0001061219-26-000014 | 10-Q | XBRL Viewer | Enterprise Products Partners LP

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Equity-Based Awards - Schedule of Phantom Unit Award Activity (Details) - Phantom unit awards $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Number of Units
Beginning balance (in units) \| shares	20,581,966
Granted (in units) \| shares	8,060,595
Vested (in units) \| shares	(7,122,419)
Forfeited (in units) \| shares	(101,386)
Ending balance (in units) \| shares	21,418,756
Weighted-Average Grant Date Fair Value per Unit
Beginning balance (in dollars per unit)	$ 28.60
Granted (in dollars per unit)	35.17
Vested (in dollars per unit)	27.19
Forfeited (in dollars per unit)	30.29
Ending balance (in dollars per unit)	$ 31.53
Aggregate grant date fair value \| $	$ 284
Estimated forfeiture rate	2.00%
Minimum
Weighted-Average Grant Date Fair Value per Unit
Grant date market price of common units (in dollars per unit)	$ 32.16
Maximum
Weighted-Average Grant Date Fair Value per Unit
Grant date market price of common units (in dollars per unit)	$ 35.19

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Abstract]
Property, plant and equipment includes asset retirement costs capitalized	$ 139	$ 141
Total asset retirement obligation liability	292	$ 290
Asset retirement obligation, current	3
Asset retirement obligations, noncurrent	$ 289

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Supplemental Cash Flow Information [Abstract]
Incurred liabilities for construction in progress	$ 465	$ 401

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

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 2025 Form 10-K.

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.


	March 31, 2026		December 31, 2025


Cash and cash equivalents	$	191	$	969
Restricted cash	203		276
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	394	$	1,245

Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, petrochemicals, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 13 for information regarding our derivative instruments and hedging activities.

Partnership Organization and Operations	3 Months Ended
Partnership Organization and Operations	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Partnership Organization and Operations	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 three months ended March 31, 2026 are not necessarily indicative of results expected for the full year of 2026. In our opinion, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments consisting of normal recurring accruals necessary for fair presentation. Although we believe the disclosures in these financial statements are adequate and make the information presented not misleading, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These Unaudited Condensed Consolidated Financial Statements and Notes thereto should be read in conjunction with the Audited Consolidated Financial Statements and Notes thereto included in our annual report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”) filed with the SEC on February 27, 2026.

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Revenues	$ 14,386	$ 15,417
Costs and expenses	12,567	13,750
Related parties
Related Party Transaction [Line Items]
Revenues	16	13
Costs and expenses	463	425
Unconsolidated affiliates
Related Party Transaction [Line Items]
Revenues	16	13
Costs and expenses	42	38
EPCO and its privately held affiliates
Related Party Transaction [Line Items]
Costs and expenses	$ 421	$ 387

- 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

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Revenues - Schedule of Significant Changes in Unbilled Revenue and Deferred Revenue (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Unbilled Revenue
Balance at December 31, 2025	$ 6
Amount included in opening balance transferred to other accounts during period	(6)
Amounts recorded during period	23
Amounts recorded during period transferred to other accounts	(14)
Other changes	0
Balance at March 31, 2026	9
Deferred Revenue
Balance at December 31, 2025	418
Amount included in opening balance transferred to other accounts during period	(95)
Amounts recorded during period	238
Amounts recorded during period transferred to other accounts	(123)
Other changes	(3)
Balance at March 31, 2026	$ 435

Business Segments and Related Information - Schedule of Revenues and Costs and Expenses Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Consolidated Revenues [Abstract]
Revenues	$ 14,386	$ 15,417
Operating Costs and Expenses [Abstract]
Cost of sales	10,678	12,005
Other operating costs and expenses	1,134	1,059
Depreciation, amortization and accretion	682	618
Asset impairment charges	8	10
Net losses (gains) attributable to asset sales and related matters	1	(2)
General and administrative costs	64	60
Total costs and expenses	12,567	13,750
NGL Pipelines & Services
Consolidated Revenues [Abstract]
Revenues	4,032	5,400
Crude Oil Pipelines & Services
Consolidated Revenues [Abstract]
Revenues	6,299	5,121
Natural Gas Pipelines & Services
Consolidated Revenues [Abstract]
Revenues	1,107	1,221
Petrochemical & Refined Products Services
Consolidated Revenues [Abstract]
Revenues	$ 2,948	$ 3,675

Related Party Transactions - Schedule of Costs and Expenses Attributable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Operating costs and expenses	$ 12,503	$ 13,690
General and administrative expenses	64	60
Total costs and expenses	12,567	13,750
Related parties
Related Party Transaction [Line Items]
Operating costs and expenses	428	392
General and administrative expenses	35	33
Total costs and expenses	463	425
EPCO and its privately held affiliates
Related Party Transaction [Line Items]
Total costs and expenses	421	387
Administrative Services Agreement \| EPCO and its privately held affiliates
Related Party Transaction [Line Items]
Operating costs and expenses	382	351
General and administrative expenses	31	29
Total costs and expenses	$ 413	$ 380

- 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

+ Details

Hedging Activities and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Derivative [Line Items]
Carrying amount of hedged asset	$ 2		$ 6
Carrying Value
Derivative [Line Items]
Fixed rate debt principal amount fair value	32,500		34,100
Significant Other Observable Inputs (Level 2) \| Fair Value
Derivative [Line Items]
Fixed rate debt principal amount fair value	30,200		$ 32,200
Derivatives not designated as hedging instruments:
Derivative [Line Items]
Loss recognized in income on derivative	102	$ 23
Interest Rate Derivative Instruments \| Cash flow hedge
Derivative [Line Items]
Accumulated other comprehensive gain related to interest rate derivative instruments expected to be reclassified to earnings in interest expense over the next twelve months	7
Commodity Derivative Instruments \| Derivatives not designated as hedging instruments:
Derivative [Line Items]
Realized loss on commodity contracts	5
Unrealized loss on commodity contracts	97
Commodity Derivative Instruments \| Cash flow hedge
Derivative [Line Items]
Net accumulated other comprehensive loss related to commodity derivative instruments expected to be reclassified to earnings over the next twelve months	161
Accumulated other comprehensive loss related to commodity derivative instruments expected to be reclassified to revenue over the next twelve months	147
Accumulated other comprehensive loss related to commodity derivative instruments expected to be reclassified to operating costs and expenses over the next twelve months	14
Commodity Derivative Before CME Rule 814 \| Fair Value, Recurring
Derivative [Line Items]
Price risk derivatives, at fair value, net	$ (177)

Property, Plant and Equipment - Schedule of Information Regarding our Asset Retirement Obligations, or AROs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 290
Liabilities incurred	0
Revisions in estimated cash flows	0
Liabilities settled	0
Accretion expense	2
Balance at end of period	$ 292

Debt Obligations

3 Months Ended

Mar. 31, 2026

Debt Disclosure [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:




	March 31, 2026		December 31, 2025
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	1,140	$	–
Senior Notes FFF, 5.05% fixed-rate, due January 2026	–		750
Senior Notes PP, 3.70% fixed-rate, due February 2026	–		875
Senior Notes HHH, 4.60% fixed-rate, due January 2027	1,000		1,000
Senior Notes SS, 3.95% fixed-rate, due February 2027	575		575
March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2027 (1)	–		–
Senior Notes LLL, 4.30% fixed-rate, due June 2028	800		800
Senior Notes WW, 4.15% fixed-rate, due October 2028	1,000		1,000
Senior Notes YY, 3.125% fixed-rate, due July 2029	1,250		1,250
Senior Notes AAA, 2.80% fixed-rate, due January 2030	1,250		1,250
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 (2)	–		–
Senior Notes MMM, 4.60% fixed-rate, due January 2031	1,350		1,350
Senior Notes GGG, 5.35% fixed-rate, due January 2033	1,000		1,000
Senior Notes D, 6.875% fixed-rate, due March 2033	500		500
Senior Notes III, 4.85% fixed-rate, due January 2034	1,000		1,000
Senior Notes H, 6.65% fixed-rate, due October 2034	350		350
Senior Notes JJJ 4.95% fixed-rate, due February 2035	1,100		1,100
Senior Notes J, 5.75% fixed-rate, due March 2035	250		250
Senior Notes NNN, 5.20% fixed-rate, due January 2036	1,500		1,500
Senior Notes W, 7.55% fixed-rate, due April 2038	400		400
Senior Notes R, 6.125% fixed-rate, due October 2039	600		600
Senior Notes Z, 6.45% fixed-rate, due September 2040	600		600
Senior Notes BB, 5.95% fixed-rate, due February 2041	750		750
Senior Notes DD, 5.70% fixed-rate, due February 2042	600		600
Senior Notes EE, 4.85% fixed-rate, due August 2042	750		750
Senior Notes GG, 4.45% fixed-rate, due February 2043	1,100		1,100
Senior Notes II, 4.85% fixed-rate, due March 2044	1,400		1,400
Senior Notes KK, 5.10% fixed-rate, due February 2045	1,150		1,150
Senior Notes QQ, 4.90% fixed-rate, due May 2046	975		975
Senior Notes UU, 4.25% fixed-rate, due February 2048	1,250		1,250
Senior Notes XX, 4.80% fixed-rate, due February 2049	1,250		1,250
Senior Notes ZZ, 4.20% fixed-rate, due January 2050	1,250		1,250
Senior Notes BBB, 3.70% fixed-rate, due January 2051	1,000		1,000
Senior Notes DDD, 3.20% fixed-rate, due February 2052	1,000		1,000
Senior Notes EEE, 3.30% fixed-rate, due February 2053	1,000		1,000
Senior Notes NN, 4.95% fixed-rate, due October 2054	400		400
Senior Notes KKK, 5.55% fixed-rate, due February 2055	1,400		1,400
Senior Notes CCC, 3.95% fixed-rate, due January 2060	1,000		1,000
Total principal amount of senior debt obligations	31,940		32,425
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3)	232		232
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4)	350		350
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5)	1,000		1,000
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6)	700		700
Total principal amount of senior and junior debt obligations	34,222		34,707
Other, non-principal amounts	(308)		(312)
Less current maturities of debt	(2,712)		(1,625)
Total long-term debt	$	31,202	$	32,770

(1)Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).

(2)Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).

(3)Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment and (b) 2.778%.

(4)Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.986%.

(5)Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 3.033%.

(6)Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.57%.

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 three months ended March 31, 2026:


	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	3.78% to 4.06%	3.86%
EPO Junior Subordinated Notes C	6.71% to 6.83%	6.79%
EPO Junior Subordinated Notes D	6.90% to 7.10%	7.00%

Amounts borrowed under EPO’s March 2026 $1.5 Billion 364-Day Revolving Credit Agreement and March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR, for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO’s debt ratings.

Scheduled Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2026 for the next five years, and in total thereafter:


			Scheduled Maturities of Debt
	Total		Remainder of 2026		2027		2028		2029		2030		Thereafter
Commercial Paper Notes	$	1,140	$	1,140	$	–	$	–	$	–	$	–	$	–
Senior Notes	30,800		–		1,575		1,800		1,250		1,250		24,925
Junior Subordinated Notes	2,282		–		–		–		–		–		2,282
Total	$	34,222	$	1,140	$	1,575	$	1,800	$	1,250	$	1,250	$	27,207

March 2026 $1.5 Billion 364-Day Revolving Credit Agreement

In March 2026, EPO entered into a new 364-Day Revolving Credit Agreement (the “March 2026 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement. As of March 31, 2026, there were no principal amounts outstanding under the March 2026 $1.5 Billion 364-Day Revolving Credit Agreement.

Under the terms of the March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election, provided certain conditions are met) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein. The March 2026 $1.5 Billion 364-Day Revolving Credit Agreement matures in March 2027. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in March 2028. Borrowings under the March 2026 $1.5 Billion 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.

The March 2026 $1.5 Billion 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2026 $1.5 Billion 364-Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom.

EPO’s obligations under the March 2026 $1.5 Billion 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.

Letters of Credit

At March 31, 2026, EPO had $35 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 March 31, 2026.

Parent-Subsidiary Guarantor Relationships

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

- 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
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
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

Investments in Unconsolidated Affiliates (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments and Equity in Income of Unconsolidated Affiliates by Business Segment

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.


	March 31, 2026		December 31, 2025
NGL Pipelines & Services	$	566	$	572
Crude Oil Pipelines & Services	1,577		1,581
Natural Gas Pipelines & Services	31		31
Petrochemical & Refined Products Services	2		1
Total	$	2,176	$	2,185

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


	For the Three Months Ended March 31,
	2026		2025
NGL Pipelines & Services	$	19	$	20
Crude Oil Pipelines & Services	54		72
Natural Gas Pipelines & Services	2		2
Petrochemical & Refined Products Services	1		–
Total	$	76	$	94

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 191	$ 969
Restricted cash	203	276
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$ 394	$ 1,245	$ 454	$ 838

Business Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Total Segment Gross Operating Margin to Income Before Income Taxes

The following table presents a reconciliation of total segment gross operating margin to income before income taxes for the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Total segment gross operating margin	$	2,642	$	2,464
Adjustments to reconcile total segment gross operating margin to income before income taxes (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)	(656)		(602)
Asset impairment charges in operating costs and expenses	(8)		(10)
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses	(1)		2
General and administrative costs	(64)		(60)
Non-refundable payments received from shippers attributable to make-up rights (2)	(33)		(37)
Subsequent recognition of revenues attributable to make-up rights (3)	15		4
Total other expense, net (4)	(377)		(331)
Income before income taxes	$	1,518	$	1,430

(1)Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use (“ROU”) assets, which are components of gross operating margin.

(2)Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are non-refundable to the shipper.

(3)As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

(4)As presented on our Unaudited Condensed Statements of Consolidated Operations, Total other expense, net is comprised of Interest expense, Interest income and Other, net.

Schedule of Segment Financial Information

The following tables present segment revenues and significant segment expenses by segment, together with a reconciliation to segment gross operating margin, for the periods indicated:


	For the Three Months Ended March 31, 2026
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	4,028	$	6,294	$	1,100	$	2,948	$	14,370
Revenues from related parties	4		5		7		–		16
Intersegment and intrasegment revenues	16,548		11,727		352		4,918		33,545
Total segment revenues	20,580		18,026		1,459		7,866		47,931
Significant segment expenses:
Cost of sales	18,425		17,606		754		7,133		43,918
Variable operating costs and expenses (1)	221		37		18		132		408
Fixed operating costs and expenses (2)	477		121		192		292		1,082
Total significant segment expenses	19,123		17,764		964		7,557		45,408
Other segment income (expense):
Equity in income of unconsolidated affiliates	19		54		2		1		76
Other segment items (3)	27		13		(1)		4		43
Total other segment income	46		67		1		5		119
Total segment gross operating margin	$	1,503	$	329	$	496	$	314	$	2,642

Other financial information:
Capital expenditures	$	492	$	27	$	340	$	124	$	983

(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

(3)Other segment items for each segment primarily represent the following:

•NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other miscellaneous segment items.

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Natural Gas Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.


	For the Three Months Ended March 31, 2025
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	5,398	$	5,115	$	1,216	$	3,675	$	15,404
Revenues from related parties	2		6		5		–		13
Intersegment and intrasegment revenues	17,017		10,622		232		7,195		35,066
Total segment revenues	22,417		15,743		1,453		10,870		50,483
Significant segment expenses:
Cost of sales	20,433		15,307		899		10,156		46,795
Variable operating costs and expenses (1)	199		35		22		106		362
Fixed operating costs and expenses (2)	423		101		177		294		995
Total significant segment expenses	21,055		15,443		1,098		10,556		48,152
Other segment income:
Equity in income of unconsolidated affiliates	20		72		2		–		94
Other segment items (3)	36		2		–		1		39
Total other segment income	56		74		2		1		133
Total segment gross operating margin	$	1,418	$	374	$	357	$	315	$	2,464

Other financial information:
Capital expenditures	$	635	$	23	$	303	$	101	$	1,062

(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

(3)Other segment items for each segment primarily represent the following:

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.

The following table reconciles total segment revenues as reported in the preceding tables to consolidated revenues as presented on our Unaudited Condensed Statements of Consolidated Operations:


	For the Three Months Ended March 31,
	2026		2025
Segment revenues:
NGL Pipelines & Services	$	20,580	$	22,417
Crude Oil Pipelines & Services	18,026		15,743
Natural Gas Pipelines & Services	1,459		1,453
Petrochemical & Refined Products Services	7,866		10,870
Total segment revenues	47,931		50,483
Elimination of intersegment and intrasegment revenues	(33,545)		(35,066)
Total consolidated revenues	$	14,386	$	15,417

The following table presents our segment assets, together with a reconciliation to our consolidated total assets, at the dates indicated:




	March 31, 2026		December 31, 2025
NGL Pipelines & Services	$	25,019	$	24,999
Crude Oil Pipelines & Services	11,187		11,097
Natural Gas Pipelines & Services	13,136		13,194
Petrochemical & Refined Products Services	11,738		11,725
Total segment assets	61,080		61,015
Construction in progress	2,639		2,400
Current assets	15,677		13,360
Other assets	1,163		1,127
Consolidated total assets	$	80,559	$	77,902

Schedule of Consolidated Revenues and Costs 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 March 31,
	2026		2025
Consolidated revenues:
NGL Pipelines & Services	$	4,032	$	5,400
Crude Oil Pipelines & Services	6,299		5,121
Natural Gas Pipelines & Services	1,107		1,221
Petrochemical & Refined Products Services	2,948		3,675
Total consolidated revenues	$	14,386	$	15,417

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	10,678	$	12,005
Other operating costs and expenses (1)	1,134		1,059
Depreciation, amortization and accretion	682		618
Asset impairment charges	8		10
Net losses (gains) attributable to asset sales and related matters	1		(2)
General and administrative costs	64		60
Total consolidated costs and expenses	$	12,567	$	13,750

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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Topic 280
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-Topic 280
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-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

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-Topic 280
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-Topic 280
-SubTopic 10
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-Topic 280
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+ Details

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Provision)

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


	For the Three Months Ended March 31,
	2026		2025
Current portion of income tax provision:
Federal	$	(1)	$	(1)
State	(7)		(12)
Total current portion	(8)		(13)
Deferred portion of income tax provision:
Federal	(4)		(4)
State	(10)		(7)

Total deferred portion	(14)		(11)
Total provision for income taxes	$	(22)	$	(24)

Schedule of Reconciliation of Benefit from (Provision for) Income Taxes

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


	For the Three Months Ended March 31,
	2026					2025
Pre-Tax Net Book Income (“NBI”)	$	1,518				$	1,430

Income tax provision at the U.S. federal income tax rate	(319)			(21.0)	%	(300)			(21.0)	%
Reduction (increase) in provision for income taxes resulting from:
Partnership income not subject to federal income tax	315			20.8	%	296			20.7	%
Texas Margin Tax (1)	(17)			(1.1)	%	(19)			(1.3)	%

Other	(1)			(0.1)	%	(1)			(0.1)	%
Provision for income taxes	$	(22)		(1.4)	%	$	(24)		(1.7)	%

Effective income tax rate	(1.4)		%			(1.7)		%

(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.

Schedule of 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:




	March 31, 2026		December 31, 2025
Deferred tax liabilities:
Attributable to investment in OTA (1)	$	502	$	495
Attributable to property, plant and equipment	183		172
Attributable to investments in other entities	4		4
Other	106		107
Total deferred tax liabilities	795		778
Deferred tax assets:
Net operating loss carryovers (2)	76		73
Temporary differences related to Texas Margin Tax	3		3
Total deferred tax assets	79		76
Total net deferred tax liabilities	$	716	$	702

(1)Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. (“OTA”), which we acquired in March 2020.

(2)The loss amount presented as of March 31, 2026 has an indefinite carryover period. All losses are subject to limitations on their utilization.

Schedule of Income Taxes Paid

The following table presents income taxes paid, net of refunds received, during the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Federal	$	1	$	1
State	(1)		(4)
Total	$	–	$	(3)

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


	For the Three Months Ended March 31,
	2026		2025
Decrease (increase) in:
Accounts receivable – trade	$	(1,852)	$	1,384
Accounts receivable – related parties	1		2
Inventories	(1,266)		736
Prepaid and other current assets	360		111
Other assets	(2)		13
Increase (decrease) in:
Accounts payable – trade	284		(35)
Accounts payable – related parties	(108)		(107)
Accrued product payables	2,915		(1,374)
Accrued interest	(278)		(275)
Other current liabilities	(894)		(178)
Other long-term liabilities	(21)		(74)
Net effect of changes in operating accounts	$	(861)	$	203

Cash payments for interest, net of $24 and $45 capitalized during the three months ended March 31, 2026 and 2025, respectively	$	659	$	611

Equity-Based Awards (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Based Award Compensation Expense

The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Equity-classified awards:
Phantom unit awards	$	54	$	49

Total	$	54	$	49

Schedule of Phantom Unit Award Activity

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


	Number of Units	Weighted- Average Grant Date Fair Value per Unit (1)








Phantom unit awards at December 31, 2025	20,581,966	$	28.60
Granted (4)	8,060,595	$	35.17
Vested	(7,122,419)	$	27.19
Forfeited	(101,386)	$	30.29
Phantom unit awards at March 31, 2026	21,418,756	$	31.53

(1)Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

(2)The aggregate grant date fair value of phantom unit awards issued during 2026 was $284 million based on a grant date market price of the Partnership’s common units ranging from $32.16 to $35.19 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 March 31,
	2026		2025
Cash payments made in connection with DERs	$	11	$	11
Total intrinsic value of phantom unit awards that vested during period	261		247

Earnings Per Unit (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Unit [Abstract]

Schedule of 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 March 31,
	2026		2025
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,482	$	1,393
Earnings allocated to phantom unit awards (1)	(15)		(13)
Net income allocated to common unitholders	$	1,467	$	1,380

Basic weighted-average number of common units outstanding	2,164		2,168

Basic earnings per common unit	$	0.68	$	0.64

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,482	$	1,393
Net income attributable to preferred units	1		1
Net income attributable to limited partners	$	1,483	$	1,394

Diluted weighted-average number of units outstanding:
Distribution-bearing common units	2,164		2,168
Phantom units (2)	22		21
Preferred units (2)	1		2
Total	2,187		2,191

Diluted earnings per common unit	$	0.68	$	0.64

(1)Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding our phantom units.

(2)We use the “if-converted method” to determine the potential dilutive effect of the vesting of phantom unit awards and the conversion of preferred units outstanding. See Note 12 for information regarding phantom unit awards. See Note 8 for information regarding preferred units.

Hedging Activities and Fair Value Measurements - Schedule of Derivative Fair Value Amounts (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Commodity Derivative Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 1,047	$ 460
Liability Derivatives	1,041	363
Derivatives designated as hedging instruments:
Derivatives, Fair Value [Line Items]
Asset Derivatives	897	429
Liability Derivatives	829	325
Derivatives designated as hedging instruments: \| Commodity Derivative Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	897	429
Liability Derivatives	829	325
Derivatives designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AssetsCurrent
Derivatives, Fair Value [Line Items]
Asset Derivatives	842	403
Derivatives designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:LiabilitiesCurrent
Derivatives, Fair Value [Line Items]
Liability Derivatives	789	312
Derivatives designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent
Derivatives, Fair Value [Line Items]
Asset Derivatives	55	26
Derivatives designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Derivatives, Fair Value [Line Items]
Liability Derivatives	40	13
Derivatives not designated as hedging instruments:
Derivatives, Fair Value [Line Items]
Asset Derivatives	150	31
Liability Derivatives	212	38
Derivatives not designated as hedging instruments: \| Commodity Derivative Instruments
Derivatives, Fair Value [Line Items]
Asset Derivatives	150	31
Liability Derivatives	212	38
Derivatives not designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:AssetsCurrent
Derivatives, Fair Value [Line Items]
Asset Derivatives	149	31
Derivatives not designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:LiabilitiesCurrent
Derivatives, Fair Value [Line Items]
Liability Derivatives	203	35
Derivatives not designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent
Derivatives, Fair Value [Line Items]
Asset Derivatives	1	0
Derivatives not designated as hedging instruments: \| Commodity Derivative Instruments \| Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 9	$ 3

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

Note 3. Inventories

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




	March 31, 2026		December 31, 2025
NGLs	$	3,592	$	2,923
Petrochemicals and refined products	711		665
Crude oil	929		288
Natural gas	2		8
Total	$	5,234	$	3,884

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


	For the Three Months Ended March 31,
	2026		2025
Cost of sales (1)	$	10,678	$	12,005
Lower of cost or net realizable value adjustments recognized in cost of sales	1		2

(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.

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Consolidated Debt Obligations

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




	March 31, 2026		December 31, 2025
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	1,140	$	–
Senior Notes FFF, 5.05% fixed-rate, due January 2026	–		750
Senior Notes PP, 3.70% fixed-rate, due February 2026	–		875
Senior Notes HHH, 4.60% fixed-rate, due January 2027	1,000		1,000
Senior Notes SS, 3.95% fixed-rate, due February 2027	575		575
March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2027 (1)	–		–
Senior Notes LLL, 4.30% fixed-rate, due June 2028	800		800
Senior Notes WW, 4.15% fixed-rate, due October 2028	1,000		1,000
Senior Notes YY, 3.125% fixed-rate, due July 2029	1,250		1,250
Senior Notes AAA, 2.80% fixed-rate, due January 2030	1,250		1,250
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 (2)	–		–
Senior Notes MMM, 4.60% fixed-rate, due January 2031	1,350		1,350
Senior Notes GGG, 5.35% fixed-rate, due January 2033	1,000		1,000
Senior Notes D, 6.875% fixed-rate, due March 2033	500		500
Senior Notes III, 4.85% fixed-rate, due January 2034	1,000		1,000
Senior Notes H, 6.65% fixed-rate, due October 2034	350		350
Senior Notes JJJ 4.95% fixed-rate, due February 2035	1,100		1,100
Senior Notes J, 5.75% fixed-rate, due March 2035	250		250
Senior Notes NNN, 5.20% fixed-rate, due January 2036	1,500		1,500
Senior Notes W, 7.55% fixed-rate, due April 2038	400		400
Senior Notes R, 6.125% fixed-rate, due October 2039	600		600
Senior Notes Z, 6.45% fixed-rate, due September 2040	600		600
Senior Notes BB, 5.95% fixed-rate, due February 2041	750		750
Senior Notes DD, 5.70% fixed-rate, due February 2042	600		600
Senior Notes EE, 4.85% fixed-rate, due August 2042	750		750
Senior Notes GG, 4.45% fixed-rate, due February 2043	1,100		1,100
Senior Notes II, 4.85% fixed-rate, due March 2044	1,400		1,400
Senior Notes KK, 5.10% fixed-rate, due February 2045	1,150		1,150
Senior Notes QQ, 4.90% fixed-rate, due May 2046	975		975
Senior Notes UU, 4.25% fixed-rate, due February 2048	1,250		1,250
Senior Notes XX, 4.80% fixed-rate, due February 2049	1,250		1,250
Senior Notes ZZ, 4.20% fixed-rate, due January 2050	1,250		1,250
Senior Notes BBB, 3.70% fixed-rate, due January 2051	1,000		1,000
Senior Notes DDD, 3.20% fixed-rate, due February 2052	1,000		1,000
Senior Notes EEE, 3.30% fixed-rate, due February 2053	1,000		1,000
Senior Notes NN, 4.95% fixed-rate, due October 2054	400		400
Senior Notes KKK, 5.55% fixed-rate, due February 2055	1,400		1,400
Senior Notes CCC, 3.95% fixed-rate, due January 2060	1,000		1,000
Total principal amount of senior debt obligations	31,940		32,425
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3)	232		232
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4)	350		350
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5)	1,000		1,000
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6)	700		700
Total principal amount of senior and junior debt obligations	34,222		34,707
Other, non-principal amounts	(308)		(312)
Less current maturities of debt	(2,712)		(1,625)
Total long-term debt	$	31,202	$	32,770

(1)Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).

(2)Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).

(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%.

The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the three months ended March 31, 2026:


	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	3.78% to 4.06%	3.86%
EPO Junior Subordinated Notes C	6.71% to 6.83%	6.79%
EPO Junior Subordinated Notes D	6.90% to 7.10%	7.00%

Schedule of Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at March 31, 2026 for the next five years, and in total thereafter:


			Scheduled Maturities of Debt
	Total		Remainder of 2026		2027		2028		2029		2030		Thereafter
Commercial Paper Notes	$	1,140	$	1,140	$	–	$	–	$	–	$	–	$	–
Senior Notes	30,800		–		1,575		1,800		1,250		1,250		24,925
Junior Subordinated Notes	2,282		–		–		–		–		–		2,282
Total	$	34,222	$	1,140	$	1,575	$	1,800	$	1,250	$	1,250	$	27,207

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.5-02(22)(a))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating and Finance Leases

The following table presents information regarding operating and finance leases where we are the lessee at March 31, 2026:


Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Operating leases
Storage and pipeline facilities	$	236	$	232	10 years	4.8%
Transportation equipment	29		30		3 years	4.8%
Office and warehouse space	155		189		11 years	3.3%
Total operating leases	420		451
Finance leases
Transportation equipment	15		15		3 years	4.8%
Total finance leases	15		15
Total leases	$	435	$	466

(1)ROU asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.

(2)At March 31, 2026, operating lease liabilities of $88 million and $363 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively. Additionally at March 31, 2026, finance lease liabilities of $3 million and $12 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.

Schedule of Consolidated Lease Expense

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


	For the Three Months Ended March 31,
	2026		2025
Long-term leases:
Fixed operating lease expense:
Non-cash lease expense (amortization of ROU assets)	$	28	$	28
Related accretion expense on lease liability balances	5		4
Total fixed operating lease expense	33		32
Fixed finance lease expense:
Amortization of ROU assets	1		–
Interest on finance lease liabilities	–		–
Total fixed finance lease expense	1		–
Variable lease expense	5		5
Total long-term lease expense	39		37
Short-term leases	42		35
Total lease expense	$	81	$	72

Property, Plant and Equipment - Schedule of Historical Costs of our Property, Plant and Equipment and Related Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 76,333	$ 75,472
Less accumulated depreciation	24,869	24,338
Subtotal property, plant and equipment, net	51,464	51,134
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization	264	225
Property, plant and equipment, net	51,728	51,359
Plants, pipelines and facilities
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 67,062	66,498
Plants, pipelines and facilities \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	3 years
Plants, pipelines and facilities \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	45 years
Underground and other storage facilities
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,907	4,871
Underground and other storage facilities \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	5 years
Underground and other storage facilities \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	40 years
Transportation equipment
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 302	294
Transportation equipment \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	3 years
Transportation equipment \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	10 years
Marine vessels
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 979	970
Marine vessels \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	15 years
Marine vessels \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	30 years
Land
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 444	439
Construction in progress
Property, Plant, and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,639	$ 2,400
Distillation-based and reaction-based plants \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	20 years
Distillation-based and reaction-based plants \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	35 years
Pipelines and related equipment \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	5 years
Pipelines and related equipment \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	45 years
Terminal facilities \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	10 years
Terminal facilities \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	35 years
Buildings \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	20 years
Buildings \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	40 years
Office furniture and equipment \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	3 years
Office furniture and equipment \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	20 years
Laboratory and shop equipment \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	5 years
Laboratory and shop equipment \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	35 years
Underground storage facilities \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	5 years
Underground storage facilities \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	35 years
Storage tanks \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	10 years
Storage tanks \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	40 years
Water wells \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	5 years
Water wells \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Life in Years	35 years
Capitalized Major Maintenance \| Weighted Average
Property, Plant, and Equipment [Line Items]
Expected remaining amortization period	1 year 9 months 18 days

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Historical Costs of our Property, Plant and Equipment and Related Balances

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




	Estimated Useful Life in Years	March 31, 2026		December 31, 2025
Plants, pipelines and facilities (1)(5)	3-45	$	67,062	$	66,498
Underground and other storage facilities (2)(6)	5-40	4,907		4,871
Transportation equipment (3)	3-10	302		294
Marine vessels (4)	15-30	979		970
Land		444		439
Construction in progress		2,639		2,400
Subtotal		76,333		75,472
Less accumulated depreciation		24,869		24,338
Subtotal property, plant and equipment, net		51,464		51,134
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)		264		225
Property, plant and equipment, net		$	51,728	$	51,359

(1)Plants, pipelines and facilities include distillation-based and reaction-based plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.

(2)Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.

(3)Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.

(4)Marine vessels include tow boats, barges and related equipment used in our marine transportation business.

(5)In general, the estimated useful lives of major assets within this category are: distillation-based and reaction-based plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.

(6)In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.

(7)For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected remaining amortization period for these costs is 1.8 years.

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


	For the Three Months Ended March 31,
	2026		2025
Depreciation expense (1)	$	553	$	506
Capitalized interest (2)	24		45

(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.

Schedule of Information Regarding our Asset Retirement Obligations, or AROs

The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2025:

ARO liability balance, December 31, 2025

290

Liabilities incurred (1)

–

Revisions in estimated cash flows (2)

–

Liabilities settled (3)

–

Accretion expense (4)

ARO liability balance, March 31, 2026

292

(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.

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Current portion of income tax provision:
Federal	$ (1)	$ (1)
State	(7)	(12)
Total current portion	(8)	(13)
Deferred portion of income tax provision:
Federal	(4)	(4)
State	(10)	(7)
Total deferred portion	(14)	(11)
Total provision for income taxes	$ (22)	$ (24)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147483475/205-20-45-3A

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Revenues - Schedule of Unbilled Revenue and Deferred Revenue (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Unbilled revenue (current amount)	$ 9
Total	9	$ 6
Deferred revenue (current amount)	161
Deferred revenue (noncurrent)	274
Total	$ 435	$ 418

Business Segments and Related Information - Schedule of Total Segment Gross Operating Margin to Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Total segment gross operating margin	$ 2,642	$ 2,464
Adjustments to reconcile total segment gross operating margin to income before income taxes (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses	(656)	(602)
Asset impairment charges in operating costs and expenses	(8)	(10)
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses	(1)	2
General and administrative costs	(64)	(60)
Non-refundable payments received from shippers attributable to make-up rights	(33)	(37)
Subsequent recognition of revenues attributable to make-up rights	15	4
Total other expense, net	(377)	(331)
Income before income taxes	$ 1,518	$ 1,430

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2026

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 for the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Decrease (increase) in:
Accounts receivable – trade	$	(1,852)	$	1,384
Accounts receivable – related parties	1		2
Inventories	(1,266)		736
Prepaid and other current assets	360		111
Other assets	(2)		13
Increase (decrease) in:
Accounts payable – trade	284		(35)
Accounts payable – related parties	(108)		(107)
Accrued product payables	2,915		(1,374)
Accrued interest	(278)		(275)
Other current liabilities	(894)		(178)
Other long-term liabilities	(21)		(74)
Net effect of changes in operating accounts	$	(861)	$	203

Cash payments for interest, net of $24 and $45 capitalized during the three months ended March 31, 2026 and 2025, respectively	$	659	$	611

We incurred liabilities for construction in progress that had not been paid at March 31, 2026 and December 31, 2025 of $465 million and $401 million, respectively. Such amounts are not included under the caption “Capital expenditures” on the Unaudited Condensed Statements of Consolidated Cash Flows.

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


	For the Three Months Ended March 31,
	2026		2025


Sale of Bahia NGL Pipeline ownership interest (1)	$	595	$	–
Other asset sales	1		4
Total	$	596	$	4

(1)In December 2025, we completed the sale of a 40% undivided joint interest in our Bahia NGL Pipeline to ExxonMobil for approximately $655 million in cash. The cash consideration was payable in two installments, with $60 million received in December 2025 and the remaining $595 million received in January 2026.

Commitments and Contingent Liabilities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Obligations under debt agreements	$ 34,222		$ 34,707
Cash payments for operating lease liabilities	35	$ 34
Cash paid for finance leases	1
Operating lease income	$ 5	$ 4

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

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


	For the Three Months Ended March 31,
	2026		2025
Revenues – related parties:
Unconsolidated affiliates	$	16	$	13
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	421	$	387
Unconsolidated affiliates	42		38
Total	$	463	$	425

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




	March 31, 2026		December 31, 2025
Accounts receivable - related parties:
Unconsolidated affiliates	$	1	$	1

Accounts payable - related parties:
EPCO and its privately held affiliates	$	88	$	195
Unconsolidated affiliates	20		22
Total	$	108	$	217

At March 31, 2026, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:


Total Number of Limited Partner Interests Held			Percentage of Common Units Outstanding
702,563,034 common units			32.5%

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 March 31,
	2026		2025
Operating costs and expenses	$	382	$	351
General and administrative expenses	31		29
Total costs and expenses	$	413	$	380

Revenues - Schedule of Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Fixed Consideration	$ 26,416
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period	9 months
Fixed Consideration	$ 3,374
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period	1 year
Fixed Consideration	$ 4,359
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period	1 year
Fixed Consideration	$ 3,887
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period	1 year
Fixed Consideration	$ 3,055
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period	1 year
Fixed Consideration	$ 2,292
Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period
Fixed Consideration	$ 9,449

Investments in Unconsolidated Affiliates - Schedule of Investments in Unconsolidated Affiliates by Business Segment (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 2,176	$ 2,185
NGL Pipelines & Services
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	566	572
Crude Oil Pipelines & Services
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	1,577	1,581
Natural Gas Pipelines & Services
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	31	31
Petrochemical & Refined Products Services
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated affiliates	$ 2	$ 1

- 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 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

Business Segments and Related Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segments and Related Information

Note 10. Business Segments and Related Information

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

Financial information regarding these segments is evaluated regularly by our co-chief operating decision makers (“CODMs”) in deciding how to allocate resources and in assessing our operating and financial performance. The co-principal executive officers of our general partner have been identified as our CODMs.

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

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

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

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

•Our Petrochemical & Refined Products Services business segment includes our (i) propylene production facilities, which include propylene fractionation units and PDH facilities, and related pipelines and marketing activities, (ii) butane isomerization complex and related deisobutanizer operations, (iii) octane enhancement, iBDH and HPIB production facilities, (iv) refined products pipelines, terminals and related marketing activities, (v) ethylene export terminal and related operations; and (vi) marine transportation business.

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

Segment Gross Operating Margin

Our CODMs evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations, forms the basis of our internal financial reporting, and is used by our CODMs on a monthly basis to monitor budgeted versus actual results. Our CODMs also consider gross operating margin results, in part, when determining how to allocate resources (e.g., employees and capital investments) to each segment, primarily in the annual budget process. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating segment results. Gross operating margin is exclusive of other income and expense transactions, income taxes, the cumulative effect of changes in accounting principles and extraordinary charges. Gross operating margin is presented on a 100% basis before any allocation of earnings to noncontrolling interests. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies.

The following table presents a reconciliation of total segment gross operating margin to income before income taxes for the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Total segment gross operating margin	$	2,642	$	2,464
Adjustments to reconcile total segment gross operating margin to income before income taxes (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)	(656)		(602)
Asset impairment charges in operating costs and expenses	(8)		(10)
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses	(1)		2
General and administrative costs	(64)		(60)
Non-refundable payments received from shippers attributable to make-up rights (2)	(33)		(37)
Subsequent recognition of revenues attributable to make-up rights (3)	15		4
Total other expense, net (4)	(377)		(331)
Income before income taxes	$	1,518	$	1,430

(1)Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use (“ROU”) assets, which are components of gross operating margin.

(4)As presented on our Unaudited Condensed Statements of Consolidated Operations, Total other expense, net is comprised of Interest expense, Interest income and Other, net.

Summarized Segment Financial Information

The following tables present segment revenues and significant segment expenses by segment, together with a reconciliation to segment gross operating margin, for the periods indicated:


	For the Three Months Ended March 31, 2026
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	4,028	$	6,294	$	1,100	$	2,948	$	14,370
Revenues from related parties	4		5		7		–		16
Intersegment and intrasegment revenues	16,548		11,727		352		4,918		33,545
Total segment revenues	20,580		18,026		1,459		7,866		47,931
Significant segment expenses:
Cost of sales	18,425		17,606		754		7,133		43,918
Variable operating costs and expenses (1)	221		37		18		132		408
Fixed operating costs and expenses (2)	477		121		192		292		1,082
Total significant segment expenses	19,123		17,764		964		7,557		45,408
Other segment income (expense):
Equity in income of unconsolidated affiliates	19		54		2		1		76
Other segment items (3)	27		13		(1)		4		43
Total other segment income	46		67		1		5		119
Total segment gross operating margin	$	1,503	$	329	$	496	$	314	$	2,642

Other financial information:
Capital expenditures	$	492	$	27	$	340	$	124	$	983

(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

(3)Other segment items for each segment primarily represent the following:

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Natural Gas Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.


	For the Three Months Ended March 31, 2025
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	5,398	$	5,115	$	1,216	$	3,675	$	15,404
Revenues from related parties	2		6		5		–		13
Intersegment and intrasegment revenues	17,017		10,622		232		7,195		35,066
Total segment revenues	22,417		15,743		1,453		10,870		50,483
Significant segment expenses:
Cost of sales	20,433		15,307		899		10,156		46,795
Variable operating costs and expenses (1)	199		35		22		106		362
Fixed operating costs and expenses (2)	423		101		177		294		995
Total significant segment expenses	21,055		15,443		1,098		10,556		48,152
Other segment income:
Equity in income of unconsolidated affiliates	20		72		2		–		94
Other segment items (3)	36		2		–		1		39
Total other segment income	56		74		2		1		133
Total segment gross operating margin	$	1,418	$	374	$	357	$	315	$	2,464

Other financial information:
Capital expenditures	$	635	$	23	$	303	$	101	$	1,062

(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

(3)Other segment items for each segment primarily represent the following:

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.

Segment revenues include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Our consolidated revenues reflect the elimination of intercompany transactions. The following table reconciles total segment revenues as reported in the preceding tables to consolidated revenues as presented on our Unaudited Condensed Statements of Consolidated Operations:


	For the Three Months Ended March 31,
	2026		2025
Segment revenues:
NGL Pipelines & Services	$	20,580	$	22,417
Crude Oil Pipelines & Services	18,026		15,743
Natural Gas Pipelines & Services	1,459		1,453
Petrochemical & Refined Products Services	7,866		10,870
Total segment revenues	47,931		50,483
Elimination of intersegment and intrasegment revenues	(33,545)		(35,066)
Total consolidated revenues	$	14,386	$	15,417

Segment expenses represent operating costs and expenses exclusive of (i) depreciation, amortization and accretion expenses (excluding amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets), (ii) impairment charges, and (iii) gains and losses attributable to asset sales and related matters. Segment expense presented in the tables above include intersegment and intrasegment transactions, which are generally based on transactions made at market-based rates. Additionally, the significant segment expense categories presented align with the manner in which our CODMs evaluate segment results. Our consolidated operating costs and expenses are inclusive of the aforementioned adjustments and reflect the elimination of intercompany transactions.

The following table presents our segment assets, together with a reconciliation to our consolidated total assets, at the dates indicated:




	March 31, 2026		December 31, 2025
NGL Pipelines & Services	$	25,019	$	24,999
Crude Oil Pipelines & Services	11,187		11,097
Natural Gas Pipelines & Services	13,136		13,194
Petrochemical & Refined Products Services	11,738		11,725
Total segment assets	61,080		61,015
Construction in progress	2,639		2,400
Current assets	15,677		13,360
Other assets	1,163		1,127
Consolidated total assets	$	80,559	$	77,902

Supplemental Revenue and Expense Information

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


	For the Three Months Ended March 31,
	2026		2025
Consolidated revenues:
NGL Pipelines & Services	$	4,032	$	5,400
Crude Oil Pipelines & Services	6,299		5,121
Natural Gas Pipelines & Services	1,107		1,221
Petrochemical & Refined Products Services	2,948		3,675
Total consolidated revenues	$	14,386	$	15,417

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	10,678	$	12,005
Other operating costs and expenses (1)	1,134		1,059
Depreciation, amortization and accretion	682		618
Asset impairment charges	8		10
Net losses (gains) attributable to asset sales and related matters	1		(2)
General and administrative costs	64		60
Total consolidated costs and expenses	$	12,567	$	13,750

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 segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories - Inventory Amounts by Product Type (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
NGLs	$ 3,592	$ 2,923
Petrochemicals and refined products	711	665
Crude oil	929	288
Natural gas	2	8
Total	$ 5,234	$ 3,884

Capital Accounts - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	May 14, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Oct. 31, 2025	Jan. 31, 2019
Buyback Program:
Total of common units repurchased and retired under a buyback program (in units)		3,124,192
Cost of common units repurchased under 2019 buyback program		$ 116	$ 60
Proceeds from Issuance or Sale of Equity [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)		4,866,420
Series A cumulative convertible preferred units outstanding (in units)		45,412		45,412
Cash distributions paid to convertible preferred unitholders		$ 1
Distribution per common unit (in dollars per unit)		$ 0.55
Annualized distribution per common unit (in dollars per unit)		$ 2.20
Cash payments made in connection with DERs		$ 11	$ 11
Forecast
Proceeds from Issuance or Sale of Equity [Abstract]
Cash distributions paid	$ 1,200
Cash payments made in connection with DERs	$ 12
Long-Term Incentive Plan (2008)
Proceeds from Issuance or Sale of Equity [Abstract]
Common units issued in connection with the vesting of phantom unit awards, net (in units)		4,866,420
2019 Buyback Program
Buyback Program:
Amount authorized under 2019 Buyback Program					$ 5,000	$ 2,000
Total of common units repurchased and retired under a buyback program (in units)		3,124,192	1,803,215
Cost of common units repurchased under 2019 buyback program		$ 116	$ 60
Remaining available capacity under the 2019 Buyback Program		3,400
At-the-Market Registration
Registration Statements and Equity Offerings [Line Items]
Maximum common units authorized for issuance		2,500
Remaining units available for issuance		$ 2,500
Distribution Reinvestment and Employee Unit Purchase Plans
Proceeds from Issuance or Sale of Equity [Abstract]
Number of common units purchased on the open market and delivered to participants (in units)		1,013,933
Employee Unit Purchase Plan
Proceeds from Issuance or Sale of Equity [Abstract]
Employer contribution to EUPP		$ 1

Intangible Assets and Goodwill - Schedule of Forecasted Amortization Expense Associated with Existing Intangible Assets (Details) $ in Millions	Mar. 31, 2026 USD ($)
Intangible Asset, Goodwill and Other [Abstract]
Remainder of 2026	$ 169
2027	225
2028	222
2029	217
2030	$ 217

Debt Obligations - Schedule of Maturities of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Total principal outstanding	$ 34,222	$ 34,707
Remainder of 2026	1,140
2027	1,575
2028	1,800
2029	1,250
2030	1,250
Thereafter	27,207
Commercial Paper Notes
Debt Instrument [Line Items]
Total principal outstanding	1,140
Remainder of 2026	1,140
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Senior Notes
Debt Instrument [Line Items]
Total principal outstanding	30,800
Remainder of 2026	0
2027	1,575
2028	1,800
2029	1,250
2030	1,250
Thereafter	24,925
Junior Subordinated Notes
Debt Instrument [Line Items]
Total principal outstanding	2,282
Remainder of 2026	0
2027	0
2028	0
2029	0
2030	0
Thereafter	$ 2,282

Intangible Assets and Goodwill - Schedule of Intangible Assets by Business Segment (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	$ 6,711	$ 6,709
Accumulated Amortization	(2,608)	(2,550)
Carrying Value	4,103	4,159
NGL Pipelines & Services
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	1,499	1,499
Accumulated Amortization	(480)	(466)
Carrying Value	1,019	1,033
NGL Pipelines & Services \| Customer relationship intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	449	449
Accumulated Amortization	(291)	(289)
Carrying Value	158	160
NGL Pipelines & Services \| Contract-based intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	1,050	1,050
Accumulated Amortization	(189)	(177)
Carrying Value	861	873
Crude Oil Pipelines & Services
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	2,478	2,478
Accumulated Amortization	(1,013)	(990)
Carrying Value	1,465	1,488
Crude Oil Pipelines & Services \| Customer relationship intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	2,195	2,195
Accumulated Amortization	(733)	(710)
Carrying Value	1,462	1,485
Crude Oil Pipelines & Services \| Contract-based intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	283	283
Accumulated Amortization	(280)	(280)
Carrying Value	3	3
Natural Gas Pipelines & Services
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	2,503	2,501
Accumulated Amortization	(984)	(965)
Carrying Value	1,519	1,536
Natural Gas Pipelines & Services \| Customer relationship intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	1,351	1,351
Accumulated Amortization	(709)	(700)
Carrying Value	642	651
Natural Gas Pipelines & Services \| Contract-based intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	1,152	1,150
Accumulated Amortization	(275)	(265)
Carrying Value	877	885
Petrochemical & Refined Products Services
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	231	231
Accumulated Amortization	(131)	(129)
Carrying Value	100	102
Petrochemical & Refined Products Services \| Customer relationship intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	181	181
Accumulated Amortization	(101)	(99)
Carrying Value	80	82
Petrochemical & Refined Products Services \| Contract-based intangibles
Intangible Asset, Excluding Goodwill, after Accumulated Amortization [Abstract]
Gross Value	50	50
Accumulated Amortization	(30)	(30)
Carrying Value	$ 20	$ 20

Revenues

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenues

Note 9. Revenues

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


	For the Three Months Ended March 31,
	2026		2025
NGL Pipelines & Services:
Sales of NGLs and related products	$	3,269	$	4,651
Segment midstream services:
Natural gas processing and fractionation	342		352
Transportation	326		312
Storage and terminals	95		85
Total segment midstream services	763		749
Total NGL Pipelines & Services	4,032		5,400
Crude Oil Pipelines & Services:
Sales of crude oil	6,005		4,825
Segment midstream services:
Transportation	178		189
Storage and terminals	116		107
Total segment midstream services	294		296
Total Crude Oil Pipelines & Services	6,299		5,121
Natural Gas Pipelines & Services:
Sales of natural gas	632		785
Segment midstream services:
Transportation	475		436
Total segment midstream services	475		436
Total Natural Gas Pipelines & Services	1,107		1,221
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products	2,599		3,326
Segment midstream services:
Fractionation and isomerization	87		103
Transportation, including marine logistics	179		175
Storage and terminals	83		71
Total segment midstream services	349		349
Total Petrochemical & Refined Products Services	2,948		3,675
Total consolidated revenues	$	14,386	$	15,417

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

Unbilled Revenue and Deferred Revenue

The following tables provide information regarding our contract assets and contract liabilities at March 31, 2026:




Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	9
Total		$	9

Contract Liability

Location

Balance

Deferred revenue (current amount)

Other current liabilities

161

Deferred revenue (noncurrent)

Other long-term liabilities

274

Total

435

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2026:


	Unbilled Revenue		Deferred Revenue










Balance at December 31, 2025	$	6	$	418
Amount included in opening balance transferred to other accounts during period (1)	(6)		(95)
Amount recorded during period (2)	23		238
Amounts recorded during period transferred to other accounts (1)	(14)		(123)
Other changes	–		(3)
Balance at March 31, 2026	$	9	$	435

(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 March 31, 2026.


Period	Fixed Consideration
Nine months ended December 31, 2026	$	3,374
One year ended December 31, 2027	4,359
One year ended December 31, 2028	3,887
One year ended December 31, 2029	3,055
One year ended December 31, 2030	2,292
Thereafter	9,449
Total	$	26,416

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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+ Details

Income Taxes - Schedule of Reconciliation of Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Pre-Tax Net Book Income (“NBI”)	$ 1,518	$ 1,430
Amount
Income tax provision at the U.S. federal income tax rate	(319)	(300)
Partnership income not subject to federal income tax	315	296
Texas Margin Tax	(17)	(19)
Other	(1)	(1)
Total provision for income taxes	$ (22)	$ (24)
Percent
Income tax provision at the U.S. federal income tax rate	(21.00%)	(21.00%)
Partnership income not subject to federal income tax	20.80%	20.70%
Texas Margin Tax	(1.10%)	(1.30%)
Other	(0.10%)	(0.10%)
Provision for income taxes	(1.40%)	(1.70%)
Effective income tax rate	(1.40%)	(1.70%)

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-14323
Entity Registrant Name	ENTERPRISE PRODUCTS PARTNERS L.P.
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		2,163,518,271
Entity Central Index Key	0001061219
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Property, Plant and Equipment - Schedule of Depreciation Expense and Capitalized Interest Amounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense	$ 553	$ 506
Capitalized interest	$ 24	$ 45

Equity-Based Awards

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Equity-Based Awards

Note 12. Equity-Based Awards

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


	For the Three Months Ended March 31,
	2026		2025
Equity-classified awards:
Phantom unit awards	$	54	$	49

Total	$	54	$	49

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

Phantom Unit Awards

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


	Number of Units	Weighted- Average Grant Date Fair Value per Unit (1)








Phantom unit awards at December 31, 2025	20,581,966	$	28.60
Granted (4)	8,060,595	$	35.17
Vested	(7,122,419)	$	27.19
Forfeited	(101,386)	$	30.29
Phantom unit awards at March 31, 2026	21,418,756	$	31.53

(1)Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

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 March 31,
	2026		2025
Cash payments made in connection with DERs	$	11	$	11
Total intrinsic value of phantom unit awards that vested during period	261		247

For the EPCO group of companies, the unrecognized compensation cost associated with phantom unit awards was $437 million at March 31, 2026, of which our share of such cost is currently estimated to be $360 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 2.4 years.

Hedging Activities and Fair Value Measurements - Schedule of Gains and Losses on Derivative Instruments and Related Hedged Items (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivatives not designated as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivative	$ (102)	$ (23)
Commodity Derivative Instruments \| Location, Statement of Income, Balance [Axis]: us-gaap:OperatingCostsAndExpenses \| Derivatives not designated as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivative	(3)	(2)
Commodity Derivative Instruments \| Location, Statement of Income, Balance [Axis]: us-gaap:Revenues \| Derivatives not designated as hedging instruments:
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivative	(99)	(21)
Fair value hedge
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivative	(3)	1
Gain (Loss) Recognized in Income on Hedged Item	11	0
Fair value hedge \| Commodity Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Derivative	$ (3)	$ 1
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Fair value hedge \| Commodity Derivative Instruments \| Location, Statement of Income, Balance [Axis]: us-gaap:Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income on Hedged Item	$ 11	$ 0
Cash flow hedge
Derivative Instruments, Gain (Loss) [Line Items]
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative	(308)	24
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income	43	(25)
Cash flow hedge \| Commodity Derivative Instruments \| Location, Statement of Income, Balance [Axis]: us-gaap:OperatingCostsAndExpenses
Derivative Instruments, Gain (Loss) [Line Items]
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative	(25)	4
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income	(10)	(12)
Cash flow hedge \| Commodity Derivative Instruments \| Location, Statement of Income, Balance [Axis]: us-gaap:Revenues
Derivative Instruments, Gain (Loss) [Line Items]
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative	(283)	18
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income	51	(14)
Cash flow hedge \| Interest Rate Derivative Instruments
Derivative Instruments, Gain (Loss) [Line Items]
Change in Value Recognized in Other Comprehensive Income (Loss) on Derivative	0	2
Cash flow hedge \| Interest Rate Derivative Instruments \| Location, Statement of Income, Balance [Axis]: us-gaap:InterestExpenseNonoperating
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Income	$ 2	$ 1

Investments in Unconsolidated Affiliates - Schedule of Equity in Income of Unconsolidated Affiliates by Business Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated affiliates	$ 76	$ 94
NGL Pipelines & Services
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated affiliates	19	20
Crude Oil Pipelines & Services
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated affiliates	54	72
Natural Gas Pipelines & Services
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated affiliates	2	2
Petrochemical & Refined Products Services
Schedule of Equity Method Investments [Line Items]
Equity in income of unconsolidated affiliates	$ 1	$ 0

- Definition

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

+ References + Details

- 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

+ Details

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

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 March 31, 2026 and December 31, 2025, 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 $34.2 billion and $34.7 billion at March 31, 2026 and December 31, 2025, 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 and finance lease obligations since those disclosed in the 2025 Form 10-K.

The following table presents information regarding operating and finance leases where we are the lessee at March 31, 2026:


Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Operating leases
Storage and pipeline facilities	$	236	$	232	10 years	4.8%
Transportation equipment	29		30		3 years	4.8%
Office and warehouse space	155		189		11 years	3.3%
Total operating leases	420		451
Finance leases
Transportation equipment	15		15		3 years	4.8%
Total finance leases	15		15
Total leases	$	435	$	466

(1)ROU asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.

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


	For the Three Months Ended March 31,
	2026		2025
Long-term leases:
Fixed operating lease expense:
Non-cash lease expense (amortization of ROU assets)	$	28	$	28
Related accretion expense on lease liability balances	5		4
Total fixed operating lease expense	33		32
Fixed finance lease expense:
Amortization of ROU assets	1		–
Interest on finance lease liabilities	–		–
Total fixed finance lease expense	1		–
Variable lease expense	5		5
Total long-term lease expense	39		37
Short-term leases	42		35
Total lease expense	$	81	$	72

Cash paid for operating lease liabilities was $35 million and $34 million for the three months ended March 31, 2026 and 2025, respectively. Cash paid for finance leases was $1 million for the three months ended March 31, 2026.

Operating lease income was $5 million and $4 million for the three months ended March 31, 2026 and 2025, respectively.

Purchase Obligations

We have contractual future product purchase commitments for NGLs and crude oil representing enforceable and legally binding agreements as of the reporting date. In the ordinary course of business, we fulfill product purchase commitments with our third party suppliers. Outside of changes related to the ordinary course of business, our consolidated product purchase commitments at March 31, 2026 did not differ materially from those reported in our 2025 Form 10-K.

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The following table presents income taxes paid, net of refunds received, during the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Federal	$	1	$	1
State	(1)		(4)
Total	$	–	$	(3)

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


	For the Three Months Ended March 31,
	2026		2025
Decrease (increase) in:
Accounts receivable – trade	$	(1,852)	$	1,384
Accounts receivable – related parties	1		2
Inventories	(1,266)		736
Prepaid and other current assets	360		111
Other assets	(2)		13
Increase (decrease) in:
Accounts payable – trade	284		(35)
Accounts payable – related parties	(108)		(107)
Accrued product payables	2,915		(1,374)
Accrued interest	(278)		(275)
Other current liabilities	(894)		(178)
Other long-term liabilities	(21)		(74)
Net effect of changes in operating accounts	$	(861)	$	203

Cash payments for interest, net of $24 and $45 capitalized during the three months ended March 31, 2026 and 2025, respectively	$	659	$	611

Schedule of Cash Proceeds from Asset Sales and Other Matters

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


	For the Three Months Ended March 31,
	2026		2025


Sale of Bahia NGL Pipeline ownership interest (1)	$	595	$	–
Other asset sales	1		4
Total	$	596	$	4

- Definition

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

+ References

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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Inventories - Summary of Cost of Sales and Lower of Cost/Net Realizable Value Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Inventory Disclosure [Abstract]
Cost of sales	$ 10,678	$ 12,005
Lower of cost or net realizable value adjustments recognized in cost of sales	$ 1	$ 2

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Deferred tax liabilities:
Attributable to investment in OTA	$ 502	$ 495
Attributable to property, plant and equipment	183	172
Attributable to investments in other entities	4	4
Other	106	107
Total deferred tax liabilities	795	778
Deferred tax assets:
Net operating loss carryovers	76	73
Temporary differences related to Texas Margin Tax	3	3
Total deferred tax assets	79	76
Total net deferred tax liabilities	$ 716	$ 702

Hedging Activities and Fair Value Measurements

3 Months Ended

Mar. 31, 2026

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

We do not have any interest rate derivative instruments outstanding at March 31, 2026.

Commodity Hedging Activities

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

At March 31, 2026, our predominant commodity hedging strategies consisted of (i) hedging anticipated future purchases and sales of commodity products associated with transportation, storage and blending activities, (ii) hedging natural gas processing margins, (iii) hedging the fair value of commodity products held in inventory and (iv) hedging anticipated future purchases of power for certain operations in Southeast Texas.

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

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

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

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

The following table summarizes our portfolio of commodity derivative instruments outstanding at March 31, 2026 (volume measures as noted):


	Volume (1)		Accounting Treatment
Derivative Purpose	Current (2)	Long-Term (2)
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (Bcf)	20.3	n/a	Cash flow hedge
Forecasted sales of natural gas (Bcf)	38.2	13.5	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	9.0	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	5.0	1.7	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	0.6	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	218.1	27.2	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	216.7	26.1	Cash flow hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	2.9	n/a	Cash flow hedge
Forecasted sales of refined products (MMBbls)	5.0	n/a	Cash flow hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	23.3	7.2	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	30.7	14.2	Cash flow hedge


Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	0.7	0.3	Cash flow hedge

Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	46.5	n/a	Mark-to-market
NGL risk management activities (MMBbls) (3)	58.0	16.7	Mark-to-market
Refined products risk management activities (MMBbls) (3)	4.5	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	30.2	n/a	Mark-to-market

Commercial energy risk management activities (TWh) (3)	0.2	n/a	Mark-to-market

(1)Volume for derivatives designated as hedging instruments reflects the total amount of volumes hedged whereas volume for derivatives not designated as hedging instruments reflects the absolute value of derivative notional volumes.

(2)The maximum term for derivatives designated as cash flow hedges, derivatives designated as fair value hedges and derivatives not designated as hedging instruments is March 2029, December 2026 and December 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 $2 million and $6 million at March 31, 2026 and December 31, 2025, 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
	March 31, 2026			December 31, 2025			March 31, 2026			December 31, 2025
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments

Commodity derivatives	Current assets	$	842	Current assets	$	403	Current liabilities	$	789	Current liabilities	$	312
Commodity derivatives	Other assets	55		Other assets	26		Other liabilities	40		Other liabilities	13
Total commodity derivatives		897			429			829			325
Total derivatives designated as hedging instruments		$	897		$	429		$	829		$	325

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	149	Current assets	$	31	Current liabilities	$	203	Current liabilities	$	35
Commodity derivatives	Other assets	1		Other assets	–		Other liabilities	9		Other liabilities	3
Total commodity derivatives		150			31			212			38
Total derivatives not designated as hedging instruments		$	150		$	31		$	212		$	38

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


	Offsetting of Financial Assets and Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Amounts of Assets Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet						Amounts That Would Have Been Presented On Net Basis
							Financial Instruments		Cash Collateral Received		Cash Collateral Paid
	(i)		(ii)		(iii) = (i) – (ii)		(iv)						(v) = (iii) + (iv)
As of March 31, 2026:

Commodity derivatives	$	1,047	$	–	$	1,047	$	(1,037)	$	(8)	$	–	$	2
As of December 31, 2025:
Commodity derivatives	$	460	$	–	$	460	$	(362)	$	(98)	$	–	$	–


	Offsetting of Financial Liabilities and Derivative Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheet		Amounts of Liabilities Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet						Amounts That Would Have Been Presented On Net Basis
							Financial Instruments		Cash Collateral Received		Cash Collateral Paid
	(i)		(ii)		(iii) = (i) – (ii)		(iv)						(v) = (iii) + (iv)
As of March 31, 2026:
Commodity derivatives	$	1,041	$	–	$	1,041	$	(1,037)	$	–	$	–	$	4
As of December 31, 2025:
Commodity derivatives	$	363	$	–	$	363	$	(362)	$	–	$	–	$	1

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

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


Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Derivative
		For the Three Months Ended March 31,
		2026		2025
Commodity derivatives	Revenue	$	(3)	$	1
Total		$	(3)	$	1


Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Three Months Ended March 31,
		2026		2025
Commodity derivatives	Revenue	$	11	$	–
Total		$	11	$	–

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 March 31,
	2026		2025
Interest rate derivatives	$	–	$	2
Commodity derivatives – Revenue (1)	(283)		18
Commodity derivatives – Operating costs and expenses (1)	(25)		4
Total	$	(308)	$	24

(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 March 31,
		2026		2025
Interest rate derivatives	Interest expense	$	2	$	1
Commodity derivatives	Revenue	51		(14)
Commodity derivatives	Operating costs and expenses	(10)		(12)
Total		$	43	$	(25)

Over the next twelve months, we expect to reclassify $7 million of gains attributable to interest rate derivative instruments from accumulated other comprehensive income to earnings as a decrease in interest expense. Likewise, we expect to reclassify $161 million of losses attributable to commodity derivative instruments from accumulated other comprehensive loss to earnings, with $147 million as a decrease 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 March 31,
		2026		2025
Commodity derivatives	Revenue	$	(99)	$	(21)
Commodity derivatives	Operating costs and expenses	(3)		(2)
Total		$	(102)	$	(23)

The $102 million net loss recognized for the three months ended March 31, 2026 (as noted in the preceding table) from derivatives not designated as hedging instruments consists of $5 million of net realized losses and $97 million of net unrealized mark-to-market losses attributable to commodity derivatives.

Fair Value Measurements

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

The values for commodity derivatives are presented before and after the application of 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 March 31, 2026 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets:

Commodity derivatives:
Value before application of CME Rule 814	$	330	$	1,575	$	2	$	1,907
Impact of CME Rule 814	(203)		(657)		–		(860)
Total commodity derivatives	127		918		2		1,047
Total	$	127	$	918	$	2	$	1,047

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	696	$	1,386	$	2	$	2,084
Impact of CME Rule 814	(531)		(512)		–		(1,043)
Total commodity derivatives	165		874		2		1,041
Total	$	165	$	874	$	2	$	1,041


	At December 31, 2025 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets:
Commodity derivatives:
Value before application of CME Rule 814	$	172	$	777	$	–	$	949
Impact of CME Rule 814	(170)		(319)		–		(489)
Total commodity derivatives	2		458		–		460
Total	$	2	$	458	$	–	$	460

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	32	$	710	$	–	$	742
Impact of CME Rule 814	(31)		(348)		–		(379)
Total commodity derivatives	1		362		–		363
Total	$	1	$	362	$	–	$	363

In the aggregate, the fair value of our commodity hedging portfolios at March 31, 2026 was a net derivative liability of $177 million prior to the impact of CME Rule 814.

Financial assets and liabilities recorded on the balance sheet at March 31, 2026 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 $30.2 billion and $32.2 billion at March 31, 2026 and December 31, 2025, respectively. The aggregate carrying value of these debt obligations was $32.5 billion and $34.1 billion at March 31, 2026 and December 31, 2025, respectively. These values are primarily based on quoted market prices for such debt or debt of similar terms and maturities (Level 2) and our credit standing. Changes in market rates of interest affect the fair value of our fixed-rate debt. The carrying values of our variable-rate long-term debt obligations approximate their fair values since the associated interest rates are market-based. We do not have any long-term investments in debt or equity securities recorded at fair value.

Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Intangible Assets by Business Segment

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


	March 31, 2026						December 31, 2025
	Gross Value		Accumulated Amortization		Carrying Value		Gross Value		Accumulated Amortization		Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(291)	$	158	$	449	$	(289)	$	160
Contract-based intangibles	1,050		(189)		861		1,050		(177)		873
Segment total	1,499		(480)		1,019		1,499		(466)		1,033
Crude Oil Pipelines & Services:
Customer relationship intangibles	2,195		(733)		1,462		2,195		(710)		1,485
Contract-based intangibles	283		(280)		3		283		(280)		3
Segment total	2,478		(1,013)		1,465		2,478		(990)		1,488
Natural Gas Pipelines & Services:
Customer relationship intangibles	1,351		(709)		642		1,351		(700)		651
Contract-based intangibles	1,152		(275)		877		1,150		(265)		885
Segment total	2,503		(984)		1,519		2,501		(965)		1,536
Petrochemical & Refined Products Services:
Customer relationship intangibles	181		(101)		80		181		(99)		82
Contract-based intangibles	50		(30)		20		50		(30)		20
Segment total	231		(131)		100		231		(129)		102
Total intangible assets	$	6,711	$	(2,608)	$	4,103	$	6,709	$	(2,550)	$	4,159

Schedule of Amortization Expense of our Intangible Assets by Business Segment

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


	For the Three Months Ended March 31,
	2026		2025
NGL Pipelines & Services	$	14	$	11
Crude Oil Pipelines & Services	23		21
Natural Gas Pipelines & Services	19		18
Petrochemical & Refined Products Services	2		2
Total	$	58	$	52

Schedule of Forecasted Amortization Expense Associated with Existing Intangible Assets

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


Remainder of 2026		2027		2028		2029		2030
$	169	$	225	$	222	$	217	$	217

Commitments and Contingent Liabilities - Schedule of Consolidated Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Consolidated Lease Expense [Abstract]
Non-cash lease expense (amortization of ROU assets)	$ 28	$ 28
Related accretion expense on lease liability balances	5	4
Total fixed operating lease expense	33	32
Amortization of ROU assets	1	0
Interest on finance lease liabilities	0	0
Total fixed finance lease expense	1	0
Variable lease expense	5	5
Total long-term lease expense	39	37
Short-term leases	42	35
Total lease expense	$ 81	$ 72

Investments in Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [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.


	March 31, 2026		December 31, 2025
NGL Pipelines & Services	$	566	$	572
Crude Oil Pipelines & Services	1,577		1,581
Natural Gas Pipelines & Services	31		31
Petrochemical & Refined Products Services	2		1
Total	$	2,176	$	2,185

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


	For the Three Months Ended March 31,
	2026		2025
NGL Pipelines & Services	$	19	$	20
Crude Oil Pipelines & Services	54		72
Natural Gas Pipelines & Services	2		2
Petrochemical & Refined Products Services	1		–
Total	$	76	$	94

Business Segments and Related Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of reportable segments	4

Hedging Activities and Fair Value Measurements - Schedule of Recurring Fair Value Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Commodity derivatives:
Impact of CME Rule 814	$ (860)	$ (489)
Total commodity derivatives	1,047	460
Total	1,047	460
Commodity derivatives:
Impact of CME Rule 814	(1,043)	(379)
Total commodity derivatives	1,041	363
Total	1,041	363
Commodity Derivative Before CME Rule 814
Commodity derivatives:
Total commodity derivatives	1,907	949
Commodity derivatives:
Total commodity derivatives	2,084	742
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Commodity derivatives:
Impact of CME Rule 814	(203)	(170)
Total commodity derivatives	127	2
Total	127	2
Commodity derivatives:
Impact of CME Rule 814	(531)	(31)
Total commodity derivatives	165	1
Total	165	1
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Commodity Derivative Before CME Rule 814
Commodity derivatives:
Total commodity derivatives	330	172
Commodity derivatives:
Total commodity derivatives	696	32
Significant Other Observable Inputs (Level 2)
Commodity derivatives:
Impact of CME Rule 814	(657)	(319)
Total commodity derivatives	918	458
Total	918	458
Commodity derivatives:
Impact of CME Rule 814	(512)	(348)
Total commodity derivatives	874	362
Total	874	362
Significant Other Observable Inputs (Level 2) \| Commodity Derivative Before CME Rule 814
Commodity derivatives:
Total commodity derivatives	1,575	777
Commodity derivatives:
Total commodity derivatives	1,386	710
Significant Unobservable Inputs (Level 3)
Commodity derivatives:
Impact of CME Rule 814	0	0
Total commodity derivatives	2	0
Total	2	0
Commodity derivatives:
Impact of CME Rule 814	0	0
Total commodity derivatives	2	0
Total	2	0
Significant Unobservable Inputs (Level 3) \| Commodity Derivative Before CME Rule 814
Commodity derivatives:
Total commodity derivatives	2	0
Commodity derivatives:
Total commodity derivatives	$ 2	$ 0

Related Party Transactions - Schedule of Affiliates (Details) - EPCO and its privately held affiliates - Common Units	Mar. 31, 2026 shares
Related Party Transaction [Line Items]
Total Number of Common Units Held (in units)	702,563,034
Percentage of Common Units Outstanding	32.50%

- 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

+ Details

Intangible Assets and Goodwill - Schedule of Amortization Expense of our Intangible Assets by Business Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Intangible Assets [Line Items]
Amortization of intangible assets	$ 58	$ 52
NGL Pipelines & Services
Intangible Assets [Line Items]
Amortization of intangible assets	14	11
Crude Oil Pipelines & Services
Intangible Assets [Line Items]
Amortization of intangible assets	23	21
Natural Gas Pipelines & Services
Intangible Assets [Line Items]
Amortization of intangible assets	19	18
Petrochemical & Refined Products Services
Intangible Assets [Line Items]
Amortization of intangible assets	$ 2	$ 2

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

Business Segments and Related Information - Schedule of Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment revenues:
Revenues	$ 14,386	$ 15,417
Significant segment expenses:
Cost of sales	10,678	12,005
Other segment income (expense):
Equity in income of unconsolidated affiliates	76	94
NGL Pipelines & Services
Segment revenues:
Revenues	4,032	5,400
Other segment income (expense):
Equity in income of unconsolidated affiliates	19	20
Crude Oil Pipelines & Services
Segment revenues:
Revenues	6,299	5,121
Other segment income (expense):
Equity in income of unconsolidated affiliates	54	72
Natural Gas Pipelines & Services
Segment revenues:
Revenues	1,107	1,221
Other segment income (expense):
Equity in income of unconsolidated affiliates	2	2
Petrochemical & Refined Products Services
Segment revenues:
Revenues	2,948	3,675
Other segment income (expense):
Equity in income of unconsolidated affiliates	1	0
Nonrelated Party
Segment revenues:
Revenues	14,370	15,404
Related parties
Segment revenues:
Revenues	16	13
Operating Segments
Segment revenues:
Revenues	47,931	50,483
Significant segment expenses:
Cost of sales	43,918	46,795
Variable operating costs and expenses	408	362
Fixed operating costs and expenses	1,082	995
Total significant segment expenses	45,408	48,152
Other segment income (expense):
Equity in income of unconsolidated affiliates	76	94
Other segment items	43	39
Total other segment income	119	133
Total segment gross operating margin	2,642	2,464
Other financial information:
Capital expenditures	983	1,062
Operating Segments \| NGL Pipelines & Services
Segment revenues:
Revenues	20,580	22,417
Significant segment expenses:
Cost of sales	18,425	20,433
Variable operating costs and expenses	221	199
Fixed operating costs and expenses	477	423
Total significant segment expenses	19,123	21,055
Other segment income (expense):
Equity in income of unconsolidated affiliates	19	20
Other segment items	27	36
Total other segment income	46	56
Total segment gross operating margin	1,503	1,418
Other financial information:
Capital expenditures	492	635
Operating Segments \| Crude Oil Pipelines & Services
Segment revenues:
Revenues	18,026	15,743
Significant segment expenses:
Cost of sales	17,606	15,307
Variable operating costs and expenses	37	35
Fixed operating costs and expenses	121	101
Total significant segment expenses	17,764	15,443
Other segment income (expense):
Equity in income of unconsolidated affiliates	54	72
Other segment items	13	2
Total other segment income	67	74
Total segment gross operating margin	329	374
Other financial information:
Capital expenditures	27	23
Operating Segments \| Natural Gas Pipelines & Services
Segment revenues:
Revenues	1,459	1,453
Significant segment expenses:
Cost of sales	754	899
Variable operating costs and expenses	18	22
Fixed operating costs and expenses	192	177
Total significant segment expenses	964	1,098
Other segment income (expense):
Equity in income of unconsolidated affiliates	2	2
Other segment items	(1)	0
Total other segment income	1	2
Total segment gross operating margin	496	357
Other financial information:
Capital expenditures	340	303
Operating Segments \| Petrochemical & Refined Products Services
Segment revenues:
Revenues	7,866	10,870
Significant segment expenses:
Cost of sales	7,133	10,156
Variable operating costs and expenses	132	106
Fixed operating costs and expenses	292	294
Total significant segment expenses	7,557	10,556
Other segment income (expense):
Equity in income of unconsolidated affiliates	1	0
Other segment items	4	1
Total other segment income	5	1
Total segment gross operating margin	314	315
Other financial information:
Capital expenditures	124	101
Operating Segments \| Nonrelated Party
Segment revenues:
Revenues	14,370	15,404
Operating Segments \| Nonrelated Party \| NGL Pipelines & Services
Segment revenues:
Revenues	4,028	5,398
Operating Segments \| Nonrelated Party \| Crude Oil Pipelines & Services
Segment revenues:
Revenues	6,294	5,115
Operating Segments \| Nonrelated Party \| Natural Gas Pipelines & Services
Segment revenues:
Revenues	1,100	1,216
Operating Segments \| Nonrelated Party \| Petrochemical & Refined Products Services
Segment revenues:
Revenues	2,948	3,675
Operating Segments \| Related parties
Segment revenues:
Revenues	16	13
Operating Segments \| Related parties \| NGL Pipelines & Services
Segment revenues:
Revenues	4	2
Operating Segments \| Related parties \| Crude Oil Pipelines & Services
Segment revenues:
Revenues	5	6
Operating Segments \| Related parties \| Natural Gas Pipelines & Services
Segment revenues:
Revenues	7	5
Operating Segments \| Related parties \| Petrochemical & Refined Products Services
Segment revenues:
Revenues	0	0
Intersegment Eliminations
Segment revenues:
Revenues	(33,545)	(35,066)
Intersegment Eliminations \| NGL Pipelines & Services
Segment revenues:
Revenues	(16,548)	(17,017)
Intersegment Eliminations \| Crude Oil Pipelines & Services
Segment revenues:
Revenues	(11,727)	(10,622)
Intersegment Eliminations \| Natural Gas Pipelines & Services
Segment revenues:
Revenues	(352)	(232)
Intersegment Eliminations \| Petrochemical & Refined Products Services
Segment revenues:
Revenues	$ (4,918)	$ (7,195)

Debt Obligations - Schedule of Consolidated Debt Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Principal outstanding	$ 34,222	$ 34,707
Other, non-principal amounts	(308)	(312)
Less current maturities of debt	(2,712)	(1,625)
Total long-term debt	31,202	32,770
Senior Debt Obligations
Debt Instrument [Line Items]
Principal outstanding	31,940	32,425
Commercial Paper Notes, variable-rates \| Senior Debt Obligations
Debt Instrument [Line Items]
Principal outstanding	$ 1,140	0
Senior Notes FFF, 5.05% fixed-rate, due January 2026 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.05%
Principal outstanding	$ 0	750
Senior Notes PP, 3.70% fixed-rate, due February 2026 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.70%
Principal outstanding	$ 0	875
Senior Notes HHH, 4.60% fixed-rate, due January 2027 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.60%
Principal outstanding	$ 1,000	1,000
Senior Notes SS, 3.95% fixed-rate, due February 2027 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.95%
Principal outstanding	$ 575	575
March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2027 \| Senior Debt Obligations
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500
Debt instrument, term	364 days
Principal outstanding	$ 0	0
Maximum bank commitments increase	200
Total maximum borrowing capacity	$ 1,700
Senior Notes LLL, 4.30% fixed-rate, due June 2028 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.30%
Principal outstanding	$ 800	800
Senior Notes WW, 4.15% fixed-rate, due October 2028 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.15%
Principal outstanding	$ 1,000	1,000
Senior Notes YY, 3.125% fixed-rate, due July 2029 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.125%
Principal outstanding	$ 1,250	1,250
Senior Notes AAA, 2.80% fixed-rate, due January 2030 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.80%
Principal outstanding	$ 1,250	1,250
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 \| Senior Debt Obligations
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	2,700
Principal outstanding	0	0
Maximum bank commitments increase	500
Total maximum borrowing capacity	$ 3,200
Senior Notes MMM, 4.60% fixed-rate, due January 2031 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.60%
Principal outstanding	$ 1,350	1,350
Senior Notes GGG, 5.35% fixed-rate, due January 2033 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.35%
Principal outstanding	$ 1,000	1,000
Senior Notes D, 6.875% fixed-rate, due March 2033 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.875%
Principal outstanding	$ 500	500
Senior Notes III, 4.85% fixed-rate, due January 2034 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.85%
Principal outstanding	$ 1,000	1,000
Senior Notes H, 6.65% fixed-rate, due October 2034 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.65%
Principal outstanding	$ 350	350
Senior Notes JJJ 4.95% fixed-rate, due February 2035 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.95%
Principal outstanding	$ 1,100	1,100
Senior Notes J, 5.75% fixed-rate, due March 2035 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.75%
Principal outstanding	$ 250	250
Senior Notes NNN, 5.20% fixed-rate, due January 2036 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.20%
Principal outstanding	$ 1,500	1,500
Senior Notes W, 7.55% fixed-rate, due April 2038 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.55%
Principal outstanding	$ 400	400
Senior Notes R, 6.125% fixed-rate, due October 2039 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.125%
Principal outstanding	$ 600	600
Senior Notes Z, 6.45% fixed-rate, due September 2040 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.45%
Principal outstanding	$ 600	600
Senior Notes BB, 5.95% fixed-rate, due February 2041 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.95%
Principal outstanding	$ 750	750
Senior Notes DD, 5.70% fixed-rate, due February 2042 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.70%
Principal outstanding	$ 600	600
Senior Notes EE, 4.85% fixed-rate, due August 2042 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.85%
Principal outstanding	$ 750	750
Senior Notes GG, 4.45% fixed-rate, due February 2043 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.45%
Principal outstanding	$ 1,100	1,100
Senior Notes II, 4.85% fixed-rate, due March 2044 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.85%
Principal outstanding	$ 1,400	1,400
Senior Notes KK, 5.10% fixed-rate, due February 2045 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.10%
Principal outstanding	$ 1,150	1,150
Senior Notes QQ, 4.90% fixed-rate, due May 2046 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.90%
Principal outstanding	$ 975	975
Senior Notes UU, 4.25% fixed-rate, due February 2048 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%
Principal outstanding	$ 1,250	1,250
Senior Notes XX, 4.80% fixed-rate, due February 2049 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.80%
Principal outstanding	$ 1,250	1,250
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.20%
Principal outstanding	$ 1,250	1,250
Senior Notes BBB, 3.70% fixed-rate, due January 2051 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.70%
Principal outstanding	$ 1,000	1,000
Senior Notes DDD, 3.20% fixed-rate, due February 2052 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.20%
Principal outstanding	$ 1,000	1,000
Senior Notes EEE, 3.30% fixed-rate, due February 2053 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.30%
Principal outstanding	$ 1,000	1,000
Senior Notes NN, 4.95% fixed-rate, due October 2054 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.95%
Principal outstanding	$ 400	400
Senior Notes KKK, 5.55% fixed-rate, due February 2055 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.55%
Principal outstanding	$ 1,400	1,400
Senior Notes CCC, 3.95% fixed-rate, due January 2060 \| Senior Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.95%
Principal outstanding	$ 1,000	1,000
EPO Junior Subordinated Notes C \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Principal outstanding	$ 232	232
EPO Junior Subordinated Notes C \| Subordinated Debt Obligations \| Tenor Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.26161%
EPO Junior Subordinated Notes C \| Subordinated Debt Obligations \| Additional Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.778%
EPO Junior Subordinated Notes D \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Principal outstanding	$ 350	350
EPO Junior Subordinated Notes D \| Subordinated Debt Obligations \| Tenor Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.26161%
EPO Junior Subordinated Notes D \| Subordinated Debt Obligations \| Additional Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.986%
EPO Junior Subordinated Notes E \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.25%
Principal outstanding	$ 1,000	1,000
EPO Junior Subordinated Notes E \| Subordinated Debt Obligations \| Tenor Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.26161%
EPO Junior Subordinated Notes E \| Subordinated Debt Obligations \| Additional Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.033%
EPO Junior Subordinated Notes F \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.375%
Principal outstanding	$ 700	$ 700
EPO Junior Subordinated Notes F \| Subordinated Debt Obligations \| Tenor Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.26161%
EPO Junior Subordinated Notes F \| Subordinated Debt Obligations \| Additional Spread Adjustment
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.57%

Debt Obligations - Schedule of Range of Interest Rates Paid and Weighted-Average Interest Rate Paid (Details)	3 Months Ended
	Mar. 31, 2026
Commercial Paper Notes \| Senior Debt Obligations
Debt Instrument [Line Items]
Weighted-Average Interest Rate Paid	3.86%
EPO Junior Subordinated Notes C \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Weighted-Average Interest Rate Paid	6.79%
EPO Junior Subordinated Notes D \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Weighted-Average Interest Rate Paid	7.00%
Minimum \| Commercial Paper Notes \| Senior Debt Obligations
Debt Instrument [Line Items]
Range of Interest Rates Paid	3.78%
Minimum \| EPO Junior Subordinated Notes C \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Range of Interest Rates Paid	6.71%
Minimum \| EPO Junior Subordinated Notes D \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Range of Interest Rates Paid	6.90%
Maximum \| Commercial Paper Notes \| Senior Debt Obligations
Debt Instrument [Line Items]
Range of Interest Rates Paid	4.06%
Maximum \| EPO Junior Subordinated Notes C \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Range of Interest Rates Paid	6.83%
Maximum \| EPO Junior Subordinated Notes D \| Subordinated Debt Obligations
Debt Instrument [Line Items]
Range of Interest Rates Paid	7.10%

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 191	$ 969
Restricted cash	203	276
Inventories (see Note 3)	5,234	3,884
Derivative assets (see Note 13)	991	434
Prepaid and other current assets	713	1,302
Total current assets	15,677	13,360
Property, plant and equipment, net (see Note 4)	51,728	51,359
Investments in unconsolidated affiliates (see Note 5)	2,176	2,185
Intangible assets, net (see Note 6)	4,103	4,159
Goodwill (see Note 6)	5,712	5,712
Other assets	1,163	1,127
Total assets	80,559	77,902
Current liabilities:
Current maturities of debt (see Note 7)	2,712	1,625
Accrued product payables	11,183	8,183
Accrued interest	288	566
Derivative liabilities (see Note 13)	992	347
Other current liabilities	642	873
Total current liabilities	17,222	12,832
Long-term debt (see Note 7)	31,202	32,770
Deferred tax liabilities (see Note 15)	716	702
Other long-term liabilities	1,028	984
Commitments and contingent liabilities (see Note 16)
Redeemable preferred limited partner interests: (see Note 8)
Series A cumulative convertible preferred units (“preferred units”) (45,412 units outstanding at March 31, 2026 and December 31, 2025)	44	44
Partners’ equity:
Common limited partner interests (2,163,518,271 units issued and outstanding at March 31, 2026, 2,161,760,683 units issued and outstanding at December 31, 2025	30,838	30,700
Treasury units, at cost	(1,297)	(1,297)
Accumulated other comprehensive income (loss)	(15)	336
Total partners’ equity	29,526	29,739
Noncontrolling interests in consolidated subsidiaries	821	831
Total equity	30,347	30,570
Total liabilities, preferred units, and equity	80,559	77,902
Nonrelated Party
Current assets:
Accounts receivable, net	8,344	6,494
Current liabilities:
Accounts payable	1,297	1,021
Related Party
Current assets:
Accounts receivable, net	1	1
Current liabilities:
Accounts payable	$ 108	$ 217

Capital Accounts - Schedule of Changes in Outstanding Units (Details)	3 Months Ended
	Mar. 31, 2026 shares
Increase (Decrease) in Partners' Capital [Roll Forward]
Common units outstanding, beginning balance (in units)	2,161,760,683
Common unit repurchases under 2019 Buyback Program (in units)	(3,124,192)
Common units issued in connection with the vesting of phantom unit awards, net (in units)	4,866,420
Other (in units)	15,360
Common units outstanding, ending balance (in units)	2,163,518,271

- Definition

Number of shares that have been repurchased and retired during the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
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+ Details

Business Segments and Related Information - Schedule of Segment Assets Reconciliation to our Consolidated Total Assets (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Current assets	$ 15,677	$ 13,360
Other assets	1,163	1,127
Total assets	80,559	77,902
Operating Segments
Segment Reporting [Line Items]
Total assets	61,080	61,015
Corporate Nonsegment
Segment Reporting [Line Items]
Construction in progress	2,639	2,400
Current assets	15,677	13,360
Other assets	1,163	1,127
NGL Pipelines & Services \| Operating Segments
Segment Reporting [Line Items]
Total assets	25,019	24,999
Crude Oil Pipelines & Services \| Operating Segments
Segment Reporting [Line Items]
Total assets	11,187	11,097
Natural Gas Pipelines & Services \| Operating Segments
Segment Reporting [Line Items]
Total assets	13,136	13,194
Petrochemical & Refined Products Services \| Operating Segments
Segment Reporting [Line Items]
Total assets	$ 11,738	$ 11,725

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Revenues	$ 14,386	$ 15,417
Operating costs and expenses:
Operating costs and expenses	12,503	13,690
General and administrative costs:
General and administrative costs	64	60
Total costs and expenses	12,567	13,750
Equity in income of unconsolidated affiliates	76	94
Operating income	1,895	1,761
Other income (expense):
Interest expense	(385)	(340)
Interest income	7	8
Other, net	1	1
Total other expense, net	(377)	(331)
Income before income taxes	1,518	1,430
Provision for income taxes (see Note 15)	(22)	(24)
Net income	1,496	1,406
Net income attributable to noncontrolling interests	(13)	(12)
Net income attributable to preferred units	(1)	(1)
Net income attributable to common unitholders	$ 1,482	$ 1,393
Earnings per unit: (see Note 11)
Basic earnings per common unit (in dollars per unit)	$ 0.68	$ 0.64
Diluted earnings per common unit (in dollars per unit)	$ 0.68	$ 0.64
Nonrelated Party
Revenues:
Revenues	$ 14,370	$ 15,404
Operating costs and expenses:
Operating costs and expenses	12,075	13,298
General and administrative costs:
General and administrative costs	29	27
Related parties
Revenues:
Revenues	16	13
Operating costs and expenses:
Operating costs and expenses	428	392
General and administrative costs:
General and administrative costs	35	33
Total costs and expenses	$ 463	$ 425

Capital Accounts

3 Months Ended

Mar. 31, 2026

Partners' Capital [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, 2025:


Common units outstanding at December 31, 2025			2,161,760,683
Common unit repurchases under 2019 Buyback Program			(3,124,192)
Common units issued in connection with the vesting of phantom unit awards, net			4,866,420
Other			15,360
Common units outstanding at March 31, 2026			2,163,518,271

Registration Statements

We have a universal shelf registration statement on file with the SEC which allows the Partnership and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively.

In addition, the Partnership has a registration statement on file with the SEC covering the issuance of up to $2.5 billion of its common units in amounts, at prices and on terms based on market conditions and other factors at the time of such offerings (referred to as the Partnership’s at-the-market (“ATM”) program). The Partnership did not issue any common units under its ATM program during the three months ended March 31, 2026. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of March 31, 2026.

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

Common Unit Repurchases Under 2019 Buyback Program

In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. In October 2025, we announced that the Board approved an increase to the authorized maximum aggregate purchase price (excluding fees, commissions and other ancillary expenses) of the Partnership’s common units that may be repurchased under the 2019 Buyback Program from $2.0 billion to $5.0 billion. The 2019 Buyback Program authorizes the Partnership to repurchase its common units from time to time, including through open market purchases and negotiated transactions. No time limit has been set for completion of the program, and it may be suspended or discontinued at any time.

During the three months ended March 31, 2026 and 2025, the Partnership repurchased 3,124,192 and 1,803,215 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $116 million and $60 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At March 31, 2026, the remaining available capacity under the 2019 Buyback Program was $3.4 billion.

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

After taking into account tax withholding requirements, the Partnership issued 4,866,420 new common units to employees in connection with the vesting of phantom unit awards during the three months ended March 31, 2026. See Note 12 for information regarding our phantom unit awards.

Common Units Delivered Under DRIP and EUPP

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

During the three months ended March 31, 2026, agents of the Partnership purchased 1,013,933 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $1 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants. No other Partnership funds were used to satisfy these obligations. We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on May 14, 2026.

Preferred Units

As of March 31, 2026 and December 31, 2025, there were 45,412 Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding. There were no changes in the number of preferred units outstanding during the three months ended March 31, 2026.

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

During the three months ended March 31, 2026, the Partnership made quarterly cash distributions to its preferred unitholders of $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				Other		Total
	Commodity Derivative Instruments		Interest Rate Derivative Instruments
Accumulated Other Comprehensive Income (Loss), December 31, 2025	$	184	$	150	$	2	$	336
Other comprehensive income (loss) for period, before reclassifications	(308)		–		–		(308)
Reclassification of losses (gains) to net income during period	(41)		(2)		–		(43)
Total other comprehensive income (loss) for period	(349)		(2)		–		(351)
Accumulated Other Comprehensive Income (Loss), March 31, 2026	$	(165)	$	148	$	2	$	(15)


	Cash Flow Hedges
	Commodity Derivative Instruments		Interest Rate Derivative Instruments		Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2024	$	91	$	143	$	2	$	236
Other comprehensive income (loss) for period, before reclassifications	22		2		–		24
Reclassification of losses (gains) to net income during period	26		(1)		–		25
Total other comprehensive income (loss) for period	48		1		–		49
Accumulated Other Comprehensive Income (Loss), March 31, 2025	$	139	$	144	$	2	$	285

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


		For the Three Months Ended March 31,
Losses (gains) on cash flow hedges:	Location	2026		2025
Interest rate derivatives	Interest expense	$	(2)	$	(1)
Commodity derivatives	Revenue	(51)		14
Commodity derivatives	Operating costs and expenses	10		12
Total		$	(43)	$	25

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

Cash Distributions

On April 9, 2026, we announced that the Board declared a quarterly cash distribution of $0.55 per common unit, or $2.20 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the first quarter of 2026. The quarterly distribution is payable on May 14, 2026 to unitholders of record as of the close of business on April 30, 2026. The total amount to be paid is $1.2 billion, which includes $12 million for distribution equivalent rights (“DERs”) on phantom unit awards.

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

- Definition

The entire disclosure for equity.

+ References

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+ Details

Equity-Based Awards - Schedule of Supplemental Information Regarding Phantom Unit Award Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity-Based Compensation Arrangement by Equity-Based Payment Award [Line Items]
Cash payments made in connection with DERs	$ 11	$ 11
Phantom unit awards
Equity-Based Compensation Arrangement by Equity-Based Payment Award [Line Items]
Cash payments made in connection with DERs	11	11
Total intrinsic value of phantom unit awards that vested during period	$ 261	$ 247

- 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.

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Hedging Activities and Fair Value Measurements - Schedule of Asset Balance Sheet Offsetting (Details) - Commodity derivatives - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Offsetting Assets [Line Items]
Gross Amounts of Recognized Assets	$ 1,047	$ 460
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Assets Presented in the Balance Sheet	1,047	460
Financial Instruments	(1,037)	(362)
Cash Collateral Received	(8)	(98)
Cash Collateral Paid	0	0
Amounts That Would Have Been Presented On Net Basis	$ 2	$ 0

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-URI https://asc.fasb.org/1943274/2147483444/210-20-55-16

+ Details

Intangible Assets and Goodwill

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [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:


	March 31, 2026						December 31, 2025
	Gross Value		Accumulated Amortization		Carrying Value		Gross Value		Accumulated Amortization		Carrying Value
NGL Pipelines & Services:
Customer relationship intangibles	$	449	$	(291)	$	158	$	449	$	(289)	$	160
Contract-based intangibles	1,050		(189)		861		1,050		(177)		873
Segment total	1,499		(480)		1,019		1,499		(466)		1,033
Crude Oil Pipelines & Services:
Customer relationship intangibles	2,195		(733)		1,462		2,195		(710)		1,485
Contract-based intangibles	283		(280)		3		283		(280)		3
Segment total	2,478		(1,013)		1,465		2,478		(990)		1,488
Natural Gas Pipelines & Services:
Customer relationship intangibles	1,351		(709)		642		1,351		(700)		651
Contract-based intangibles	1,152		(275)		877		1,150		(265)		885
Segment total	2,503		(984)		1,519		2,501		(965)		1,536
Petrochemical & Refined Products Services:
Customer relationship intangibles	181		(101)		80		181		(99)		82
Contract-based intangibles	50		(30)		20		50		(30)		20
Segment total	231		(131)		100		231		(129)		102
Total intangible assets	$	6,711	$	(2,608)	$	4,103	$	6,709	$	(2,550)	$	4,159

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


	For the Three Months Ended March 31,
	2026		2025
NGL Pipelines & Services	$	14	$	11
Crude Oil Pipelines & Services	23		21
Natural Gas Pipelines & Services	19		18
Petrochemical & Refined Products Services	2		2
Total	$	58	$	52

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


Remainder of 2026		2027		2028		2029		2030
$	169	$	225	$	222	$	217	$	217

Goodwill

Goodwill represents the excess of the purchase price of an acquired business over the amounts assigned to assets acquired and liabilities assumed in the transaction. There has been no change in our goodwill amounts since those reported in our 2025 Form 10-K.

Commitments and Contingent Liabilities- Schedule of Operating Leases (Details) $ in Millions	Mar. 31, 2026 USD ($)
Operating leases
ROU asset carrying value	$ 420
Lease liability carrying value	451
Finance leases
ROU asset carrying value	15
Lease liability carrying value	15
Total lease right of use asset	435
Total lease liability carrying value	$ 466
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent
Operating lease liability, current	$ 88
Operating lease, liability, noncurrent	$ 363
Lease liability, current, Consolidated Balance Sheet [Extensible Enumeration]	Other Liabilities, Current
Lease liability, noncurrent, Consolidated Balance Sheet [Extensible Enumeration]	Other Liabilities, Noncurrent
Finance lease, liability, current	$ 3
Finance lease, liability, noncurrent	$ 12
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Storage and pipeline facilities
Operating leases
ROU asset carrying value	$ 236
Lease liability carrying value	$ 232
Weighted-average remaining term	10 years
Weighted-average discount rate	4.80%
Transportation equipment
Operating leases
ROU asset carrying value	$ 29
Lease liability carrying value	$ 30
Weighted-average remaining term	3 years
Weighted-average discount rate	4.80%
Finance leases
ROU asset carrying value	$ 15
Lease liability carrying value	$ 15
Weighted- Average Remaining Term	3 years
Weighted average discount rate	4.80%
Office and warehouse space
Operating leases
ROU asset carrying value	$ 155
Lease liability carrying value	$ 189
Weighted-average remaining term	11 years
Weighted-average discount rate	3.30%

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [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 months ended March 31, 2026 and 2025.

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


	For the Three Months Ended March 31,
	2026		2025
Current portion of income tax provision:
Federal	$	(1)	$	(1)
State	(7)		(12)
Total current portion	(8)		(13)
Deferred portion of income tax provision:
Federal	(4)		(4)
State	(10)		(7)

Total deferred portion	(14)		(11)
Total provision for income taxes	$	(22)	$	(24)

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


	For the Three Months Ended March 31,
	2026					2025
Pre-Tax Net Book Income (“NBI”)	$	1,518				$	1,430

Income tax provision at the U.S. federal income tax rate	(319)			(21.0)	%	(300)			(21.0)	%
Reduction (increase) in provision for income taxes resulting from:
Partnership income not subject to federal income tax	315			20.8	%	296			20.7	%
Texas Margin Tax (1)	(17)			(1.1)	%	(19)			(1.3)	%

Other	(1)			(0.1)	%	(1)			(0.1)	%
Provision for income taxes	$	(22)		(1.4)	%	$	(24)		(1.7)	%

Effective income tax rate	(1.4)		%			(1.7)		%

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




	March 31, 2026		December 31, 2025
Deferred tax liabilities:
Attributable to investment in OTA (1)	$	502	$	495
Attributable to property, plant and equipment	183		172
Attributable to investments in other entities	4		4
Other	106		107
Total deferred tax liabilities	795		778
Deferred tax assets:
Net operating loss carryovers (2)	76		73
Temporary differences related to Texas Margin Tax	3		3
Total deferred tax assets	79		76
Total net deferred tax liabilities	$	716	$	702

(1)Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. (“OTA”), which we acquired in March 2020.

(2)The loss amount presented as of March 31, 2026 has an indefinite carryover period. All losses are subject to limitations on their utilization.

The following table presents income taxes paid, net of refunds received, during the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Federal	$	1	$	1
State	(1)		(4)
Total	$	–	$	(3)

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: 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 14: 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 15: 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 16: 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 17: 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

Revenues - Schedule of Revenues by Business Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenues	$ 14,386	$ 15,417
NGL Pipelines & Services
Disaggregation of Revenue [Line Items]
Revenues	4,032	5,400
NGL Pipelines & Services \| Sales of NGLs and related products
Disaggregation of Revenue [Line Items]
Revenues	3,269	4,651
NGL Pipelines & Services \| Total segment midstream services
Disaggregation of Revenue [Line Items]
Revenues	763	749
NGL Pipelines & Services \| Natural gas processing and fractionation
Disaggregation of Revenue [Line Items]
Revenues	342	352
NGL Pipelines & Services \| Transportation
Disaggregation of Revenue [Line Items]
Revenues	326	312
NGL Pipelines & Services \| Storage and terminals
Disaggregation of Revenue [Line Items]
Revenues	95	85
Crude Oil Pipelines & Services
Disaggregation of Revenue [Line Items]
Revenues	6,299	5,121
Crude Oil Pipelines & Services \| Sales of crude oil
Disaggregation of Revenue [Line Items]
Revenues	6,005	4,825
Crude Oil Pipelines & Services \| Total segment midstream services
Disaggregation of Revenue [Line Items]
Revenues	294	296
Crude Oil Pipelines & Services \| Transportation
Disaggregation of Revenue [Line Items]
Revenues	178	189
Crude Oil Pipelines & Services \| Storage and terminals
Disaggregation of Revenue [Line Items]
Revenues	116	107
Natural Gas Pipelines & Services
Disaggregation of Revenue [Line Items]
Revenues	1,107	1,221
Natural Gas Pipelines & Services \| Sales of natural gas
Disaggregation of Revenue [Line Items]
Revenues	632	785
Natural Gas Pipelines & Services \| Total segment midstream services
Disaggregation of Revenue [Line Items]
Revenues	475	436
Natural Gas Pipelines & Services \| Transportation
Disaggregation of Revenue [Line Items]
Revenues	475	436
Petrochemical & Refined Products Services
Disaggregation of Revenue [Line Items]
Revenues	2,948	3,675
Petrochemical & Refined Products Services \| Sales of petrochemicals and refined products
Disaggregation of Revenue [Line Items]
Revenues	2,599	3,326
Petrochemical & Refined Products Services \| Total segment midstream services
Disaggregation of Revenue [Line Items]
Revenues	349	349
Petrochemical & Refined Products Services \| Transportation
Disaggregation of Revenue [Line Items]
Revenues	179	175
Petrochemical & Refined Products Services \| Storage and terminals
Disaggregation of Revenue [Line Items]
Revenues	83	71
Petrochemical & Refined Products Services \| Fractionation and isomerization
Disaggregation of Revenue [Line Items]
Revenues	$ 87	$ 103

Hedging Activities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedges, Assets [Abstract]

Schedule of Hedging Instruments Under the FASB's Derivative and Hedging Guidance

The following table summarizes our portfolio of commodity derivative instruments outstanding at March 31, 2026 (volume measures as noted):


	Volume (1)		Accounting Treatment
Derivative Purpose	Current (2)	Long-Term (2)
Derivatives designated as hedging instruments:
Natural gas processing:
Forecasted natural gas purchases for plant thermal reduction (Bcf)	20.3	n/a	Cash flow hedge
Forecasted sales of natural gas (Bcf)	38.2	13.5	Cash flow hedge
Forecasted sales of NGLs (MMBbls)	9.0	n/a	Cash flow hedge
Octane enhancement:
Forecasted sales of octane enhancement products (MMBbls)	5.0	1.7	Cash flow hedge
Natural gas marketing:
Natural gas storage inventory management activities (Bcf)	0.6	n/a	Fair value hedge
NGL marketing:
Forecasted purchases of NGLs and related hydrocarbon products (MMBbls)	218.1	27.2	Cash flow hedge
Forecasted sales of NGLs and related hydrocarbon products (MMBbls)	216.7	26.1	Cash flow hedge
Refined products marketing:
Forecasted purchases of refined products (MMBbls)	2.9	n/a	Cash flow hedge
Forecasted sales of refined products (MMBbls)	5.0	n/a	Cash flow hedge
Crude oil marketing:
Forecasted purchases of crude oil (MMBbls)	23.3	7.2	Cash flow hedge
Forecasted sales of crude oil (MMBbls)	30.7	14.2	Cash flow hedge


Commercial energy:
Forecasted purchases of power related to asset operations (terawatt hours (“TWh”))	0.7	0.3	Cash flow hedge

Derivatives not designated as hedging instruments:
Natural gas risk management activities (Bcf) (3)	46.5	n/a	Mark-to-market
NGL risk management activities (MMBbls) (3)	58.0	16.7	Mark-to-market
Refined products risk management activities (MMBbls) (3)	4.5	n/a	Mark-to-market
Crude oil risk management activities (MMBbls) (3)	30.2	n/a	Mark-to-market

Commercial energy risk management activities (TWh) (3)	0.2	n/a	Mark-to-market

(3)Reflects the use of derivative instruments to manage risks associated with our transportation, processing and storage assets.

Schedule of 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
	March 31, 2026			December 31, 2025			March 31, 2026			December 31, 2025
	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments

Commodity derivatives	Current assets	$	842	Current assets	$	403	Current liabilities	$	789	Current liabilities	$	312
Commodity derivatives	Other assets	55		Other assets	26		Other liabilities	40		Other liabilities	13
Total commodity derivatives		897			429			829			325
Total derivatives designated as hedging instruments		$	897		$	429		$	829		$	325

Derivatives not designated as hedging instruments
Commodity derivatives	Current assets	$	149	Current assets	$	31	Current liabilities	$	203	Current liabilities	$	35
Commodity derivatives	Other assets	1		Other assets	–		Other liabilities	9		Other liabilities	3
Total commodity derivatives		150			31			212			38
Total derivatives not designated as hedging instruments		$	150		$	31		$	212		$	38

Schedule of Offsetting Financial Assets

The following tables present our derivative instruments subject to such arrangements at the dates indicated:


	Offsetting of Financial Assets and Derivative Assets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Balance Sheet		Amounts of Assets Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet						Amounts That Would Have Been Presented On Net Basis
							Financial Instruments		Cash Collateral Received		Cash Collateral Paid
	(i)		(ii)		(iii) = (i) – (ii)		(iv)						(v) = (iii) + (iv)
As of March 31, 2026:

Commodity derivatives	$	1,047	$	–	$	1,047	$	(1,037)	$	(8)	$	–	$	2
As of December 31, 2025:
Commodity derivatives	$	460	$	–	$	460	$	(362)	$	(98)	$	–	$	–

Schedule of 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
							Financial Instruments		Cash Collateral Received		Cash Collateral Paid
	(i)		(ii)		(iii) = (i) – (ii)		(iv)						(v) = (iii) + (iv)
As of March 31, 2026:
Commodity derivatives	$	1,041	$	–	$	1,041	$	(1,037)	$	–	$	–	$	4
As of December 31, 2025:
Commodity derivatives	$	363	$	–	$	363	$	(362)	$	–	$	–	$	1

Schedule of 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 March 31,
		2026		2025
Commodity derivatives	Revenue	$	(3)	$	1
Total		$	(3)	$	1


Derivatives in Fair Value Hedging Relationships	Location	Gain (Loss) Recognized in Income on Hedged Item
		For the Three Months Ended March 31,
		2026		2025
Commodity derivatives	Revenue	$	11	$	–
Total		$	11	$	–

Schedule of 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 March 31,
	2026		2025
Interest rate derivatives	$	–	$	2
Commodity derivatives – Revenue (1)	(283)		18
Commodity derivatives – Operating costs and expenses (1)	(25)		4
Total	$	(308)	$	24

Schedule of 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 March 31,
		2026		2025
Interest rate derivatives	Interest expense	$	2	$	1
Commodity derivatives	Revenue	51		(14)
Commodity derivatives	Operating costs and expenses	(10)		(12)
Total		$	43	$	(25)

Schedule of 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 March 31,
		2026		2025
Commodity derivatives	Revenue	$	(99)	$	(21)
Commodity derivatives	Operating costs and expenses	(3)		(2)
Total		$	(102)	$	(23)

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


	At March 31, 2026 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets:

Commodity derivatives:
Value before application of CME Rule 814	$	330	$	1,575	$	2	$	1,907
Impact of CME Rule 814	(203)		(657)		–		(860)
Total commodity derivatives	127		918		2		1,047
Total	$	127	$	918	$	2	$	1,047

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	696	$	1,386	$	2	$	2,084
Impact of CME Rule 814	(531)		(512)		–		(1,043)
Total commodity derivatives	165		874		2		1,041
Total	$	165	$	874	$	2	$	1,041


	At December 31, 2025 Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial assets:
Commodity derivatives:
Value before application of CME Rule 814	$	172	$	777	$	–	$	949
Impact of CME Rule 814	(170)		(319)		–		(489)
Total commodity derivatives	2		458		–		460
Total	$	2	$	458	$	–	$	460

Financial liabilities:
Commodity derivatives:
Value before application of CME Rule 814	$	32	$	710	$	–	$	742
Impact of CME Rule 814	(31)		(348)		–		(379)
Total commodity derivatives	1		362		–		363
Total	$	1	$	362	$	–	$	363

Revenues (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Business Segment

The following table presents our revenues by business segment, and further by revenue type, for the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
NGL Pipelines & Services:
Sales of NGLs and related products	$	3,269	$	4,651
Segment midstream services:
Natural gas processing and fractionation	342		352
Transportation	326		312
Storage and terminals	95		85
Total segment midstream services	763		749
Total NGL Pipelines & Services	4,032		5,400
Crude Oil Pipelines & Services:
Sales of crude oil	6,005		4,825
Segment midstream services:
Transportation	178		189
Storage and terminals	116		107
Total segment midstream services	294		296
Total Crude Oil Pipelines & Services	6,299		5,121
Natural Gas Pipelines & Services:
Sales of natural gas	632		785
Segment midstream services:
Transportation	475		436
Total segment midstream services	475		436
Total Natural Gas Pipelines & Services	1,107		1,221
Petrochemical & Refined Products Services:
Sales of petrochemicals and refined products	2,599		3,326
Segment midstream services:
Fractionation and isomerization	87		103
Transportation, including marine logistics	179		175
Storage and terminals	83		71
Total segment midstream services	349		349
Total Petrochemical & Refined Products Services	2,948		3,675
Total consolidated revenues	$	14,386	$	15,417

Schedule of Unbilled Revenue and Deferred Revenue

The following tables provide information regarding our contract assets and contract liabilities at March 31, 2026:




Contract Asset	Location	Balance
Unbilled revenue (current amount)	Prepaid and other current assets	$	9
Total		$	9

Contract Liability

Location

Balance

Deferred revenue (current amount)

Other current liabilities

161

Deferred revenue (noncurrent)

Other long-term liabilities

274

Total

435

The following table presents significant changes in our unbilled revenue and deferred revenue balances for the three months ended March 31, 2026:


	Unbilled Revenue		Deferred Revenue










Balance at December 31, 2025	$	6	$	418
Amount included in opening balance transferred to other accounts during period (1)	(6)		(95)
Amount recorded during period (2)	23		238
Amounts recorded during period transferred to other accounts (1)	(14)		(123)
Other changes	–		(3)
Balance at March 31, 2026	$	9	$	435

Schedule of Remaining Performance Obligations


Period	Fixed Consideration
Nine months ended December 31, 2026	$	3,374
One year ended December 31, 2027	4,359
One year ended December 31, 2028	3,887
One year ended December 31, 2029	3,055
One year ended December 31, 2030	2,292
Thereafter	9,449
Total	$	26,416

Equity-Based Awards - Narrative (Details) - Phantom unit awards $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Equity-Based Compensation Arrangement by Equity-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 360
Equity-based payment arrangement, cost not yet recognized, period for recognition	2 years 4 months 24 days
EPCO Companies
Equity-Based Compensation Arrangement by Equity-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 437

- 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

+ Details

Capital Accounts - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 30,570	$ 29,589
Total other comprehensive income (loss)	(351)	49
Ending balance	30,347	29,775
Interest expense	385	340
Revenue	(14,386)	(15,417)
Operating costs and expenses	12,503	13,690
Total	(1,496)	(1,406)
Reclassification out of Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Total	(43)	25
Cash Flow Hedges \| Commodity Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	184	91
Other comprehensive income (loss) for period, before reclassifications	(308)	22
Reclassification of losses (gains) to net income during period	(41)	26
Total other comprehensive income (loss)	(349)	48
Ending balance	(165)	139
Cash Flow Hedges \| Commodity Derivative Instruments \| Reclassification out of Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Revenue	(51)	14
Operating costs and expenses	10	12
Cash Flow Hedges \| Interest Rate Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	150	143
Other comprehensive income (loss) for period, before reclassifications	0	2
Reclassification of losses (gains) to net income during period	(2)	(1)
Total other comprehensive income (loss)	(2)	1
Ending balance	148	144
Cash Flow Hedges \| Interest Rate Derivative Instruments \| Reclassification out of Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Interest expense	(2)	(1)
Other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
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)	0	0
Ending balance	2	2
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	336	236
Other comprehensive income (loss) for period, before reclassifications	(308)	24
Reclassification of losses (gains) to net income during period	(43)	25
Total other comprehensive income (loss)	(351)	49
Ending balance	$ (15)	$ 285

Hedging Activities and Fair Value Measurements - Schedule of Liability Balance Sheet Offsetting (Details) - Commodity derivatives - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ 1,041	$ 363
Gross Amounts Offset in the Balance Sheet	0	0
Amounts of Liabilities Presented in the Balance Sheet	1,041	363
Financial Instruments	(1,037)	(362)
Cash Collateral Received	0	0
Cash Collateral Paid	0	0
Amounts That Would Have Been Presented On Net Basis	$ 4	$ 1

- Definition

Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities.

+ References + Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or 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 liabilities not subject to a master netting arrangement and not elected to be offset.

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- Definition

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+ Details

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2026

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	March 31, 2026		December 31, 2025
Plants, pipelines and facilities (1)(5)	3-45	$	67,062	$	66,498
Underground and other storage facilities (2)(6)	5-40	4,907		4,871
Transportation equipment (3)	3-10	302		294
Marine vessels (4)	15-30	979		970
Land		444		439
Construction in progress		2,639		2,400
Subtotal		76,333		75,472
Less accumulated depreciation		24,869		24,338
Subtotal property, plant and equipment, net		51,464		51,134
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)		264		225
Property, plant and equipment, net		$	51,728	$	51,359

(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.

(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.

Property, plant and equipment at March 31, 2026 and December 31, 2025 includes $139 million and $141 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset.

The following table presents information regarding our asset retirement obligations, or AROs, since December 31, 2025:

ARO liability balance, December 31, 2025

290

Liabilities incurred (1)

–

Revisions in estimated cash flows (2)

–

Liabilities settled (3)

–

Accretion expense (4)

ARO liability balance, March 31, 2026

292

(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 $292 million total ARO liability recorded at March 31, 2026, $3 million was reflected as a current liability and $289 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 March 31,
	2026		2025
Depreciation expense (1)	$	553	$	506
Capitalized interest (2)	24		45

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

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482130/360-10-45-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.CC)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480091/360-10-S99-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-SubTopic 360
-Topic 958
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED EQUITY - USD ($) $ in Millions	Total	Common Limited Partner Interests	Treasury Units	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests in Consolidated Subsidiaries
Beginning balance at Dec. 31, 2024	$ 29,589	$ 29,793	$ (1,297)	$ 236	$ 857
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,405	1,393	0	0	12
Cash distributions paid to common unitholders	(1,159)	(1,159)	0	0	0
Cash payments made in connection with distribution equivalent rights	(11)	(11)	0	0	0
Cash distributions paid to noncontrolling interests	(13)	0	0	0	(13)
Cash contributions from noncontrolling interests	4	0	0	0	4
Repurchase and cancellation of common units under 2019 Buyback Program	(60)	(60)	0	0	0
Amortization of fair value of equity-based awards	49	49	0	0	0
Cash flow hedges	49	0	0	49	0
Other, net	(78)	(78)	0	0	0
Ending balance at Mar. 31, 2025	29,775	29,927	(1,297)	285	860
Beginning balance at Dec. 31, 2025	30,570	30,700	(1,297)	336	831
Increase (Decrease) in Partners' Equity [Roll Forward]
Net income	1,495	1,482	0	0	13
Cash distributions paid to common unitholders	(1,189)	(1,189)	0	0	0
Cash payments made in connection with distribution equivalent rights	(11)	(11)	0	0	0
Cash distributions paid to noncontrolling interests	(23)	0	0	0	(23)
Repurchase and cancellation of common units under 2019 Buyback Program	(116)	(116)	0	0	0
Amortization of fair value of equity-based awards	54	54	0	0	0
Cash flow hedges	(351)	0	0	(351)	0
Other, net	(82)	(82)	0	0	0
Ending balance at Mar. 31, 2026	$ 30,347	$ 30,838	$ (1,297)	$ (15)	$ 821

Income Taxes - Schedule of Income Taxes Paid, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Federal	$ 1	$ 1
State	(1)	(4)
Total	$ 0	$ (3)

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income	$ 1,496	$ 1,406
Reconciliation of net income to net cash flow provided by operating activities:
Depreciation and accretion	555	511
Amortization of intangible assets	58	52
Amortization of major maintenance costs for reaction-based plants	25	16
Other amortization expense	63	57
Impairment of assets other than goodwill	8	10
Equity in income of unconsolidated affiliates	(76)	(94)
Distributions received from unconsolidated affiliates attributable to earnings	75	88
Net losses (gains) attributable to asset sales and related matters	1	(2)
Deferred income tax expense	14	11
Change in fair market value of derivative instruments	98	42
Non-cash expense related to long-term operating leases (see Note 16)	28	28
Net effect of changes in operating accounts (see Note 17)	(861)	203
Other operating activities	(15)	(14)
Net cash flow provided by operating activities	1,469	2,314
Investing activities:
Capital expenditures	(983)	(1,062)
Distributions received from unconsolidated affiliates attributable to the return of capital	11	15
Proceeds from asset sales and other matters	596	4
Other investing activities	(5)	(4)
Net cash flow used in investing activities	(381)	(1,047)
Financing activities:
Borrowings under debt agreements	22,489	19,103
Repayments of debt	(22,974)	(19,423)
Debt issuance costs	(4)	(12)
Cash distributions paid to common unitholders (see Note 8)	(1,189)	(1,159)
Cash payments made in connection with distribution equivalent rights	(11)	(11)
Cash distributions paid to noncontrolling interests	(23)	(13)
Cash contributions from noncontrolling interests	0	4
Repurchase of common units under 2019 Buyback Program	(116)	(60)
Other financing activities	(111)	(80)
Net cash flow used in financing activities	(1,939)	(1,651)
Net change in cash and cash equivalents, including restricted cash	(851)	(384)
Cash and cash equivalents, including restricted cash, at beginning of period	1,245	838
Cash and cash equivalents, including restricted cash, at end of period	$ 394	$ 454

Equity-Based Awards - Schedule of Equity-Based Award Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based payment arrangement, expense	$ 54	$ 49
Phantom unit awards
Equity-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based payment arrangement, expense	$ 54	$ 49

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Accounts receivable, allowance for credit losses	$ 35	$ 35
Temporary Equity, Other Disclosure [Abstract]
Series A cumulative convertible preferred units outstanding (in units)	45,412	45,412
Partners’ equity:
Common units issued (in units)	2,163,518,271	2,161,760,683
Common units outstanding (in units)	2,163,518,271	2,161,760,683

- Definition

The number of securities classified as temporary equity that have been issued and are held by the entity's shareholders. Securities outstanding equals securities issued minus securities held in treasury. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory Amounts by Product Type

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




	March 31, 2026		December 31, 2025
NGLs	$	3,592	$	2,923
Petrochemicals and refined products	711		665
Crude oil	929		288
Natural gas	2		8
Total	$	5,234	$	3,884

Schedule of Cost of Sales and Lower of Cost or Market Adjustments

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


	For the Three Months Ended March 31,
	2026		2025
Cost of sales (1)	$	10,678	$	12,005
Lower of cost or net realizable value adjustments recognized in cost of sales	1		2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Cash, Cash Equivalents and Restricted Cash	Restricted cash primarily represents amounts held in segregated bank accounts by our clearing brokers as margin in support of our commodity derivative instruments portfolio and related physical purchases and sales of natural gas, NGLs, crude oil, petrochemicals, refined products and power. Additional cash may be restricted to maintain our commodity derivative instruments portfolio as prices fluctuate or margin requirements change. See Note 13 for information regarding our derivative instruments and hedging activities.

Earnings Per Unit

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,482	$	1,393
Earnings allocated to phantom unit awards (1)	(15)		(13)
Net income allocated to common unitholders	$	1,467	$	1,380

Basic weighted-average number of common units outstanding	2,164		2,168

Basic earnings per common unit	$	0.68	$	0.64

DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$	1,482	$	1,393
Net income attributable to preferred units	1		1
Net income attributable to limited partners	$	1,483	$	1,394

Diluted weighted-average number of units outstanding:
Distribution-bearing common units	2,164		2,168
Phantom units (2)	22		21
Preferred units (2)	1		2
Total	2,187		2,191

Diluted earnings per common unit	$	0.68	$	0.64

(1)Phantom units are considered participating securities for purposes of computing basic earnings per unit. See Note 12 for information regarding our phantom units.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	March 31, 2026		December 31, 2025


Cash and cash equivalents	$	191	$	969
Restricted cash	203		276
Total cash, cash equivalents and restricted cash shown in the Unaudited Condensed Statements of Consolidated Cash Flows	$	394	$	1,245

Supplemental Cash Flow Information - Net Effect of Changes in Our Operating Accounts and Cash Payments for Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Decrease (increase) in:
Accounts receivable – trade	$ (1,852)	$ 1,384
Accounts receivable – related parties	1	2
Inventories	(1,266)	736
Prepaid and other current assets	360	111
Other assets	(2)	13
Increase (decrease) in:
Accounts payable – trade	284	(35)
Accounts payable – related parties	(108)	(107)
Accrued product payables	2,915	(1,374)
Accrued interest	(278)	(275)
Other current liabilities	(894)	(178)
Other long-term liabilities	(21)	(74)
Net effect of changes in operating accounts	(861)	203
Cash payments for interest, net of $24 and $45 capitalized during the three months ended March 31, 2026 and 2025, respectively	659	611
Capitalized interest	$ 24	$ 45

UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement [Line Items]
Net income	$ 1,496	$ 1,406
Cash flow hedges: (see Note 13)
Total cash flow hedges	(351)	49
Total other comprehensive income (loss)	(351)	49
Comprehensive income	1,145	1,455
Comprehensive income attributable to noncontrolling interests	(13)	(12)
Comprehensive income attributable to preferred units	(1)	(1)
Comprehensive income attributable to common unitholders	1,131	1,442
Commodity Derivative Instruments
Cash flow hedges: (see Note 13)
Changes in fair value of cash flow hedges	(308)	22
Reclassification of losses (gains) to net income	(41)	26
Interest Rate Derivative Instruments
Cash flow hedges: (see Note 13)
Changes in fair value of cash flow hedges	0	2
Reclassification of losses (gains) to net income	$ (2)	$ (1)

Hedging Activities and Fair Value Measurements - Schedule of Hedging Instruments Under the FASB's Derivative and Hedging Guidance (Details)	3 Months Ended
	Mar. 31, 2026 TWh Bcf MMBbls
Derivatives designated as hedging instruments: \| Forecasted natural gas purchases for plant thermal reduction (Bcf) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	20.3
Derivatives designated as hedging instruments: \| Forecasted sales of natural gas (Bcf) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	38.2
Derivatives designated as hedging instruments: \| Forecasted sales of natural gas (Bcf) \| Cash flow hedge \| Long-Term
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	13.5
Derivatives designated as hedging instruments: \| Forecasted sales of NGLs (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	9.0
Derivatives designated as hedging instruments: \| Forecasted sales of octane enhancement products (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	5.0
Derivatives designated as hedging instruments: \| Forecasted sales of octane enhancement products (MMBbls) \| Cash flow hedge \| Long-Term
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	1.7
Derivatives designated as hedging instruments: \| Natural gas storage inventory management activities (Bcf) \| Fair value hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	0.6
Derivatives designated as hedging instruments: \| Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	218.1
Derivatives designated as hedging instruments: \| Forecasted purchases of NGLs and related hydrocarbon products (MMBbls) \| Cash flow hedge \| Long-Term
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	27.2
Derivatives designated as hedging instruments: \| Forecasted sales of NGLs and related hydrocarbon products (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	216.7
Derivatives designated as hedging instruments: \| Forecasted sales of NGLs and related hydrocarbon products (MMBbls) \| Cash flow hedge \| Long-Term
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	26.1
Derivatives designated as hedging instruments: \| Forecasted purchases of refined products (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	2.9
Derivatives designated as hedging instruments: \| Forecasted sales of refined products (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	5.0
Derivatives designated as hedging instruments: \| Forecasted purchases of crude oil (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	23.3
Derivatives designated as hedging instruments: \| Forecasted purchases of crude oil (MMBbls) \| Cash flow hedge \| Long-Term
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	7.2
Derivatives designated as hedging instruments: \| Forecasted sales of crude oil (MMBbls) \| Cash flow hedge \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	30.7
Derivatives designated as hedging instruments: \| Forecasted sales of crude oil (MMBbls) \| Cash flow hedge \| Long-Term
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	14.2
Derivatives designated as hedging instruments: \| Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) \| Cash flow hedge \| Current
Derivative [Line Items]
Volume \| TWh	0.7
Derivatives designated as hedging instruments: \| Forecasted purchases of power related to asset operations (terawatt hours (“TWh”)) \| Cash flow hedge \| Long-Term
Derivative [Line Items]
Volume \| TWh	0.3
Derivatives not designated as hedging instruments: \| Natural gas risk management activities (Bcf) \| Mark-to-market \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume \| Bcf	46.5
Derivatives not designated as hedging instruments: \| NGL risk management activities (MMBbls) \| Mark-to-market \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	58.0
Derivatives not designated as hedging instruments: \| NGL risk management activities (MMBbls) \| Mark-to-market \| Long-Term
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	16.7
Derivatives not designated as hedging instruments: \| Refined products risk management activities (MMBbls) \| Mark-to-market \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	4.5
Derivatives not designated as hedging instruments: \| Crude oil risk management activities (MMBbls) \| Mark-to-market \| Current
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	30.2
Derivatives not designated as hedging instruments: \| Commercial energy risk management activities (TWh) \| Mark-to-market \| Current
Derivative [Line Items]
Volume \| TWh	0.2

Related Party Transactions - Schedule of Accounts Receivable and Accounts Payable (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Related parties
Related Party Transaction [Line Items]
Accounts receivable	$ 1	$ 1
Accounts payable	108	217
Unconsolidated affiliates
Related Party Transaction [Line Items]
Accounts receivable	1	1
Accounts payable	20	22
EPCO and its privately held affiliates
Related Party Transaction [Line Items]
Accounts payable	$ 88	$ 195

- 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

+ Details

Capital Accounts (Tables)

3 Months Ended

Mar. 31, 2026

Partners' Capital [Abstract]

Schedule of Changes in Outstanding Common Units

The following table summarizes changes in the number of our common units outstanding since December 31, 2025:


Common units outstanding at December 31, 2025			2,161,760,683
Common unit repurchases under 2019 Buyback Program			(3,124,192)
Common units issued in connection with the vesting of phantom unit awards, net			4,866,420
Other			15,360
Common units outstanding at March 31, 2026			2,163,518,271

Schedule of 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				Other		Total
	Commodity Derivative Instruments		Interest Rate Derivative Instruments
Accumulated Other Comprehensive Income (Loss), December 31, 2025	$	184	$	150	$	2	$	336
Other comprehensive income (loss) for period, before reclassifications	(308)		–		–		(308)
Reclassification of losses (gains) to net income during period	(41)		(2)		–		(43)
Total other comprehensive income (loss) for period	(349)		(2)		–		(351)
Accumulated Other Comprehensive Income (Loss), March 31, 2026	$	(165)	$	148	$	2	$	(15)


	Cash Flow Hedges
	Commodity Derivative Instruments		Interest Rate Derivative Instruments		Other		Total
Accumulated Other Comprehensive Income (Loss), December 31, 2024	$	91	$	143	$	2	$	236
Other comprehensive income (loss) for period, before reclassifications	22		2		–		24
Reclassification of losses (gains) to net income during period	26		(1)		–		25
Total other comprehensive income (loss) for period	48		1		–		49
Accumulated Other Comprehensive Income (Loss), March 31, 2025	$	139	$	144	$	2	$	285

Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss)

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


		For the Three Months Ended March 31,
Losses (gains) on cash flow hedges:	Location	2026		2025
Interest rate derivatives	Interest expense	$	(2)	$	(1)
Commodity derivatives	Revenue	(51)		14
Commodity derivatives	Operating costs and expenses	10		12
Total		$	(43)	$	25

Earnings Per Unit (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
BASIC EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$ 1,482	$ 1,393
Earnings allocated to phantom unit awards	(15)	(13)
Net income allocated to common unitholders	$ 1,467	$ 1,380
Basic weighted-average number of common units outstanding (in units)	2,164	2,168
Basic earnings per common unit (in dollars per unit)	$ 0.68	$ 0.64
DILUTED EARNINGS PER COMMON UNIT
Net income attributable to common unitholders	$ 1,482	$ 1,393
Net income attributable to preferred units	1	1
Net income attributable to limited partners	$ 1,483	$ 1,394
Diluted weighted-average number of units outstanding:
Distribution-bearing common units (in units)	2,164	2,168
Phantom units (in units)	22	21
Preferred units (in units)	1	2
Total (in units)	2,187	2,191
Diluted earnings per common unit (in dollars per unit)	$ 0.68	$ 0.64

Debt Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Principal outstanding	$ 34,222	$ 34,707
Letter of credit outstanding	35
Senior Debt Obligations
Debt Instrument [Line Items]
Principal outstanding	31,940	32,425
March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2027 \| Senior Debt Obligations
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,500
Debt instrument, term	364 days
Principal outstanding	$ 0	0
Maximum bank commitments increase	200
Total maximum borrowing capacity	1,700
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 \| Senior Debt Obligations
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	2,700
Principal outstanding	0	$ 0
Maximum bank commitments increase	500
Total maximum borrowing capacity	$ 3,200
364-Day $1.5 Billion & $2.7 Billion Revolving Credit Agreements \| Senior Debt Obligations \| Additional Spread Adjustment on Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
364-Day $1.5 Billion & $2.7 Billion Revolving Credit Agreements \| Senior Debt Obligations \| Additional Spread Adjustment on Secured Overnight Financing Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%

Business Segments and Related Information - Schedule of Total Segment Revenues as Reported in the Preceding Tables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment revenues:
Total revenues	$ 14,386	$ 15,417
NGL Pipelines & Services
Segment revenues:
Total revenues	4,032	5,400
Crude Oil Pipelines & Services
Segment revenues:
Total revenues	6,299	5,121
Natural Gas Pipelines & Services
Segment revenues:
Total revenues	1,107	1,221
Petrochemical & Refined Products Services
Segment revenues:
Total revenues	2,948	3,675
Operating Segments
Segment revenues:
Total revenues	47,931	50,483
Operating Segments \| NGL Pipelines & Services
Segment revenues:
Total revenues	20,580	22,417
Operating Segments \| Crude Oil Pipelines & Services
Segment revenues:
Total revenues	18,026	15,743
Operating Segments \| Natural Gas Pipelines & Services
Segment revenues:
Total revenues	1,459	1,453
Operating Segments \| Petrochemical & Refined Products Services
Segment revenues:
Total revenues	7,866	10,870
Intersegment Eliminations
Segment revenues:
Total revenues	(33,545)	(35,066)
Intersegment Eliminations \| NGL Pipelines & Services
Segment revenues:
Total revenues	(16,548)	(17,017)
Intersegment Eliminations \| Crude Oil Pipelines & Services
Segment revenues:
Total revenues	(11,727)	(10,622)
Intersegment Eliminations \| Natural Gas Pipelines & Services
Segment revenues:
Total revenues	(352)	(232)
Intersegment Eliminations \| Petrochemical & Refined Products Services
Segment revenues:
Total revenues	$ (4,918)	$ (7,195)

- Definition

+ References

+ Details

Related Party Transactions - Narrative (Details) - EPCO and its privately held affiliates - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Total cash distributions	$ 374	$ 363
Operating lease, expense	$ 6	$ 6
Common Units
Related Party Transaction [Line Items]
Enterprise common units pledged as security (in units)	59,976,464

- 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

+ Details

Supplemental Cash Flow Information - Schedule of Cash Proceeds from Asset Sales and Other Matters (Details) - USD ($) $ in Millions	1 Months Ended		2 Months Ended	3 Months Ended
	Jan. 31, 2026	Dec. 31, 2025	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Proceeds from asset sales and other matters				$ 596	$ 4
Bahia NGL Pipeline
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Proceeds from asset sales and other matters	$ 595	$ 60	$ 655
ExxonMobil \| Bahia NGL Pipeline
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Undivided joint interest, ownership interest sold, percent		40.00%
Bahia NGL Pipeline
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Proceeds from asset sales and other matters				595	0
Other asset sales
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items]
Proceeds from asset sales and other matters				$ 1	$ 4

- 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

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+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
Revenues – related parties:
Unconsolidated affiliates	$	16	$	13
Costs and expenses – related parties:
EPCO and its privately held affiliates	$	421	$	387
Unconsolidated affiliates	42		38
Total	$	463	$	425

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




	March 31, 2026		December 31, 2025
Accounts receivable - related parties:
Unconsolidated affiliates	$	1	$	1

Accounts payable - related parties:
EPCO and its privately held affiliates	$	88	$	195
Unconsolidated affiliates	20		22
Total	$	108	$	217

We believe that the terms and provisions of our related party agreements are fair to us; however, such agreements and transactions may not be as favorable to us as we could have obtained from unaffiliated third parties.

Relationship with EPCO and Affiliates

We have an extensive and ongoing relationship with EPCO and its privately held affiliates (including Enterprise GP, our general partner), which are not a part of our consolidated group of companies.

At March 31, 2026, EPCO and its privately held affiliates (including Dan Duncan LLC and certain Duncan family trusts) beneficially owned the following limited partner interests in us:


Total Number of Limited Partner Interests Held			Percentage of Common Units Outstanding
702,563,034 common units			32.5%

Of the total number of Partnership common units held by EPCO and its privately held affiliates, 59,976,464 have been pledged as security under the separate credit facilities of EPCO and its privately held affiliates at March 31, 2026. These credit facilities contain customary and other events of default, including defaults by us and other affiliates of EPCO. An event of default, followed by a foreclosure on the pledged collateral, could ultimately result in a change in ownership of these units and affect the market price of the Partnership’s common units.

The Partnership and Enterprise GP are both separate legal entities apart from each other and apart from EPCO and its other affiliates, with assets and liabilities that are also separate from those of EPCO and its other affiliates. EPCO and its privately held affiliates use cash on hand and cash distributions they receive from us and other investments to fund their other activities and to meet their respective debt obligations, if any. During the three months ended March 31, 2026 and 2025, we paid EPCO and its privately held affiliates cash distributions totaling $374 million and $363 million, respectively.

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


	For the Three Months Ended March 31,
	2026		2025
Operating costs and expenses	$	382	$	351
General and administrative expenses	31		29
Total costs and expenses	$	413	$	380

We lease office space from privately held affiliates of EPCO. For each of the three months ended March 31, 2026 and 2025, we recognized $6 million 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.

+ References

+ Details