ENTERPRISE PRODUCTS PARTNERS L.P.

Previous wording

This quarterly report on Form 10-Q for the three and six months ended June 30, 2025 (our “quarterly report”) contains various forward-looking statements and information that are based on our beliefs and those of our general partner, as well as assumptions made by us and information currently available to us. When used in this document, words such as “anticipate,” “project,” “expect,” “plan,” “seek,” “goal,” “estimate,” “forecast,” “intend,” “could,” “should,” “would,” “will,” “believe,” “may,” “scheduled,” “pending,” “potential” and similar expressions and statements regarding our plans and objectives for future operations are intended to identify forward-looking statements. Although we and our general partner believe that our expectations reflected in such forward-looking statements (including any forward-looking statements/expectations of third parties referenced in this quarterly report) are reasonable, neither we nor our general partner can give any assurances that such expectations will prove to be correct.

Current wording

This quarterly report on Form 10-Q for the three and nine months ended September 30, 2025 (our “quarterly report”) contains various forward-looking statements and information that are based on our beliefs and those of our general partner, as well as assumptions made by us and information currently available to us. When used in this document, words such as “anticipate,” “project,” “expect,” “plan,” “seek,” “goal,” “estimate,” “forecast,” “intend,” “could,” “should,” “would,” “will,” “believe,” “may,” “scheduled,” “pending,” “potential” and similar expressions and statements regarding our plans and objectives for future operations are intended to identify forward-looking statements. Although we and our general partner believe that our expectations reflected in such forward-looking statements (including any forward-looking statements/expectations of third parties referenced in this quarterly report) are reasonable, neither we nor our general partner can give any assurances that such expectations will prove to be correct.

Previous wording

We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. EPCO, together with its privately held affiliates, owned approximately 32.4% of the Partnership’s common units outstanding at June 30, 2025.

Current wording

We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective common control of the DD LLC Trustees and the EPCO Trustees. EPCO, together with its privately held affiliates, owned approximately 32.5% of the Partnership’s common units outstanding at September 30, 2025.

Previous wording

As used in this quarterly report, the phrase “quarter-to-quarter” means thesecond quarter of 2025 compared to thesecond quarter of 2024. Likewise, the phrase “period-to-period” means thesix months ended June 30, 2025 compared to thesix months ended June 30, 2024.

Current wording

As used in this quarterly report, the phrase “quarter-to-quarter” means thethird quarter of 2025 compared to thethird quarter of 2024. Likewise, the phrase “period-to-period” means thenine months ended September 30, 2025 compared to thenine months ended September 30, 2024.

Previous wording

Enterprise Agrees to Acquire Oxy Affiliate, Enters into Service Agreements, and Expands Midland Basin Processing Capacity

Current wording

Enterprise Acquires Oxy Affiliate, Enters into Service Agreements, and Expands Midland Basin Processing Capacity

Previous wording

In July 2025, an affiliate of Enterprise agreed to acquire an affiliate of Occidental Petroleum Corporation (“Oxy”), which owns approximately 200 miles of natural gas gathering pipelines in the Midland Basin, in a debt-free transaction for $580 million in cash consideration (subject to adjustment in accordance with the agreement). In addition, an affiliate of Enterprise has agreed to provide Oxy with natural gas gathering and processing services, supported by a long-term dedication of approximately 73,000 acres across four counties in the Midland Basin. Completion of the acquisition is subject to customary regulatory approvals and closing conditions. The acquisition is expected to close in the third quarter of 2025.

Current wording

In July 2025, an affiliate of Enterprise agreed to acquire an affiliate of Occidental Petroleum Corporation (“Oxy”), which owns approximately 200 miles of natural gas gathering pipelines in the Midland Basin, in a debt-free transaction for $581 million in cash consideration. In addition, an affiliate of Enterprise agreed to provide Oxy with natural gas gathering and processing services, supported by a long-term dedication of approximately 73,000 acres across four counties in the Midland Basin. This transaction closed on August 22, 2025.

Previous wording

The weighted-average indicative market price for NGLs was$0.58 per gallon in thesecond quarter of 2025 versus$0.59 per gallon in thesecond quarter of 2024. Likewise, the weighted-average indicative market price for NGLs was$0.63 per gallon during thesix months ended June 30, 2025 compared to $0.61 per gallon during the six months ended June 30, 2024.

Current wording

The weighted-average indicative market price for NGLs was$0.56 per gallon in thethird quarter of 2025 versus$0.57 per gallon in thethird quarter of 2024. Likewise, the weighted-average indicative market price for NGLs was$0.60 per gallon during thenine months ended September 30, 2025 compared to $0.59 per gallon during the nine months ended September 30, 2024.

Previous wording

Second Quarter of 2025 Compared to Second Quarter of 2024. Total revenues for thesecond quarter of 2025 decreased $2.1 billion when compared to thesecond quarter of 2024 primarily due to lower marketing revenues.

Current wording

Third Quarter of 2025 Compared to Third Quarter of 2024. Total revenues for thethird quarter of 2025 decreased $1.8 billion when compared to thethird quarter of 2024 primarily due tolower marketing revenues.

Previous wording

Revenues from the marketing of NGLs and crude oildecreased a combined net $2.0 billion quarter-to-quarter primarily due to lower average sales prices, which accounted for a $2.3 billion decrease, partially offset by higher sales volumes, which accounted for a $357 million increase. Revenues from the marketing of petrochemicals and refined products decreased $614 million quarter-to-quarter primarily due to lower average sales prices. Revenues from the marketing of natural gas increased $392 million quarter-to-quarter primarily due to higher average sales prices.

Current wording

Revenues from the marketing of NGLs and petrochemicals and refined products decreased a combined $2.2 billion quarter-to-quarter primarily due to lower average sales prices, which accounted for a $1.6 billion decrease, and lower sales volumes, which accounted for an additional $583 million decrease. Revenues from the marketing of natural gas increased $233 million quarter-to-quarter primarily due to higher average sales prices. Revenues from the marketing of crude oil increased a net $134 million quarter-to-quarter primarily due to higher sales volumes, which accounted for a $738 million increase, partially offset by lower average sales prices, which accounted for a $604 million decrease.

Previous wording

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Total revenues for thesix months ended June 30, 2025 decreased $1.5 billion when compared to thesix months ended June 30, 2024 primarily due to lower marketing revenues.

Current wording

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024. Total revenues for thenine months ended September 30, 2025 decreased $3.2 billion when compared to thenine months ended September 30, 2024 primarily due tolower marketing revenues.

Previous wording

Revenues from the marketing of NGLs, crude oil and petrochemicals and refined products decreased a combined net $2.3 billion period-to-period primarily due to lower average sales prices, which accounted for a $3.8 billion decrease, partially offset by higher sales volumes, which accounted for a $1.5 billion increase. Revenues from the marketing of natural gas increased $673 million period-to-period primarily due to higher average sales prices.

Current wording

Revenues from the marketing of NGLs and crude oil decreased a combined net $3.3 billion period-to-period primarily due to lower average sales prices, which accounted for a $4.9 billion decrease, partially offset by higher sales volumes, which accounted for a $1.6 billion increase. Revenues from the marketing of petrochemicals and refined products decreased $1.1 billion period-to-period primarily due to lower average sales prices. Revenues from the marketing of natural gas increased $906 million period-to-period primarily due to higher average sales prices.

Previous wording

Revenues from midstream services for thesix months ended June 30, 2025 increased a net$140 million when compared to thesix months ended June 30, 2024. Revenues from our NGL and natural gas transportation assets increased a combined $230 million period-to-period primarily due to higher demand for transportation services. Revenues from our natural gas processing facilities decreased $49 million period-to-period primarily due to lower market values for the equity NGL-equivalent production volumes we receive as non-cash consideration for processing services. Lastly, revenues from our octane enhancement and related plant operations decreased $34 million period-to-period primarily due to lower deficiency fee revenues.

Current wording

Revenues from midstream services for thenine months ended September 30, 2025 increased a net$250 million when compared to thenine months ended September 30, 2024. Revenues from our NGL and natural gas transportation assets increased a combined $298 million period-to-period primarily due to higher demand for transportation services. Revenues from our octane enhancement and related plant operations decreased $34 million period-to-period primarily due to lower deficiency fee revenues. Lastly, revenues from our natural gas processing facilities decreased $29 million period-to-period primarily due to lower market values for the equity NGL-equivalent production volumes we receive as non-cash consideration for processing services.

Previous wording

Total operating costs and expenses for thethree and six months ended June 30, 2025 decreased $2.2 billion and$1.5 billion, respectively when compared to the same periods in 2024.

Current wording

Total operating costs and expenses for thethree and nine months ended September 30, 2025 decreased $1.7 billion and$3.1 billion, respectively when compared to the same periods in 2024.

Previous wording

Second Quarter of 2025 Compared to Second Quarter of 2024. Cost of sales for thesecond quarter of 2025 decreased a net$2.3 billion when compared to thesecond quarter of 2024. The cost of sales associated with the marketing of NGLs and crude oil decreased a combined net $1.8 billion quarter-to-quarter primarily due to lower average purchase prices, which accounted for a $2.1 billion decrease, partially offset by higher volumes, which accounted for a $315 million increase. The cost of sales associated with the marketing of petrochemicals and refined products decreased $603 million quarter-to-quarter primarily due to lower volumes. The cost of sales associated with the marketing of natural gas increased $82 million quarter-to-quarter primarily due to higher average purchase prices.

Current wording

Third Quarter of 2025 Compared to Third Quarter of 2024. Cost of sales for thethird quarter of 2025 decreased a net$1.8 billion when compared to thethird quarter of 2024. The cost of sales associated with the marketing of NGLs decreased $1.3 billion quarter-to-quarter primarily due to lower average purchase prices. The cost of sales associated with the marketing of petrochemicals and refined products decreased$798 million quarter-to-quarter primarily due to lower volumes. The cost of sales associated with the marketing of crude oil increased a net $246 million quarter-to-quarter primarily due to higher volumes which accounted for a $677 million increase, partially offset by lower average purchase prices, which accounted for a $431 million decrease.

Previous wording

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Cost of sales for thesix months ended June 30, 2025 decreased a net$1.7 billion when compared to thesix months ended June 30, 2024. The cost of sales associated with the marketing of NGLs and crude oil decreased a combined net $1.7 billion period-to-period primarily due to lower average purchase prices, which accounted for a $2.6 billion decrease, partially offset by higher volumes, which accounted for a $971 million increase. The cost of sales associated with the marketing of petrochemicals and refined products decreased $262 million period-to-period primarily due to lower volumes, which accounted for a $164 million decrease, and lower average purchase price, which accounted for an additional $98 million decrease. The cost of sales associated with the marketing of natural gas increased $243 million period-to-period primarily due to higher average purchase prices.

Current wording

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024. Cost of sales for thenine months ended September 30, 2025 decreased a net$3.5 billion when compared to thenine months ended September 30, 2024. The cost of sales associated with the marketing of NGLs and crude oil decreased a combined net $2.7 billion period-to-period primarily due to lower average purchase prices, which accounted for a $4.2 billion decrease, partially offset by higher volumes, which accounted for a $1.5 billion increase. The cost of sales associated with the marketing of petrochemicals and refined products decreased $1.1 billion period-to-period primarily due to lower volumes. The cost of sales associated with the marketing of natural gas increased $308 million period-to-period primarily due to higher average purchase prices.

Previous wording

Other operating costs and expenses for thethree and six months ended June 30, 2025 increased $90 million and$195 million, respectively, when compared to thesame periods in 2024 primarily due to higher employee compensation, maintenance and utility costs.

Current wording

Other operating costs and expenses for thethree and nine months ended September 30, 2025 increased $102 million and$297 million, respectively, when compared to thesame periods in 2024 primarily due to higher employee compensation, maintenance and utility costs.

Previous wording

Depreciation, amortization and accretion expense for thethree and six months ended June 30, 2025 increased $30 million and$53 million, respectively, when compared to thesame periods in 2024 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the respective periods in 2024.

Current wording

Depreciation, amortization and accretion expense for thethree and nine months ended September 30, 2025 increased $42 million and$95 million, respectively, when compared to thesame periods in 2024 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the respective periods in 2024.

Previous wording

General and administrative costs for thethree and six months ended June 30, 2025 increased $11 million and$5 million, respectively, when compared to thesame periods in 2024 primarily due to higher employee compensation costs.

Current wording

General and administrative costs for the three months ended September 30, 2025 was flat when compared to the same period in 2024. General and administrative costs for the nine months ended September 30, 2025 increased $5 million when compared to thesame period in 2024 primarily due to higher employee compensation costs.

Previous wording

Equity income from our unconsolidated affiliates for thethree and six months ended June 30, 2025 decreased $9 million and$17 million, respectively, when compared to thesame periods in 2024 primarily due to lower earnings from investments in NGL pipelines and services.

Current wording

Equity income from our unconsolidated affiliates for thethree and nine months ended September 30, 2025 decreased $9 million and$26 million, respectively, when compared to thesame periods in 2024 primarily due to lower earnings from investments in NGL pipelines and services.

Previous wording

Operating income for thethree and six months ended June 30, 2025 increased $30 million anddecreased $31 million, respectively, when compared to thesame periods in 2024 due to the previously described quarter-to-quarter and period-to-period changes.

Current wording

Operating income for thethree and nine months ended September 30, 2025 decreased $94 million and $125 million, respectively, when compared to thesame periods in 2024 due to the previously described quarter-to-quarter and period-to-period changes.

Previous wording

(1)The weighted-average interest rates on debt principal outstanding during the three and six months ended June 30, 2025 were 4.67% and 4.68%, respectively. The weighted-average interest rates on debt principal outstanding during the three and six months ended June 30, 2024 were 4.62% and 4.61%, respectively.

Current wording

(1)The weighted-average interest rates on debt principal outstanding during the three and nine months ended September 30, 2025 were 4.62% and 4.66%, respectively. The weighted-average interest rates on debt principal outstanding during the three and nine months ended September 30, 2024 were 4.59% and 4.60%, respectively.

Previous wording

Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net$26 million quarter-to-quarter and a net$54 million period-to-period. These increases were primarily due to the issuance of $2.5 billion and $2.0 billion of fixed-rate senior notes in August 2024 and June 2025, respectively, which accounted for a combined increase of $36 million quarter-to-quarter and $69 million period-to-period. These increases were partially offset by the retirement of $1.15 billion of fixed-rate senior notes in February 2025, which accounted for a decrease of $11 million quarter-to-quarter and $16 million period-to-period.

Current wording

Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net$27 million quarter-to-quarter and a net$81 million period-to-period. These increases were primarily due to the issuance of $2.5 billion and $2.0 billion of fixed-rate senior notes in August 2024 and June 2025, respectively, which accounted for a combined increase of $37 million quarter-to-quarter and $106 million period-to-period. These increases were partially offset by the retirement of $1.15 billion of fixed-rate senior notes in February 2025, which accounted for a decrease of $11 million quarter-to-quarter and $27 million period-to-period.

Previous wording

Second Quarter of 2025 Compared to Second Quarter of 2024. Gross operating margin from natural gas processing and related NGL marketing activities for thesecond quarter of 2025 decreased $45 million when compared to thesecond quarter of 2024.

Current wording

Third Quarter of 2025 Compared to Third Quarter of 2024. Gross operating margin from natural gas processing and related NGL marketing activities for thethird quarter of 2025 decreased $17 million when compared to thethird quarter of 2024.

Previous wording

Gross operating margin from our NGL marketing activities decreased a net $18 million quarter-to-quarter primarily due to lower average sales margins, which accounted for a $14 million decrease, and lower mark-to-market earnings, which accounted for an additional $17 million decrease, partially offset by higher sales volumes, which accounted for a $14 million increase.

Current wording

Gross operating margin from our NGL marketing activities decreased a net $21 million quarter-to-quarter primarily due to lower average sales margins, which accounted for a $49 million decrease, partially offset by higher mark-to-market earnings, which accounted for a $16 million increase, and higher sales volumes, which accounted for an additional $12 million increase.

Previous wording

Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $11 million quarter-to-quarter primarily due to lower average processing margins (including the impact of hedging activities). On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 34 MMcf/d and 4 MBPD, respectively, quarter-to-quarter.

Current wording

Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $11 million quarter-to-quarter primarily due to lower average processing margins (including the impact of hedging activities). On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 69 MMcf/d and increased 3 MBPD, respectively, quarter-to-quarter.

Previous wording

Gross operating margin from our Midland Basin natural gas processing facilities decreased a net $9 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $8 million decrease, and lower average processing margins (including the impact of hedging activities), which accounted for an additional $4 million decrease, partially offset by a 296 MMcf/d increase in fee-based natural gas processing volumes, which accounted for a $3 million increase.

Current wording

Gross operating margin from our Louisiana and Mississippi natural gas processing facilities increased $8 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $4 million increase, a 12 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $3 million increase, and a 318 MMcf/d increase in fee-based natural gas processing volumes, which accounted for an additional $2 million increase.

Previous wording

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Gross operating margin from natural gas processing and related NGL marketing activities for thesix months ended June 30, 2025 decreased $30 million when compared to thesix months ended June 30, 2024.

Current wording

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024. Gross operating margin from natural gas processing and related NGL marketing activities for thenine months ended September 30, 2025 decreased $47 million when compared to thenine months ended September 30, 2024.

Previous wording

Gross operating margin from our NGL marketing activities decreased a net $37 million period-to-period primarily due to lower average sales margins, which accounted for a $48 million decrease, and lower mark-to-market earnings, which accounted for an additional $12 million decrease, partially offset by higher sales volumes, which accounted for a $24 million increase.

Current wording

Gross operating margin from our NGL marketing activities decreased a net $58 million period-to-period primarily due to lower average sales margins, which accounted for a $97 million decrease, partially offset by higher sales volumes, which accounted for a $36 million increase, and higher mark-to-market earnings, which accounted for an additional $4 million increase.

Previous wording

Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $18 million period-to-period primarily due to lower average processing margins (including the impact of hedging activities). On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 49 MMcf/d and 1 MBPD, respectively, period-to-period.

Current wording

Gross operating margin from our Rockies natural gas processing facilities (Meeker, Pioneer and Chaco) decreased a combined $28 million period-to-period primarily due to lower average processing margins (including the impact of hedging activities). On a combined basis, fee-based natural gas processing volumes decreased 56 MMcf/d and equity NGL-equivalent production were flat period-to-period.

Previous wording

Gross operating margin from our Midland Basin natural gas processing facilities increased a net $32 million period-to-period primarily due to an 11 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $17 million increase, higher fee-based natural gas processing volumes, which accounted for a $15 million increase, and higher average processing margins (including the impact of hedging activities), which accounted for an additional $13 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease. Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 388 MMcf/d period-to-period primarily due to contributions from our Leonidas natural gas processing train, which was placed into service in late first quarter of 2024.

Current wording

Gross operating margin from our Midland Basin natural gas processing facilities increased a net $20 million period-to-period primarily due to higher fee-based natural gas processing volumes, which accounted for a $29 million increase, and a 6 MBPD increase in equity NGL-equivalent production volumes, which accounted for an additional $14 million increase, partially offset by higher operating costs, which accounted for a $23 million decrease. Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 329 MMcf/d period-to-period primarily due to contributions from our Leonidas and Orion natural gas processing trains, which were placed into service in late first quarter of 2024 and the third quarter of 2025, respectively.

Previous wording

Gross operating margin from our Delaware Basin natural gas processing facilities decreased a net $1 million period-to-period primarily due to lower average processing margins (including the impact of hedging activities), which accounted for a $32 million decrease, and higher operating costs, which accounted for an additional $4 million decrease, partially offset by higher fee-based natural gas processing volumes, which accounted for a $25 million increase, and a 7 MBPD increase in equity NGL-equivalent production volumes, which accounted for an additional $10 million increase. Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 323 MMcf/d period-to-period primarily due to contributions from our Mentone 3 natural gas processing train, which was placed into service in late first quarter of 2024.

Current wording

Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $14 million period-to-period primarily due tohigher fee-based natural gas processing volumes, which accounted for a $32 million increase, and a 5 MBPD increase in equity NGL-equivalent production volumes, which accounted for an additional $21 million increase, partially offset by lower average processing margins (including the impact of hedging activities), which accounted for a $30 million decrease, and higher operating costs, which accounted for an additional $9 million decrease. Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 296 MMcf/d period-to-period primarily due to contributions from our Mentone 3 and Mentone West 1 natural gas processing trains, which were placed into service in late first quarter of 2024 and the third quarter of 2025, respectively.

Previous wording

Second Quarter of 2025 Compared to Second Quarter of 2024. Gross operating margin from our NGL pipelines, storage and terminal assets during thesecond quarter of 2025 increased $31 million when compared to thesecond quarter of 2024.

Current wording

Third Quarter of 2025 Compared to Third Quarter of 2024. Gross operating margin from our NGL pipelines, storage and terminal assets during thethird quarter of 2025 increased $30 million when compared to thethird quarter of 2024.

Previous wording

Gross operating margin for our Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $14 million quarter-to-quarter primarily due to a 100 MBPD increase in transportation volumes, which accounted for a $9 million increase, and higher average transportation fees, which accounted for an additional $9 million increase.

Current wording

Gross operating margin for our Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $19 million quarter-to-quarter primarily due to higher average transportation fees, which accounted for an $11 million increase, and a 109 MBPD increase in transportation volumes, which accounted for an additional $6 million increase.

Previous wording

A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, and Shin Oak NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased $45 million period-to-period primarily due to a 56 MBPD increase in transportation volumes, which accounted for a $30 million increase, and higher average transportation fees, which accounted for an additional $11 million increase.

Current wording

A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, and Shin Oak NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased $16 million quarter-to-quarter primarily due to a 138 MBPD increase in transportation volumes.

Previous wording

Gross operating margin from our Tri-States NGL Pipeline increased $10 million quarter-to-quarter primarily due to a 9 MBPD increase in transportation volumes, which accounted for a $3 million increase, and higher average transportation fees, which accounted for an additional $3 million increase.

Current wording

Gross operating margin from our Tri-States NGL Pipeline increased $5 million quarter-to-quarter primarily due to an 11 MBPD increase in transportation volumes.

Previous wording

Gross operating margin from LPG-related activities at our Enterprise Hydrocarbons Terminal (“EHT”) decreased $37 million quarter-to-quarter primarily due to lower average loading fees. LPG export volumes at EHT increased 55 MBPD quarter-to-quarter. Gross operating margin at our Morgan’s Point Ethane Export Terminal increased $4 million quarter-to-quarter primarily due to an 11 MBPD increase in export volumes. Gross operating margin from our related Houston Ship Channel Pipeline System increased $5 million quarter-to-quarter primarily due to a 67 MBPD increase in transportation volumes.

Current wording

Gross operating margin from LPG-related activities at our Enterprise Hydrocarbons Terminal (“EHT”) decreased $44 million quarter-to-quarter primarily due to lower average loading fees. LPG export volumes at EHT decreased 42 MBPD quarter-to-quarter. Gross operating margin at our Morgan’s Point and Neches River Export Terminals increased a combined $22 million quarter-to-quarter primarily due to higher ethane export volumes, which accounted for a $16 million increase, and higher other fee revenues, which accounted for an additional $4 million increase. Ethane export volumes at these terminals increased a combined 63 MBPD quarter-to-quarter primarily due to contributions from the first phase of our Neches River export facility, which was placed into service in July 2025. Gross operating margin from our related Houston Ship Channel Pipeline System increased a net $1 million quarter-to-quarter primarily due to a 70 MBPD increase in transportation volumes, which accounted for a $5 million increase, partially offset by higher operating costs, which accounted for a $4 million decrease.

Previous wording

Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024. Gross operating margin from our NGL pipelines, storage and terminal assets during thesix months ended June 30, 2025 increased $113 million when compared to thesix months ended June 30, 2024.

Current wording

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024. Gross operating margin from our NGL pipelines, storage and terminal assets during thenine months ended September 30, 2025 increased $143 million when compared to thenine months ended September 30, 2024.

Previous wording

A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, and Shin Oak NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased a net $23 million quarter-to-quarter primarily due to higher other revenues, which accounted for a $12 million increase, a 40 MBPD increase in transportation volumes, which accounted for a $9 million increase, and higher average transportation fees, which accounted for an additional $6 million increase, partially offset by higher operating costs, which accounted for a $4 million decrease.

Current wording

A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, and Shin Oak NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased a net $63 million period-to-period primarily due to an 84 MBPD increase in transportation volumes, which accounted for a $49 million increase, higher other revenues, which accounted for a $19 million increase, and higher average transportation fees, which accounted for an additional $10 million increase, partially offset by higher operating costs, which accounted for a $15 million decrease.

Previous wording

Gross operating margin for our Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $26 million period-to-period primarily due to higher average transportation fees, which accounted for a $17 million increase, and a 37 MBPD increase in transportation volumes, which accounted for an additional $10 million increase.

Current wording

Gross operating margin for our Eastern ethane pipelines, which include our ATEX and Aegis pipelines, increased a combined $47 million period-to-period primarily due to higher average transportation fees, which accounted for a $29 million increase, and a 61 MBPD increase in transportation volumes, which accounted for an additional $15 million increase.

Previous wording

Gross operating margin from our Dixie Pipeline and related terminals increased $18 million period-to-period primarily due to higher average transportation fees, which accounted for a $10 million increase, and higher loading and other fee revenues, which accounted for an additional $9 million increase. Transportation volumes on our Dixie Pipeline increased 7 MBPD period-to-period.

Current wording

Gross operating margin from our Dixie Pipeline and related terminals increased $22 million period-to-period primarily due to higher average transportation fees, which accounted for an $11 million increase, and higher loading and other fee revenues, which accounted for an additional $10 million increase. Transportation volumes on our Dixie Pipeline increased 6 MBPD period-to-period.

Previous wording

Gross operating margin from our Tri-States NGL Pipeline increased $13 million period-to-period primarily due to an 8 MBPD increase in transportation volumes, which accounted for a $5 million increase, and higher average transportation fees, which accounted for an additional $4 million increase.

Current wording

Gross operating margin from our Tri-States NGL Pipeline increased $18 million period-to-period primarily due to a 9 MBPD increase in transportation volumes, which accounted for a $9 million increase, and higher average transportation fees, which accounted for an additional $5 million increase.