0001061219-22-000020 | 10-Q | XBRL Viewer | Enterprise Products Partners LP

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	1-14323
Entity Registrant Name	ENTERPRISE PRODUCTS PARTNERS L.P.
Entity Central Index Key	0001061219
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0568219
Entity Address, Address Line One	1100 Louisiana Street, 10th Floor
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	381-6500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,179,249,380
Title of 12(b) Security	Common Units
Trading Symbol	EPD
Security Exchange Name	NYSE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 231	$ 2,820
Restricted cash	166	145
Accounts receivable - trade, net of allowance for credit losses of $54 at June 30, 2022 and $53 at December 31, 2021	8,421	6,967
Accounts receivable - related parties	29	21
Inventories	3,234	2,681
Derivative assets	332	237
Prepaid and other current assets	548	399
Total current assets	12,961	13,270
Property, plant and equipment, net	44,129	42,088
Investments in unconsolidated affiliates	2,374	2,428
Intangible assets, net	4,056	3,151
Goodwill	5,608	5,449
Other assets	1,222	1,140
Total assets	70,350	67,526
Current liabilities:
Current maturities of debt	1,889	1,400
Accounts payable - trade	803	632
Accounts payable - related parties	132	167
Accrued product payables	10,815	8,093
Accrued interest	435	453
Derivative liabilities	345	254
Other current liabilities	559	626
Total current liabilities	14,978	11,625
Long-term debt	26,892	28,135
Deferred tax liabilities	556	518
Other long-term liabilities	898	760
Commitments and contingent liabilities
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units (50,412 units outstanding at June 30, 2022 and 50,412 units outstanding at December 31, 2021)	49	49
Partners' equity
Common limited partner interests (2,179,249,380 units issued and outstanding at June 30, 2022 and 2,176,379,587 units issued and outstanding at December 31, 2021)	27,003	26,340
Treasury units, at cost	(1,297)	(1,297)
Accumulated other comprehensive income	177	286
Total partners' equity	25,883	25,329
Noncontrolling interests in consolidated subsidiaries	1,094	1,110
Total equity	26,977	26,439
Total liabilities, preferred units, and equity	$ 70,350	$ 67,526

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Accounts receivable, allowance for credit losses	$ 54	$ 53
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units outstanding (in units)	50,412	50,412
Partners' equity:
Common units issued (in units)	2,179,249,380	2,176,379,587
Common units outstanding (in units)	2,179,249,380	2,176,379,587

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Third parties	$ 16,041	$ 9,441	$ 29,033	$ 18,582
Related parties	19	9	35	23
Total revenues	16,060	9,450	29,068	18,605
Operating costs and expenses:
Third party and other costs	14,004	7,767	25,086	14,996
Related parties	337	300	652	624
Total operating costs and expenses	14,341	8,067	25,738	15,620
General and administrative costs:
Third party and other costs	24	19	49	40
Related parties	38	33	75	68
Total general and administrative costs	62	52	124	108
Total costs and expenses	14,403	8,119	25,862	15,728
Equity in income of unconsolidated affiliates	107	161	224	310
Operating income	1,764	1,492	3,430	3,187
Other income (expense):
Interest expense	(309)	(316)	(628)	(639)
Interest income	2	1	3	2
Other, net	0	0	2	0
Total other expense, net	(307)	(315)	(623)	(637)
Income before income taxes	1,457	1,177	2,807	2,550
Provision for income taxes	(17)	(31)	(36)	(41)
Net income	1,440	1,146	2,771	2,509
Net income attributable to noncontrolling interests	(28)	(33)	(62)	(54)
Net income attributable to preferred units	(1)	(1)	(2)	(2)
Net income attributable to common unitholders	$ 1,411	$ 1,112	$ 2,707	$ 2,453
Earnings per unit:
Basic earnings per common unit (in dollars per unit)	$ 0.64	$ 0.50	$ 1.23	$ 1.11
Diluted earnings per common unit (in dollars per unit)	$ 0.64	$ 0.50	$ 1.23	$ 1.11

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net income	$ 1,440	$ 1,146	$ 2,771	$ 2,509
Commodity hedging derivative instruments:
Changes in fair value of cash flow hedges	39	(291)	(60)	(752)
Reclassification of losses (gains) to net income	(108)	(99)	(63)	517
Interest rate hedging derivative instruments:
Changes in fair value of cash flow hedges	0	0	0	183
Reclassification of losses to net income	6	10	14	18
Total cash flow hedges	(63)	(380)	(109)	(34)
Total other comprehensive loss	(63)	(380)	(109)	(34)
Comprehensive income	1,377	766	2,662	2,475
Comprehensive income attributable to noncontrolling interests	(28)	(33)	(62)	(54)
Comprehensive income attributable to preferred units	(1)	(1)	(2)	(2)
Comprehensive income attributable to common unitholders	$ 1,348	$ 732	$ 2,598	$ 2,419

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating activities:
Net income	$ 2,771	$ 2,509
Reconciliation of net income to net cash flows provided by operating activities:
Depreciation and accretion	891	852
Amortization of intangible assets	86	74
Amortization of major maintenance costs for reaction-based plants	25	10
Other amortization expense	115	123
Impairment of assets other than goodwill	19	84
Equity in income of unconsolidated affiliates	(224)	(310)
Distributions received from unconsolidated affiliates attributable to earnings	224	262
Net losses attributable to asset sales and related matters	2	11
Deferred income tax expense	16	24
Change in fair market value of derivative instruments	94	(39)
Non-cash expense related to long-term operating leases	27	19
Net effect of changes in operating accounts	218	399
Other operating activities	0	(1)
Net cash flows provided by operating activities	4,264	4,017
Investing activities:
Capital expenditures	(731)	(1,301)
Cash used for business combinations, net of cash received	(3,204)	0
Investments in unconsolidated affiliates	0	(1)
Distributions received from unconsolidated affiliates attributable to the return of capital	55	37
Proceeds from asset sales	14	50
Other investing activities	(2)	(14)
Cash used in investing activities	(3,868)	(1,229)
Financing activities:
Borrowings under debt agreements	42,112	9,797
Repayments of debt	(42,872)	(11,122)
Monetization of interest rate derivative instruments	0	75
Cash distributions paid to common unitholders	(2,026)	(1,965)
Cash payments made in connection with distribution equivalent rights	(17)	(15)
Cash distributions paid to noncontrolling interests	(82)	(71)
Cash contributions from noncontrolling interests	4	18
Repurchase of common units under 2019 Buyback Program	(35)	(14)
Other financing activities	(48)	(38)
Cash used in financing activities	(2,964)	(3,335)
Net change in cash and cash equivalents, including restricted cash	(2,568)	(547)
Cash and cash equivalents, including restricted cash, at beginning of period	2,965	1,158
Cash and cash equivalents, including restricted cash, at end of period	$ 397	$ 611

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests in Consolidated Subsidiaries [Member]	Common Limited Partners Interests [Member]	Treasury Units [Member]
Balance at Dec. 31, 2020	$ 25,378	$ (165)	$ 1,073	$ 25,767	$ (1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	2,507	0	54	2,453	0
Cash distributions paid to common unitholders	(1,965)	0	0	(1,965)	0
Cash payments made in connection with distribution equivalent rights	(15)	0	0	(15)	0
Cash distributions paid to noncontrolling interests	(71)	0	(71)	0	0
Cash contributions from noncontrolling interests	18	0	18	0	0
Amortization of fair value of equity-based awards	79	0	0	79	0
Repurchase and cancellation of common units under 2019 Buyback Program	(14)	0	0	(14)	0
Cash flow hedges	(34)	(34)	0	0	0
Other, net	(36)	0	0	(36)	0
Balance at Jun. 30, 2021	25,847	(199)	1,074	26,269	(1,297)
Balance at Mar. 31, 2021	26,071	181	1,078	26,109	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,145	0	33	1,112	0
Cash distributions paid to common unitholders	(983)	0	0	(983)	0
Cash payments made in connection with distribution equivalent rights	(8)	0	0	(8)	0
Cash distributions paid to noncontrolling interests	(41)	0	(41)	0	0
Cash contributions from noncontrolling interests	5	0	5	0	0
Amortization of fair value of equity-based awards	41	0	0	41	0
Cash flow hedges	(380)	(380)	0	0	0
Other, net	(3)	0	(1)	(2)	0
Balance at Jun. 30, 2021	25,847	(199)	1,074	26,269	(1,297)
Balance at Dec. 31, 2021	26,439	286	1,110	26,340	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	2,769	0	62	2,707	0
Cash distributions paid to common unitholders	(2,026)	0	0	(2,026)	0
Cash payments made in connection with distribution equivalent rights	(17)	0	0	(17)	0
Cash distributions paid to noncontrolling interests	(82)	0	(82)	0	0
Cash contributions from noncontrolling interests	4	0	4	0	0
Amortization of fair value of equity-based awards	79	0	0	79	0
Repurchase and cancellation of common units under 2019 Buyback Program	(35)	0	0	(35)	0
Cash flow hedges	(109)	(109)	0	0	0
Other, net	(45)	0	0	(45)	0
Balance at Jun. 30, 2022	26,977	177	1,094	27,003	(1,297)
Balance at Mar. 31, 2022	26,657	240	1,104	26,610	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,439	0	28	1,411	0
Cash distributions paid to common unitholders	(1,014)	0	0	(1,014)	0
Cash payments made in connection with distribution equivalent rights	(9)	0	0	(9)	0
Cash distributions paid to noncontrolling interests	(40)	0	(40)	0	0
Cash contributions from noncontrolling interests	2	0	2	0	0
Amortization of fair value of equity-based awards	41	0	0	41	0
Repurchase and cancellation of common units under 2019 Buyback Program	(35)	0	0	(35)	0
Cash flow hedges	(63)	(63)	0	0	0
Other, net	(1)	0	0	(1)	0
Balance at Jun. 30, 2022	$ 26,977	$ 177	$ 1,094	$ 27,003	$ (1,297)

Partnership Organization and Operations

6 Months Ended

Jun. 30, 2022

Partnership Organization and Operations [Abstract]

Partnership Organization and Operations

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 (the “Board”) of Enterprise GP; (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board of Enterprise GP; and (iii) W. Randall Fowler, who is also a director and the Co-Chief Executive Officer and Chief Financial 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 32.2% of the Partnership’s common units outstanding at June 30, 2022.

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.

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, or “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 15 for information regarding related party matters.

Our results of operations for the six months ended June 30, 2022 are not necessarily indicative of results expected for the full year of 2022. 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, 2021 (the “2021 Form 10-K”) filed with the SEC on February 28, 2022.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 2021 Form 10-K.

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 since December 31, 2021:

Allowance for credit losses, December 31, 2021	$	53
Charged to costs and expenses		4
Charged to other accounts		1
Deductions		(4	)
Allowance for credit losses, June 30, 2022	$	54

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, 2022		December 31, 2021
Cash and cash equivalents	$	231	$	2,820
Restricted cash		166		145
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	397	$	2,965

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, 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 14 for information regarding our derivative instruments and hedging activities.

Inventories

6 Months Ended

Jun. 30, 2022

Inventories [Abstract]

Inventories

Note 3. Inventories

Our inventory amounts by product type were as follows at the dates indicated:

	June 30, 2022		December 31, 2021
NGLs	$	2,422	$	2,027
Petrochemicals and refined products		576		343
Crude oil		211		285
Natural gas		25		26
Total	$	3,234	$	2,681

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,
	2022			2021			2022			2021
Cost of sales (1)		$	12,908		$	6,840		$	23,006		$	13,103
Lower of cost or net realizable value adjustments recognized in cost of sales			3			3			7			13

(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.

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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, 2022		December 31, 2021
Plants, pipelines and facilities (1)		3-45	(5)	$	53,912	$	51,636
Underground and other storage facilities (2)		5-40	(6)		4,335		4,327
Transportation equipment (3)		3-10			218		209
Marine vessels (4)		15-30			922		918
Land					387		379
Construction in progress					2,213		1,616
Subtotal					61,987		59,085
Less accumulated depreciation					17,933		17,083
Subtotal property, plant and equipment, net					44,054		42,002
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)					75		86
Property, plant and equipment, net				$	44,129	$	42,088

(1)	Plants, pipelines and facilities include processing 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: processing 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 amortization period for these costs is 1.8 years.

Property, plant and equipment at June 30, 2022 and December 31, 2021 includes $114 million and $81 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, 2021:

ARO liability balance, December 31, 2021	$	176
Liabilities incurred (1)		14
Revisions in estimated cash flows (2)		23
Liabilities settled (3)		(2	)
Accretion expense (4)		8
ARO liability balance, June 30, 2022	$	219

(1)	Represents the initial recognition of estimated ARO liabilities during period.
(2)	Represents subsequent adjustments to estimated ARO liabilities during period.
(3)	Represents cash payments to settle ARO liabilities during period.
(4)	Represents 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 $219 million total ARO liability recorded at June 30, 2022, $16 million was reflected as a current liability and $203 million as a long-term liability.

The following table summarizes our depreciation and accretion expense and capitalized interest amounts for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation expense (1)	$	445	$	425	$	883	$	849
Accretion expense (1)		6		1		8		3
Capitalized interest (2)		21		21		38		41

(1)

Depreciation and accretion 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.

Investments in Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2022

Investments in Unconsolidated Affiliates [Abstract]

Investments in Unconsolidated Affiliates

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, 2022		December 31, 2021
NGL Pipelines & Services	$	650	$	656
Crude Oil Pipelines & Services		1,690		1,738
Natural Gas Pipelines & Services		31		31
Petrochemical & Refined Products Services		3		3
Total	$	2,374	$	2,428

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,
	2022		2021		2022		2021
NGL Pipelines & Services	$	36	$	29	$	70	$	57
Crude Oil Pipelines & Services		70		130		151		249
Natural Gas Pipelines & Services		–		2		2		3
Petrochemical & Refined Products Services		1		–		1		1
Total	$	107	$	161	$	224	$	310

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2022

Intangible Assets and Goodwill [Abstract]

Intangible Assets and Goodwill

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, 2022							December 31, 2021
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(242	)	$	207	$	449	$	(236	)	$	213
Contract-based intangibles		749		(72	)		677		165		(61	)		104
Segment total		1,198		(314	)		884		614		(297	)		317
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195		(392	)		1,803		2,195		(355	)		1,840
Contract-based intangibles		283		(267	)		16		283		(263	)		20
Segment total		2,478		(659	)		1,819		2,478		(618	)		1,860
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,350		(569	)		781		1,350		(550	)		800
Contract-based intangibles		639		(189	)		450		232		(183	)		49
Segment total		1,989		(758	)		1,231		1,582		(733	)		849
Petrochemical & Refined Products Services:
Customer relationship intangibles		181		(78	)		103		181		(75	)		106
Contract-based intangibles		45		(26	)		19		45		(26	)		19
Segment total		226		(104	)		122		226		(101	)		125
Total intangible assets	$	5,891	$	(1,835	)	$	4,056	$	4,900	$	(1,749	)	$	3,151

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,
	2022		2021		2022		2021
NGL Pipelines & Services	$	9	$	6	$	17	$	12
Crude Oil Pipelines & Services		21		19		41		37
Natural Gas Pipelines & Services		14		11		25		21
Petrochemical & Refined Products Services		1		2		3		4
Total	$	45	$	38	$	86	$	74

The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:

Remainder of 2022				2023				2024				2025				2026
$	100			$	204			$	212			$	211			$	206

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. The following table presents changes in the carrying amount of goodwill for the period presented:

	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Consolidated Total
Balance at December 31, 2021	$	2,652	$	1,841	$	–	$	956	$	5,449
Goodwill related to acquisition (1)		159		–		–		–		159
Balance at June 30, 2022	$	2,811	$	1,841	$	–	$	956	$	5,608

(1)	This amount represents the goodwill recognized in connection with our acquisition of Navitas Midstream in February 2022. See Note 12 for additional information regarding this acquisition.

Debt Obligations

6 Months Ended

Jun. 30, 2022

Debt Obligations [Abstract]

Debt Obligations

Note 7. Debt Obligations

The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:

	June 30, 2022			December 31, 2021
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	640		$	–
Senior Notes VV, 3.50% fixed-rate, due February 2022		–			750
Senior Notes CC, 4.05% fixed-rate, due February 2022		–			650
September 2021 364-Day Revolving Credit Agreement, variable-rate, due September 2022		–			–
Senior Notes HH, 3.35% fixed-rate, due March 2023		1,250			1,250
Senior Notes JJ, 3.90% fixed-rate, due February 2024		850			850
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150			1,150
Senior Notes PP, 3.70% fixed-rate, due February 2026		875			875
September 2021 Multi-Year Revolving Credit Agreement, variable-rate, due September 2026		–			–
Senior Notes SS, 3.95% fixed-rate, due February 2027		575			575
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
Senior Notes D, 6.875% fixed-rate, due March 2033		500			500
Senior Notes H, 6.65% fixed-rate, due October 2034		350			350
Senior Notes J, 5.75% fixed-rate, due March 2035		250			250
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 CCC, 3.95% fixed rate, due January 2060		1,000			1,000
Total principal amount of senior debt obligations		26,415			27,175
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1)		232			232
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2)		700			700
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3)		1,000			1,000
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4)		700			700
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1)		14			14
Total principal amount of senior and junior debt obligations		29,061			29,821
Other, non-principal amounts		(280	)		(286	)
Less current maturities of debt		(1,889	)		(1,400	)
Total long-term debt	$	26,892		$	28,135

(1)	Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate (“LIBOR”), plus 2.778%.
(2)	Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
(3)	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
(4)	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.

References to “TEPPCO” mean TEPPCO Partners, L.P. prior to its merger with one of our wholly owned subsidiaries in October 2009.

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, 2022:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	0.20% to 1.85%	0.72%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	2.95% to 4.36%	3.36%

Amounts borrowed under EPO’s September 2021 364-Day Revolving Credit Agreement and September 2021 Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) LIBOR, 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) LIBOR 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.

In July 2017, the Financial Conduct Authority in the U.K. announced a desire to phase out LIBOR as a benchmark by the end of June 2023. Financial industry working groups are developing replacement rates and methodologies to transition existing agreements that depend on LIBOR as a reference rate. We currently do not expect the transition from LIBOR to have a material financial impact on us.

Scheduled Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2022 for the next five years, and in total thereafter:

			Scheduled Maturities of Debt
	Total		Remainder of 2022		2023		2024		2025		2026		Thereafter
Commercial Paper Notes	$	640	$	640	$	–	$	–	$	–	$	–	$	–
Senior Notes		25,775		–		1,250		850		1,150		875		21,650
Junior Subordinated Notes		2,646		–		–		–		–		–		2,646
Total	$	29,061	$	640	$	1,250	$	850	$	1,150	$	875	$	24,296

In February 2022, EPO repaid all of the $750 million and $650 million in principal amount of its Senior Notes VV and CC, respectively, using remaining cash on hand attributable to its September 2021 senior notes offering and proceeds from the issuance of short-term notes under its commercial paper program.

March 2022 Delayed Draw Term Loan Agreement

On March 1, 2022, EPO entered into a delayed draw term loan agreement (the “March 2022 Delayed Draw Term Loan Agreement”). Under the terms of the March 2022 Delayed Draw Term Loan Agreement, EPO could have borrowed up to an aggregate of $500 million by April 30, 2022 at a variable interest rate based on EPO’s senior debt credit rating. However, because EPO elected not to borrow under the facility by April 30, 2022, the March 2022 Delayed Draw Term Loan Agreement automatically terminated at that date in accordance with its terms.

Expected Renewal of September 2021 364-Day Revolving Credit Agreement

EPO’s September 2021 364-Day Revolving Credit Agreement is scheduled to mature in September 2022. As a result, EPO expects to renew this credit agreement during the third quarter of 2022. At June 30, 2022, there were no principal amounts outstanding under the September 2021 364-Day Revolving Credit Agreement.

Partial Redemption of Junior Subordinated Notes D

On August 1, 2022, EPO called for redemption $350 million of the $700 million outstanding principal amount of its Junior Subordinated Notes D. The redemption date for such notes is August 31, 2022. These notes are redeemable at EPO’s election on or after August 16, 2022 at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. The redemption is expected to be made using cash on hand and proceeds from the issuance of short-term notes under EPO’s commercial paper program.

Letters of Credit

At June 30, 2022, EPO had $117 million of letters of credit outstanding primarily related to our commodity hedging activities.

Lender Financial Covenants

We were in compliance with the financial covenants of our consolidated debt agreements at June 30, 2022.

Parent-Subsidiary Guarantor Relationships

The Partnership acts as guarantor of the consolidated debt obligations of EPO, with the exception of the remaining debt obligations of TEPPCO. If EPO were to default on any of its guaranteed debt, the Partnership would be responsible for full and unconditional repayment of such obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Capital Accounts

6 Months Ended

Jun. 30, 2022

Capital Accounts [Abstract]

Capital Accounts

Note 8. Capital Accounts

Common Limited Partner Interests

The following table summarizes changes in the number of our common units outstanding since December 31, 2021:

Common units outstanding at December 31, 2021	2,176,379,587
Common units issued in connection with the vesting of phantom unit awards, net	4,051,207
Other	22,350
Common units outstanding at March 31, 2022	2,180,453,144
Common unit repurchases under 2019 Buyback Program	(1,408,121	)
Common units issued in connection with the vesting of phantom unit awards, net	204,357
Common units outstanding at June 30, 2022	2,179,249,380

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, 2022. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of June 30, 2022.

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 of Enterprise GP 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. 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.

During the three and six months ended June 30, 2022, the Partnership repurchased 1,408,121 common units under the 2019 Buyback Program through open market purchases. The total cost of these repurchases, including commissions and fees, was $35 million. During the six months ended June 30, 2021, the Partnership repurchased 709,816 common units under the 2019 Buyback Program through open market purchases. The total cost of these repurchases, including commissions and fees, was $14 million. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At June 30, 2022, the remaining available capacity under the 2019 Buyback Program was $1.5 billion.

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

After taking into account tax withholding requirements, the Partnership issued 4,255,564 new common units to employees in connection with the vesting of phantom unit awards during the six months ended June 30, 2022. See Note 13 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, 2022, agents of the Partnership purchased 3,240,990 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $1 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 12, 2022.

Preferred Units

There were 50,412 of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding at June 30, 2022.

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, 2022, 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
	Commodity Derivative Instruments			Interest Rate Derivative Instruments		Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2021	$	137		$	147	$	2	$	286
Other comprehensive income (loss) for period, before reclassifications		(60	)		–		–		(60	)
Reclassification of losses (gains) to net income during period		(63	)		14		–		(49	)
Total other comprehensive income (loss) for period		(123	)		14		–		(109	)
Accumulated Other Comprehensive Income (Loss), June 30, 2022	$	14		$	161	$	2	$	177

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2020	$	(93	)	$	(74	)	$	2	$	(165	)
Other comprehensive income (loss) for period, before reclassifications		(752	)		183			–		(569	)
Reclassification of losses (gains) to net income during period		517			18			–		535
Total other comprehensive income (loss) for period		(235	)		201			–		(34	)
Accumulated Other Comprehensive Income (Loss), June 30, 2021	$	(328	)	$	127		$	2	$	(199	)

The following table presents reclassifications of (income) loss out of accumulated other comprehensive income 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	2022			2021			2022			2021
Interest rate derivatives	Interest expense	$	6		$	10		$	14		$	18
Commodity derivatives	Revenue		(86	)		(99	)		(47	)		498
Commodity derivatives	Operating costs and expenses		(22	)		–			(16	)		19
Total		$	(102	)	$	(89	)	$	(49	)	$	535

For information regarding our interest rate and commodity derivative instruments, see Note 14.

Cash Distributions

On July 7, 2022, we announced that the Board declared a quarterly cash distribution of $0.4750 per common unit, or $1.90 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the second quarter of 2022. The quarterly distribution is payable on August 12, 2022 to unitholders of record as of the close of business on July 29, 2022. The total amount to be paid is $1.04 billion, which includes $9 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Revenues

6 Months Ended

Jun. 30, 2022

Revenues [Abstract]

Revenues

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,
	2022		2021		2022		2021
NGL Pipelines & Services:
Sales of NGLs and related products	$	5,580	$	2,976	$	10,620	$	5,982
Segment midstream services:
Natural gas processing and fractionation		463		252		803		435
Transportation		229		235		458		510
Storage and terminals		108		124		253		244
Total segment midstream services		800		611		1,514		1,189
Total NGL Pipelines & Services		6,380		3,587		12,134		7,171
Crude Oil Pipelines & Services:
Sales of crude oil		5,031		2,139		8,747		3,978
Segment midstream services:
Transportation		249		250		488		459
Storage and terminals		105		115		222		232
Total segment midstream services		354		365		710		691
Total Crude Oil Pipelines & Services		5,385		2,504		9,457		4,669
Natural Gas Pipelines & Services:
Sales of natural gas		1,359		476		2,239		1,811
Segment midstream services:
Transportation		302		233		571		485
Total segment midstream services		302		233		571		485
Total Natural Gas Pipelines & Services		1,661		709		2,810		2,296
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,370		2,386		4,124		3,985
Segment midstream services:
Fractionation and isomerization		47		80		116		133
Transportation, including marine logistics		139		124		277		241
Storage and terminals		78		60		150		110
Total segment midstream services		264		264		543		484
Total Petrochemical & Refined Products Services		2,634		2,650		4,667		4,469
Total consolidated revenues	$	16,060	$	9,450	$	29,068	$	18,605

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 table provides information regarding our contract assets and contract liabilities at June 30, 2022:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	113
Total		$	113

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	172
Deferred revenue (noncurrent)	Other long-term liabilities		273
Total		$	445

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2022:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2021	$	15		$	446
Amount included in opening balance transferred to other accounts during period (1)		(4	)		(151	)
Amount recorded during period (2)		120			492
Amounts recorded during period transferred to other accounts (1)		(18	)		(337	)
Other changes		–			(5	)
Balance at June 30, 2022	$	113		$	445

(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, 2022.

Period	Fixed Consideration
Six Months Ended December 31, 2022	$	1,850
One Year Ended December 31, 2023		3,317
One Year Ended December 31, 2024		3,072
One Year Ended December 31, 2025		2,677
One Year Ended December 31, 2026		2,491
Thereafter –		10,151
Total	$	23,558

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Business Segments and Related Information

6 Months Ended

Jun. 30, 2022

Business Segments [Abstract]

Business Segments

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 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 co-chief operating decision makers. While these two officers evaluate results in a number of different ways, the business segment structure is the primary basis for which the allocation of resources and financial results are assessed.

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 marketing activities.

•

Our Petrochemical & Refined Products Services business segment includes our (i) propylene production facilities, which include propylene fractionation units and a PDH facility, 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.

Segment Gross Operating Margin

We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. 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 our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Operating income	$	1,764		$	1,492		$	3,430		$	3,187
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)		531			500			1,045			995
Asset impairment charges in operating costs and expenses		5			18			19			84
Net losses attributable to asset sales and related matters in operating costs and expenses		–			–			2			11
General and administrative costs		62			52			124			108
Non-refundable payments received from shippers attributable to make-up rights (2)		39			22			73			41
Subsequent recognition of revenues attributable to make-up rights (3)		(17	)		(39	)		(45	)		(78	)
Total segment gross operating margin	$	2,384		$	2,045		$	4,648		$	4,348

(1)	Excludes amortization of major maintenance costs for reaction-based plants, which are a component 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 nonrefundable 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.

Gross operating margin by segment is calculated by subtracting segment operating costs and expenses from segment revenues, with both segment totals reflecting the adjustments noted in the preceding table, as applicable, and before the elimination of intercompany transactions. The following table presents gross operating margin by segment for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Gross operating margin by segment:
NGL Pipelines & Services	$	1,327	$	1,098	$	2,552	$	2,184
Crude Oil Pipelines & Services		407		419		822		819
Natural Gas Pipelines & Services		229		202		449		737
Petrochemical & Refined Products Services		421		326		825		608
Total segment gross operating margin	$	2,384	$	2,045	$	4,648	$	4,348

Summarized Segment Financial Information

Information by business segment, together with reconciliations to amounts presented on, or included in, our Unaudited Condensed Statements of Consolidated Operations, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations			Consolidated Total
Revenues from third parties:
Three months ended June 30, 2022	$	6,374	$	5,380	$	1,653	$	2,634	$	–		$	16,041
Three months ended June 30, 2021		3,584		2,501		706		2,650		–			9,441
Six months ended June 30, 2022		12,126		9,443		2,797		4,667		–			29,033
Six months ended June 30, 2021		7,165		4,658		2,290		4,469		–			18,582
Revenues from related parties:
Three months ended June 30, 2022		6		5		8		–		–			19
Three months ended June 30, 2021		3		3		3		–		–			9
Six months ended June 30, 2022		8		14		13		–		–			35
Six months ended June 30, 2021		6		11		6		–		–			23
Intersegment and intrasegment revenues:
Three months ended June 30, 2022		19,098		11,957		218		5,290		(36,563	)		–
Three months ended June 30, 2021		10,298		7,876		149		6,596		(24,919	)		–
Six months ended June 30, 2022		37,413		21,871		421		8,512		(68,217	)		–
Six months ended June 30, 2021		23,387		15,296		295		12,830		(51,808	)		–
Total revenues:
Three months ended June 30, 2022		25,478		17,342		1,879		7,924		(36,563	)		16,060
Three months ended June 30, 2021		13,885		10,380		858		9,246		(24,919	)		9,450
Six months ended June 30, 2022		49,547		31,328		3,231		13,179		(68,217	)		29,068
Six months ended June 30, 2021		30,558		19,965		2,591		17,299		(51,808	)		18,605
Equity in income loss of unconsolidated affiliates:
Three months ended June 30, 2022		36		70		–		1		–			107
Three months ended June 30, 2021		29		130		2		–		–			161
Six months ended June 30, 2022		70		151		2		1		–			224
Six months ended June 30, 2021		57		249		3		1		–			310

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. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base.

Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations		Consolidated Total
Property, plant and equipment, net: (see Note 4)
At June 30, 2022	$	17,452	$	6,862	$	9,916	$	7,686	$	2,213	$	44,129
At December 31, 2021		17,202		6,974		8,560		7,736		1,616		42,088
Investments in unconsolidated affiliates: (see Note 5)
At June 30, 2022		650		1,690		31		3		–		2,374
At December 31, 2021		656		1,738		31		3		–		2,428
Intangible assets, net: (see Note 6)
At June 30, 2022		884		1,819		1,231		122		–		4,056
At December 31, 2021		317		1,860		849		125		–		3,151
Goodwill: (see Note 6)
At June 30, 2022		2,811		1,841		–		956		–		5,608
At December 31, 2021		2,652		1,841		–		956		–		5,449
Segment assets:
At June 30, 2022		21,797		12,212		11,178		8,767		2,213		56,167
At December 31, 2021		20,827		12,413		9,440		8,820		1,616		53,116

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,
	2022		2021		2022		2021
Consolidated revenues:
NGL Pipelines & Services	$	6,380	$	3,587	$	12,134	$	7,171
Crude Oil Pipelines & Services		5,385		2,504		9,457		4,669
Natural Gas Pipelines & Services		1,661		709		2,810		2,296
Petrochemical & Refined Products Services		2,634		2,650		4,667		4,469
Total consolidated revenues	$	16,060	$	9,450	$	29,068	$	18,605

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	12,908	$	6,840	$	23,006	$	13,103
Other operating costs and expenses (1)		884		702		1,641		1,417
Depreciation, amortization and accretion		544		507		1,070		1,005
Asset impairment charges		5		18		19		84
Net losses attributable to asset sales and related matters		–		–		2		11
General and administrative costs		62		52		124		108
Total consolidated costs and expenses	$	14,403	$	8,119	$	25,862	$	15,728

(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 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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Unit

6 Months Ended

Jun. 30, 2022

Earnings Per Unit [Abstract]

Earnings Per Unit

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,
	2022			2021			2022			2021
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,411		$	1,112		$	2,707		$	2,453
Earnings allocated to phantom unit awards (1)		(12	)		(9	)		(23	)		(20	)
Net income allocated to common unitholders	$	1,399		$	1,103		$	2,684		$	2,433

Basic weighted-average number of common units outstanding		2,180			2,185			2,179			2,184

Basic earnings per common unit	$	0.64		$	0.50		$	1.23		$	1.11

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,411		$	1,112		$	2,707		$	2,453
Net income attributable to preferred units		1			1			2			2
Net income attributable to limited partners	$	1,412		$	1,113		$	2,709		$	2,455

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,180			2,185			2,179			2,184
Phantom units (2)		19			18			19			18
Preferred units (2)		2			2			2			2
Total		2,201			2,205			2,200			2,204

Diluted earnings per common unit	$	0.64		$	0.50		$	1.23		$	1.11

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the 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 13 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Business Combinations

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Business Combinations

Note 12. Business Combinations

On February 17, 2022, an affiliate of Enterprise acquired all of the member interests in Navitas Midstream Partners, LLC (“Navitas Midstream”) for $3.2 billion in cash. We funded the cash consideration using proceeds from the issuance of short-term notes under our commercial paper program and cash on hand.

Navitas Midstream's assets (the “Midland Basin System”) include approximately 1,750 miles of pipelines and over 1.0 Bcf/d of cryogenic natural gas processing capacity. The acquired business expands our natural gas processing and NGL businesses to the Midland Basin in West Texas.

The acquisition of Navitas Midstream was accounted for under the acquisition method in accordance with ASC 805, Business Combinations. The preliminary allocation of purchase consideration was based upon the estimated fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The preliminary allocation was made to major categories of assets and liabilities based on management’s best estimates and supported by an independent third-party analysis.

The following table presents the preliminary fair value allocation of assets acquired and liabilities assumed in the acquisition at February 17, 2022 (the effective date of the acquisition). The allocation is provisional and subject to ongoing efforts to clarify the values assigned to tangible and identifiable intangible assets.

Purchase price for 100% interest in Navitas Midstream	$	3,231
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	27
Property, plant and equipment		2,080
Contract-based intangible asset		989
Assumed liabilities, net of acquired other assets (1)		(24	)
Total identifiable net assets	$	3,072
Goodwill	$	159

(1)

Assumed liabilities primarily include accounts payable, other current liabilities, lease liabilities and asset retirement obligations. Acquired other assets primarily include accounts receivable, other current assets and right-of-use (“ROU”) assets. None of these amounts were considered individually significant.

The estimated fair value of the acquired property, plant and equipment was determined using the cost approach. The fair value of property, plant and equipment primarily consisted of personal property of $1.6 billion, real property of $250 million and construction in progress of $175 million. See Note 4 for additional information regarding our property, plant and equipment.

The contract-based intangible asset represents the estimated value we assigned to the acquired long-term contracts with customers that dedicate future lease production to our system. The estimated fair value of the acquired contract-based intangible assets was determined using an income approach, specifically a discounted cash flow analysis. The fair value estimate incorporates Level 3 inputs including: (i) management’s long-term forecast of cash flows generated by the Midland Basin System based on the estimated economic life of the hydrocarbon resource basin served and resource depletion rates; and (ii) a discount rate of 15.5%, which is based on a benchmarking analysis with reference to the implied rate of return on the Navitas Midstream acquisition and a market participant weighted average cost of capital. We will amortize the value assigned to this intangible asset using a units-of-production method. The estimated useful life of the acquired contract-based intangible asset is 30 years.

We recorded $159 million of goodwill in connection with this transaction. In general, we attribute this goodwill to our ability to leverage the acquired business with our existing NGL asset base to create future business opportunities.

The financial results for the processing activities of the acquired business will continue to be reported under the NGL Pipelines & Services business segment and the gathering activities will continue to be reported under the Natural Gas Pipelines & Services business segment.

The contribution of this newly acquired business to our consolidated revenues and net income was not material during the three and six months ended June 30, 2022. Additionally, acquisition related costs were not material during the three and six months ended June 30, 2022.

On a historical pro forma basis, our revenues, costs and expenses, operating income, net income attributable to common unitholders and earnings per unit for the three and six months ended June 30, 2022 and 2021 would not have differed materially from those we actually reported had the acquisition been completed on January 1, 2021 rather than February 17, 2022.

Equity-Based Awards

6 Months Ended

Jun. 30, 2022

Equity-based Awards [Abstract]

Equity-based Awards

Note 13. 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,
	2022		2021		2022		2021
Equity-classified awards:
Phantom unit awards	$	40	$	38	$	78	$	76
Profits interest awards		1		3		2		4
Total	$	41	$	41	$	80	$	80

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.

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, 2021		17,170,919		$	24.31
Granted (2)		7,968,380		$	24.11
Vested		(6,169,973	)	$	25.14
Forfeited		(338,034	)	$	23.94
Phantom unit awards at June 30, 2022		18,631,292		$	23.95

(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 2022 was $192 million based on a grant date market price of the Partnership’s common units ranging from $24.10 to $25.61 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,
	2022		2021		2022		2021
Cash payments made in connection with DERs	$	9	$	8	$	17	$	15
Total intrinsic value of phantom unit awards that vested during period		7		6		149		119

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $238 million at June 30, 2022, of which our share of such cost is currently estimated to be $197 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 2.1 years.

Profits Interest Awards

EPCO has two limited partnerships (referred to as “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing them a profits interest in one or more of the Employee Partnerships. At June 30, 2022, our share of the total unrecognized compensation cost related to the Employee Partnerships was $7 million, which we expect to recognize over a weighted-average period of 1.4 years.

Hedging Activities and Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Hedging Activities and Fair Value Measurements [Abstract]

Hedging Activities and Fair Value Measurements

Note 14. 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”), 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, 2022.

Commodity Hedging Activities

The prices of natural gas, NGLs, crude oil, petrochemicals and refined products 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, 2022, 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 and (iii) hedging the fair value of commodity products held in inventory.

The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2022 (volume measures as noted):

	Volume (1)		Accounting
Derivative Purpose	Current (2)	Long-Term (2)	Treatment
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))	16.6	0.3	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	0.8	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	19.6	1.6	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	2.8	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	144.9	12.6	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	150.4	5.3	Cash flow hedge
NGLs inventory management activities (MMBbls)	2.5	n/a	Fair value hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	11.4	n/a	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	8.2	n/a	Cash flow hedge
Petrochemical marketing:
Forecasted purchases of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Forecasted sales of petrochemical products (MMBbls)	1.0	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	1.0	2.7	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	18.7	0.1	Mark-to-market
NGL risk management activities (MMBbls) (3)	38.8	9.1	Mark-to-market
Refined products risk management activities (MMBbls) (3)	5.0	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	45.7	5.6	Mark-to-market
Commercial energy risk management activities (TWh) (3)	0.5	1.2	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 December 2025, August 2022 and December 2024, respectively.
(3)	Reflects the use of derivative instruments to manage risks associated with our transportation, processing, storage assets and end use power requirements.

The carrying amount of our inventories subject to fair value hedges was $220 million and $102 million at June 30, 2022 and December 31, 2021, respectively.

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, 2022			December 31, 2021			June 30, 2022			December 31, 2021
	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	$	251	Current assets	$	195	Current liabilities	$	255	Current liabilities	$	212
Commodity derivatives	Other assets		30	Other assets		–	Other liabilities		49	Other liabilities		1
Total commodity derivatives			281			195			304			213
Total derivatives designated as hedging instruments		$	281		$	195		$	304		$	213

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	81	Current assets	$	42	Current liabilities	$	90	Current liabilities	$	42
Commodity derivatives	Other assets		11	Other assets		2	Other liabilities		18	Other liabilities		1
Total commodity derivatives			92			44			108			43
Total derivatives not designated as hedging instruments		$	92		$	44		$	108		$	43

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
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received			Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)										(v) = (iii) + (iv)
As of June 30, 2022:
Commodity derivatives		$	373		$	–		$	373		$	(373	)		$	–		$	–		$	–
As of December 31, 2021:
Commodity derivatives		$	239		$	–		$	239		$	(233	)		$	–		$	–		$	6

	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
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received			Cash Collateral Paid				Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)											(v) = (iii) + (iv)
As of June 30, 2022:
Commodity derivatives		$	412		$	–		$	412		$	(373	)		$	–		$	(33	)		$	6
As of December 31, 2021:
Commodity derivatives		$	256		$	–		$	256		$	(233	)		$	–		$	(17	)		$	6

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,
		2022			2021			2022			2021
Commodity derivatives	Revenue	$	(59	)	$	(67	)	$	(124	)	$	(187	)
Total		$	(59	)	$	(67	)	$	(124	)	$	(187	)

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,
		2022		2021		2022		2021
Commodity derivatives	Revenue	$	4	$	39	$	25	$	209
Total		$	4	$	39	$	25	$	209

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.

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,
	2022		2021			2022			2021
Interest rate derivatives	$	–	$	–		$	–		$	183
Commodity derivatives – Revenue (1)		23		(291	)		(98	)		(733	)
Commodity derivatives – Operating costs and expenses (1)		16		–			38			(19	)
Total	$	39	$	(291	)	$	(60	)	$	(569	)

(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,
		2022			2021			2022			2021
Interest rate derivatives	Interest expense	$	(6	)	$	(10	)	$	(14	)	$	(18	)
Commodity derivatives	Revenue		86			99			47			(498	)
Commodity derivatives	Operating costs and expenses		22			–			16			(19	)
Total		$	102		$	89		$	49		$	(535	)

Over the next twelve months, we expect to reclassify $9 million of losses attributable to interest rate derivative instruments from accumulated other comprehensive loss to earnings as an increase in interest expense. Likewise, we expect to reclassify $32 million of gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $20 million as an increase in revenue and $12 million as a decrease 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,
		2022		2021			2022		2021
Commodity derivatives	Revenue	$	2	$	79		$	45	$	36
Commodity derivatives	Operating costs and expenses		3		(1	)		7		–
Total		$	5	$	78		$	52	$	36

The $52 million net gain recognized for the six months ended June 30, 2022 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $96 million of net realized gains and $44 million of net unrealized mark-to-market losses 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.

The values for commodity derivatives are presented before and after the application of Chicago Mercantile Exchange (“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, 2022 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	$	356		$	1,250		$	13	$	1,619
Impact of CME Rule 814		(328	)		(918	)		–		(1,246	)
Total commodity derivatives		28			332			13		373
Total	$	28		$	332		$	13	$	373

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	505		$	1,185		$	21	$	1,711
Impact of CME Rule 814		(476	)		(823	)		–		(1,299	)
Total commodity derivatives		29			362			21		412
Total	$	29		$	362		$	21	$	412

	At December 31, 2021 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	$	122		$	1,110		$	–	$	1,232
Impact of CME Rule 814		(122	)		(871	)		–		(993	)
Total commodity derivatives		–			239			–		239
Total	$	–		$	239		$	–	$	239

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	199		$	1,001		$	–	$	1,200
Impact of CME Rule 814		(199	)		(745	)		–		(944	)
Total commodity derivatives		–			256			–		256
Total	$	–		$	256		$	–	$	256

In the aggregate, the fair value of our commodity hedging portfolios at June 30, 2022 was a net derivative liability of $92 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at June 30, 2022 using significant unobservable inputs (Level 3) are not material to the 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 $25.7 billion and $33.5 billion at June 30, 2022 and December 31, 2021, respectively. The aggregate carrying value of these debt obligations was $28.2 billion and $29.6 billion at June 30, 2022 and December 31, 2021, 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.

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Related Party Transactions

Note 15. 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,
	2022		2021		2022		2021
Revenues – related parties:
Unconsolidated affiliates	$	19	$	9	$	35	$	23
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	315	$	283	$	606	$	575
Unconsolidated affiliates		60		50		121		117
Total	$	375	$	333	$	727	$	692

The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:

	June 30, 2022		December 31, 2021
Accounts receivable - related parties:
EPCO and its privately held affiliates	$	1	$	1
Unconsolidated affiliates		28		20
Total	$	29	$	21

Accounts payable - related parties:
EPCO and its privately held affiliates	$	113	$	151
Unconsolidated affiliates		19		16
Total	$	132	$	167

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, 2022, 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
702,387,118 common units	32.2%

Of the total number of Partnership common units held by EPCO and its privately held affiliates, 92,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at June 30, 2022. 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 depend on the cash distributions they receive from us and other investments to fund their other activities and to meet their respective debt obligations. During the six months ended June 30, 2022 and 2021, we paid EPCO and its privately held affiliates cash distributions totaling $632 million and $612 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,
	2022		2021		2022		2021
Operating costs and expenses	$	275	$	247	$	526	$	502
General and administrative expenses		36		31		72		64
Total costs and expenses	$	311	$	278	$	598	$	566

We lease office space from privately held affiliates of EPCO at rental rates that approximate market rates. For each of the three months ended June 30, 2022 and 2021, we recognized $4 million of related party operating lease expense in connection with these office space leases. For each of the six months ended June 30, 2022 and 2021, we recognized $7 million of related party operating lease expense in connection with these office space leases.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Income Taxes

Note 16. Income Taxes

The following table presents the components of our consolidated provision for income taxes for the periods indicated (dollars in millions):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Deferred tax expense attributable to OTA Holdings, Inc. (“OTA”)	$	(7	)	$	(7	)	$	(14	)	$	(13	)
Revised Texas Franchise Tax (“Texas Margin Tax”)		(7	)		(24	)		(19	)		(27	)
Other		(3	)		–			(3	)		(1	)
Provision for income taxes	$	(17	)	$	(31	)	$	(36	)	$	(41	)

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Current portion of income tax benefit (provision):
Federal	$	–		$	–		$	–		$	1
State		(7	)		(12	)		(17	)		(17	)
Foreign		(3	)		–			(3	)		(1	)
Total current portion		(10	)		(12	)		(20	)		(17	)
Deferred portion of income tax benefit (provision):
Federal		(6	)		(6	)		(13	)		(12	)
State		(1	)		(13	)		(3	)		(12	)
Total deferred portion		(7	)		(19	)		(16	)		(24	)
Total provision for income taxes	$	(17	)	$	(31	)	$	(36	)	$	(41	)

A reconciliation of the 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,
	2022			2021			2022			2021
Pre-Tax Net Book Income (“NBI”)	$	1,457		$	1,177		$	2,807		$	2,550

Texas Margin Tax (1)		(7	)		(24	)		(19	)		(27	)
State income tax provision, net of federal benefit		(1	)		–			(1	)		(1	)
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities		(4	)		(4	)		(7	)		(7	)
Valuation allowance (2)		(3	)		(3	)		(7	)		(6	)
Other		(2	)		–			(2	)		–
Provision for income taxes	$	(17	)	$	(31	)	$	(36	)	$	(41	)

Effective income tax rate		(1.2	)%		(2.6	)%		(1.3	)%		(1.6	)%

(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.
(2)	Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable. Accordingly, we provided for a valuation allowance against OTA’s net deferred tax assets.

The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:

	June 30,		December 31,
	2022		2021
Deferred tax liabilities:
Attributable to investment in OTA	$	398	$	384
Attributable to property, plant and equipment		120		118
Attributable to investments in other entities		6		5
Other		36		14
Total deferred tax liabilities		560		521
Deferred tax assets:
Net operating loss carryovers (1)		7		14
Temporary differences related to Texas Margin Tax		4		3
Total deferred tax assets		11		17
Valuation allowance		7		14
Total deferred tax assets, net of valuation allowance		4		3
Total net deferred tax liabilities	$	556	$	518

(1)	The loss amount presented as of June 30, 2022 has an indefinite carryover period. All losses are subject to limitations on their utilization.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies [Abstract]

Commitments and Contingencies

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.

There were no accruals for litigation contingencies at June 30, 2022. Our accruals for litigation contingencies were immaterial at December 31, 2021. We have classified our accruals for litigation contingencies in our Unaudited Condensed Consolidated Balance Sheets as a component of “Other current liabilities” or “Other long-term liabilities” based on management’s estimate regarding the timing of settlement.

PDH 1 Litigation

In July 2013, we executed a contract with Foster Wheeler USA Corporation (“Foster Wheeler”) pursuant to which Foster Wheeler was to serve as the general contractor responsible for the engineering, procurement, construction and installation of our first propane dehydrogenation facility (“PDH 1”). In November 2014, Foster Wheeler was acquired by an affiliate of AMEC plc to form Amec Foster Wheeler plc, and Foster Wheeler is now known as Amec Foster Wheeler USA Corporation (“AFW”). In December 2015, Enterprise and AFW entered into a transition services agreement under which AFW was partially terminated from the PDH 1 project. In December 2015, Enterprise engaged a second contractor, Optimized Process Designs LLC, to complete the construction and installation of PDH 1.

On September 2, 2016, we terminated AFW for cause and filed a lawsuit in the 151st Judicial Civil District Court of Harris County, Texas against AFW and its parent company, Amec Foster Wheeler plc, asserting claims for breach of contract, breach of warranty, fraudulent inducement, string-along fraud, gross negligence, professional negligence, negligent misrepresentation and attorneys’ fees. Trial for the case began on April 19, 2022, and closing arguments were completed on July 22, 2022. We intend to diligently prosecute these claims and seek all direct, consequential, and exemplary damages to which we may be entitled.

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 $29.1 billion and $29.8 billion at June 30, 2022 and December 31, 2021, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal.

Lease Accounting Matters

There has been no significant change in our operating lease obligations since those disclosed in the 2021 Form 10-K.

The following table presents information regarding operating leases where we are the lessee at June 30, 2022:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	185	$	186	10 years	3.5%
Transportation equipment		18		20	3 years	2.9%
Office and warehouse space		162		194	15 years	2.9%
Total	$	365	$	400

(1)	ROU asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	At June 30, 2022, lease liabilities of $55 million and $345 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	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.

The following table disaggregates our total operating lease expense for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	14	$	10	$	27	$	19
Related accretion expense on lease liability balances		3		3		6		6
Total fixed lease expense		17		13		33		25
Variable lease expense		1		–		1		1
Subtotal operating lease expense		18		13		34		26
Short-term operating leases		23		13		40		26
Total operating lease expense	$	41	$	26	$	74	$	52

Cash payments attributable to operating lease liabilities were $16 million and $9 million for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, cash paid for operating lease liabilities was $28 million and $18 million, respectively.

Operating lease income for each of the three months ended June 30, 2022 and 2021 was $3 million. For each of the six months ended June 30, 2022 and 2021, operating lease income was $6 million.

Purchase Obligations

We have contractual future product purchase commitments for natural gas, NGLs, crude oil, petrochemicals and refined products representing enforceable and legally binding agreements as of the reporting date. Our product purchase commitments increased from $18.8 billion at December 31, 2021 to $27.0 billion at June 30, 2022 primarily due to an increase in crude oil and NGL prices between the two reporting dates.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 18. 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,
	2022			2021
Decrease (increase) in:
Accounts receivable – trade	$	(1,355	)	$	(689	)
Accounts receivable – related parties		(8	)		(2	)
Inventories		(467	)		243
Prepaid and other current assets		70			200
Other assets		25			70
Increase (decrease) in:
Accounts payable – trade		(38	)		151
Accounts payable – related parties		(35	)		(53	)
Accrued product payables		2,542			1,246
Accrued interest		(18	)		(12	)
Other current liabilities		(457	)		(726	)
Other long-term liabilities		(41	)		(29	)
Net effect of changes in operating accounts	$	218		$	399

Cash payments for interest, net of $38 and $41 capitalized during the six months ended June 30, 2022 and 2021, respectively	$	624		$	624

Cash payments (refunds) for federal and state income taxes	$	(3	)	$	17

We incurred liabilities for construction in progress that had not been paid at June 30, 2022 and December 31, 2021 of $194 million and $183 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies [Abstract]

Allowance for Credit Losses

The following table presents our allowance for credit losses activity since December 31, 2021:

Allowance for credit losses, December 31, 2021	$	53
Charged to costs and expenses		4
Charged to other accounts		1
Deductions		(4	)
Allowance for credit losses, June 30, 2022	$	54

Cash, Cash Equivalents and Restricted Cash

	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	231	$	2,820
Restricted cash		166		145
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	397	$	2,965

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies [Abstract]

Allowance for Credit Losses

The following table presents our allowance for credit losses activity since December 31, 2021:

Allowance for credit losses, December 31, 2021	$	53
Charged to costs and expenses		4
Charged to other accounts		1
Deductions		(4	)
Allowance for credit losses, June 30, 2022	$	54

Cash, Cash Equivalents and Restricted Cash

	June 30, 2022		December 31, 2021
Cash and cash equivalents	$	231	$	2,820
Restricted cash		166		145
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	397	$	2,965

Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventories [Abstract]

Inventory Amounts by Product Type

Our inventory amounts by product type were as follows at the dates indicated:

	June 30, 2022		December 31, 2021
NGLs	$	2,422	$	2,027
Petrochemicals and refined products		576		343
Crude oil		211		285
Natural gas		25		26
Total	$	3,234	$	2,681

Cost of Sales and Lower of Cost or Market Adjustments

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Cost of sales (1)		$	12,908		$	6,840		$	23,006		$	13,103
Lower of cost or net realizable value adjustments recognized in cost of sales			3			3			7			13

(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.

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Accumulated Depreciation

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, 2022		December 31, 2021
Plants, pipelines and facilities (1)		3-45	(5)	$	53,912	$	51,636
Underground and other storage facilities (2)		5-40	(6)		4,335		4,327
Transportation equipment (3)		3-10			218		209
Marine vessels (4)		15-30			922		918
Land					387		379
Construction in progress					2,213		1,616
Subtotal					61,987		59,085
Less accumulated depreciation					17,933		17,083
Subtotal property, plant and equipment, net					44,054		42,002
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)					75		86
Property, plant and equipment, net				$	44,129	$	42,088

(1)	Plants, pipelines and facilities include processing 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: processing 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 amortization period for these costs is 1.8 years.

The following table summarizes our depreciation and accretion expense and capitalized interest amounts for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Depreciation expense (1)	$	445	$	425	$	883	$	849
Accretion expense (1)		6		1		8		3
Capitalized interest (2)		21		21		38		41

(1)

Depreciation and accretion expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.

(2)

AROs

The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2021:

ARO liability balance, December 31, 2021	$	176
Liabilities incurred (1)		14
Revisions in estimated cash flows (2)		23
Liabilities settled (3)		(2	)
Accretion expense (4)		8
ARO liability balance, June 30, 2022	$	219

(1)	Represents the initial recognition of estimated ARO liabilities during period.
(2)	Represents subsequent adjustments to estimated ARO liabilities during period.
(3)	Represents cash payments to settle ARO liabilities during period.
(4)	Represents net change in ARO liability balance attributable to the passage of time and other adjustments, including true-up amounts associated with revised closure estimates.

Investments in Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2022

Investments in Unconsolidated Affiliates [Abstract]

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, 2022		December 31, 2021
NGL Pipelines & Services	$	650	$	656
Crude Oil Pipelines & Services		1,690		1,738
Natural Gas Pipelines & Services		31		31
Petrochemical & Refined Products Services		3		3
Total	$	2,374	$	2,428

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,
	2022		2021		2022		2021
NGL Pipelines & Services	$	36	$	29	$	70	$	57
Crude Oil Pipelines & Services		70		130		151		249
Natural Gas Pipelines & Services		–		2		2		3
Petrochemical & Refined Products Services		1		–		1		1
Total	$	107	$	161	$	224	$	310

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2022

Intangible Assets and Goodwill [Abstract]

Intangible Assets by Segment

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

	June 30, 2022							December 31, 2021
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(242	)	$	207	$	449	$	(236	)	$	213
Contract-based intangibles		749		(72	)		677		165		(61	)		104
Segment total		1,198		(314	)		884		614		(297	)		317
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195		(392	)		1,803		2,195		(355	)		1,840
Contract-based intangibles		283		(267	)		16		283		(263	)		20
Segment total		2,478		(659	)		1,819		2,478		(618	)		1,860
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,350		(569	)		781		1,350		(550	)		800
Contract-based intangibles		639		(189	)		450		232		(183	)		49
Segment total		1,989		(758	)		1,231		1,582		(733	)		849
Petrochemical & Refined Products Services:
Customer relationship intangibles		181		(78	)		103		181		(75	)		106
Contract-based intangibles		45		(26	)		19		45		(26	)		19
Segment total		226		(104	)		122		226		(101	)		125
Total intangible assets	$	5,891	$	(1,835	)	$	4,056	$	4,900	$	(1,749	)	$	3,151

Amortization Expense of Intangible Assets by Segment

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,
	2022		2021		2022		2021
NGL Pipelines & Services	$	9	$	6	$	17	$	12
Crude Oil Pipelines & Services		21		19		41		37
Natural Gas Pipelines & Services		14		11		25		21
Petrochemical & Refined Products Services		1		2		3		4
Total	$	45	$	38	$	86	$	74

Forecasted Amortization Expense

The following table presents our forecast of amortization expense associated with existing intangible assets for the periods indicated:

Remainder of 2022				2023				2024				2025				2026
$	100			$	204			$	212			$	211			$	206

Schedule of Goodwill

The following table presents changes in the carrying amount of goodwill for the period presented:

	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Consolidated Total
Balance at December 31, 2021	$	2,652	$	1,841	$	–	$	956	$	5,449
Goodwill related to acquisition (1)		159		–		–		–		159
Balance at June 30, 2022	$	2,811	$	1,841	$	–	$	956	$	5,608

(1)	This amount represents the goodwill recognized in connection with our acquisition of Navitas Midstream in February 2022. See Note 12 for additional information regarding this acquisition.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Debt Obligations (Tables)

6 Months Ended

Jun. 30, 2022

Debt Obligations [Abstract]

Consolidated Debt Obligations

The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:

	June 30, 2022			December 31, 2021
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	640		$	–
Senior Notes VV, 3.50% fixed-rate, due February 2022		–			750
Senior Notes CC, 4.05% fixed-rate, due February 2022		–			650
September 2021 364-Day Revolving Credit Agreement, variable-rate, due September 2022		–			–
Senior Notes HH, 3.35% fixed-rate, due March 2023		1,250			1,250
Senior Notes JJ, 3.90% fixed-rate, due February 2024		850			850
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150			1,150
Senior Notes PP, 3.70% fixed-rate, due February 2026		875			875
September 2021 Multi-Year Revolving Credit Agreement, variable-rate, due September 2026		–			–
Senior Notes SS, 3.95% fixed-rate, due February 2027		575			575
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
Senior Notes D, 6.875% fixed-rate, due March 2033		500			500
Senior Notes H, 6.65% fixed-rate, due October 2034		350			350
Senior Notes J, 5.75% fixed-rate, due March 2035		250			250
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 CCC, 3.95% fixed rate, due January 2060		1,000			1,000
Total principal amount of senior debt obligations		26,415			27,175
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (1)		232			232
EPO Junior Subordinated Notes D, fixed/variable-rate, due August 2077 (2)		700			700
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (3)		1,000			1,000
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (4)		700			700
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (1)		14			14
Total principal amount of senior and junior debt obligations		29,061			29,821
Other, non-principal amounts		(280	)		(286	)
Less current maturities of debt		(1,889	)		(1,400	)
Total long-term debt	$	26,892		$	28,135

(1)	Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate (“LIBOR”), plus 2.778%.
(2)	Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
(3)	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
(4)	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.

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, 2022:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	0.20% to 1.85%	0.72%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	2.95% to 4.36%	3.36%

Consolidated Debt Maturities

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at June 30, 2022 for the next five years, and in total thereafter:

			Scheduled Maturities of Debt
	Total		Remainder of 2022		2023		2024		2025		2026		Thereafter
Commercial Paper Notes	$	640	$	640	$	–	$	–	$	–	$	–	$	–
Senior Notes		25,775		–		1,250		850		1,150		875		21,650
Junior Subordinated Notes		2,646		–		–		–		–		–		2,646
Total	$	29,061	$	640	$	1,250	$	850	$	1,150	$	875	$	24,296

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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-Subparagraph (SX 210.12-04(a))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Capital Accounts (Tables)

6 Months Ended

Jun. 30, 2022

Capital Accounts [Abstract]

Summary of Changes in Outstanding Units

The following table summarizes changes in the number of our common units outstanding since December 31, 2021:

Common units outstanding at December 31, 2021	2,176,379,587
Common units issued in connection with the vesting of phantom unit awards, net	4,051,207
Other	22,350
Common units outstanding at March 31, 2022	2,180,453,144
Common unit repurchases under 2019 Buyback Program	(1,408,121	)
Common units issued in connection with the vesting of phantom unit awards, net	204,357
Common units outstanding at June 30, 2022	2,179,249,380

Components of 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
	Commodity Derivative Instruments			Interest Rate Derivative Instruments		Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2021	$	137		$	147	$	2	$	286
Other comprehensive income (loss) for period, before reclassifications		(60	)		–		–		(60	)
Reclassification of losses (gains) to net income during period		(63	)		14		–		(49	)
Total other comprehensive income (loss) for period		(123	)		14		–		(109	)
Accumulated Other Comprehensive Income (Loss), June 30, 2022	$	14		$	161	$	2	$	177

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2020	$	(93	)	$	(74	)	$	2	$	(165	)
Other comprehensive income (loss) for period, before reclassifications		(752	)		183			–		(569	)
Reclassification of losses (gains) to net income during period		517			18			–		535
Total other comprehensive income (loss) for period		(235	)		201			–		(34	)
Accumulated Other Comprehensive Income (Loss), June 30, 2021	$	(328	)	$	127		$	2	$	(199	)

Reclassification out of Accumulated Other Comprehensive Income (Loss)

The following table presents reclassifications of (income) loss out of accumulated other comprehensive income 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	2022			2021			2022			2021
Interest rate derivatives	Interest expense	$	6		$	10		$	14		$	18
Commodity derivatives	Revenue		(86	)		(99	)		(47	)		498
Commodity derivatives	Operating costs and expenses		(22	)		–			(16	)		19
Total		$	(102	)	$	(89	)	$	(49	)	$	535

Revenues (Tables)

6 Months Ended

Jun. 30, 2022

Revenues [Abstract]

Revenues by Business Segment and Revenue Type

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
NGL Pipelines & Services:
Sales of NGLs and related products	$	5,580	$	2,976	$	10,620	$	5,982
Segment midstream services:
Natural gas processing and fractionation		463		252		803		435
Transportation		229		235		458		510
Storage and terminals		108		124		253		244
Total segment midstream services		800		611		1,514		1,189
Total NGL Pipelines & Services		6,380		3,587		12,134		7,171
Crude Oil Pipelines & Services:
Sales of crude oil		5,031		2,139		8,747		3,978
Segment midstream services:
Transportation		249		250		488		459
Storage and terminals		105		115		222		232
Total segment midstream services		354		365		710		691
Total Crude Oil Pipelines & Services		5,385		2,504		9,457		4,669
Natural Gas Pipelines & Services:
Sales of natural gas		1,359		476		2,239		1,811
Segment midstream services:
Transportation		302		233		571		485
Total segment midstream services		302		233		571		485
Total Natural Gas Pipelines & Services		1,661		709		2,810		2,296
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,370		2,386		4,124		3,985
Segment midstream services:
Fractionation and isomerization		47		80		116		133
Transportation, including marine logistics		139		124		277		241
Storage and terminals		78		60		150		110
Total segment midstream services		264		264		543		484
Total Petrochemical & Refined Products Services		2,634		2,650		4,667		4,469
Total consolidated revenues	$	16,060	$	9,450	$	29,068	$	18,605

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at June 30, 2022:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	113
Total		$	113

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	172
Deferred revenue (noncurrent)	Other long-term liabilities		273
Total		$	445

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the six months ended June 30, 2022:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2021	$	15		$	446
Amount included in opening balance transferred to other accounts during period (1)		(4	)		(151	)
Amount recorded during period (2)		120			492
Amounts recorded during period transferred to other accounts (1)		(18	)		(337	)
Other changes		–			(5	)
Balance at June 30, 2022	$	113		$	445

(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

Period	Fixed Consideration
Six Months Ended December 31, 2022	$	1,850
One Year Ended December 31, 2023		3,317
One Year Ended December 31, 2024		3,072
One Year Ended December 31, 2025		2,677
One Year Ended December 31, 2026		2,491
Thereafter –		10,151
Total	$	23,558

Business Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2022

Business Segments [Abstract]

Measurement of Total Segment Gross Operating Margin

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Operating income	$	1,764		$	1,492		$	3,430		$	3,187
Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)		531			500			1,045			995
Asset impairment charges in operating costs and expenses		5			18			19			84
Net losses attributable to asset sales and related matters in operating costs and expenses		–			–			2			11
General and administrative costs		62			52			124			108
Non-refundable payments received from shippers attributable to make-up rights (2)		39			22			73			41
Subsequent recognition of revenues attributable to make-up rights (3)		(17	)		(39	)		(45	)		(78	)
Total segment gross operating margin	$	2,384		$	2,045		$	4,648		$	4,348

(1)	Excludes amortization of major maintenance costs for reaction-based plants, which are a component 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 nonrefundable 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.

Information by Business Segments

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Gross operating margin by segment:
NGL Pipelines & Services	$	1,327	$	1,098	$	2,552	$	2,184
Crude Oil Pipelines & Services		407		419		822		819
Natural Gas Pipelines & Services		229		202		449		737
Petrochemical & Refined Products Services		421		326		825		608
Total segment gross operating margin	$	2,384	$	2,045	$	4,648	$	4,348

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations			Consolidated Total
Revenues from third parties:
Three months ended June 30, 2022	$	6,374	$	5,380	$	1,653	$	2,634	$	–		$	16,041
Three months ended June 30, 2021		3,584		2,501		706		2,650		–			9,441
Six months ended June 30, 2022		12,126		9,443		2,797		4,667		–			29,033
Six months ended June 30, 2021		7,165		4,658		2,290		4,469		–			18,582
Revenues from related parties:
Three months ended June 30, 2022		6		5		8		–		–			19
Three months ended June 30, 2021		3		3		3		–		–			9
Six months ended June 30, 2022		8		14		13		–		–			35
Six months ended June 30, 2021		6		11		6		–		–			23
Intersegment and intrasegment revenues:
Three months ended June 30, 2022		19,098		11,957		218		5,290		(36,563	)		–
Three months ended June 30, 2021		10,298		7,876		149		6,596		(24,919	)		–
Six months ended June 30, 2022		37,413		21,871		421		8,512		(68,217	)		–
Six months ended June 30, 2021		23,387		15,296		295		12,830		(51,808	)		–
Total revenues:
Three months ended June 30, 2022		25,478		17,342		1,879		7,924		(36,563	)		16,060
Three months ended June 30, 2021		13,885		10,380		858		9,246		(24,919	)		9,450
Six months ended June 30, 2022		49,547		31,328		3,231		13,179		(68,217	)		29,068
Six months ended June 30, 2021		30,558		19,965		2,591		17,299		(51,808	)		18,605
Equity in income loss of unconsolidated affiliates:
Three months ended June 30, 2022		36		70		–		1		–			107
Three months ended June 30, 2021		29		130		2		–		–			161
Six months ended June 30, 2022		70		151		2		1		–			224
Six months ended June 30, 2021		57		249		3		1		–			310

Information by business segment, together with reconciliations to our Unaudited Condensed Consolidated Balance Sheet totals, is presented in the following table:

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations		Consolidated Total
Property, plant and equipment, net: (see Note 4)
At June 30, 2022	$	17,452	$	6,862	$	9,916	$	7,686	$	2,213	$	44,129
At December 31, 2021		17,202		6,974		8,560		7,736		1,616		42,088
Investments in unconsolidated affiliates: (see Note 5)
At June 30, 2022		650		1,690		31		3		–		2,374
At December 31, 2021		656		1,738		31		3		–		2,428
Intangible assets, net: (see Note 6)
At June 30, 2022		884		1,819		1,231		122		–		4,056
At December 31, 2021		317		1,860		849		125		–		3,151
Goodwill: (see Note 6)
At June 30, 2022		2,811		1,841		–		956		–		5,608
At December 31, 2021		2,652		1,841		–		956		–		5,449
Segment assets:
At June 30, 2022		21,797		12,212		11,178		8,767		2,213		56,167
At December 31, 2021		20,827		12,413		9,440		8,820		1,616		53,116

Consolidated Revenues and Expenses

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,
	2022		2021		2022		2021
Consolidated revenues:
NGL Pipelines & Services	$	6,380	$	3,587	$	12,134	$	7,171
Crude Oil Pipelines & Services		5,385		2,504		9,457		4,669
Natural Gas Pipelines & Services		1,661		709		2,810		2,296
Petrochemical & Refined Products Services		2,634		2,650		4,667		4,469
Total consolidated revenues	$	16,060	$	9,450	$	29,068	$	18,605

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	12,908	$	6,840	$	23,006	$	13,103
Other operating costs and expenses (1)		884		702		1,641		1,417
Depreciation, amortization and accretion		544		507		1,070		1,005
Asset impairment charges		5		18		19		84
Net losses attributable to asset sales and related matters		–		–		2		11
General and administrative costs		62		52		124		108
Total consolidated costs and expenses	$	14,403	$	8,119	$	25,862	$	15,728

(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 attributable to asset sales and related matters.

Earnings Per Unit (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Unit [Abstract]

Basic and Diluted 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,
	2022			2021			2022			2021
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,411		$	1,112		$	2,707		$	2,453
Earnings allocated to phantom unit awards (1)		(12	)		(9	)		(23	)		(20	)
Net income allocated to common unitholders	$	1,399		$	1,103		$	2,684		$	2,433

Basic weighted-average number of common units outstanding		2,180			2,185			2,179			2,184

Basic earnings per common unit	$	0.64		$	0.50		$	1.23		$	1.11

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,411		$	1,112		$	2,707		$	2,453
Net income attributable to preferred units		1			1			2			2
Net income attributable to limited partners	$	1,412		$	1,113		$	2,709		$	2,455

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,180			2,185			2,179			2,184
Phantom units (2)		19			18			19			18
Preferred units (2)		2			2			2			2
Total		2,201			2,205			2,200			2,204

Diluted earnings per common unit	$	0.64		$	0.50		$	1.23		$	1.11

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the 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 13 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Allocation of Total Purchase Prices Paid in Connection with Business Combinations

Purchase price for 100% interest in Navitas Midstream	$	3,231
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	27
Property, plant and equipment		2,080
Contract-based intangible asset		989
Assumed liabilities, net of acquired other assets (1)		(24	)
Total identifiable net assets	$	3,072
Goodwill	$	159

(1)

Equity-Based Awards (Tables)

6 Months Ended

Jun. 30, 2022

Equity-based Awards [Abstract]

Equity-based Award Expense

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Equity-classified awards:
Phantom unit awards	$	40	$	38	$	78	$	76
Profits interest awards		1		3		2		4
Total	$	41	$	41	$	80	$	80

Other Share-based Compensation Plans

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2021		17,170,919		$	24.31
Granted (2)		7,968,380		$	24.11
Vested		(6,169,973	)	$	25.14
Forfeited		(338,034	)	$	23.94
Phantom unit awards at June 30, 2022		18,631,292		$	23.95

(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 2022 was $192 million based on a grant date market price of the Partnership’s common units ranging from $24.10 to $25.61 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.

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,
	2022		2021		2022		2021
Cash payments made in connection with DERs	$	9	$	8	$	17	$	15
Total intrinsic value of phantom unit awards that vested during period		7		6		149		119

Hedging Activities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Hedging Activities and Fair Value Measurements [Abstract]

Hedging Instruments Under the FASB's Derivative and Hedging Guidance

The following table summarizes our portfolio of commodity derivative instruments outstanding at June 30, 2022 (volume measures as noted):

	Volume (1)		Accounting
Derivative Purpose	Current (2)	Long-Term (2)	Treatment
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))	16.6	0.3	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	0.8	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	19.6	1.6	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	2.8	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	144.9	12.6	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	150.4	5.3	Cash flow hedge
NGLs inventory management activities (MMBbls)	2.5	n/a	Fair value hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	11.4	n/a	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	8.2	n/a	Cash flow hedge
Petrochemical marketing:
Forecasted purchases of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Forecasted sales of petrochemical products (MMBbls)	1.0	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	1.0	2.7	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	18.7	0.1	Mark-to-market
NGL risk management activities (MMBbls) (3)	38.8	9.1	Mark-to-market
Refined products risk management activities (MMBbls) (3)	5.0	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	45.7	5.6	Mark-to-market
Commercial energy risk management activities (TWh) (3)	0.5	1.2	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 December 2025, August 2022 and December 2024, respectively.
(3)	Reflects the use of derivative instruments to manage risks associated with our transportation, processing, storage assets and end use power requirements.

Derivative Assets and Liabilities Balance Sheet

The following table provides a balance sheet overview of our derivative assets and liabilities at the dates indicated:

	Asset Derivatives						Liability Derivatives
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
	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	$	251	Current assets	$	195	Current liabilities	$	255	Current liabilities	$	212
Commodity derivatives	Other assets		30	Other assets		–	Other liabilities		49	Other liabilities		1
Total commodity derivatives			281			195			304			213
Total derivatives designated as hedging instruments		$	281		$	195		$	304		$	213

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	81	Current assets	$	42	Current liabilities	$	90	Current liabilities	$	42
Commodity derivatives	Other assets		11	Other assets		2	Other liabilities		18	Other liabilities		1
Total commodity derivatives			92			44			108			43
Total derivatives not designated as hedging instruments		$	92		$	44		$	108		$	43

Offsetting Financial Assets

	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
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received			Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)										(v) = (iii) + (iv)
As of June 30, 2022:
Commodity derivatives		$	373		$	–		$	373		$	(373	)		$	–		$	–		$	–
As of December 31, 2021:
Commodity derivatives		$	239		$	–		$	239		$	(233	)		$	–		$	–		$	6

Offsetting Financial Liabilities

	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
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received			Cash Collateral Paid				Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)											(v) = (iii) + (iv)
As of June 30, 2022:
Commodity derivatives		$	412		$	–		$	412		$	(373	)		$	–		$	(33	)		$	6
As of December 31, 2021:
Commodity derivatives		$	256		$	–		$	256		$	(233	)		$	–		$	(17	)		$	6

Derivative Instruments Effects on Statements of Operations

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,
		2022			2021			2022			2021
Commodity derivatives	Revenue	$	(59	)	$	(67	)	$	(124	)	$	(187	)
Total		$	(59	)	$	(67	)	$	(124	)	$	(187	)

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,
		2022		2021		2022		2021
Commodity derivatives	Revenue	$	4	$	39	$	25	$	209
Total		$	4	$	39	$	25	$	209

Derivative Instruments Effects on Statements of Comprehensive Income

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,
	2022		2021			2022			2021
Interest rate derivatives	$	–	$	–		$	–		$	183
Commodity derivatives – Revenue (1)		23		(291	)		(98	)		(733	)
Commodity derivatives – Operating costs and expenses (1)		16		–			38			(19	)
Total	$	39	$	(291	)	$	(60	)	$	(569	)

(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.

Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) to Income

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,
		2022			2021			2022			2021
Interest rate derivatives	Interest expense	$	(6	)	$	(10	)	$	(14	)	$	(18	)
Commodity derivatives	Revenue		86			99			47			(498	)
Commodity derivatives	Operating costs and expenses		22			–			16			(19	)
Total		$	102		$	89		$	49		$	(535	)

Gain/(Loss) Recognized in Income on Derivative

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,
		2022		2021			2022		2021
Commodity derivatives	Revenue	$	2	$	79		$	45	$	36
Commodity derivatives	Operating costs and expenses		3		(1	)		7		–
Total		$	5	$	78		$	52	$	36

Fair Value Measurements of Financial Assets and Liabilities Measured on a Recurring Basis

	At June 30, 2022 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	$	356		$	1,250		$	13	$	1,619
Impact of CME Rule 814		(328	)		(918	)		–		(1,246	)
Total commodity derivatives		28			332			13		373
Total	$	28		$	332		$	13	$	373

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	505		$	1,185		$	21	$	1,711
Impact of CME Rule 814		(476	)		(823	)		–		(1,299	)
Total commodity derivatives		29			362			21		412
Total	$	29		$	362		$	21	$	412

	At December 31, 2021 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	$	122		$	1,110		$	–	$	1,232
Impact of CME Rule 814		(122	)		(871	)		–		(993	)
Total commodity derivatives		–			239			–		239
Total	$	–		$	239		$	–	$	239

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	199		$	1,001		$	–	$	1,200
Impact of CME Rule 814		(199	)		(745	)		–		(944	)
Total commodity derivatives		–			256			–		256
Total	$	–		$	256		$	–	$	256

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

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,
	2022		2021		2022		2021
Revenues – related parties:
Unconsolidated affiliates	$	19	$	9	$	35	$	23
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	315	$	283	$	606	$	575
Unconsolidated affiliates		60		50		121		117
Total	$	375	$	333	$	727	$	692

The following table summarizes our related party accounts receivable and accounts payable balances at the dates indicated:

	June 30, 2022		December 31, 2021
Accounts receivable - related parties:
EPCO and its privately held affiliates	$	1	$	1
Unconsolidated affiliates		28		20
Total	$	29	$	21

Accounts payable - related parties:
EPCO and its privately held affiliates	$	113	$	151
Unconsolidated affiliates		19		16
Total	$	132	$	167

At June 30, 2022, 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
702,387,118 common units	32.2%

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Operating costs and expenses	$	275	$	247	$	526	$	502
General and administrative expenses		36		31		72		64
Total costs and expenses	$	311	$	278	$	598	$	566

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Federal and State Income Tax Provision

The following table presents the components of our consolidated provision for income taxes for the periods indicated (dollars in millions):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Deferred tax expense attributable to OTA Holdings, Inc. (“OTA”)	$	(7	)	$	(7	)	$	(14	)	$	(13	)
Revised Texas Franchise Tax (“Texas Margin Tax”)		(7	)		(24	)		(19	)		(27	)
Other		(3	)		–			(3	)		(1	)
Provision for income taxes	$	(17	)	$	(31	)	$	(36	)	$	(41	)

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

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Current portion of income tax benefit (provision):
Federal	$	–		$	–		$	–		$	1
State		(7	)		(12	)		(17	)		(17	)
Foreign		(3	)		–			(3	)		(1	)
Total current portion		(10	)		(12	)		(20	)		(17	)
Deferred portion of income tax benefit (provision):
Federal		(6	)		(6	)		(13	)		(12	)
State		(1	)		(13	)		(3	)		(12	)
Total deferred portion		(7	)		(19	)		(16	)		(24	)
Total provision for income taxes	$	(17	)	$	(31	)	$	(36	)	$	(41	)

Reconciliation of Provision for Income Taxes

A reconciliation of the 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,
	2022			2021			2022			2021
Pre-Tax Net Book Income (“NBI”)	$	1,457		$	1,177		$	2,807		$	2,550

Texas Margin Tax (1)		(7	)		(24	)		(19	)		(27	)
State income tax provision, net of federal benefit		(1	)		–			(1	)		(1	)
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities		(4	)		(4	)		(7	)		(7	)
Valuation allowance (2)		(3	)		(3	)		(7	)		(6	)
Other		(2	)		–			(2	)		–
Provision for income taxes	$	(17	)	$	(31	)	$	(36	)	$	(41	)

Effective income tax rate		(1.2	)%		(2.6	)%		(1.3	)%		(1.6	)%

(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.
(2)	Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable. Accordingly, we provided for a valuation allowance against OTA’s net deferred tax assets.

Components of Deferred Tax Assets and Liabilities

The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:

	June 30,		December 31,
	2022		2021
Deferred tax liabilities:
Attributable to investment in OTA	$	398	$	384
Attributable to property, plant and equipment		120		118
Attributable to investments in other entities		6		5
Other		36		14
Total deferred tax liabilities		560		521
Deferred tax assets:
Net operating loss carryovers (1)		7		14
Temporary differences related to Texas Margin Tax		4		3
Total deferred tax assets		11		17
Valuation allowance		7		14
Total deferred tax assets, net of valuation allowance		4		3
Total net deferred tax liabilities	$	556	$	518

(1)	The loss amount presented as of June 30, 2022 has an indefinite carryover period. All losses are subject to limitations on their utilization.

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies [Abstract]

Operating Leases

The following table presents information regarding operating leases where we are the lessee at June 30, 2022:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	185	$	186	10 years	3.5%
Transportation equipment		18		20	3 years	2.9%
Office and warehouse space		162		194	15 years	2.9%
Total	$	365	$	400

(1)	ROU asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	At June 30, 2022, lease liabilities of $55 million and $345 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	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.

Consolidated Lease Expense

The following table disaggregates our total operating lease expense for the periods indicated:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	14	$	10	$	27	$	19
Related accretion expense on lease liability balances		3		3		6		6
Total fixed lease expense		17		13		33		25
Variable lease expense		1		–		1		1
Subtotal operating lease expense		18		13		34		26
Short-term operating leases		23		13		40		26
Total operating lease expense	$	41	$	26	$	74	$	52

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2022

Supplemental Cash Flow Information [Abstract]

Net Effect of Changes in Operating Assets and Liabilities

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,
	2022			2021
Decrease (increase) in:
Accounts receivable – trade	$	(1,355	)	$	(689	)
Accounts receivable – related parties		(8	)		(2	)
Inventories		(467	)		243
Prepaid and other current assets		70			200
Other assets		25			70
Increase (decrease) in:
Accounts payable – trade		(38	)		151
Accounts payable – related parties		(35	)		(53	)
Accrued product payables		2,542			1,246
Accrued interest		(18	)		(12	)
Other current liabilities		(457	)		(726	)
Other long-term liabilities		(41	)		(29	)
Net effect of changes in operating accounts	$	218		$	399

Cash payments for interest, net of $38 and $41 capitalized during the six months ended June 30, 2022 and 2021, respectively	$	624		$	624

Cash payments (refunds) for federal and state income taxes	$	(3	)	$	17

Partnership Organization and Operations (Details)	Jun. 30, 2022
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Related Party Transaction [Line Items]
Percentage of total units outstanding	32.20%

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$ 231	$ 2,820
Restricted cash	166	145
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	397	$ 2,965	$ 611	$ 1,158
Allowance for Credit Losses [Member]
Movement in valuation allowances and reserves [Roll Forward]
Balance at beginning of period	53
Charged to costs and expenses	4
Charged to other accounts	1
Deductions	(4)
Balance at end of period	$ 54

Inventories (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Inventory by Product Type [Abstract]

NGLs

$ 2,422

$ 2,027

Petrochemicals and refined products

576

343

Crude oil

211

285

Natural gas

Total

3,234

$ 2,681

Summary of cost of sales and lower of cost or net realizable value adjustments [Abstract]

Cost of sales

^[1]

12,908

$ 6,840

23,006

$ 13,103

Lower of cost or net realizable value adjustments recognized in cost of sales

$ 3

$ 7

$ 13

[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.

Property, Plant and Equipment (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

$ 61,987

$ 59,085

Less accumulated depreciation

17,933

17,083

Subtotal property, plant, and equipment, net

44,054

42,002

Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization

^[1]

Property, plant and equipment, net

44,129

42,088

Summary of depreciation expense and capitalized interest [Abstract]

Depreciation expense

^[2]

445

$ 425

883

$ 849

Capitalized interest

^[3]

Asset Retirement Obligations [Roll Forward]

Balance at beginning of period

176

Liabilities incurred

^[4]

Revisions in estimated cash flows

^[5]

Liabilities settled

^[6]

(2)

Accretion expense

^[2]

$ 1

^[7]

$ 3

Balance at end of period

219

Asset retirement obligation, current liability

Asset retirement obligations, long-term liability

203

Capitalized costs, asset retirement costs

114

Plants, pipelines and facilities [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[8]

53,912

$ 53,912

51,636

Plants, pipelines and facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[8],[9]

3 years

Plants, pipelines and facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[8],[9]

45 years

Underground and other storage facilities [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[10]

4,335

$ 4,335

4,327

Underground and other storage facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[10],[11]

5 years

Underground and other storage facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[10],[11]

40 years

Transportation equipment [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[12]

218

$ 218

209

Transportation equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[12]

3 years

Transportation equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[12]

10 years

Marine vessels [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[13]

922

$ 922

918

Marine vessels [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[13]

15 years

Marine vessels [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[13]

30 years

Land [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

387

$ 387

379

Construction in progress [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

$ 2,213

$ 1,616

Processing plants [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

Processing plants [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Pipelines and related equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Pipelines and related equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

45 years

Terminal facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

10 years

Terminal facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Buildings [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

Buildings [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

40 years

Office furniture and equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

3 years

Office furniture and equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

Laboratory and shop equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Laboratory and shop equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Underground storage facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Underground storage facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Storage tanks [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

10 years

Storage tanks [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

40 years

Water wells [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Water wells [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Capitalized Major Maintenance [Member] | Weighted Average [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Expected remaining amortization period

1 year 9 months 18 days

[1]	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 amortization period for these costs is 1.8 years.
[2]	Depreciation and accretion expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
[3]	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.
[4]	Represents the initial recognition of estimated ARO liabilities during period.
[5]	Represents subsequent adjustments to estimated ARO liabilities during period.
[6]	Represents cash payments to settle ARO liabilities during period.
[7]	Represents net change in ARO liability balance attributable to the passage of time and other adjustments, including true-up amounts associated with revised closure estimates.
[8]	Plants, pipelines and facilities include processing 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.
[9]	In general, the estimated useful lives of major assets within this category are: processing 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.
[10]	Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
[11]	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.
[12]	Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
[13]	Marine vessels include tow boats, barges and related equipment used in our marine transportation business.

Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 2,374		$ 2,374		$ 2,428
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	107	$ 161	224	$ 310
NGL Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	650		650		656
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	36	29	70	57
Crude Oil Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	1,690		1,690		1,738
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	70	130	151	249
Natural Gas Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	31		31		31
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	0	2	2	3
Petrochemical & Refined Products Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	3		3		$ 3
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	$ 1	$ 0	$ 1	$ 1

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Identifiable intangible assets [Abstract]
Gross Value	$ 5,891		$ 5,891		$ 4,900
Accumulated Amortization	(1,835)		(1,835)		(1,749)
Carrying Value	4,056		4,056		3,151
Amortization expense	45	$ 38	86	$ 74
Forecasted amortization expense [Abstract]
Remainder of 2022	100		100
2023	204		204
2024	212		212
2025	211		211
2026	206		206
NGL Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,198		1,198		614
Accumulated Amortization	(314)		(314)		(297)
Carrying Value	884		884		317
Amortization expense	9	6	17	12
NGL Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	449		449		449
Accumulated Amortization	(242)		(242)		(236)
Carrying Value	207		207		213
NGL Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	749		749		165
Accumulated Amortization	(72)		(72)		(61)
Carrying Value	677		677		104
Crude Oil Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,478		2,478		2,478
Accumulated Amortization	(659)		(659)		(618)
Carrying Value	1,819		1,819		1,860
Amortization expense	21	19	41	37
Crude Oil Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,195		2,195		2,195
Accumulated Amortization	(392)		(392)		(355)
Carrying Value	1,803		1,803		1,840
Crude Oil Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	283		283		283
Accumulated Amortization	(267)		(267)		(263)
Carrying Value	16		16		20
Natural Gas Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,989		1,989		1,582
Accumulated Amortization	(758)		(758)		(733)
Carrying Value	1,231		1,231		849
Amortization expense	14	11	25	21
Natural Gas Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,350		1,350		1,350
Accumulated Amortization	(569)		(569)		(550)
Carrying Value	781		781		800
Natural Gas Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	639		639		232
Accumulated Amortization	(189)		(189)		(183)
Carrying Value	450		450		49
Petrochemical & Refined Products Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	226		226		226
Accumulated Amortization	(104)		(104)		(101)
Carrying Value	122		122		125
Amortization expense	1	$ 2	3	$ 4
Petrochemical & Refined Products Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	181		181		181
Accumulated Amortization	(78)		(78)		(75)
Carrying Value	103		103		106
Petrochemical & Refined Products Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	45		45		45
Accumulated Amortization	(26)		(26)		(26)
Carrying Value	$ 19		$ 19		$ 19

Intangible Assets and Goodwill, Goodwill (Details)
$ in Millions

6 Months Ended

Jun. 30, 2022

USD ($)

Changes in carrying amount of goodwill [Roll Forward]

Balance at beginning of period

$ 5,449

Goodwill related to acquisition

159

^[1]

Balance at end of period

5,608

NGL Pipelines & Services [Member]

Changes in carrying amount of goodwill [Roll Forward]

Balance at beginning of period

2,652

Goodwill related to acquisition

159

^[1]

Balance at end of period

2,811

Crude Oil Pipelines & Services [Member]

Changes in carrying amount of goodwill [Roll Forward]

Balance at beginning of period

1,841

Goodwill related to acquisition

^[1]

Balance at end of period

1,841

Natural Gas Pipelines & Services [Member]

Changes in carrying amount of goodwill [Roll Forward]

Balance at beginning of period

Goodwill related to acquisition

^[1]

Balance at end of period

Petrochemical & Refined Products Services [Member]

Changes in carrying amount of goodwill [Roll Forward]

Balance at beginning of period

956

Goodwill related to acquisition

^[1]

Balance at end of period

$ 956

[1]	This amount represents the goodwill recognized in connection with our acquisition of Navitas Midstream in February 2022. See Note 12 for additional information regarding this acquisition.

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Debt Obligations (Details) - USD ($)
$ in Millions

1 Months Ended

6 Months Ended

Aug. 31, 2022

Feb. 28, 2022

Jun. 30, 2022

Jun. 30, 2021

Mar. 31, 2022

Dec. 31, 2021

Debt Instrument [Line Items]

Principal outstanding

$ 29,061

$ 29,821

Other, non-principal amounts

(280)

(286)

Less current maturities of debt

(1,889)

(1,400)

Total long-term debt

26,892

28,135

Debt Obligations Terms:

Repayment of debt obligations

42,872

$ 11,122

Letters of credit outstanding

117

Delayed Draw Term Loan [Member]

Debt Obligations Terms:

Maximum borrowing capacity

$ 500

Senior Debt Obligations [Member]

Debt Instrument [Line Items]

Principal outstanding

26,415

27,175

Senior Debt Obligations [Member] | Commercial Paper Notes [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 640

Information regarding variable interest rates paid:

Weighted-average interest rate paid

0.72%

Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Minimum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

0.20%

Senior Debt Obligations [Member] | Commercial Paper Notes [Member] | Maximum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

1.85%

Senior Debt Obligations [Member] | EPO Senior Notes VV, due February 2022 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0

750

Debt Obligations Terms:

Interest rate, stated percentage

3.50%

Repayment of debt obligations

$ 750

Senior Debt Obligations [Member] | EPO Senior Notes CC, due February 2022 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0

650

Debt Obligations Terms:

Interest rate, stated percentage

4.05%

Repayment of debt obligations

$ 650

Senior Debt Obligations [Member] | September 2021 EPO 364-Day Revolving Credit Agreement, due September 2022 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0

Debt Obligations Terms:

Credit facility interest rate description

LIBOR, 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) LIBOR 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.

Senior Debt Obligations [Member] | EPO Senior Notes HH, due March 2023 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

3.35%

Senior Debt Obligations [Member] | EPO Senior Notes JJ, due February 2024 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 850

850

Debt Obligations Terms:

Interest rate, stated percentage

3.90%

Senior Debt Obligations [Member] | EPO Senior Notes MM, due February 2025 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,150

1,150

Debt Obligations Terms:

Interest rate, stated percentage

3.75%

Senior Debt Obligations [Member] | EPO Senior Notes PP, due February 2026 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 875

875

Debt Obligations Terms:

Interest rate, stated percentage

3.70%

Senior Debt Obligations [Member] | September 2021 EPO Multi-Year Revolving Credit Agreement, due September 2026 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 0

Debt Obligations Terms:

Credit facility interest rate description

Senior Debt Obligations [Member] | EPO Senior Notes SS, due February 2027[Member]

Debt Instrument [Line Items]

Principal outstanding

$ 575

575

Debt Obligations Terms:

Interest rate, stated percentage

3.95%

Senior Debt Obligations [Member] | EPO Senior Notes WW, due October 2028 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

4.15%

Senior Debt Obligations [Member] | EPO Senior Notes YY, due July 2029 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

3.125%

Senior Debt Obligations [Member] | EPO Senior Notes AAA, due January 2030 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

2.80%

Senior Debt Obligations [Member] | EPO Senior Notes D, due March 2033 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 500

500

Debt Obligations Terms:

Interest rate, stated percentage

6.875%

Senior Debt Obligations [Member] | EPO Senior Notes H, due October 2034 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 350

350

Debt Obligations Terms:

Interest rate, stated percentage

6.65%

Senior Debt Obligations [Member] | EPO Senior Notes J, due March 2035 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 250

250

Debt Obligations Terms:

Interest rate, stated percentage

5.75%

Senior Debt Obligations [Member] | EPO Senior Notes W, due April 2038 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 400

400

Debt Obligations Terms:

Interest rate, stated percentage

7.55%

Senior Debt Obligations [Member] | EPO Senior Notes R, due October 2039 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 600

600

Debt Obligations Terms:

Interest rate, stated percentage

6.125%

Senior Debt Obligations [Member] | EPO Senior Notes Z, due September 2040 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 600

600

Debt Obligations Terms:

Interest rate, stated percentage

6.45%

Senior Debt Obligations [Member] | EPO Senior Notes BB, due February 2041 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 750

750

Debt Obligations Terms:

Interest rate, stated percentage

5.95%

Senior Debt Obligations [Member] | EPO Senior Notes DD, due February 2042 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 600

600

Debt Obligations Terms:

Interest rate, stated percentage

5.70%

Senior Debt Obligations [Member] | EPO Senior Notes EE, due August 2042 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 750

750

Debt Obligations Terms:

Interest rate, stated percentage

4.85%

Senior Debt Obligations [Member] | EPO Senior Notes GG, due February 2043 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,100

1,100

Debt Obligations Terms:

Interest rate, stated percentage

4.45%

Senior Debt Obligations [Member] | EPO Senior Notes II, due March 2044 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,400

1,400

Debt Obligations Terms:

Interest rate, stated percentage

4.85%

Senior Debt Obligations [Member] | EPO Senior Notes KK, due February 2045 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,150

1,150

Debt Obligations Terms:

Interest rate, stated percentage

5.10%

Senior Debt Obligations [Member] | EPO Senior Notes QQ, due May 2046 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 975

975

Debt Obligations Terms:

Interest rate, stated percentage

4.90%

Senior Debt Obligations [Member] | EPO Senior Notes UU, due February 2048 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

4.25%

Senior Debt Obligations [Member] | EPO Senior Notes XX, due February 2049 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

4.80%

Senior Debt Obligations [Member] | EPO Senior Notes ZZ, due January 2050 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

4.20%

Senior Debt Obligations [Member] | EPO Senior Notes BBB, due January 2051 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.70%

Senior Debt Obligations [Member] | EPO Senior Notes DDD, due February 2052 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.20%

Senior Debt Obligations [Member] | EPO Senior Notes EEE, due February 2053 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.30%

Senior Debt Obligations [Member] | EPO Senior Notes NN, due October 2054 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 400

400

Debt Obligations Terms:

Interest rate, stated percentage

4.95%

Senior Debt Obligations [Member] | EPO Senior Notes CCC, due January 2060 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.95%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[1]

$ 232

232

Debt Obligations Terms:

Variable annual interest rate thereafter, variable rate basis

3-month London Interbank Offered Rate (“LIBOR”)

Variable interest rate

2.778%

Information regarding variable interest rates paid:

Weighted-average interest rate paid

3.36%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Minimum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

2.95%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes C, due June 2067 [Member] | Maximum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

4.36%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D, due August 2077 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[2]

$ 700

700

Debt Obligations Terms:

Interest rate, stated percentage

4.875%

Variable annual interest rate thereafter, variable rate basis

3-month LIBOR

Variable interest rate

2.986%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes D, due August 2077 [Member] | Forecast [Member]

Debt Obligations Terms:

Repayment of debt obligations

$ 350

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes E, due August 2077 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[3]

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

5.25%

Variable annual interest rate thereafter, variable rate basis

3-month LIBOR

Variable interest rate

3.033%

Junior Debt Obligations [Member] | EPO Junior Subordinated Notes F, due February 2078 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[4]

$ 700

700

Debt Obligations Terms:

Interest rate, stated percentage

5.375%

Variable annual interest rate thereafter, variable rate basis

3-month LIBOR

Variable interest rate

2.57%

Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[1]

$ 14

Debt Obligations Terms:

Variable annual interest rate thereafter, variable rate basis

3-month London Interbank Offered Rate (“LIBOR”)

Variable interest rate

2.778%

Information regarding variable interest rates paid:

Weighted-average interest rate paid

3.36%

Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Minimum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

2.95%

Junior Debt Obligations [Member] | TEPPCO Junior Subordinated Notes, due June 2067 [Member] | Maximum [Member]

Information regarding variable interest rates paid:

Variable interest rates paid

4.36%

[1]	Variable rate is reset quarterly and based on 3-month London Interbank Offered Rate (“LIBOR”), plus 2.778%.
[2]	Fixed rate of 4.875% through August 15, 2022; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.986%.
[3]	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 3.033%.
[4]	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month LIBOR plus 2.57%.

Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Scheduled Maturities of Debt [Abstract]
Remainder of 2022	$ 640
2023	1,250
2024	850
2025	1,150
2026	875
Thereafter	24,296
Total	29,061	$ 29,821
Commercial Paper Notes [Member]
Scheduled Maturities of Debt [Abstract]
Remainder of 2022	640
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Total	640
Senior Notes [Member]
Scheduled Maturities of Debt [Abstract]
Remainder of 2022	0
2023	1,250
2024	850
2025	1,150
2026	875
Thereafter	21,650
Total	25,775
Junior Subordinated Notes [Member]
Scheduled Maturities of Debt [Abstract]
Remainder of 2022	0
2023	0
2024	0
2025	0
2026	0
Thereafter	2,646
Total	$ 2,646

Capital Accounts, Summary of Changes in Outstanding Units (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Summary of changes in outstanding units [Roll Forward]
Common units outstanding, beginning balance (in units)	2,180,453,144	2,176,379,587	2,176,379,587
Common unit repurchases under 2019 Buyback Program (in units)	(1,408,121)
Common units issued in connection with the vesting of phantom unit awards, net (in units)	204,357	4,051,207
Other (in units)		22,350
Common units outstanding, ending balance (in units)	2,179,249,380	2,180,453,144	2,179,249,380

Capital Accounts, Issuances of Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021
Net Cash Proceeds from Sale of Common Units [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)	204,357	4,051,207
Buyback Program:
Total of common units repurchased under a buyback program (in units)	1,408,121
Common units acquired in connection with buyback program	$ 35		$ 35	$ 14
Long-Term Incentive Plan (2008) [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)			4,255,564
2019 Buyback Program [Member]
Buyback Program:
Amount authorized under 2019 Buyback Program	2,000		$ 2,000
Remaining available capacity under the 2019 Buyback Program	$ 1,500		$ 1,500
Total of common units repurchased under a buyback program (in units)	1,408,121		1,408,121	709,816
Common units acquired in connection with buyback program	$ 35		$ 35	$ 14
At-the-Market Registration [Member]
Registration Statements and Equity Offerings [Line Items]
Maximum common units authorized for issuance	2,500		2,500
Remaining units available for issuance	$ 2,500		2,500
Employee Unit Purchase Plan [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Employer contribution to EUPP			$ 1
Distribution Reinvestment and Employee Unit Purchase Plans [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Number of common units purchased on the open market and delivered to participants (in units)			3,240,990

Capital Accounts, Redeemable Preferred Limited Partner Interests (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Temporary Equity [Line Items]
Preferred units outstanding, beginning balance (in units)	50,412
Preferred units outstanding, ending balance (in units)	50,412
Cash distributions paid to convertible preferred unitholders \| $	$ 2

Capital Accounts, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ 286	$ (165)
Other comprehensive income (loss) for period, before reclassifications			(60)	(569)
Reclassification of losses (gains) to net income during period			(49)	535
Total other comprehensive income (loss) for period	$ (63)	$ (380)	(109)	(34)
Accumulated Other Comprehensive Income (Loss), Ending balance	177	(199)	177	(199)
Interest expense	309	316	628	639
Revenue	(16,060)	(9,450)	(29,068)	(18,605)
Operating costs and expenses	14,341	8,067	25,738	15,620
Total	(1,440)	(1,146)	(2,771)	(2,509)
Cash Flow Hedges [Member] \| Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			147	(74)
Other comprehensive income (loss) for period, before reclassifications			0	183
Reclassification of losses (gains) to net income during period			14	18
Total other comprehensive income (loss) for period			14	201
Accumulated Other Comprehensive Income (Loss), Ending balance	161	127	161	127
Cash Flow Hedges [Member] \| Commodity Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			137	(93)
Other comprehensive income (loss) for period, before reclassifications			(60)	(752)
Reclassification of losses (gains) to net income during period			(63)	517
Total other comprehensive income (loss) for period			(123)	(235)
Accumulated Other Comprehensive Income (Loss), Ending balance	14	(328)	14	(328)
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			2	2
Other comprehensive income (loss) for period, before reclassifications			0	0
Reclassification of losses (gains) to net income during period			0	0
Total other comprehensive income (loss) for period			0	0
Accumulated Other Comprehensive Income (Loss), Ending balance	2	2	2	2
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Total	(102)	(89)	(49)	535
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedges [Member] \| Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Interest expense	6	10	14	18
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedges [Member] \| Commodity Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Revenue	(86)	(99)	(47)	498
Operating costs and expenses	$ (22)	$ 0	$ (16)	$ 19

Capital Accounts, Distributions (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Aug. 12, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Distributions to Partners [Abstract]
Cash payments made in connection with DERs			$ 17	$ 15
Forecast [Member] \| Second Quarter 2022 Distribution [Member]
Distributions to Partners [Abstract]
Cash distributions paid	$ 1,040
Cash payments made in connection with DERs	$ 9
Cash Distribution [Member] \| Second Quarter 2022 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)		$ 0.4750
Annualized Distribution Per Common Unit (in dollars per unit)		$ 1.90

Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue [Abstract]
Revenues	$ 16,060	$ 9,450	$ 29,068	$ 18,605
NGL Pipelines & Services [Member]
Revenue [Abstract]
Revenues	6,380	3,587	12,134	7,171
NGL Pipelines & Services [Member] \| Sales of NGLs and Related Products [Member]
Revenue [Abstract]
Revenues	5,580	2,976	10,620	5,982
NGL Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	800	611	1,514	1,189
NGL Pipelines & Services [Member] \| Midstream Services: Natural Gas Processing and Fractionation [Member]
Revenue [Abstract]
Revenues	463	252	803	435
NGL Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	229	235	458	510
NGL Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	108	124	253	244
Crude Oil Pipelines & Services [Member]
Revenue [Abstract]
Revenues	5,385	2,504	9,457	4,669
Crude Oil Pipelines & Services [Member] \| Sales of Crude Oil [Member]
Revenue [Abstract]
Revenues	5,031	2,139	8,747	3,978
Crude Oil Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	354	365	710	691
Crude Oil Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	249	250	488	459
Crude Oil Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	105	115	222	232
Natural Gas Pipelines & Services [Member]
Revenue [Abstract]
Revenues	1,661	709	2,810	2,296
Natural Gas Pipelines & Services [Member] \| Sales of Natural Gas [Member]
Revenue [Abstract]
Revenues	1,359	476	2,239	1,811
Natural Gas Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	302	233	571	485
Natural Gas Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	302	233	571	485
Petrochemical & Refined Products Services [Member]
Revenue [Abstract]
Revenues	2,634	2,650	4,667	4,469
Petrochemical & Refined Products Services [Member] \| Sales of Petrochemicals and Refined Products [Member]
Revenue [Abstract]
Revenues	2,370	2,386	4,124	3,985
Petrochemical & Refined Products Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	264	264	543	484
Petrochemical & Refined Products Services [Member] \| Midstream Services: Fractionation and Isomerization [Member]
Revenue [Abstract]
Revenues	47	80	116	133
Petrochemical & Refined Products Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	139	124	277	241
Petrochemical & Refined Products Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	$ 78	$ 60	$ 150	$ 110

Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue	$ 113	$ 15
Deferred revenue	445	$ 446
Prepaid and other current assets [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue (current amount)	113
Other current liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (current amount)	172
Other long-term liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (noncurrent)	$ 273

Revenues, Significant Changes in Unbilled Revenue (Details)
$ in Millions

6 Months Ended

Jun. 30, 2022

USD ($)

Significant Changes in Unbilled Revenue

Balance at beginning of period

$ 15

Unbilled revenue included in opening balance transferred to other accounts during period

(4)

^[1]

Unbilled revenue recorded during period

120

^[2]

Unbilled revenue recorded during period transferred to other accounts

(18)

^[1]

Other changes

Balance at end of period

$ 113

[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.

Revenues, Significant Changes in Deferred Revenue (Details)
$ in Millions

6 Months Ended

Jun. 30, 2022

USD ($)

Significant Changes in Deferred Revenue

Balance at beginning of period

$ 446

Deferred revenue included in opening balance transferred to other accounts during period

(151)

^[1]

Deferred revenue recorded during period

492

^[2]

Deferred revenue recorded during period transferred to other accounts

(337)

^[1]

Other changes

(5)

Balance at end of period

$ 445

[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.

Revenues, Remaining Performance Obligations (Details) $ in Millions	Jun. 30, 2022 USD ($)
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 23,558
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 1,850
Expected timing of satisfaction, period	6 months
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 3,317
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 3,072
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 2,677
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 2,491
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 10,151
Expected timing of satisfaction, period

Business Segments and Related Information (Details)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

USD ($)

Jun. 30, 2021

USD ($)

Jun. 30, 2022

USD ($)

Segment

Jun. 30, 2021

USD ($)

Business Segments [Abstract]

Number of reportable segments | Segment

Gross Operating Margin

Operating income

$ 1,764

$ 1,492

$ 3,430

$ 3,187

Adjustments to reconcile operating income to total segment gross operating margin (addition or subtraction indicated by sign):

Depreciation, amortization and accretion expense in operating costs and expenses

^[1]

531

500

1,045

995

Asset impairment charges in operating costs and expenses

Net losses attributable to asset sales and related matters in operating costs and expenses

General and administrative costs

124

108

Non-refundable payments received from shippers attributable to make-up rights

^[2]

Subsequent recognition of revenues attributable to make-up rights

^[3]

(17)

(39)

(45)

(78)

Total segment gross operating margin

$ 2,384

$ 2,045

$ 4,648

$ 4,348

[1]	Excludes amortization of major maintenance costs for reaction-based plants, which are a component 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 nonrefundable 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.

Business Segments and Related Information, Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Information by business segment [Abstract]
Segment gross operating margin	$ 2,384	$ 2,045	$ 4,648	$ 4,348
Revenues from third parties	16,041	9,441	29,033	18,582
Revenues from related parties	19	9	35	23
Intersegment and intrasegment revenues	0	0	0	0
Total revenues	16,060	9,450	29,068	18,605
Equity in income of unconsolidated affiliates	107	161	224	310
Property, plant and equipment, net	44,129		44,129		$ 42,088
Investments in unconsolidated affiliates	2,374		2,374		2,428
Intangible assets, net	4,056		4,056		3,151
Goodwill	5,608		5,608		5,449
Segment assets	56,167		56,167		53,116
NGL Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	6,380	3,587	12,134	7,171
Equity in income of unconsolidated affiliates	36	29	70	57
Investments in unconsolidated affiliates	650		650		656
Intangible assets, net	884		884		317
Goodwill	2,811		2,811		2,652
Crude Oil Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	5,385	2,504	9,457	4,669
Equity in income of unconsolidated affiliates	70	130	151	249
Investments in unconsolidated affiliates	1,690		1,690		1,738
Intangible assets, net	1,819		1,819		1,860
Goodwill	1,841		1,841		1,841
Natural Gas Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	1,661	709	2,810	2,296
Equity in income of unconsolidated affiliates	0	2	2	3
Investments in unconsolidated affiliates	31		31		31
Intangible assets, net	1,231		1,231		849
Goodwill	0		0		0
Petrochemical & Refined Products Services [Member]
Information by business segment [Abstract]
Total revenues	2,634	2,650	4,667	4,469
Equity in income of unconsolidated affiliates	1	0	1	1
Investments in unconsolidated affiliates	3		3		3
Intangible assets, net	122		122		125
Goodwill	956		956		956
Reportable Business Segments [Member] \| NGL Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	1,327	1,098	2,552	2,184
Revenues from third parties	6,374	3,584	12,126	7,165
Revenues from related parties	6	3	8	6
Intersegment and intrasegment revenues	19,098	10,298	37,413	23,387
Total revenues	25,478	13,885	49,547	30,558
Equity in income of unconsolidated affiliates	36	29	70	57
Property, plant and equipment, net	17,452		17,452		17,202
Investments in unconsolidated affiliates	650		650		656
Intangible assets, net	884		884		317
Goodwill	2,811		2,811		2,652
Segment assets	21,797		21,797		20,827
Reportable Business Segments [Member] \| Crude Oil Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	407	419	822	819
Revenues from third parties	5,380	2,501	9,443	4,658
Revenues from related parties	5	3	14	11
Intersegment and intrasegment revenues	11,957	7,876	21,871	15,296
Total revenues	17,342	10,380	31,328	19,965
Equity in income of unconsolidated affiliates	70	130	151	249
Property, plant and equipment, net	6,862		6,862		6,974
Investments in unconsolidated affiliates	1,690		1,690		1,738
Intangible assets, net	1,819		1,819		1,860
Goodwill	1,841		1,841		1,841
Segment assets	12,212		12,212		12,413
Reportable Business Segments [Member] \| Natural Gas Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	229	202	449	737
Revenues from third parties	1,653	706	2,797	2,290
Revenues from related parties	8	3	13	6
Intersegment and intrasegment revenues	218	149	421	295
Total revenues	1,879	858	3,231	2,591
Equity in income of unconsolidated affiliates	0	2	2	3
Property, plant and equipment, net	9,916		9,916		8,560
Investments in unconsolidated affiliates	31		31		31
Intangible assets, net	1,231		1,231		849
Goodwill	0		0		0
Segment assets	11,178		11,178		9,440
Reportable Business Segments [Member] \| Petrochemical & Refined Products Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	421	326	825	608
Revenues from third parties	2,634	2,650	4,667	4,469
Revenues from related parties	0	0	0	0
Intersegment and intrasegment revenues	5,290	6,596	8,512	12,830
Total revenues	7,924	9,246	13,179	17,299
Equity in income of unconsolidated affiliates	1	0	1	1
Property, plant and equipment, net	7,686		7,686		7,736
Investments in unconsolidated affiliates	3		3		3
Intangible assets, net	122		122		125
Goodwill	956		956		956
Segment assets	8,767		8,767		8,820
Eliminations [Member]
Information by business segment [Abstract]
Revenues from third parties	0	0	0	0
Revenues from related parties	0	0	0	0
Intersegment and intrasegment revenues	(36,563)	(24,919)	(68,217)	(51,808)
Total revenues	(36,563)	(24,919)	(68,217)	(51,808)
Equity in income of unconsolidated affiliates	0	$ 0	0	$ 0
Adjustments [Member]
Information by business segment [Abstract]
Property, plant and equipment, net	2,213		2,213		1,616
Investments in unconsolidated affiliates	0		0		0
Intangible assets, net	0		0		0
Goodwill	0		0		0
Segment assets	$ 2,213		$ 2,213		$ 1,616

Business Segments and Related Information, Consolidated Revenues and Expenses (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Consolidated Revenues [Abstract]

Total consolidated revenues

$ 16,060

$ 9,450

$ 29,068

$ 18,605

Operating costs and expenses:

Cost of sales

^[1]

12,908

6,840

23,006

13,103

Other operating costs and expenses

^[2]

884

702

1,641

1,417

Depreciation, amortization and accretion

544

507

1,070

1,005

Asset impairment charges

Net losses attributable to asset sales and related matters

General and administrative costs

124

108

Total consolidated costs and expenses

14,403

8,119

25,862

15,728

NGL Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

6,380

3,587

12,134

7,171

Crude Oil Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

5,385

2,504

9,457

4,669

Natural Gas Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

1,661

709

2,810

2,296

Petrochemical & Refined Products Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

$ 2,634

$ 2,650

$ 4,667

$ 4,469

[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.
[2]	Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion charges; asset impairment charges; and net losses attributable to asset sales and related matters.

Earnings Per Unit (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

BASIC EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 1,411

$ 1,112

$ 2,707

$ 2,453

Earnings allocated to phantom unit awards

^[1]

(12)

(9)

(23)

(20)

Net income allocated to common unitholders

$ 1,399

$ 1,103

$ 2,684

$ 2,433

Basic weighted-average number of common units outstanding (in units)

2,180

2,185

2,179

2,184

Basic earnings per common unit (in dollars per unit)

$ 0.64

$ 0.50

$ 1.23

$ 1.11

DILUTED EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 1,411

$ 1,112

$ 2,707

$ 2,453

Net income attributable to preferred units

Net income attributable to limited partners

$ 1,412

$ 1,113

$ 2,709

$ 2,455

Diluted weighted-average number of units outstanding:

Distribution-bearing common units (in units)

2,180

2,185

2,179

2,184

Phantom units (in units)

^[2]

Preferred units (in units)

^[2]

Total (in units)

2,201

2,205

2,200

2,204

Diluted earnings per common unit (in dollars per unit)

$ 0.64

$ 0.50

$ 1.23

$ 1.11

[1]	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 13 for information regarding the 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 13 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Business Combinations (Details)
$ in Millions

6 Months Ended

Jun. 30, 2022

USD ($)

Feb. 17, 2022

USD ($)

Dec. 31, 2021

USD ($)

Allocation of total purchase prices paid [Abstract]

Goodwill

$ 5,608

$ 5,449

Navitas Midstream Partners, LLC [Member]

Consideration:

Purchase price for 100% interest in Navitas Midstream

$ 3,231

Allocation of total purchase prices paid [Abstract]

Cash and cash equivalents

$ 27

Property, plant, and equipment

2,080

Assumed liabilities, net of acquired other assets

^[1]

(24)

Total identifiable net assets

3,072

Goodwill

159

Business Combination [Abstract]

Business acquisition, description

Navitas Midstream Partners, LLC [Member] | Personal Property [Member]

Allocation of total purchase prices paid [Abstract]

Property, plant, and equipment

1,600

Navitas Midstream Partners, LLC [Member] | Real Property [Member]

Allocation of total purchase prices paid [Abstract]

Property, plant, and equipment

250

Navitas Midstream Partners, LLC [Member] | Construction in progress [Member]

Allocation of total purchase prices paid [Abstract]

Property, plant, and equipment

175

Navitas Midstream Partners, LLC [Member] | Contract-based intangibles [Member]

Allocation of total purchase prices paid [Abstract]

Intangible assets

$ 989

Business Combination [Abstract]

Estimated useful life of acquired intangible asset

30 years

Measurement input, discount rate [Member] | Navitas Midstream Partners, LLC [Member]

Business Combination [Abstract]

Long-lived asset, measurement input

0.155

[1]

Equity-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Equity-Based Awards (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity-based compensation expense [Abstract]
Total compensation expense	$ 41	$ 41	$ 80	$ 80
Phantom Unit Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	40	38	78	76
Profits Interest Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	$ 1	$ 3	$ 2	$ 4

Equity-Based Awards, Phantom Unit Awards (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Cash payments made in connection with DERs

$ 17

$ 15

Phantom Unit Awards [Member]

Summary of awards activity, equity instruments other than options [Roll Forward]

Beginning of period (in units)

17,170,919

Granted (in units)

^[1]

7,968,380

Vested (in units)

(6,169,973)

Forfeited (in units)

(338,034)

End of period (in units)

18,631,292

Phantom units outstanding, weighted-average grant date fair value [Roll Forward]

Weighted-average grant date fair value per unit, at beginning of period (in dollars per unit)

^[2]

$ 24.31

Granted weighted-average grant date fair value per unit (in dollars per unit)

^[1],[2]

24.11

Vested weighted-average grant date fair value per unit (in dollars per unit)

^[2]

25.14

Forfeited weighted-average grant date fair value per unit (in dollars per unit)

^[2]

23.94

Weighted-average grant date fair value per unit, at end of period (in dollars per unit)

^[2]

$ 23.95

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Aggregate grant date fair value

$ 192

Estimated forfeiture rate

2.00%

Cash payments made in connection with DERs

$ 9

$ 8

$ 17

Total intrinsic value of phantom unit awards that vested during period

$ 6

149

$ 119

Unrecognized Compensation Expense [Abstract]

Unrecognized compensation cost

238

$ 238

Recognition period for total unrecognized compensation cost

2 years 1 month 6 days

Phantom Unit Awards [Member] | Minimum [Member]

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Grant date market price of common units (in dollars per unit)

$ 24.10

Phantom Unit Awards [Member] | Maximum [Member]

Summary of awards activity, equity instruments other than options, additional disclosures [Abstract]

Grant date market price of common units (in dollars per unit)

$ 25.61

Phantom Unit Awards [Member] | Enterprise [Member]

Unrecognized Compensation Expense [Abstract]

Unrecognized compensation cost

$ 197

[1]	The aggregate grant date fair value of phantom unit awards issued during 2022 was $192 million based on a grant date market price of the Partnership’s common units ranging from $24.10 to $25.61 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
[2]	Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Unrecognized Compensation Expense [Abstract]
Unrecognized compensation cost	$ 7
Recognition period for total unrecognized compensation cost	1 year 4 months 24 days

Hedging Activities and Fair Value Measurements (Details)
bbl in Millions, $ in Millions

6 Months Ended

Jun. 30, 2022

USD ($)

TWh

bbl

Bcf

Dec. 31, 2021

USD ($)

Derivative [Line Items]

Carrying amount of hedged asset | $

$ 220

$ 102

Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted natural gas purchases for plant thermal reduction (PTR) [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2]

16.6

Derivative [Line Items]

Volume | Bcf

^[1],[2]

0.3

Designated as Hedging Instrument [Member] | Natural gas processing: Forecasted sales of NGLs [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

0.8

Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

19.6

Designated as Hedging Instrument [Member] | Octane enhancement: Forecasted sales of octane enhancement products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume

^[1],[2]

1.6

Designated as Hedging Instrument [Member] | Natural gas marketing: Natural gas storage inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2]

2.8

Designated as Hedging Instrument [Member] | NGL marketing: Forecasted purchases of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

144.9

Derivative [Line Items]

Volume

^[1],[2]

12.6

Designated as Hedging Instrument [Member] | NGL marketing: Forecasted sales of NGLs and related hydrocarbon products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

150.4

Derivative [Line Items]

Volume

^[1],[2]

5.3

Designated as Hedging Instrument [Member] | NGL marketing: NGLs inventory management activities [Member] | Derivatives in fair value hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

2.5

Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted purchases of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

11.4

Designated as Hedging Instrument [Member] | Crude oil marketing: Forecasted sales of crude oil [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

8.2

Designated as Hedging Instrument [Member] | Petrochemical marketing: Forecasted purchases of petrochemical products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

0.1

Designated as Hedging Instrument [Member] | Petrochemical marketing: Forecasted sales of petrochemical products [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2]

1.0

Designated as Hedging Instrument [Member] | Commercial energy: Forecasted purchases of power related to asset operations [Member] | Derivatives in cash flow hedging relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | TWh

^[1],[2]

1.0

Derivative [Line Items]

Volume | TWh

^[1],[2]

2.7

Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2],[3]

18.7

Not Designated as Hedging Instrument [Member] | Natural gas risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume | Bcf

^[1],[2],[3]

0.1

Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

38.8

Not Designated as Hedging Instrument [Member] | NGL risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

9.1

Not Designated as Hedging Instrument [Member] | Refined products risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

5.0

Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

45.7

Not Designated as Hedging Instrument [Member] | Crude oil risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

5.6

Not Designated as Hedging Instrument [Member] | Commercial energy risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Current [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

0.5

Not Designated as Hedging Instrument [Member] | Commercial energy risk management activities [Member] | Derivatives in mark-to-market relationships [Member] | Long-term [Member]

Derivative [Line Items]

Volume

^[1],[2],[3]

1.2

[1]	The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is December 2025, August 2022 and December 2024, respectively.
[2]	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.
[3]	Reflects the use of derivative instruments to manage risks associated with our transportation, processing, storage assets and end use power requirements.

Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 373	$ 239
Liability Derivatives	412	256
Derivatives designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	281	195
Liability Derivatives	304	213
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	281	195
Liability Derivatives	304	213
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	251	195
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	30	0
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	255	212
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	49	1
Derivatives not designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	92	44
Liability Derivatives	108	43
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	92	44
Liability Derivatives	108	43
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	81	42
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	11	2
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	90	42
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 18	$ 1

Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	$ 373	$ 239
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Assets Presented in the Balance Sheet	373	239
Financial Instruments	(373)	(233)
Cash Collateral Received	0	0
Cash Collateral Paid	0	0
Amounts That Would Have Been Presented On Net Basis	$ 0	$ 6

Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 412	$ 256
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Liabilities Presented in the Balance Sheet	412	256
Financial Instruments	(373)	(233)
Cash Collateral Received	0	0
Cash Collateral Paid	(33)	(17)
Amounts That Would Have Been Presented On Net Basis	$ 6	$ 6

Hedging Activities and Fair Value Measurements, Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Derivatives in fair value hedging relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

$ (59)

$ (67)

$ (124)

$ (187)

Gain (Loss) Recognized in Income on Hedged Item

209

Derivatives in fair value hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

(59)

(67)

(124)

(187)

Gain (Loss) Recognized in Income on Hedged Item

209

Derivatives in cash flow hedging relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

(291)

(60)

(569)

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

102

(535)

Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

183

Accumulated other comprehensive loss related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months

(9)

Derivatives in cash flow hedging relationships [Member] | Interest rate derivatives [Member] | Interest expense [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

(6)

(10)

(14)

(18)

Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Net accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months

Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months

Accumulated other comprehensive income (loss) related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months

Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Revenue [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

^[1]

(291)

(98)

(733)

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

(498)

Derivatives in cash flow hedging relationships [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative

^[1]

(19)

Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income

(19)

Derivatives not designated as hedging instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Realized gains

Unrealized gains (losses)

(44)

Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Revenue [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

Derivatives not designated as hedging instruments [Member] | Commodity derivatives [Member] | Operating costs and expenses [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

$ 3

$ (1)

$ 7

$ 0

[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.

Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financial assets [Abstract]
Value before application of CME Rule 814	$ 1,619	$ 1,232
Impact of CME Rule 814	(1,246)	(993)
Total commodity derivatives	373	239
Total	373	239
Commodity derivatives:
Value before application of CME Rule 814	1,711	1,200
Impact of CME Rule 814	(1,299)	(944)
Total commodity derivatives	412	256
Total	412	256
Net value before application of CME Rule 814 to commodity hedging portfolio	(92)
Level 1 [Member]
Financial assets [Abstract]
Value before application of CME Rule 814	356	122
Impact of CME Rule 814	(328)	(122)
Total commodity derivatives	28	0
Total	28	0
Commodity derivatives:
Value before application of CME Rule 814	505	199
Impact of CME Rule 814	(476)	(199)
Total commodity derivatives	29	0
Total	29	0
Level 2 [Member]
Financial assets [Abstract]
Value before application of CME Rule 814	1,250	1,110
Impact of CME Rule 814	(918)	(871)
Total commodity derivatives	332	239
Total	332	239
Commodity derivatives:
Value before application of CME Rule 814	1,185	1,001
Impact of CME Rule 814	(823)	(745)
Total commodity derivatives	362	256
Total	362	256
Level 3 [Member]
Financial assets [Abstract]
Value before application of CME Rule 814	13	0
Impact of CME Rule 814	0	0
Total commodity derivatives	13	0
Total	13	0
Commodity derivatives:
Value before application of CME Rule 814	21	0
Impact of CME Rule 814	0	0
Total commodity derivatives	21	0
Total	$ 21	$ 0

Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Billions	Jun. 30, 2022	Dec. 31, 2021
Carrying Value [Member]
Financial Liabilities: [Abstract]
Fixed Rate Debt Principal Amount Fair Value Disclosure	$ 28.2	$ 29.6
Level 2 [Member] \| Fair Value [Member]
Financial Liabilities: [Abstract]
Fixed Rate Debt Principal Amount Fair Value Disclosure	$ 25.7	$ 33.5

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues - related parties:
Total revenue - related parties	$ 19	$ 9	$ 35	$ 23
Costs and expenses - related parties:
Operating costs and expenses	337	300	652	624
General and administrative expenses	38	33	75	68
Total costs and expenses - related parties	375	333	727	692
Accounts receivable - related parties:
Total accounts receivable - related parties	29		29		$ 21
Accounts payable - related parties:
Total accounts payable - related parties	132		132		167
EPCO and its privately held affiliates [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	315	283	606	575
Accounts receivable - related parties:
Total accounts receivable - related parties	1		1		1
Accounts payable - related parties:
Total accounts payable - related parties	113		113		151
Distributions:
Total cash distributions			632	612
EPCO and its privately held affiliates [Member] \| Administrative Services Agreement [Member]
Costs and expenses - related parties:
Operating costs and expenses	275	247	526	502
General and administrative expenses	36	31	72	64
Total costs and expenses - related parties	311	278	598	566
EPCO and its privately held affiliates [Member] \| Related Party Operating Leases [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	$ 4	4	$ 7	7
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Relationship with Affiliates [Abstract]
Total Number of Units (in units)	702,387,118		702,387,118
Percentage of total units outstanding	32.20%		32.20%
Enterprise common units pledged as security (in units)	92,976,464		92,976,464
Unconsolidated affiliates [Member]
Revenues - related parties:
Total revenue - related parties	$ 19	9	$ 35	23
Costs and expenses - related parties:
Total costs and expenses - related parties	60	$ 50	121	$ 117
Accounts receivable - related parties:
Total accounts receivable - related parties	28		28		20
Accounts payable - related parties:
Total accounts payable - related parties	$ 19		$ 19		$ 16

Income Taxes, Benefit from (provision for) income taxes (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Components of Benefit From (Provision For) Income Taxes:

Texas Margin Tax

^[1]

$ (7)

$ (24)

$ (19)

$ (27)

Other

(3)

(1)

Provision for income taxes

(17)

(31)

(36)

(41)

OTA Holdings, Inc. [Member]

Components of Benefit From (Provision For) Income Taxes:

Provision for income taxes

$ (7)

$ (14)

$ (13)

[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.

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes, Reconciliation (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Reconciliation of the benefit from (provision for) income taxes [Abstract]

Pre-Tax Net Book Income ("NBI")

$ 1,457

$ 1,177

$ 2,807

$ 2,550

Texas Margin Tax

^[1]

(7)

(24)

(19)

(27)

State income tax provision, net of federal benefit

(1)

Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities

(4)

(7)

Valuation allowance

^[2]

(3)

(7)

(6)

Other

(2)

Total provision for income taxes

$ (17)

$ (31)

$ (36)

$ (41)

Effective income tax rate

(1.20%)

(2.60%)

(1.30%)

(1.60%)

[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.
[2]	Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable. Accordingly, we provided for a valuation allowance against OTA’s net deferred tax assets.

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Current portion of income tax benefit (provision):

Federal

$ 0

$ 1

State

(7)

(12)

(17)

Foreign

(3)

(1)

Total current portion

(10)

(12)

(20)

(17)

Deferred portion of income tax benefit (provision):

Federal

(6)

(13)

(12)

State

(1)

(13)

(3)

(12)

Total deferred portion

(7)

(19)

(16)

(24)

Total provision for income taxes

(17)

$ (31)

(36)

$ (41)

Deferred tax liabilities:

Attributable to investment in OTA

398

$ 384

Attributable to property, plant and equipment

120

118

Attributable to investments in other entities

Other

Total deferred tax liabilities

560

521

Deferred tax assets:

Net operating loss carryovers

^[1]

Temporary differences related to Texas Margin Tax

Total deferred tax assets

Valuation allowance

Total deferred tax assets, net of valuation allowance

Total net deferred tax liabilities

$ 556

$ 518

[1]	The loss amount presented as of June 30, 2022 has an indefinite carryover period. All losses are subject to limitations on their utilization.

Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Scheduled maturities of debt obligations [Abstract]
Principal amount of consolidated debt obligations outstanding	$ 29,061	$ 29,821

Commitments and Contingent Liabilities, Operating Leases (Details)
$ in Millions

Jun. 30, 2022

USD ($)

Operating Leases [Abstract]

ROU asset carrying value

$ 365

^[1]

Lease liability carrying value

400

^[2]

Lease liability, current

Lease liability, noncurrent

345

Storage and Pipeline Facilities [Member]

Operating Leases [Abstract]

ROU asset carrying value

185

^[1]

Lease liability carrying value

$ 186

^[2]

Weighted-average remaining term

10 years

Weighted-average discount rate

3.50%

^[3]

Transportation Equipment [Member]

Operating Leases [Abstract]

ROU asset carrying value

$ 18

^[1]

Lease liability carrying value

$ 20

^[2]

Weighted-average remaining term

3 years

Weighted-average discount rate

2.90%

^[3]

Office and Warehouse Space [Member]

Operating Leases [Abstract]

ROU asset carrying value

$ 162

^[1]

Lease liability carrying value

$ 194

^[2]

Weighted-average remaining term

15 years

Weighted-average discount rate

2.90%

^[3]

[1]	ROU asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
[2]	At June 30, 2022, lease liabilities of $55 million and $345 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
[3]	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.

Commitments and Contingent Liabilities, Consolidated Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Consolidated Lease Expense [Abstract]
Non-cash lease expense (amortization of ROU assets)	$ 14	$ 10	$ 27	$ 19
Related accretion expense on lease liability balances	3	3	6	6
Total fixed lease expense	17	13	33	25
Variable lease expense	1	0	1	1
Subtotal operating lease expense	18	13	34	26
Short-term operating leases	23	13	40	26
Total operating lease expense	41	26	74	52
Cash payments for operating lease liabilities	16	9	28	18
Operating lease income	$ 3	$ 3	$ 6	$ 6