449 $ ( 294 ) $ 155 $ 449 $ ( 289 ) $ 160 Contract-based intangibles 1,054 ( 199 ) 855 1,050 ( 177 ) 873 Segment total 1,503 ( 493 ) 1,010 1,499 ( 466 ) 1,033 Crude Oil Pipelines & Services: Customer relationship intangibles 2,195 ( 758 ) 1,437 2,195 ( 710 ) 1,485 Contract-based intangibles 283 ( 280 ) 3 283 ( 280 ) 3 Segment total 2,478 ( 1,038 ) 1,440 2,478 ( 990 ) 1,488 Natural Gas Pipelines & Services: Customer relationship intangibles 1,351 ( 718 ) 633 1,351 ( 700 ) 651 Contract-based intangibles 1,155 ( 285 ) 870 1,150 ( 265 ) 885 Segment total 2,506 ( 1,003 ) 1,503 2,501 ( 965 ) 1,536 Petrochemical & Refined Products Services: Customer relationship intangibles 181 ( 103 ) 78 181 ( 99 ) 82 Contract-based intangibles 50 ( 30 ) 20 50 ( 30 ) 20 Segment total 231 ( 133 ) 98 231 ( 129 ) 102 Total intangible assets $ 6,718 $ ( 2,667 ) $ 4,051 $ 6,709 $ ( 2,550 ) $ 4,159 The following table presents the amortization expense of our intangible assets by business segment for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 NGL Pipelines & Services $ 13 $ 12 $ 27 $ 23 Crude Oil Pipelines & Services 25 21 48 42 Natural Gas Pipelines & Services 19 18 38 36 Petrochemical & Refined Products Services 2 1 4 3 Total $ 59 $ 52 $ 117 $ 104 The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated: Remainder of 2026 2027 2028 2029 2030 $ 115 $ 227 $ 222 $ 217 $ 217 Goodwill Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2025 Form 10-K. 13 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 7. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: June 30, 2026 December 31, 2025 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ 450 $ – Senior Notes FFF, 5.05 % fixed-rate, due January 2026 – 750 Senior Notes PP, 3.70 % fixed-rate, due February 2026 – 875 Senior Notes HHH, 4.60 % fixed-rate, due January 2027 1,000 1,000 Senior Notes SS, 3.95 % fixed-rate, due February 2027 575 575 March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement, variable-rate, due March 2027 (1) – – Senior Notes LLL, 4.30 % fixed-rate, due June 2028 800 800 Senior Notes WW, 4.15 % fixed-rate, due October 2028 1,000 1,000 Senior Notes YY, 3.125 % fixed-rate, due July 2029 1,250 1,250 Senior Notes AAA, 2.80 % fixed-rate, due January 2030 1,250 1,250 March 2023 $ 2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 (2) – – Senior Notes MMM, 4.60 % fixed-rate, due January 2031 1,350 1,350 Senior Notes GGG, 5.35 % fixed-rate, due January 2033 1,000 1,000 Senior Notes D, 6.875 % fixed-rate, due March 2033 500 500 Senior Notes III, 4.85 % fixed-rate, due January 2034 1,000 1,000 Senior Notes H, 6.65 % fixed-rate, due October 2034 350 350 Senior Notes JJJ 4.95 % fixed-rate, due February 2035 1,100 1,100 Senior Notes J, 5.75 % fixed-rate, due March 2035 250 250 Senior Notes NNN, 5.20 % fixed-rate, due January 2036 1,500 1,500 Senior Notes W, 7.55 % fixed-rate, due April 2038 400 400 Senior Notes R, 6.125 % fixed-rate, due October 2039 600 600 Senior Notes Z, 6.45 % fixed-rate, due September 2040 600 600 Senior Notes BB, 5.95 % fixed-rate, due February 2041 750 750 Senior Notes DD, 5.70 % fixed-rate, due February 2042 600 600 Senior Notes EE, 4.85 % fixed-rate, due August 2042 750 750 Senior Notes GG, 4.45 % fixed-rate, due February 2043 1,100 1,100 Senior Notes II, 4.85 % fixed-rate, due March 2044 1,400 1,400 Senior Notes KK, 5.10 % fixed-rate, due February 2045 1,150 1,150 Senior Notes QQ, 4.90 % fixed-rate, due May 2046 975 975 Senior Notes UU, 4.25 % fixed-rate, due February 2048 1,250 1,250 Senior Notes XX, 4.80 % fixed-rate, due February 2049 1,250 1,250 Senior Notes ZZ, 4.20 % fixed-rate, due January 2050 1,250 1,250 Senior Notes BBB, 3.70 % fixed-rate, due January 2051 1,000 1,000 Senior Notes DDD, 3.20 % fixed-rate, due February 2052 1,000 1,000 Senior Notes EEE, 3.30 % fixed-rate, due February 2053 1,000 1,000 Senior Notes NN, 4.95 % fixed-rate, due October 2054 400 400 Senior Notes KKK, 5.55 % fixed-rate, due February 2055 1,400 1,400 Senior Notes CCC, 3.95 % fixed-rate, due January 2060 1,000 1,000 Total principal amount of senior debt obligations 31,250 32,425 EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3) 232 232 EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4) 350 350 EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5) 1,000 1,000 EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6) 700 700 Total principal amount of senior and junior debt obligations 33,532 34,707 Other, non-principal amounts ( 304 ) ( 312 ) Less current maturities of debt ( 2,023 ) ( 1,625 ) Total long-term debt $ 31,205 $ 32,770 (1) Under the terms of the 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). (2) Under the terms of the agreement, EPO may borrow up to $ 2.7 billion (which may be increased by up to $ 500 million to $ 3.2 billion at EPO’s election provided certain conditions are met). (3) Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161 % tenor spread adjustment and (b) 2.778 %. (4) Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161 % tenor spread adjustment and (b) 2.986 %. (5) Fixed rate of 5.250 % through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161 % tenor spread adjustment and (b) 3.033 %. (6) Fixed rate of 5.375 % through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161 % tenor spread adjustment and (b) 2.57 %. 14 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 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 six months ended June 30, 2026: Range of Interest Rates Paid Weighted-Average Interest Rate Paid Commercial Paper Notes 3.78 % to 4.07 % 3.91 % EPO Junior Subordinated Notes C 6.70 % to 6.83 % 6.75 % EPO Junior Subordinated Notes D 6.90 % to 7.10 % 6.95 % Amounts borrowed under EPO’s March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement and March 2023 $ 2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5 %, or (c) Adjusted Term SOFR, for an interest period of one month in effect on such day plus 1 %, and a variable spread. The applicable spreads are determined based on EPO’s debt ratings. Scheduled Maturities of Debt 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 Total Remainder of 2026 2027 2028 2029 2030 Thereafter Commercial Paper Notes $ 450 $ 450 $ – $ – $ – $ – $ – Senior Notes 30,800 – 1,575 1,800 1,250 1,250 24,925 Junior Subordinated Notes 2,282 – – – – – 2,282 Total $ 33,532 $ 450 $ 1,575 $ 1,800 $ 1,250 $ 1,250 $ 27,207 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. The March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement matures in March 2027. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in March 2028. Borrowings under the March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. EPO’s obligations under the March 2026 $ 1.5 Billion 364 -Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership. 15 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Letters of Credit 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 June 30, 2026. Parent-Subsidiary Guarantor Relationships The Partnership acts as guarantor of the consolidated debt obligations of EPO. If EPO were to default on any of its guaranteed debt, the Partnership would be responsible for full and unconditional repayment of such obligations. Note 8. Capital Accounts Common Limited Partner Interests The following table summarizes changes in the number of our common units outstanding since December 31, 2025: Common units outstanding at December 31, 2025 2,161,760,683 Common unit repurchases under 2019 Buyback Program ( 3,124,192 ) Common units issued in connection with the vesting of phantom unit awards, net 4,866,420 Other 15,360 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 We have a universal shelf registration statement on file with the SEC which allows the Partnership and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. 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 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. Common Unit Repurchases Under 2019 Buyback Program In January 2019, we announced that the Board had approved a $ 2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. In October 2025, we announced that the Board approved an increase to the authorized maximum aggregate purchase price (excluding fees, commissions and other ancillary expenses) of the Partnership’s common units that may be repurchased under the 2019 Buyback Program from $ 2.0 billion to $ 5.0 billion. The 2019 Buyback Program authorizes the Partnership to repurchase its common units from time to time, including through open market purchases and negotiated transactions. No time limit has been set for completion of the program, and it may be suspended or discontinued at any time. 16 Table of Contents 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 4,992,056 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. Common Units Delivered Under DRIP and EUPP The Partnership has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). In July 2019, the Partnership announced that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. This election is subject to change in future quarters depending on the Partnership’s need for equity capital. 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 August 14, 2026. Preferred Units 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 six months ended June 30, 2026, the Partnership made quarterly cash distributions to its preferred unitholders of $ 2 million. Accumulated Other Comprehensive Income (Loss) The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated: Cash Flow Hedges Other Total Commodity Derivative Instruments Interest Rate Derivative Instruments Accumulated Other Comprehensive Income (Loss), December 31, 2025 $ 184 $ 150 $ 2 $ 336 Other comprehensive income (loss) for period, before reclassifications ( 301 ) – – ( 301 ) Reclassification of losses (gains) to net income during period 143 ( 4 ) – 139 Total other comprehensive income (loss) for period ( 158 ) ( 4 ) – ( 162 ) Accumulated Other Comprehensive Income (Loss), June 30, 2026 $ 26 $ 146 $ 2 $ 174 17 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Cash Flow Hedges Commodity Derivative Instruments Interest Rate Derivative Instruments Other Total Accumulated Other Comprehensive Income (Loss), December 31, 2024 $ 91 $ 143 $ 2 $ 236 Other comprehensive income (loss) for period, before reclassifications 22 14 – 36 Reclassification of losses (gains) to net income during period ( 33 ) ( 3 ) – ( 36 ) Total other comprehensive income (loss) for period ( 11 ) 11 – – 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 June 30, For the Six Months Ended June 30, Losses (gains) on cash flow hedges: Location 2026 2025 2026 2025 Interest rate derivatives Interest expense $ ( 2 ) $ ( 2 ) $ ( 4 ) $ ( 3 ) Commodity derivatives Revenue 173 ( 67 ) 122 ( 53 ) Commodity derivatives Operating costs and expenses 11 8 21 20 Total $ 182 $ ( 61 ) $ 139 $ ( 36 ) For information regarding our interest rate and commodity derivative instruments, see Note 13. Cash Distributions 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. The payment of quarterly cash distributions is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. Management will evaluate any future increases in cash distributions on a quarterly basis. 18 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 9. Revenues We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 NGL Pipelines & Services: Sales of NGLs and related products $ 4,475 $ 2,723 $ 7,744 $ 7,374 Segment midstream services: Natural gas processing and fractionation 393 296 735 648 Transportation 286 308 612 620 Storage and terminals 80 79 175 164 Total segment midstream services 759 683 1,522 1,432 Total NGL Pipelines & Services 5,234 3,406 9,266 8,806 Crude Oil Pipelines & Services: Sales of crude oil 8,052 4,479 14,057 9,304 Segment midstream services: Transportation 178 195 356 384 Storage and terminals 109 109 225 216 Total segment midstream services 287 304 581 600 Total Crude Oil Pipelines & Services 8,339 4,783 14,638 9,904 Natural Gas Pipelines & Services: Sales of natural gas 165 632 797 1,417 Segment midstream services: Transportation 494 439 969 875 Total segment midstream services 494 439 969 875 Total Natural Gas Pipelines & Services 659 1,071 1,766 2,292 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 3,694 1,775 6,293 5,101 Segment midstream services: Fractionation and isomerization 86 84 173 187 Transportation, including marine logistics 166 157 345 332 Storage and terminals 91 87 174 158 Total segment midstream services 343 328 692 677 Total Petrochemical & Refined Products Services 4,037 2,103 6,985 5,778 Total consolidated revenues $ 18,269 $ 11,363 $ 32,655 $ 26,780 Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Unbilled Revenue and Deferred Revenue The following tables provide information regarding our contract assets and contract liabilities at June 30, 2026: Contract Asset Location Balance Unbilled revenue (current amount) Prepaid and other current assets $ 7 Total $ 7 Contract Liability Location Balance Deferred revenue (current amount) Other current liabilities $ 161 Deferred revenue (noncurrent) Other long-term liabilities 279 Total $ 440 19 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2026: Unbilled Revenue Deferred Revenue Balance at December 31, 2025 $ 6 $ 418 Amount included in opening balance transferred to other accounts during period (1) ( 6 ) ( 122 ) Amount recorded during period (2) 48 437 Amounts recorded during period transferred to other accounts (1) ( 41 ) ( 294 ) Other changes – 1 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. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer. (2) Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation. Remaining Performance Obligations 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 June 30, 2026. Period Fixed Consideration Six months ended December 31, 2026 $ 2,344 One year ended December 31, 2027 4,538 One year ended December 31, 2028 4,009 One year ended December 31, 2029 3,139 One year ended December 31, 2030 2,360 Thereafter 9,545 Total $ 25,935 Note 10. Business Segments and Related Information Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold. Financial information regarding these segments is evaluated regularly by our co-chief operating decision makers (“CODMs”) in deciding how to allocate resources and in assessing our operating and financial performance. The co-principal executive officers of our general partner have been identified as our CODMs. The following information summarizes the assets and operations of each business segment: • Our NGL Pipelines & Services business segment includes our natural gas processing and related NGL marketing activities, NGL pipelines, NGL fractionation facilities, NGL and related product storage facilities, and NGL marine terminals. • Our Crude Oil Pipelines & Services business segment includes our crude oil pipelines, crude oil storage and marine terminals, and related crude oil marketing activities. 20 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS • Our Natural Gas Pipelines & Services business segment includes our natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas. This segment also includes our natural gas marketing activities. • Our Petrochemical & Refined Products Services business segment includes our (i) propylene production facilities, which include propylene fractionation units and PDH facilities, and related pipelines and marketing activities, (ii) butane isomerization complex and related deisobutanizer operations, (iii) octane enhancement, iBDH and HPIB production facilities, (iv) refined products pipelines, terminals and related marketing activities, (v) ethylene export terminal and related operations; and (vi) marine transportation business. Our plants, pipelines and other fixed assets are located in the U.S. Segment Gross Operating Margin Our CODMs evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations, forms the basis of our internal financial reporting, and is used by our CODMs on a monthly basis to monitor budgeted versus actual results. Our CODMs also consider gross operating margin results, in part, when determining how to allocate resources (e.g., employees and capital investments) to each segment, primarily in the annual budget process. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies. The following table presents a reconciliation of total segment gross operating margin to income before income taxes for the periods indicated: For the Three Months Ended 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 Adjustments to reconcile total segment gross operating margin to income before income taxes (addition or subtraction indicated by sign): 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 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 ) Non-refundable payments received from shippers attributable to make-up rights (2) ( 10 ) ( 6 ) ( 43 ) ( 43 ) Subsequent recognition of revenues attributable to make-up rights (3) ( 3 ) 12 12 16 Total other expense, net (4) ( 381 ) ( 325 ) ( 758 ) ( 656 ) Income before income taxes $ 1,868 $ 1,470 $ 3,386 $ 2,900 (1) Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use (“ROU”) assets, which are components of gross operating margin. (2) Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are non-refundable to the shipper. (3) As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin. (4) As presented on our Unaudited Condensed Statements of Consolidated Operations, Total other expense, net is comprised of Interest expense, Interest income and Other, net. 21 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Summarized Segment Financial Information 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 June 30, 2026 NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Segment Total Segment revenues: Revenues from third parties $ 5,232 $ 8,332 $ 654 $ 4,037 $ 18,255 Revenues from related parties 2 7 5 – 14 Intersegment and intrasegment revenues 18,687 16,921 233 9,446 45,287 Total segment revenues 23,921 25,260 892 13,483 63,556 Significant segment expenses: Cost of sales 21,709 24,717 107 12,620 59,153 Variable operating costs and expenses (1) 197 42 23 140 402 Fixed operating costs and expenses (2) 504 115 210 309 1,138 Total significant segment expenses 22,410 24,874 340 13,069 60,693 Other segment income (expense): Equity in income of unconsolidated affiliates 21 86 1 1 109 Other segment items (3) 13 13 3 3 32 Total other segment income 34 99 4 4 141 Total segment gross operating margin $ 1,545 $ 485 $ 556 $ 418 $ 3,004 Other financial information: Capital expenditures $ 539 $ 22 $ 479 $ 118 $ 1,158 (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 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. 22 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the Six Months Ended June 30, 2026 NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Segment Total 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. • Crude Oil Pipelines & Services – Other miscellaneous segment items. • Natural Gas Pipelines & Services – Other miscellaneous segment items. • Petrochemical & Refined Products Services – Other miscellaneous segment items. 23 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the Three Months Ended June 30, 2025 NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Segment Total Segment revenues: Revenues from third parties $ 3,404 $ 4,777 $ 1,068 $ 2,103 $ 11,352 Revenues from related parties 2 6 3 – 11 Intersegment and intrasegment revenues 17,004 9,324 202 5,797 32,327 Total segment revenues 20,410 14,107 1,273 7,900 43,690 Significant segment expenses: Cost of sales 18,487 13,660 644 7,159 39,950 Variable operating costs and expenses (1) 204 34 20 107 365 Fixed operating costs and expenses (2) 442 88 195 283 1,008 Total significant segment expenses 19,133 13,782 859 7,549 41,323 Other segment income: Equity in income of unconsolidated affiliates 18 72 – 2 92 Other segment items (3) 2 6 3 1 12 Total other segment income 20 78 3 3 104 Total segment gross operating margin $ 1,297 $ 403 $ 417 $ 354 $ 2,471 Other financial information: Capital expenditures $ 825 $ 25 $ 327 $ 122 $ 1,299 (1) Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization. (2) Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization. (3) Other segment items for each segment primarily represent the following: • NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other miscellaneous segment items. • Crude Oil Pipelines & Services – Other miscellaneous segment items. • Natural Gas Pipelines & Services – Other miscellaneous segment items. • Petrochemical & Refined Products Services – Other miscellaneous segment items. 24 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the Six Months Ended June 30, 2025 NGL Pipelines & Services Crude Oil Pipelines & Services Natural Gas Pipelines & Services Petrochemical & Refined Products Services Segment Total 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: • NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other miscellaneous segment items. • Crude Oil Pipelines & Services – Other miscellaneous segment items. • Natural Gas Pipelines & Services – Other miscellaneous segment items. • Petrochemical & Refined Products Services – Other miscellaneous segment items. Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. The following table reconciles total segment revenues as reported in the preceding tables to consolidated revenues as presented on our Unaudited Condensed Statements of Consolidated Operations: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Segment revenues: NGL Pipelines & Services $ 23,921 $ 20,410 $ 44,501 $ 42,827 Crude Oil Pipelines & Services 25,260 14,107 43,286 29,850 Natural Gas Pipelines & Services 892 1,273 2,351 2,726 Petrochemical & Refined Products Services 13,483 7,900 21,349 18,770 Total segment revenues 63,556 43,690 111,487 94,173 Elimination of intersegment and intrasegment revenues ( 45,287 ) ( 32,327 ) ( 78,832 ) ( 67,393 ) Total consolidated revenues $ 18,269 $ 11,363 $ 32,655 $ 26,780 Segment expenses represent operating costs and expenses exclusive of (i) depreciation, amortization and accretion expenses (excluding amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets), (ii) impairment charges, and (iii) gains and losses attributable to asset sales and related matters. Segment expense presented in the tables above include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Additionally, the significant segment expense categories presented align with the manner in which our CODMs evaluate segment results. Our consolidated operating costs and expenses are inclusive of the aforementioned adjustments and reflect the elimination of intercompany transactions. 25 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following table presents our segment assets, together with a reconciliation to our consolidated total assets, at the dates indicated: June 30, 2026 December 31, 2025 NGL Pipelines & Services $ 25,728 $ 24,999 Crude Oil Pipelines & Services 11,131 11,097 Natural Gas Pipelines & Services 13,440 13,194 Petrochemical & Refined Products Services 11,699 11,725 Total segment assets 61,998 61,015 Construction in progress 2,153 2,400 Current assets 15,905 13,360 Operating lease right-of-use assets, net 758 437 Other assets 944 690 Consolidated total assets $ 81,758 $ 77,902 Supplemental Revenue and Expense Information The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Consolidated revenues: NGL Pipelines & Services $ 5,234 $ 3,406 $ 9,266 $ 8,806 Crude Oil Pipelines & Services 8,339 4,783 14,638 9,904 Natural Gas Pipelines & Services 659 1,071 1,766 2,292 Petrochemical & Refined Products Services 4,037 2,103 6,985 5,778 Total consolidated revenues $ 18,269 $ 11,363 $ 32,655 $ 26,780 Consolidated costs and expenses Operating costs and expenses: Cost of sales $ 14,160 $ 7,899 $ 24,838 $ 19,904 Other operating costs and expenses (1) 1,193 1,063 2,327 2,122 Depreciation, amortization and accretion 705 626 1,387 1,244 Asset impairment charges 9 11 17 21 Net gains attributable to asset sales and related matters ( 2 ) ( 7 ) ( 1 ) ( 9 ) General and administrative costs 64 68 128 128 Total consolidated costs and expenses $ 16,129 $ 9,660 $ 28,696 $ 23,410 (1) Represents the cost of operating our plants, pipelines and other fixed assets excluding depreciation, amortization and accretion charges; asset impairment charges; and net losses (gains) attributable to asset sales and related matters. Fluctuations in our product sales revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. In general, higher energy commodity prices result in an increase in our revenues attributable to product sales; however, these higher commodity prices would also be expected to increase the associated cost of sales as purchase costs are higher. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs. 26 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 11. Earnings Per Unit The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 BASIC EARNINGS PER COMMON UNIT Net income attributable to common unitholders $ 1,840 $ 1,435 $ 3,322 $ 2,828 Earnings allocated to phantom unit awards (1) ( 17 ) ( 14 ) ( 32 ) ( 27 ) Net income allocated to common unitholders $ 1,823 $ 1,421 $ 3,290 $ 2,801 Basic weighted-average number of common units outstanding 2,163 2,168 2,163 2,167 Basic earnings per common unit $ 0.84 $ 0.66 $ 1.52 $ 1.29 DILUTED EARNINGS PER COMMON UNIT Net income attributable to common unitholders $ 1,840 $ 1,435 $ 3,322 $ 2,828 Net income attributable to preferred units 1 1 2 2 Net income attributable to limited partners $ 1,841 $ 1,436 $ 3,324 $ 2,830 Diluted weighted-average number of units outstanding: Distribution-bearing common units 2,163 2,168 2,163 2,167 Phantom units (2) 21 20 21 21 Preferred units (2) 1 2 1 2 Total 2,185 2,190 2,185 2,190 Diluted earnings per common unit $ 0.84 $ 0.66 $ 1.52 $ 1.29 (1) Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding our phantom units. (2) We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units. Note 12. Equity-Based Awards An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Equity-classified awards: Phantom unit awards $ 56 $ 50 $ 110 $ 99 The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of the Partnership’s common units upon vesting. 27 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Phantom Unit Awards Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). The following table presents phantom unit award activity for the period indicated: Number of Units Weighted- Average Grant Date Fair Value per Unit (1) Phantom unit awards at December 31, 2025 20,581,966 $ 28.60 Granted (4) 8,088,595 $ 35.18 Vested ( 7,295,064 ) $ 27.29 Forfeited ( 259,981 ) $ 31.20 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. (2) The aggregate grant date fair value of phantom unit awards issued during 2026 was $ 285 million based on a grant date market price of the Partnership’s common units ranging from $ 32.16 to $ 38.03 per unit. An estimated annual forfeiture rate of 2.0 % was applied to these awards. Each phantom unit award includes a DER, which entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by the Partnership to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed. The following table presents supplemental information regarding phantom unit awards for the periods indicated: For the Three Months 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 $ 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. 28 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 13. Hedging Activities and Fair Value Measurements In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities. Interest Rate Hedging Activities We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), treasury locks and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. 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 June 30, 2026. Commodity Hedging Activities The prices of natural gas, NGLs, crude oil, petrochemicals and refined products, and power are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. 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 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. • The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing fixed-price sales for a portion of our expected equity production using derivative instruments and related contracts. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged using derivative instruments and related contracts. • The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of derivative instruments and related contracts. • The objective of our commercial energy hedging program is to hedge anticipated future purchases of power for certain operations in Southeast Texas by locking in purchase prices through the use of derivative instruments and related contracts. 29 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2026 (volume measures as noted): Volume (1) Accounting Treatment Derivative Purpose Current (2) Long-Term (2) Derivatives designated as hedging instruments: Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (Bcf) 13.8 n/a Cash flow hedge Forecasted sales of natural gas (Bcf) 34.4 14.7 Cash flow hedge Forecasted sales of NGLs (MMBbls) 5.8 n/a Cash flow hedge Octane enhancement: Forecasted sales of octane enhancement products (MMBbls) 5.3 0.9 Cash flow hedge Natural gas marketing: Natural gas storage inventory management activities (Bcf) 1.2 n/a Fair value hedge NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) 203.2 22.7 Cash flow hedge Forecasted sales of NGLs and related hydrocarbon products (MMBbls) 202.6 31.7 Cash flow hedge Refined products marketing: Forecasted purchases of refined products (MMBbls) 2.7 n/a Cash flow hedge Forecasted sales of refined products (MMBbls) 3.5 n/a Cash flow hedge Crude oil marketing: Forecasted purchases of crude oil (MMBbls) 20.7 6.5 Cash flow hedge 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: Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) 0.5 0.3 Cash flow hedge Derivatives not designated as hedging instruments: Natural gas risk management activities (Bcf) (3) 32.7 n/a Mark-to-market NGL risk management activities (MMBbls) (3) 38.4 14.3 Mark-to-market Refined products risk management activities (MMBbls) (3) 3.7 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. (2) The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2029, December 2026 and December 2028, respectively. (3) Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets. The carrying amount of our inventories subject to fair value hedges was $ 4 million and $ 6 million at June 30, 2026 and December 31, 2025, respectively. 30 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Tabular Presentation of Fair Value Amounts, and Gains and Losses on Derivative Instruments and Related Hedged Items The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated: Asset Derivatives Liability Derivatives June 30, 2026 December 31, 2025 June 30, 2026 December 31, 2025 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Commodity derivatives Current assets $ 443 Current assets $ 403 Current liabilities $ 439 Current liabilities $ 312 Commodity derivatives Other assets 46 Other assets 26 Other liabilities 31 Other liabilities 13 Total commodity derivatives 489 429 470 325 Total derivatives designated as hedging instruments $ 489 $ 429 $ 470 $ 325 Derivatives not designated as hedging instruments Commodity derivatives Current assets $ 216 Current assets $ 31 Current liabilities $ 203 Current liabilities $ 35 Commodity derivatives Other assets 2 Other assets – Other liabilities 7 Other liabilities 3 Total commodity derivatives 218 31 210 38 Total derivatives not designated as hedging instruments $ 218 $ 31 $ 210 $ 38 Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated: Offsetting of Financial Assets and Derivative Assets Gross Amounts of Recognized Assets Gross Amounts Offset in the Balance Sheet Amounts of Assets Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Amounts That Would Have Been Presented On Net Basis Financial Instruments Cash Collateral Received Cash Collateral Paid (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv) As of June 30, 2026: Commodity derivatives $ 707 $ – $ 707 $ ( 679 ) $ ( 27 ) $ – $ 1 As of December 31, 2025: Commodity derivatives $ 460 $ – $ 460 $ ( 362 ) $ ( 98 ) $ – $ – 31 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Balance Sheet Amounts of Liabilities Presented in the Balance Sheet Gross Amounts Not Offset in the Balance Sheet Amounts That Would Have Been Presented On Net Basis Financial Instruments Cash Collateral Received Cash Collateral Paid (i) (ii) (iii) = (i) – (ii) (iv) (v) = (iii) + (iv) As of June 30, 2026: Commodity derivatives $ 680 $ – $ 680 $ ( 679 ) $ – $ – $ 1 As of December 31, 2025: Commodity derivatives $ 363 $ – $ 363 $ ( 362 ) $ – $ – $ 1 Derivative assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in these tables, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from these tables. The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated: Derivatives in Fair Value Hedging Relationships Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Commodity derivatives Revenue $ – $ 3 $ ( 3 ) $ 4 Derivatives in Fair Value Hedging Relationships Location Gain (Loss) Recognized in Income on Hedged Item For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Commodity derivatives Revenue $ – $ ( 2 ) $ 11 $ ( 2 ) The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented. The remaining gain (loss) for each period presented is primarily attributable to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness. 32 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated: Derivatives in Cash Flow Hedging Relationships Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Interest rate derivatives $ – $ 12 $ – $ 14 Commodity derivatives – Revenue (1) 32 19 ( 251 ) 37 Commodity derivatives – Operating costs and expenses (1) ( 25 ) ( 19 ) ( 50 ) ( 15 ) Total $ 7 $ 12 $ ( 301 ) $ 36 (1) The fair value of these derivative instruments will be reclassified to their respective locations on the Unaudited Condensed Statement of Consolidated Operations when the forecasted transactions affect earnings. Derivatives in Cash Flow Hedging Relationships Location Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Interest rate derivatives Interest expense $ 2 $ 2 $ 4 $ 3 Commodity derivatives Revenue ( 173 ) 67 ( 122 ) 53 Commodity derivatives Operating costs and expenses ( 11 ) ( 8 ) ( 21 ) ( 20 ) Total $ ( 182 ) $ 61 $ ( 139 ) $ 36 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 $ 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: Derivatives Not Designated as Hedging Instruments Location Gain (Loss) Recognized in Income on Derivative For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Commodity derivatives Revenue $ 58 $ 68 $ ( 41 ) $ 47 Commodity derivatives Operating costs and expenses – 3 ( 3 ) 1 Total $ 58 $ 71 $ ( 44 ) $ 48 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 The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment. 33 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The values for commodity derivatives are presented before and after the application of CME Rule 814, which deems that financial instruments cleared by the CME are settled daily in connection with variation margin payments. As a result of this exchange rule, CME-related derivatives are considered to have no fair value at the balance sheet date for financial reporting purposes; however, the derivatives remain outstanding and subject to future commodity price fluctuations until they are settled in accordance with their contractual terms. 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 June 30, 2026 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Commodity derivatives: Value before application of CME Rule 814 $ 314 $ 802 $ 1 $ 1,117 Impact of CME Rule 814 ( 135 ) ( 275 ) – ( 410 ) Total commodity derivatives 179 527 1 707 Total $ 179 $ 527 $ 1 $ 707 Financial liabilities: Commodity derivatives: Value before application of CME Rule 814 $ 450 $ 734 $ – $ 1,184 Impact of CME Rule 814 ( 256 ) ( 248 ) – ( 504 ) Total commodity derivatives 194 486 – 680 Total $ 194 $ 486 $ – $ 680 At December 31, 2025 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Financial assets: Commodity derivatives: Value before application of CME Rule 814 $ 172 $ 777 $ – $ 949 Impact of CME Rule 814 ( 170 ) ( 319 ) – ( 489 ) Total commodity derivatives 2 458 – 460 Total $ 2 $ 458 $ – $ 460 Financial liabilities: Commodity derivatives: Value before application of CME Rule 814 $ 32 $ 710 $ – $ 742 Impact of CME Rule 814 ( 31 ) ( 348 ) – ( 379 ) Total commodity derivatives 1 362 – 363 Total $ 1 $ 362 $ – $ 363 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. 34 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Other Fair Value Information 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 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. Changes in market rates of interest affect the fair value of our fixed-rate debt. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value. Note 14. Related Party Transactions The following table summarizes our related party transactions for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Revenues – related parties: Unconsolidated affiliates $ 14 $ 11 $ 30 $ 24 Costs and expenses – related parties: EPCO and its privately held affiliates $ 433 $ 409 $ 854 $ 796 Unconsolidated affiliates 53 37 95 75 Total $ 486 $ 446 $ 949 $ 871 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: June 30, 2026 December 31, 2025 Accounts receivable - related parties: Unconsolidated affiliates $ 2 $ 1 Accounts payable - related parties: EPCO and its privately held affiliates $ 134 $ 195 Unconsolidated affiliates 17 22 Total $ 151 $ 217 We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties. Relationship with EPCO and Affiliates 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 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 Common Units Outstanding 702,573,737 common units 32.5 % 35 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. 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 June 30, 2026. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of the Partnership’s common units. The Partnership and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. 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 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. All of our administrative and operating functions are provided either by employees of EPCO (pursuant to the ASA) or by other service providers. We and our general partner are parties to the ASA. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Operating costs and expenses $ 394 $ 364 $ 776 $ 715 General and administrative expenses 33 39 64 68 Total costs and expenses $ 427 $ 403 $ 840 $ 783 We lease office space from privately held affiliates of EPCO. 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. Note 15. Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the three and six months ended June 30, 2026 and 2025. Our federal and state income tax benefit (provision) is summarized below: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Current portion of income tax provision: Federal $ – $ – $ ( 1 ) $ ( 1 ) State ( 7 ) ( 11 ) ( 14 ) ( 23 ) Total current portion ( 7 ) ( 11 ) ( 15 ) ( 24 ) Deferred portion of income tax provision: Federal ( 5 ) ( 4 ) ( 9 ) ( 8 ) State – ( 1 ) ( 10 ) ( 8 ) Total deferred portion ( 5 ) ( 5 ) ( 19 ) ( 16 ) Total provision for income taxes $ ( 12 ) $ ( 16 ) $ ( 34 ) $ ( 40 ) 36 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS A reconciliation of the benefit from (provision for) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows: For the Three Months 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 Income tax provision at the U.S. federal income tax rate ( 392 ) ( 21.0 ) % ( 309 ) ( 21.0 ) % ( 711 ) ( 21.0 ) % ( 609 ) ( 21.0 ) % Reduction (increase) in provision for income taxes resulting from: Partnership income not subject to federal income tax 386 20.7 % 304 20.7 % 701 20.7 % 600 20.7 % Texas Margin Tax (1) ( 6 ) ( 0.3 ) % ( 11 ) ( 0.7 ) % ( 23 ) ( 0.7 ) % ( 30 ) ( 1.0 ) % Other – – % – – % ( 1 ) – % ( 1 ) – % Provision for income taxes $ ( 12 ) ( 0.6 ) % $ ( 16 ) ( 1.1 ) % $ ( 34 ) ( 1.0 ) % $ ( 40 ) ( 1.4 ) % Effective income tax rate ( 0.6 ) % ( 1.1 ) % ( 1.0 ) % ( 1.4 ) % (1) Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated: June 30, 2026 December 31, 2025 Deferred tax liabilities: Attributable to investment in OTA (1) $ 505 $ 495 Attributable to property, plant and equipment 182 172 Other 110 111 Total deferred tax liabilities 797 778 Deferred tax assets: Net operating loss carryovers (2) 74 73 Temporary differences related to Texas Margin Tax 3 3 Total deferred tax assets 77 76 Total net deferred tax liabilities $ 720 $ 702 (1) Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. (“OTA”), which we acquired in March 2020. (2) The loss amount presented as of June 30, 2026 has an indefinite carryover period. All losses are subject to limitations on their utilization. Note 16. Commitments and Contingent Liabilities Litigation As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the Partnership in litigation matters. There were no accruals for litigation contingencies at June 30, 2026 and December 31, 2025, respectively. 37 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Contractual Obligations Scheduled Maturities of Debt We have long-term and short-term payment obligations under debt agreements. 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 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: 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: 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). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases . 38 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following table disaggregates our total operating and finance lease expense for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Long-term leases: Fixed operating lease expense: Non-cash lease expense (amortization of ROU assets) $ 24 $ 27 $ 52 $ 55 Related accretion expense on lease liability balances 6 5 11 9 Total fixed operating lease expense 30 32 63 64 Fixed finance lease expense: Amortization of ROU assets 2 1 3 1 Interest on finance lease liabilities 1 1 1 1 Total fixed finance lease expense 3 2 4 2 Variable lease expense 4 4 9 9 Total long-term lease expense 37 38 76 75 Short-term lease expense 35 38 77 73 Total lease expense $ 72 $ 76 $ 153 $ 148 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, 2026 2025 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 Period: 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 We have contractual future product purchase commitments for NGLs and crude oil representing enforceable and legally binding agreements as of the reporting date. 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 June 30, 2026 did not differ materially from those reported in our 2025 Form 10-K. 39 Table of Contents ENTERPRISE PRODUCTS PARTNERS L.P. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 17. Supplemental Cash Flow Information The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated: For the Six Months Ended June 30, 2026 2025 Decrease (increase) in: Accounts receivable – trade $ ( 2,904 ) $ 1,680 Accounts receivable – related parties – 2 Inventories ( 754 ) 56 Prepaid and other current assets ( 187 ) ( 128 ) Other assets ( 1 ) 47 Increase (decrease) in: Accounts payable – trade 379 ( 94 ) Accounts payable – related parties ( 66 ) ( 70 ) Accrued product payables 3,468 ( 1,131 ) Accrued interest ( 13 ) ( 16 ) Other current liabilities ( 110 ) ( 104 ) Other long-term liabilities ( 7 ) ( 89 ) Net effect of changes in operating accounts $ ( 195 ) $ 153 Cash payments for interest, net of $ 47 and $ 98 capitalized during the six months ended June 30, 2026 and 2025, respectively $ 773 $ 680 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 Six Months Ended June 30, 2026 2025 Sale of Bahia NGL Pipeline ownership interest (1) $ 595 $ – Other asset sales 4 15 Total $ 599 $ 15 (1) In December 2025, we completed the sale of a 40 % undivided joint interest in our Bahia NGL Pipeline to ExxonMobil for approximately $ 655 million in cash. The cash consideration was payable in two installments, with $ 60 million received in December 2025 and the remaining $ 595 million received in January 2026. Note 18. 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. 40 Table of Contents