Financial Analysis

Note 12. Acquisitions Acquisition of Oxy Natural Gas Gathering Affiliate In July 2025, we entered into definitive agreements to acquire an affiliate of Oxy that owns approximately 200 miles of natural gas gathering pipelines in the Midland Basin and to provide natural gas gathering and processing services to Oxy for production from approximately 73,000 dedicated acres across four counties in the Midland Basin. This acquisition, which closed on August 22, 2025, did not meet the definition of a business under ASC 805, Business Combinations , and was therefore accounted for as an asset acquisition. Asset acquisitions require, among other considerations, that the total cost of the acquisition be allocated to the assets acquired and liabilities assumed on a relative fair value basis. Additionally, transaction costs incurred in connection with an asset acquisition are capitalized as part of the total cost of the acquired assets. The total cost of the acquisition was $583 million, consisting of $581 million in cash consideration and $2 million in transaction-related costs. This amount is reflected as a component of Capital expenditures on our Statements of Consolidated Cash Flows. The following table summarizes the allocation of the total cost to the assets acquired and liabilities assumed: Recognized amounts of assets acquired and liabilities assumed (1): Property, plant and equipment $ 223 Contract-based intangible asset 360 Total net assets acquired $ 583 (1) As part of this tran …

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Note 17. 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. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the possible need for accounting recognition and disclosure of these contingencies. We accrue an undiscounted liability for those contingencies where the loss is probable and the amount can be reasonably estimated. If a range of probable loss amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount in the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible l …

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Note 7. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated: December 31, 2025 2024 EPO senior debt obligations: Commercial Paper Notes, variable-rates $ $ Senior Notes MM, 3.75% fixed-rate, due February 2025 1,150 Senior Notes FFF, 5.05% fixed-rate, due January 2026 750 750 Senior Notes PP, 3.70% fixed-rate, due February 2026 875 875 March 2025 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2026 (1) 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 Senior Notes LLL, 4.30% fixed-rate, due June 2028 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 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 Senior Notes W, 7.55% f …

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The following table presents our revenues by business segment, and further by revenue type, for the years indicated: For the Year Ended December 31, 2025 2024 2023 NGL Pipelines & Services: Sales of NGLs and related products $ 14,415 $ 17,397 $ 14,846 Segment midstream services: Natural gas processing and fractionation 1,261 1,349 1,278 Transportation 1,299 1,151 1,090 Storage and terminals 341 379 431 Total segment midstream services 2,901 2,879 2,799 Total NGL Pipelines & Services 17,316 20,276 17,645 Crude Oil Pipelines & Services: Sales of crude oil 19,560 20,389 18,185 Segment midstream services: Transportation 770 779 744 Storage and terminals 431 412 407 Total segment midstream services 1,201 1,191 1,151 Total Crude Oil Pipelines & Services 20,761 21,580 19,336 Natural Gas Pipelines & Services: Sales of natural gas 2,355 1,458 2,373 Segment midstream services: Transportation 1,812 1,546 1,403 Total segment midstream services 1,812 1,546 1,403 Total Natural Gas Pipelines & Services 4,167 3,004 3,776 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 9,010 10,013 7,689 Segment midstream services: Fractionation and isomerization 354 371 282 Transportation, including marine logistics 668 663 660 Storage and terminals 320 312 327 Total segment midstream services 1,342 1,346 1,269 Total Petrochemical & Refined Products Services 10,352 11,359 8,958 Total consolidated revenues $ 52,596 $ 56,219 $ 49,715

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Note 13. Equity-Based Awards An allocated portion of the fair value of EPCOs 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 years indicated: For the Year Ended December 31, 2025 2024 2023 Equity-classified awards: Phantom unit awards $ 197 $ 178 $ 166 Profits interest awards 10 6 Total $ 197 $ 188 $ 172 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 Partnerships common units upon vesting. The 2008 Enterprise Products Long-Term Incentive Plan (Fourth Amendment and Restatement)(referred to as the 2008 Plan) is a plan under which any non-employee director, employee or consultants of EPCO, the Partnership or its affiliates providing services, directly or indirectly, for the Partnership or its subsidiaries may receive incentive compensation awards in the form of options, restricted units, phantom units, distribution equivalent rights, unit appreciation rights, unit awards, other unit-based awards or substitute awards. The maximum number of the Partnerships common units authorized for issuance under the 2008 Plan was 165,000,000 at December 31, 2025. The 2008 Plan is effective until November 22, 2032 or, if earlier, until (i) the time that all available common units under the 2008 Plan have been delivered to participants or (ii) t …

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Note 6. Intangible Assets and Goodwill Identifiable Intangible Assets The following table summarizes our intangible assets by business segment at the dates indicated: December 31, 2025 December 31, 2024 Gross Value Accumulated Amortization Carrying Value Gross Value Accumulated Amortization Carrying Value NGL Pipelines & Services: Customer relationship intangibles $ 449 $ (289) $ 160 $ 449 $ (276) $ 173 Contract-based intangibles 1,050 (177) 873 754 (141) 613 Segment total 1,499 (466) 1,033 1,203 (417) 786 Crude Oil Pipelines & Services: Customer relationship intangibles 2,195 (710) 1,485 2,195 (627) 1,568 Contract-based intangibles 283 (280) 3 283 (278) 5 Segment total 2,478 (990) 1,488 2,478 (905) 1,573 Natural Gas Pipelines & Services: Customer relationship intangibles 1,351 (700) 651 1,351 (663) 688 Contract-based intangibles 1,150 (265) 885 1,081 (227) 854 Segment total 2,501 (965) 1,536 2,432 (890) 1,542 Petrochemical & Refined Products Services: Customer relationship intangibles 181 (99) 82 181 (92) 89 Contract-based intangibles 50 (30) 20 45 (30) 15 Segment total 231 (129) 102 226 (122) 104 Total intangible assets $ 6,709 $ (2,550) $ 4,159 $ 6,339 $ (2,334) $ 4,005 The following table presents the amortization expense of our intangible assets by business segment for the years indicated: For the Year Ended December 31, 2025 2024 2023 NGL Pipelines & Services $ 49 $ 44 $ 40 Crude Oil Pipelines & Services 85 100 103 Natural Gas Pipelines & Ser …

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Note 16. Income Taxes Publicly traded partnerships like ours are treated as corporations unless they have 90% or more in qualifying income (as that term is defined in the Internal Revenue Code). We satisfied this requirement in each of the years ended December 31, 2025, 2024 and 2023 and, as a result, are not subject to federal income tax. However, our partners are individually responsible for paying federal income tax on their share of our taxable income. Net earnings for financial reporting purposes may differ significantly from taxable income reportable to our unitholders as a result of differences between the tax basis and financial reporting basis of certain assets and liabilities and other factors. We do not have access to information regarding each partners individual tax basis in our limited partner interests. 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 …

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Note 15. Related Party Transactions The following table summarizes our related party transactions for the years indicated: For the Year Ended December 31, 2025 2024 2023 Revenues related parties: Unconsolidated affiliates $ 52 $ 58 $ 61 Costs and expenses related parties: EPCO and its privately held affiliates $ 1,604 $ 1,472 $ 1,353 Unconsolidated affiliates 159 185 188 Total $ 1,763 $ 1,657 $ 1,541 The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated: December 31, 2025 2024 Accounts receivable - related parties: Unconsolidated affiliates $ 1 $ 4 Accounts payable - related parties: EPCO and its privately held affiliates $ 195 $ 180 Unconsolidated affiliates 22 18 Total $ 217 $ 198 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 December 31, 2025, 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 702,259,47 …

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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 years indicated: For the Year Ended December 31, 2025 2024 2023 NGL Pipelines & Services: Sales of NGLs and related products $ 14,415 $ 17,397 $ 14,846 Segment midstream services: Natural gas processing and fractionation 1,261 1,349 1,278 Transportation 1,299 1,151 1,090 Storage and terminals 341 379 431 Total segment midstream services 2,901 2,879 2,799 Total NGL Pipelines & Services 17,316 20,276 17,645 Crude Oil Pipelines & Services: Sales of crude oil 19,560 20,389 18,185 Segment midstream services: Transportation 770 779 744 Storage and terminals 431 412 407 Total segment midstream services 1,201 1,191 1,151 Total Crude Oil Pipelines & Services 20,761 21,580 19,336 Natural Gas Pipelines & Services: Sales of natural gas 2,355 1,458 2,373 Segment midstream services: Transportation 1,812 1,546 1,403 Total segment midstream services 1,812 1,546 1,403 Total Natural Gas Pipelines & Services 4,167 3,004 3,776 Petrochemical & Refined Products Services: Sales of petrochemicals and refined products 9,010 10,013 7,689 Segment midstream services: Frac …

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Note 10. Business Segments and Related Information Segment Overview 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. 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 marke …

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Note 2. Summary of Significant Accounting Policies Our consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Allowance for Credit Losses We estimate our allowance for credit losses at each reporting date using a current expected credit loss model, which requires the measurement of expected credit losses for financial assets (e.g., accounts receivable) based on historical experience with customers, current economic conditions, and reasonable and supportable forecasts. We may also increase the allowance for credit losses in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties . The following table presents our allowance for credit losses activity for the years indicated: For the Year Ended December 31, 2025 2024 2023 Balance at beginning of period $ 38 $ 35 $ 54 Charged to costs and expenses 3 1 Deductions (3) (20) Balance at end of period $ 35 $ 38 $ 35 Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents represent unrestricted cash on hand and highly liquid investments with original maturities of less than three months from the date of purchase. 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, refi …

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Note 8. Capital Accounts Common Limited Partner Interests The following table summarizes changes in the number of our common units outstanding since December 31, 2022: Common units outstanding at December 31, 2022 2,170,806,347 Common unit repurchases under 2019 Buyback Program (7,244,540) Common units issued in connection with the vesting of phantom unit awards, net 4,662,539 Other 20,892 Common units outstanding at December 31, 2023 2,168,245,238 Common unit repurchases under 2019 Buyback Program (7,556,210) Common units issued in connection with the vesting of phantom unit awards, net 4,990,360 Other 20,574 Common units outstanding at December 31, 2024 2,165,699,962 Common unit repurchases under 2019 Buyback Program (9,496,536) Common units issued in connection with the vesting of phantom unit awards, net 5,346,387 Conversion of preferred units to common units 194,472 Other 16,398 Common units outstanding at December 31, 2025 2,161,760,683 The Partnerships common units represent limited partner interests that give the holders thereof the right to participate in distributions and to exercise the other rights or privileges available to them under our Seventh Amended and Restated Agreement of Limited Partnership (as amended from time to time, the Partnership Agreement). In accordance with the Partnership Agreement, capital accounts are maintained for our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. f …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing