0001061219-24-000021 | 10-Q | XBRL Viewer | Enterprise Products Partners LP

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Capital Accounts

9 Months Ended

Sep. 30, 2024

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, 2023:

Common units outstanding at December 31, 2023	2,168,245,238
Common unit repurchases under 2019 Buyback Program	(1,386,835	)
Common units issued in connection with the vesting of phantom unit awards, net	4,679,377
Other	20,574
Common units outstanding at March 31, 2024	2,171,558,354
Common unit repurchases under 2019 Buyback Program	(1,419,581	)
Common units issued in connection with the vesting of phantom unit awards, net	162,867
Common units outstanding at June 30, 2024	2,170,301,640
Common unit repurchases under 2019 Buyback Program	(2,646,351	)
Common units issued in connection with the vesting of phantom unit awards, net	96,751
Common units outstanding at September 30, 2024	2,167,752,040

Registration Statements

We have a universal shelf registration statement (the “2021 Shelf”) 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. The 2021 Shelf will expire in November 2024, at which time we expect to file a replacement universal shelf registration statement.

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 nine months ended September 30, 2024. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of September 30, 2024.

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.

During the three and nine months ended September 30, 2024, the Partnership repurchased 2,646,351 and 5,452,767 common units, respectively, under the 2019 Buyback Program through open market purchases. The total cost of these repurchases, including commissions and fees, was $76 million and $156 million, respectively. The Partnership elected not to repurchase common units during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Partnership repurchased 3,592,710 common units under the 2019 Buyback Program through open market purchases. The total cost of these repurchases, including commissions and fees, was $92 million. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At September 30, 2024, the remaining available capacity under the 2019 Buyback Program was $926 million.

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

After taking into account tax withholding requirements, the Partnership issued 4,938,995 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 30, 2024. See Note 12 for information regarding our phantom unit awards.

Common Units Delivered Under DRIP and EUPP

The Partnership has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). In July 2019, the Partnership announced that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. This election is subject to change in future quarters depending on the Partnership’s need for equity capital.

During the nine months ended September 30, 2024, agents of the Partnership purchased 4,971,186 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $3 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants. No other Partnership funds were used to satisfy these obligations. We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on November 14, 2024.

Preferred Units

The following table summarizes changes in the number of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding since December 31, 2023.

Preferred units outstanding at December 31, 2023 and March 31, 2024			50,412
Paid in-kind distribution to third party			90
Preferred units outstanding at June 30, 2024			50,502
Paid in-kind distribution to third party			92
Preferred units outstanding at September 30, 2024			50,594

We present the capital accounts attributable to our preferred unitholders as mezzanine equity on our consolidated balance sheets since the terms of the preferred units allow for cash redemption by such unitholders in the event of a Change of Control (as defined in our partnership agreement), without regard to the likelihood of such an event.

During the nine months ended September 30, 2024, the Partnership made quarterly cash distributions to its preferred unitholders of $3 million and paid-in-kind distributions of 182 new preferred units valued at less than $1 million.

Accumulated Other Comprehensive Income (Loss)

The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2023	$	154		$	151		$	2	$	307
Other comprehensive income (loss) for period, before reclassifications		127			(2	)		–		125
Reclassification of losses (gains) to net income during period		(124	)		(5	)		–		(129	)
Total other comprehensive income (loss) for period		3			(7	)		–		(4	)
Accumulated Other Comprehensive Income (Loss), September 30, 2024	$	157		$	144		$	2	$	303

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2022	$	171		$	192		$	2	$	365
Other comprehensive income (loss) for period, before reclassifications		(139	)		(5	)		–		(144	)
Reclassification of losses (gains) to net income during period		(15	)		(3	)		–		(18	)
Total other comprehensive income (loss) for period		(154	)		(8	)		–		(162	)
Accumulated Other Comprehensive Income (Loss), September 30, 2023	$	17		$	184		$	2	$	203

The following table presents reclassifications of losses (gains) out of accumulated other comprehensive income into net income during the periods indicated:

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Losses (gains) on cash flow hedges:	Location	2024			2023			2024			2023
Interest rate derivatives	Interest expense	$	(2	)	$	(2	)	$	(5	)	$	(3	)
Commodity derivatives	Revenue		(96	)		58			(176	)		7
Commodity derivatives	Operating costs and expenses		19			(25	)		52			(22	)
Total		$	(79	)	$	31		$	(129	)	$	(18	)

For information regarding our interest rate and commodity derivative instruments, see Note 13.

Noncontrolling Interests

On February 16, 2024, we acquired the remaining 20% equity interest in Whitethorn Pipeline Company LLC (“Whitethorn”) and remaining 25% equity interest in Enterprise EF78 LLC (“EF78”) from affiliates of Western Midstream Partners, LP (“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 our commercial paper program. As a result of these transactions, Whitethorn and EF78 are now our wholly owned subsidiaries.

Additionally, on March 27, 2024, we acquired an additional 15% equity interest in Panola Pipeline Company, LLC (“Panola”) from an affiliate of Western Midstream for $25 million in cash consideration. We funded the cash consideration using cash on hand. As a result of this transaction, our equity interest in Panola increased to 70%.

Since we had a controlling interest in each of these entities before and after the acquisitions, the increase in our ownership interest in each entity was accounted for as an equity transaction with no gain or loss recognized.

Cash Distributions

On October 2, 2024, we announced that the Board declared a quarterly cash distribution of $0.525 per common unit, or $2.10 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the third quarter of 2024. The quarterly distribution is payable on November 14, 2024 to unitholders of record as of the close of business on October 31, 2024. The total amount to be paid is $1.15 billion, which includes $11 million for distribution equivalent rights (“DERs”) on phantom unit awards.

The payment of quarterly cash distributions is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. Management will evaluate any future increases in cash distributions on a quarterly basis.

- Definition

The entire disclosure for equity.

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+ Details

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

Note 17. Supplemental Cash Flow Information

The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:

	For the Nine Months Ended September 30,
	2024			2023
Decrease (increase) in:
Accounts receivable – trade	$	(426	)	$	36
Accounts receivable – related parties		2			4
Inventories		32			(766	)
Prepaid and other current assets		(96	)		(665	)
Other assets		62			31
Increase (decrease) in:
Accounts payable – trade		(147	)		67
Accounts payable – related parties		(62	)		(84	)
Accrued product payables		305			457
Accrued interest		(185	)		(189	)
Other current liabilities		52			467
Other long-term liabilities		(100	)		(64	)
Net effect of changes in operating accounts	$	(563	)	$	(706	)

Cash payments for interest, net of $82 and $86 capitalized during the nine months ended September 30, 2024 and 2023, respectively	$	1,180		$	1,123

Cash payments for federal and state income taxes	$	19		$	22

We incurred liabilities for construction in progress that had not been paid at September 30, 2024 and December 31, 2023 of $491 million and $400 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.

Capital Accounts, Redeemable Preferred Limited Partner Interests (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024
Temporary Equity [Line Items]
Preferred units outstanding, beginning balance (in units)	50,502	50,412	50,412
Series A cumulative convertible preferred units, paid-in kind distribution (in units)	92	90	182
Preferred units outstanding, ending balance (in units)	50,594	50,502	50,594
Cash distributions paid to convertible preferred unitholders			$ 3

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

9 Months Ended

Sep. 30, 2024

USD ($)

Significant Changes in Unbilled Revenue

Balance at beginning of period

$ 11

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

(11)

^[1]

Unbilled revenue recorded during period

^[2]

Unbilled revenue recorded during period transferred to other accounts

(54)

^[1]

Other changes

Balance at end of period

$ 8

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Current portion of income tax provision:

Federal

$ (1)

$ (11)

State

(9)

(8)

(31)

(29)

Total current portion

(10)

(9)

(32)

(40)

Deferred portion of income tax provision:

Federal

(4)

(12)

State

(4)

(9)

(10)

(5)

Foreign

(1)

Total deferred portion

(9)

(13)

(23)

(5)

Total provision for income taxes

(19)

$ (22)

(55)

$ (45)

Deferred tax liabilities:

Attributable to investment in OTA

^[1]

456

$ 436

Attributable to property, plant and equipment

148

138

Attributable to investments in other entities

Other

Total deferred tax liabilities

692

661

Deferred tax assets:

Net operating loss carryovers

^[2]

Temporary differences related to Texas Margin Tax

Total deferred tax assets

Total net deferred tax liabilities

$ 634

$ 611

[1]	Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. ("OTA"), which we acquired in March 2020.
[2]	The loss amount presented as of September 30, 2024 has an indefinite carryover period. All losses are subject to limitations on their utilization.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 4,337	$ 4,055
Reconciliation of net income to net cash flow provided by operating activities:
Depreciation and accretion	1,479	1,388
Amortization of intangible assets	155	148
Amortization of major maintenance costs for reaction-based plants	42	48
Other amortization expense	169	158
Impairment of assets other than goodwill	51	28
Equity in income of unconsolidated affiliates	(302)	(347)
Distributions received from unconsolidated affiliates attributable to earnings	303	330
Net losses (gains) attributable to asset sales and related matters	5	(4)
Deferred income tax expense	23	5
Change in fair market value of derivative instruments	(11)	48
Non-cash expense related to long-term operating leases	68	51
Net effect of changes in operating accounts	(563)	(706)
Other operating activities	1	1
Net cash flow provided by operating activities	5,757	5,203
Investing activities:
Capital expenditures	(3,485)	(2,254)
Investments in unconsolidated affiliates	0	(2)
Distributions received from unconsolidated affiliates attributable to the return of capital	64	37
Proceeds from asset sales and other matters	11	7
Other investing activities	(23)	(8)
Net cash flow used in investing activities	(3,433)	(2,220)
Financing activities:
Borrowings under debt agreements	52,456	57,685
Repayments of debt	(49,271)	(57,062)
Debt issuance costs	(44)	(17)
Monetization of interest rate derivative instruments	(33)	21
Cash distributions paid to common unitholders	(3,374)	(3,215)
Cash payments made in connection with distribution equivalent rights	(32)	(29)
Cash distributions paid to noncontrolling interests	(84)	(121)
Cash contributions from noncontrolling interests	33	25
Repurchase of common units under 2019 Buyback Program	(156)	(92)
Acquisition of noncontrolling interests	(400)	(10)
Other financing activities	(66)	(60)
Net cash flow used in financing activities	(971)	(2,875)
Net change in cash and cash equivalents, including restricted cash	1,353	108
Cash and cash equivalents, including restricted cash, at beginning of period	320	206
Cash and cash equivalents, including restricted cash, at end of period	$ 1,673	$ 314

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Note 14. Related Party Transactions

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues – related parties:
Unconsolidated affiliates	$	16	$	18	$	42	$	44
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	367	$	347	$	1,085	$	992
Unconsolidated affiliates		47		51		133		135
Total	$	414	$	398	$	1,218	$	1,127

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

	September 30, 2024		December 31, 2023
Accounts receivable - related parties:
Unconsolidated affiliates	$	5	$	7

Accounts payable - related parties:
EPCO and its privately held affiliates	$	123	$	183
Unconsolidated affiliates		14		16
Total	$	137	$	199

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 September 30, 2024, 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
701,927,123 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 September 30, 2024. 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 nine months ended September 30, 2024 and 2023, we paid EPCO and its privately held affiliates cash distributions totaling $1.1 billion and $1.0 billion, respectively.

We have no employees. All of our administrative and operating functions are provided either by employees of EPCO (pursuant to the ASA) or by other service providers. We and our general partner are parties to the ASA. The following table presents our related party costs and expenses attributable to the ASA with EPCO for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Operating costs and expenses	$	323	$	305	$	956	$	873
General and administrative expenses		37		36		111		102
Total costs and expenses	$	360	$	341	$	1,067	$	975

We lease office space from privately held affiliates of EPCO at rental rates that approximate market rates. For the three months ended September 30, 2024 and 2023, we recognized $7 million and $3 million, respectively, of related party operating lease expense in connection with these office space leases. For the nine months ended September 30, 2024 and 2023, we recognized $17 million and $10 million, respectively, of related party operating lease expense in connection with these office space leases.

- Definition

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.

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-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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

+ Details

Capital Accounts, Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			$ 307	$ 365
Other comprehensive income (loss) for period, before reclassifications			125	(144)
Reclassification of losses (gains) to net income during period			(129)	(18)
Total other comprehensive income (loss) for period	$ 127	$ (65)	(4)	(162)
Accumulated Other Comprehensive Income (Loss), Ending balance	303	203	303	203
Interest expense	343	328	1,006	944
Revenue	(13,775)	(11,998)	(42,018)	(35,093)
Operating costs and expenses	12,033	10,366	36,769	30,260
Total	(1,432)	(1,350)	(4,337)	(4,055)
Cash Flow Hedges [Member] \| Interest Rate Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			151	192
Other comprehensive income (loss) for period, before reclassifications			(2)	(5)
Reclassification of losses (gains) to net income during period			(5)	(3)
Total other comprehensive income (loss) for period			(7)	(8)
Accumulated Other Comprehensive Income (Loss), Ending balance	144	184	144	184
Cash Flow Hedges [Member] \| Commodity Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			154	171
Other comprehensive income (loss) for period, before reclassifications			127	(139)
Reclassification of losses (gains) to net income during period			(124)	(15)
Total other comprehensive income (loss) for period			3	(154)
Accumulated Other Comprehensive Income (Loss), Ending balance	157	17	157	17
Other [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Accumulated Other Comprehensive Income (Loss), Beginning Balance			2	2
Other comprehensive income (loss) for period, before reclassifications			0	0
Reclassification of losses (gains) to net income during period			0	0
Total other comprehensive income (loss) for period			0	0
Accumulated Other Comprehensive Income (Loss), Ending balance	2	2	2	2
Reclassification of Losses (Gains) out of Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Abstract]
Total	(79)	31	(129)	(18)
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	(2)	(2)	(5)	(3)
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	(96)	58	(176)	7
Operating costs and expenses	$ 19	$ (25)	$ 52	$ (22)

Capital Accounts (Tables)

9 Months Ended

Sep. 30, 2024

Capital Accounts [Abstract]

Summary of Changes in Outstanding Common Units

The following table summarizes changes in the number of our common units outstanding since December 31, 2023:

Common units outstanding at December 31, 2023	2,168,245,238
Common unit repurchases under 2019 Buyback Program	(1,386,835	)
Common units issued in connection with the vesting of phantom unit awards, net	4,679,377
Other	20,574
Common units outstanding at March 31, 2024	2,171,558,354
Common unit repurchases under 2019 Buyback Program	(1,419,581	)
Common units issued in connection with the vesting of phantom unit awards, net	162,867
Common units outstanding at June 30, 2024	2,170,301,640
Common unit repurchases under 2019 Buyback Program	(2,646,351	)
Common units issued in connection with the vesting of phantom unit awards, net	96,751
Common units outstanding at September 30, 2024	2,167,752,040

Summary of Changes in Outstanding Preferred Units

The following table summarizes changes in the number of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding since December 31, 2023.

Preferred units outstanding at December 31, 2023 and March 31, 2024			50,412
Paid in-kind distribution to third party			90
Preferred units outstanding at June 30, 2024			50,502
Paid in-kind distribution to third party			92
Preferred units outstanding at September 30, 2024			50,594

Components of Accumulated Other Comprehensive Income (Loss)

The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2023	$	154		$	151		$	2	$	307
Other comprehensive income (loss) for period, before reclassifications		127			(2	)		–		125
Reclassification of losses (gains) to net income during period		(124	)		(5	)		–		(129	)
Total other comprehensive income (loss) for period		3			(7	)		–		(4	)
Accumulated Other Comprehensive Income (Loss), September 30, 2024	$	157		$	144		$	2	$	303

	Cash Flow Hedges
	Commodity Derivative Instruments			Interest Rate Derivative Instruments			Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2022	$	171		$	192		$	2	$	365
Other comprehensive income (loss) for period, before reclassifications		(139	)		(5	)		–		(144	)
Reclassification of losses (gains) to net income during period		(15	)		(3	)		–		(18	)
Total other comprehensive income (loss) for period		(154	)		(8	)		–		(162	)
Accumulated Other Comprehensive Income (Loss), September 30, 2023	$	17		$	184		$	2	$	203

Reclassification out of Accumulated Other Comprehensive Income (Loss)

The following table presents reclassifications of losses (gains) out of accumulated other comprehensive income into net income during the periods indicated:

		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
Losses (gains) on cash flow hedges:	Location	2024			2023			2024			2023
Interest rate derivatives	Interest expense	$	(2	)	$	(2	)	$	(5	)	$	(3	)
Commodity derivatives	Revenue		(96	)		58			(176	)		7
Commodity derivatives	Operating costs and expenses		19			(25	)		52			(22	)
Total		$	(79	)	$	31		$	(129	)	$	(18	)

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

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

Cash payments made in connection with DERs

$ 32

$ 29

Phantom Unit Awards [Member]

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

Beginning of period (in units)

19,557,251

Granted (in units)

^[1]

8,871,820

Vested (in units)

(7,234,929)

Forfeited (in units)

(458,867)

End of period (in units)

20,735,275

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

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

^[2]

$ 24.47

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

^[1],[2]

26.25

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

^[2]

24.5

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

^[2]

25.38

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

^[2]

$ 25.2

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

Aggregate grant date fair value

$ 233

Estimated forfeiture rate

2.00%

Cash payments made in connection with DERs

$ 11

$ 10

$ 32

Total intrinsic value of phantom unit awards that vested during period

$ 5

197

$ 181

Unrecognized Compensation Expense [Abstract]

Unrecognized compensation cost

244

$ 244

Recognition period for total unrecognized compensation cost

2 years 1 month 6 days

Phantom Unit Awards [Member] | Minimum [Member]

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

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

$ 26.25

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)

$ 28.05

Phantom Unit Awards [Member] | Enterprise [Member]

Unrecognized Compensation Expense [Abstract]

Unrecognized compensation cost

$ 196

[1]	The aggregate grant date fair value of phantom unit awards issued during 2024 was $233 million based on a grant date market price of the Partnership’s common units ranging from $26.25 to $28.05 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.
[2]	Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

Business Segments and Related Information, Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Information by business segment [Abstract]
Segment gross operating margin	$ 2,448	$ 2,320	$ 7,382	$ 6,815
Revenues from third parties	13,759	11,980	41,976	35,049
Revenues from related parties	16	18	42	44
Intersegment and intrasegment revenues	0	0	0	0
Total revenues	13,775	11,998	42,018	35,093
Equity in income of unconsolidated affiliates	99	122	302	347
Property, plant and equipment, net	48,099		48,099		$ 45,804
Investments in unconsolidated affiliates	2,268		2,268		2,330
Intangible assets, net	3,619		3,619		3,770
Goodwill	5,608		5,608		5,608
Segment assets	59,594		59,594		57,512
NGL Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	4,831	3,757	14,236	12,375
Equity in income of unconsolidated affiliates	27	32	84	101
Investments in unconsolidated affiliates	597		597		612
Intangible assets, net	797		797		828
Crude Oil Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	5,251	5,365	16,554	13,850
Equity in income of unconsolidated affiliates	70	89	212	241
Investments in unconsolidated affiliates	1,634		1,634		1,681
Intangible assets, net	1,595		1,595		1,673
Natural Gas Pipelines & Services [Member]
Information by business segment [Abstract]
Total revenues	649	884	2,115	2,874
Equity in income of unconsolidated affiliates	2	1	5	4
Investments in unconsolidated affiliates	34		34		33
Intangible assets, net	1,121		1,121		1,158
Petrochemical & Refined Products Services [Member]
Information by business segment [Abstract]
Total revenues	3,044	1,992	9,113	5,994
Equity in income of unconsolidated affiliates	0	0	1	1
Investments in unconsolidated affiliates	3		3		4
Intangible assets, net	106		106		111
Reportable Business Segments [Member] \| NGL Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	1,335	1,196	4,000	3,518
Revenues from third parties	4,828	3,754	14,227	12,367
Revenues from related parties	3	3	9	8
Intersegment and intrasegment revenues	11,044	12,367	34,157	34,347
Total revenues	15,875	16,124	48,393	46,722
Equity in income of unconsolidated affiliates	27	32	84	101
Property, plant and equipment, net	17,784		17,784		17,541
Investments in unconsolidated affiliates	597		597		612
Intangible assets, net	797		797		828
Goodwill	2,811		2,811		2,811
Segment assets	21,989		21,989		21,792
Reportable Business Segments [Member] \| Crude Oil Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	401	432	1,229	1,251
Revenues from third parties	5,241	5,354	16,530	13,825
Revenues from related parties	10	11	24	25
Intersegment and intrasegment revenues	13,678	16,343	42,547	41,139
Total revenues	18,929	21,708	59,101	54,989
Equity in income of unconsolidated affiliates	70	89	212	241
Property, plant and equipment, net	6,374		6,374		6,627
Investments in unconsolidated affiliates	1,634		1,634		1,681
Intangible assets, net	1,595		1,595		1,673
Goodwill	1,841		1,841		1,841
Segment assets	11,444		11,444		11,822
Reportable Business Segments [Member] \| Natural Gas Pipelines & Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	349	239	954	791
Revenues from third parties	646	880	2,106	2,863
Revenues from related parties	3	4	9	11
Intersegment and intrasegment revenues	166	133	481	386
Total revenues	815	1,017	2,596	3,260
Equity in income of unconsolidated affiliates	2	1	5	4
Property, plant and equipment, net	10,256		10,256		10,019
Investments in unconsolidated affiliates	34		34		33
Intangible assets, net	1,121		1,121		1,158
Goodwill	0		0		0
Segment assets	11,411		11,411		11,210
Reportable Business Segments [Member] \| Petrochemical & Refined Products Services [Member]
Information by business segment [Abstract]
Segment gross operating margin	363	453	1,199	1,255
Revenues from third parties	3,044	1,992	9,113	5,994
Revenues from related parties	0	0	0	0
Intersegment and intrasegment revenues	6,944	4,307	18,982	13,108
Total revenues	9,988	6,299	28,095	19,102
Equity in income of unconsolidated affiliates	0	0	1	1
Property, plant and equipment, net	10,146		10,146		9,372
Investments in unconsolidated affiliates	3		3		4
Intangible assets, net	106		106		111
Goodwill	956		956		956
Segment assets	11,211		11,211		10,443
Eliminations [Member]
Information by business segment [Abstract]
Revenues from third parties	0	0	0	0
Revenues from related parties	0	0	0	0
Intersegment and intrasegment revenues	(31,832)	(33,150)	(96,167)	(88,980)
Total revenues	(31,832)	(33,150)	(96,167)	(88,980)
Equity in income of unconsolidated affiliates	0	$ 0	0	$ 0
Adjustments [Member]
Information by business segment [Abstract]
Property, plant and equipment, net	3,539		3,539		2,245
Investments in unconsolidated affiliates	0		0		0
Intangible assets, net	0		0		0
Goodwill	0		0		0
Segment assets	$ 3,539		$ 3,539		$ 2,245

Earnings Per Unit

9 Months Ended

Sep. 30, 2024

Earnings Per Unit [Abstract]

Earnings Per Unit

Note 11. Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,417		$	1,318		$	4,278		$	3,961
Earnings allocated to phantom unit awards (1)		(14	)		(12	)		(41	)		(36	)
Net income allocated to common unitholders	$	1,403		$	1,306		$	4,237		$	3,925

Basic weighted-average number of common units outstanding		2,169			2,172			2,170			2,173

Basic earnings per common unit	$	0.65		$	0.60		$	1.95		$	1.81

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,417		$	1,318		$	4,278		$	3,961
Net income attributable to preferred units		1			1			3			3
Net income attributable to limited partners	$	1,418		$	1,319		$	4,281		$	3,964

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,169			2,172			2,170			2,173
Phantom units (2)		21			20			21			20
Preferred units (2)		2			2			2			2
Total		2,192			2,194			2,193			2,195

Diluted earnings per common unit	$	0.65		$	0.60		$	1.95		$	1.81

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding phantom units.
(2)	We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Taxes [Abstract]

Federal and State Income Tax Provision

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Current portion of income tax provision:
Federal	$	(1	)	$	(1	)	$	(1	)	$	(11	)
State		(9	)		(8	)		(31	)		(29	)
Total current portion		(10	)		(9	)		(32	)		(40	)
Deferred portion of income tax provision:
Federal		(4	)		(4	)		(12	)		–
State		(4	)		(9	)		(10	)		(5	)
Foreign		(1	)		–			(1	)		–
Total deferred portion		(9	)		(13	)		(23	)		(5	)
Total provision for income taxes	$	(19	)	$	(22	)	$	(55	)	$	(45	)

Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Pre-Tax Net Book Income (“NBI”)	$	1,451		$	1,372		$	4,392		$	4,100

Texas Margin Tax (1)		(13	)		(17	)		(40	)		(33	)
State income tax provision, net of federal benefit		(1	)		–			(1	)		(1	)
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities		(4	)		(5	)		(12	)		(11	)
Other		(1	)		–			(2	)		–
Provision for income taxes	$	(19	)	$	(22	)	$	(55	)	$	(45	)

Effective income tax rate		(1.3	)%		(1.6	)%		(1.3	)%		(1.1	)%

(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.

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:

	September 30,		December 31,
	2024		2023
Deferred tax liabilities:
Attributable to investment in OTA (1)	$	456	$	436
Attributable to property, plant and equipment		148		138
Attributable to investments in other entities		5		4
Other		83		83
Total deferred tax liabilities		692		661
Deferred tax assets:
Net operating loss carryovers (2)		55		46
Temporary differences related to Texas Margin Tax		3		4
Total deferred tax assets		58		50
Total net deferred tax liabilities	$	634	$	611

(1)	Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. ("OTA"), which we acquired in March 2020.
(2)	The loss amount presented as of September 30, 2024 has an indefinite carryover period. All losses are subject to limitations on their utilization.

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Consolidated Revenues [Abstract]

Total consolidated revenues

$ 13,775

$ 11,998

$ 42,018

$ 35,093

Operating costs and expenses:

Cost of sales

^[1]

10,387

8,786

31,976

25,796

Other operating costs and expenses

^[2]

1,018

986

2,946

2,749

Depreciation, amortization and accretion

601

583

1,791

1,692

Asset impairment charges

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

(4)

General and administrative costs

184

172

Total consolidated costs and expenses

12,094

10,425

36,953

30,432

NGL Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

4,831

3,757

14,236

12,375

Crude Oil Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

5,251

5,365

16,554

13,850

Natural Gas Pipelines & Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

649

884

2,115

2,874

Petrochemical & Refined Products Services [Member]

Consolidated Revenues [Abstract]

Total consolidated revenues

$ 3,044

$ 1,992

$ 9,113

$ 5,994

[1]	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.
[2]	Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion; asset impairment charges; and net losses (gains) attributable to asset sales and related matters.

Debt Obligations

9 Months Ended

Sep. 30, 2024

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:

	September 30, 2024			December 31, 2023
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	–		$	450
Senior Notes JJ, 3.90% fixed-rate, due February 2024		–			850
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150			1,150
March 2024 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2025 (1)		–			–
Senior Notes FFF, 5.05% fixed-rate, due January 2026		750			750
Senior Notes PP, 3.70% fixed-rate, due February 2026		875			875
Senior Notes HHH, 4.60% fixed-rate, due January 2027		1,000			–
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			1,000
Senior Notes D, 6.875% fixed-rate, due March 2033		500			500
Senior Notes III, 4.85% fixed-rate, due January 2034		1,000			–
Senior Notes H, 6.65% fixed-rate, due October 2034		350			350
Senior Notes JJJ 4.95% fixed-rate, due February 2035		1,100			–
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 KKK, 5.55% fixed-rate, due February 2055		1,400			–
Senior Notes CCC, 3.95% fixed-rate, due January 2060		1,000			1,000
Total principal amount of senior debt obligations		29,925			26,725
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		32,221			29,021
Other, non-principal amounts		(316	)		(273	)
Less current maturities of debt		(1,149	)		(1,300	)
Total long-term debt	$	30,756		$	27,448

(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 and in accordance with the Adjustable Interest Rate (LIBOR) Act, 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.

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 nine months ended September 30, 2024:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	5.45% to 5.50%	5.46%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	8.06% to 8.42%	8.35%
EPO Junior Subordinated Notes D	8.34% to 8.64%	8.55%

Amounts borrowed under EPO’s March 2024 $1.5 Billion 364-Day Revolving Credit Agreement and March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR, for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings.

Scheduled Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2024 for the next five years, and in total thereafter:

				Scheduled Maturities of Debt
	Total			Remainder of 2024			2025			2026			2027			2028			Thereafter
Senior Notes		$	29,925		$	–		$	1,150		$	1,625		$	1,575		$	1,000		$	24,575
Junior Subordinated Notes			2,296			–			–			–			–			–			2,296
Total		$	32,221		$	–		$	1,150		$	1,625		$	1,575		$	1,000		$	26,871

March 2024 $1.5 Billion 364-Day Revolving Credit Agreement

In March 2024, EPO entered into a new 364-Day Revolving Credit Agreement (the “March 2024 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement. There were no principal amounts outstanding under the prior 364-day revolving credit agreement when it was replaced by the March 2024 $1.5 Billion 364-Day Revolving Credit Agreement. As of September 30, 2024, there were no principal amounts outstanding under the March 2024 $1.5 Billion 364-Day Revolving Credit Agreement.

Under the terms of the March 2024 $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 2024 $1.5 Billion 364-Day Revolving Credit Agreement matures in March 2025. 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 2026. Borrowings under the March 2024 $1.5 Billion 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.

The March 2024 $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 2024 $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 2024 $1.5 Billion 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.

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 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 $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.

Issuance of $2.5 Billion of Senior Notes in August 2024

In August 2024, EPO issued $2.5 billion aggregate principal amount of senior notes comprised of (i) $1.1 billion principal amount of senior notes due February 2035 (“Senior Notes JJJ”) and (ii) $1.4 billion principal amount of senior notes due February 2055 (“Senior Notes KKK”). 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 $1.15 billion principal amount of 3.75% Senior Notes MM at their maturity in February 2025).

Senior Notes JJJ were issued at 99.400% of their principal amount and have a fixed interest rate of 4.95% per year. Senior Notes KKK were issued at 99.663% of their principal amount and have a fixed interest rate of 5.55% per year. The Partnership guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Letters of Credit

At September 30, 2024, EPO had $28 million of letters of credit outstanding primarily related to our insurance program.

Lender Financial Covenants

We were in compliance with the financial covenants of our consolidated debt agreements at September 30, 2024.

Parent-Subsidiary Guarantor Relationships

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 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(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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

+ Details

Capital Accounts, Issuances of Equity (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023
Net Cash Proceeds from Sale of Common Units [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)	96,751	162,867	4,679,377
Buyback Program:
Total of common units repurchased under a buyback program (in units)	2,646,351	1,419,581	1,386,835
Common units acquired in connection with buyback program	$ 76			$ 156	$ 92
Long-Term Incentive Plan (2008) [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)				4,938,995
2019 Buyback Program [Member]
Buyback Program:
Amount authorized under 2019 Buyback Program	2,000			$ 2,000
Remaining available capacity under the 2019 Buyback Program	$ 926			$ 926
Total of common units repurchased under a buyback program (in units)	2,646,351			5,452,767	3,592,710
Common units acquired in connection with buyback program	$ 76			$ 156	$ 92
At-the-Market Registration [Member]
Registration Statements and Equity Offerings [Line Items]
Maximum common units authorized for issuance	2,500			2,500
Remaining units available for issuance	$ 2,500			2,500
Employee Unit Purchase Plan [Member]
Net Cash Proceeds from Sale of Common Units [Abstract]
Employer contribution to EUPP				$ 3
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)				4,971,186

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Accumulated Depreciation

The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:

	Estimated Useful Life in Years		September 30, 2024		December 31, 2023
Plants, pipelines and facilities (1)(5)		3-45	$	60,008	$	57,983
Underground and other storage facilities (2)(6)		5-40		4,607		4,401
Transportation equipment (3)		3-10		265		242
Marine vessels (4)		15-30		939		935
Land				414		411
Construction in progress				3,539		2,245
Subtotal				69,772		66,217
Less accumulated depreciation				21,877		20,462
Subtotal property, plant and equipment, net				47,895		45,755
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)				204		49
Property, plant and equipment, net			$	48,099	$	45,804

(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 3.6 years.

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Depreciation expense (1)	$	495	$	476	$	1,471	$	1,379
Capitalized interest (2)		31		17		82		86

(1)

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

(2)

We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.

AROs

The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2023:

ARO liability balance, December 31, 2023	$	225
Liabilities incurred (1)		–
Revisions in estimated cash flows (2)		30
Liabilities settled (3)		(2	)
Accretion expense (4)		8
ARO liability balance, September 30, 2024	$	261

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

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Cash, Cash Equivalents and Restricted Cash

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

	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,434	$	180
Restricted cash		239		140
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	1,673	$	320

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 13 for information regarding our derivative instruments and hedging activities.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Apart from those matters described in this footnote, there have been no updates to our significant accounting policies since those reported under Note 2 of the 2023 Form 10-K.

Cash, Cash Equivalents and Restricted Cash

	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,434	$	180
Restricted cash		239		140
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	1,673	$	320

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

Sep. 30, 2024

USD ($)

Operating Leases [Abstract]

ROU asset carrying value

$ 409

^[1]

ROU asset, Consolidated Balance Sheet line item

Other Assets, Noncurrent

Lease liability carrying value

$ 445

^[2]

Lease liability, current

$ 95

Lease liability, current, Consolidated Balance Sheet line item

Other Liabilities, Current

Lease liability, noncurrent

$ 350

Lease liability, noncurrent, Consolidated Balance Sheet line item

Other Liabilities, Noncurrent

Storage and Pipeline Facilities [Member]

Operating Leases [Abstract]

ROU asset carrying value

$ 191

^[1]

Lease liability carrying value

$ 191

^[2]

Weighted-average remaining term

8 years

Weighted-average discount rate

4.50%

^[3]

Transportation Equipment [Member]

Operating Leases [Abstract]

ROU asset carrying value

$ 46

^[1]

Lease liability carrying value

$ 47

^[2]

Weighted-average remaining term

4 years

Weighted-average discount rate

4.80%

^[3]

Office and Warehouse Space [Member]

Operating Leases [Abstract]

ROU asset carrying value

$ 172

^[1]

Lease liability carrying value

$ 207

^[2]

Weighted-average remaining term

12 years

Weighted-average discount rate

3.40%

^[3]

[1]	Right of use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
[2]	At September 30, 2024, lease liabilities of $95 million and $350 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
[3]	The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

Partnership Organization and Operations (Details)	Sep. 30, 2024
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Related Party Transaction [Line Items]
Percentage of total units outstanding	32.40%

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

9 Months Ended

Sep. 30, 2024

USD ($)

Significant Changes in Deferred Revenue

Balance at beginning of period

$ 519

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

(212)

^[1]

Deferred revenue recorded during period

710

^[2]

Deferred revenue recorded during period transferred to other accounts

(522)

^[1]

Other changes

(6)

Balance at end of period

$ 489

[1]	Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
[2]	Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.

Revenues (Tables)

9 Months Ended

Sep. 30, 2024

Revenues [Abstract]

Revenues by Business Segment and Revenue Type

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
NGL Pipelines & Services:
Sales of NGLs and related products	$	4,134	$	3,021	$	12,115	$	10,325
Segment midstream services:
Natural gas processing and fractionation		315		344		1,009		944
Transportation		293		286		835		798
Storage and terminals		89		106		277		308
Total segment midstream services		697		736		2,121		2,050
Total NGL Pipelines & Services		4,831		3,757		14,236		12,375
Crude Oil Pipelines & Services:
Sales of crude oil		4,952		5,068		15,672		12,999
Segment midstream services:
Transportation		194		194		577		549
Storage and terminals		105		103		305		302
Total segment midstream services		299		297		882		851
Total Crude Oil Pipelines & Services		5,251		5,365		16,554		13,850
Natural Gas Pipelines & Services:
Sales of natural gas		243		537		987		1,828
Segment midstream services:
Transportation		406		347		1,128		1,046
Total segment midstream services		406		347		1,128		1,046
Total Natural Gas Pipelines & Services		649		884		2,115		2,874
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,751		1,647		8,105		5,052
Segment midstream services:
Fractionation and isomerization		65		94		276		208
Transportation, including marine logistics		157		171		498		486
Storage and terminals		71		80		234		248
Total segment midstream services		293		345		1,008		942
Total Petrochemical & Refined Products Services		3,044		1,992		9,113		5,994
Total consolidated revenues	$	13,775	$	11,998	$	42,018	$	35,093

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at September 30, 2024:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	8
Total		$	8

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	203
Deferred revenue (noncurrent)	Other long-term liabilities		286
Total		$	489

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2024:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2023	$	11		$	519
Amount included in opening balance transferred to other accounts during period (1)		(11	)		(212	)
Amount recorded during period (2)		62			710
Amounts recorded during period transferred to other accounts (1)		(54	)		(522	)
Other changes		–			(6	)
Balance at September 30, 2024	$	8		$	489

(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 September 30, 2024.

Period	Fixed Consideration
Three Months Ended December 31, 2024	$	1,030
One Year Ended December 31, 2025		3,822
One Year Ended December 31, 2026		3,513
One Year Ended December 31, 2027		3,241
One Year Ended December 31, 2028		2,820
Thereafter –		10,997
Total	$	25,423

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies [Abstract]

Operating Leases

The following table presents information regarding operating leases where we are the lessee at September 30, 2024:

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	$	191	$	191	8 years	4.5%
Transportation equipment		46		47	4 years	4.8%
Office and warehouse space		172		207	12 years	3.4%
Total	$	409	$	445

(1)	Right of use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	At September 30, 2024, lease liabilities of $95 million and $350 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

Consolidated Lease Expense

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	25	$	18	$	68	$	51
Related accretion expense on lease liability balances		4		4		12		11
Total fixed lease expense		29		22		80		62
Variable lease expense		4		3		12		9
Total long-term operating lease expense		33		25		92		71
Short-term operating leases		32		30		91		82
Total operating lease expense	$	65	$	55	$	183	$	153

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Cash, Cash Equivalents and Restricted Cash

	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,434	$	180
Restricted cash		239		140
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	1,673	$	320

Investments in Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2024

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.

	September 30, 2024		December 31, 2023
NGL Pipelines & Services	$	597	$	612
Crude Oil Pipelines & Services		1,634		1,681
Natural Gas Pipelines & Services		34		33
Petrochemical & Refined Products Services		3		4
Total	$	2,268	$	2,330

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
NGL Pipelines & Services	$	27	$	32	$	84	$	101
Crude Oil Pipelines & Services		70		89		212		241
Natural Gas Pipelines & Services		2		1		5		4
Petrochemical & Refined Products Services		–		–		1		1
Total	$	99	$	122	$	302	$	347

Investments in Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2024

Investments in Unconsolidated Affiliates [Abstract]

Investments in Unconsolidated Affiliates

The following table presents our investments in unconsolidated affiliates by business segment at the dates indicated. We account for these investments using the equity method.

	September 30, 2024		December 31, 2023
NGL Pipelines & Services	$	597	$	612
Crude Oil Pipelines & Services		1,634		1,681
Natural Gas Pipelines & Services		34		33
Petrochemical & Refined Products Services		3		4
Total	$	2,268	$	2,330

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
NGL Pipelines & Services	$	27	$	32	$	84	$	101
Crude Oil Pipelines & Services		70		89		212		241
Natural Gas Pipelines & Services		2		1		5		4
Petrochemical & Refined Products Services		–		–		1		1
Total	$	99	$	122	$	302	$	347

Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 2,268		$ 2,268		$ 2,330
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	99	$ 122	302	$ 347
NGL Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	597		597		612
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	27	32	84	101
Crude Oil Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	1,634		1,634		1,681
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	70	89	212	241
Natural Gas Pipelines & Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	34		34		33
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	2	1	5	4
Petrochemical & Refined Products Services [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	3		3		$ 4
Equity in income of unconsolidated affiliates by business segment [Abstract]
Equity in income of unconsolidated affiliates	$ 0	$ 0	$ 1	$ 1

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Revenues, Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue	$ 8	$ 11
Deferred revenue	489	$ 519
Prepaid and other current assets [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Unbilled revenue (current amount)	8
Other current liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (current amount)	203
Other long-term liabilities [Member]
Contracts with Customers, Assets and Liabilities [Abstract]
Deferred revenue (noncurrent)	$ 286

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Taxes [Abstract]

Income Taxes

Note 15. Income Taxes

Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the three and nine months ended September 30, 2024 and 2023.

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Current portion of income tax provision:
Federal	$	(1	)	$	(1	)	$	(1	)	$	(11	)
State		(9	)		(8	)		(31	)		(29	)
Total current portion		(10	)		(9	)		(32	)		(40	)
Deferred portion of income tax provision:
Federal		(4	)		(4	)		(12	)		–
State		(4	)		(9	)		(10	)		(5	)
Foreign		(1	)		–			(1	)		–
Total deferred portion		(9	)		(13	)		(23	)		(5	)
Total provision for income taxes	$	(19	)	$	(22	)	$	(55	)	$	(45	)

A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Pre-Tax Net Book Income (“NBI”)	$	1,451		$	1,372		$	4,392		$	4,100

Texas Margin Tax (1)		(13	)		(17	)		(40	)		(33	)
State income tax provision, net of federal benefit		(1	)		–			(1	)		(1	)
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities		(4	)		(5	)		(12	)		(11	)
Other		(1	)		–			(2	)		–
Provision for income taxes	$	(19	)	$	(22	)	$	(55	)	$	(45	)

Effective income tax rate		(1.3	)%		(1.6	)%		(1.3	)%		(1.1	)%

(1)	Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.

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

	September 30,		December 31,
	2024		2023
Deferred tax liabilities:
Attributable to investment in OTA (1)	$	456	$	436
Attributable to property, plant and equipment		148		138
Attributable to investments in other entities		5		4
Other		83		83
Total deferred tax liabilities		692		661
Deferred tax assets:
Net operating loss carryovers (2)		55		46
Temporary differences related to Texas Margin Tax		3		4
Total deferred tax assets		58		50
Total net deferred tax liabilities	$	634	$	611

(1)	Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. ("OTA"), which we acquired in March 2020.
(2)	The loss amount presented as of September 30, 2024 has an indefinite carryover period. All losses are subject to limitations on their utilization.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, allowance for credit losses	$ 38	$ 35
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units outstanding (in units)	50,594	50,412
Partners' equity:
Common units issued (in units)	2,167,752,040	2,168,245,238
Common units outstanding (in units)	2,167,752,040	2,168,245,238

Debt Obligations, Debt Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Scheduled Maturities of Debt [Abstract]
Remainder of 2024	$ 0
2025	1,150
2026	1,625
2027	1,575
2028	1,000
Thereafter	26,871
Total	32,221	$ 29,021
Senior Notes [Member]
Scheduled Maturities of Debt [Abstract]
Remainder of 2024	0
2025	1,150
2026	1,625
2027	1,575
2028	1,000
Thereafter	24,575
Total	29,925
Junior Subordinated Notes [Member]
Scheduled Maturities of Debt [Abstract]
Remainder of 2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	2,296
Total	$ 2,296

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Third parties	$ 13,759	$ 11,980	$ 41,976	$ 35,049
Related parties	16	18	42	44
Total revenues	13,775	11,998	42,018	35,093
Operating costs and expenses:
Third party and other costs	11,661	10,009	35,672	29,246
Related parties	372	357	1,097	1,014
Total operating costs and expenses	12,033	10,366	36,769	30,260
General and administrative costs:
Third party and other costs	19	18	63	59
Related parties	42	41	121	113
Total general and administrative costs	61	59	184	172
Total costs and expenses	12,094	10,425	36,953	30,432
Equity in income of unconsolidated affiliates	99	122	302	347
Operating income	1,780	1,695	5,367	5,008
Other income (expense):
Interest expense	(343)	(328)	(1,006)	(944)
Interest income	14	5	31	22
Other, net	0	0	0	14
Total other expense, net	(329)	(323)	(975)	(908)
Income before income taxes	1,451	1,372	4,392	4,100
Provision for income taxes	(19)	(22)	(55)	(45)
Net income	1,432	1,350	4,337	4,055
Net income attributable to noncontrolling interests	(14)	(31)	(56)	(91)
Net income attributable to preferred units	(1)	(1)	(3)	(3)
Net income attributable to common unitholders	$ 1,417	$ 1,318	$ 4,278	$ 3,961
Earnings per unit:
Basic earnings per common unit (in dollars per unit)	$ 0.65	$ 0.6	$ 1.95	$ 1.81
Diluted earnings per common unit (in dollars per unit)	$ 0.65	$ 0.6	$ 1.95	$ 1.81

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

$ 69,772

$ 66,217

Less accumulated depreciation

21,877

20,462

Subtotal property, plant, and equipment, net

47,895

45,755

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

^[1]

204

Property, plant and equipment, net

48,099

45,804

Summary of depreciation expense and capitalized interest [Abstract]

Depreciation expense

^[2]

495

$ 476

1,471

$ 1,379

Capitalized interest

^[3]

$ 17

$ 86

Asset Retirement Obligations [Roll Forward]

Balance at beginning of period

225

Liabilities incurred

^[4]

Revisions in estimated cash flows

^[5]

Liabilities settled

^[6]

(2)

Accretion expense

^[7]

Balance at end of period

261

Asset retirement obligation, current liability

Asset retirement obligations, long-term liability

255

Capitalized costs, asset retirement costs

135

109

Plants, pipelines and facilities [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[8]

$ 60,008

57,983

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[8],[9]

3 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[8],[9]

45 years

Underground and other storage facilities [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[10]

$ 4,607

4,401

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[10],[11]

5 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[10],[11]

40 years

Transportation equipment [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[12]

$ 265

242

Transportation equipment [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[12]

3 years

Transportation equipment [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[12]

10 years

Marine vessels [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

^[13]

$ 939

935

Marine vessels [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[13]

15 years

Marine vessels [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

^[13]

30 years

Land [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

$ 414

411

Construction in progress [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Property, plant and equipment, gross

$ 3,539

$ 2,245

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

45 years

Terminal facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

10 years

Terminal facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Buildings [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

Buildings [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

40 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

3 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

20 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Underground storage facilities [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Underground storage facilities [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

Storage tanks [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

10 years

Storage tanks [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

40 years

Water wells [Member] | Minimum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

5 years

Water wells [Member] | Maximum [Member]

Property, plant and equipment and accumulated depreciation [Abstract]

Estimated useful life

35 years

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

Property, plant and equipment and accumulated depreciation [Abstract]

Expected remaining amortization period

3 years 7 months 6 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 3.6 years.
[2]	Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations.
[3]	We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise.
[4]	Represents the initial recognition of estimated ARO liabilities during the period.
[5]	Represents subsequent adjustments to estimated ARO liabilities during the period.
[6]	Represents cash payments to settle ARO liabilities during the period.
[7]	Represents the net change in ARO liability balance attributable to the passage of time and other adjustments, including true-up amounts associated with revised closure estimates.
[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.

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2024

Intangible Assets and Goodwill [Abstract]

Intangible Assets by Segment

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

	September 30, 2024							December 31, 2023
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(273	)	$	176	$	449	$	(263	)	$	186
Contract-based intangibles		754		(133	)		621		752		(110	)		642
Segment total		1,203		(406	)		797		1,201		(373	)		828
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195		(606	)		1,589		2,195		(530	)		1,665
Contract-based intangibles		283		(277	)		6		283		(275	)		8
Segment total		2,478		(883	)		1,595		2,478		(805	)		1,673
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,351		(653	)		698		1,351		(625	)		726
Contract-based intangibles		643		(220	)		423		641		(209	)		432
Segment total		1,994		(873	)		1,121		1,992		(834	)		1,158
Petrochemical & Refined Products Services:
Customer relationship intangibles		181		(90	)		91		181		(86	)		95
Contract-based intangibles		45		(30	)		15		45		(29	)		16
Segment total		226		(120	)		106		226		(115	)		111
Total intangible assets	$	5,901	$	(2,282	)	$	3,619	$	5,897	$	(2,127	)	$	3,770

Amortization Expense of Intangible Assets by Segment

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
NGL Pipelines & Services	$	12	$	10	$	33	$	29
Crude Oil Pipelines & Services		27		28		78		76
Natural Gas Pipelines & Services		13		12		39		37
Petrochemical & Refined Products Services		2		2		5		6
Total	$	54	$	52	$	155	$	148

Forecasted Amortization Expense

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

Remainder of 2024				2025				2026				2027				2028
$	53			$	209			$	203			$	185			$	181

Business Segments and Related Information (Details)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Segment

Sep. 30, 2023

USD ($)

Business Segments [Abstract]

Number of reportable segments | Segment

Gross Operating Margin

Operating income

$ 1,780

$ 1,695

$ 5,367

$ 5,008

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]

586

566

1,749

1,644

Asset impairment charges in operating costs and expenses

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

(4)

General and administrative costs

184

172

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

^[2]

Subsequent recognition of revenues attributable to make-up rights

^[3]

(19)

(23)

(30)

(68)

Total segment gross operating margin

$ 2,448

$ 2,320

$ 7,382

$ 6,815

[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.

Earnings Per Unit (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Unit [Abstract]

Basic and Diluted Earnings Per Unit

The following table presents our calculation of basic and diluted earnings per common unit for the periods indicated:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,417		$	1,318		$	4,278		$	3,961
Earnings allocated to phantom unit awards (1)		(14	)		(12	)		(41	)		(36	)
Net income allocated to common unitholders	$	1,403		$	1,306		$	4,237		$	3,925

Basic weighted-average number of common units outstanding		2,169			2,172			2,170			2,173

Basic earnings per common unit	$	0.65		$	0.60		$	1.95		$	1.81

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,417		$	1,318		$	4,278		$	3,961
Net income attributable to preferred units		1			1			3			3
Net income attributable to limited partners	$	1,418		$	1,319		$	4,281		$	3,964

Diluted weighted-average number of units outstanding:
Distribution-bearing common units		2,169			2,172			2,170			2,173
Phantom units (2)		21			20			21			20
Preferred units (2)		2			2			2			2
Total		2,192			2,194			2,193			2,195

Diluted earnings per common unit	$	0.65		$	0.60		$	1.95		$	1.81

(1)	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding phantom units.
(2)	We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

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

1 Months Ended

9 Months Ended

Aug. 31, 2024

USD ($)

Jan. 31, 2024

USD ($)

Sep. 30, 2024

USD ($)

TWh

bbl

Bcf

Sep. 30, 2023

USD ($)

Aug. 01, 2024

USD ($)

Jan. 02, 2024

USD ($)

Dec. 31, 2023

USD ($)

Derivative [Line Items]

Carrying amount of hedged asset | $

$ 3

$ 2

Payments from the settlement of interest rate derivative instruments | $

$ (33)

$ 21

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

Derivative [Line Items]

Payments from the settlement of interest rate derivative instruments | $

$ (4)

$ (29)

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

Derivative [Line Items]

Notional Amount | $

$ 600

Treasury rate, fixed rate

4.48%

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

Derivative [Line Items]

Notional Amount | $

$ 400

Treasury rate, fixed rate

3.97%

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

Derivative [Line Items]

Notional Amount | $

$ 750

Treasury rate, fixed rate

4.11%

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

Derivative [Line Items]

Notional Amount | $

$ 1,000

Treasury rate, fixed rate

3.98%

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

Derivative [Line Items]

Notional Amount | $

$ 1,000

Treasury rate, fixed rate

4.29%

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

Derivative [Line Items]

Volume | Bcf

^[1],[2]

4.5

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

Derivative [Line Items]

Volume | Bcf

^[1],[2]

39.1

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

Derivative [Line Items]

Volume | Bcf

^[1],[2]

34.8

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

Derivative [Line Items]

Volume

^[1],[2]

2.8

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

Derivative [Line Items]

Volume

^[1],[2]

3.2

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

Derivative [Line Items]

Volume

^[1],[2]

1.0

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

Derivative [Line Items]

Volume | Bcf

^[1],[2]

0.4

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

Derivative [Line Items]

Volume | Bcf

^[1],[2]

1.1

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

Derivative [Line Items]

Volume

^[1],[2]

123.7

Derivative [Line Items]

Volume

^[1],[2]

10.4

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

Derivative [Line Items]

Volume

^[1],[2]

119.3

Derivative [Line Items]

Volume

^[1],[2]

13.5

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

Derivative [Line Items]

Volume

^[1],[2]

0.1

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

Derivative [Line Items]

Volume

^[1],[2]

0.5

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

Derivative [Line Items]

Volume

^[1],[2]

17.1

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

Derivative [Line Items]

Volume

^[1],[2]

3.3

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

Derivative [Line Items]

Volume

^[1],[2]

30.1

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

Derivative [Line Items]

Volume

^[1],[2]

8.8

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

Derivative [Line Items]

Volume

^[1],[2]

0.1

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

Derivative [Line Items]

Volume

^[1],[2]

0.1

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

Derivative [Line Items]

Volume | TWh

^[1],[2]

1.5

Derivative [Line Items]

Volume | TWh

^[1],[2]

0.4

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

Derivative [Line Items]

Volume | Bcf

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

27.1

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

Derivative [Line Items]

Volume | Bcf

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

1.8

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

Derivative [Line Items]

Volume

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

16.9

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

Derivative [Line Items]

Volume

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

24.7

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

Derivative [Line Items]

Volume

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

4.4

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

Derivative [Line Items]

Volume

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

136.6

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

Derivative [Line Items]

Volume

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

33.3

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

Derivative [Line Items]

Volume | TWh

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

0.1

[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 2027, January 2025 and December 2027, 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.

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Derivatives in fair value hedging relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

$ 1

$ 2

$ 5

Gain (Loss) Recognized in Income on Hedged Item

(7)

(5)

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

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

$ 1

$ 2

$ 5

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

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

$ 0

$ (7)

$ 5

$ (5)

Derivatives in cash flow hedging relationships [Member]

Derivative Instruments, Gain (Loss) [Line Items]

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

206

(96)

125

(144)

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

(31)

129

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

(4)

(2)

(5)

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

$ 2

$ 5

$ 3

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

$ 6

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

Derivative Instruments, Gain (Loss) [Line Items]

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

125

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

139

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

(14)

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]

261

$ (129)

186

$ (160)

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

(58)

176

(7)

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]

(51)

(59)

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

(19)

(52)

Derivatives not designated as hedging instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

(17)

(27)

(10)

190

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

Derivative Instruments, Gain (Loss) [Line Items]

Realized losses

(16)

Unrealized gains

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

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

(13)

(27)

(5)

190

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

Derivative Instruments, Gain (Loss) [Line Items]

Gain (Loss) Recognized in Income on Derivative

$ (4)

$ 0

$ (5)

$ 0

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

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

1 Months Ended

9 Months Ended

Feb. 28, 2025

Aug. 31, 2024

Feb. 29, 2024

Jan. 31, 2024

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Debt Instrument [Line Items]

Principal outstanding

$ 32,221

$ 29,021

Other, non-principal amounts

(316)

(273)

Less current maturities of debt

(1,149)

(1,300)

Total long-term debt

30,756

27,448

Debt Obligations Terms:

Repayment of debt obligations

49,271

$ 57,062

Letters of credit outstanding

Senior Debt Obligations [Member]

Debt Instrument [Line Items]

Principal outstanding

29,925

26,725

Debt Obligations Terms:

Aggregate debt principal issued

$ 2,500

$ 2,000

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

Debt Instrument [Line Items]

Principal outstanding

$ 0

450

Information regarding variable interest rates paid:

Weighted-average interest rate paid

5.46%

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

Information regarding variable interest rates paid:

Variable interest rates paid

5.45%

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

Information regarding variable interest rates paid:

Variable interest rates paid

5.50%

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

Debt Instrument [Line Items]

Principal outstanding

$ 0

850

Debt Obligations Terms:

Interest rate, stated percentage

3.90%

Repayment of debt obligations

$ 850

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,150

1,150

Debt Obligations Terms:

Interest rate, stated percentage

3.75%

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

Debt Obligations Terms:

Repayment of debt obligations

$ 1,150

Senior Debt Obligations [Member] | March 2024 $1.5 Billion EPO 364-Day Revolving Credit Agreement, due March 2025 [Member]

Debt Instrument [Line Items]

Principal outstanding

^[1]

$ 0

Debt Obligations Terms:

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.

Maximum borrowing capacity

$ 1,500

Maximum bank commitments increase

200

Total maximum borrowing capacity

1,700

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

Debt Instrument [Line Items]

Principal outstanding

$ 750

750

Debt Obligations Terms:

Interest rate, stated percentage

5.05%

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

Debt Instrument [Line Items]

Principal outstanding

$ 875

875

Debt Obligations Terms:

Interest rate, stated percentage

3.70%

Senior Debt Obligations [Member] | EPO Senior Notes HHH, due January 2027 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

Debt Obligations Terms:

Interest rate, stated percentage

4.60%

Aggregate debt principal issued

$ 1,000

Debt issued as percent of principal amount

99.897%

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

Debt Instrument [Line Items]

Principal outstanding

$ 575

575

Debt Obligations Terms:

Interest rate, stated percentage

3.95%

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

Debt Instrument [Line Items]

Principal outstanding

^[2]

$ 0

Debt Obligations Terms:

Credit facility interest rate description

Maximum borrowing capacity

$ 2,700

Maximum bank commitments increase

500

Total maximum borrowing capacity

3,200

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

4.15%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

3.125%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

2.80%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

5.35%

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

Debt Instrument [Line Items]

Principal outstanding

$ 500

500

Debt Obligations Terms:

Interest rate, stated percentage

6.875%

Senior Debt Obligations [Member] | EPO Senior Notes III, due January 2034 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

Debt Obligations Terms:

Interest rate, stated percentage

4.85%

Aggregate debt principal issued

$ 1,000

Debt issued as percent of principal amount

99.705%

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

Debt Instrument [Line Items]

Principal outstanding

$ 350

350

Debt Obligations Terms:

Interest rate, stated percentage

6.65%

Senior Debt Obligations [Member] | EPO Senior Notes JJJ, due February 2035 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,100

Debt Obligations Terms:

Interest rate, stated percentage

4.95%

Aggregate debt principal issued

$ 1,100

Debt issued as percent of principal amount

99.40%

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

Debt Instrument [Line Items]

Principal outstanding

$ 250

250

Debt Obligations Terms:

Interest rate, stated percentage

5.75%

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

Debt Instrument [Line Items]

Principal outstanding

$ 400

400

Debt Obligations Terms:

Interest rate, stated percentage

7.55%

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

Debt Instrument [Line Items]

Principal outstanding

$ 600

600

Debt Obligations Terms:

Interest rate, stated percentage

6.125%

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

Debt Instrument [Line Items]

Principal outstanding

$ 600

600

Debt Obligations Terms:

Interest rate, stated percentage

6.45%

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

Debt Instrument [Line Items]

Principal outstanding

$ 750

750

Debt Obligations Terms:

Interest rate, stated percentage

5.95%

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

Debt Instrument [Line Items]

Principal outstanding

$ 600

600

Debt Obligations Terms:

Interest rate, stated percentage

5.70%

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

Debt Instrument [Line Items]

Principal outstanding

$ 750

750

Debt Obligations Terms:

Interest rate, stated percentage

4.85%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,100

1,100

Debt Obligations Terms:

Interest rate, stated percentage

4.45%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,400

1,400

Debt Obligations Terms:

Interest rate, stated percentage

4.85%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,150

1,150

Debt Obligations Terms:

Interest rate, stated percentage

5.10%

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

Debt Instrument [Line Items]

Principal outstanding

$ 975

975

Debt Obligations Terms:

Interest rate, stated percentage

4.90%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

4.25%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

4.80%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,250

1,250

Debt Obligations Terms:

Interest rate, stated percentage

4.20%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.70%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.20%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.30%

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

Debt Instrument [Line Items]

Principal outstanding

$ 400

400

Debt Obligations Terms:

Interest rate, stated percentage

4.95%

Senior Debt Obligations [Member] | EPO Senior Notes KKK, due February 2055 [Member]

Debt Instrument [Line Items]

Principal outstanding

$ 1,400

Debt Obligations Terms:

Interest rate, stated percentage

5.55%

Aggregate debt principal issued

$ 1,400

Debt issued as percent of principal amount

99.663%

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

Debt Instrument [Line Items]

Principal outstanding

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

3.95%

Junior Debt Obligations [Member]

Debt Obligations Terms:

Variable rate, Interest rate terms

Effective July 1, 2023 and in accordance with the Adjustable Interest Rate (LIBOR) Act, 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.

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

Debt Instrument [Line Items]

Principal outstanding

^[3],[4]

$ 232

232

Debt Obligations Terms:

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

Variable interest rate

2.778%

Information regarding variable interest rates paid:

Weighted-average interest rate paid

8.35%

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

Information regarding variable interest rates paid:

Variable interest rates paid

8.06%

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

Information regarding variable interest rates paid:

Variable interest rates paid

8.42%

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

Debt Instrument [Line Items]

Principal outstanding

^[3],[5]

$ 350

350

Debt Obligations Terms:

Variable annual interest rate thereafter, variable rate basis

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

Variable interest rate

2.986%

Information regarding variable interest rates paid:

Weighted-average interest rate paid

8.55%

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

Information regarding variable interest rates paid:

Variable interest rates paid

8.34%

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

Information regarding variable interest rates paid:

Variable interest rates paid

8.64%

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

Debt Instrument [Line Items]

Principal outstanding

^[3],[6]

$ 1,000

1,000

Debt Obligations Terms:

Interest rate, stated percentage

5.25%

Variable annual interest rate thereafter, variable rate basis

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

Variable interest rate

3.033%

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

Debt Instrument [Line Items]

Principal outstanding

^[3],[7]

$ 700

700

Debt Obligations Terms:

Interest rate, stated percentage

5.375%

Variable annual interest rate thereafter, variable rate basis

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

Variable interest rate

2.57%

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

Debt Instrument [Line Items]

Principal outstanding

^[3],[4]

$ 14

Debt Obligations Terms:

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

Variable interest rate

2.778%

Information regarding variable interest rates paid:

Weighted-average interest rate paid

8.35%

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

Information regarding variable interest rates paid:

Variable interest rates paid

8.06%

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

Information regarding variable interest rates paid:

Variable interest rates paid

8.42%

[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 and in accordance with the Adjustable Interest Rate (LIBOR) Act, 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.
[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%.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,167,574,966

Hedging Activities and Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Hedging Activities and Fair Value Measurements [Abstract]

Hedging Activities and Fair Value Measurements

Note 13. Hedging Activities and Fair Value Measurements

In the normal course of our business operations, we are exposed to certain risks, including changes in interest rates and commodity prices. In order to manage risks associated with assets, liabilities and certain anticipated future transactions, we use derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. Substantially all of our derivatives are used for non-trading activities.

Interest Rate Hedging Activities

We may utilize interest rate swaps, forward-starting swaps, options to enter into forward-starting swaps (“swaptions”), 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.

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 that occurred in January 2024 (see Note 7). In January 2024, we terminated these treasury lock transactions simultaneously with our issuance of the three-year and ten-year notes and made total cash payments of $29 million.

In August 2024, we entered into two treasury lock transactions to fix the ten-year treasury rate at 3.98% on a notional amount of $1.0 billion and to fix the thirty-year treasury rate at 4.29% on a notional amount of $1.0 billion. The purpose of these transactions was to hedge the underlying interest rate risk associated with debt issuances that occurred in August 2024 (see Note 7). In August 2024, we terminated these treasury lock transactions simultaneously with our issuance of the ten-year and thirty-year notes and made total cash payments of $4 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.

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 September 30, 2024, 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 September 30, 2024 (volume measures as noted):

	Volume (1)		Accounting
Derivative Purpose	Current (2)	Long-Term (2)	Treatment
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))	4.5	n/a	Cash flow hedge
Forecasted sales of natural gas (Bcf)	39.1	34.8	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	2.8	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	3.2	1.0	Cash flow hedge
Natural gas marketing:
Forecasted purchases of natural gas (Bcf)	0.4	n/a	Cash flow hedge
Natural gas storage inventory management activities (Bcf)	1.1	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	123.7	10.4	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	119.3	13.5	Cash flow hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	0.1	n/a	Cash flow hedge
Forecasted sales of refined products (MMBbls)	0.5	n/a	Cash flow hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	17.1	3.3	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	30.1	8.8	Cash flow hedge
Petrochemical marketing:
Forecasted purchases of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Forecasted sales of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	1.5	0.4	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	27.1	1.8	Mark-to-market
NGL risk management activities (MMBbls) (3)	16.9	24.7	Mark-to-market
Refined products risk management activities (MMBbls) (3)	4.4	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	136.6	33.3	Mark-to-market
Commercial energy risk management activities (TWh) (3)	n/a	0.1	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 2027, January 2025 and December 2027, 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 $3 million and $2 million at September 30, 2024 and December 31, 2023, respectively.

Tabular Presentation of Fair Value Amounts, and Gains and Losses on

Derivative Instruments and Related Hedged Items

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

	Asset Derivatives						Liability Derivatives
	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
	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 derivatives	Current assets	$	–	Current assets	$	–	Current liabilities	$	–	Current liabilities	$	31
Commodity derivatives	Current assets	$	153	Current assets	$	118	Current liabilities	$	152	Current liabilities	$	136
Commodity derivatives	Other assets		22	Other assets		31	Other liabilities		19	Other liabilities		35
Total commodity derivatives			175			149			171			171
Total derivatives designated as hedging instruments		$	175		$	149		$	171		$	202

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	473	Current assets	$	229	Current liabilities	$	464	Current liabilities	$	229
Commodity derivatives	Other assets		140	Other assets		72	Other liabilities		141	Other liabilities		71
Total commodity derivatives			613			301			605			300
Total derivatives not designated as hedging instruments		$	613		$	301		$	605		$	300

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

	Offsetting of Financial Assets and Derivative Assets
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet											Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received				Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)											(v) = (iii) + (iv)
As of September 30, 2024:
Commodity derivatives		$	788		$	–		$	788		$	(775	)		$	(13	)		$	–		$	–
As of December 31, 2023:
Commodity derivatives		$	450		$	–		$	450		$	(450	)		$	–			$	–		$	–

	Offsetting of Financial Liabilities and Derivative Liabilities
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet									Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received		Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)									(v) = (iii) + (iv)
As of September 30, 2024:
Commodity derivatives		$	776		$	–		$	776		$	(775	)	$	–	$	–			$	1
As of December 31, 2023:
Interest rate derivatives		$	31		$	–		$	31		$	–		$	–	$	–			$	31
Commodity derivatives			471			–			471			(450	)		1		(21	)			1

Derivative assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets are presented on a gross-basis and determined at the individual transaction level. The tabular presentation above provides a means for comparing the gross amount of derivative assets and liabilities, excluding associated accounts payable and receivable, to the net amount that would likely be receivable or payable under a default scenario based on the existence of rights of offset in the respective derivative agreements. Any cash collateral paid or received is reflected in these tables, but only to the extent that it represents variation margins. Any amounts associated with derivative prepayments or initial margins that are not influenced by the derivative asset or liability amounts or those that are determined solely on their volumetric notional amounts are excluded from these tables.

The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
Commodity derivatives	Revenue	$	1	$	1	$	2	$	5
Total		$	1	$	1	$	2	$	5

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Three Months Ended September 30,					For the Nine Months Ended September 30,
		2024		2023			2024		2023
Commodity derivatives	Revenue	$	–	$	(7	)	$	5	$	(5	)
Total		$	–	$	(7	)	$	5	$	(5	)

The gain (loss) corresponding to the hedge ineffectiveness on the fair value hedges was negligible for all periods presented. The remaining gain (loss) for each period presented is primarily attributable to prompt-to-forward month price differentials that were excluded from the assessment of hedge effectiveness.

The following tables present the effect of our derivative instruments designated as cash flow hedges on our Unaudited Condensed Statements of Consolidated Operations and Unaudited Condensed Statements of Consolidated Comprehensive Income for the periods indicated:

Derivatives in Cash Flow Hedging Relationships	Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Interest rate derivatives	$	(4	)	$	–		$	(2	)	$	(5	)
Commodity derivatives – Revenue (1)		261			(129	)		186			(160	)
Commodity derivatives – Operating costs and expenses (1)		(51	)		33			(59	)		21
Total	$	206		$	(96	)	$	125		$	(144	)

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

Derivatives in Cash Flow Hedging Relationships	Location	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Interest rate derivatives	Interest expense	$	2		$	2		$	5		$	3
Commodity derivatives	Revenue		96			(58	)		176			(7	)
Commodity derivatives	Operating costs and expenses		(19	)		25			(52	)		22
Total		$	79		$	(31	)	$	129		$	18

Over the next twelve months, we expect to reclassify $6 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 $125 million of net gains attributable to commodity derivative instruments from accumulated other comprehensive income to earnings, with $139 million as an increase in revenue and $14 million as an increase in operating costs and expenses.

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

Derivatives Not Designated as Hedging Instruments	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Commodity derivatives	Revenue	$	(13	)	$	(27	)	$	(5	)	$	190
Commodity derivatives	Operating costs and expenses		(4	)		–			(5	)		–
Total		$	(17	)	$	(27	)	$	(10	)	$	190

The $10 million net loss recognized for the nine months ended September 30, 2024 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $16 million of net realized losses and $6 million of net unrealized mark-to-market gains attributable to commodity derivatives.

Fair Value Measurements

The following tables set forth, by level within the Level 1, 2 and 3 fair value hierarchy, the carrying values of our financial assets and liabilities at the dates indicated. These assets and liabilities are measured on a recurring basis and are classified based on the lowest level of input used to estimate their fair value. Our assessment of the relative significance of such inputs requires judgment.

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 September 30, 2024 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	$	761		$	344		$	1		$	1,106
Impact of CME Rule 814		(151	)		(166	)		(1	)		(318	)
Total commodity derivatives		610			178			–			788
Total	$	610		$	178		$	–		$	788

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	603		$	351		$	14		$	968
Impact of CME Rule 814		(29	)		(149	)		(14	)		(192	)
Total commodity derivatives		574			202			–			776
Total	$	574		$	202		$	–		$	776

	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 September 30, 2024 was a net derivative asset of $138 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at September 30, 2024 using significant unobservable inputs (Level 3) are not material to the Unaudited Condensed Consolidated Financial Statements.

Other Fair Value Information

The carrying amounts of cash and cash equivalents (including restricted cash balances), accounts receivable, commercial paper notes and accounts payable approximate their fair values based on their short-term nature. The estimated total fair value of our fixed-rate debt obligations was $30.4 billion and $26.7 billion at September 30, 2024 and December 31, 2023, respectively. The aggregate carrying value of these debt obligations was $31.6 billion and $28.0 billion at September 30, 2024 and December 31, 2023, 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.

Hedging Activities and Fair Value Measurements, Derivative Fair Value Amounts (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Interest rate derivatives [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives		$ 31
Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 788	450
Liability Derivatives	776	471
Derivatives designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	175	149
Liability Derivatives	171	202
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	0
Derivatives designated as hedging instruments [Member] \| Interest rate derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	0	31
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	175	149
Liability Derivatives	171	171
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	153	118
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	22	31
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	152	136
Derivatives designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	19	35
Derivatives not designated as hedging instruments [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	613	301
Liability Derivatives	605	300
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	613	301
Liability Derivatives	605	300
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	473	229
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	140	72
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Current liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	464	229
Derivatives not designated as hedging instruments [Member] \| Commodity derivatives [Member] \| Other liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 141	$ 71

Revenues

9 Months Ended

Sep. 30, 2024

Revenues [Abstract]

Revenues

Note 9. Revenues

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
NGL Pipelines & Services:
Sales of NGLs and related products	$	4,134	$	3,021	$	12,115	$	10,325
Segment midstream services:
Natural gas processing and fractionation		315		344		1,009		944
Transportation		293		286		835		798
Storage and terminals		89		106		277		308
Total segment midstream services		697		736		2,121		2,050
Total NGL Pipelines & Services		4,831		3,757		14,236		12,375
Crude Oil Pipelines & Services:
Sales of crude oil		4,952		5,068		15,672		12,999
Segment midstream services:
Transportation		194		194		577		549
Storage and terminals		105		103		305		302
Total segment midstream services		299		297		882		851
Total Crude Oil Pipelines & Services		5,251		5,365		16,554		13,850
Natural Gas Pipelines & Services:
Sales of natural gas		243		537		987		1,828
Segment midstream services:
Transportation		406		347		1,128		1,046
Total segment midstream services		406		347		1,128		1,046
Total Natural Gas Pipelines & Services		649		884		2,115		2,874
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products		2,751		1,647		8,105		5,052
Segment midstream services:
Fractionation and isomerization		65		94		276		208
Transportation, including marine logistics		157		171		498		486
Storage and terminals		71		80		234		248
Total segment midstream services		293		345		1,008		942
Total Petrochemical & Refined Products Services		3,044		1,992		9,113		5,994
Total consolidated revenues	$	13,775	$	11,998	$	42,018	$	35,093

Substantially all of our revenues are derived from contracts with customers as defined within Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

Unbilled Revenue and Deferred Revenue

The following table provides information regarding our contract assets and contract liabilities at September 30, 2024:

Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	8
Total		$	8

Contract Liability	Location	Balance
Deferred revenue (current amount)	Other current liabilities	$	203
Deferred revenue (noncurrent)	Other long-term liabilities		286
Total		$	489

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the nine months ended September 30, 2024:

	Unbilled Revenue			Deferred Revenue
Balance at December 31, 2023	$	11		$	519
Amount included in opening balance transferred to other accounts during period (1)		(11	)		(212	)
Amount recorded during period (2)		62			710
Amounts recorded during period transferred to other accounts (1)		(54	)		(522	)
Other changes		–			(6	)
Balance at September 30, 2024	$	8		$	489

(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
Three Months Ended December 31, 2024	$	1,030
One Year Ended December 31, 2025		3,822
One Year Ended December 31, 2026		3,513
One Year Ended December 31, 2027		3,241
One Year Ended December 31, 2028		2,820
Thereafter –		10,997
Total	$	25,423

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 16. Commitments and Contingent Liabilities

Litigation

As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the Partnership in litigation matters.

There were no accruals for litigation contingencies at September 30, 2024 and December 31, 2023, respectively.

Contractual Obligations

Scheduled Maturities of Debt

We have long-term and short-term payment obligations under debt agreements. In total, the principal amount of our consolidated debt obligations were $32.2 billion and $29.0 billion at September 30, 2024 and December 31, 2023, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal.

Lease Accounting Matters

There has been no significant change in our operating lease obligations since those disclosed in the 2023 Form 10-K.

The following table presents information regarding operating leases where we are the lessee at September 30, 2024:

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	$	191	$	191	8 years	4.5%
Transportation equipment		46		47	4 years	4.8%
Office and warehouse space		172		207	12 years	3.4%
Total	$	409	$	445

(1)	Right of use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2)	At September 30, 2024, lease liabilities of $95 million and $350 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3)	The discount rate for each category of assets represents the weighted average of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	25	$	18	$	68	$	51
Related accretion expense on lease liability balances		4		4		12		11
Total fixed lease expense		29		22		80		62
Variable lease expense		4		3		12		9
Total long-term operating lease expense		33		25		92		71
Short-term operating leases		32		30		91		82
Total operating lease expense	$	65	$	55	$	183	$	153

Cash paid for operating lease liabilities was $28 million and $21 million for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, cash paid for operating lease liabilities was $78 million and $62 million, respectively.

Operating lease income for each of the three months ended September 30, 2024 and 2023 was $4 million. For the nine months ended September 30, 2024 and 2023, operating lease income was $11 million and $12 million, respectively.

Purchase Obligations

We have contractual future product purchase commitments for natural gas, NGLs, crude oil, petrochemicals and refined products representing enforceable and legally binding agreements as of the reporting date. Our product purchase commitments decreased from $11.9 billion at December 31, 2023 to $9.0 billion at September 30, 2024 primarily due to commitments that expired during the year.

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Reconciliation of the provision for income taxes [Abstract]

Pre-Tax Net Book Income ("NBI")

$ 1,451

$ 1,372

$ 4,392

$ 4,100

Texas Margin Tax

^[1]

(13)

(17)

(40)

(33)

State income tax provision, net of federal benefit

(1)

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

(4)

(5)

(12)

(11)

Other

(1)

(2)

Total provision for income taxes

$ (19)

$ (22)

$ (55)

$ (45)

Effective income tax rate

(1.30%)

(1.60%)

(1.30%)

(1.10%)

[1]	Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.

- Definition

Amount of 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.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Capital Accounts, Noncontrolling Interests (Details) - USD ($) $ in Millions			9 Months Ended
	Mar. 27, 2024	Feb. 16, 2024	Sep. 30, 2024	Sep. 30, 2023
Noncontrolling Interest
Payments To Acquire Additional Interest In Subsidiaries As An Equity Transaction		$ 375	$ 400	$ 10
Whitehorn Pipeline Company LLC [Member]
Noncontrolling Interest
Percentage of Equity Interests Acquired		20.00%
Enterprise EF78 LLC [Member]
Noncontrolling Interest
Percentage of Equity Interests Acquired		25.00%
Panola Pipeline Company, LLC [Member]
Noncontrolling Interest
Percentage of Equity Interests Acquired	15.00%
Payments To Acquire Additional Interest In Subsidiaries As An Equity Transaction	$ 25
Parent Company's Ownership Percentage of Subsidiary	70.00%

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

BASIC EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 1,417

$ 1,318

$ 4,278

$ 3,961

Earnings allocated to phantom unit awards

^[1]

(14)

(12)

(41)

(36)

Net income allocated to common unitholders

$ 1,403

$ 1,306

$ 4,237

$ 3,925

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

2,169

2,172

2,170

2,173

Basic earnings per common unit (in dollars per unit)

$ 0.65

$ 0.6

$ 1.95

$ 1.81

DILUTED EARNINGS PER COMMON UNIT

Net income attributable to common unitholders

$ 1,417

$ 1,318

$ 4,278

$ 3,961

Net income attributable to preferred units

Net income attributable to limited partners

$ 1,418

$ 1,319

$ 4,281

$ 3,964

Diluted weighted-average number of units outstanding:

Distribution-bearing common units (in units)

2,169

2,172

2,170

2,173

Phantom units (in units)

^[2]

Preferred units (in units)

^[2]

Total (in units)

2,192

2,194

2,193

2,195

Diluted earnings per common unit (in dollars per unit)

$ 0.65

$ 0.6

$ 1.95

$ 1.81

[1]	Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding phantom units.
[2]	We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interests in Consolidated Subsidiaries [Member]	Common Limited Partners Interests [Member]	Treasury Units [Member]
Balance at Dec. 31, 2022	$ 27,702	$ 365	$ 1,079	$ 27,555	$ (1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	4,052	0	91	3,961	0
Cash distributions paid to common unitholders	(3,215)	0	0	(3,215)	0
Cash payments made in connection with distribution equivalent rights	(29)	0	0	(29)	0
Cash distributions paid to noncontrolling interests	(121)	0	(121)	0	0
Cash contributions from noncontrolling interests	25	0	25	0	0
Repurchase and cancellation of common units under 2019 Buyback Program	(92)	0	0	(92)	0
Amortization of fair value of equity-based awards	128	0	0	128	0
Acquisition of noncontrolling interests	(10)	0	(2)	(8)	0
Cash flow hedges	(162)	(162)	0	0	0
Other, net	(56)	0	0	(56)	0
Balance at Sep. 30, 2023	28,222	203	1,072	28,244	(1,297)
Balance at Jun. 30, 2023	28,022	268	1,071	27,980	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,349	0	31	1,318	0
Cash distributions paid to common unitholders	(1,086)	0	0	(1,086)	0
Cash payments made in connection with distribution equivalent rights	(10)	0	0	(10)	0
Cash distributions paid to noncontrolling interests	(40)	0	(40)	0	0
Cash contributions from noncontrolling interests	10	0	10	0	0
Amortization of fair value of equity-based awards	43	0	0	43	0
Cash flow hedges	(65)	(65)	0	0	0
Other, net	(1)	0	0	(1)	0
Balance at Sep. 30, 2023	28,222	203	1,072	28,244	(1,297)
Balance at Dec. 31, 2023	28,759	307	1,086	28,663	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	4,334	0	56	4,278	0
Cash distributions paid to common unitholders	(3,374)	0	0	(3,374)	0
Cash payments made in connection with distribution equivalent rights	(32)	0	0	(32)	0
Cash distributions paid to noncontrolling interests	(84)	0	(84)	0	0
Cash contributions from noncontrolling interests	33	0	33	0	0
Repurchase and cancellation of common units under 2019 Buyback Program	(156)	0	0	(156)	0
Amortization of fair value of equity-based awards	144	0	0	144	0
Acquisition of noncontrolling interests	(400)	0	(282)	(118)	0
Cash flow hedges	(4)	(4)	0	0	0
Other, net	(62)	0	0	(62)	0
Balance at Sep. 30, 2024	29,158	303	809	29,343	(1,297)
Balance at Jun. 30, 2024	28,797	176	808	29,110	(1,297)
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,431	0	14	1,417	0
Cash distributions paid to common unitholders	(1,139)	0	0	(1,139)	0
Cash payments made in connection with distribution equivalent rights	(11)	0	0	(11)	0
Cash distributions paid to noncontrolling interests	(21)	0	(21)	0	0
Cash contributions from noncontrolling interests	8	0	8	0	0
Repurchase and cancellation of common units under 2019 Buyback Program	(76)	0	0	(76)	0
Amortization of fair value of equity-based awards	44	0	0	44	0
Cash flow hedges	127	127	0	0	0
Other, net	(2)	0	0	(2)	0
Balance at Sep. 30, 2024	$ 29,158	$ 303	$ 809	$ 29,343	$ (1,297)

Hedging Activities and Fair Value Measurements, Other Fair Value Measurements (Details) - USD ($) $ in Billions	Sep. 30, 2024	Dec. 31, 2023
Carrying Value [Member]
Financial Liabilities: [Abstract]
Fixed Rate Debt Principal Amount Fair Value Disclosure	$ 31.6	$ 28.0
Level 2 [Member] \| Fair Value [Member]
Financial Liabilities: [Abstract]
Fixed Rate Debt Principal Amount Fair Value Disclosure	$ 30.4	$ 26.7

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Identifiable intangible assets [Abstract]
Gross Value	$ 5,901		$ 5,901		$ 5,897
Accumulated Amortization	(2,282)		(2,282)		(2,127)
Carrying Value	3,619		3,619		3,770
Amortization expense	54	$ 52	155	$ 148
Forecasted amortization expense [Abstract]
Remainder of 2024	53		53
2025	209		209
2026	203		203
2027	185		185
2028	181		181
NGL Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,203		1,203		1,201
Accumulated Amortization	(406)		(406)		(373)
Carrying Value	797		797		828
Amortization expense	12	10	33	29
NGL Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	449		449		449
Accumulated Amortization	(273)		(273)		(263)
Carrying Value	176		176		186
NGL Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	754		754		752
Accumulated Amortization	(133)		(133)		(110)
Carrying Value	621		621		642
Crude Oil Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,478		2,478		2,478
Accumulated Amortization	(883)		(883)		(805)
Carrying Value	1,595		1,595		1,673
Amortization expense	27	28	78	76
Crude Oil Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	2,195		2,195		2,195
Accumulated Amortization	(606)		(606)		(530)
Carrying Value	1,589		1,589		1,665
Crude Oil Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	283		283		283
Accumulated Amortization	(277)		(277)		(275)
Carrying Value	6		6		8
Natural Gas Pipelines & Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,994		1,994		1,992
Accumulated Amortization	(873)		(873)		(834)
Carrying Value	1,121		1,121		1,158
Amortization expense	13	12	39	37
Natural Gas Pipelines & Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	1,351		1,351		1,351
Accumulated Amortization	(653)		(653)		(625)
Carrying Value	698		698		726
Natural Gas Pipelines & Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	643		643		641
Accumulated Amortization	(220)		(220)		(209)
Carrying Value	423		423		432
Petrochemical & Refined Products Services [Member]
Identifiable intangible assets [Abstract]
Gross Value	226		226		226
Accumulated Amortization	(120)		(120)		(115)
Carrying Value	106		106		111
Amortization expense	2	$ 2	5	$ 6
Petrochemical & Refined Products Services [Member] \| Customer relationship intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	181		181		181
Accumulated Amortization	(90)		(90)		(86)
Carrying Value	91		91		95
Petrochemical & Refined Products Services [Member] \| Contract-based intangibles [Member]
Identifiable intangible assets [Abstract]
Gross Value	45		45		45
Accumulated Amortization	(30)		(30)		(29)
Carrying Value	$ 15		$ 15		$ 16

Capital Accounts, Distributions (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Nov. 14, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Distributions to Partners [Abstract]
Cash payments made in connection with DERs			$ 32	$ 29
Forecast [Member] \| Third Quarter 2024 Distribution [Member]
Distributions to Partners [Abstract]
Cash distributions paid	$ 1,150
Cash payments made in connection with DERs	$ 11
Cash Distribution [Member] \| Third Quarter 2024 Distribution [Member]
Distributions to Partners [Abstract]
Distribution Per Common Unit (in dollars per unit)		$ 0.525
Annualized Distribution Per Common Unit (in dollars per unit)		$ 2.1

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Cash, Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$ 1,434	$ 180
Restricted cash	239	140
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$ 1,673	$ 320	$ 314	$ 206

Business Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2024

Business Segments [Abstract]

Measurement of Total Segment Gross Operating Margin

The following table presents our measurement of total segment gross operating margin for the periods presented. The GAAP financial measure most directly comparable to total segment gross operating margin is operating income.

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Operating income	$	1,780		$	1,695		$	5,367		$	5,008
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)		586			566			1,749			1,644
Asset impairment charges in operating costs and expenses		27			11			51			27
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses		–			–			5			(4	)
General and administrative costs		61			59			184			172
Non-refundable payments received from shippers attributable to make-up rights (2)		13			12			56			36
Subsequent recognition of revenues attributable to make-up rights (3)		(19	)		(23	)		(30	)		(68	)
Total segment gross operating margin	$	2,448		$	2,320		$	7,382		$	6,815

(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

The following table presents gross operating margin by segment for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Gross operating margin by segment:
NGL Pipelines & Services	$	1,335	$	1,196	$	4,000	$	3,518
Crude Oil Pipelines & Services		401		432		1,229		1,251
Natural Gas Pipelines & Services		349		239		954		791
Petrochemical & Refined Products Services		363		453		1,199		1,255
Total segment gross operating margin	$	2,448	$	2,320	$	7,382	$	6,815

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

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations			Consolidated Total
Revenues from third parties:
Three months ended September 30, 2024	$	4,828	$	5,241	$	646	$	3,044	$	–		$	13,759
Three months ended September 30, 2023		3,754		5,354		880		1,992		–			11,980
Nine months ended September 30, 2024		14,227		16,530		2,106		9,113		–			41,976
Nine months ended September 30, 2023		12,367		13,825		2,863		5,994		–			35,049
Revenues from related parties:
Three months ended September 30, 2024		3		10		3		–		–			16
Three months ended September 30, 2023		3		11		4		–		–			18
Nine months ended September 30, 2024		9		24		9		–		–			42
Nine months ended September 30, 2023		8		25		11		–		–			44
Intersegment and intrasegment revenues:
Three months ended September 30, 2024		11,044		13,678		166		6,944		(31,832	)		–
Three months ended September 30, 2023		12,367		16,343		133		4,307		(33,150	)		–
Nine months ended September 30, 2024		34,157		42,547		481		18,982		(96,167	)		–
Nine months ended September 30, 2023		34,347		41,139		386		13,108		(88,980	)		–
Total revenues:
Three months ended September 30, 2024		15,875		18,929		815		9,988		(31,832	)		13,775
Three months ended September 30, 2023		16,124		21,708		1,017		6,299		(33,150	)		11,998
Nine months ended September 30, 2024		48,393		59,101		2,596		28,095		(96,167	)		42,018
Nine months ended September 30, 2023		46,722		54,989		3,260		19,102		(88,980	)		35,093
Equity in income of unconsolidated affiliates:
Three months ended September 30, 2024		27		70		2		–		–			99
Three months ended September 30, 2023		32		89		1		–		–			122
Nine months ended September 30, 2024		84		212		5		1		–			302
Nine months ended September 30, 2023		101		241		4		1		–			347

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

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations		Consolidated Total
Property, plant and equipment, net: (see Note 4)
At September 30, 2024	$	17,784	$	6,374	$	10,256	$	10,146	$	3,539	$	48,099
At December 31, 2023		17,541		6,627		10,019		9,372		2,245		45,804
Investments in unconsolidated affiliates: (see Note 5)
At September 30, 2024		597		1,634		34		3		–		2,268
At December 31, 2023		612		1,681		33		4		–		2,330
Intangible assets, net: (see Note 6)
At September 30, 2024		797		1,595		1,121		106		–		3,619
At December 31, 2023		828		1,673		1,158		111		–		3,770
Goodwill: (see Note 6)
At September 30, 2024		2,811		1,841		–		956		–		5,608
At December 31, 2023		2,811		1,841		–		956		–		5,608
Segment assets:
At September 30, 2024		21,989		11,444		11,411		11,211		3,539		59,594
At December 31, 2023		21,792		11,822		11,210		10,443		2,245		57,512

Consolidated Revenues and Expenses

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Consolidated revenues:
NGL Pipelines & Services	$	4,831	$	3,757	$	14,236	$	12,375
Crude Oil Pipelines & Services		5,251		5,365		16,554		13,850
Natural Gas Pipelines & Services		649		884		2,115		2,874
Petrochemical & Refined Products Services		3,044		1,992		9,113		5,994
Total consolidated revenues	$	13,775	$	11,998	$	42,018	$	35,093

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	10,387	$	8,786	$	31,976	$	25,796
Other operating costs and expenses (1)		1,018		986		2,946		2,749
Depreciation, amortization and accretion		601		583		1,791		1,692
Asset impairment charges		27		11		51		27
Net losses (gains) attributable to asset sales and related matters		–		–		5		(4	)
General and administrative costs		61		59		184		172
Total consolidated costs and expenses	$	12,094	$	10,425	$	36,953	$	30,432

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

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Debt Obligations [Abstract]

Consolidated Debt Obligations

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

	September 30, 2024			December 31, 2023
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	–		$	450
Senior Notes JJ, 3.90% fixed-rate, due February 2024		–			850
Senior Notes MM, 3.75% fixed-rate, due February 2025		1,150			1,150
March 2024 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2025 (1)		–			–
Senior Notes FFF, 5.05% fixed-rate, due January 2026		750			750
Senior Notes PP, 3.70% fixed-rate, due February 2026		875			875
Senior Notes HHH, 4.60% fixed-rate, due January 2027		1,000			–
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			1,000
Senior Notes D, 6.875% fixed-rate, due March 2033		500			500
Senior Notes III, 4.85% fixed-rate, due January 2034		1,000			–
Senior Notes H, 6.65% fixed-rate, due October 2034		350			350
Senior Notes JJJ 4.95% fixed-rate, due February 2035		1,100			–
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 KKK, 5.55% fixed-rate, due February 2055		1,400			–
Senior Notes CCC, 3.95% fixed-rate, due January 2060		1,000			1,000
Total principal amount of senior debt obligations		29,925			26,725
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		32,221			29,021
Other, non-principal amounts		(316	)		(273	)
Less current maturities of debt		(1,149	)		(1,300	)
Total long-term debt	$	30,756		$	27,448

(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 and in accordance with the Adjustable Interest Rate (LIBOR) Act, 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.

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the nine months ended September 30, 2024:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	5.45% to 5.50%	5.46%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes	8.06% to 8.42%	8.35%
EPO Junior Subordinated Notes D	8.34% to 8.64%	8.55%

Consolidated Debt Maturities

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2024 for the next five years, and in total thereafter:

				Scheduled Maturities of Debt
	Total			Remainder of 2024			2025			2026			2027			2028			Thereafter
Senior Notes		$	29,925		$	–		$	1,150		$	1,625		$	1,575		$	1,000		$	24,575
Junior Subordinated Notes			2,296			–			–			–			–			–			2,296
Total		$	32,221		$	–		$	1,150		$	1,625		$	1,575		$	1,000		$	26,871

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

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

Reference 9: 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 10: 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

+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,434	$ 180
Restricted cash	239	140
Inventories	3,319	3,352
Derivative assets	626	347
Prepaid and other current assets	565	457
Total current assets	14,385	12,248
Property, plant and equipment, net	48,099	45,804
Investments in unconsolidated affiliates	2,268	2,330
Intangible assets, net	3,619	3,770
Goodwill	5,608	5,608
Other assets	1,083	1,222
Total assets	75,062	70,982
Current liabilities:
Current maturities of debt	1,149	1,300
Accrued product payables	9,219	8,911
Accrued interest	270	455
Derivative liabilities	616	396
Other current liabilities	810	675
Total current liabilities	13,404	13,131
Long-term debt	30,756	27,448
Deferred tax liabilities	634	611
Other long-term liabilities	1,060	984
Commitments and contingent liabilities
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units (50,594 units outstanding at September 30, 2024 and 50,412 units outstanding at December 31, 2023)	50	49
Partners' equity:
Common limited partner interests (2,167,752,040 units issued and outstanding at September 30, 2024 and 2,168,245,238 units issued and outstanding at December 31, 2023)	29,343	28,663
Treasury units, at cost	(1,297)	(1,297)
Accumulated other comprehensive income	303	307
Total partners' equity	28,349	27,673
Noncontrolling interests in consolidated subsidiaries	809	1,086
Total equity	29,158	28,759
Total liabilities, preferred units, and equity	75,062	70,982
Nonrelated Party [Member]
Current assets:
Accounts receivable, net	8,197	7,765
Current liabilities:
Accounts payable	1,203	1,195
Related Party [Member]
Current assets:
Accounts receivable, net	5	7
Current liabilities:
Accounts payable	$ 137	$ 199

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Information [Abstract]

Net Effect of Changes in Operating Assets and Liabilities

The following table provides information regarding the net effect of changes in our operating accounts and cash payments for interest and income taxes for the periods indicated:

	For the Nine Months Ended September 30,
	2024			2023
Decrease (increase) in:
Accounts receivable – trade	$	(426	)	$	36
Accounts receivable – related parties		2			4
Inventories		32			(766	)
Prepaid and other current assets		(96	)		(665	)
Other assets		62			31
Increase (decrease) in:
Accounts payable – trade		(147	)		67
Accounts payable – related parties		(62	)		(84	)
Accrued product payables		305			457
Accrued interest		(185	)		(189	)
Other current liabilities		52			467
Other long-term liabilities		(100	)		(64	)
Net effect of changes in operating accounts	$	(563	)	$	(706	)

Cash payments for interest, net of $82 and $86 capitalized during the nine months ended September 30, 2024 and 2023, respectively	$	1,180		$	1,123

Cash payments for federal and state income taxes	$	19		$	22

Equity-Based Awards (Tables)

9 Months Ended

Sep. 30, 2024

Equity-based Awards [Abstract]

Equity-based Award Expense

An allocated portion of the fair value of EPCO’s equity-based awards is charged to us under the ASA. The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Equity-classified awards:
Phantom unit awards	$	44	$	42	$	135	$	126
Profits interest awards		–		1		10		3
Total	$	44	$	43	$	145	$	129

Other Share-based Compensation Plans

Subject to customary forfeiture provisions, phantom unit awards allow recipients to acquire the Partnership’s common units once a defined vesting period expires (at no cost to the recipient apart from fulfilling required service and other conditions). The following table presents phantom unit award activity for the period indicated:

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2023		19,557,251		$	24.47
Granted (2)		8,871,820		$	26.25
Vested		(7,234,929	)	$	24.50
Forfeited		(458,867	)	$	25.38
Phantom unit awards at September 30, 2024		20,735,275		$	25.20

(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 2024 was $233 million based on a grant date market price of the Partnership’s common units ranging from $26.25 to $28.05 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.

The following table presents supplemental information regarding phantom unit awards for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Cash payments made in connection with DERs	$	11	$	10	$	32	$	29
Total intrinsic value of phantom unit awards that vested during period		3		5		197		181

Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Scheduled maturities of debt obligations [Abstract]
Principal amount of consolidated debt obligations outstanding	$ 32,221	$ 29,021

Equity-Based Awards (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Equity-Based Awards (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity-based compensation expense [Abstract]
Total compensation expense	$ 44	$ 43	$ 145	$ 129
Phantom Unit Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	44	42	135	126
Profits Interest Awards [Member]
Equity-based compensation expense [Abstract]
Total compensation expense	$ 0	$ 1	$ 10	$ 3

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

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Inventory by Product Type [Abstract]

NGLs

$ 2,298

$ 2,392

Petrochemicals and refined products

447

536

Crude oil

570

419

Natural gas

Total

3,319

$ 3,352

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

Cost of sales

^[1]

10,387

$ 8,786

31,976

$ 25,796

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

$ 3

$ 8

$ 5

$ 17

[1]	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2024

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:

	September 30, 2024							December 31, 2023
	Gross Value		Accumulated Amortization			Carrying Value		Gross Value		Accumulated Amortization			Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(273	)	$	176	$	449	$	(263	)	$	186
Contract-based intangibles		754		(133	)		621		752		(110	)		642
Segment total		1,203		(406	)		797		1,201		(373	)		828
Crude Oil Pipelines & Services:
Customer relationship intangibles		2,195		(606	)		1,589		2,195		(530	)		1,665
Contract-based intangibles		283		(277	)		6		283		(275	)		8
Segment total		2,478		(883	)		1,595		2,478		(805	)		1,673
Natural Gas Pipelines & Services:
Customer relationship intangibles		1,351		(653	)		698		1,351		(625	)		726
Contract-based intangibles		643		(220	)		423		641		(209	)		432
Segment total		1,994		(873	)		1,121		1,992		(834	)		1,158
Petrochemical & Refined Products Services:
Customer relationship intangibles		181		(90	)		91		181		(86	)		95
Contract-based intangibles		45		(30	)		15		45		(29	)		16
Segment total		226		(120	)		106		226		(115	)		111
Total intangible assets	$	5,901	$	(2,282	)	$	3,619	$	5,897	$	(2,127	)	$	3,770

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
NGL Pipelines & Services	$	12	$	10	$	33	$	29
Crude Oil Pipelines & Services		27		28		78		76
Natural Gas Pipelines & Services		13		12		39		37
Petrochemical & Refined Products Services		2		2		5		6
Total	$	54	$	52	$	155	$	148

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

Remainder of 2024				2025				2026				2027				2028
$	53			$	209			$	203			$	185			$	181

Goodwill

Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2023 Form 10-K.

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

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Decrease (increase) in:

Accounts receivable - trade

$ (426)

$ 36

Accounts receivable - related parties

Inventories

(766)

Prepaid and other current assets

(96)

(665)

Other assets

Increase (decrease) in:

Accounts payable - trade

(147)

Accounts payable - related parties

(62)

(84)

Accrued product payables

305

457

Accrued interest

(185)

(189)

Other current liabilities

467

Other long-term liabilities

(100)

(64)

Net effect of changes in operating accounts

(563)

(706)

Cash payments for interest, net of $82 and $86 capitalized during the nine months ended September 30, 2024, and 2023, respectively

1,180

1,123

Capitalized interest

^[1]

$ 31

$ 17

Cash payments for federal and state income taxes

$ 22

Liability for construction in progress expenditures

$ 491

$ 400

[1]

Commitments and Contingent Liabilities, Purchase Obligations (Details) - USD ($) $ in Billions	Sep. 30, 2024	Dec. 31, 2023
Unrecorded Unconditional Purchase Obligation [Line Items]
Unrecorded purchase obligation, in total	$ 9.0	$ 11.9

Capital Accounts, Summary of Changes in Outstanding Units (Details) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024
Summary of changes in outstanding units [Roll Forward]
Common units outstanding, beginning balance (in units)	2,170,301,640	2,171,558,354	2,168,245,238	2,168,245,238
Common unit repurchases under 2019 Buyback Program (in units)	(2,646,351)	(1,419,581)	(1,386,835)
Common units issued in connection with the vesting of phantom unit awards, net (in units)	96,751	162,867	4,679,377
Other (in units)			20,574
Common units outstanding, ending balance (in units)	2,167,752,040	2,170,301,640	2,171,558,354	2,167,752,040

Revenues, Revenues by Business Segment and Revenue Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue [Abstract]
Revenues	$ 13,775	$ 11,998	$ 42,018	$ 35,093
NGL Pipelines & Services [Member]
Revenue [Abstract]
Revenues	4,831	3,757	14,236	12,375
NGL Pipelines & Services [Member] \| Sales of NGLs and Related Products [Member]
Revenue [Abstract]
Revenues	4,134	3,021	12,115	10,325
NGL Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	697	736	2,121	2,050
NGL Pipelines & Services [Member] \| Midstream Services: Natural Gas Processing and Fractionation [Member]
Revenue [Abstract]
Revenues	315	344	1,009	944
NGL Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	293	286	835	798
NGL Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	89	106	277	308
Crude Oil Pipelines & Services [Member]
Revenue [Abstract]
Revenues	5,251	5,365	16,554	13,850
Crude Oil Pipelines & Services [Member] \| Sales of Crude Oil [Member]
Revenue [Abstract]
Revenues	4,952	5,068	15,672	12,999
Crude Oil Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	299	297	882	851
Crude Oil Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	194	194	577	549
Crude Oil Pipelines & Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	105	103	305	302
Natural Gas Pipelines & Services [Member]
Revenue [Abstract]
Revenues	649	884	2,115	2,874
Natural Gas Pipelines & Services [Member] \| Sales of Natural Gas [Member]
Revenue [Abstract]
Revenues	243	537	987	1,828
Natural Gas Pipelines & Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	406	347	1,128	1,046
Natural Gas Pipelines & Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	406	347	1,128	1,046
Petrochemical & Refined Products Services [Member]
Revenue [Abstract]
Revenues	3,044	1,992	9,113	5,994
Petrochemical & Refined Products Services [Member] \| Sales of Petrochemicals and Refined Products [Member]
Revenue [Abstract]
Revenues	2,751	1,647	8,105	5,052
Petrochemical & Refined Products Services [Member] \| Midstream Services [Member]
Revenue [Abstract]
Revenues	293	345	1,008	942
Petrochemical & Refined Products Services [Member] \| Midstream Services: Fractionation and Isomerization [Member]
Revenue [Abstract]
Revenues	65	94	276	208
Petrochemical & Refined Products Services [Member] \| Midstream Services: Transportation [Member]
Revenue [Abstract]
Revenues	157	171	498	486
Petrochemical & Refined Products Services [Member] \| Midstream Services: Storage and Terminals [Member]
Revenue [Abstract]
Revenues	$ 71	$ 80	$ 234	$ 248

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Hedging Activities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Hedging Activities and Fair Value Measurements [Abstract]

Hedging Instruments Under the FASB's Derivative and Hedging Guidance

The following table summarizes our portfolio of commodity derivative instruments outstanding at September 30, 2024 (volume measures as noted):

	Volume (1)		Accounting
Derivative Purpose	Current (2)	Long-Term (2)	Treatment
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (billion cubic feet (“Bcf”))	4.5	n/a	Cash flow hedge
Forecasted sales of natural gas (Bcf)	39.1	34.8	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	2.8	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	3.2	1.0	Cash flow hedge
Natural gas marketing:
Forecasted purchases of natural gas (Bcf)	0.4	n/a	Cash flow hedge
Natural gas storage inventory management activities (Bcf)	1.1	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	123.7	10.4	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	119.3	13.5	Cash flow hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	0.1	n/a	Cash flow hedge
Forecasted sales of refined products (MMBbls)	0.5	n/a	Cash flow hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	17.1	3.3	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	30.1	8.8	Cash flow hedge
Petrochemical marketing:
Forecasted purchases of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Forecasted sales of petrochemical products (MMBbls)	0.1	n/a	Cash flow hedge
Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	1.5	0.4	Cash flow hedge
Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	27.1	1.8	Mark-to-market
NGL risk management activities (MMBbls) (3)	16.9	24.7	Mark-to-market
Refined products risk management activities (MMBbls) (3)	4.4	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	136.6	33.3	Mark-to-market
Commercial energy risk management activities (TWh) (3)	n/a	0.1	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 2027, January 2025 and December 2027, respectively.
(3)	Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

Derivative Assets and Liabilities Balance Sheet

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

	Asset Derivatives						Liability Derivatives
	September 30, 2024			December 31, 2023			September 30, 2024			December 31, 2023
	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 derivatives	Current assets	$	–	Current assets	$	–	Current liabilities	$	–	Current liabilities	$	31
Commodity derivatives	Current assets	$	153	Current assets	$	118	Current liabilities	$	152	Current liabilities	$	136
Commodity derivatives	Other assets		22	Other assets		31	Other liabilities		19	Other liabilities		35
Total commodity derivatives			175			149			171			171
Total derivatives designated as hedging instruments		$	175		$	149		$	171		$	202

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	473	Current assets	$	229	Current liabilities	$	464	Current liabilities	$	229
Commodity derivatives	Other assets		140	Other assets		72	Other liabilities		141	Other liabilities		71
Total commodity derivatives			613			301			605			300
Total derivatives not designated as hedging instruments		$	613		$	301		$	605		$	300

Offsetting Financial Assets

	Offsetting of Financial Assets and Derivative Assets
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet											Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Balance Sheet			Amounts of Assets Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received				Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)											(v) = (iii) + (iv)
As of September 30, 2024:
Commodity derivatives		$	788		$	–		$	788		$	(775	)		$	(13	)		$	–		$	–
As of December 31, 2023:
Commodity derivatives		$	450		$	–		$	450		$	(450	)		$	–			$	–		$	–

Offsetting Financial Liabilities

	Offsetting of Financial Liabilities and Derivative Liabilities
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Gross Amounts Not Offset in the Balance Sheet									Amounts That Would Have Been Presented On Net Basis
	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Balance Sheet			Amounts of Liabilities Presented in the Balance Sheet			Financial Instruments				Cash Collateral Received		Cash Collateral Paid			Amounts That Would Have Been Presented On Net Basis
	(i)			(ii)			(iii) = (i) – (ii)			(iv)									(v) = (iii) + (iv)
As of September 30, 2024:
Commodity derivatives		$	776		$	–		$	776		$	(775	)	$	–	$	–			$	1
As of December 31, 2023:
Interest rate derivatives		$	31		$	–		$	31		$	–		$	–	$	–			$	31
Commodity derivatives			471			–			471			(450	)		1		(21	)			1

Derivative Instruments Effects on Statements of Operations

The following tables present the effect of our derivative instruments designated as fair value hedges on our Unaudited Condensed Statements of Consolidated Operations for the periods indicated:

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended September 30,				For the Nine Months Ended September 30,
		2024		2023		2024		2023
Commodity derivatives	Revenue	$	1	$	1	$	2	$	5
Total		$	1	$	1	$	2	$	5

Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Three Months Ended September 30,					For the Nine Months Ended September 30,
		2024		2023			2024		2023
Commodity derivatives	Revenue	$	–	$	(7	)	$	5	$	(5	)
Total		$	–	$	(7	)	$	5	$	(5	)

Derivative Instruments Effects on Statements of Comprehensive Income

Derivatives in Cash Flow Hedging Relationships	Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative
	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Interest rate derivatives	$	(4	)	$	–		$	(2	)	$	(5	)
Commodity derivatives – Revenue (1)		261			(129	)		186			(160	)
Commodity derivatives – Operating costs and expenses (1)		(51	)		33			(59	)		21
Total	$	206		$	(96	)	$	125		$	(144	)

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

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

Derivatives in Cash Flow Hedging Relationships	Location	Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Interest rate derivatives	Interest expense	$	2		$	2		$	5		$	3
Commodity derivatives	Revenue		96			(58	)		176			(7	)
Commodity derivatives	Operating costs and expenses		(19	)		25			(52	)		22
Total		$	79		$	(31	)	$	129		$	18

Gain/(Loss) Recognized in Income on Derivative

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

Derivatives Not Designated as Hedging Instruments	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Commodity derivatives	Revenue	$	(13	)	$	(27	)	$	(5	)	$	190
Commodity derivatives	Operating costs and expenses		(4	)		–			(5	)		–
Total		$	(17	)	$	(27	)	$	(10	)	$	190

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

	At September 30, 2024 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	$	761		$	344		$	1		$	1,106
Impact of CME Rule 814		(151	)		(166	)		(1	)		(318	)
Total commodity derivatives		610			178			–			788
Total	$	610		$	178		$	–		$	788

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	603		$	351		$	14		$	968
Impact of CME Rule 814		(29	)		(149	)		(14	)		(192	)
Total commodity derivatives		574			202			–			776
Total	$	574		$	202		$	–		$	776

	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

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2024

Related Party Transactions

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues – related parties:
Unconsolidated affiliates	$	16	$	18	$	42	$	44
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	367	$	347	$	1,085	$	992
Unconsolidated affiliates		47		51		133		135
Total	$	414	$	398	$	1,218	$	1,127

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

	September 30, 2024		December 31, 2023
Accounts receivable - related parties:
Unconsolidated affiliates	$	5	$	7

Accounts payable - related parties:
EPCO and its privately held affiliates	$	123	$	183
Unconsolidated affiliates		14		16
Total	$	137	$	199

At September 30, 2024, 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
701,927,123 common units	32.4%

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Operating costs and expenses	$	323	$	305	$	956	$	873
General and administrative expenses		37		36		111		102
Total costs and expenses	$	360	$	341	$	1,067	$	975

Partnership Organization and Operations

9 Months Ended

Sep. 30, 2024

Partnership Organization and Operations [Abstract]

Partnership Organization and Operations

KEY REFERENCES USED IN THESE

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

The membership interests of Dan Duncan LLC are owned by a voting trust, the current trustees (“DD LLC Trustees”) of which are: (i) Randa Duncan Williams, who is also a director and Chairman of the Board of Directors of Enterprise GP (the “Board”); (ii) Richard H. Bachmann, who is also a director and Vice Chairman of the Board; and (iii) W. Randall Fowler, who is also a director and a Co-Chief Executive Officer of Enterprise GP. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as managers of Dan Duncan LLC.

References to “EPCO” mean Enterprise Products Company, a privately held Texas corporation, and its privately held affiliates. The outstanding voting capital stock of EPCO is owned by a voting trust, the current trustees (“EPCO Trustees”) of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr. Bachmann, who serves as the President and Chief Executive Officer of EPCO; and (iii) Mr. Fowler, who serves as an Executive Vice President and the Chief Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler also currently serve as directors of EPCO.

We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. EPCO, together with its privately held affiliates, owned approximately 32.4% of the Partnership’s common units outstanding at September 30, 2024.

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 14 for information regarding related party matters.

Our results of operations for the nine months ended September 30, 2024 are not necessarily indicative of results expected for the full year of 2024. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) filed with the SEC on February 28, 2024.

Hedging Activities and Fair Value Measurements, Asset Balance Sheet Offsetting (Details) - Commodity Derivatives [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	$ 788	$ 450
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Assets Presented in the Balance Sheet	788	450
Financial Instruments	(775)	(450)
Cash Collateral Received	(13)	0
Cash Collateral Paid	0	0
Amounts That Would Have Been Presented On Net Basis	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

Revenues, Remaining Performance Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 25,423
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Remaining Performance Obligation to be Recognized in the Future [Abstract]
Remaining performance obligation	$ 1,030
Expected timing of satisfaction, period	3 months
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	$ 3,822
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	$ 3,513
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	$ 3,241
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	$ 2,820
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	$ 10,997
Expected timing of satisfaction, period

Hedging Activities and Fair Value Measurements, Recurring Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financial assets [Abstract]
Value before application of CME Rule 814	$ 1,106	$ 728
Impact of CME Rule 814	(318)	(278)
Total commodity derivatives	788	450
Total	788	450
Financial liabilities [Abstract]
Interest rate derivatives		31
Commodity derivatives:
Value before application of CME Rule 814	968	625
Impact of CME Rule 814	(192)	(154)
Total commodity derivatives	776	471
Total	776	502
Net value before application of CME Rule 814 to commodity hedging portfolio	138
Level 1 [Member]
Financial assets [Abstract]
Value before application of CME Rule 814	761	431
Impact of CME Rule 814	(151)	(147)
Total commodity derivatives	610	284
Total	610	284
Financial liabilities [Abstract]
Interest rate derivatives		0
Commodity derivatives:
Value before application of CME Rule 814	603	317
Impact of CME Rule 814	(29)	(22)
Total commodity derivatives	574	295
Total	574	295
Level 2 [Member]
Financial assets [Abstract]
Value before application of CME Rule 814	344	297
Impact of CME Rule 814	(166)	(131)
Total commodity derivatives	178	166
Total	178	166
Financial liabilities [Abstract]
Interest rate derivatives		31
Commodity derivatives:
Value before application of CME Rule 814	351	308
Impact of CME Rule 814	(149)	(132)
Total commodity derivatives	202	176
Total	202	207
Level 3 [Member]
Financial assets [Abstract]
Value before application of CME Rule 814	1	0
Impact of CME Rule 814	(1)	0
Total commodity derivatives	0	0
Total	0	0
Financial liabilities [Abstract]
Interest rate derivatives		0
Commodity derivatives:
Value before application of CME Rule 814	14	0
Impact of CME Rule 814	(14)	0
Total commodity derivatives	0	0
Total	$ 0	$ 0

Equity-Based Awards, Profits Interest Awards (Details) - Profits Interest Awards [Member] $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accelerated cost recognized upon vesting \| $	$ 7
EPD 2018 Unit IV [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee partnership liquidation threshold (in dollars per unit)	$ 29.02
EPCO Unit II [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee partnership liquidation threshold (in dollars per unit)	$ 29.02

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 1D
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Subsequent Event (Details) - Subsequent Event [Member] - Pinon Midstream, LLC [Member] $ in Millions	1 Months Ended
	Oct. 31, 2024 USD ($)
Subsequent Event [Line Items]
Cash used for business combination	$ 950
Business Acquisition, Description of Acquired Entity	Piñon Midstream’s assets include approximately 50 miles of natural gas gathering and redelivery pipelines, five 3-stage compressor stations, 270 million cubic feet per day (“MMcf/d”) of hydrogen sulfide and carbon dioxide treating facilities and two high capacity acid gas injection wells.

Commitments and Contingent Liabilities, Consolidated Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Lease Expense [Abstract]
Non-cash lease expense (amortization of ROU assets)	$ 25	$ 18	$ 68	$ 51
Related accretion expense on lease liability balances	4	4	12	11
Total fixed lease expense	29	22	80	62
Variable lease expense	4	3	12	9
Total long-term operating lease expense	33	25	92	71
Short-term operating leases	32	30	91	82
Total operating lease expense	65	55	183	153
Cash payments for operating lease liabilities	28	21	78	62
Operating lease income	$ 4	$ 4	$ 11	$ 12

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2024
Subsequent Event [Abstract]
Subsequent Event	Note 18. Subsequent Event Acquisition of Piñon Midstream In August 2024, we announced that an affiliate of Enterprise entered into a definitive agreement to acquire Piñon Midstream, LLC (“Piñon Midstream”) for $950 million in cash consideration. This transaction, which closed October 28, 2024, was funded using cash on hand. Piñon Midstream’s assets include approximately 50 miles of natural gas gathering and redelivery pipelines, five 3-stage compressor stations, 270 million cubic feet per day (“MMcf/d”) of hydrogen sulfide and carbon dioxide treating facilities and two high capacity acid gas injection wells. Due to the recent nature of this transaction, we have not completed the preliminary allocation of the purchase price.

Hedging Activities and Fair Value Measurements, Liability Balance Sheet Offsetting (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
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	$ 776	471
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Liabilities Presented in the Balance Sheet	776	471
Financial Instruments	(775)	(450)
Cash Collateral Received	0	1
Cash Collateral Paid	0	(21)
Amounts That Would Have Been Presented On Net Basis	$ 1	$ 1

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues - related parties:
Total revenue - related parties	$ 16	$ 18	$ 42	$ 44
Costs and expenses - related parties:
Operating costs and expenses	372	357	1,097	1,014
General and administrative expenses	42	41	121	113
Total costs and expenses - related parties	414	398	1,218	1,127
Related Party [Member]
Costs and expenses - related parties:
Total accounts receivable - related parties	5		5		$ 7
Total accounts payable - related parties	137		137		199
EPCO and its privately held affiliates [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	367	347	1,085	992
Total accounts payable - related parties	123		123		183
Distributions:
Total cash distributions			1,100	1,000
EPCO and its privately held affiliates [Member] \| Administrative Services Agreement [Member]
Costs and expenses - related parties:
Operating costs and expenses	323	305	956	873
General and administrative expenses	37	36	111	102
Total costs and expenses - related parties	360	341	1,067	975
EPCO and its privately held affiliates [Member] \| Related Party Operating Leases [Member]
Costs and expenses - related parties:
Total costs and expenses - related parties	$ 7	3	$ 17	10
EPCO and its privately held affiliates [Member] \| Common Units [Member]
Relationship with Affiliates [Abstract]
Total Number of Units (in units)	701,927,123		701,927,123
Percentage of total units outstanding	32.40%		32.40%
Enterprise common units pledged as security (in units)	62,976,464		62,976,464
Unconsolidated affiliates [Member]
Revenues - related parties:
Total revenue - related parties	$ 16	18	$ 42	44
Costs and expenses - related parties:
Total costs and expenses - related parties	47	$ 51	133	$ 135
Total accounts receivable - related parties	5		5		7
Total accounts payable - related parties	$ 14		$ 14		$ 16

Equity-Based Awards

9 Months Ended

Sep. 30, 2024

Equity-based Awards [Abstract]

Equity-based Awards

Note 12. Equity-Based Awards

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Equity-classified awards:
Phantom unit awards	$	44	$	42	$	135	$	126
Profits interest awards		–		1		10		3
Total	$	44	$	43	$	145	$	129

The fair value of equity-classified awards is amortized to earnings over the requisite service or vesting period. Equity-classified awards are expected to result in the issuance of the Partnership’s common units upon vesting.

Phantom Unit Awards

	Number of Units			Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2023		19,557,251		$	24.47
Granted (2)		8,871,820		$	26.25
Vested		(7,234,929	)	$	24.50
Forfeited		(458,867	)	$	25.38
Phantom unit awards at September 30, 2024		20,735,275		$	25.20

(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 2024 was $233 million based on a grant date market price of the Partnership’s common units ranging from $26.25 to $28.05 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.

Each phantom unit award includes a DER, which entitles the participant to nonforfeitable cash payments equal to the product of the number of phantom unit awards outstanding for the participant and the cash distribution per common unit paid by the Partnership to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity when the phantom unit award is expected to result in the issuance of common units; otherwise, such amounts are expensed.

The following table presents supplemental information regarding phantom unit awards for the periods indicated:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Cash payments made in connection with DERs	$	11	$	10	$	32	$	29
Total intrinsic value of phantom unit awards that vested during period		3		5		197		181

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $244 million at September 30, 2024, of which our share of such cost is currently estimated to be $196 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

As of January 1, 2024, EPCO had two limited partnerships (referred to as “Employee Partnerships”) that served as long-term incentive arrangements for key employees of EPCO by providing them profits interest awards (or Class B limited partner interests) in one or more of the Employee Partnerships.

The Class B limited partner interests of these two Employee Partnerships vested on March 26, 2024 when the closing market price of the Partnership’s common units exceeded $29.02 per unit. As a result of these vesting events, we recognized an incremental $7 million of non-cash compensation expense in the three months ended March 31, 2024.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventories [Abstract]

Inventory Amounts by Product Type

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

	September 30, 2024		December 31, 2023
NGLs	$	2,298	$	2,392
Petrochemicals and refined products		447		536
Crude oil		570		419
Natural gas		4		5
Total	$	3,319	$	3,352

Cost of Sales and Lower of Cost or Market Adjustments

Due to fluctuating commodity prices, we recognize lower of cost or net realizable value adjustments when the carrying value of our available-for-sale inventories exceeds their net realizable value. The following table presents our total cost of sales amounts and lower of cost or net realizable value adjustments for the periods indicated:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Cost of sales (1)		$	10,387		$	8,786		$	31,976		$	25,796
Lower of cost or net realizable value adjustments recognized in cost of sales			3			8			5			17

(1)	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
Net income	$ 1,432	$ 1,350	$ 4,337	$ 4,055
Commodity hedging derivative instruments:
Changes in fair value of cash flow hedges	210	(96)	127	(139)
Reclassification of losses (gains) to net income	(77)	33	(124)	(15)
Interest rate hedging derivative instruments:
Changes in fair value of cash flow hedges	(4)	0	(2)	(5)
Reclassification of gains to net income	(2)	(2)	(5)	(3)
Total cash flow hedges	127	(65)	(4)	(162)
Total other comprehensive income (loss)	127	(65)	(4)	(162)
Comprehensive income	1,559	1,285	4,333	3,893
Comprehensive income attributable to noncontrolling interests	(14)	(31)	(56)	(91)
Comprehensive income attributable to preferred units	(1)	(1)	(3)	(3)
Comprehensive income attributable to common unitholders	$ 1,544	$ 1,253	$ 4,274	$ 3,799

Inventories

9 Months Ended

Sep. 30, 2024

Inventories [Abstract]

Inventories

Note 3. Inventories

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

	September 30, 2024		December 31, 2023
NGLs	$	2,298	$	2,392
Petrochemicals and refined products		447		536
Crude oil		570		419
Natural gas		4		5
Total	$	3,319	$	3,352

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Cost of sales (1)		$	10,387		$	8,786		$	31,976		$	25,796
Lower of cost or net realizable value adjustments recognized in cost of sales			3			8			5			17

(1)	Cost of sales is a component of “Operating costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. Fluctuations in these amounts are primarily due to changes in energy commodity prices and sales volumes associated with our marketing activities.

Business Segments and Related Information

9 Months Ended

Sep. 30, 2024

Business Segments [Abstract]

Business Segments

Note 10. Business Segments and Related Information

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

Financial information regarding these segments is evaluated regularly by our co-chief operating decision makers in deciding how to allocate resources and in assessing our operating and financial performance. The co-principal executive officers of our general partner have been identified as our co-chief operating decision makers. While these two officers evaluate results in a number of different ways, the business segment structure is the primary basis for which the allocation of resources and financial results are assessed.

The following information summarizes the assets and operations of each business segment:

•	Our NGL Pipelines & Services business segment includes our natural gas processing and related NGL marketing activities, NGL pipelines, NGL fractionation facilities, NGL and related product storage facilities, and NGL marine terminals.

•	Our Crude Oil Pipelines & Services business segment includes our crude oil pipelines, crude oil storage and marine terminals, and related crude oil marketing activities.

•	Our Natural Gas Pipelines & Services business segment includes our natural gas pipeline systems that provide for the gathering, treating and transportation of natural gas. This segment also includes our natural gas marketing activities.

•

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2024			2023			2024			2023
Operating income	$	1,780		$	1,695		$	5,367		$	5,008
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)		586			566			1,749			1,644
Asset impairment charges in operating costs and expenses		27			11			51			27
Net losses (gains) attributable to asset sales and related matters in operating costs and expenses		–			–			5			(4	)
General and administrative costs		61			59			184			172
Non-refundable payments received from shippers attributable to make-up rights (2)		13			12			56			36
Subsequent recognition of revenues attributable to make-up rights (3)		(19	)		(23	)		(30	)		(68	)
Total segment gross operating margin	$	2,448		$	2,320		$	7,382		$	6,815

(1)	Excludes amortization of major maintenance costs for reaction-based plants, which are a component of gross operating margin.
(2)	Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are nonrefundable to the shipper.
(3)	As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Gross operating margin by segment:
NGL Pipelines & Services	$	1,335	$	1,196	$	4,000	$	3,518
Crude Oil Pipelines & Services		401		432		1,229		1,251
Natural Gas Pipelines & Services		349		239		954		791
Petrochemical & Refined Products Services		363		453		1,199		1,255
Total segment gross operating margin	$	2,448	$	2,320	$	7,382	$	6,815

Summarized Segment Financial Information

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations			Consolidated Total
Revenues from third parties:
Three months ended September 30, 2024	$	4,828	$	5,241	$	646	$	3,044	$	–		$	13,759
Three months ended September 30, 2023		3,754		5,354		880		1,992		–			11,980
Nine months ended September 30, 2024		14,227		16,530		2,106		9,113		–			41,976
Nine months ended September 30, 2023		12,367		13,825		2,863		5,994		–			35,049
Revenues from related parties:
Three months ended September 30, 2024		3		10		3		–		–			16
Three months ended September 30, 2023		3		11		4		–		–			18
Nine months ended September 30, 2024		9		24		9		–		–			42
Nine months ended September 30, 2023		8		25		11		–		–			44
Intersegment and intrasegment revenues:
Three months ended September 30, 2024		11,044		13,678		166		6,944		(31,832	)		–
Three months ended September 30, 2023		12,367		16,343		133		4,307		(33,150	)		–
Nine months ended September 30, 2024		34,157		42,547		481		18,982		(96,167	)		–
Nine months ended September 30, 2023		34,347		41,139		386		13,108		(88,980	)		–
Total revenues:
Three months ended September 30, 2024		15,875		18,929		815		9,988		(31,832	)		13,775
Three months ended September 30, 2023		16,124		21,708		1,017		6,299		(33,150	)		11,998
Nine months ended September 30, 2024		48,393		59,101		2,596		28,095		(96,167	)		42,018
Nine months ended September 30, 2023		46,722		54,989		3,260		19,102		(88,980	)		35,093
Equity in income of unconsolidated affiliates:
Three months ended September 30, 2024		27		70		2		–		–			99
Three months ended September 30, 2023		32		89		1		–		–			122
Nine months ended September 30, 2024		84		212		5		1		–			302
Nine months ended September 30, 2023		101		241		4		1		–			347

Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. Substantially all of our consolidated revenues are earned in the U.S. and derived from a wide customer base.

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

	Reportable Business Segments
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Adjustments and Eliminations		Consolidated Total
Property, plant and equipment, net: (see Note 4)
At September 30, 2024	$	17,784	$	6,374	$	10,256	$	10,146	$	3,539	$	48,099
At December 31, 2023		17,541		6,627		10,019		9,372		2,245		45,804
Investments in unconsolidated affiliates: (see Note 5)
At September 30, 2024		597		1,634		34		3		–		2,268
At December 31, 2023		612		1,681		33		4		–		2,330
Intangible assets, net: (see Note 6)
At September 30, 2024		797		1,595		1,121		106		–		3,619
At December 31, 2023		828		1,673		1,158		111		–		3,770
Goodwill: (see Note 6)
At September 30, 2024		2,811		1,841		–		956		–		5,608
At December 31, 2023		2,811		1,841		–		956		–		5,608
Segment assets:
At September 30, 2024		21,989		11,444		11,411		11,211		3,539		59,594
At December 31, 2023		21,792		11,822		11,210		10,443		2,245		57,512

Supplemental Revenue and Expense Information

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Consolidated revenues:
NGL Pipelines & Services	$	4,831	$	3,757	$	14,236	$	12,375
Crude Oil Pipelines & Services		5,251		5,365		16,554		13,850
Natural Gas Pipelines & Services		649		884		2,115		2,874
Petrochemical & Refined Products Services		3,044		1,992		9,113		5,994
Total consolidated revenues	$	13,775	$	11,998	$	42,018	$	35,093

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	10,387	$	8,786	$	31,976	$	25,796
Other operating costs and expenses (1)		1,018		986		2,946		2,749
Depreciation, amortization and accretion		601		583		1,791		1,692
Asset impairment charges		27		11		51		27
Net losses (gains) attributable to asset sales and related matters		–		–		5		(4	)
General and administrative costs		61		59		184		172
Total consolidated costs and expenses	$	12,094	$	10,425	$	36,953	$	30,432

(1)	Represents the cost of operating our plants, pipelines and other fixed assets excluding: depreciation, amortization and accretion; 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.

- Definition

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

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+ Details

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 4. Property, Plant and Equipment

The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:

	Estimated Useful Life in Years		September 30, 2024		December 31, 2023
Plants, pipelines and facilities (1)(5)		3-45	$	60,008	$	57,983
Underground and other storage facilities (2)(6)		5-40		4,607		4,401
Transportation equipment (3)		3-10		265		242
Marine vessels (4)		15-30		939		935
Land				414		411
Construction in progress				3,539		2,245
Subtotal				69,772		66,217
Less accumulated depreciation				21,877		20,462
Subtotal property, plant and equipment, net				47,895		45,755
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)				204		49
Property, plant and equipment, net			$	48,099	$	45,804

(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 3.6 years.

Property, plant and equipment at September 30, 2024 and December 31, 2023 includes $135 million and $109 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2023:

ARO liability balance, December 31, 2023	$	225
Liabilities incurred (1)		–
Revisions in estimated cash flows (2)		30
Liabilities settled (3)		(2	)
Accretion expense (4)		8
ARO liability balance, September 30, 2024	$	261

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

Of the $261 million total ARO liability recorded at September 30, 2024, $6 million was reflected as a current liability and $255 million as a long-term liability.

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Depreciation expense (1)	$	495	$	476	$	1,471	$	1,379
Capitalized interest (2)		31		17		82		86

(1)

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

(2)