0001061219-24-000006 | 10-K | XBRL Viewer | Enterprise Products Partners LP

Less accumulated depreciation

$ 66,217

$ 63,122

20,462

18,800

Subtotal property, plant, and equipment, net

45,755

44,322

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

^[1]

Summary of depreciation expense and capitalized interest [Abstract]

45,804

44,401

$ 42,088

Depreciation expense

^[2]

1,860

1,779

1,705

Capitalized interest

^[3]

106

Asset Retirement Obligations [Roll Forward]

ARO liability beginning balance

234

176

150

Liabilities incurred

^[4]

Revisions in estimated cash flows

^[5]

(12)

Liabilities settled

^[6]

(13)

(10)

(4)

Accretion expense

^[7]

ARO liability ending balance

225

234

$ 176

Asset retirement obligation, current liability

Asset retirement obligations, long-term liability

221

214

Capitalized costs, asset retirement costs

109

117

Forecasted accretion expense [Abstract]

Plants, pipelines and facilities [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

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

^[8]

$ 57,983

54,396

Property, plant and equipment and accumulated depreciation [Abstract]

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

^[8],[9]

3 years

Property, plant and equipment and accumulated depreciation [Abstract]

Underground and other storage facilities [Member]

^[8],[9]

45 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

^[10]

$ 4,401

4,329

Property, plant and equipment and accumulated depreciation [Abstract]

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

^[10],[11]

5 years

Property, plant and equipment and accumulated depreciation [Abstract]

Transportation equipment [Member]

^[10],[11]

40 years

Property, plant and equipment and accumulated depreciation [Abstract]

Transportation equipment [Member] | Minimum [Member]

^[12]

$ 242

222

Property, plant and equipment and accumulated depreciation [Abstract]

Transportation equipment [Member] | Maximum [Member]

^[12]

3 years

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment and accumulated depreciation [Abstract]

^[12]

10 years

Marine vessels [Member]

Marine vessels [Member] | Minimum [Member]

^[13]

$ 935

921

Property, plant and equipment and accumulated depreciation [Abstract]

Marine vessels [Member] | Maximum [Member]

^[13]

15 years

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment and accumulated depreciation [Abstract]

^[13]

30 years

Land [Member]

Construction in progress [Member]

$ 411

387

Property, plant and equipment and accumulated depreciation [Abstract]

Distillation-based and reaction-based plants [Member] | Minimum [Member]

$ 2,245

$ 2,867

Property, plant and equipment and accumulated depreciation [Abstract]

Distillation-based and reaction-based plants [Member] | Maximum [Member]

20 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

35 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

5 years

Property, plant and equipment and accumulated depreciation [Abstract]

Terminal facilities [Member] | Minimum [Member]

45 years

Property, plant and equipment and accumulated depreciation [Abstract]

Terminal facilities [Member] | Maximum [Member]

10 years

Property, plant and equipment and accumulated depreciation [Abstract]

Buildings [Member] | Minimum [Member]

35 years

Property, plant and equipment and accumulated depreciation [Abstract]

Buildings [Member] | Maximum [Member]

20 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

40 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

3 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

20 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

5 years

Property, plant and equipment and accumulated depreciation [Abstract]

Underground storage facilities [Member] | Minimum [Member]

35 years

Property, plant and equipment and accumulated depreciation [Abstract]

Underground storage facilities [Member] | Maximum [Member]

5 years

Property, plant and equipment and accumulated depreciation [Abstract]

Storage tanks [Member] | Minimum [Member]

35 years

Property, plant and equipment and accumulated depreciation [Abstract]

Storage tanks [Member] | Maximum [Member]

10 years

Property, plant and equipment and accumulated depreciation [Abstract]

Water wells [Member] | Minimum [Member]

40 years

Property, plant and equipment and accumulated depreciation [Abstract]

Water wells [Member] | Maximum [Member]

5 years

Property, plant and equipment and accumulated depreciation [Abstract]

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

35 years

Property, plant and equipment and accumulated depreciation [Abstract]

Expected remaining amortization period

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 remaining amortization period for these costs is 0.8 years.
[2]	Depreciation expense is a component of “Third party and other costs” within “Costs and expenses” as presented on our Statements of Consolidated Operations.
[3]	Capitalized interest is a component of “Interest expense” as presented on our Statements of Consolidated Operations.
[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 distillation-based and reaction-based plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
[9]	In general, the estimated useful lives of major assets within this category are: distillation-based and reaction-based plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
[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.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

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		December 31,
	in Years		2023		2022
Plants, pipelines and facilities (1)(5)		3-45	$	57,983	$	54,396
Underground and other storage facilities (2)(6)		5-40		4,401		4,329
Transportation equipment (3)		3-10		242		222
Marine vessels (4)		15-30		935		921
Land				411		387
Construction in progress				2,245		2,867
Subtotal				66,217		63,122
Less accumulated depreciation				20,462		18,800
Subtotal property, plant and equipment, net				45,755		44,322
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)				49		79
Property, plant and equipment, net			$	45,804	$	44,401

(1)	Plants, pipelines and facilities include distillation-based and reaction-based plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2)	Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3)	Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4)	Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5)	In general, the estimated useful lives of major assets within this category are: distillation-based and reaction-based plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
(6)	In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
(7)	For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected remaining amortization period for these costs is 0.8 years.

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

	For the Year Ended December 31,
	2023		2022		2021
Depreciation expense (1)	$	1,860	$	1,779	$	1,705
Capitalized interest (2)		106		90		80

(1)	Depreciation expense is a component of “Third party and other costs” within “Costs and expenses” as presented on our Statements of Consolidated Operations.
(2)	Capitalized interest is a component of “Interest expense” as presented on our Statements of Consolidated Operations.

Asset Retirement Obligations

We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. Our contractual AROs primarily result from right-of-way agreements associated with our pipeline operations and property leases associated with our plant sites. In addition, we record AROs in connection with governmental regulations associated with the abandonment or retirement of above-ground brine storage pits and certain marine vessels. We also record AROs in connection with regulatory requirements associated with the renovation or demolition of certain assets containing hazardous substances such as asbestos. We typically fund our AROs using cash flow from operations.

Property, plant and equipment at December 31, 2023 and 2022 includes $109 million and $117 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

The following table presents information regarding our AROs for the years indicated:

	For the Year Ended December 31,
	2023			2022			2021
ARO liability beginning balance	$	234		$	176		$	150
Liabilities incurred (1)		5			20			6
Revisions in estimated cash flows (2)		(12	)		30			6
Liabilities settled (3)		(13	)		(10	)		(4	)
Accretion expense (4)		11			18			18
ARO liability ending balance	$	225		$	234		$	176

(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 $225 million total ARO liability recorded at December 31, 2023, $4 million was reflected as a current liability and $221 million as a long-term liability.

The following table presents our forecast of ARO-related accretion expense for the years indicated:

2024				2025				2026				2027				2028
$	13			$	14			$	15			$	16			$	16

Impairments of Property, Plant and Equipment

The following table presents our non-cash asset impairment charges involving property, plant and equipment by business segment for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
NGL Pipelines & Services	$	12	$	23	$	20
Crude Oil Pipelines & Services		1		3		15
Natural Gas Pipelines & Services (1)		5		6		56
Petrochemical & Refined Products Services (2)		2		9		127
Total impairment charges for property, plant and equipment	$	20	$	41	$	218

(1)	2021 amount includes a $37 million non-cash impairment charge associated with the sale of components of our San Juan Gathering System.
(2)	2021 amount includes a non-cash impairment charge of $113 million associated with our marine transportation business.

The following information summarizes our significant asset impairment charges involving property, plant and equipment that were recognized during the year ended December 31, 2021:

•

In December 2021, we evaluated our marine transportation business for impairment due to a further deterioration of demand for such services, which resulted in lower-than-expected term and spot rates. As a result of our review, we recognized an impairment charge of $114 million. The impairment charge reduced property, plant and equipment by $113 million and intangible assets by $1 million. We determined the fair value using an income approach (i.e., a discounted cash flow approach), which incorporates Level 3 inputs including: (i) management’s long-term forecast of cash flows generated by the business; (ii) a discount rate of 8.7%, which is based on an estimated weighted-average cost of capital for market participants engaged in similar business activities; and (iii) a growth rate of 2.2% for terminal year cash flows.

•

In March 2021, we entered into agreements to sell a coal bed natural gas gathering system and related Val Verde treating facility, both of which were components of our San Juan Gathering System, to a third party for $39 million in cash. The transaction closed and was effective on April 1, 2021. We recognized an impairment charge of $44 million attributable to this transaction, which reflects the write down of $37 million of property, plant and equipment and $7 million of intangible assets to their respective fair values.

The remainder of our impairment charges for the years ended December 31, 2023, 2022 and 2021 are attributable to the complete write-off of assets that are no longer expected to be used or constructed.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$ 180	$ 76
Restricted cash	140	130
Total cash, cash equivalents and restricted cash shown in the Statements of Consolidated Cash Flows	320	206	$ 2,965	$ 1,158
Allowance for Credit Losses [Member]
Movement in valuation allowances and reserves [Roll Forward]
Balance at beginning of period	54	53	47
Charged to costs and expenses	1	6	7
Charged to other accounts	0	1	4
Deductions	(20)	(6)	(5)
Balance at end of period	$ 35	$ 54	$ 53
Minor Investment [Member] \| Minimum [Member]
Consolidation Policy [Abstract]
Equity method of ownership interest	3.00%
Minor Investment [Member] \| Maximum [Member]
Consolidation Policy [Abstract]
Equity method of ownership interest	50.00%
Major Investment [Member] \| Minimum [Member]
Consolidation Policy [Abstract]
Equity method of ownership interest	20.00%
Major Investment [Member] \| Maximum [Member]
Consolidation Policy [Abstract]
Equity method of ownership interest	50.00%

Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Decrease (increase) in:

Accounts receivable - trade

$ (810)

$ 108

$ (2,407)

Accounts receivable - related parties

(16)

Inventories

(714)

131

867

Prepaid and other current assets

(651)

(97)

(404)

Other assets

(42)

Increase (decrease) in:

Accounts payable - trade

309

(174)

(20)

Accounts payable - related parties

(33)

Accrued product payables

849

(190)

2,663

Accrued interest

(26)

(2)

Other current liabilities

484

124

602

Other long-term liabilities

(53)

Net effect of changes in operating accounts

(555)

(54)

1,366

Cash payments for interest, net of $106, $90 and $80 capitalized during the years ended December 31, 2023, 2022 and 2021, respectively

1,228

1,232

1,231

Capitalized interest

^[1]

106

Cash payments for federal and state income taxes

Liability for construction in progress expenditures

400

238

183

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

122

(1)

(5)

Recovery of construction costs [Member]

Sale of natural gas gathering system and related treating facility [Member]

^[2]

Involuntary Conversions [Member]

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

(11)

Other Disposal of Assets [Member]

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

$ 10

$ (1)

$ 6

[1]	Capitalized interest is a component of “Interest expense” as presented on our Statements of Consolidated Operations.
[2]	Amounts presented reflect the portion of cash receipts from the settlement of claims attributable to the partial recovery of construction costs incurred on the associated capital project.

Income Taxes (Details)	12 Months Ended
Income Taxes (Details)	Dec. 31, 2023
Components of Benefit From (Provision For) Income Taxes:
Maximum percent of qualifying income for publicly traded partnerships to be treated as corporations	90.00%

Summary of Significant Accounting Policies, Part 3 (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Impairment charges in operating costs and expenses

$ 20

$ 41

$ 218

233

Environmental Reserves [Member]

233

Movement in valuation allowances and reserves [Roll Forward]

Operating costs and expenses [Member]

Impairment charges in operating costs and expenses

218

Other impairments

^[1]

^[2]

233

General and administrative costs [Member]

Significant Changes in Deferred Revenue

^[3]

$ 2

$ 0

[1]	Primarily represents the write-down of surplus materials classified as current assets and intangible assets other than goodwill.
[2]	Amounts presented are a component of “Third party and other costs” within the “Operating costs and expenses” section of our Statements of Consolidated Operations.
[3]	Amounts presented are a component of “Third party and other costs” within the “General and administrative costs” section of our Statements of Consolidated Operations.

Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interest rate derivatives [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 31
Gross Amounts Offset in the Balance Sheet	0
Amounts of Liabilities Presented in the Balance Sheet	31
Financial Instruments	0
Cash Collateral Received	0
Cash Collateral Paid	0
Amounts That Would Have Been Presented On Net Basis	31
Commodity Derivatives [Member]
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	471	$ 412
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Liabilities Presented in the Balance Sheet	471	412
Financial Instruments	(450)	(411)
Cash Collateral Received	1	0
Cash Collateral Paid	(21)	0
Amounts That Would Have Been Presented On Net Basis	$ 1	$ 1

Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Operating lease obligations:
Renewal option years for certain leases	20 years
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Noncurrent portion of AROs	$ 221	$ 214
Deferred revenues - non-current portion	326	320
Lease liability - non-current portion	323	341
Derivative liabilities	106	58
Other	8	8
Total	984	$ 941
Junior Subordinated Note [Member]
Debt Instrument [Line Items]
Debt obligations	$ 2,300
Minimum [Member]
Operating lease obligations:
Term of material lease agreements	5 years
Maximum [Member]
Operating lease obligations:
Term of material lease agreements	30 years

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

$ 501

$ 446

$ 344

^[1]

(271)

(203)

(148)

Deferred revenue recorded during period

^[2]

956

950

954

Deferred revenue recorded during period transferred to other accounts

^[1]

(656)

(687)

(700)

Other changes

(11)

(5)

(4)

Commitments and Contingencies [Abstract]

$ 519

$ 501

$ 446

[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.

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

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.

Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the possible need for accounting recognition and disclosure of these contingencies. We accrue an undiscounted liability for those contingencies where the loss is probable and the amount can be reasonably estimated. If a range of probable loss amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount in the range is accrued.

We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss. Based on a consideration of all relevant known facts and circumstances, we do not believe that the ultimate outcome of any currently pending litigation directed against us will have a material impact on our consolidated financial statements either individually at the claim level or in the aggregate.

There were no accruals for litigation contingencies at December 31, 2023 and 2022, respectively. We classify our accruals for litigation contingencies in our 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. Our evaluation of litigation contingencies is based on the facts and circumstances of each case and predicting the outcome of these matters involves uncertainties. In the event the assumptions we use to evaluate these matters change in future periods or new information becomes available, we may be required to record additional accruals. In an effort to mitigate expenses associated with litigation, we may settle legal proceedings out of court.

Commitments Under Equity Compensation Plans of EPCO

In accordance with our agreements with EPCO, we reimburse EPCO for our share of its compensation expense attributable to employees who perform management, administrative and operating functions for us. See Notes 13 and 15 for additional information regarding our accounting for equity-based awards and related party information, respectively.

Contractual Obligations

The following table summarizes our various contractual obligations at December 31, 2023. A description of each type of contractual obligation follows:

	Payment or Settlement due by Period
Contractual Obligations	Total		2024		2025		2026		2027		2028		Thereafter
Scheduled maturities of debt obligations	$	29,021	$	1,300	$	1,150	$	1,625	$	575	$	1,000	$	23,371
Estimated cash interest payments	$	26,940	$	1,300	$	1,256	$	1,187	$	1,160	$	1,149	$	20,888
Operating lease obligations	$	482	$	86	$	74	$	44	$	29	$	27	$	222
Purchase obligations:
Product purchase commitments:
Estimated payment obligations:
Natural gas	$	76	$	61	$	15	$	–	$	–	$	–	$	–
NGLs	$	2,909	$	667	$	682	$	391	$	383	$	353	$	433
Crude oil	$	8,922	$	1,842	$	1,838	$	1,539	$	1,442	$	1,156	$	1,105
Petrochemicals and refined products	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Other	$	17	$	6	$	4	$	2	$	2	$	2	$	1
Service payment commitments	$	408	$	47	$	37	$	26	$	26	$	25	$	247

Capital expenditure commitments	$	48	$	48	$	–	$	–	$	–	$	–	$	–

Scheduled Maturities of Debt

We have long-term and short-term payment obligations under debt agreements. Amounts shown in the preceding table represent our scheduled future maturities of debt principal for the years indicated. See Note 7 for additional information regarding our consolidated debt obligations.

Estimated Cash Interest Payments

Our estimated cash payments for interest are based on the principal amount of our consolidated debt obligations outstanding at December 31, 2023, the contractually scheduled maturities of such balances, and the applicable interest rates. Our estimated cash payments for interest are influenced by the long-term maturities of our $2.3 billion in junior subordinated notes (due June 2067 through February 2078). The estimated cash payments assume that (i) the junior subordinated notes are not repaid prior to their respective maturity dates and (ii) the amount of interest paid on the junior subordinated notes is based on either (a) the current fixed interest rate charged or (b) the weighted-average variable rate paid in 2023, as applicable, for each note through the respective maturity date. See Note 7 for information regarding fixed and weighted-average variable interest rates charged in 2023.

Operating Lease Obligations

We lease certain property, plant and equipment under noncancelable and cancelable operating leases. Amounts shown in the preceding table represent minimum cash lease payment obligations under our operating leases with terms in excess of one year.

Our significant lease agreements consist of (i) land held pursuant to property leases, (ii) the lease of underground storage caverns for natural gas, NGLs and ethylene, (iii) the lease of compressors and transportation equipment used in our operations and (iv) office space leased from affiliates of EPCO. These lease agreements have terms that range from 5 to 30 years. The agreements to lease office space from affiliates of EPCO and those relating to underground NGL storage caverns we lease from a third party include renewal options that could extend these contracts for up to an additional 20 years. The remainder of our significant lease agreements do not provide for additional renewal terms.

Lease expense is charged to operating costs and expenses on a straight-line basis over the period of expected economic benefit. Contingent rental payments are expensed as incurred. We are generally required to perform routine maintenance on the underlying leased assets. In addition, certain leases give us the option to make leasehold improvements. Maintenance and repairs of leased assets resulting from our operations are charged to expense as incurred.

The following table presents information regarding operating leases where we are the lessee at December 31, 2023:

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	$	188	$	187	9 years		4.2	%
Transportation equipment		25		25	4 years		4.7	%
Office and warehouse space		151		186	13 years		3.0	%
Total	$	364	$	398

(1)	ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
(2)	At December 31, 2023, lease liabilities of $75 million and $323 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 incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.

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

	For the Year Ended December,
	2023		2022		2021
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	72	$	59	$	41
Related accretion expense on lease liability balances		14		12		12
Total fixed lease expense		86		71		53
Variable lease expense		13		6		1
Total long-term operating lease expense		99		77		54
Short-term operating leases		111		91		54
Total operating lease expense	$	210	$	168	$	108

Fixed lease expense is charged to earnings on a straight-line basis over the contractual term, with any variable lease payments expensed as incurred. Short-term operating lease expense is expensed as incurred. Cash paid for operating lease liabilities recorded on our balance sheet was $87 million, $65 million and $40 million for the years ended December 31, 2023, 2022 and 2021, respectively.

We do not have any significant operating or direct financing leases where we are the lessor. Our operating lease income for the years ended December 31, 2023, 2022 and 2021 was $16 million, $14 million and $12 million, respectively. We do not have any sales-type leases.

Purchase Obligations

We define purchase obligations as agreements with remaining terms in excess of one year to purchase goods or services that are enforceable and legally binding (i.e., unconditional) on us that specify all significant terms, including (i) fixed or minimum quantities to be purchased, (ii) fixed, minimum or variable price provisions and (iii) the approximate timing of the transactions. We classify our unconditional purchase obligations into the following categories:

•

Product purchase commitments – We have long-term product purchase obligations for natural gas, NGLs, crude oil, and petrochemicals and refined products with third party suppliers. The prices that we are obligated to pay under these contracts approximate market prices at the time we take delivery of the volumes. The preceding table presents our estimated future payment obligations under these contracts based on the contractual price in each agreement at December 31, 2023 applied to all future volume commitments. Actual future payment obligations may vary depending on prices at the time of delivery.

•

Service payment commitments – We have long-term commitments to pay service providers, including those attributable to obligations under firm pipeline transportation contracts. Payment obligations vary by contract, but generally represent a price per unit of volume multiplied by a firm transportation volume commitment.

•

We have short-term payment obligations relating to our capital expenditures, including our share of the capital expenditures of unconsolidated affiliates. These commitments represent unconditional payment obligations for services to be rendered or products to be delivered in connection with capital projects.

Other Long-Term Liabilities

The following table summarizes the components of “Other long-term liabilities” as presented on our Consolidated Balance Sheets at the dates indicated:

	December 31,
	2023		2022
Noncurrent portion of AROs (see Note 4)	$	221	$	214
Deferred revenues – non-current portion (see Note 9)		326		320
Lease liability – non-current portion		323		341
Derivative liabilities		106		58
Other		8		8
Total	$	984	$	941

Capital Accounts, Summary of Changes in Outstanding Units (Details) - Common Units [Member] - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary of changes in outstanding units [Roll Forward]
Common units outstanding, beginning balance (in units)	2,170,806,347	2,176,379,587	2,182,308,958
Common unit repurchases under 2019 Buyback Program (in units)	(7,244,540)	(10,166,923)	(9,891,956)
Common units issued in connection with the vesting of phantom unit awards, net (in units)	4,662,539	4,571,333	3,936,437
Other (in units)	20,892	22,350	26,148
Common units outstanding, ending balance (in units)	2,168,245,238	2,170,806,347	2,176,379,587

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Significant Changes in Unbilled Revenue

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

$ 6

$ 15

$ 19

^[1]

(6)

(15)

(19)

Unbilled revenue recorded during period

^[2]

155

277

Unbilled revenue recorded during period transferred to other accounts

^[1]

(70)

(149)

(262)

Other changes

Attributable to investment in OTA

$ 11

$ 6

$ 15

[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.

Income Taxes, Deferred Tax Liabilities and Assets (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Deferred tax liabilities:

^[1]

$ 436

$ 406

Attributable to property, plant and equipment

138

133

Attributable to investments in other entities

Other

Total deferred tax liabilities

661

604

Deferred tax assets:

Net operating loss carryovers

^[2]

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

$ 611

$ 600

[1]	Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA, which we acquired in March 2020.
[2]	The loss amount presented as of December 31, 2023 has an indefinite carryover period. All losses are subject to limitations on their utilization.

Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 2,330	$ 2,352	$ 2,428
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	462	464	583
NGL Pipelines & Services [Member]
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	$ 133	149	120
NGL Pipelines & Services [Member] \| Venice Energy Service Company, L.L.C. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	13.10%
Investments in unconsolidated affiliates	$ 24	25
NGL Pipelines & Services [Member] \| K/D/S Promix, L.L.C. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investments in unconsolidated affiliates	$ 25	25
NGL Pipelines & Services [Member] \| Baton Rouge Fractionators LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	32.20%
Investments in unconsolidated affiliates	$ 13	13
NGL Pipelines & Services [Member] \| Skelly-Belvieu Pipeline Company, L.L.C. [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investments in unconsolidated affiliates	$ 26	25
NGL Pipelines & Services [Member] \| Texas Express Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	35.00%
Investments in unconsolidated affiliates	$ 303	324
NGL Pipelines & Services [Member] \| Texas Express Gathering LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	45.00%
Investments in unconsolidated affiliates	$ 35	36
NGL Pipelines & Services [Member] \| Front Range Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	33.30%
Investments in unconsolidated affiliates	$ 186	192
Crude Oil Pipelines & Services [Member]
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	$ 320	308	456
Crude Oil Pipelines & Services [Member] \| Seaway Crude Holdings LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investments in unconsolidated affiliates	$ 1,192	1,183
Crude Oil Pipelines & Services [Member] \| Eagle Ford Pipeline LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investments in unconsolidated affiliates	$ 373	375
Crude Oil Pipelines & Services [Member] \| Eagle Ford Terminals Corpus Christi LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investments in unconsolidated affiliates	$ 116	119
Natural Gas Pipelines & Services [Member]
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	$ 6	5	6
Natural Gas Pipelines & Services [Member] \| White River Hub, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investments in unconsolidated affiliates	$ 17	17
Natural Gas Pipelines & Services [Member] \| Old Ocean Pipeline, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%
Investments in unconsolidated affiliates	$ 16	15
Petrochemical & Refined Products Services [Member]
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	$ 3	2	$ 1
Petrochemical & Refined Products Services [Member] \| Baton Rouge Propylene Concentrator, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	30.00%
Investments in unconsolidated affiliates	$ 2	2
Petrochemical & Refined Products Services [Member] \| Transport 4, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest	25.00%
Investments in unconsolidated affiliates	$ 2	$ 1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 180	$ 76
Restricted cash	140	130
Inventories	3,352	2,554
Derivative assets	347	469
Prepaid and other current assets	457	394
Total current assets	12,248	10,598
Property, plant and equipment, net	45,804	44,401
Investments in unconsolidated affiliates	2,330	2,352
Intangible assets, net	3,770	3,965
Goodwill	5,608	5,608
Other assets	1,222	1,184
Total assets	70,982	68,108
Current liabilities:
Current maturities of debt	1,300	1,744
Accrued product payables	8,911	7,988
Accrued interest	455	426
Derivative liabilities	396	354
Other current liabilities	675	778
Total current liabilities	13,131	12,265
Long-term debt	27,448	26,551
Deferred tax liabilities	611	600
Other long-term liabilities	984	941
Commitments and contingent liabilities
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units (50,412 units outstanding at December 31, 2023 and December 31, 2022)	49	49
Partners' equity:
Common limited partner interests (2,168,245,238 units issued and outstanding at December 31, 2023 and 2,170,806,347 units issued and outstanding at December 31, 2022)	28,663	27,555
Treasury units, at cost	(1,297)	(1,297)
Accumulated other comprehensive income	307	365
Total partners' equity	27,673	26,623
Noncontrolling interests in consolidated subsidiaries	1,086	1,079
Total equity	28,759	27,702
Total liabilities, preferred units, and equity	70,982	68,108
Nonrelated Party [Member]
Current assets:
Accounts receivable, net	7,765	6,964
Current liabilities:
Accounts payable	1,195	743
Related Party [Member]
Current assets:
Accounts receivable, net	7	11
Current liabilities:
Accounts payable	$ 199	$ 232

Capital Accounts, Redeemable Preferred Limited Partner Interests (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2020
Temporary Equity [Line Items]
Treasury units	$ 1,297	$ 1,297
Series A cumulative convertible preferred units (in dollars per unit)					$ 1,000
Series A cumulative convertible preferred units outstanding (in units)	50,412	50,412	50,412	50,138	50,000
Total distributions paid to convertible preferred unitholders			$ 3
Cash distributions paid to convertible preferred unitholders	$ 3	$ 3	$ 3
Preferred unit distribution rate	7.25%
Redemption price per preferred unit on or after September 30, 2025 at unitholder election (in dollars per unit)	$ 1,000
Redemption price per preferred unit from September 30, 2022 through September 29, 2024 (in dollars per unit)	1,070
Redemption price per preferred unit from September 30, 2024 through September 29, 2025 (in dollars per unit)	1,030
Redemption price per preferred unit from September 30, 2025 through September 29, 2026 (in dollars per unit)	1,010
Redemption price per preferred unit on or after September 30, 2026 (in dollars per unit)	1,000
Redemption price per preferred unit if Change of Control event occurs (in dollars per unit)	$ 1,010
Percentage applied to the common unit market price in calculating the number of common units to be acquired upon the conversion of series A preferred units to common units	92.50%
Percentage of preferred units that may be converted into common units at unitholder option	50.00%
EPCO and its privately held affiliates [Member]
Temporary Equity [Line Items]
Series A cumulative convertible preferred units, paid-in kind distribution (in units)			274
Preferred Units [Member]
Temporary Equity [Line Items]
Treasury units outstanding (preferred units) (in units)					855,915
Common Units [Member]
Temporary Equity [Line Items]
Treasury units acquired in connection with settlement of Liquidity Option in March 2020 (in units)				(54,807,352)

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Allocation of Total Purchase Prices Paid in Connection with Business Combinations

The following table summarizes the final fair value allocation of assets acquired and liabilities assumed in the acquisition at February 17, 2022 (the effective date of the acquisition).

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 ROU assets. None of these amounts were considered individually significant.

Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interest rate derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives		$ 26
Liability Derivatives	$ 31
Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	450	486
Liability Derivatives	471	412
Derivatives designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	149	491
Liability Derivatives	202	374
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	26
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	31	0
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	149	465
Liability Derivatives	171	374
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	118	422
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	31	43
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	136	316
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	35	58
Derivatives not designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	301	21
Liability Derivatives	300	38
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	301	21
Liability Derivatives	300	38
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	229	21
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	72	0
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	229	38
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 71	$ 0

Intangible Assets and Goodwill, Significant Intangible Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Feb. 17, 2022	Dec. 31, 2021 USD ($)
Identifiable intangible assets [Abstract]
Gross Value	$ 5,897	$ 5,891
Accumulated Amortization	(2,127)	(1,926)
Carrying Value	3,770	$ 3,965		$ 3,151
Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Carrying Value	2,700
Customer relationship intangibles [Member] \| EFS Midstream [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,410
Accumulated Amortization	(339)
Carrying Value	$ 1,071
Weighted Average Remaining Amortization Period	18 years 4 months 24 days
Customer relationship intangibles [Member] \| State Line and Fairplay [Member]
Identifiable intangible assets [Abstract]
Gross Value	$ 895
Accumulated Amortization	(302)
Carrying Value	$ 593
Weighted Average Remaining Amortization Period	23 years 2 months 12 days
Customer relationship intangibles [Member] \| San Juan Gathering [Member]
Identifiable intangible assets [Abstract]
Gross Value	$ 331
Accumulated Amortization	(266)
Carrying Value	$ 65
Weighted Average Remaining Amortization Period	15 years 9 months 18 days
Customer relationship intangibles [Member] \| Oiltanking Partners L.P. [Member]
Identifiable intangible assets [Abstract]
Gross Value	$ 1,193
Accumulated Amortization	(294)
Carrying Value	$ 899
Weighted Average Remaining Amortization Period	20 years
Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Carrying Value	$ 1,100
Contract-based intangibles [Member] \| Navitas Midstream Partners, LLC [Member]
Identifiable intangible assets [Abstract]
Gross Value	989
Accumulated Amortization	(45)
Carrying Value	$ 944
Weighted Average Remaining Amortization Period	28 years
Estimated useful life of acquired intangible asset	30 years
Contract-based intangibles [Member] \| Jonah Gas Gathering [Member]
Identifiable intangible assets [Abstract]
Gross Value	$ 224
Accumulated Amortization	(185)
Carrying Value	$ 39
Weighted Average Remaining Amortization Period	18 years
Contract-based intangibles [Member] \| Delaware Basin Gas Processing LLC [Member]
Identifiable intangible assets [Abstract]
Gross Value	$ 82
Accumulated Amortization	(48)
Carrying Value	$ 34
Weighted Average Remaining Amortization Period	3 years
Measurement input, discount rate [Member] \| Contract-based intangibles [Member] \| Navitas Midstream Partners, LLC [Member]
Identifiable intangible assets [Abstract]
Long-lived asset, measurement input			0.155

Capital Accounts (Tables)

12 Months Ended

Dec. 31, 2023

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, 2020:

Common units outstanding at December 31, 2020	2,182,308,958
Common unit repurchases under 2019 Buyback Program	(9,891,956	)
Common units issued in connection with the vesting of phantom unit awards, net	3,936,437
Other	26,148
Common units outstanding at December 31, 2021	2,176,379,587
Common unit repurchases under 2019 Buyback Program	(10,166,923	)
Common units issued in connection with the vesting of phantom unit awards, net	4,571,333
Other	22,350
Common units outstanding at December 31, 2022	2,170,806,347
Common unit repurchases under 2019 Buyback Program	(7,244,540	)
Common units issued in connection with the vesting of phantom unit awards, net	4,662,539
Other	20,892
Common units outstanding at December 31, 2023	2,168,245,238

The following table summarizes changes in the number of our preferred units outstanding since December 31, 2020:

Preferred units outstanding at December 31, 2020			50,138
Paid-in kind distribution to related party			274
Preferred units outstanding at December 31, 2021			50,412
Preferred units outstanding at December 31, 2022			50,412
Preferred units outstanding at December 31, 2023			50,412

Components of Accumulated Other Comprehensive Income (Loss)

The following tables present the components of accumulated other comprehensive income (loss) as reported on our 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		254			26			–		280
Reclassification of losses (gains) to net income during period		(220	)		19			–		(201	)
Total other comprehensive income (loss) for period		34			45			–		79
Accumulated Other Comprehensive Income (Loss), December 31, 2022		171			192			2		365
Other comprehensive income (loss) for period, before reclassifications		93			(36	)		–		57
Reclassification of losses (gains) to net income during period		(110	)		(5	)		–		(115	)
Total other comprehensive income (loss) for period		(17	)		(41	)		–		(58	)
Accumulated Other Comprehensive Income (Loss), December 31, 2023	$	154		$	151		$	2	$	307

Reclassifications out of Accumulated Other Comprehensive Income (Loss) Into Net Income

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

		For the Year Ended December 31,
Losses (gains) on cash flow hedges:	Location	2023			2022
Interest rate derivatives	Interest expense	$	(5	)	$	19
Commodity derivatives	Revenue		(106	)		(181	)
Commodity derivatives	Operating costs and expenses		(4	)		(39	)
Total		$	(115	)	$	(201	)

Noncontrolling Interests

Noncontrolling interests represent third party ownership interests in our consolidated subsidiaries. The following table presents the components of noncontrolling interests as reported on our Consolidated Balance Sheets at the dates indicated:

	At December 31,
Consolidated Subsidiary	2023		2022
Breviloba LLC (“Breviloba”)(1)	$	436	$	448
Whitethorn Pipeline Company LLC (“Whitethorn”)(2)		182		183
Enterprise Navigator Ethylene Terminal LLC (“ENET”)(3)		166		141
Other (4)		302		307
Total noncontrolling interests in consolidated subsidiaries	$	1,086	$	1,079

(1)	An affiliate of Kinetik Holdings Inc. owns a noncontrolling 33% equity interest in Breviloba, which owns the Shin Oak NGL Pipeline.
(2)	An affiliate of Western Midstream Partners, LP (“Western Midstream”) owns a noncontrolling 20% equity interest in Whitethorn, which owns the Midland-to-Sealy section of our Midland-to-ECHO 1 Pipeline.
(3)	Navigator Ethylene Terminals LLC owns a noncontrolling 50% equity interest in ENET, which owns our ethylene export terminal located at Morgan’s Point on the Houston Ship Channel.
(4)	Primarily represents noncontrolling equity interests in NGL fractionation and pipeline businesses.

Declared Quarterly Cash Distribution Rates

The following table presents Enterprise’s declared quarterly cash distribution rates per common unit with respect to the quarter indicated. Actual cash distributions are paid by Enterprise within 45 days after the end of each fiscal quarter.

	Quarterly Distribution Per Common Unit		Record Date	Payment Date
2021:
1st Quarter	$	0.4500	4/30/2021	5/12/2021
2nd Quarter	$	0.4500	7/30/2021	8/12/2021
3rd Quarter	$	0.4500	10/29/2021	11/12/2021
4th Quarter	$	0.4650	1/31/2022	2/11/2022
2022:
1st Quarter	$	0.4650	4/29/2022	5/12/2022
2nd Quarter	$	0.4750	7/29/2022	8/12/2022
3rd Quarter	$	0.4750	10/31/2022	11/14/2022
4th Quarter	$	0.4900	1/31/2023	2/14/2023
2023:
1st Quarter	$	0.4900	4/28/2023	5/12/2023
2nd Quarter	$	0.5000	7/31/2023	8/14/2023
3rd Quarter	$	0.5000	10/31/2023	11/14/2023
4th Quarter	$	0.5150	1/31/2024	2/14/2024

Summary of Significant Accounting Policies, Part 2 (Details)	12 Months Ended
	Dec. 31, 2023
Current Assets and Current Liabilities [Abstract]
Threshold for components of total current assets and current liabilities to be presented as an individual caption on Consolidated Balance Sheet	5.00%
Minimum [Member]
Derivative Instruments [Abstract]
Expected offset percentage of change in fair value derivative instrument	80.00%
Maximum [Member]
Derivative Instruments [Abstract]
Expected offset percentage of change in fair value derivative instrument	125.00%

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	4,751	0	117	4,634	0
Cash distributions paid to common unitholders	(3,930)	0	0	(3,930)	0
Cash payments made in connection with distribution equivalent rights	(31)	0	0	(31)	0
Cash distributions paid to noncontrolling interests	(154)	0	(154)	0	0
Cash contributions from noncontrolling interests	72	0	72	0	0
Repurchase and cancellation of common units under 2019 Buyback Program	(214)	0	0	(214)	0
Amortization of fair value of equity-based awards	151	0	0	151	0
Cash flow hedges	451	451	0	0	0
Other, net	(35)	0	2	(37)	0
Balance at Dec. 31, 2021	26,439	286	1,110	26,340	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	5,612	0	125	5,487	0
Cash distributions paid to common unitholders	(4,095)	0	0	(4,095)	0
Cash payments made in connection with distribution equivalent rights	(34)	0	0	(34)	0
Cash distributions paid to noncontrolling interests	(163)	0	(163)	0	0
Cash contributions from noncontrolling interests	7	0	7	0	0
Repurchase and cancellation of common units under 2019 Buyback Program	(250)	0	0	(250)	0
Amortization of fair value of equity-based awards	156	0	0	156	0
Cash flow hedges	79	79	0	0	0
Other, net	(49)	0	0	(49)	0
Balance at Dec. 31, 2022	27,702	365	1,079	27,555	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	5,654	0	125	5,529	0
Cash distributions paid to common unitholders	(4,301)	0	0	(4,301)	0
Cash payments made in connection with distribution equivalent rights	(38)	0	0	(38)	0
Cash distributions paid to noncontrolling interests	(160)	0	(160)	0	0
Cash contributions from noncontrolling interests	44	0	44	0	0
Repurchase and cancellation of common units under 2019 Buyback Program	(188)	0	0	(188)	0
Amortization of fair value of equity-based awards	170	0	0	170	0
Cash flow hedges	(58)	(58)	0	0	0
Other, net	(66)	0	(2)	(64)	0
Balance at Dec. 31, 2023	$ 28,759	$ 307	$ 1,086	$ 28,663	$ (1,297)

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

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 years indicated:

	For the Year Ended December 31,
	2023			2022			2021
Decrease (increase) in:
Accounts receivable – trade	$	(810	)	$	108		$	(2,407	)
Accounts receivable – related parties		4			10			(16	)
Inventories		(714	)		131			867
Prepaid and other current assets		(651	)		(97	)		(404	)
Other assets		31			(42	)		5
Increase (decrease) in:
Accounts payable – trade		309			(174	)		(20	)
Accounts payable – related parties		(33	)		65			17
Accrued product payables		849			(190	)		2,663
Accrued interest		29			(26	)		(2	)
Other current liabilities		484			124			602
Other liabilities		(53	)		37			61
Net effect of changes in operating accounts	$	(555	)	$	(54	)	$	1,366

Cash payments for interest, net of $106, $90 and $80 capitalized in 2023, 2022 and 2021, respectively	$	1,228		$	1,232		$	1,231

Cash payments for federal and state income taxes	$	24		$	–		$	18

Schedule of Significant Acquisitions and Disposals

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

	For the Year Ended December 31,
	2023		2022		2021
Recovery of construction costs (1)	$	25	$	99	$	–
Sale of natural gas gathering system and related treating facility		–		–		39
Other asset sales		17		23		25
Total	$	42	$	122	$	64

(1)	Amounts presented reflect the portion of cash receipts from the settlement of claims attributable to the partial recovery of construction costs incurred on the associated capital project.

The following table presents net gains (losses) attributable to asset sales and related matters for the years indicated:

	For the Year Ended December 31,
	2023		2022			2021
Loss on involuntary conversions	$	–	$	–		$	(11	)
Net gains (losses) attributable to other asset sales		10		(1	)		6
Total	$	10	$	(1	)	$	(5	)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information

Note 19. 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 years indicated:

	For the Year Ended December 31,
	2023			2022			2021
Decrease (increase) in:
Accounts receivable – trade	$	(810	)	$	108		$	(2,407	)
Accounts receivable – related parties		4			10			(16	)
Inventories		(714	)		131			867
Prepaid and other current assets		(651	)		(97	)		(404	)
Other assets		31			(42	)		5
Increase (decrease) in:
Accounts payable – trade		309			(174	)		(20	)
Accounts payable – related parties		(33	)		65			17
Accrued product payables		849			(190	)		2,663
Accrued interest		29			(26	)		(2	)
Other current liabilities		484			124			602
Other liabilities		(53	)		37			61
Net effect of changes in operating accounts	$	(555	)	$	(54	)	$	1,366

Cash payments for interest, net of $106, $90 and $80 capitalized in 2023, 2022 and 2021, respectively	$	1,228		$	1,232		$	1,231

Cash payments for federal and state income taxes	$	24		$	–		$	18

We incurred liabilities for construction in progress that had not been paid at December 31, 2023, 2022 and 2021 of $400 million, $238 million and $183 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Statements of Consolidated Cash Flows.

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

	For the Year Ended December 31,
	2023		2022		2021
Recovery of construction costs (1)	$	25	$	99	$	–
Sale of natural gas gathering system and related treating facility		–		–		39
Other asset sales		17		23		25
Total	$	42	$	122	$	64

(1)	Amounts presented reflect the portion of cash receipts from the settlement of claims attributable to the partial recovery of construction costs incurred on the associated capital project.

The following table presents net gains (losses) attributable to asset sales and related matters for the years indicated:

	For the Year Ended December 31,
	2023		2022			2021
Loss on involuntary conversions	$	–	$	–		$	(11	)
Net gains (losses) attributable to other asset sales		10		(1	)		6
Total	$	10	$	(1	)	$	(5	)

Partnership Organization and Operations

12 Months Ended

Dec. 31, 2023

Partnership Organization and Operations [Abstract]

Partnership Organization and Operations

KEY REFERENCES USED IN THESE

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Unless the context requires otherwise, references to “we,” “us,” or “our” within these Notes to Consolidated Financial Statements are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries.

References to the “Partnership” or “Enterprise” mean Enterprise Products Partners L.P. on a standalone basis.

References to “EPO” mean Enterprise Products Operating LLC, which is an indirect wholly owned subsidiary of the Partnership, and its consolidated subsidiaries, through which the Partnership conducts its business. We are managed by our general partner, Enterprise Products Holdings LLC (“Enterprise GP”), which is a wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited liability company.

The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors of Enterprise GP (the “Board”); (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board; and (iii) W. Randall Fowler, who is also a director and 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 32.4% of the Partnership’s common units outstanding at December 31, 2023.

All statistical data (e.g., pipeline mileage, processing capacity and similar operating metrics) in these notes to consolidated financial statements are unaudited.

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 (“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 operations are reported under four business segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services and Petrochemical & Refined Products Services. See Note 10 for additional information regarding our business segments.

STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Third parties	$ 49,654	$ 58,127	$ 40,727
Related parties	61	59	80
Total revenues	49,715	58,186	40,807
Operating costs and expenses:
Third party and other costs	41,632	50,160	33,791
Related parties	1,385	1,342	1,287
Total operating costs and expenses	43,017	51,502	35,078
General and administrative costs:
Third party and other costs	75	85	75
Related parties	156	156	134
Total general and administrative costs	231	241	209
Total costs and expenses	43,248	51,743	35,287
Equity in income of unconsolidated affiliates	462	464	583
Operating income	6,929	6,907	6,103
Other income (expense):
Interest expense	(1,269)	(1,244)	(1,283)
Interest income	27	11	5
Other, net	14	23	0
Total other expense, net	(1,228)	(1,210)	(1,278)
Income before income taxes	5,701	5,697	4,825
Provision for income taxes	(44)	(82)	(70)
Net income	5,657	5,615	4,755
Net income attributable to noncontrolling interests	(125)	(125)	(117)
Net income attributable to preferred units	(3)	(3)	(4)
Net income attributable to common unitholders	$ 5,529	$ 5,487	$ 4,634
Earnings per unit:
Basic earnings per common unit (in dollars per unit)	$ 2.52	$ 2.5	$ 2.11
Diluted earnings per common unit (in dollars per unit)	$ 2.52	$ 2.5	$ 2.1

Hedging Activities and Fair Value Measurements (Details)
bbl in Millions, $ in Millions, ft³ in Billions

1 Months Ended

12 Months Ended

Jan. 31, 2024

USD ($)

Jan. 31, 2023

USD ($)

Mar. 31, 2021

USD ($)

Dec. 31, 2023

USD ($)

TWh

bbl

ft³

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2019

USD ($)

Jan. 02, 2024

USD ($)

Jan. 03, 2023

USD ($)

Accumulated other comprehensive income

$ 307

$ 365

$ 286

Proceeds (payments) from the settlement of interest rate derivative instruments

Carrying amount of hedged asset

Derivatives in cash flow hedging relationships [Member]

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

115

201

(946)

Interest Rate Derivatives [Member] | Derivatives in cash flow hedging relationships [Member]

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

$ (19)

$ (38)

Designated as Hedging Instrument [Member] | Treasury Lock - Settled January 2024 [Member] | Derivatives in cash flow hedging relationships [Member]

Proceeds (payments) from the settlement of interest rate derivative instruments

$ (29)

Designated as Hedging Instrument [Member] | Treasury Lock - Fourth Quarter 2023 [Member] | Derivatives in cash flow hedging relationships [Member]

Treasury rate, fixed rate

$ 600

4.48%

Designated as Hedging Instrument [Member] | Treasury Lock - January 2024 A [Member] | Derivatives in cash flow hedging relationships [Member]

Treasury rate, fixed rate

$ 400

3.97%

Designated as Hedging Instrument [Member] | Treasury Lock - January 2024 B [Member] | Derivatives in cash flow hedging relationships [Member]

Treasury rate, fixed rate

$ 750

4.11%

Designated as Hedging Instrument [Member] | Treasury Lock [Member] | Derivatives in cash flow hedging relationships [Member]

Proceeds (payments) from the settlement of interest rate derivative instruments

$ 1,500

$ 21

Designated as Hedging Instrument [Member] | Forward Starting Swaps [Member] | Derivatives in cash flow hedging relationships [Member]

Notional amount of settled derivative instruments

$ 1,100

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

Cumulative gains on forward-starting swaps recognized in accumulated other comprehensive income

123

Proceeds (payments) from the settlement of interest rate derivative instruments

Designated as Hedging Instrument [Member] | Forward Starting Swaps A [Member] | Derivatives in cash flow hedging relationships [Member]

Life of associated future debt

30 years

Accumulated other comprehensive income

Designated as Hedging Instrument [Member] | Forward Starting Swaps B [Member] | Derivatives in cash flow hedging relationships [Member]

Accumulated other comprehensive income

$ 22

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]

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

^[1],[2]

7.1

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

^[1],[2]

36.5

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

^[1],[2]

2.7

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

^[1],[2]

4.9

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

^[1],[2]

0.4

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]

^[1],[2]

1.0

^[1],[2]

71.5

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]

^[1],[2]

3.1

^[1],[2]

65.3

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

^[1],[2]

11.2

Designated as Hedging Instrument [Member] | Refined products marketing: Forecasted purchases of refined products [Member] | Derivatives in cash flow hedging relationships [Member] | Long-term [Member]

^[1],[2]

1.2

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

^[1],[2]

0.1

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

^[1],[2]

16.1

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

^[1],[2]

25.2

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]

^[1],[2]

0.1

Volume | TWh

^[1],[2]

1.4

Not Designated as Hedging Instrument [Member] | Derivatives in mark-to-market relationships [Member]

Volume | TWh

^[1],[2]

1.5

Mark-to-market loss in interest expense

$ (48)

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

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

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

19.1

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

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

12.5

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

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

7.8

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

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

5.1

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

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

102.5

Summary of Significant Accounting Policies [Abstract]

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

25.2

[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, February 2024 and December 2025, 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 and storage assets.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Our consolidated financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”).

Allowance for Credit Losses

We estimate our allowance for credit losses at each reporting date using a current expected credit loss model, which requires the measurement of expected credit losses for financial assets (e.g., accounts receivable) based on historical experience with customers, current economic conditions, and reasonable and supportable forecasts. We may also increase the allowance for credit losses in response to the specific identification of customers involved in bankruptcy proceedings and similar financial difficulties.

The following table presents our allowance for credit losses activity for the years indicated:

	For the Year Ended December 31,
	2023			2022			2021
Balance at beginning of period	$	54		$	53		$	47
Charged to costs and expenses		1			6			7
Charged to other accounts		–			1			4
Deductions		(20	)		(6	)		(5	)
Balance at end of period	$	35		$	54		$	53

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents represent unrestricted cash on hand and highly liquid investments with original maturities of less than three months from the date of purchase.

Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, 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.

The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the amounts shown in the Statements of Consolidated Cash Flows.

	December 31,
	2023		2022
Cash and cash equivalents	$	180	$	76
Restricted cash		140		130
Total cash, cash equivalents and restricted cash shown in the Statements of Consolidated Cash Flows	$	320	$	206

Consolidation Policy

Our consolidated financial statements include our accounts and those of our majority-owned subsidiaries in which we have a controlling interest, after the elimination of all intercompany accounts and transactions. We also consolidate other entities and ventures in which we possess a controlling financial interest as well as partnership interests where we are the sole general partner of the Partnership. We evaluate our financial interests in business enterprises to determine if they represent variable interest entities where we are the primary beneficiary. If such criteria are met, we consolidate the financial statements of such businesses with those of our own. Third party or affiliate ownership interests in our controlled subsidiaries are presented as noncontrolling interests. See Note 8 for information regarding noncontrolling interests.

If the entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we account for our investment using the equity method if our ownership interest is between 3% and 50%, unless our interest is so minor that we have virtually no influence over the investee’s operating and financial policies. For all other types of investments, we apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee’s operating and financial policies. In consolidation, we eliminate our proportionate share of profits and losses from transactions with equity method unconsolidated affiliates to the extent such amounts remain on our Consolidated Balance Sheets (or those of our equity method investments) in inventory or similar accounts.

Contingencies

Certain conditions may exist as of the date our consolidated financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. Management has regular quarterly litigation reviews, including updates from legal counsel, to assess the need for accounting recognition or disclosure of these contingencies, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

We accrue an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when the likelihood of loss is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material to our consolidated financial statements, we disclose the nature of the contingency and, where feasible, an estimate of the possible loss or range of loss.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. See Note 17 for additional information regarding our contingencies.

Current Assets and Current Liabilities

We present, as individual captions in our Consolidated Balance Sheets, all components of current assets and current liabilities that exceed 5% of total current assets and current liabilities, respectively.

Derivative Instruments

We use derivative instruments such as futures, swaps, forward contracts and other arrangements to manage price risks associated with inventories, firm commitments, interest rates and certain anticipated future commodity transactions. To qualify for hedge accounting, the hedged item must expose us to risk and the related derivative instrument must reduce the exposure to that risk and meet specific hedge documentation requirements related to designation dates, expectations for hedge effectiveness and the probability that hedged future transactions will occur as forecasted. We formally designate derivative instruments as hedges and document and assess their effectiveness at inception of the hedge and on a monthly basis thereafter. Forecasted transactions are evaluated for the probability of occurrence and are periodically back-tested once the forecasted period has passed to determine whether forecasted transactions are probable of occurring in the future.

We are required to recognize derivative instruments at fair value as either assets or liabilities on our Consolidated Balance Sheets unless such instruments meet certain normal purchase/normal sale criteria. While all derivatives are required to be reported at fair value on the balance sheet, changes in fair value of derivative instruments are reported in different ways, depending on the nature and effectiveness of the hedging activities to which they relate. After meeting specified conditions, a qualified derivative may be designated as a total or partial hedge of:

•	Changes in the fair value of a recognized asset or liability, or an unrecognized firm commitment – In a fair value hedge, gains and losses for both the derivative instrument and the hedged item are recognized in income during the period of change.

•	Variable cash flows of a forecasted transaction – In a cash flow hedge, the change in the fair value of the hedge is reported in other comprehensive income (loss) and is reclassified to earnings when the forecasted transaction affects earnings.

An effective hedge relationship is one in which the change in fair value of a derivative instrument can be expected to offset 80% to 125% of the changes in fair value of a hedged item at inception and throughout the life of the hedging relationship. The effective portion of a hedge relationship is the amount by which the derivative instrument exactly offsets the change in fair value of the hedged item during the reporting period.

A contract designated as a cash flow hedge of an anticipated transaction that is not probable of occurring is immediately recognized in earnings.

Certain of our derivative instruments do not qualify for hedge accounting treatment; therefore, these instruments are accounted for using mark-to-market accounting.

For substantially all of our physical forward commodity derivative contracts, we apply the normal purchase/normal sale exception, whereby changes in the mark-to-market values of such contracts are not recognized in income. As a result, the revenues and expenses associated with such physical transactions are recognized during the period when volumes are physically delivered or received. Physical forward commodity contracts subject to this exception are evaluated for the probability of future delivery and certain of these physical forward commodity contracts are periodically back-tested once the forecasted period has passed to determine whether similar forward contracts are probable of physical delivery in the future. See Note 14 for additional information regarding our derivative instruments.

Environmental Costs

Environmental costs for remediation are accrued based on estimates of known remediation requirements. Such accruals are based on management’s best estimate of the ultimate cost to remediate a site and are adjusted as further information and circumstances develop. Those estimates may change substantially depending on information about the nature and extent of contamination, appropriate remediation technologies and regulatory approvals. Expenditures to mitigate or prevent future environmental contamination are capitalized. Ongoing environmental compliance costs are charged to expense as incurred. In accruing for environmental remediation liabilities, costs of future expenditures for environmental remediation are not discounted to their present value, unless the amount and timing of the expenditures are fixed or reliably determinable. At December 31, 2023, none of our estimated environmental remediation liabilities were discounted to present value since the ultimate amount and timing of cash payments for such liabilities were not readily determinable. Our environmental reserves totaled $4 million and $3 million at December 31, 2023 and 2022, respectively.

Estimates

Preparing our consolidated financial statements in conformity with GAAP requires us to make estimates that affect amounts presented in the financial statements. Our most significant estimates relate to (i) the useful lives and depreciation/amortization methods used for fixed and identifiable intangible assets; (ii) measurement of fair value and projections used in impairment testing of fixed and intangible assets (including goodwill); (iii) contingencies; and (iv) revenue and expense accruals.

Actual results could differ materially from our estimates. On an ongoing basis, we review our estimates based on currently available information. Any changes in the facts and circumstances underlying our estimates may require us to update such estimates, which could have a material impact on our consolidated financial statements.

Fair Value Measurements

Our recurring and nonrecurring fair value estimates are based on either (i) actual market data or (ii) assumptions that other market participants would use in pricing an asset or liability, including estimates of risk, in the principal market of the asset or liability at a specified measurement date. Recognized valuation techniques (such as the income or market approaches) employ inputs such as contractual prices, quoted market prices or rates, operating costs, discount factors and business growth rates. These inputs may be either readily observable, corroborated by market data or generally unobservable. In developing our estimates of fair value, we endeavor to utilize the best information available and apply market-based data to the extent possible.

A three-tier hierarchy has been established that classifies fair value amounts recognized in the financial statements based on the observability of inputs used to estimate such fair values. The hierarchy considers fair value amounts based on observable inputs (Levels 1 and 2 fair value measures) to be more reliable and predictable than those based primarily on unobservable inputs (Level 3 fair value measures). At each balance sheet reporting date, we categorize our financial assets and liabilities using this hierarchy. The characteristics of fair value amounts classified within each level of the hierarchy are described as follows:

•

Level 1 fair value measures. Level 1 fair values are based on quoted prices, which are available in active markets for identical assets or liabilities as of the measurement date. Active markets are defined as those in which transactions for identical assets or liabilities occur with sufficient frequency so as to provide pricing information on an ongoing basis (e.g., transactions on the New York Mercantile Exchange (“NYMEX”) and Intercontinental Exchange (“ICE”)). Our Level 1 fair values consist of financial assets and liabilities such as exchange-traded commodity derivative instruments.

•

Level 2 fair value measures. Level 2 fair values are based on pricing inputs other than quoted prices in active markets (a Level 1 fair value measure) and are either directly or indirectly observable as of the measurement date. Level 2 fair values include instruments that are valued using financial models or other appropriate valuation methodologies. Such financial models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, the time value of money, volatility factors, current market and contractual prices for the underlying instruments and other relevant economic measures. Substantially all of these assumptions (i) are observable in the marketplace throughout the full term of the instrument; (ii) can be derived from observable data; or (iii) are validated by inputs other than quoted prices (e.g., interest rate and yield curves at commonly quoted intervals). Our Level 2 fair values primarily consist of commodity derivative instruments such as forwards, swaps and other instruments transacted on an exchange or over-the-counter and interest rate derivative instruments. The fair values of these derivative instruments are based on observable price quotes for similar products and locations. The fair value of our interest rate derivatives are determined using financial models that incorporate third-party yield curves for the same period as the future interest rate derivative settlements.

•

Level 3 fair value measures. Level 3 fair values are based on unobservable inputs. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Unobservable inputs reflect management’s ideas about the assumptions that market participants would use in pricing an asset or liability (including assumptions about risk). Unobservable inputs are based on the best information available to us in the circumstances, which might include our internally developed forecasts. Level 3 inputs are typically used in connection with internally developed valuation methodologies where we make our best estimate of fair value. Valuations using Level 3 inputs are reviewed and approved by members of senior management.

With regards to commodity derivatives, our Level 3 fair values primarily consist of the following commodity derivative instruments used to hedge various inventories and transportation capacities: (i) NGL, crude, natural gas, refined products and commercial energy-based contracts with terms greater than 36 months; (ii) over-the-counter options; and (iii) exchange traded options with terms greater than one year. In addition, we often rely on price quotes from reputable brokers who publish price quotes on certain products and compare these prices to other reputable brokers for the same products in the same markets whenever possible. These prices, when combined with data from our commodity derivative instruments, are used in our models to determine the fair value of such instruments.

Our nonrecurring fair value estimates are generally based on the income approach to fair value and reflect various Level 3 inputs. In many cases, there are no active markets (a Level 1 fair value measure) to rely on or other similar recent transactions (a Level 2 fair value measure) to compare to. Our nonrecurring fair value estimates often include management’s expectations of the residual market values for the underlying assets based on their knowledge and experience in the industry (a Level 3 fair value measure). Other examples of Level 3 inputs used in the valuation models include anticipated gross operating margins, throughput or processing volumes, utilization factors, sustaining capital expenditures, discount rates and business growth rates. When probability weights are used in cash flow modeling, the weights are generally obtained from management personnel having oversight responsibilities for the assets being tested.

Impairment Testing

The following table summarizes our asset impairment charges by type as presented on our Statements of Consolidated Cash Flows for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Impairment charges reflected in operating costs and expenses:
Property, plant and equipment	$	18	$	41	$	218
Other (1)		12		12		15
Total asset impairment charges in operating costs and expenses (2)		30		53		233
Other property, plant and equipment impairment charges (3)		2		–		–
Total asset impairment charges	$	32	$	53	$	233

(1)	Primarily represents the write-down of surplus materials classified as current assets and intangible assets other than goodwill.
(2)	Amounts presented are a component of “Third party and other costs” within the “Operating costs and expenses” section of our Statements of Consolidated Operations.
(3)	Amounts presented are a component of “Third party and other costs” within the “General and administrative costs” section of our Statements of Consolidated Operations.

The following information describes our accounting policies regarding impairment testing for major asset categories:

•

Impairment Testing for Long-Lived Assets. Long-lived assets, which consist of intangible assets with finite lives and property, plant and equipment, are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Long-lived assets with carrying values that are not expected to be recovered through future cash flows are written down to their estimated fair values. The carrying value of a long-lived asset is deemed not recoverable if it exceeds the sum of undiscounted estimated cash flows expected to result from the use and eventual disposition of the asset. If the asset’s carrying value exceeds the sum of its undiscounted cash flows, a non-cash asset impairment charge equal to the excess of the asset’s carrying value over its estimated fair value is recorded. Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at a specified measurement date. We measure fair value using market price indicators or, in the absence of such data, appropriate valuation techniques. See Note 4 for information regarding impairment charges attributable to property, plant and equipment.

•

Impairment Testing for Investments in Unconsolidated Affiliates. We evaluate our equity method investments for impairment when there are events or changes in circumstances that indicate there is a potential loss in value of the investment attributable to an other-than-temporary decline. Examples of such events or changes in circumstances include continuing operating losses of the entity and/or long-term negative changes in the entity’s industry. In the event we determine that the value of an investment is not recoverable due to an other-than-temporary decline, we record a non-cash impairment charge to adjust the carrying value of the investment to its estimated fair value. We did not record any non-cash impairment charges related to our equity method investments during the years ended December 31, 2023, 2022 or 2021. See Note 5 for information regarding our equity method investments.

•

Impairment Testing for Goodwill. Goodwill, which represents the cost of an acquired business in excess of the fair value of its net assets at the acquisition date, is subject to annual impairment testing in the fourth quarter of each year or when events or changes in circumstances indicate that the carrying amount of the goodwill may not be recoverable. We test goodwill for impairment at the reporting unit (or operating segment) level following guidance in ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” Goodwill impairment charges represent the amount by which a reporting unit’s carrying value (including its respective goodwill) exceeds its fair value, not to exceed the carrying amount of the reporting unit’s goodwill.

We determine the fair value of each reporting unit using accepted valuation techniques, primarily through the use of discounted cash flows (i.e., an income approach to fair value) supplemented by market-based assessments, if available. The estimated fair values of our reporting units incorporate assumptions regarding the future economic prospects of the assets and operations that comprise each reporting unit including: (i) discrete financial forecasts for the assets comprising the reporting unit, which, in turn, rely on management’s estimates of long-term operating margins, throughput volumes, capital investments and similar factors; (ii) long-term growth rates for the reporting unit’s cash flows beyond the discrete forecast period; and (iii) appropriate discount rates. The fair value estimates are based on Level 3 inputs of the fair value hierarchy. We believe that the assumptions we use in estimating reporting unit fair values are consistent with those that market participants would use in their fair value estimation process. However, due to uncertainties in the estimation process and volatility in the supply and demand for hydrocarbons and similar risk factors, actual results could differ significantly from our estimates. Based on our most recent goodwill impairment test at December 31, 2023, the estimated fair value of each of our reporting units was substantially in excess of its carrying value (i.e., by at least 10%).

We did not record any non-cash goodwill impairment charges during the years ended December 31, 2023, 2022 or 2021. See Note 6 for additional information regarding our goodwill.

Inventories

Inventories primarily consist of NGLs, petrochemicals, refined products, crude oil and natural gas volumes that are valued at the lower of cost or net realizable value. We capitalize, as a cost of inventory, shipping and handling charges (e.g., pipeline transportation and storage fees) and other related costs associated with purchased volumes. As volumes are sold and delivered out of inventory, the cost of these volumes (including freight-in charges that have been capitalized as part of inventory cost) are charged to operating costs and expenses. Shipping and handling fees associated with products we sell and deliver to customers are charged to operating costs and expenses as incurred. See Note 3 for additional information regarding our inventories.

Leases

We account for our leases under Accounting Standards Codification (“ASC”) 842, Leases, which requires substantially all leases be recorded on the balance sheet.

The standard includes two lessee accounting models, which results in a lease being classified as either a “finance” or “operating” lease based on whether the lessee effectively obtains control of the underlying asset during the lease term. A lease would be classified as a finance lease if it meets one of five classification criteria. By default, a lease that does not meet the criteria to be classified as a finance lease will be deemed an operating lease. Regardless of classification, the initial measurement of both lease types will result in the balance sheet recognition of a right-of-use (“ROU”) asset (representing a company’s right to use the underlying asset for a specified period of time) and a corresponding lease liability. The lease liability will be recognized at the present value of the future lease payments, and the ROU asset will equal the lease liability adjusted for any prepaid rent, lease incentives provided by the lessor, and any indirect costs.

The subsequent measurement of each type of lease varies. For finance leases, a lessee will amortize the ROU asset (generally on a straight-line basis in a manner similar to depreciation) and accrete the lease liability (as a component of interest expense) using the effective interest method. Operating leases will result in the recognition of a single lease expense amount that is recorded on a straight-line basis.

We do not recognize ROU assets and lease liabilities for short-term leases, which are leases with a maximum term of 12 months or less and do not include a purchase option that the lessee is reasonably certain to exercise, and instead recognize lease payments on a straight-line basis. In addition, we combine lease and non-lease components relating to our office and warehouse leases, as applicable.

See Note 17 for our disclosures regarding operating lease obligations.

Property, Plant and Equipment

Property, plant and equipment is recorded at cost. Expenditures for additions, improvements and other enhancements to property, plant and equipment are capitalized, and minor replacements, maintenance, and repairs that do not extend asset life or add value are charged to expense as incurred. When property, plant and equipment assets are retired or otherwise disposed of, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in results of operations for the respective period.

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.

In general, depreciation is the systematic and rational allocation of an asset’s cost, less its residual value (if any), to the periods it benefits. The majority of our property, plant and equipment is depreciated using the straight-line method, which results in depreciation expense being incurred evenly over the life of an asset. Our estimate of depreciation expense incorporates management assumptions regarding the useful economic lives and residual values of our assets. Where appropriate, we use other depreciation methods (generally accelerated) for tax purposes.

Leasehold improvements are recorded as a component of property, plant and equipment. The cost of leasehold improvements is charged to earnings using the straight-line method over the shorter of (i) the remaining lease term or (ii) the estimated useful lives of the improvements. We consider renewal terms that are deemed reasonably assured when estimating remaining lease terms.

Our assumptions regarding the useful economic lives and residual values of our assets may change in response to new facts and circumstances, which would prospectively impact our depreciation expense amounts. Examples of such circumstances include, but are not limited to: (i) changes in laws and regulations that limit the estimated economic life of an asset; (ii) changes in technology that render an asset obsolete; (iii) changes in expected salvage values or (iv) significant changes in the forecast life of the applicable resource basins, if any.

Certain of our plant facilities undergo periodic planned outages for major maintenance activities. The method of accounting for these activities depends on whether the plant utilizes either a distillation-based or reaction-based process. Our natural gas processing plants, NGL fractionators, deisobutanizers, propylene splitters and similar facilities utilize thermal distillation processes to separate hydrocarbons into more useful components. Our reaction-based plants, which primarily include our PDH, isomerization and octane enhancement facilities, utilize catalysts to facilitate chemical reactions that convert lower value hydrocarbons into higher value products. We use the expense-as-incurred method to account for the planned major maintenance activities of distillation-based plants. 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. Historically, the costs of major maintenance activities attributable to our reaction-based facilities, principally our octane enhancement assets, were not material to our consolidated financial statements.

With regard to the planned major maintenance activities of our marine transportation assets and underground storage caverns, we continue to use the deferral method to account for such costs.

Asset retirement obligations (“AROs”) are legal obligations associated with the retirement of tangible long-lived assets that result from their acquisition, construction, development and/or normal operation. When an ARO is incurred, we record a liability for the ARO and capitalize an equal amount as an increase in the carrying value of the related long-lived asset. ARO amounts are measured at their estimated fair value using expected present value techniques. Over time, the ARO liability is accreted to its present value (through accretion expense) and the capitalized amount is depreciated over the remaining useful life of the related long-lived asset. We will incur a gain or loss to the extent that our ARO liabilities are not settled at their recorded amounts.

See Note 4 for additional information regarding our property, plant and equipment and AROs.

Revenues

Substantially all of our revenues are accounted for under ASC 606, Revenue from Contracts with Customers, however, to a limited extent, some revenues are accounted for under other guidance such as ASC 842, Leases, ASC 845, Nonmonetary Transactions, or ASC 815, Derivatives and Hedging Activities.

The core principle of ASC 606 is that a company should recognize revenue in a manner that fairly depicts the transfer of goods or services to customers in amounts that reflect the consideration the company expects to receive for those goods or services. We apply this core principle by following five key steps outlined in ASC 606: (i) identify the contract; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. Each of these steps involves management judgment and an analysis of the contract’s material terms and conditions.

Under ASC 606, we recognize revenue when or as we satisfy our performance obligation to the customer. In situations where we have recognized revenue, but have a conditional right to consideration (based on something other than the passage of time) from the customer, we recognize unbilled revenue (a contract asset) on our consolidated balance sheet. Unbilled revenue is reclassified to accounts receivable when we have an unconditional right of payment from the customer. Payments received from customers in advance of the period in which we satisfy a performance obligation are recorded as deferred revenue (a contract liability) on our consolidated balance sheet.

Our revenue streams are derived from the sale of products and providing midstream services. Revenues from the sale of products are recognized at a point in time, which represents the transfer of control (and the satisfaction of our performance obligation under the contract) to the customer. From that point forward, the customer is able to direct the use of, and obtain substantially all the benefits from its use of, the products. With respect to midstream services (e.g., interruptible transportation), we satisfy our performance obligations over time and recognize revenues when the services are provided and the customer receives the benefits based on an output measure of volumes redelivered. We believe this measure is a faithful depiction of the transfer of control for midstream services since there is (i) an insignificant period of time between the receipt of customers’ volumes and their subsequent redelivery, and (ii) it is not possible to individually track and differentiate customers’ inventories as they traverse our facilities. For stand-ready performance obligations (e.g., a storage capacity reservation contract), we recognize revenues over time on a straight-line basis as time elapses over the term of the contract. We believe that these approaches accurately depict the transfer of benefits to the customer.

Customers are invoiced for products purchased or services rendered when we have an unconditional right to consideration under the associated contract. The consideration we are entitled to invoice may be either fixed, variable or a combination of both. Examples of fixed consideration would be fixed payments from customers under take-or-pay arrangements, storage capacity reservation agreements and firm transportation contracts. Variable consideration represents payments from customers that are based on factors that fluctuate (or vary) based on volumes, prices or both. Examples of variable consideration include interruptible transportation agreements, market-indexed product sales contracts and the value of NGLs we retain under natural gas processing agreements. The terms of our billings are typical of the industry for the products we sell.

Under certain midstream service agreements, customers are required to provide a minimum volume over an agreed-upon period with a provision that allows the customer to make-up any volume shortfalls over an agreed-upon period (referred to as “make-up rights”). Revenue pursuant to such agreements is initially deferred and subsequently recognized when either the make-up rights are exercised, the likelihood of the customer exercising the rights becomes remote, or we are otherwise released from the performance obligation.

Customers may contribute funds to us to help offset the construction costs related to pipeline construction activities and production well tie-ins. These receipts are recognized as additional service revenues over the term of the associated midstream services provided to the customer.

For those contracts under which we have the ability to invoice the customer in an amount that corresponds directly with the value of the performance obligation completed to date, we recognize revenue as we have the right to invoice.

See Note 9 regarding our revenue disclosures.

Capital Accounts, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ 365	$ 286
Other comprehensive income (loss) for period, before reclassifications	57	280
Reclassification of losses (gains) to net income during period	(115)	(201)
Total other comprehensive income (loss) for period	(58)	79	$ 451
Accumulated Other Comprehensive Income (Loss), Ending balance	307	365	286
Interest expense	1,269	1,244	1,283
Revenue	(49,715)	(58,186)	(40,807)
Operating costs and expenses	43,017	51,502	35,078
Total	(5,657)	(5,615)	(4,755)
Cash Flow Hedges [Member] \| Commodity Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	171	137
Other comprehensive income (loss) for period, before reclassifications	93	254
Reclassification of losses (gains) to net income during period	(110)	(220)
Total other comprehensive income (loss) for period	(17)	34
Accumulated Other Comprehensive Income (Loss), Ending balance	154	171	137
Cash Flow Hedges [Member] \| Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	192	147
Other comprehensive income (loss) for period, before reclassifications	(36)	26
Reclassification of losses (gains) to net income during period	(5)	19
Total other comprehensive income (loss) for period	(41)	45
Accumulated Other Comprehensive Income (Loss), Ending balance	151	192	147
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
Reclassification of Losses (Gains) out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Total	(115)	(201)
Reclassification of Losses (Gains) out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedges [Member] \| Commodity Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Revenue	(106)	(181)
Operating costs and expenses	(4)	(39)
Reclassification of Losses (Gains) out of Accumulated Other Comprehensive Income (Loss) [Member] \| Cash Flow Hedges [Member] \| Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Interest expense	$ (5)	$ 19

Capital Accounts

12 Months Ended

Dec. 31, 2023

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, 2020:

Common units outstanding at December 31, 2020	2,182,308,958
Common unit repurchases under 2019 Buyback Program	(9,891,956	)
Common units issued in connection with the vesting of phantom unit awards, net	3,936,437
Other	26,148
Common units outstanding at December 31, 2021	2,176,379,587
Common unit repurchases under 2019 Buyback Program	(10,166,923	)
Common units issued in connection with the vesting of phantom unit awards, net	4,571,333
Other	22,350
Common units outstanding at December 31, 2022	2,170,806,347
Common unit repurchases under 2019 Buyback Program	(7,244,540	)
Common units issued in connection with the vesting of phantom unit awards, net	4,662,539
Other	20,892
Common units outstanding at December 31, 2023	2,168,245,238

The Partnership’s common units represent limited partner interests that give the holders thereof the right to participate in distributions and to exercise the other rights or privileges available to them under our Seventh Amended and Restated Agreement of Limited Partnership (as amended from time to time, the “Partnership Agreement”). In accordance with the Partnership Agreement, capital accounts are maintained for our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity balances presented in our consolidated financial statements prepared in accordance with GAAP. Partnership earnings and cash distributions are allocated to holders of our common units in accordance with their respective percentage interests.

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 three years ended December 31, 2023. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of December 31, 2023.

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

Common Unit Repurchases Under 2019 Buyback Program

In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. 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.

The Partnership repurchased 7,244,540, 10,166,923 and 9,891,956 common units under the 2019 Buyback Program through open market purchases during the years ended December 31, 2023, 2022 and 2021, respectively. The total cost of these repurchases, including commissions and fees, was $188 million, $250 million and $214 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At December 31, 2023, the remaining available capacity under the 2019 Buyback Program was $1.1 billion.

Common Units Delivered Under DRIP and EUPP

The Partnership has a registration statement on file with the SEC authorizing the issuance or other delivery of our common units in connection with a distribution reinvestment plan (“DRIP”). The DRIP provides unitholders of record and beneficial owners of our common units a voluntary means by which they can increase the number of our common units they own by reinvesting the quarterly cash distributions they receive from us into the purchase of additional common units. In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance or other delivery of up to 23,000,000 of our common units in connection with an employee unit purchase plan (“EUPP”).

We have the sole discretion to determine whether common units purchased under the DRIP and EUPP will come from our authorized but unissued common units or from common units purchased on the open market by each plan’s administrator. During each of the years ended December 31, 2023, 2022 and 2021, the Partnership used 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. Agents of the Partnership purchased 6,560,588, 6,392,846 and 6,363,197 common units on the open market and delivered them to participants in the DRIP and EUPP during the years ended December 31, 2023, 2022 and 2021, respectively. Apart from $3 million attributable to the plan discount available to all participants in the EUPP during each of the years ended December 31, 2023, 2022 and 2021, 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 used open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution paid on February 14, 2024.

After taking into account the number of common units delivered under the DRIP through December 31, 2023, we have the capacity to deliver an additional 34,589,287 common units under this plan. Likewise, we have the capacity to deliver an additional 15,027,935 common units under the EUPP.

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

After taking into account tax withholding requirements, the Partnership issued 4,662,539, 4,571,333 and 3,936,437 new common units to employees in connection with the vesting of phantom unit awards during the years ended December 31, 2023, 2022 and 2021, respectively. See Note 13 for information regarding our phantom unit awards.

Redeemable Preferred Limited Partner Interests

The following table summarizes changes in the number of our preferred units outstanding since December 31, 2020:

Preferred units outstanding at December 31, 2020			50,138
Paid-in kind distribution to related party			274
Preferred units outstanding at December 31, 2021			50,412
Preferred units outstanding at December 31, 2022			50,412
Preferred units outstanding at December 31, 2023			50,412

In September 2020, the Partnership issued and sold an aggregate of 50,000 Series A Cumulative Convertible Preferred Units in a private placement transaction. The preferred units represent a new class of limited partner interests authorized under the Partnership Agreement. The stated value of each preferred unit is $1,000 per unit.

Concurrently, the Partnership exchanged all of the 54,807,352 Partnership common units owned directly by a wholly owned subsidiary, OTA Holdings, Inc. (“OTA”) for 855,915 of the Partnership’s new preferred units having an equivalent value. The preferred units held by OTA, like the common units OTA held prior to the exchange, are accounted for as treasury units by the Partnership in consolidation.

In March 2021, a privately held affiliate of EPCO sold its entire ownership interest in the Partnership’s preferred units to third parties.

As described in the Partnership Agreement, key terms of the preferred units include the following:

•

With respect to distribution and liquidation rights, the preferred units rank senior to the Partnership’s common units. Preferred units held by persons other than the Partnership, its subsidiaries and its affiliates generally will vote on an as-converted basis with the Partnership’s common units and have certain class voting rights with respect to certain protective matters.

•

Holders of the preferred units are entitled to receive cumulative quarterly distributions at a rate of 7.25% per annum. The Partnership is prohibited from paying distributions on its common units unless full cumulative distributions on the preferred units are paid or set aside for payment. The Partnership may satisfy its obligation to pay distributions to the preferred unitholders through the issuance, in whole or in part, of additional preferred units (referred to as paid-in kind or “PIK” distributions), with the remainder in cash, subject to certain rights of a holder to elect all cash and other conditions as described in the Partnership Agreement. The exchange by OTA of its common units for PIK-eligible preferred units enables the Partnership to more effectively manage its consolidated cash balances.

During the year ended December 31, 2021, the Partnership made quarterly distributions to its third party and related party preferred unitholders valued at $3 million, consisting of PIK distributions of 274 new preferred units and $3 million in cash.

During each of the years ended December 31, 2022 and 2023, the Partnership made quarterly cash distributions to its preferred unitholders for $3 million.

•

Subject to certain limitations, each preferred unitholder may elect to convert its preferred units on or after September 30, 2025 into a number of the Partnership’s common units equal to (a) the number of preferred units to be converted multiplied by (b) the quotient of (i) $1,000 plus any accrued and unpaid distributions per preferred unit, divided by (ii) 92.5% of the volume-weighted average price of the Partnership’s common units at the time of conversion (as defined in the underlying agreements). In addition, each preferred unitholder may convert its preferred units into common units if EPO’s senior notes cease to have an investment grade rating or a Change of Control (as defined in the Partnership Agreement) occurs, in each case based on the conversion ratio specified in the Partnership Agreement.

•	The Partnership may elect to redeem the preferred units for cash, in whole or in part, based on a redemption price outlined in the following schedule, plus any accrued and unpaid distributions at the redemption date:

•	$1,070 per preferred unit from September 30, 2022 through September 29, 2024;

•	$1,030 per preferred unit from September 30, 2024 through September 29, 2025;

•	$1,010 per preferred unit from September 30, 2025 through September 29, 2026; and

•	$1,000 per preferred unit on or after September 30, 2026; however,

•	if a Change of Control event occurs prior to September 30, 2026, the redemption price is $1,010 per preferred unit.

In connection with a redemption at the Partnership’s election, the Partnership may convert up to 50% of the preferred units being redeemed into common units (and to pay cash with respect to the remainder), with each such preferred unit being converted on the applicable redemption date into a number of common units equal to (i) the then-applicable preferred unit redemption price divided by (ii) 92.5% of the volume-weighted average price of the Partnership’s common units at the time of conversion (as defined in the underlying agreements).

The Partnership has agreed to prepare and file a registration statement that would permit or otherwise facilitate the public resale of any common units resulting from the conversion of the preferred units to common units.

Our Consolidated Balance Sheet at December 31, 2023 presents the capital accounts of the third-party purchasers of the preferred units as mezzanine equity since the terms of the preferred units allow for cash redemption by the holders in a Change of Control event, without regard to the likelihood of such an event. The preferred units held by OTA are presented as treasury units in consolidation since their ultimate disposition remains under the control of the Partnership.

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) primarily reflects cumulative gain or loss on derivative instruments designated and qualified as cash flow hedges from inception less gains or losses previously reclassified from accumulated other comprehensive income (loss) into earnings. Gain or loss amounts related to cash flow hedges recorded in accumulated other comprehensive income (loss) are reclassified to earnings in the same period(s) in which the underlying hedged forecasted transactions affect earnings. If it becomes probable that a forecasted transaction will not occur, the related net gain or loss in accumulated other comprehensive income (loss) is immediately reclassified into earnings.

The following tables present the components of accumulated other comprehensive income (loss) as reported on our 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		254			26			–		280
Reclassification of losses (gains) to net income during period		(220	)		19			–		(201	)
Total other comprehensive income (loss) for period		34			45			–		79
Accumulated Other Comprehensive Income (Loss), December 31, 2022		171			192			2		365
Other comprehensive income (loss) for period, before reclassifications		93			(36	)		–		57
Reclassification of losses (gains) to net income during period		(110	)		(5	)		–		(115	)
Total other comprehensive income (loss) for period		(17	)		(41	)		–		(58	)
Accumulated Other Comprehensive Income (Loss), December 31, 2023	$	154		$	151		$	2	$	307

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

		For the Year Ended December 31,
Losses (gains) on cash flow hedges:	Location	2023			2022
Interest rate derivatives	Interest expense	$	(5	)	$	19
Commodity derivatives	Revenue		(106	)		(181	)
Commodity derivatives	Operating costs and expenses		(4	)		(39	)
Total		$	(115	)	$	(201	)

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

Noncontrolling Interests

	At December 31,
Consolidated Subsidiary	2023		2022
Breviloba LLC (“Breviloba”)(1)	$	436	$	448
Whitethorn Pipeline Company LLC (“Whitethorn”)(2)		182		183
Enterprise Navigator Ethylene Terminal LLC (“ENET”)(3)		166		141
Other (4)		302		307
Total noncontrolling interests in consolidated subsidiaries	$	1,086	$	1,079

(1)	An affiliate of Kinetik Holdings Inc. owns a noncontrolling 33% equity interest in Breviloba, which owns the Shin Oak NGL Pipeline.
(2)	An affiliate of Western Midstream Partners, LP (“Western Midstream”) owns a noncontrolling 20% equity interest in Whitethorn, which owns the Midland-to-Sealy section of our Midland-to-ECHO 1 Pipeline.
(3)	Navigator Ethylene Terminals LLC owns a noncontrolling 50% equity interest in ENET, which owns our ethylene export terminal located at Morgan’s Point on the Houston Ship Channel.
(4)	Primarily represents noncontrolling equity interests in NGL fractionation and pipeline businesses.

Net income attributable to noncontrolling interests was $125 million, $125 million and $117 million for the years ended December 31, 2023, 2022 and 2021, respectively.

On February 16, 2024, we acquired the remaining noncontrolling interest of Whitethorn and Enterprise EF78 LLC (“EF78”) and entered into a definite agreement to acquire additional equity interests in Panola Pipeline Company, LLC (“Panola”). See Note 20, Subsequent Events, for information regarding these acquisitions.

Cash Distributions

	Quarterly Distribution Per Common Unit		Record Date	Payment Date
2021:
1st Quarter	$	0.4500	4/30/2021	5/12/2021
2nd Quarter	$	0.4500	7/30/2021	8/12/2021
3rd Quarter	$	0.4500	10/29/2021	11/12/2021
4th Quarter	$	0.4650	1/31/2022	2/11/2022
2022:
1st Quarter	$	0.4650	4/29/2022	5/12/2022
2nd Quarter	$	0.4750	7/29/2022	8/12/2022
3rd Quarter	$	0.4750	10/31/2022	11/14/2022
4th Quarter	$	0.4900	1/31/2023	2/14/2023
2023:
1st Quarter	$	0.4900	4/28/2023	5/12/2023
2nd Quarter	$	0.5000	7/31/2023	8/14/2023
3rd Quarter	$	0.5000	10/31/2023	11/14/2023
4th Quarter	$	0.5150	1/31/2024	2/14/2024

On January 8, 2024, we announced that the Board declared a quarterly cash distribution of $0.515 per common unit, or $2.06 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the fourth quarter of 2023. The quarterly distribution was paid on February 14, 2024 to unitholders of record as of the close of business on January 31, 2024. The total amount paid was $1.13 billion, which includes $10 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.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

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

Dec. 31, 2023

Dec. 31, 2022

ROU asset, Consolidated Balance Sheet line item

^[1]

$ 364

Other Assets, Noncurrent

Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]

^[2]

$ 398

Lease liability, current

$ 75

Other Liabilities, Current

Lease liability, noncurrent

$ 323

$ 341

Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]

Other Liabilities, Noncurrent

Storage and Pipeline Facilities [Member]

^[1]

$ 188

Weighted-average remaining term

^[2]

$ 187

9 years

Weighted-average discount rate

^[3]

4.20%

Transportation Equipment [Member]

^[1]

$ 25

Weighted-average remaining term

^[2]

$ 25

4 years

Weighted-average discount rate

^[3]

4.70%

Office and Warehouse Space [Member]

^[1]

$ 151

Weighted-average remaining term

^[2]

$ 186

13 years

Weighted-average discount rate

^[3]

3.00%

[1]	ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
[2]	At December 31, 2023, lease liabilities of $75 million and $323 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 incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Allowance for Credit Losses

The following table presents our allowance for credit losses activity for the years indicated:

	For the Year Ended December 31,
	2023			2022			2021
Balance at beginning of period	$	54		$	53		$	47
Charged to costs and expenses		1			6			7
Charged to other accounts		–			1			4
Deductions		(20	)		(6	)		(5	)
Balance at end of period	$	35		$	54		$	53

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents represent unrestricted cash on hand and highly liquid investments with original maturities of less than three months from the date of purchase.

	December 31,
	2023		2022
Cash and cash equivalents	$	180	$	76
Restricted cash		140		130
Total cash, cash equivalents and restricted cash shown in the Statements of Consolidated Cash Flows	$	320	$	206

Consolidation Policy

Contingencies

Current Assets and Current Liabilities

Derivative Instruments

•	Changes in the fair value of a recognized asset or liability, or an unrecognized firm commitment – In a fair value hedge, gains and losses for both the derivative instrument and the hedged item are recognized in income during the period of change.

•	Variable cash flows of a forecasted transaction – In a cash flow hedge, the change in the fair value of the hedge is reported in other comprehensive income (loss) and is reclassified to earnings when the forecasted transaction affects earnings.

A contract designated as a cash flow hedge of an anticipated transaction that is not probable of occurring is immediately recognized in earnings.

Certain of our derivative instruments do not qualify for hedge accounting treatment; therefore, these instruments are accounted for using mark-to-market accounting.

Environmental Costs

Estimates

Fair Value Measurements

•

Impairment Testing

The following table summarizes our asset impairment charges by type as presented on our Statements of Consolidated Cash Flows for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Impairment charges reflected in operating costs and expenses:
Property, plant and equipment	$	18	$	41	$	218
Other (1)		12		12		15
Total asset impairment charges in operating costs and expenses (2)		30		53		233
Other property, plant and equipment impairment charges (3)		2		–		–
Total asset impairment charges	$	32	$	53	$	233

(1)	Primarily represents the write-down of surplus materials classified as current assets and intangible assets other than goodwill.
(2)	Amounts presented are a component of “Third party and other costs” within the “Operating costs and expenses” section of our Statements of Consolidated Operations.
(3)	Amounts presented are a component of “Third party and other costs” within the “General and administrative costs” section of our Statements of Consolidated Operations.

The following information describes our accounting policies regarding impairment testing for major asset categories:

•

We did not record any non-cash goodwill impairment charges during the years ended December 31, 2023, 2022 or 2021. See Note 6 for additional information regarding our goodwill.

Inventories

Leases

We account for our leases under Accounting Standards Codification (“ASC”) 842, Leases, which requires substantially all leases be recorded on the balance sheet.

See Note 17 for our disclosures regarding operating lease obligations.

Property, Plant and Equipment

With regard to the planned major maintenance activities of our marine transportation assets and underground storage caverns, we continue to use the deferral method to account for such costs.

See Note 4 for additional information regarding our property, plant and equipment and AROs.

Revenue

Revenues

See Note 9 regarding our revenue disclosures.

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

BASIC EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 5,529

$ 5,487

$ 4,634

Earnings allocated to phantom unit awards

^[1]

(50)

(46)

(37)

Net income allocated to common unitholders

$ 5,479

$ 5,441

$ 4,597

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

2,172

2,178

2,183

Basic earnings per common unit (in dollars per unit)

$ 2.52

$ 2.5

$ 2.11

DILUTED EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 5,529

$ 5,487

$ 4,634

Net income attributable to preferred units

Net income attributable to limited partners

$ 5,532

$ 5,490

$ 4,638

Diluted weighted-average number of units outstanding:

Distribution-bearing common units (in units)

2,172

2,178

2,183

Phantom units (in units)

^[2]

Preferred units (in units)

^[2]

Total (in units)

2,194

2,199

2,203

Diluted earnings per common unit (in dollars per unit)

$ 2.52

$ 2.5

$ 2.1

[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 8 for information regarding preferred units.

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Debt Obligations [Abstract]

Consolidated Debt Obligations

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

	December 31,
	2023			2022
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	450		$	495
Senior Notes HH, 3.35% fixed-rate, due March 2023		–			1,250
Senior Notes JJ, 3.90% fixed-rate, due February 2024		850			850
March 2023 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2024 (1)		–			–
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150			1,150
Senior Notes FFF, 5.05% fixed-rate, due January 2026		750			–
Senior Notes PP, 3.70% fixed-rate, due February 2026		875			875
Senior Notes SS, 3.95% fixed-rate, due February 2027		575			575
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2028 (2)		–			–
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 GGG, 5.35% fixed-rate, due January 2033		1,000			–
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		26,725			26,270
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3)(7)		232			232
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4)(7)		350			350
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5)(7)		1,000			1,000
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6)(7)		700			700
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (3)(7)		14			14
Total principal amount of senior and junior debt obligations		29,021			28,566
Other, non-principal amounts		(273	)		(271	)
Less current maturities of debt		(1,300	)		(1,744	)
Total long-term debt	$	27,448		$	26,551

(1)	Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).
(2)	Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).
(3)	Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment and (b) 2.778%.
(4)	Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.986%.
(5)	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 3.033%.
(6)	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.57%.
(7)	Effective July 1, 2023, all series of our junior subordinated notes subject to a variable interest rate replaced the 3-month London Interbank Offered Rate (“LIBOR”) with 3-month CME Term SOFR plus a 0.26161% tenor spread adjustment. See discussion below in “Variable Interest Rates” regarding the LIBOR replacement and LIBOR replacement rate.

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the year ended December 31, 2023:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	4.59% to 5.65%	5.38%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	7.54% to 8.45%	8.08%
EPO Junior Subordinated Notes D	7.63% to 8.64%	8.23%

Consolidated Debt Maturities

Scheduled Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at December 31, 2023 for the next five years, and in total thereafter:

			Scheduled Maturities of Debt
	Total		2024		2025		2026		2027		2028		Thereafter
Commercial Paper Notes	$	450	$	450	$	–	$	–	$	–	$	–	$	–
Senior Notes		26,275		850		1,150		1,625		575		1,000		21,075
Junior Subordinated Notes		2,296		–		–		–		–		–		2,296
Total	$	29,021	$	1,300	$	1,150	$	1,625	$	575	$	1,000	$	23,371

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.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

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

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash payments made in connection with DERs

$ 38

$ 34

$ 31

Phantom Unit Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting rate of phantom unit awards

25.00%

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

Beginning of period (in units)

17,982,945

17,170,919

15,669,442

Granted (in units)

8,904,445

^[1]

7,968,880

^[2]

7,720,645

^[3]

Vested (in units)

(6,786,085)

(6,616,741)

(5,648,281)

Forfeited (in units)

(544,054)

(540,113)

(570,887)

End of period (in units)

19,557,251

17,982,945

17,170,919

Common units issued in connection with the vesting of phantom unit awards, net (in units)

4,662,539

4,571,333

3,936,437

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)

^[4]

$ 23.94

$ 24.31

$ 26.76

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

^[4]

25.8

^[1]

24.11

^[2]

21.3

^[3]

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

^[4]

24.81

25.08

26.98

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

^[4]

24.52

23.92

24.44

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

^[4]

$ 24.47

$ 23.94

$ 24.31

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

Aggregate grant date fair value

$ 230

$ 192

$ 164

Estimated forfeiture rate

2.00%

2.10%

2.00%

Cash payments made in connection with DERs

$ 38

$ 34

$ 31

Total intrinsic value of phantom unit awards that vested during period

182

$ 160

$ 124

Recognition period for total unrecognized compensation cost

$ 179

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)

$ 25.8

$ 24.1

$ 20.79

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)

$ 26.7

$ 26.62

$ 22.05

Phantom Unit Awards [Member] | Enterprise [Member]

Derivative Instruments, Gain (Loss) [Line Items]

$ 144

[1]	The aggregate grant date fair value of phantom unit awards issued during 2023 was $230 million based on a grant date market price of the Partnership’s common units ranging from $25.80 to $26.70 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
[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 $26.62 per unit. An estimated annual forfeiture rate of 2.1% was applied to these awards.
[3]	The aggregate grant date fair value of phantom unit awards issued during 2021 was $164 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $22.05 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
[4]	Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

Earnings Per Unit

12 Months Ended

Dec. 31, 2023

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 years indicated:

	For the Year Ended December 31,
	2023			2022			2021
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	5,529		$	5,487		$	4,634
Earnings allocated to phantom unit awards (1)		(50	)		(46	)		(37	)
Net income allocated to common unitholders	$	5,479		$	5,441		$	4,597

Basic weighted-average number of common units outstanding		2,172			2,178			2,183

Basic earnings per common unit	$	2.52		$	2.50		$	2.11

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	5,529		$	5,487		$	4,634
Net income attributable to preferred units		3			3			4
Net income attributable to limited partners	$	5,532		$	5,490		$	4,638

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,172			2,178			2,183
Phantom units (2)		20			19			18
Preferred units (2)		2			2			2
Total		2,194			2,199			2,203

Diluted earnings per common unit	$	2.52		$	2.50		$	2.10

(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 8 for information regarding preferred units.

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2023
Subsequent Event [Abstract]
Subsequent Event	Note 20. Subsequent Events Issuance of $2.0 Billion of Senior Notes in January 2024 In January 2024, EPO issued $2.0 billion aggregate principal amount of senior notes comprised of (i) $1.0 billion principal amount of senior notes due January 2027 (“Senior Notes HHH”) and (ii) $1.0 billion principal amount of senior notes due January 2034 (“Senior Notes III”). Net proceeds from this offering will be used by EPO for general company purposes, including for growth capital investments, and the repayment of debt (including the repayment of all or a portion of our $850 million principal amount of 3.90% Senior Notes JJ at their maturity in February 2024 and amounts outstanding under our commercial paper program). Senior Notes HHH were issued at 99.897% of their principal amount and have a fixed interest rate of 4.60% per year. Senior Notes III were issued at 99.705% of their principal amount and have a fixed interest rate of 4.85% per year. The Partnership guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. Acquisition of Equity Interests From Western Midstream On February 16, 2024, we acquired the remaining 20% equity interest in Whitethorn and 25% equity interest in EF78 from affiliates of Western Midstream for total cash consideration of $375 million. We funded the cash consideration using cash on hand and proceeds from the issuance of short-term notes under EPO’s commercial paper program. As a result of these transactions, Whitethorn and EF78 are now our wholly owned subsidiaries. Since we had a controlling interest in these entities before and after the acquisition, the increase in our ownership interest in each entity will be accounted for as an equity transaction with no gain or loss recognized. Additionally, on February 16, 2024, an affiliate of Enterprise entered into a definitive agreement to acquire an additional 15% equity interest in Panola from an affiliate of Western Midstream for $25 million in cash consideration. The acquisition is subject to the preferential purchase rights of other members in Panola to participate in the acquisition. Should other members exercise their preferential purchase rights, the equity interest we acquire and corresponding purchase price paid will be adjusted based on the ratio of our member interest to the total member interests of all participating members. This transaction, which is expected to close by April 1, 2024, will be funded using cash on hand and proceeds from the issuance of short-term notes under EPO’s commercial paper program.

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

NGL Pipelines & Services [Member]

$ (33)

$ (78)

$ 27

Derivative Instruments, Gain (Loss) [Line Items]

(25)

(52)

Derivative Instruments, Gain (Loss) [Line Items]

(5)

(30)

(3)

Derivative Instruments, Gain (Loss) [Line Items]

(1)

(3)

(2)

Derivative Instruments, Gain (Loss) [Line Items]

Derivatives in fair value hedging relationships [Member]

(2)

(8)

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Hedged Item

(103)

(243)

(7)

226

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

Derivative Instruments, Gain (Loss) [Line Items]

Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

$ 7

$ (103)

$ (243)

Revenues

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

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Hedged Item

$ (7)

$ 66

$ 226

Derivatives in cash flow hedging relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

280

(495)

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

115

201

(946)

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

(36)

183

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

$ 5

$ (19)

$ (38)

Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]

Interest expense

Accumulated other comprehensive income 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] | Commodity derivatives [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

146

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

161

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

(15)

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]

$ 227

$ (658)

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

106

181

(893)

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]

(20)

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

(15)

Derivatives not designated as hedging instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

213

151

Derivative Instruments, Gain (Loss) [Line Items]

Realized gains (losses)

246

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

(33)

Derivative Instruments, Gain (Loss) [Line Items]

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

213

150

Derivative Instruments, Gain (Loss) [Line Items]

Provision for Income Taxes

$ 0

$ 14

$ 1

[1]	The fair value of these derivative instruments will be reclassified to their respective locations on the Statement of Consolidated Operations when the forecasted transactions affect earnings.

Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue [Abstract]
Revenues	$ 49,715	$ 58,186	$ 40,807
NGL Pipelines & Services [Member]
Revenue [Abstract]
Revenues	17,645	24,259	16,302
NGL Pipelines & Services [Member] \| Sales of NGLs and Related Products [Member]
Revenue [Abstract]
Revenues	14,846	21,307	13,716
NGL Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	2,799	2,952	2,586
NGL Pipelines & Services [Member] \| Midstream Services: Natural Gas Processing and Fractionation [Member]
Revenue [Abstract]
Revenues	1,278	1,431	1,036
NGL Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	1,090	987	976
NGL Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	431	534	574
Crude Oil Pipelines & Services [Member]
Revenue [Abstract]
Revenues	19,336	18,561	10,902
Crude Oil Pipelines & Services [Member] \| Sales of Crude Oil [Member]
Revenue [Abstract]
Revenues	18,185	17,301	9,519
Crude Oil Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	1,151	1,260	1,383
Crude Oil Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	744	807	929
Crude Oil Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	407	453	454
Natural Gas Pipelines & Services [Member]
Revenue [Abstract]
Revenues	3,776	6,260	4,400
Natural Gas Pipelines & Services [Member] \| Sales of Natural Gas [Member]
Revenue [Abstract]
Revenues	2,373	5,019	3,413
Natural Gas Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	1,403	1,241	987
Natural Gas Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	1,403	1,241	987
Petrochemical & Refined Products Services [Member]
Revenue [Abstract]
Revenues	8,958	9,106	9,203
Petrochemical & Refined Products Services [Member] \| Sales of Petrochemicals and Refined Products [Member]
Revenue [Abstract]
Revenues	7,689	8,003	8,196
Petrochemical & Refined Products Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	1,269	1,103	1,007
Petrochemical & Refined Products Services [Member] \| Midstream Services: Fractionation and Isomerization [Member]
Revenue [Abstract]
Revenues	282	222	275
Petrochemical & Refined Products Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	660	585	485
Petrochemical & Refined Products Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	$ 327	$ 296	$ 247

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Note 16. Income Taxes

Publicly traded partnerships like ours are treated as corporations unless they have 90% or more in “qualifying income” (as that term is defined in the Internal Revenue Code). We satisfied this requirement in each of the years ended December 31, 2023, 2022 and 2021 and, as a result, are not subject to federal income tax. However, our partners are individually responsible for paying federal income tax on their share of our taxable income. Net earnings for financial reporting purposes may differ significantly from taxable income reportable to our unitholders as a result of differences between the tax basis and financial reporting basis of certain assets and liabilities and other factors. We do not have access to information regarding each partner’s individual tax basis in our limited partner interests.

Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Accounting guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the years ended December 31, 2023, 2022 and 2021.

Tabular Disclosures Regarding Income Taxes

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

	For the Year Ended December 31,
	2023			2022			2021
Current portion of income tax provision:
Federal	$	(12	)	$	(2	)	$	2
State		(20	)		(18	)		(31	)
Foreign		–			(2	)		(1	)
Total current portion		(32	)		(22	)		(30	)
Deferred portion of income tax provision:
Federal		17			(20	)		(27	)
State		(29	)		(40	)		(13	)
Foreign		–			–			–
Total deferred portion		(12	)		(60	)		(40	)
Total provision for income taxes	$	(44	)	$	(82	)	$	(70	)

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 Year Ended December 31,
	2023			2022			2021
Pre-Tax Net Book Income (“NBI”)	$	5,701		$	5,697		$	4,825

Texas Margin Tax (1)		(49	)		(56	)		(42	)
State income tax provision, net of federal benefit		(2	)		(1	)		(1	)
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities		(16	)		(15	)		(13	)
Change in valuation allowance (2)		22			(8	)		(14	)
Other		1			(2	)		–
Provision for income taxes	$	(44	)	$	(82	)	$	(70	)

Effective income tax rate		(0.8	)%		(1.4	)%		(1.5	)%

(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)	During 2023, management concluded that it is more likely than not that the deferred tax assets attributable to OTA will be fully realizable. As a result, for the year-end December 31, 2023, we recorded a full release of the valuation allowance against OTA’s deferred tax assets.

Deferred income taxes are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities as measured by the enacted tax rates, which will be in effect when these differences reverse.

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

	December 31,
	2023		2022
Deferred tax liabilities:
Attributable to investment in OTA (1)	$	436	$	406
Attributable to property, plant and equipment		138		133
Attributable to investments in other entities		4		5
Other		83		60
Total deferred tax liabilities		661		604
Deferred tax assets:
Net operating loss carryovers (2)		46		22
Temporary differences related to Texas Margin Tax		4		4
Total deferred tax assets		50		26
Valuation allowance		–		22
Total deferred tax assets, net of valuation allowance		50		4
Total net deferred tax liabilities	$	611	$	600

(1)	Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA, which we acquired in March 2020.
(2)	The loss amount presented as of December 31, 2023 has an indefinite carryover period. All losses are subject to limitations on their utilization.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Other operating costs and expenses

$ 49,715

$ 58,186

$ 40,807

Operating costs and expenses:

Cost of sales

^[1]

37,023

45,836

29,887

^[2]

3,695

3,454

2,915

Depreciation, amortization and accretion

2,279

2,158

2,038

Impairment of assets other than goodwill

233

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

(10)

General and administrative costs

231

241

209

Total costs and expenses

43,248

51,743

35,287

Vitol Holding B.V. [Member]

Revenues [Member] | Customer Concentration Risk [Member] | Vitol Holding B.V. [Member]

$ 7,870

$ 5,920

NGL Pipelines and Services [Member]

Percent of revenues

15.80%

10.20%

$ 17,645

$ 24,259

16,302

19,336

18,561

10,902

Petrochemical and Refined Products Services [Member]

3,776

6,260

4,400

$ 8,958

$ 9,106

$ 9,203

[1]	Cost of sales is a component of “Operating costs and expenses,” as presented on our 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 (gains) attributable to asset sales and related matters.

Revenues

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Revenues [Text Block]

Note 9. Revenues

We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
NGL Pipelines & Services:
Sales of NGLs and related products	$	14,846	$	21,307	$	13,716
Segment midstream services:
Natural gas processing and fractionation		1,278		1,431		1,036
Transportation		1,090		987		976
Storage and terminals		431		534		574
Total segment midstream services		2,799		2,952		2,586
Total NGL Pipelines & Services		17,645		24,259		16,302
Crude Oil Pipelines & Services:
Sales of crude oil		18,185		17,301		9,519
Segment midstream services:
Transportation		744		807		929
Storage and terminals		407		453		454
Total segment midstream services		1,151		1,260		1,383
Total Crude Oil Pipelines & Services		19,336		18,561		10,902
Natural Gas Pipelines & Services:
Sales of natural gas		2,373		5,019		3,413
Segment midstream services:
Transportation		1,403		1,241		987
Total segment midstream services		1,403		1,241		987
Total Natural Gas Pipelines & Services		3,776		6,260		4,400
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		7,689		8,003		8,196
Segment midstream services:
Fractionation and isomerization		282		222		275
Transportation, including marine logistics		660		585		485
Storage and terminals		327		296		247
Total segment midstream services		1,269		1,103		1,007
Total Petrochemical & Refined Products Services		8,958		9,106		9,203
Total consolidated revenues	$	49,715	$	58,186	$	40,807

Substantially all of our revenues are derived from contracts with customers as defined within ASC 606. The following information describes the nature of our significant revenue streams by segment and type:

NGL Pipelines & Services

Sales of NGLs and related products

NGL marketing activities generate revenues from spot and term sales of NGLs and related products that we take title to through our natural gas processing activities (i.e., our equity NGL production) and open market and long-term contract purchases. Revenue from these sales contracts is recognized when the NGLs are sold and delivered to customers at market-based prices.

Midstream services

Natural gas processing utilizes service contracts that are either fee-based, commodity-based or a combination of the two. When a cash fee for natural gas processing services is stipulated by a contract, we record revenue when a producer’s natural gas has been processed and redelivered. Our commodity-based contracts include keepwhole, margin-band, percent-of-liquids, percent-of-proceeds and contracts featuring a combination of commodity and fee-based terms.

We recognize midstream service revenues in connection with the equity NGL-equivalents we receive under commodity-based contracts (once the processing service has been performed and we are entitled to such volumes). The value assigned to this non-cash consideration and related inventory is based on the market value of the equity NGL-equivalents at the time the services are performed. As noted previously, we also recognize product sales revenue, along with a corresponding cost of sales, when these NGLs are delivered and sold to downstream customers under NGL marketing contracts.

NGL fractionation generates revenue using fee-based arrangements. These fees are contractually subject to adjustment for changes in certain fractionation expenses (e.g., fuel costs) and are recognized in the period services are provided.

NGL pipeline transportation contracts and tariffs generate revenue based on a fixed fee per gallon multiplied by the volume transported and delivered (or capacity reserved). Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements. Under certain agreements, customers are required to ship a minimum volume with a provision that allows the shipper to make-up any volume shortfalls over an agreed-upon period (referred to as “make-up rights”). Revenue attributable to such agreements is initially deferred and subsequently recognized at the earlier of when the deficiency volume is shipped, when the likelihood of the shipper’s ability to meet the minimum volume commitment becomes remote, or when the pipeline is otherwise released from its performance obligation.

NGL and related product storage contracts generate revenue from capacity reservations where we collect a fee for reserving storage capacity for customers in our underground storage wells and above-ground storage tanks. Under these agreements, revenue is recognized on a straight-line basis over the reservation period. In addition, we generally charge customers throughput fees based on volumes delivered into and subsequently withdrawn from storage, which are recognized as the service is provided.

NGL import and export terminaling activities generate revenue in the period services are provided. Customers are typically billed a fee per unit of volume loaded or unloaded.

Crude Oil Pipelines & Services

Sales of crude oil

Crude oil marketing activities generate revenues from the sale and delivery of crude oil purchased either directly from producers or on the open market. Revenue from these sales contracts is recognized when crude oil is sold and delivered to customers at market-based prices.

Midstream services

Crude oil transportation contracts and tariffs generate revenue based upon a fixed fee per barrel multiplied by the volume transported and delivered (or capacity reserved). Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements. Under certain agreements, customers are required to ship a minimum volume over an agreed-upon period, with make-up rights. Revenue attributable to such agreements is initially deferred and subsequently recognized at the earlier of when the deficiency volume is shipped, when the likelihood of the shipper’s ability to meet the minimum volume commitment becomes remote, or when the pipeline is otherwise released from its performance obligation.

Crude oil storage contracts generate revenue from capacity reservations where we collect a fee for reserving storage capacity for customers at our terminals. Under these agreements, revenue is recognized on a straight-line basis over the reservation period. In addition, customers are billed a fee per unit of volume handled at our terminals. Revenue is recognized as the terminaling service is provided.

Natural Gas Pipelines & Services

Sales of natural gas

Natural gas marketing activities generate revenue from the sale and delivery of natural gas purchased from producers, natural gas processing facilities, and on the open market. Revenue from these sales contracts is recognized when natural gas is sold and delivered to customers at market-based prices.

Midstream services

Natural gas transportation contracts generate revenues based on a fee per unit of volume transported multiplied by the volume gathered or delivered. Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements. Revenues under transportation contracts are recognized when the volumes are transported and delivered to customers. In addition, certain of our natural gas pipelines offer firm capacity reservation services whereby the shipper pays a contractual fee based on the level of throughput capacity reserved. Revenues are recognized when the firm capacity services are provided to the shipper.

Petrochemical & Refined Products Services

Sales of petrochemicals and refined products

Our petrochemical and refined products marketing activities generate revenue from the sale and delivery of products to customers at market-based prices. The products handled by these marketing groups include polymer grade propylene, octane additives, high purity isobutylene and various refined products.

Midstream services

Propylene fractionation units and butane isomerization facilities generate revenue through fee-based tolling arrangements with customers. Revenue from such agreements is recognized in the period the services are provided.

Petrochemical and refined products transportation contracts generate revenue based upon a fixed fee per volume multiplied by the volume transported and delivered. Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements.

Marine transportation contracts generate revenue based on set day rates or a set fee per cargo movement recognized over the transit time of individual tows. Additionally, we record revenue for the costs of fuel and other operating costs that are directly reimbursed by our marine customers.

Petrochemicals and refined products storage contracts generate revenue from capacity reservations where we collect a fee for reserving storage capacity for customers at our terminals. Under these agreements, revenue is recognized on a straight-line basis over the reservation period. In addition, customers are billed a fee per unit of volume handled at our terminals. Revenue is recognized as the terminaling service is provided.

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at the dates indicated:

		December 31,
Contract Asset	Location	2023		2022
Unbilled revenue (current amount)	Prepaid and other current assets	$	11	$	6
Total		$	11	$	6

		December 31,
Contract Liability	Location	2023		2022
Deferred revenue (current amount)	Other current liabilities	$	193	$	181
Deferred revenue (noncurrent)	Other long-term liabilities		326		320
Total		$	519	$	501

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the years indicated:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2020	$	19		$	344
Amount included in opening balance transferred to other accounts during period (1)		(19	)		(148	)
Amount recorded during period (2)		277			954
Amounts recorded during period transferred to other accounts (1)		(262	)		(700	)
Other changes		–			(4	)
Balance at December 31, 2021	$	15		$	446
Amount included in opening balance transferred to other accounts during period (1)		(15	)		(203	)
Amount recorded during period (2)		155			950
Amounts recorded during period transferred to other accounts (1)		(149	)		(687	)
Other changes		–			(5	)
Balance at December 31, 2022	$	6		$	501
Amount included in opening balance transferred to other accounts during period (1)		(6	)		(271	)
Amount recorded during period (2)		81			956
Amounts recorded during period transferred to other accounts (1)		(70	)		(656	)
Other changes		–			(11	)
Balance at December 31, 2023	$	11		$	519

(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 December 31, 2023.

For a significant portion of our revenue, we bill customers a contractual rate for the services provided multiplied by the amount of volume handled in a given period. We have the right to invoice the customer in the amount that corresponds directly with the value of our performance completed to date. Therefore, we are not required to disclose information about the variable consideration of remaining performance obligations since we recognize revenue equal to the amount that we have the right to invoice.

Period	Fixed Consideration
One Year Ended December 31, 2024	$	3,966
One Year Ended December 31, 2025		3,480
One Year Ended December 31, 2026		3,220
One Year Ended December 31, 2027		2,916
One Year Ended December 31, 2028		2,544
Thereafter		9,405
Total	$	25,531

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

Equity-based Award Expense

Income Taxes, Benefit From (Provision For) Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current portion of income tax provision:
Federal	$ (12)	$ (2)	$ 2
State	(20)	(18)	(31)
Foreign	0	(2)	(1)
Total current portion	(32)	(22)	(30)
Deferred portion of income tax provision:
Federal	17	(20)	(27)
State	(29)	(40)	(13)
Foreign	0	0	0
Total deferred portion	(12)	(60)	(40)
Total provision for income taxes	$ (44)	$ (82)	$ (70)

Equity-Based Awards (Tables)

12 Months Ended

Dec. 31, 2023

Equity-based Awards [Abstract]

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 years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Equity-classified awards:
Phantom unit awards	$	166	$	153	$	146
Profits interest awards		6		4		6
Total	$	172	$	157	$	152

Other Share-based Compensation Plans

The following table presents phantom unit award activity for the years indicated:

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2020		15,669,442		$	26.76
Granted (2)		7,720,645		$	21.30
Vested		(5,648,281	)	$	26.98
Forfeited		(570,887	)	$	24.44
Phantom unit awards at December 31, 2021		17,170,919		$	24.31
Granted (3)		7,968,880		$	24.11
Vested		(6,616,741	)	$	25.08
Forfeited		(540,113	)	$	23.92
Phantom unit awards at December 31, 2022		17,982,945		$	23.94
Granted (4)		8,904,445		$	25.80
Vested		(6,786,085	)	$	24.81
Forfeited		(544,054	)	$	24.52
Phantom unit awards at December 31, 2023		19,557,251		$	24.47

(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 2021 was $164 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $22.05 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
(3)	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 $26.62 per unit. An estimated annual forfeiture rate of 2.1% was applied to these awards.
(4)	The aggregate grant date fair value of phantom unit awards issued during 2023 was $230 million based on a grant date market price of the Partnership’s common units ranging from $25.80 to $26.70 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 years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Cash payments made in connection with DERs	$	38	$	34	$	31
Total intrinsic value of phantom unit awards that vested during period	$	182	$	160	$	124

The following table summarizes key elements of each Employee Partnership as of December 31, 2023:

Employee Partnership	Partnership Common Units Contributed by EPCO Holdings	Class A Capital Base (1)	Class A Preference Return Per Unit	Expected Vesting/ Liquidation Date (2)	Estimated Fair Value of Profits Interest Awards (3)	Unrecognized Compensation Cost (4)
EPD IV	6,400,000	$173	$0.4325	October 2024	$14	$10
EPCO II	1,600,000	$43	$0.4325	October 2024	$3	$–

(1)	Represents the fair market value of the Partnership’s common units contributed to each Employee Partnership at the applicable contribution date.
(2)	Represents the expected vesting/liquidation date based on the requisite service period (as derived using a Monte Carlo model) for each Employee Partnership.
(3)	Represents the total fair value of the profits interest awards awarded to the Class B limited partners of each Employee Partnership irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. The fair value is as of the plan modification date.
(4)	Represents our expected share of the unrecognized compensation cost at December 31, 2023, which we expect to recognize over a weighted-average period of 0.8 years.

The following table summarizes the assumptions we used in applying a Black-Scholes option pricing model or Monte Carlo model, as applicable, to derive that portion of the estimated fair value of the profits interest awards (at either the grant date or modification date) for each Employee Partnership:

	Expected Life	Risk-Free	Expected	Expected Unit
Employee	of Award	Interest	Distribution	Price
Partnership	from Grant Date	Rate	Yield	Volatility
EPD IV	5.9 years	0.2% to 4.9%	6.5% to 8.4%	22% to 39%
EPCO II	5.9 years	0.2% to 4.9%	6.3% to 8.4%	22% to 36%

STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income	$ 5,657	$ 5,615	$ 4,755
Reconciliation of net income to net cash flows provided by operating activities:
Depreciation and accretion	1,871	1,797	1,723
Amortization of intangible assets	201	177	151
Amortization of major maintenance costs for reaction-based plants	64	51	27
Other amortization expense	207	220	239
Impairment of assets other than goodwill	32	53	233
Equity in income of unconsolidated affiliates	(462)	(464)	(583)
Distributions received from unconsolidated affiliates attributable to earnings	446	446	544
Net losses (gains) attributable to asset sales and related matters	(10)	1	5
Deferred income tax expense	12	60	40
Change in fair market value of derivative instruments	33	78	(27)
Non-cash expense related to long-term operating leases	72	59	41
Net effect of changes in operating accounts	(555)	(54)	1,366
Other operating activities	1	0	(1)
Net cash flows provided by operating activities	7,569	8,039	8,513
Investing activities:
Capital expenditures	(3,266)	(1,964)	(2,223)
Cash used for business combinations, net of cash received	0	(3,204)	0
Investments in unconsolidated affiliates	(2)	(1)	(2)
Distributions received from unconsolidated affiliates attributable to the return of capital	42	98	46
Proceeds from asset sales and other matters	42	122	64
Other investing activities	(13)	(5)	(20)
Cash used in investing activities	(3,197)	(4,954)	(2,135)
Financing activities:
Borrowings under debt agreements	89,899	96,140	11,159
Repayments of debt	(89,447)	(97,395)	(11,492)
Debt issuance costs	(17)	(1)	(15)
Monetization of interest rate derivative instruments	21	0	75
Cash distributions paid to common unitholders	(4,301)	(4,095)	(3,930)
Cash payments made in connection with distribution equivalent rights	(38)	(34)	(31)
Cash distributions paid to noncontrolling interests	(160)	(163)	(154)
Cash contributions from noncontrolling interests	44	7	72
Repurchase of common units under 2019 Buyback Program	(188)	(250)	(214)
Other financing activities	(71)	(53)	(41)
Cash used in financing activities	(4,258)	(5,844)	(4,571)
Net change in cash and cash equivalents, including restricted cash	114	(2,759)	1,807
Cash and cash equivalents, including restricted cash, at beginning of period	206	2,965	1,158
Cash and cash equivalents, including restricted cash, at end of period	$ 320	$ 206	$ 2,965

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net income	$ 5,657	$ 5,615	$ 4,755
Commodity hedging derivative instruments:
Changes in fair value of cash flow hedges	93	254	(678)
Reclassification of losses (gains) to net income	(110)	(220)	908
Interest rate hedging derivative instruments:
Changes in fair value of cash flow hedges	(36)	26	183
Reclassification of losses (gains) to net income	(5)	19	38
Total cash flow hedges	(58)	79	451
Total other comprehensive income (loss)	(58)	79	451
Comprehensive income	5,599	5,694	5,206
Comprehensive income attributable to noncontrolling interests	(125)	(125)	(117)
Comprehensive income attributable to preferred units	(3)	(3)	(4)
Comprehensive income attributable to common unitholders	$ 5,471	$ 5,566	$ 5,085

Property, Plant and Equipment, Impairments (Details)
$ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

$ 20

$ 41

$ 218

233

NGL Pipelines & Services [Member]

122

Natural Gas Pipelines & Services [Member] | Coal bed natural gas gathering system and related Val Verde treating facility [Member]

^[1]

Impairment of intangible assets

Petrochemical & Refined Products Services [Member] | Marine transportation business [Member]

^[2]

$ 2

$ 9

127

Impairment of intangible assets

113

Petrochemical & Refined Products Services [Member] | Marine transportation business [Member] | Measurement input, growth rate [Member]

$ 114

Long-lived asset, measurement input

0.022

Petrochemical & Refined Products Services [Member] | Marine transportation business [Member] | Measurement input, discount rate [Member]

Long-lived asset, measurement input

0.087

[1]	2021 amount includes a $37 million non-cash impairment charge associated with the sale of components of our San Juan Gathering System.
[2]	2021 amount includes a non-cash impairment charge of $113 million associated with our marine transportation business.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Accounts receivable, allowance for credit losses	$ 35	$ 54
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units outstanding (in units)	50,412	50,412
Limited partners:
Common units issued (in units)	2,168,245,238	2,170,806,347
Common units outstanding (in units)	2,168,245,238	2,170,806,347

Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2023

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:

	December 31, 2023							December 31, 2022
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(263	)	$	186	$	449	$	(249	)	$	200
Contract-based intangibles		752		(110	)		642		749		(84	)		665
Segment total		1,201		(373	)		828		1,198		(333	)		865
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195		(530	)		1,665		2,195		(431	)		1,764
Contract-based intangibles		283		(275	)		8		283		(271	)		12
Segment total		2,478		(805	)		1,673		2,478		(702	)		1,776
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,351		(625	)		726		1,350		(588	)		762
Contract-based intangibles		641		(209	)		432		639		(195	)		444
Segment total		1,992		(834	)		1,158		1,989		(783	)		1,206
Petrochemical & Refined Products Services:
Customer relationship intangibles		181		(86	)		95		181		(80	)		101
Contract-based intangibles		45		(29	)		16		45		(28	)		17
Segment total		226		(115	)		111		226		(108	)		118
Total intangible assets	$	5,897	$	(2,127	)	$	3,770	$	5,891	$	(1,926	)	$	3,965

The following table presents the amortization expense of our intangible assets by business segment for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
NGL Pipelines & Services	$	40	$	36	$	24
Crude Oil Pipelines & Services		103		84		77
Natural Gas Pipelines & Services		51		50		42
Petrochemical & Refined Products Services		7		7		8
Total	$	201	$	177	$	151

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

2024				2025				2026				2027				2028
$	210			$	208			$	203			$	185			$	180

Customer relationship intangible assets

Customer relationship intangible assets represent the estimated economic value assigned to commercial relationships acquired in connection with business combinations. Our customer relationship intangible assets are classified as either (i) basin-specific or (ii) general. Basin-specific customer relationships represent access to customers associated with a defined resource basin (e.g., customers using a natural gas gathering system serving a specific production field) and is analogous to having a franchise in a particular area. General customer relationships are associated with customers whose hydrocarbon volumes are not attributable to specific resource basins (e.g., customers at a marine terminal that handles volumes originating from multiple sources).

The estimated fair value of each customer relationship intangible asset was determined at the time of acquisition using a discounted cash flow analysis, which incorporates various assumptions regarding the acquired business. The assumptions may include Level 3 fair value inputs, including long-range cash flow forecasts that extend for the estimated economic life of the hydrocarbon resource base served by the asset network, anticipated service contract renewals, resource base depletion rates and expected customer attrition rates.

The recognition of customer relationships are supported by a variety of factors. In general, midstream infrastructure requires a significant investment, both in terms of initial construction costs and ongoing maintenance, and is generally supported by long-term contracts that establish a customer base. The level of expenditures and regulatory requirements involved in constructing new midstream asset networks can create significant economic barriers to entry that may limit potential competition. Furthermore, efficient, continuous operation of the acquired fixed assets not only supports the commercial relationships existing at the time of the acquisition, but it provides us with opportunities to establish new ones. These factors support the long-term value attributed to our customer relationship intangible assets.

With respect to amortization periods, the duration of a basin-specific customer relationship is limited to the estimated economic life of the associated resource basin. The duration of our other customer relationships is typically limited to the term of the underlying service contracts, including assumed renewals. Amortization expense attributable to customer relationships is recorded in a manner that closely resembles the pattern in which we expect to benefit from such relationships.

At December 31, 2023, the carrying value of our portfolio of customer relationship intangible assets was $2.7 billion, the principal components of which were as follows:

a	Weighted Average Remaining Amortization Period	December 31, 2023
a	Weighted Average Remaining Amortization Period	Gross Value		Accumulated Amortization		Carrying Value
Basin-specific customer relationships:
EFS Midstream (acquired 2015)	18.4 years	$	1,410	$	(339)	$	1,071
State Line and Fairplay (acquired 2010)	23.2 years		895		(302)		593
San Juan Gathering (acquired 2004)	15.8 years		331		(266)		65
General customer relationships:
Oiltanking (acquired 2014)	20.0 years		1,193		(294)		899

• The EFS Midstream customer relationships provide us with long-term access to condensate and natural gas producers in the Eagle Ford Shale served by our EFS Midstream System. The EFS Midstream System provides condensate gathering and processing services along with gathering, treating and compression services for associated natural gas.

•

The State Line and Fairplay customer relationships provide us with long-term access to natural gas producers served by our Haynesville and Fairplay Gathering Systems. The Haynesville Gathering System gathers and treats natural gas produced from the Haynesville and Bossier Shale supply basins and the Cotton Valley and Taylor Sand formations in Louisiana and East Texas. The Fairplay Gathering System gathers natural gas produced from the Cotton Valley formation in East Texas.

•	The San Juan Gathering customer relationships provide us with long-term access to natural gas producers in the San Juan Basin served by our San Juan Gathering System.

•	The Oiltanking customer relationships provide us with long-term access to crude oil and refined products storage and terminal customers served at our Houston Ship Channel and Beaumont, Texas terminals.

Contract-based intangible assets

Contract-based intangible assets represent specific commercial rights we acquired in connection with business combinations. These intangible assets are typically valued using an income approach that incorporate the terms of the agreements. At December 31, 2023, the carrying value of our portfolio of contract-based intangible assets was $1.1 billion, the principal components of which were as follows:

a	Weighted Average Remaining Amortization Period		December 31, 2023
a	Weighted Average Remaining Amortization Period		Gross Value		Accumulated Amortization		Carrying Value
Navitas Midstream customer contracts	28.0 years	$		989	$	(45)	$	944
Jonah natural gas gathering agreements	18.0 years			224		(185)		39
Delaware Basin natural gas processing contracts	3.0 years			82		(48)		34

• The Navitas Midstream customer contracts, which we acquired in connection with our acquisition of Navitas Midstream Partners, LLC (“Navitas Midstream”) in February 2022, 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. The estimated useful life of the acquired contract-based intangible asset is 30 years. Amortization expense attributable to these contracts is recorded using a units-of-production method based on gathering volumes.

•

The Jonah natural gas gathering agreements represent the estimated value we assigned to natural gas gathering contracts acquired in 2001 associated with the Jonah Gathering System. Amortization expense attributable to these intangible assets is recorded using a units-of-production method based on gathering volumes.

•

The Delaware Basin natural gas processing contracts represent the estimated value we assigned to natural gas processing contracts we acquired in 2018 in connection with our step acquisition of the remaining 50% member interest in Delaware Basin Gas Processing LLC. Amortization expense attributable to these contracts is recorded using a straight-line approach over the terms of the underlying contracts.

Goodwill

Goodwill represents the cost of acquired businesses in excess of the fair value of their net assets at acquisition. The following table presents changes in the carrying amount of goodwill by business segment during the periods indicated:

	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Consolidated Total
Balance at December 31, 2021 (1)	$	2,652	$	1,841	$	–	$	956	$	5,449
Goodwill related to acquisition (2)		159		–		–		–		159
Balance at December 31, 2022 (1)		2,811		1,841		–		956		5,608
Balance at December 31, 2023 (1)	$	2,811	$	1,841	$	–	$	956	$	5,608

(1)	Balances are presented net of historical accumulated impairment losses of $296 million for the Natural Gas Pipelines & Service segment and $1 million for the Petrochemical & Refined Products Services segment. There have been no goodwill impairment charges recognized for the reporting units within the NGL Pipelines & Services and Crude Oil Pipelines & Services segments.
(2)	This amount represents the goodwill recognized in connection with our acquisition of Navitas Midstream in February 2022. 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.

Hedging Activities and Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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”), treasury locks and similar derivative instruments to manage our exposure to changes in interest rates charged on borrowings under certain consolidated debt agreements. This strategy may be used in controlling our overall cost of capital associated with such borrowings.

Treasury Locks

A treasury lock is an agreement that fixes the price (or yield) of a specified U.S. treasury security for an established period of time. We use treasury lock agreements to hedge our exposure to interest rate changes and to reduce the volatility of financing costs on an expected future debt issuance. Each of our treasury lock transactions was designated as a cash flow hedge of the interest payments associated with an anticipated debt issuance.

During the fourth quarter of 2023, we entered into three treasury lock transactions to fix the ten-year treasury rate at a weighted-average rate of approximately 4.48% on an aggregate notional amount of $600 million. In January 2024, we entered into two additional treasury lock transactions to fix the ten-year treasury rate at 3.97% on a notional amount of $400 million and to fix the three-year treasury rate at 4.11% on a notional amount of $750 million. The purpose of these transactions was to hedge the underlying interest rate risk associated with debt issuances expected to occur in January 2024 (see Note 20). In January 2024, we terminated all of the treasury lock transactions simultaneously with our issuance of the three-year and ten-year notes and made total cash payments of $29 million. As cash flow hedges, losses on these derivative instruments are reflected as a component of accumulated other comprehensive income and will be amortized to earnings as a component of interest expense over the full term of each issuance.

In January 2023, upon issuance of Senior Notes FFF and GGG (see Note 7), we terminated and settled treasury lock transactions with a combined notional amount of $1.5 billion and received total cash proceeds of $21 million. As cash flow hedges, the gain realized on these derivative instruments was reflected as a component of accumulated other comprehensive income and is amortized to earnings as a reduction to interest expense over the full term of each issuance.

Forward-Starting Swaps

Forward-starting swaps hedge the risk of an increase in underlying benchmark interest rates during the period of time between the inception date of the swap agreement and the future date of a debt issuance. Under the terms of the forward-starting swaps, we pay to the counterparties (at the expected settlement dates of the instruments) amounts based on a fixed interest rate applied to a notional amount and receive from the counterparties an amount equal to a variable interest rate on the same notional amount.

During 2021, we terminated an aggregate $1.1 billion notional amount of forward-starting swaps, which resulted in net cash proceeds of $75 million. Since the original swaptions associated with certain of these forward-starting swaps were not designated as hedging instruments and were subject to mark-to-market accounting, we previously incurred an unrealized, mark-to-market loss at inception of the forward starting swaps of $48 million that was reflected as an increase in interest expense in 2019. Immediately following exercise of the swaptions and being put into the forward-starting swaps, these instruments were designated as cash flow hedges. For the period from inception through the termination date in March 2021, we recognized cumulative gains on the forward-starting swaps of $123 million in accumulated other comprehensive income, of which $99 million is being reclassified to earnings (as a decrease in interest expense) over the 30-year life of the associated debt through February 2053 and $22 million is being reclassified to earnings (as a decrease in interest expense) over the cumulative life of the associated Senior Notes GGG (see Note 7) and future debt obligations. We reclassified $2 million of the cumulative gain as a decrease in interest expense in 2021.

Commodity Hedging Activities

The prices of natural gas, NGLs, crude oil, petrochemicals and refined products and power are subject to fluctuations in response to changes in supply and demand, market conditions and a variety of additional factors that are beyond our control. In order to manage such price risks, we enter into commodity derivative instruments such as physical forward contracts, futures contracts, fixed-for-float swaps and basis swaps.

At December 31, 2023, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins, (iii) hedging the fair value of commodity products held in inventory and (iv) hedging anticipated future purchases of power for certain operations in Southeast Texas.

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

•

The objective of our natural gas processing hedging program is to hedge an amount of earnings associated with these activities. We achieve this objective by executing fixed-price sales for a portion of our expected equity production using derivative instruments and related contracts. For certain natural gas processing contracts, the hedging of expected equity NGL production also involves the purchase of natural gas for plant thermal reduction, which is hedged using derivative instruments and related contracts.

•	The objective of our inventory hedging program is to hedge the fair value of commodity products currently held in inventory by locking in the sales price of the inventory through the use of derivative instruments and related contracts.

•	The objective of our commercial energy hedging program is to hedge anticipated future purchases of power for certain operations in Southeast Texas by locking in purchase prices through the use of derivative instruments and related contracts.

The following table summarizes our portfolio of commodity derivative instruments outstanding at December 31, 2023 (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 (Bcf)	7.1	n/a	Cash flow hedge
Forecasted sales of natural gas (Bcf)	36.5	n/a	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	2.7	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	4.9	0.4	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	1.0	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	71.5	3.1	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	65.3	11.2	Cash flow hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	1.2	0.1	Cash flow hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	16.1	n/a	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	25.2	n/a	Cash flow hedge
Petrochemical marketing:
Forecasted sales of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	1.4	1.5	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	19.1	n/a	Mark-to-market
NGL risk management activities (MMBbls) (3)	12.5	7.8	Mark-to-market
Refined products risk management activities (MMBbls) (3)	5.1	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	102.5	25.2	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, February 2024 and December 2025, respectively.
(3)	Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

The carrying amount of our inventories subject to fair value hedges was $2 million and $12 million at December 31, 2023 and 2022, respectively.

Certain basis swaps and other derivative instruments not designated as hedging instruments are used to manage market risks associated with anticipated purchases and sales of commodity products. There is some uncertainty involved in the timing of these transactions often due to the development of more favorable profit opportunities or when spreads are insufficient to cover variable costs thus reducing the likelihood that the transactions will occur during the periods originally forecasted. In accordance with derivatives accounting guidance, these instruments do not qualify for hedge accounting even though they are effective at managing the risk exposures of the underlying assets. Due to volatility in commodity prices, any non-cash, mark-to-market earnings variability cannot be predicted.

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
	December 31, 2023			December 31, 2022			December 31, 2023			December 31, 2022
	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
Interest rate derivatives	Current assets	$	–	Current assets	$	26	Current liabilities	$	31	Current liabilities	$	–
Commodity derivatives	Current assets	$	118	Current assets	$	422	Current liabilities	$	136	Current liabilities	$	316
Commodity derivatives	Other assets		31	Other assets		43	Other liabilities		35	Other liabilities		58
Total commodity derivatives			149			465			171			374
Total derivatives designated as hedging instruments		$	149		$	491		$	202		$	374

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	229	Current assets	$	21	Current liabilities	$	229	Current liabilities	$	38
Commodity derivatives	Other assets		72	Other assets		–	Other liabilities		71	Other liabilities		–
Total commodity derivatives			301			21			300			38
Total derivatives not designated as hedging instruments		$	301		$	21		$	300		$	38

Certain of our commodity derivative instruments are subject to master netting arrangements or similar agreements. The following tables present our derivative instruments subject to such arrangements at the dates indicated:

	Offsetting of Financial Assets and Derivative Assets
										Gross Amounts Not Offset in the Balance Sheet
	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 December 31, 2023:
Commodity derivatives		$	450		$	–		$	450		$	(450	)	$	–	$	–			$	–
As of December 31, 2022:
Interest rate derivatives		$	26		$	–		$	26		$	–		$	–	$	–			$	26
Commodity derivatives			486			–			486			(411	)		–		(74	)			1

	Offsetting of Financial Liabilities and Derivative Liabilities
										Gross Amounts Not Offset in the Balance Sheet
	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 December 31, 2023:
Interest rate derivatives		$	31		$	–		$	31		$	–			$	–		$	–			$	31
Commodity derivatives			471			–			471			(450	)			1			(21	)			1
As of December 31, 2022:
Commodity derivatives		$	412		$	–		$	412		$	(411	)		$	–		$	–			$	1

Derivative assets and liabilities recorded on our Consolidated Balance Sheets are presented on a gross basis and determined at the individual transaction level. This presentation method is applied regardless of whether the respective exchange clearing agreements, counterparty contracts or master netting agreements contain netting language often referred to as “rights of offset.” Although derivative amounts are presented on a gross basis, having rights of offset enable the settlement of a net as opposed to gross receivable or payable amount under a counterparty default or liquidation scenario.

Cash is paid and received as collateral under certain agreements, particularly for those associated with exchange transactions. For any cash collateral payments or receipts, corresponding assets or liabilities are recorded to reflect the variation margin deposits or receipts with exchange clearing brokers and customers. These balances are also presented on a gross basis on our Consolidated Balance Sheets.

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 Statements of Consolidated Operations for the years indicated:

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Derivative
		For the Year Ended December 31,
		2023		2022			2021
Commodity derivatives	Revenue	$	7	$	(103	)	$	(243	)
Total		$	7	$	(103	)	$	(243	)

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Year Ended December 31,
		2023			2022		2021
Commodity derivatives	Revenue	$	(7	)	$	66	$	226
Total		$	(7	)	$	66	$	226

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 Statements of Consolidated Operations and Statements of Consolidated Comprehensive Income for the years indicated:

Derivatives in Cash Flow Hedging Relationships	Change in Value Recognized in Other Comprehensive Income (Loss) On Derivative
	For the Year Ended December 31,
	2023				2022			2021
Interest rate derivatives		$	(36	)		$	26		$	183
Commodity derivatives – Revenue (1)			81				227			(658	)
Commodity derivatives – Operating costs and expenses (1)			12				27			(20	)
Total		$	57			$	280		$	(495	)

(1)	The fair value of these derivative instruments will be reclassified to their respective locations on the 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 Year Ended December 31,
		2023		2022			2021
Interest rate derivatives	Interest expense	$	5	$	(19	)	$	(38	)
Commodity derivatives	Revenue		106		181			(893	)
Commodity derivatives	Operating costs and expenses		4		39			(15	)
Total		$	115	$	201		$	(946	)

Over the next twelve months, we expect to reclassify $9 million of gains attributable to interest rate derivative instruments from accumulated other comprehensive income to earnings as a decrease in interest expense. Likewise, we expect to reclassify $146 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $161 million as an increase in revenue and $15 million as an increase in operating costs and expenses.

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

Derivatives Not Designated as Hedging Instruments	Location	Gain (Loss) Recognized in Income on Derivative
		For the Year Ended December 31,
		2023		2022		2021
Commodity derivatives	Revenue	$	213	$	74	$	150
Commodity derivatives	Operating costs and expenses		–		14		1
Total		$	213	$	88	$	151

The $213 million net gain recognized for the year ended December 31, 2023 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $246 million of net realized gains and $33 million of net unrealized mark-to-market losses attributable to commodity derivatives.

In total and inclusive of both fair value hedges and derivatives not designated as hedging instruments, unrealized mark-to-market gains (losses) included in gross operating margin were as follows for the years indicated:

	For the Year Ended December 31,
	2023			2022			2021
Mark-to-market gains (losses) in gross operating margin:
NGL Pipelines & Services	$	(25	)	$	(52	)	$	40
Crude Oil Pipelines & Services		(5	)		(30	)		(3	)
Natural Gas Pipelines & Services		(1	)		(3	)		(2	)
Petrochemical & Refined Products Services		(2	)		7			(8	)
Total mark-to-market impact on gross operating margin	$	(33	)	$	(78	)	$	27

Fair Value Measurements

The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy (see Note 2), 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 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 December 31, 2023 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	$	431		$	297		$	–	$	728
Impact of CME Rule 814		(147	)		(131	)		–		(278	)
Total commodity derivatives		284			166			–		450
Total	$	284		$	166		$	–	$	450

Financial liabilities:
Interest rate derivatives:	$	–		$	31		$	–	$	31
Commodity derivatives:
Value before application of CME Rule 814		317			308			–		625
Impact of CME Rule 814		(22	)		(132	)		–		(154	)
Total commodity derivatives		295			176			–		471
Total	$	295		$	207		$	–	$	502

In the aggregate, the fair value of our commodity hedging portfolios at December 31, 2023 was a net derivative asset of $103 million prior to the impact of CME Rule 814.

	At December 31, 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:
Interest rate derivatives:	$	–		$	26		$	–	$	26
Commodity derivatives:
Value before application of CME Rule 814		166			1,170			–		1,336
Impact of CME Rule 814		(161	)		(689	)		–		(850	)
Total commodity derivatives		5			481			–		486
Total	$	5		$	507		$	–	$	512

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	95		$	1,118		$	–	$	1,213
Impact of CME Rule 814		(90	)		(711	)		–		(801	)
Total commodity derivatives		5			407			–		412
Total	$	5		$	407		$	–	$	412

Financial assets and liabilities recorded on the balance sheet at December 31, 2023 and 2022 using significant unobservable inputs (Level 3) and changes in the fair value of our recurring Level 3 financial assets and liabilities on a combined basis during the related periods were not material to the 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 $26.7 billion and $24.2 billion at December 31, 2023 and 2022, respectively. The aggregate carrying value of these debt obligations was $28.0 billion and $27.5 billion at December 31, 2023 and 2022, 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.

Capital Accounts, Distributions (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 14, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Distributions to Partners [Abstract]
Number of days after quarter end to distribute available cash		45 days
Cash payments made in connection with distribution equivalent rights		$ 38	$ 34	$ 31
Subsequent Event [Member] \| Fourth Quarter 2023 Distribution [Member]
Distributions to Partners [Abstract]
Cash distributions paid	$ 1,130
Cash payments made in connection with distribution equivalent rights	$ 10
Cash Distribution [Member] \| First Quarter 2021 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)				$ 0.45
Record Date				Apr. 30, 2021
Payment Date				May 12, 2021
Cash Distribution [Member] \| Second Quarter 2021 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)				$ 0.45
Record Date				Jul. 30, 2021
Payment Date				Aug. 12, 2021
Cash Distribution [Member] \| Third Quarter 2021 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)				$ 0.45
Record Date				Oct. 29, 2021
Payment Date				Nov. 12, 2021
Cash Distribution [Member] \| Fourth Quarter 2021 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)				$ 0.465
Record Date				Jan. 31, 2022
Payment Date				Feb. 11, 2022
Cash Distribution [Member] \| First Quarter 2022 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)			$ 0.465
Record Date			Apr. 29, 2022
Payment Date			May 12, 2022
Cash Distribution [Member] \| Second Quarter 2022 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)			$ 0.475
Record Date			Jul. 29, 2022
Payment Date			Aug. 12, 2022
Cash Distribution [Member] \| Third Quarter 2022 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)			$ 0.475
Record Date			Oct. 31, 2022
Payment Date			Nov. 14, 2022
Cash Distribution [Member] \| Fourth Quarter 2022 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)			$ 0.49
Record Date			Jan. 31, 2023
Payment Date			Feb. 14, 2023
Cash Distribution [Member] \| First Quarter 2023 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)		$ 0.49
Record Date		Apr. 28, 2023
Payment Date		May 12, 2023
Cash Distribution [Member] \| Second Quarter 2023 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)		$ 0.5
Record Date		Jul. 31, 2023
Payment Date		Aug. 14, 2023
Cash Distribution [Member] \| Third Quarter 2023 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)		$ 0.5
Record Date		Oct. 31, 2023
Payment Date		Nov. 14, 2023
Cash Distribution [Member] \| Fourth Quarter 2023 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)		$ 0.515
Record Date		Jan. 31, 2024
Payment Date		Feb. 14, 2024
Annualized Distribution Per Common Unit (in dollars per unit)	$ 2.06

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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
Title of 12(b) Security	Common Units
Trading Symbol	EPD
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 38,720
Entity Common Stock, Shares Outstanding		2,168,245,238
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Houston, Texas

Subsequent Event (Details) $ in Millions			1 Months Ended			12 Months Ended
Subsequent Event (Details) $ in Millions	Apr. 01, 2024 USD ($)	Feb. 16, 2024 USD ($)	Feb. 29, 2024 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Obligations [Abstract]
Repayment of debt obligations						$ 89,447	$ 97,395	$ 11,492
Plan [Member]
Noncontrolling Interest Acquisition [Abstract]
Payments to Acquire Additional Interest in Subsidiaries	$ 25
Plan [Member] \| Panola Pipeline Company, LLC [Member]
Noncontrolling Interest Acquisition [Abstract]
Equity Interest Acquired	0.15
Subsequent Event [Member]
Noncontrolling Interest Acquisition [Abstract]
Payments to Acquire Additional Interest in Subsidiaries		$ 375
Subsequent Event [Member] \| Whitehorn Pipeline Company LLC [Member]
Noncontrolling Interest Acquisition [Abstract]
Equity Interest Acquired		0.20
Subsequent Event [Member] \| Enterprise EF78 LLC [Member]
Noncontrolling Interest Acquisition [Abstract]
Equity Interest Acquired		0.25
Senior Notes [Member]
Debt Obligations [Abstract]
Aggregate debt principal issued					$ 1,750	$ 1,750		$ 1,000
Senior Notes [Member] \| Subsequent Event [Member]
Debt Obligations [Abstract]
Aggregate debt principal issued				$ 2,000
Senior Debt Obligations [Member] \| EPO Senior Notes HHH, due January 2027 \| Subsequent Event [Member]
Debt Obligations [Abstract]
Interest rate, stated percentage				4.60%
Debt issued as percent of principal amount				99.897%
Aggregate debt principal issued				$ 1,000
Senior Debt Obligations [Member] \| EPO Senior Notes III, due January 2034 \| Subsequent Event [Member]
Debt Obligations [Abstract]
Interest rate, stated percentage				4.85%
Debt issued as percent of principal amount				99.705%
Aggregate debt principal issued				$ 1,000
Senior Debt Obligations [Member] \| EPO Senior Notes JJ, due February 2024 [Member]
Debt Obligations [Abstract]
Interest rate, stated percentage						3.90%
Senior Debt Obligations [Member] \| EPO Senior Notes JJ, due February 2024 [Member] \| Forecast [Member]
Debt Obligations [Abstract]
Repayment of debt obligations			$ 850

Capital Accounts, Issuances of Equity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Buyback Program:
Common units acquired in connection with buyback program	$ 188	$ 250	$ 214
Phantom Unit Awards [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)	4,662,539	4,571,333	3,936,437
2019 Buyback Program [Member]
Buyback Program:
Total of common units repurchased under a buyback program (in units)	7,244,540	10,166,923	9,891,956
Common units acquired in connection with buyback program	$ 188	$ 250	$ 214
Amount authorized under 2019 Buyback Program	2,000
Remaining available capacity under the 2019 Buyback Program	1,100
At-the-Market Registration [Member]
Registration Statements and Equity Offerings [Line Items]
Maximum common units authorized for issuance	2,500
Net Cash Proceeds from Sale of Common Units [Abstract]
Remaining units available for issuance	$ 2,500
Distribution Reinvestment Plan [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Remaining units available for issuance (in units)	34,589,287
Employee Unit Purchase Plan [Member]
Registration Statements and Equity Offerings [Line Items]
Maximum common units authorized for issuance (in units)	23,000,000
Net Cash Proceeds from Sale of Common Units [Abstract]
Employer contribution to EUPP	$ 3	$ 3	$ 3
Remaining units available for issuance (in units)	15,027,935
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)	6,560,588	6,392,846	6,363,197

Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue	$ 11	$ 6	$ 15	$ 19
Deferred revenue	519	501	$ 446	$ 344
Prepaid and other current assets [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue (current amount)	11	6
Other current liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (current amount)	193	181
Other long-term liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (noncurrent)	$ 326	$ 320

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions

The following table summarizes our related party transactions for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Revenues – related parties:
Unconsolidated affiliates	$	61	$	59	$	80
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	1,353	$	1,289	$	1,156
Unconsolidated affiliates		188		209		265
Total	$	1,541	$	1,498	$	1,421

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

	December 31,
	2023		2022
Accounts receivable - related parties:
EPCO and its privately held affiliates	$	–	$	1
Unconsolidated affiliates		7		10
Total	$	7	$	11

Accounts payable - related parties:
EPCO and its privately held affiliates	$	183	$	221
Unconsolidated affiliates		16		11
Total	$	199	$	232

At December 31, 2023, 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
702,209,694 common units	32.4%

The following table presents our related party costs and expenses attributable to the ASA with EPCO for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Operating costs and expenses	$	1,189	$	1,124	$	1,011
General and administrative expenses		141		146		135
Total costs and expenses	$	1,330	$	1,270	$	1,146

Equity-Based Awards (Details) - USD ($) $ in Millions	12 Months Ended
Equity-Based Awards (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity-based compensation expense [Abstract]
Total compensation expense	$ 172	$ 157	$ 152
Phantom Unit Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	166	153	146
Profits Interest Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	$ 6	$ 4	$ 6
Long-Term Incentive Plan (2008) [Member]
Equity-based compensation expense [Abstract]
Maximum number of common units that may be issued as awards (in units)	165,000,000
Remaining number of common units available to be issued as awards (in units)	109,102,487

Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Billions	Dec. 31, 2023	Dec. 31, 2022
Carrying Value [Member]
Financial Liabilities: [Abstract]
Fixed-rate debt obligations	$ 28.0	$ 27.5
Level 2 [Member] \| Fair Value [Member]
Financial Liabilities: [Abstract]
Fixed-rate debt obligations	$ 26.7	$ 24.2

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

Allowance for Credit Losses

The following table presents our allowance for credit losses activity for the years indicated:

	For the Year Ended December 31,
	2023			2022			2021
Balance at beginning of period	$	54		$	53		$	47
Charged to costs and expenses		1			6			7
Charged to other accounts		–			1			4
Deductions		(20	)		(6	)		(5	)
Balance at end of period	$	35		$	54		$	53

Cash, Cash Equivalents and Restricted Cash

	December 31,
	2023		2022
Cash and cash equivalents	$	180	$	76
Restricted cash		140		130
Total cash, cash equivalents and restricted cash shown in the Statements of Consolidated Cash Flows	$	320	$	206

Asset Impairment Charges

The following table summarizes our asset impairment charges by type as presented on our Statements of Consolidated Cash Flows for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Impairment charges reflected in operating costs and expenses:
Property, plant and equipment	$	18	$	41	$	218
Other (1)		12		12		15
Total asset impairment charges in operating costs and expenses (2)		30		53		233
Other property, plant and equipment impairment charges (3)		2		–		–
Total asset impairment charges	$	32	$	53	$	233

(1)	Primarily represents the write-down of surplus materials classified as current assets and intangible assets other than goodwill.
(2)	Amounts presented are a component of “Third party and other costs” within the “Operating costs and expenses” section of our Statements of Consolidated Operations.
(3)	Amounts presented are a component of “Third party and other costs” within the “General and administrative costs” section of our Statements of Consolidated Operations.

Earnings Per Unit (Tables)

12 Months Ended

Dec. 31, 2023

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 years indicated:

	For the Year Ended December 31,
	2023			2022			2021
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	5,529		$	5,487		$	4,634
Earnings allocated to phantom unit awards (1)		(50	)		(46	)		(37	)
Net income allocated to common unitholders	$	5,479		$	5,441		$	4,597

Basic weighted-average number of common units outstanding		2,172			2,178			2,183

Basic earnings per common unit	$	2.52		$	2.50		$	2.11

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	5,529		$	5,487		$	4,634
Net income attributable to preferred units		3			3			4
Net income attributable to limited partners	$	5,532		$	5,490		$	4,638

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,172			2,178			2,183
Phantom units (2)		20			19			18
Preferred units (2)		2			2			2
Total		2,194			2,199			2,203

Diluted earnings per common unit	$	2.52		$	2.50		$	2.10

(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 8 for information regarding preferred units.

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies [Abstract]

Summary of Contractual Obligations

The following table summarizes our various contractual obligations at December 31, 2023. A description of each type of contractual obligation follows:

	Payment or Settlement due by Period
Contractual Obligations	Total		2024		2025		2026		2027		2028		Thereafter
Scheduled maturities of debt obligations	$	29,021	$	1,300	$	1,150	$	1,625	$	575	$	1,000	$	23,371
Estimated cash interest payments	$	26,940	$	1,300	$	1,256	$	1,187	$	1,160	$	1,149	$	20,888
Operating lease obligations	$	482	$	86	$	74	$	44	$	29	$	27	$	222
Purchase obligations:
Product purchase commitments:
Estimated payment obligations:
Natural gas	$	76	$	61	$	15	$	–	$	–	$	–	$	–
NGLs	$	2,909	$	667	$	682	$	391	$	383	$	353	$	433
Crude oil	$	8,922	$	1,842	$	1,838	$	1,539	$	1,442	$	1,156	$	1,105
Petrochemicals and refined products	$	–	$	–	$	–	$	–	$	–	$	–	$	–
Other	$	17	$	6	$	4	$	2	$	2	$	2	$	1
Service payment commitments	$	408	$	47	$	37	$	26	$	26	$	25	$	247

Capital expenditure commitments	$	48	$	48	$	–	$	–	$	–	$	–	$	–

Operating Leases

The following table presents information regarding operating leases where we are the lessee at December 31, 2023:

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	$	188	$	187	9 years		4.2	%
Transportation equipment		25		25	4 years		4.7	%
Office and warehouse space		151		186	13 years		3.0	%
Total	$	364	$	398

(1)	ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
(2)	At December 31, 2023, lease liabilities of $75 million and $323 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 incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.

Consolidated Lease Expense

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

	For the Year Ended December,
	2023		2022		2021
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	72	$	59	$	41
Related accretion expense on lease liability balances		14		12		12
Total fixed lease expense		86		71		53
Variable lease expense		13		6		1
Total long-term operating lease expense		99		77		54
Short-term operating leases		111		91		54
Total operating lease expense	$	210	$	168	$	108

Schedule of Other Liabilities

The following table summarizes the components of “Other long-term liabilities” as presented on our Consolidated Balance Sheets at the dates indicated:

	December 31,
	2023		2022
Noncurrent portion of AROs (see Note 4)	$	221	$	214
Deferred revenues – non-current portion (see Note 9)		326		320
Lease liability – non-current portion		323		341
Derivative liabilities		106		58
Other		8		8
Total	$	984	$	941

Intangible Assets and Goodwill (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets and Goodwill [Abstract]

Intangible Assets by Segment

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

	December 31, 2023							December 31, 2022
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(263	)	$	186	$	449	$	(249	)	$	200
Contract-based intangibles		752		(110	)		642		749		(84	)		665
Segment total		1,201		(373	)		828		1,198		(333	)		865
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195		(530	)		1,665		2,195		(431	)		1,764
Contract-based intangibles		283		(275	)		8		283		(271	)		12
Segment total		2,478		(805	)		1,673		2,478		(702	)		1,776
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,351		(625	)		726		1,350		(588	)		762
Contract-based intangibles		641		(209	)		432		639		(195	)		444
Segment total		1,992		(834	)		1,158		1,989		(783	)		1,206
Petrochemical & Refined Products Services:
Customer relationship intangibles		181		(86	)		95		181		(80	)		101
Contract-based intangibles		45		(29	)		16		45		(28	)		17
Segment total		226		(115	)		111		226		(108	)		118
Total intangible assets	$	5,897	$	(2,127	)	$	3,770	$	5,891	$	(1,926	)	$	3,965

Amortization Expense of Intangible Assets by Segment

The following table presents the amortization expense of our intangible assets by business segment for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
NGL Pipelines & Services	$	40	$	36	$	24
Crude Oil Pipelines & Services		103		84		77
Natural Gas Pipelines & Services		51		50		42
Petrochemical & Refined Products Services		7		7		8
Total	$	201	$	177	$	151

Forecasted Amortization Expense

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

2024				2025				2026				2027				2028
$	210			$	208			$	203			$	185			$	180

Significant Acquired Intangible Assets

At December 31, 2023, the carrying value of our portfolio of customer relationship intangible assets was $2.7 billion, the principal components of which were as follows:

a	Weighted Average Remaining Amortization Period	December 31, 2023
a	Weighted Average Remaining Amortization Period	Gross Value		Accumulated Amortization		Carrying Value
Basin-specific customer relationships:
EFS Midstream (acquired 2015)	18.4 years	$	1,410	$	(339)	$	1,071
State Line and Fairplay (acquired 2010)	23.2 years		895		(302)		593
San Juan Gathering (acquired 2004)	15.8 years		331		(266)		65
General customer relationships:
Oiltanking (acquired 2014)	20.0 years		1,193		(294)		899

At December 31, 2023, the carrying value of our portfolio of contract-based intangible assets was $1.1 billion, the principal components of which were as follows:

a	Weighted Average Remaining Amortization Period		December 31, 2023
a	Weighted Average Remaining Amortization Period		Gross Value		Accumulated Amortization		Carrying Value
Navitas Midstream customer contracts	28.0 years	$		989	$	(45)	$	944
Jonah natural gas gathering agreements	18.0 years			224		(185)		39
Delaware Basin natural gas processing contracts	3.0 years			82		(48)		34

Schedule of Goodwill

The following table presents changes in the carrying amount of goodwill by business segment during the periods indicated:

	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Consolidated Total
Balance at December 31, 2021 (1)	$	2,652	$	1,841	$	–	$	956	$	5,449
Goodwill related to acquisition (2)		159		–		–		–		159
Balance at December 31, 2022 (1)		2,811		1,841		–		956		5,608
Balance at December 31, 2023 (1)	$	2,811	$	1,841	$	–	$	956	$	5,608

(1)	Balances are presented net of historical accumulated impairment losses of $296 million for the Natural Gas Pipelines & Service segment and $1 million for the Petrochemical & Refined Products Services segment. There have been no goodwill impairment charges recognized for the reporting units within the NGL Pipelines & Services and Crude Oil Pipelines & Services segments.
(2)	This amount represents the goodwill recognized in connection with our acquisition of Navitas Midstream in February 2022. 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.

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

Partnership Organization and Operations (Details)	12 Months Ended
Partnership Organization and Operations (Details)	Dec. 31, 2023 Segment
Related Party Transaction [Line Items]
Number of reportable segments	4
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Related Party Transaction [Line Items]
Percentage of total units outstanding	32.40%

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

1 Months Ended

12 Months Ended

Mar. 31, 2023

Jan. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Other, non-principal amounts

$ 29,021

$ 28,566

(273)

(271)

Less current maturities of debt

(1,300)

(1,744)

Total long-term debt

27,448

26,551

Repayment of debt obligations

89,447

97,395

$ 11,492

Letter of credit outstanding

152

Senior Debt Obligations [Member]

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

26,725

26,270

450

495

Maximum borrowing capacity

$ 3,000

Information regarding variable interest rates paid:

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

5.38%

Information regarding variable interest rates paid:

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

4.59%

Information regarding variable interest rates paid:

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

5.65%

$ 0

1,250

Repayment of debt obligations

3.35%

$ 1,250

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

$ 850

850

Senior Debt Obligations [Member] | March 2023 $1.5 Billion EPO 364-Day Revolving Credit Agreement, due March 2024 [Member]

3.90%

^[1]

$ 0

Maximum borrowing capacity

1,500

Maximum bank commitments increase

200

Total maximum borrowing capacity

$ 1,700

Information regarding variable interest rates paid:

Credit facility interest rate description

SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings.

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

$ 1,150

1,150

Senior Debt Obligations [Member] | EPO Senior Notes FFF, due January 2026 [Member]

3.75%

$ 750

Aggregate debt principal issued

5.05%

$ 750

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

$ 875

875

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

3.70%

$ 575

575

Senior Debt Obligations [Member] | March 2023 $2.7 Billion EPO Multi-Year Revolving Credit Agreement, due March 2028 [Member]

3.95%

^[2]

$ 0

Maximum borrowing capacity

2,700

Maximum bank commitments increase

500

Total maximum borrowing capacity

$ 3,200

Information regarding variable interest rates paid:

Credit facility interest rate description

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

$ 1,000

1,000

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

4.15%

$ 1,250

1,250

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

3.125%

$ 1,250

1,250

Senior Debt Obligations [Member] | EPO Senior Notes GGG, due January 2033 [Member]

2.80%

$ 1,000

Aggregate debt principal issued

5.35%

1,000

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

$ 500

500

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

6.875%

$ 350

350

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

6.65%

$ 250

250

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

5.75%

$ 400

400

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

7.55%

$ 600

600

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

6.125%

$ 600

600

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

6.45%

$ 750

750

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

5.95%

$ 600

600

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

5.70%

$ 750

750

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

4.85%

$ 1,100

1,100

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

4.45%

$ 1,400

1,400

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

4.85%

$ 1,150

1,150

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

5.10%

$ 975

975

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

4.90%

$ 1,250

1,250

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

4.25%

$ 1,250

1,250

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

4.80%

$ 1,250

1,250

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

4.20%

$ 1,000

1,000

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

3.70%

$ 1,000

1,000

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

3.20%

$ 1,000

1,000

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

3.30%

$ 400

400

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

4.95%

$ 1,000

1,000

Junior Debt Obligations [Member]

3.95%

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

Effective July 1, 2023, all series of our junior subordinated notes subject to a variable interest rate replaced the 3-month London Interbank Offered Rate (“LIBOR”) with 3-month CME Term SOFR plus a 0.26161% tenor spread adjustment.

^[3],[4]

$ 232

232

Variable annual interest rate thereafter, variable rate basis

As a result of the LIBOR Act, our Junior Subordinated Notes C and D and the TEPPCO Junior Subordinated Notes, which were subject to a variable rate (as defined by the applicable agreement) based on three-month LIBOR (in each case, a “LIBOR Rate”) through June 30, 2023, replaced the applicable LIBOR Rate with a variable rate based on the three-month CME Term SOFR as administered by the CME Group Benchmark Administration, Ltd. plus a 0.26161% tenor spread adjustment beginning on July 1, 2023.

3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment

Information regarding variable interest rates paid:

2.778%

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

8.08%

Information regarding variable interest rates paid:

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

7.54%

Information regarding variable interest rates paid:

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

8.45%

^[3],[5]

$ 350

350

Variable annual interest rate thereafter, variable rate basis

3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment

Information regarding variable interest rates paid:

2.986%

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

8.23%

Information regarding variable interest rates paid:

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

7.63%

Information regarding variable interest rates paid:

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

8.64%

^[3],[6]

$ 1,000

1,000

Additionally, our Junior Subordinated Notes E and F, which would have been subject to a variable rate (as defined by the applicable agreement) based on three-month LIBOR beginning in August 2027 and February 2028, respectively, will replace the applicable LIBOR Rate with the three-month CME Term SOFR plus a 0.26161% tenor spread adjustment.

Variable annual interest rate thereafter, variable rate basis

5.25%

3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment

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

3.033%

^[3],[7]

$ 700

700

Variable annual interest rate thereafter, variable rate basis

5.375%

3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment

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

2.57%

^[3],[4]

$ 14

Variable annual interest rate thereafter, variable rate basis

3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment

Information regarding variable interest rates paid:

2.778%

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

8.08%

Information regarding variable interest rates paid:

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

7.54%

Information regarding variable interest rates paid:

8.45%

Senior Notes [Member]

$ 26,275

Aggregate debt principal issued

$ 1,750

$ 1,000

[1]	Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).
[2]	Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).
[3]	Effective July 1, 2023, all series of our junior subordinated notes subject to a variable interest rate replaced the 3-month London Interbank Offered Rate (“LIBOR”) with 3-month CME Term SOFR plus a 0.26161% tenor spread adjustment. See discussion below in “Variable Interest Rates” regarding the LIBOR replacement and LIBOR replacement rate.
[4]	Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment and (b) 2.778%.
[5]	Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.986%.
[6]	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 3.033%.
[7]	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.57%.

Business Segments

12 Months Ended

Dec. 31, 2023

Business Segments [Abstract]

Business Segments

Note 10. Business Segments and Related Information

Segment Overview

Our operations are reported under four business segments: (i) NGL Pipelines & Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines & Services and (iv) Petrochemical & Refined Products Services. Our business segments are generally organized and managed according to the types of services rendered (or technologies employed) and products produced and/or sold.

Financial information regarding these segments is evaluated regularly by our co-chief operating decision makers 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 PDH facilities, and related pipelines and marketing activities, (ii) butane isomerization complex and related deisobutanizer operations, (iii) octane enhancement, iBDH and HPIB production facilities, (iv) refined products pipelines, terminals and related marketing activities, (v) ethylene export terminal and related operations; and (vi) marine transportation business.

Our plants, pipelines and other fixed assets are located in the U.S.

Segment Gross Operating Margin

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 years indicated. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.

	For the Year Ended December 31,
	2023			2022			2021
Operating income	$	6,929		$	6,907		$	6,103
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)		2,215			2,107			2,011
Asset impairment charges in operating costs and expenses		30			53			233
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses		(10	)		1			5
General and administrative costs		231			241			209
Non-refundable payments received from shippers attributable to make-up rights (2)		52			144			85
Subsequent recognition of revenues attributable to make-up rights (3)		(71	)		(97	)		(138	)
Total segment gross operating margin	$	9,376		$	9,356		$	8,508

(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.

The results of operations from our liquids pipelines are primarily dependent upon the volumes transported and the associated fees we charge for such transportation services. Typically, pipeline transportation revenue is recognized when volumes are re-delivered to customers. However, under certain pipeline transportation agreements, customers are required to ship a minimum volume over an agreed-upon period. These arrangements may entail the shipper paying a transportation fee based on a minimum volume commitment, with a provision that allows the shipper to make-up any volume shortfalls over the agreed-upon period (referred to as shipper “make-up rights”). Revenue pursuant to such agreements is initially deferred and subsequently recognized under GAAP at the earlier of when the deficiency volume is shipped, when the likelihood of the shipper’s ability to meet the minimum volume commitment becomes remote, or when the pipeline is otherwise released from its performance obligation.

However, management includes deferred transportation revenues relating to the “make-up rights” of committed shippers when reviewing the financial results of certain pipelines (Texas Express Pipeline, Front Range Pipeline, ATEX, Aegis Ethane Pipeline, and Seaway Pipeline). From an internal (and segment) reporting standpoint, management considers the transportation fees paid by committed shippers on these pipelines, including any non-refundable revenues that may be deferred under GAAP related to make-up rights, to be important in assessing the financial performance of these pipeline assets. Although the adjustments for make-up rights are included in segment gross operating margin, our consolidated revenues do not reflect any deferred revenues until the conditions for recognizing such revenues are met in accordance with GAAP.

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 years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Gross operating margin by segment:
NGL Pipelines & Services	$	4,898	$	5,142	$	4,316
Crude Oil Pipelines & Services		1,707		1,655		1,680
Natural Gas Pipelines & Services		1,077		1,042		1,155
Petrochemical & Refined Products Services		1,694		1,517		1,357
Total segment gross operating margin	$	9,376	$	9,356	$	8,508

Summarized Segment Financial Information

Information by business segment, together with reconciliations to amounts presented on, or included in, our 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:
Year ended December 31, 2023	$	17,635	$	19,300	$	3,761	$	8,958	$	–		$	49,654
Year ended December 31, 2022		24,244		18,548		6,229		9,106		–			58,127
Year ended December 31, 2021		16,293		10,849		4,382		9,203		–			40,727
Revenues from related parties:
Year ended December 31, 2023		10		36		15		–		–			61
Year ended December 31, 2022		15		13		31		–		–			59
Year ended December 31, 2021		9		53		18		–		–			80
Intersegment and intrasegment revenues:
Year ended December 31, 2023		45,490		57,122		527		18,882		(122,021	)		–
Year ended December 31, 2022		65,760		46,625		888		18,304		(131,577	)		–
Year ended December 31, 2021		55,796		29,985		650		22,110		(108,541	)		–
Total revenues:
Year ended December 31, 2023		63,135		76,458		4,303		27,840		(122,021	)		49,715
Year ended December 31, 2022		90,019		65,186		7,148		27,410		(131,577	)		58,186
Year ended December 31, 2021		72,098		40,887		5,050		31,313		(108,541	)		40,807
Equity in income of unconsolidated affiliates:
Year ended December 31, 2023		133		320		6		3		–			462
Year ended December 31, 2022		149		308		5		2		–			464
Year ended December 31, 2021		120		456		6		1		–			583

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.

We include equity in income of unconsolidated affiliates in our measurement of segment gross operating margin and operating income. Equity investments with industry partners are a significant component of our business strategy. They are a means by which we conduct our operations to align our interests with those of customers and/or suppliers. This method of operation enables us to achieve favorable economies of scale relative to the level of investment and business risk assumed. Many of these businesses perform supporting or complementary roles to our other midstream business operations.

Our integrated midstream energy asset network (including the midstream energy assets owned by our unconsolidated affiliates) provides services to producers and consumers of natural gas, NGLs, crude oil, refined products and certain petrochemicals. In general, hydrocarbons may enter our asset system in a number of ways, such as through a natural gas gathering pipeline, natural gas processing facility, a crude oil pipeline or terminal, an NGL fractionator, an NGL storage facility or an NGL gathering or transportation pipeline. The assets of many of our equity investees are included within our integrated midstream network. For example, we use the Front Range Pipeline and Texas Express Pipeline to transport mixed NGLs to our Chambers County NGL fractionation and storage complex and the Seaway Pipeline to transport crude oil to our terminals in the Houston, Texas area. Given the integral nature of these equity method investees to our operations, we believe the presentation of equity earnings from such investees as a component of gross operating margin and operating income is meaningful and appropriate.

Information by business segment, together with reconciliations to our 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 December 31, 2023	$	17,541	$	6,627	$	10,019	$	9,372	$	2,245	$	45,804
At December 31, 2022		17,283		6,760		9,721		7,770		2,867		44,401
At December 31, 2021		17,202		6,974		8,560		7,736		1,616		42,088
Investments in unconsolidated affiliates: (see Note 5)
At December 31, 2023		612		1,681		33		4		–		2,330
At December 31, 2022		640		1,677		32		3		–		2,352
At December 31, 2021		656		1,738		31		3		–		2,428
Intangible assets, net: (see Note 6)
At December 31, 2023		828		1,673		1,158		111		–		3,770
At December 31, 2022		865		1,776		1,206		118		–		3,965
At December 31, 2021		317		1,860		849		125		–		3,151
Goodwill: (see Note 6)
At December 31, 2023		2,811		1,841		–		956		–		5,608
At December 31, 2022		2,811		1,841		–		956		–		5,608
At December 31, 2021		2,652		1,841		–		956		–		5,449
Segment assets:
At December 31, 2023		21,792		11,822		11,210		10,443		2,245		57,512
At December 31, 2022		21,599		12,054		10,959		8,847		2,867		56,326
At December 31, 2021		20,827		12,413		9,440		8,820		1,616		53,116

Segment assets consist of property, plant and equipment, investments in unconsolidated affiliates, intangible assets and goodwill. The carrying values of such amounts are assigned to each segment based on each asset’s or investment’s principal operations and contribution to the gross operating margin of that particular segment. Since construction-in-progress (a component of property, plant and equipment) does not contribute to segment gross operating margin, such amounts are excluded from segment asset totals until the underlying assets are placed in service. Intangible assets and goodwill are assigned to each segment based on the classification of the assets to which they relate. The remainder of our consolidated total assets, which consist primarily of working capital assets, are excluded from segment assets since these amounts are not attributable to one specific segment (e.g., cash).

Supplemental Revenue and Expense Information

The following table presents additional information regarding our consolidated revenues and costs and expenses for the years indicated:

	For the Year Ended December 31,
	2023			2022		2021
Consolidated revenues:
NGL Pipelines & Services	$	17,645		$	24,259	$	16,302
Crude Oil Pipelines & Services		19,336			18,561		10,902
Natural Gas Pipelines & Services		3,776			6,260		4,400
Petrochemical & Refined Products Services		8,958			9,106		9,203
Total consolidated revenues	$	49,715		$	58,186	$	40,807

Consolidated costs and expenses:
Operating costs and expenses:
Cost of sales	$	37,023		$	45,836	$	29,887
Other operating costs and expenses (1)		3,695			3,454		2,915
Depreciation, amortization and accretion		2,279			2,158		2,038
Impairment of assets other than goodwill		30			53		233
Net losses (gains) attributable to asset sales and related matters		(10	)		1		5
General and administrative costs		231			241		209
Total consolidated costs and expenses	$	43,248		$	51,743	$	35,287

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

Fluctuations in our product sales revenues and cost of sales amounts are explained in large part by changes in energy commodity prices. In general, higher energy commodity prices result in an increase in our revenues attributable to product sales; however, these higher commodity prices would also be expected to increase the associated cost of sales as purchase costs are higher. The same type of relationship would be true in the case of lower energy commodity sales prices and purchase costs.

Major Customer Information

Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base. For the years ended December 31, 2023 and 2022, Vitol Holding B.V. and its affiliates (collectively, “Vitol”) accounted for $7.87 billion, or 15.8%, and $5.92 billion, or 10.2%, respectively, of our consolidated revenues. Vitol is a global energy and commodity trading company. Revenues earned from Vitol during 2023 and 2022 are included within each of our four business segments.

No single customer accounted for 10% or more of our consolidated revenues during the year ended December 31, 2021.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Inventory Amounts by Product Type

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventories [Abstract]

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

	December 31,
	2023		2022
NGLs	$	2,392	$	1,689
Petrochemicals and refined products		536		430
Crude oil		419		411
Natural gas		5		24
Total	$	3,352	$	2,554

Cost of Sales and Lower of Cost or Market Adjustments

The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the years indicated:

	For the Year Ended December 31,
	2023			2022			2021
Cost of sales (1)		$	37,023		$	45,836		$	29,887
Lower of cost or net realizable value adjustments recognized in cost of sales			31			19			20

(1)	Cost of sales is a component of “Operating costs and expenses,” as presented on our 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.

Intangible Assets and Goodwill, Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Identifiable intangible assets [Abstract]
Gross Value	$ 5,897	$ 5,891
Accumulated Amortization	(2,127)	(1,926)
Carrying Value	3,770	3,965	$ 3,151
Amortization expense	201	177	151
Forecasted amortization expense [Abstract]
2024	210
2025	208
2026	203
2027	185
2028	180
Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Carrying Value	2,700
Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Carrying Value	1,100
NGL Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,201	1,198
Accumulated Amortization	(373)	(333)
Carrying Value	828	865
Amortization expense	40	36	24
NGL Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	449	449
Accumulated Amortization	(263)	(249)
Carrying Value	186	200
NGL Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	752	749
Accumulated Amortization	(110)	(84)
Carrying Value	642	665
Crude Oil Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,478	2,478
Accumulated Amortization	(805)	(702)
Carrying Value	1,673	1,776
Amortization expense	103	84	77
Crude Oil Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,195	2,195
Accumulated Amortization	(530)	(431)
Carrying Value	1,665	1,764
Crude Oil Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	283	283
Accumulated Amortization	(275)	(271)
Carrying Value	8	12
Natural Gas Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,992	1,989
Accumulated Amortization	(834)	(783)
Carrying Value	1,158	1,206
Amortization expense	51	50	42
Natural Gas Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,351	1,350
Accumulated Amortization	(625)	(588)
Carrying Value	726	762
Natural Gas Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	641	639
Accumulated Amortization	(209)	(195)
Carrying Value	432	444
Petrochemical & Refined Products Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	226	226
Accumulated Amortization	(115)	(108)
Carrying Value	111	118
Amortization expense	7	7	$ 8
Petrochemical & Refined Products Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	181	181
Accumulated Amortization	(86)	(80)
Carrying Value	95	101
Petrochemical & Refined Products Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	45	45
Accumulated Amortization	(29)	(28)
Carrying Value	$ 16	$ 17

Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member]
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

$ / shares

EPD 2018 Unit IV [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Employee partnership liquidation threshold (in dollars per unit) | $ / shares

$ 29.02

Incremental cost due to plan modification

$ 13

Vesting period

30 days

Partnership common units contributed by EPCO Holdings (in units) | shares

6,400,000

Class A capital base

$ 173

^[1]

Class A preference return | $ / shares

$ 0.4325

Estimated fair value of profits interest awards

$ 14

^[2]

Recognition period for total unrecognized compensation cost

$ 10

^[3]

9 months 18 days

Estimated Grant Date Fair Value Assumptions [Abstract]

Expected life of award from grant date

5 years 10 months 24 days

EPD 2018 Unit IV [Member] | Minimum [Member]

Estimated Grant Date Fair Value Assumptions [Abstract]

0.20%

6.50%

EPD 2018 Unit IV [Member] | Maximum [Member]

22.00%

Estimated Grant Date Fair Value Assumptions [Abstract]

4.90%

8.40%

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

39.00%

EPCO Unit II [Member]

Employee partnership liquidation threshold (in dollars per unit) | $ / shares

$ 29.02

Incremental cost due to plan modification

$ 3

Vesting period

30 days

Partnership common units contributed by EPCO Holdings (in units) | shares

1,600,000

Class A capital base

$ 43

^[1]

Class A preference return | $ / shares

$ 0.4325

Estimated fair value of profits interest awards

$ 3

^[2]

Recognition period for total unrecognized compensation cost

$ 0

^[3]

9 months 18 days

Estimated Grant Date Fair Value Assumptions [Abstract]

Expected life of award from grant date

5 years 10 months 24 days

EPCO Unit II [Member] | Minimum [Member]

Estimated Grant Date Fair Value Assumptions [Abstract]

0.20%

6.30%

EPCO Unit II [Member] | Maximum [Member]

22.00%

Estimated Grant Date Fair Value Assumptions [Abstract]

4.90%

8.40%

36.00%

[1]	Represents the fair market value of the Partnership’s common units contributed to each Employee Partnership at the applicable contribution date.
[2]	Represents the total fair value of the profits interest awards awarded to the Class B limited partners of each Employee Partnership irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. The fair value is as of the plan modification date.
[3]	Represents our expected share of the unrecognized compensation cost at December 31, 2023, which we expect to recognize over a weighted-average period of 0.8 years.

Debt Obligations

12 Months Ended

Dec. 31, 2023

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:

	December 31,
	2023			2022
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	450		$	495
Senior Notes HH, 3.35% fixed-rate, due March 2023		–			1,250
Senior Notes JJ, 3.90% fixed-rate, due February 2024		850			850
March 2023 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2024 (1)		–			–
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150			1,150
Senior Notes FFF, 5.05% fixed-rate, due January 2026		750			–
Senior Notes PP, 3.70% fixed-rate, due February 2026		875			875
Senior Notes SS, 3.95% fixed-rate, due February 2027		575			575
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2028 (2)		–			–
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 GGG, 5.35% fixed-rate, due January 2033		1,000			–
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		26,725			26,270
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3)(7)		232			232
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4)(7)		350			350
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5)(7)		1,000			1,000
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6)(7)		700			700
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (3)(7)		14			14
Total principal amount of senior and junior debt obligations		29,021			28,566
Other, non-principal amounts		(273	)		(271	)
Less current maturities of debt		(1,300	)		(1,744	)
Total long-term debt	$	27,448		$	26,551

(1)	Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).
(2)	Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).
(3)	Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment and (b) 2.778%.
(4)	Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.986%.
(5)	Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 3.033%.
(6)	Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.57%.
(7)	Effective July 1, 2023, all series of our junior subordinated notes subject to a variable interest rate replaced the 3-month London Interbank Offered Rate (“LIBOR”) with 3-month CME Term SOFR plus a 0.26161% tenor spread adjustment. See discussion below in “Variable Interest Rates” regarding the LIBOR replacement and LIBOR replacement rate.

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 year ended December 31, 2023:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	4.59% to 5.65%	5.38%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	7.54% to 8.45%	8.08%
EPO Junior Subordinated Notes D	7.63% to 8.64%	8.23%

Amounts borrowed under EPO’s March 2023 $1.5 Billion 364-Day Revolving Credit Agreement and March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings.

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. In December 2022, the Board of Governors of the Federal Reserve System approved a final rule to implement the Adjustable Interest Rate (LIBOR) Act, which established benchmark replacements for certain contracts that reference various tenors of LIBOR and do not provide an alternative rate or would result in a rate that is expressed in terms of the last known value of LIBOR (typically referred to as a “frozen LIBOR” provision). The final rule became effective during the first quarter of 2023. As a result of the LIBOR Act, our Junior Subordinated Notes C and D and the TEPPCO Junior Subordinated Notes, which were subject to a variable rate (as defined by the applicable agreement) based on three-month LIBOR (in each case, a “LIBOR Rate”) through June 30, 2023, replaced the applicable LIBOR Rate with a variable rate based on the three-month CME Term SOFR as administered by the CME Group Benchmark Administration, Ltd. plus a 0.26161% tenor spread adjustment beginning on July 1, 2023. Additionally, our Junior Subordinated Notes E and F, which would have been subject to a variable rate (as defined by the applicable agreement) based on three-month LIBOR beginning in August 2027 and February 2028, respectively, will replace the applicable LIBOR Rate with the three-month CME Term SOFR plus a 0.26161% tenor spread adjustment. The foregoing tenor spread adjustment will be in addition to the applicable spread under the terms of each series of Junior Subordinated Notes. We 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 December 31, 2023 for the next five years, and in total thereafter:

			Scheduled Maturities of Debt
	Total		2024		2025		2026		2027		2028		Thereafter
Commercial Paper Notes	$	450	$	450	$	–	$	–	$	–	$	–	$	–
Senior Notes		26,275		850		1,150		1,625		575		1,000		21,075
Junior Subordinated Notes		2,296		–		–		–		–		–		2,296
Total	$	29,021	$	1,300	$	1,150	$	1,625	$	575	$	1,000	$	23,371

EPO Debt Obligations

Commercial Paper Notes

EPO maintains a commercial paper program under which it may issue (and have outstanding at any time) up to $3.0 billion in aggregate principal amount of short-term notes. As a back-stop to the program, we intend to maintain a minimum aggregate available borrowing capacity under EPO’s revolving credit facilities equal to the aggregate amount outstanding under our commercial paper notes. All commercial paper notes issued under the program are senior unsecured obligations of EPO that are unconditionally guaranteed by the Partnership. As of December 31, 2023, EPO had $450 million aggregate principal amount of short-term notes outstanding under its commercial paper program.

March 2023 $1.5 Billion 364-Day Revolving Credit Agreement

In March 2023, EPO entered into a new $1.5 billion 364-Day Revolving Credit Agreement (the “March 2023 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its September 2022 364-day revolving credit agreement. There were no principal amounts outstanding under the September 2022 364-day revolving credit agreement when it was replaced by the March 2023 $1.5 Billion 364-Day Revolving Credit Agreement. As of December 31, 2023, there were no principal amounts outstanding under the March 2023 $1.5 Billion 364-Day Revolving Credit Agreement.

Under the terms of the March 2023 $1.5 Billion 364-Day Revolving Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein. The March 2023 $1.5 Billion 364-Day Revolving Credit Agreement matures in March 2024. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in March 2025. Borrowings under the March 2023 $1.5 Billion 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.

The March 2023 $1.5 Billion 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2023 $1.5 Billion 364-Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.

EPO’s obligations under the March 2023 $1.5 Billion 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.

March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement

In March 2023, EPO entered into a new revolving credit agreement that matures in March 2028 (the “March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement”). The March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement replaced EPO’s prior multi-year revolving credit agreement that was scheduled to mature in September 2026. There were no principal amounts outstanding under the prior multi-year revolving credit agreement when it was replaced by the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement. As of December 31, 2023, there were no principal amounts outstanding under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement.

Under the terms of the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of five years, subject to the terms and conditions set forth therein. The March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement matures in March 2028, although the maturity date may be extended at EPO’s request (up to two requests) for a one-year extension of the maturity date by delivering a request prior to the maturity date and with the consent of required lenders as set forth under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement. Borrowings under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.

The March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.

EPO’s obligations under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.

Senior Notes

EPO’s fixed-rate senior notes are unsecured obligations of EPO that rank equal with its existing and future unsecured and unsubordinated indebtedness. They are senior to any existing and future subordinated indebtedness of EPO. EPO’s senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict its ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. In total, EPO issued $1.75 billion and $1.0 billion of senior notes during the years ended December 31, 2023 and 2021, respectively. EPO did not issue any senior notes during the year ended December 31, 2022.

In January 2023, EPO issued $1.75 billion aggregate principal amount of senior notes comprised of (i) $750 million principal amount of senior notes due January 2026 (“Senior Notes FFF”) and (ii) $1.0 billion principal amount of senior notes due January 2033 (“Senior Notes GGG”). Net proceeds from this offering were used by EPO for general company purposes, including for growth capital investments, and the repayment of debt (including the repayment of all of our $1.25 billion principal amount of 3.35% Senior Notes HH at their maturity in March 2023 and amounts outstanding under our commercial paper program).

EPO’s senior notes are unconditionally guaranteed on an unsecured and unsubordinated basis by the Partnership.

See Note 20, Subsequent Events, for information regarding the issuance of Senior Notes HHH and III in January 2024.

EPO Junior Subordinated Notes

EPO’s payment obligations under its junior subordinated notes (“junior notes”) are subordinated to all of its current and future senior indebtedness. The indenture agreement governing the junior notes allows EPO to defer interest payments on one or more occasions for up to ten consecutive years subject to certain conditions. Subject to certain exceptions, during any period in which interest payments are deferred, neither the Partnership nor EPO can declare or make any distributions on any of our respective equity securities or make any payments on indebtedness or other obligations that rank equal with or are subordinate to the junior notes. Each series of EPO’s junior notes rank equal with each other and generally are not redeemable by EPO while such notes bear interest at a fixed annual rate.

In connection with the issuance of EPO’s Junior Subordinated Notes C, EPO entered into a Replacement Capital Covenant in favor of covered debt holders (as defined in the underlying documents) pursuant to which EPO agreed, for the benefit of such debt holders, that it would not redeem or repurchase such junior notes unless such redemption or repurchase is made using proceeds from the issuance of certain securities.

EPO’s junior notes are unconditionally guaranteed on an unsecured and subordinated basis by the Partnership.

Letters of Credit

At December 31, 2023, EPO had $152 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 December 31, 2023.

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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Changes in carrying amount of goodwill [Roll Forward]

Business Segments (Details)	12 Months Ended
Business Segments (Details)	Dec. 31, 2023 Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4

Significant Risks and Uncertainties	12 Months Ended
Significant Risks and Uncertainties	Dec. 31, 2023
Significant Risks and Uncertainties [Abstract]
Significant Risks and Uncertainties	Note 18. Significant Risks and Uncertainties Nature of Operations We operate predominantly in the midstream energy industry, which includes gathering, transporting, processing, fractionating and storing natural gas, NGLs, crude oil, and petrochemical and refined products. As such, changes in the prices of hydrocarbon products and in the relative price levels among hydrocarbon products could have a material adverse effect on our financial position, results of operations and cash flows. Changes in prices may impact demand for hydrocarbon products, which in turn may impact production, demand and the volumes of products for which we provide services. In addition, decreases in demand may be caused by other factors, including prevailing economic conditions, reduced demand by consumers for the end products made with hydrocarbon products, increased competition, adverse weather conditions, public health emergencies and government regulations affecting prices and production levels. The natural gas, NGL and crude oil volumes currently transported, gathered or processed at our facilities originate primarily from existing domestic resource basins, which naturally deplete over time. To offset this natural decline, our facilities need access to production from newly discovered properties. Many economic and business factors beyond our control can adversely affect the decision by producers to explore for and develop new reserves. These factors could include relatively low crude oil and natural gas prices, cost and availability of equipment and labor, regulatory changes, capital budget limitations, the lack of available capital or the probability of success in finding hydrocarbons. A decrease in exploration and development activities in the regions where our facilities and other energy logistics assets are located could result in a decrease in volumes handled by our assets, which could have a material adverse effect on our financial position, results of operations and cash flows. Even if crude oil and natural gas reserves exist in the areas served by our assets, we may not be chosen by producers in these areas to gather, transport, process, fractionate, store or otherwise handle the hydrocarbons extracted. We compete with other companies for such production on the basis of many factors, including, but not limited to, geographic proximity to the production, costs of connection, available capacity, rates and access to markets. Credit Risk We may incur credit risk to the extent counterparties do not fulfill their obligations to us in connection with our marketing of natural gas, NGLs, crude oil, and petrochemicals and refined products and under long-term contracts with minimum volume commitments or fixed demand charges. Risks of nonpayment and nonperformance by customers are a major consideration in our businesses, and our credit procedures and policies may not be adequate to sufficiently eliminate customer credit risk. Further, adverse economic conditions in our industry, such as those experienced in connection with the COVID-19 pandemic in 2020, may increase the risk of nonpayment and nonperformance by customers, particularly customers that have sub-investment grade credit ratings or small-scale companies. We manage our exposure to credit risk through credit analysis, credit approvals, credit limits and monitoring procedures, and for certain transactions may utilize letters of credit, prepayments, net out agreements and guarantees. However, these procedures and policies do not fully eliminate customer credit risk. The primary markets for our services are the Gulf Coast, Southwest, Rocky Mountain, Northeast and Midwest regions of the U.S. We have a concentration of trade receivables due from independent and major integrated oil and gas companies and other pipelines and wholesalers operating in these markets. These concentrations may affect our overall credit risk in that these energy industry customers may be similarly affected by adverse changes in economic, regulatory or other factors. In those situations where we are exposed to credit risk in our derivative instrument transactions, we analyze the counterparty’s financial condition prior to entering into an agreement, establish credit and/or margin limits and monitor the appropriateness of these limits on an ongoing basis. Generally, we do not require collateral for such transactions nor do we currently anticipate nonperformance by our material counterparties. Insurance Matters We participate as a named insured in EPCO’s insurance program, which provides us with property damage, business interruption and other insurance coverage, the scope and amounts of which we believe are customary and prudent for the nature and extent of our operations. While we believe EPCO maintains adequate insurance coverage on our behalf, insurance may not fully cover every type of damage, interruption or other loss that might occur. If we were to incur a significant loss for which we were not fully insured, it could have a material adverse impact on our financial position, results of operations and cash flows. In addition, there may be timing differences between amounts we accrue related to property damage expense, amounts we are required to pay in connection with a loss, and amounts we subsequently receive from insurance carriers as reimbursements. Any event that materially interrupts the revenues generated by our consolidated operations, or other losses that require us to make material expenditures not reimbursed by insurance, could reduce our ability to pay distributions to our unitholders and, accordingly, adversely affect the market price of the Partnership’s common units. Involuntary conversions result from the loss of an asset due to some unforeseen event (e.g., destruction due to a fire). Some of these events are covered by insurance, thus resulting in a property damage insurance recovery. Amounts we receive from insurance carriers are net of any deductibles related to the covered event. We record a receivable from insurance to the extent we recognize a loss from an involuntary conversion event and the likelihood of our recovering such loss is deemed probable. To the extent that any of our insurance claim receivables are later judged not probable of recovery (e.g., due to new information), such amounts are expensed. We recognize gains on involuntary conversions when the amount received from insurance exceeds the net book value of the retired assets. In addition, we do not recognize gains related to insurance recoveries until all contingencies related to such proceeds have been resolved, that is, a non-refundable cash payment is received from the insurance carrier or we have a binding settlement agreement with the carrier that clearly states that a non-refundable payment will be made. To the extent that an asset is rebuilt, the associated expenditures are capitalized, as appropriate, on our Consolidated Balance Sheets and presented as “Capital expenditures” on our Statements of Consolidated Cash Flows. Under our current insurance program, the standalone deductible for property damage claims is $30 million. We also have business interruption protection; however, such claims must involve physical damage and have a combined loss value in excess of $30 million and the period of interruption must exceed 60 days. With respect to named windstorm claims, the maximum amount of insurance coverage available to us for any single event is $200 million, after applying the appropriate deductibles. A named windstorm is a hurricane, typhoon, tropical storm or cyclone as declared by the U.S. National Weather Service. Beginning in April 2023, we maintain insurance coverage for general liability, excess liability, automotive liability and workers’ compensation that is separate from EPCO’s insurance program. For these policies, we are responsible to the extent that losses are within policy limits. We have reserves for both open claims asserted, and an estimate of claims incurred but not reported (“IBNR”). The IBNR reserve is estimated based on actuarial assumptions and analysis and is updated annually. Future events, such as the number of new claims to be filed each year, the average cost of disposing of claims, as well as the numerous uncertainties surrounding litigation and possible state and national legislative measures could cause the actual costs to be higher or lower than estimated. Accordingly, these claims, if resolved in a manner different from the estimate, could have a material adverse impact on our financial position, results of operations and cash flows. As of December 31, 2023, our reserve balance, which is a component of “Other Current Liabilities” on our Consolidated Balance Sheets, was $22 million.

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2023

$ 5,449

^[1]

159

NGL Pipelines & Services [Member]

5,608

Changes in carrying amount of goodwill [Roll Forward]

2,652

^[1]

159

2,811

Changes in carrying amount of goodwill [Roll Forward]

1,841

^[1]

1,841

Changes in carrying amount of goodwill [Roll Forward]

^[2]

^[1]

Accumulated impairment charges

^[2]

$ 296

Changes in carrying amount of goodwill [Roll Forward]

^[2]

956

^[1]

Accumulated impairment charges

^[2]

$ 956

$ 1

[1]	This amount represents the goodwill recognized in connection with our acquisition of Navitas Midstream in February 2022. 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.
[2]	Balances are presented net of historical accumulated impairment losses of $296 million for the Natural Gas Pipelines & Service segment and $1 million for the Petrochemical & Refined Products Services segment. There have been no goodwill impairment charges recognized for the reporting units within the NGL Pipelines & Services and Crude Oil Pipelines & Services segments.

Revenues by Business Segment and Revenue Type

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

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

	For the Year Ended December 31,
	2023		2022		2021
NGL Pipelines & Services:
Sales of NGLs and related products	$	14,846	$	21,307	$	13,716
Segment midstream services:
Natural gas processing and fractionation		1,278		1,431		1,036
Transportation		1,090		987		976
Storage and terminals		431		534		574
Total segment midstream services		2,799		2,952		2,586
Total NGL Pipelines & Services		17,645		24,259		16,302
Crude Oil Pipelines & Services:
Sales of crude oil		18,185		17,301		9,519
Segment midstream services:
Transportation		744		807		929
Storage and terminals		407		453		454
Total segment midstream services		1,151		1,260		1,383
Total Crude Oil Pipelines & Services		19,336		18,561		10,902
Natural Gas Pipelines & Services:
Sales of natural gas		2,373		5,019		3,413
Segment midstream services:
Transportation		1,403		1,241		987
Total segment midstream services		1,403		1,241		987
Total Natural Gas Pipelines & Services		3,776		6,260		4,400
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		7,689		8,003		8,196
Segment midstream services:
Fractionation and isomerization		282		222		275
Transportation, including marine logistics		660		585		485
Storage and terminals		327		296		247
Total segment midstream services		1,269		1,103		1,007
Total Petrochemical & Refined Products Services		8,958		9,106		9,203
Total consolidated revenues	$	49,715	$	58,186	$	40,807

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at the dates indicated:

		December 31,
Contract Asset	Location	2023		2022
Unbilled revenue (current amount)	Prepaid and other current assets	$	11	$	6
Total		$	11	$	6

		December 31,
Contract Liability	Location	2023		2022
Deferred revenue (current amount)	Other current liabilities	$	193	$	181
Deferred revenue (noncurrent)	Other long-term liabilities		326		320
Total		$	519	$	501

The following table presents significant changes in our unbilled revenue and deferred revenue balances during the years indicated:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2020	$	19		$	344
Amount included in opening balance transferred to other accounts during period (1)		(19	)		(148	)
Amount recorded during period (2)		277			954
Amounts recorded during period transferred to other accounts (1)		(262	)		(700	)
Other changes		–			(4	)
Balance at December 31, 2021	$	15		$	446
Amount included in opening balance transferred to other accounts during period (1)		(15	)		(203	)
Amount recorded during period (2)		155			950
Amounts recorded during period transferred to other accounts (1)		(149	)		(687	)
Other changes		–			(5	)
Balance at December 31, 2022	$	6		$	501
Amount included in opening balance transferred to other accounts during period (1)		(6	)		(271	)
Amount recorded during period (2)		81			956
Amounts recorded during period transferred to other accounts (1)		(70	)		(656	)
Other changes		–			(11	)
Balance at December 31, 2023	$	11		$	519

(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
One Year Ended December 31, 2024	$	3,966
One Year Ended December 31, 2025		3,480
One Year Ended December 31, 2026		3,220
One Year Ended December 31, 2027		2,916
One Year Ended December 31, 2028		2,544
Thereafter		9,405
Total	$	25,531

Commitments and Contingent Liabilities, Contractual Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Scheduled maturities of debt obligations [Abstract]
2024	$ 1,300
2025	1,150
2026	1,625
2027	575
2028	1,000
Thereafter	23,371
Total	29,021	$ 28,566
Estimated cash interest payments [Abstract]
2024	1,300
2025	1,256
2026	1,187
2027	1,160
2028	1,149
Thereafter	20,888
Total	26,940
Operating lease obligations [Abstract]
2024	86
2025	74
2026	44
2027	29
2028	27
Thereafter	222
Total	482
Natural Gas [Member]
Estimated payment obligations:
2024	61
2025	15
2026	0
2027	0
2028	0
Thereafter	0
Total	76
NGLs [Member]
Estimated payment obligations:
2024	667
2025	682
2026	391
2027	383
2028	353
Thereafter	433
Total	2,909
Crude Oil [Member]
Estimated payment obligations:
2024	1,842
2025	1,838
2026	1,539
2027	1,442
2028	1,156
Thereafter	1,105
Total	8,922
Petrochemicals And Refined Products [Member]
Estimated payment obligations:
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	0
Estimated Payment Obligations Other [Member]
Estimated payment obligations:
2024	6
2025	4
2026	2
2027	2
2028	2
Thereafter	1
Total	17
Service Payment Commitments [Member]
Estimated payment obligations:
2024	47
2025	37
2026	26
2027	26
2028	25
Thereafter	247
Total	408
Capital Expenditure Commitments [Member]
Estimated payment obligations:
2024	48
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	$ 48

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Federal and State Income Tax Provision

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

	For the Year Ended December 31,
	2023			2022			2021
Current portion of income tax provision:
Federal	$	(12	)	$	(2	)	$	2
State		(20	)		(18	)		(31	)
Foreign		–			(2	)		(1	)
Total current portion		(32	)		(22	)		(30	)
Deferred portion of income tax provision:
Federal		17			(20	)		(27	)
State		(29	)		(40	)		(13	)
Foreign		–			–			–
Total deferred portion		(12	)		(60	)		(40	)
Total provision for income taxes	$	(44	)	$	(82	)	$	(70	)

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 Year Ended December 31,
	2023			2022			2021
Pre-Tax Net Book Income (“NBI”)	$	5,701		$	5,697		$	4,825

Texas Margin Tax (1)		(49	)		(56	)		(42	)
State income tax provision, net of federal benefit		(2	)		(1	)		(1	)
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities		(16	)		(15	)		(13	)
Change in valuation allowance (2)		22			(8	)		(14	)
Other		1			(2	)		–
Provision for income taxes	$	(44	)	$	(82	)	$	(70	)

Effective income tax rate		(0.8	)%		(1.4	)%		(1.5	)%

(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)	During 2023, management concluded that it is more likely than not that the deferred tax assets attributable to OTA will be fully realizable. As a result, for the year-end December 31, 2023, we recorded a full release of the valuation allowance against OTA’s 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:

	December 31,
	2023		2022
Deferred tax liabilities:
Attributable to investment in OTA (1)	$	436	$	406
Attributable to property, plant and equipment		138		133
Attributable to investments in other entities		4		5
Other		83		60
Total deferred tax liabilities		661		604
Deferred tax assets:
Net operating loss carryovers (2)		46		22
Temporary differences related to Texas Margin Tax		4		4
Total deferred tax assets		50		26
Valuation allowance		–		22
Total deferred tax assets, net of valuation allowance		50		4
Total net deferred tax liabilities	$	611	$	600

(1)	Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA, which we acquired in March 2020.
(2)	The loss amount presented as of December 31, 2023 has an indefinite carryover period. All losses are subject to limitations on their utilization.

Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Business Segments [Abstract]

Measurement of Total Segment Gross Operating Margin

	For the Year Ended December 31,
	2023			2022			2021
Operating income	$	6,929		$	6,907		$	6,103
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)		2,215			2,107			2,011
Asset impairment charges in operating costs and expenses		30			53			233
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses		(10	)		1			5
General and administrative costs		231			241			209
Non-refundable payments received from shippers attributable to make-up rights (2)		52			144			85
Subsequent recognition of revenues attributable to make-up rights (3)		(71	)		(97	)		(138	)
Total segment gross operating margin	$	9,376		$	9,356		$	8,508

(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 Year Ended December 31,
	2023		2022		2021
Gross operating margin by segment:
NGL Pipelines & Services	$	4,898	$	5,142	$	4,316
Crude Oil Pipelines & Services		1,707		1,655		1,680
Natural Gas Pipelines & Services		1,077		1,042		1,155
Petrochemical & Refined Products Services		1,694		1,517		1,357
Total segment gross operating margin	$	9,376	$	9,356	$	8,508

Information by business segment, together with reconciliations to amounts presented on, or included in, our 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:
Year ended December 31, 2023	$	17,635	$	19,300	$	3,761	$	8,958	$	–		$	49,654
Year ended December 31, 2022		24,244		18,548		6,229		9,106		–			58,127
Year ended December 31, 2021		16,293		10,849		4,382		9,203		–			40,727
Revenues from related parties:
Year ended December 31, 2023		10		36		15		–		–			61
Year ended December 31, 2022		15		13		31		–		–			59
Year ended December 31, 2021		9		53		18		–		–			80
Intersegment and intrasegment revenues:
Year ended December 31, 2023		45,490		57,122		527		18,882		(122,021	)		–
Year ended December 31, 2022		65,760		46,625		888		18,304		(131,577	)		–
Year ended December 31, 2021		55,796		29,985		650		22,110		(108,541	)		–
Total revenues:
Year ended December 31, 2023		63,135		76,458		4,303		27,840		(122,021	)		49,715
Year ended December 31, 2022		90,019		65,186		7,148		27,410		(131,577	)		58,186
Year ended December 31, 2021		72,098		40,887		5,050		31,313		(108,541	)		40,807
Equity in income of unconsolidated affiliates:
Year ended December 31, 2023		133		320		6		3		–			462
Year ended December 31, 2022		149		308		5		2		–			464
Year ended December 31, 2021		120		456		6		1		–			583

Information by business segment, together with reconciliations to our 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 December 31, 2023	$	17,541	$	6,627	$	10,019	$	9,372	$	2,245	$	45,804
At December 31, 2022		17,283		6,760		9,721		7,770		2,867		44,401
At December 31, 2021		17,202		6,974		8,560		7,736		1,616		42,088
Investments in unconsolidated affiliates: (see Note 5)
At December 31, 2023		612		1,681		33		4		–		2,330
At December 31, 2022		640		1,677		32		3		–		2,352
At December 31, 2021		656		1,738		31		3		–		2,428
Intangible assets, net: (see Note 6)
At December 31, 2023		828		1,673		1,158		111		–		3,770
At December 31, 2022		865		1,776		1,206		118		–		3,965
At December 31, 2021		317		1,860		849		125		–		3,151
Goodwill: (see Note 6)
At December 31, 2023		2,811		1,841		–		956		–		5,608
At December 31, 2022		2,811		1,841		–		956		–		5,608
At December 31, 2021		2,652		1,841		–		956		–		5,449
Segment assets:
At December 31, 2023		21,792		11,822		11,210		10,443		2,245		57,512
At December 31, 2022		21,599		12,054		10,959		8,847		2,867		56,326
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 years indicated:

	For the Year Ended December 31,
	2023			2022		2021
Consolidated revenues:
NGL Pipelines & Services	$	17,645		$	24,259	$	16,302
Crude Oil Pipelines & Services		19,336			18,561		10,902
Natural Gas Pipelines & Services		3,776			6,260		4,400
Petrochemical & Refined Products Services		8,958			9,106		9,203
Total consolidated revenues	$	49,715		$	58,186	$	40,807

Consolidated costs and expenses:
Operating costs and expenses:
Cost of sales	$	37,023		$	45,836	$	29,887
Other operating costs and expenses (1)		3,695			3,454		2,915
Depreciation, amortization and accretion		2,279			2,158		2,038
Impairment of assets other than goodwill		30			53		233
Net losses (gains) attributable to asset sales and related matters		(10	)		1		5
General and administrative costs		231			241		209
Total consolidated costs and expenses	$	43,248		$	51,743	$	35,287

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

Business Segments, Segment Reporting Information (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 9,376

$ 9,356

$ 8,508

49,654

58,127

40,727

49,715

58,186

40,807

462

464

583

45,804

44,401

42,088

2,330

2,352

2,428

3,770

3,965

3,151

5,608

5,449

NGL Pipelines and Services [Member]

57,512

56,326

53,116

17,645

24,259

16,302

133

149

120

828

865

2,811

2,652

19,336

18,561

10,902

320

308

456

1,673

1,776

1,841

3,776

6,260

4,400

1,158

1,206

^[1]

8,958

9,106

9,203

111

118

Reportable Business Segments [Member] | NGL Pipelines and Services [Member]

^[1]

956

4,898

5,142

4,316

17,635

24,244

16,293

45,490

65,760

55,796

63,135

90,019

72,098

133

149

120

17,541

17,283

17,202

612

640

656

828

865

317

2,811

2,652

Reportable Business Segments [Member] | Crude Oil Pipelines & Services [Member]

21,792

21,599

20,827

1,707

1,655

1,680

19,300

18,548

10,849

57,122

46,625

29,985

76,458

65,186

40,887

320

308

456

6,627

6,760

6,974

1,681

1,677

1,738

1,673

1,776

1,860

1,841

Reportable Business Segments [Member] | Natural Gas Pipelines & Services [Member]

11,822

12,054

12,413

1,077

1,042

1,155

3,761

6,229

4,382

527

888

650

4,303

7,148

5,050

10,019

9,721

8,560

1,158

1,206

849

Reportable Business Segments [Member] | Petrochemical & Refined Products Services [Member]

11,210

10,959

9,440

1,694

1,517

1,357

8,958

9,106

9,203

18,882

18,304

22,110

27,840

27,410

31,313

9,372

7,770

7,736

111

118

125

956

10,443

8,847

8,820

Eliminations [Member]

(122,021)

(131,577)

(108,541)

(122,021)

(131,577)

(108,541)

Adjustments [Member]

2,245

2,867

1,616

$ 2,245

$ 2,867

$ 1,616

[1]

Balances are presented net of historical accumulated impairment losses of $296 million for the Natural Gas Pipelines & Service segment and $1 million for the Petrochemical & Refined Products Services segment. There have been no goodwill impairment charges recognized for the reporting units within the NGL Pipelines & Services and Crude Oil Pipelines & Services segments.

Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Interest rate derivatives [Member]
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets		$ 26
Gross Amounts Offset in the Balance Sheet		0
Amounts of Assets Presented in the Balance Sheet		26
Financial Instruments		0
Cash Collateral Received		0
Cash Collateral Paid		0
Amounts That Would Have Been Presented On Net Basis		26
Commodity Derivatives [Member]
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	$ 450	486
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Assets Presented in the Balance Sheet	450	486
Financial Instruments	(450)	(411)
Cash Collateral Received	0	0
Cash Collateral Paid	0	(74)
Amounts That Would Have Been Presented On Net Basis	$ 0	$ 1

Capital Accounts, Noncontrolling Interests (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net income attributable to noncontrolling interests

$ 1,086

$ 1,079

125

$ 117

Breviloba LLC [Member]

Whitehorn Pipeline Company LLC [Member]

^[1]

436

448

Enterprise Navigator Ethylene Terminal LLC [Member]

^[2]

182

183

^[3]

166

141

Other [Member]

Altus Midstream Processing LP [Member] | Breviloba LLC [Member]

^[4]

$ 302

$ 307

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

33.00%

Western Gas Partners, LP [Member] | Whitehorn Pipeline Company LLC [Member]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

20.00%

Navigator Ethylene Terminals LLC [Member] | Enterprise Navigator Ethylene Terminal LLC [Member]

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

50.00%

[1]	An affiliate of Kinetik Holdings Inc. owns a noncontrolling 33% equity interest in Breviloba, which owns the Shin Oak NGL Pipeline.
[2]	An affiliate of Western Midstream Partners, LP (“Western Midstream”) owns a noncontrolling 20% equity interest in Whitethorn, which owns the Midland-to-Sealy section of our Midland-to-ECHO 1 Pipeline.
[3]	Navigator Ethylene Terminals LLC owns a noncontrolling 50% equity interest in ENET, which owns our ethylene export terminal located at Morgan’s Point on the Houston Ship Channel.
[4]	Primarily represents noncontrolling equity interests in NGL fractionation and pipeline businesses.

Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2023

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.

	Ownership Interest at December 31,	December 31,
	2023	2023		2022
NGL Pipelines & Services:
Venice Energy Service Company, L.L.C. (“VESCO”)	13.1%	$	24	$	25
K/D/S Promix, L.L.C. (“Promix”)	50%		25		25
Baton Rouge Fractionators LLC (“BRF”)	32.2%		13		13
Skelly-Belvieu Pipeline Company, L.L.C. (“Skelly-Belvieu”)	50%		26		25
Texas Express Pipeline LLC (“Texas Express”)	35%		303		324
Texas Express Gathering LLC (“TEG”)	45%		35		36
Front Range Pipeline LLC (“Front Range”)	33.3%		186		192
Crude Oil Pipelines & Services:
Seaway Crude Holdings LLC (“Seaway”)	50%		1,192		1,183
Eagle Ford Pipeline LLC (“Eagle Ford Crude Oil Pipeline”)	50%		373		375
Eagle Ford Terminals Corpus Christi LLC (“Eagle Ford Corpus Christi”)	50%		116		119
Natural Gas Pipelines & Services:
White River Hub, LLC (“White River Hub”)	50%		17		17
Old Ocean Pipeline, LLC (“Old Ocean”)	50%		16		15
Petrochemical & Refined Products Services:
Baton Rouge Propylene Concentrator LLC (“BRPC”)	30%		2		2
Transport 4, LLC (“Transport 4”)	25%		2		1
Total		$	2,330	$	2,352

NGL Pipelines & Services

The principal business activity of each investee included in our NGL Pipelines & Services segment is described as follows:

•	VESCO owns the Venice natural gas processing facility and a related gathering system located in south Louisiana.

•	Promix owns an NGL fractionation facility and a related gathering system located in south Louisiana.

•	BRF owns an NGL fractionation facility located in south Louisiana.

•	Skelly-Belvieu owns a pipeline that transports mixed NGLs from Skellytown, Texas to Chambers County, Texas.

•

Texas Express owns an NGL pipeline that extends from Skellytown, Texas to our Chambers County NGL fractionation and storage complex. Mixed NGLs from the Rocky Mountains, Permian Basin and Mid-Continent regions are delivered to the Texas Express Pipeline via an interconnect with our Mid-America Pipeline System near Skellytown. In addition, the Texas Express Pipeline transports mixed NGLs gathered by Texas Express Gathering System. Also, mixed NGLs originating from the Denver-Julesburg (“DJ”) Basin in Colorado are transported to the Texas Express Pipeline using the Front Range Pipeline.

•	TEG owns two NGL gathering systems that deliver mixed NGLs to the Texas Express Pipeline.

•	Front Range owns an NGL pipeline that transports mixed NGLs from natural gas processing facilities located in the DJ Basin to an interconnect with our Texas Express Pipeline and Mid-America Pipeline System and other third party facilities near Skellytown, Texas.

Crude Oil Pipelines & Services

The principal business activity of each investee included in our Crude Oil Pipelines & Services segment is described as follows:

•

Seaway owns a crude oil pipeline system that connects the Cushing, Oklahoma hub, which is a major industry trading hub and price settlement point for West Texas Intermediate on the NYMEX, with markets in Southeast Texas. The Seaway Pipeline is comprised of the Longhaul System, the Freeport System and the Texas City System.

•

Eagle Ford Crude Oil Pipeline owns a pipeline that transports crude oil and condensate for producers in South Texas. The system originates in Gardendale, Texas and extends to Corpus Christi, Texas. The system interconnects with our South Texas Crude Oil Pipeline System and a marine terminal owned by Eagle Ford Corpus Christi.

•	Eagle Ford Corpus Christi owns a marine crude oil terminal located in Corpus Christi, Texas that can load ocean-going vessels with either crude oil or condensate.

Natural Gas Pipelines & Services

The principal business activity of each investee included in our Natural Gas Pipelines & Services segment is described as follows:

•	White River Hub owns a natural gas hub facility serving producers in the Piceance Basin of northwest Colorado.

•	Old Ocean owns a natural gas pipeline that extends from near Maypearl, Texas to Sweeny, Texas.

Petrochemical & Refined Products Services

The principal business activity of each investee included in our Petrochemical & Refined Products Services segment is described as follows:

•	BRPC owns a propylene fractionation facility located in south Louisiana.

•	Transport 4 provides pipeline and terminal logistics services used by our refined products pipelines.

Equity Earnings

The following table presents our equity in income of unconsolidated affiliates by business segment for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
NGL Pipelines & Services	$	133	$	149	$	120
Crude Oil Pipelines & Services		320		308		456
Natural Gas Pipelines & Services		6		5		6
Petrochemical & Refined Products Services		3		2		1
Total	$	462	$	464	$	583

Significant Risks and Uncertainties (Details) $ in Millions	12 Months Ended
Significant Risks and Uncertainties (Details) $ in Millions	Dec. 31, 2023 USD ($)
Insurance Matters [Abstract]
Insurance deductible per incident	$ 30
Minimum business interruption period	60 days
Named windstorm insurance coverage	$ 200
Liability for Claims and Claims Adjustment Expense	$ 22

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues - related parties:
Total revenue - related parties	$ 61	$ 59	$ 80
Costs and expenses - related parties:
Operating costs and expenses	1,385	1,342	1,287
General and administrative expenses	156	156	134
Total costs and expenses - related parties	1,541	1,498	1,421
Related Party [Member]
Costs and expenses - related parties:
Total accounts receivable - related parties	7	11
Total accounts payable - related parties	199	232
EPCO and its privately held affiliates [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	1,353	1,289	1,156
Total accounts receivable - related parties	0	1
Total accounts payable - related parties	183	221
Distributions:
Total cash distributions	1,300	1,300	1,200
EPCO and its privately held affiliates [Member] \| Administrative Services Agreement [Member]
Costs and expenses - related parties:
Operating costs and expenses	1,189	1,124	1,011
General and administrative expenses	141	146	135
Total costs and expenses - related parties	1,330	1,270	1,146
EPCO and its privately held affiliates [Member] \| Related Party Operating Leases [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	$ 13	13	13
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Relationship with Affiliates [Abstract]
Number of Units (in units)	702,209,694
Percentage of total units outstanding	32.40%
Enterprise common units pledged as security (in units)	62,976,464
Unconsolidated affiliates [Member]
Revenues - related parties:
Total revenue - related parties	$ 61	59	80
Costs and expenses - related parties:
Total costs and expenses - related parties	188	209	265
Total accounts receivable - related parties	7	10
Total accounts payable - related parties	16	11
Unconsolidated affiliates [Member] \| Seaway Crude Holdings LLC [Member]
Revenues - related parties:
Total revenue - related parties	25	15	43
Costs and expenses - related parties:
Total costs and expenses - related parties	27	20	104
Unconsolidated affiliates [Member] \| Venice Energy Service Company, L.L.C. [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	80	107	94
Unconsolidated affiliates [Member] \| K/D/S Promix, L.L.C. [Member]
Revenues - related parties:
Total revenue - related parties	11	22	12
Costs and expenses - related parties:
Total costs and expenses - related parties	36	41	27
Unconsolidated affiliates [Member] \| Texas Express Pipeline LLC [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	27	31	28
Unconsolidated affiliates [Member] \| Management/Operator Fees [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	$ (11)	$ (12)	$ (13)

Equity-Based Awards

12 Months Ended

Dec. 31, 2023

Equity-based Awards [Abstract]

Equity-based Awards

Note 13. Equity-Based Awards

	For the Year Ended December 31,
	2023		2022		2021
Equity-classified awards:
Phantom unit awards	$	166	$	153	$	146
Profits interest awards		6		4		6
Total	$	172	$	157	$	152

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.

The 2008 Enterprise Products Long-Term Incentive Plan (Fourth Amendment and Restatement) (referred to as the “2008 Plan”) is a plan under which any non-employee director, employee or consultants of EPCO, the Partnership or its affiliates providing services, directly or indirectly, for the Partnership or its subsidiaries may receive incentive compensation awards in the form of options, restricted units, phantom units, distribution equivalent rights, unit appreciation rights, unit awards, other unit-based awards or substitute awards.

The maximum number of the Partnership’s common units authorized for issuance under the 2008 Plan was 165,000,000 at December 31, 2023. The 2008 Plan is effective until November 22, 2032 or, if earlier, until (i) the time that all available common units under the 2008 Plan have been delivered to participants or (ii) the time of termination of the 2008 Plan by the Board of Directors of EPCO or by the Incentive Plan Administration Subcommittee of the Governance Committee of the Board of Enterprise GP. After giving effect to awards granted under the 2008 Plan through December 31, 2023, a total of 109,102,487 additional common units were available for issuance. After taking into account tax withholding requirements, we issued 4,662,539, 4,571,333 and 3,936,437 common units in connection with the vesting of phantom unit awards in the years ended December 31, 2023, 2022 and 2021, respectively.

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). We expect phantom units to result in the issuance of common units upon vesting; therefore, these grants are accounted for as equity-classified awards. Phantom unit awards generally vest at a rate of 25% per year beginning one year after the grant date and are non-vested until the required service periods expire.

The grant date fair value of a phantom unit award is based on the market price per unit of the Partnership’s common units on the date of grant. Compensation expense is recognized based on the grant date fair value, net of an allowance for estimated forfeitures, over the requisite service or vesting period.

The following table presents phantom unit award activity for the years indicated:

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2020		15,669,442		$	26.76
Granted (2)		7,720,645		$	21.30
Vested		(5,648,281	)	$	26.98
Forfeited		(570,887	)	$	24.44
Phantom unit awards at December 31, 2021		17,170,919		$	24.31
Granted (3)		7,968,880		$	24.11
Vested		(6,616,741	)	$	25.08
Forfeited		(540,113	)	$	23.92
Phantom unit awards at December 31, 2022		17,982,945		$	23.94
Granted (4)		8,904,445		$	25.80
Vested		(6,786,085	)	$	24.81
Forfeited		(544,054	)	$	24.52
Phantom unit awards at December 31, 2023		19,557,251		$	24.47

(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 2021 was $164 million based on a grant date market price of the Partnership’s common units ranging from $20.79 to $22.05 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
(3)	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 $26.62 per unit. An estimated annual forfeiture rate of 2.1% was applied to these awards.
(4)	The aggregate grant date fair value of phantom unit awards issued during 2023 was $230 million based on a grant date market price of the Partnership’s common units ranging from $25.80 to $26.70 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.

The 2008 Plan provides for the issuance of DERs in connection with phantom unit awards. A DER 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 years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Cash payments made in connection with DERs	$	38	$	34	$	31
Total intrinsic value of phantom unit awards that vested during period	$	182	$	160	$	124

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $179 million at December 31, 2023, of which our share of such cost is currently estimated to be $144 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

In 2018, EPCO Holdings Inc. (“EPCO Holdings”), a privately held affiliate of EPCO, contributed a portion of the Partnership’s common units it owned to form EPD 2018 Unit IV L.P. (“EPD IV”) and EPCO Unit II L.P. (“EPCO II”) (collectively referred to as “Employee Partnerships”) that serve as long-term incentive arrangements for key employees of EPCO by providing them a “profits interest” (in the form of a Class B limited partner interest) in an Employee Partnership.

On November 6, 2023, the partners of EPD IV and EPCO II amended their respective Employee Partnership’s limited partnership agreement to provide that the Class B limited partner interests therein will vest on the earliest of (i) December 3, 2027, (ii) the first date on or after November 6, 2023 for which the closing sale price of the Partnership’s common units on the NYSE is equal to or greater than $29.02 per unit (subject to certain adjustments), (iii) a change of control, or (iv) dissolution of such Employee Partnership. As a result of these modifications, EPD IV and EPCO II will recognize incremental compensation cost of $13 million and $3 million, respectively, over the requisite service period of the awards.

In exchange for the contributions of the Partnership’s common units, EPCO Holdings was admitted as the Class A limited partner of each Employee Partnership. Also on the applicable contribution date, certain key EPCO employees were issued Class B limited partner interests (i.e., profits interest awards) and admitted as Class B limited partners of each Employee Partnership, all without any capital contribution by such employees. EPCO serves as the general partner of each Employee Partnership.

Each quarter, the Employee Partnerships, as owners of the Partnership’s common units, receive a cash distribution from the Partnership as do the Partnership’s other common unitholders. The cash received by the Employee Partnership is first used to pay the Class A limited partner a cash distribution equal to the product of (i) the number of the Partnership’s common units owned by the Employee Partnership and (ii) the Class A Preference Return (subject to equitable adjustment in order to reflect any equity split, equity distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting such common units). To the extent that the Employee Partnership has cash remaining after making this quarterly payment to the Class A limited partner, the residual cash is distributed to the Class B limited partners on a quarterly basis as a distribution.

Upon liquidation of an Employee Partnership, assets having a then current fair market value equal to the Class A limited partner’s capital base in such Employee Partnership will be distributed to the Class A limited partner. Any remaining assets of such Employee Partnership will be distributed to the Class B limited partners of such Employee Partnership as a residual profits interest, which represents the appreciation in value of the Employee Partnership’s assets since the date of EPCO Holdings’ contribution to it, as described above.

Unless otherwise agreed to by EPCO and a majority in interest of the limited partners of each Employee Partnership, such Employee Partnership will terminate at the earliest to occur of (i) 30 days following its vesting date, (ii) a change of control or (iii) a dissolution of the Employee Partnership.

Individually, each Class B limited partner interest is subject to forfeiture if the participating employee’s employment with EPCO is terminated prior to vesting, with customary exceptions for death, disability and certain retirements. The risk of forfeiture will also lapse upon certain change of control events. Forfeited individual Class B limited partner interests are allocated to the remaining Class B limited partners.

The following table summarizes key elements of each Employee Partnership as of December 31, 2023:

Employee Partnership	Partnership Common Units Contributed by EPCO Holdings	Class A Capital Base (1)	Class A Preference Return Per Unit	Expected Vesting/ Liquidation Date (2)	Estimated Fair Value of Profits Interest Awards (3)	Unrecognized Compensation Cost (4)
EPD IV	6,400,000	$173	$0.4325	October 2024	$14	$10
EPCO II	1,600,000	$43	$0.4325	October 2024	$3	$–

(1)	Represents the fair market value of the Partnership’s common units contributed to each Employee Partnership at the applicable contribution date.
(2)	Represents the expected vesting/liquidation date based on the requisite service period (as derived using a Monte Carlo model) for each Employee Partnership.
(3)	Represents the total fair value of the profits interest awards awarded to the Class B limited partners of each Employee Partnership irrespective of how such costs will be allocated between us and EPCO and its privately held affiliates. The fair value is as of the plan modification date.
(4)	Represents our expected share of the unrecognized compensation cost at December 31, 2023, which we expect to recognize over a weighted-average period of 0.8 years.

The fair value of each Employee Partnership as of the modification date is based on (i) the estimated value (as determined using a Black-Scholes option pricing model or Monte Carlo model, as applicable) of such Employee Partnership’s assets that would be distributed to the Class B limited partners thereof upon liquidation and (ii) the value, based on a discounted cash flow analysis, of the residual quarterly cash amounts that such Class B limited partners are expected to receive over the life of the Employee Partnership.

	Expected Life	Risk-Free	Expected	Expected Unit
Employee	of Award	Interest	Distribution	Price
Partnership	from Grant Date	Rate	Yield	Volatility
EPD IV	5.9 years	0.2% to 4.9%	6.5% to 8.4%	22% to 39%
EPCO II	5.9 years	0.2% to 4.9%	6.3% to 8.4%	22% to 36%

Compensation expense attributable to the profits interest awards is based on the estimated fair value of each award. A portion of the fair value of these equity-based awards is allocated to us under the ASA as a non-cash expense. We are not responsible for reimbursing EPCO for any expenses of the Employee Partnerships, including the value of any contributions of units made by EPCO Holdings.

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 15. Related Party Transactions

The following table summarizes our related party transactions for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Revenues – related parties:
Unconsolidated affiliates	$	61	$	59	$	80
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	1,353	$	1,289	$	1,156
Unconsolidated affiliates		188		209		265
Total	$	1,541	$	1,498	$	1,421

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

	December 31,
	2023		2022
Accounts receivable - related parties:
EPCO and its privately held affiliates	$	–	$	1
Unconsolidated affiliates		7		10
Total	$	7	$	11

Accounts payable - related parties:
EPCO and its privately held affiliates	$	183	$	221
Unconsolidated affiliates		16		11
Total	$	199	$	232

We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties.

Relationship with EPCO and Affiliates

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

At December 31, 2023, 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
702,209,694 common units	32.4%

Of the total number of Partnership common units held by EPCO and its privately held affiliates, 62,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at December 31, 2023. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of the Partnership’s common units.

The Partnership and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates use cash on hand and cash distributions they receive from us and other investments to fund their other activities and to meet their respective debt obligations, if any. During the years ended December 31, 2023, 2022 and 2021, we paid EPCO and its privately held affiliates cash distributions totaling $1.3 billion, $1.3 billion and $1.2 billion, respectively.

We lease office space from privately held affiliates of EPCO at rental rates that approximate market rates. For each of the years ended December 31, 2023, 2022 and 2021, we recognized $13 million of related party operating lease expense in connection with these office space leases.

EPCO ASA

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.

Under the ASA, EPCO provides us with the administrative and operating services deemed necessary to manage and operate our businesses, properties and assets (all in accordance with prudent industry practices). Our operating costs and expenses include amounts paid to EPCO for the actual direct and indirect costs it incurs to operate our facilities, including the compensation of its employees. Likewise, our general and administrative costs include amounts paid to EPCO for management and other administrative services, including the compensation of its employees. In general, our reimbursement to EPCO for administrative services is either (i) on an actual basis for direct expenses it may incur on our behalf (e.g., the purchase of office supplies) or (ii) based on an allocation of such charges between the various parties to the ASA based on the estimated use of such services by each party (e.g., the allocation of legal or accounting salaries based on estimates of time spent on each entity’s business and affairs). In addition, we have agreed to pay all sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time with respect to the services provided to us by EPCO.

The ASA allows us to participate as a named insured in EPCO’s overall insurance program, with the associated premiums and other costs being allocated to us. See Note 18 for additional information regarding our insurance programs.

The following table presents our related party costs and expenses attributable to the ASA with EPCO for the years indicated:

	For the Year Ended December 31,
	2023		2022		2021
Operating costs and expenses	$	1,189	$	1,124	$	1,011
General and administrative expenses		141		146		135
Total costs and expenses	$	1,330	$	1,270	$	1,146

Since the vast majority of such expenses are charged to us on an actual basis (i.e., no mark-up is charged or subsidy is received), we believe that such expenses are representative of what the amounts would have been on a standalone basis. With respect to allocated costs, we believe that the proportional direct allocation method employed by EPCO is reasonable and reflective of the estimated level of costs we would have incurred on a standalone basis.

Relationships with Unconsolidated Affiliates

Many of our unconsolidated affiliates perform supporting or complementary roles to our other business operations. The following information summarizes significant related party transactions with our unconsolidated affiliates:

•

For the years ended December 31, 2023, 2022 and 2021, we paid Seaway $27 million, $20 million and $104 million, respectively, for pipeline transportation and storage services in connection with our crude oil marketing activities. Revenues from Seaway were $25 million, $15 million and $43 million for the years ended December 31, 2023, 2022 and 2021, respectively.

•	For the years ended December 31, 2023, 2022 and 2021, we purchased $80 million, $107 million and $94 million, respectively, of NGLs from VESCO.

•

We pay Promix for the transportation, storage and fractionation of NGLs. Expenses with Promix were $36 million, $41 million and $27 million for the years ended December 31, 2023, 2022 and 2021, respectively. In addition, we sell natural gas to Promix for its plant fuel requirements. Revenues from Promix were $11 million, $22 million and $12 million for the years ended December 31, 2023, 2022 and 2021, respectively.

•	For the years ended December 31, 2023, 2022 and 2021, we paid Texas Express $27 million, $31 million and $28 million, respectively, for pipeline transportation services.

•	We perform management services for certain of our unconsolidated affiliates. We charged such affiliates $11 million, $12 million and $13 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reconciliation of the provision for income taxes [Abstract]

Income Taxes, Reconciliation of the Benefit From (Provision For) Income Taxes (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Pre-Tax Net Book Income ("NBI")

$ 5,701

$ 5,697

$ 4,825

Texas Margin Tax

^[1]

(49)

(56)

(42)

State income tax provision, net of federal benefit

(2)

(1)

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

(16)

(15)

(13)

Change in valuation allowance

^[2]

(8)

(14)

Other

(2)

Total provision for income taxes

$ (44)

$ (82)

$ (70)

Effective income tax rate

(0.80%)

(1.40%)

(1.50%)

[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]	During 2023, management concluded that it is more likely than not that the deferred tax assets attributable to OTA will be fully realizable. As a result, for the year-end December 31, 2023, we recorded a full release of the valuation allowance against OTA’s deferred tax assets.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Allocation of total purchase prices paid [Abstract]

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

+ References + Details

Revenues, Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 25,531
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	$ 3,966
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	$ 3,480
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	$ 3,220
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	$ 2,916
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 2,544
Expected timing of satisfaction, period	1 year
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 9,405
Expected timing of satisfaction, period

Business Combinations (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Feb. 17, 2022

Dec. 31, 2021

Navitas Midstream Partners, LLC [Member]

$ 5,608

$ 5,449

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