ENTERPRISE PRODUCTS PARTNERS L.P.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 7, 2026
EPD$37.03+1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001061219-26-000014
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001061219-26-000021
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 222 previous paragraphs and 262 current paragraphs.
143 unchanged; 65 reworded; 50 added; 13 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (50)
Current report
For the Three and Six Months Ended June 30, 2026 and 2025
Current report
Recent Developments
Current report
Enterprise to Expand Permian Basin Processing and Mont Belvieu Area NGL Fractionation Capacity
Current report
To support ongoing production growth in the Permian Basin, we announced in April 2026 plans to construct a tenth natural gas processing train (“Athena 2”) in the Midland Basin and a twelfth natural gas processing train (“Delaware Basin Plant 12”) in the Delaware Basin and in July 2026 announced plans to construct an eleventh natural gas processing train (“Midland Basin Plant 11”) in the Midland Basin and a thirteenth natural gas processing train (“Delaware Basin Plant 13”) in the Delaware Basin.
Current report
In the Midland Basin, each of these processing trains will have a nameplate natural gas processing capacity of 300 MMcf/d and will be able to extract more than 40 MBPD of NGLs. Athena 2 and Midland Basin Plant 11, which are supported by long-term acreage dedication agreements, are expected to be placed into service in the third quarter of 2027 and first quarter of 2029, respectively.
Current report
In the Delaware Basin, each of these processing trains will have a nameplate natural gas processing capacity of 300 MMcf/d and will be able to extract more than 40 MBPD of NGLs. Delaware Basin Plant 12 and Delaware Basin Plant 13, which are supported by long-term acreage dedication agreements and minimum volume commitments, are expected to be placed into service in the fourth quarter of 2027 and third quarter of 2028, respectively.
Current report
To accommodate incremental NGL production from the Permian Basin, we plan to construct an additional NGL fractionator (“Frac 15”) at our Mont Belvieu area NGL fractionation complex. Frac 15 will have a nameplate capacity of 150 MBPD and is expected to be completed in the first quarter of 2028.
Current report
Enterprise Enters Into July 2026 $1.0 Billion Incremental Credit Agreement
Current report
In July 2026, EPO entered into an additional revolving credit agreement (the “July 2026 $1.0 Billion Incremental Credit Agreement”). Under the new agreement, EPO may borrow up to $1.0 billion at a variable interest rate, subject to its terms and conditions. The July 2026 $1.0 Billion Incremental Credit Agreement increases EPO’s aggregate borrowing capacity under its credit agreements to $5.2 billion and enhances our liquidity and financial flexibility to support our working capital requirements amid increased commodity price volatility. Proceeds from borrowings under the agreement may be used for working capital, capital expenditures, acquisitions and other company purposes. Amounts borrowed under the agreement mature on March 26, 2027, coinciding with the maturity date of EPO’s existing March 2026 $1.5 Billion 364-Day Revolving Credit Agreement.
Current report
Revenues from the marketing of crude oil, NGLs and petrochemicals and refined products increased a combined $7.2 billion quarter-to-quarter primarily due to higher average sales prices, which accounted for a $4.2 billion increase, and higher sales volumes, which accounted for an additional $3.0 billion increase. Revenues from the marketing of natural gas decreased $465 million quarter-to-quarter primarily due to lower average sales prices.
Current report
Revenues from midstream services for thesecond quarter of 2026 increased $129 million when compared to thesecond quarter of 2025. Revenues from our natural gas processing facilities increased $111 million quarter-to-quarter primarily due to higher market values for the equity NGL-equivalent production volumes we received as non-cash consideration for processing services. Revenues from our natural gas transportation assets increased $52 million quarter-to-quarter primarily due to higher demand for transportation services.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Total revenues for thesix months ended June 30, 2026 increased $5.9 billion when compared to thesix months ended June 30, 2025 primarily due tohigher marketing revenues.
Current report
Revenues from midstream services for thesix months ended June 30, 2026 increased $180 million when compared to thesix months ended June 30, 2025. Revenues from our natural gas processing facilities increased $101 million period-to-period primarily due to higher market values for the equity NGL-equivalent production volumes we receive as non-cash consideration for processing services. Revenues from our natural gas transportation assets increased $91 million period-to-period primarily due to higher demand for transportation services.
Current report
Total operating costs and expenses for thethree and six months ended June 30, 2026 increased $6.5 billion and$5.3 billion, respectively, when compared to thesame periods in 2025.
Current report
Second Quarter of 2026 Compared to Second Quarter of 2025. Cost of sales for thesecond quarter of 2026 increased a net$6.3 billion when compared to thesecond quarter of 2025. The cost of sales associated with the marketing of crude oil, NGLs and petrochemicals and refined products increased a combined$6.3 billion quarter-to-quarter primarily due to higher average purchase prices, which accounted for a $3.3 billion increase, and higher volumes, which accounted for an additional $3.0 billion increase.
Current report
Gross operating margin from our NGL marketing activities increased $83 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $51 million increase, higher mark-to-market earnings, which accounted for a $19 million increase, and higher sales volumes, which accounted for an additional $13 million increase.
Current report
Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $36 million quarter-to-quarter primarily due to an 8 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $20 million increase, higher average processing margins (including the impact of hedging activities), which accounted for a $15 million increase, and a 288 MMcf/d increase in fee-based natural gas processing volumes, which accounted for an additional $12 million increase, partially offset by higher operating costs, which accounted for an $11 million decrease.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from natural gas processing and related NGL marketing activities for thesix months ended June 30, 2026 increased $213 million when compared to thesix months ended June 30, 2025.
Current report
Gross operating margin from our NGL marketing activities increased $93 million period-to-period primarily due to higher average sales margins, which accounted for a $44 million increase, higher sales volumes, which accounted for a $35 million increase, and higher mark-to-market earnings, which accounted for an additional $15 million increase.
Current report
Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $59 million period-to-period primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $51 million increase, and a 265 MMcf/d increase in fee-based natural gas processing volumes, which accounted for an additional $25 million increase, partially offset by higher operating costs, which accounted for a $17 million decrease.
Current report
Gross operating margin from our South Texas NGL Pipeline System decreased $9 million quarter-to-quarter primarily due to lower capacity reservation revenues, which accounted for a $4 million decrease, and higher operating costs, which accounted for an additional $6 million decrease. Transportation volumes on this system decreased 7 MBPD quarter-to-quarter.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from our NGL pipelines, storage and terminal assets during thesix months ended June 30, 2026 increased $26 million when compared to thesix months ended June 30, 2025.
Current report
Gross operating margin from our South Texas NGL Pipeline System decreased $13 million period-to-period primarily due to lower capacity reservation revenues, which accounted for a $7 million decrease, and higher operating costs, which accounted for an additional $9 million decrease. Transportation volumes on this system decreased 5 MBPD period-to-period.
Current report
Gross operating margin at our Morgan’s Point, Neches River and Enterprise Hydrocarbons Terminals decreased a combined net $8 million period-to-period primarily due to lower average LPG loading fees, which accounted for a $42 million decrease, higher operating costs, which accounted for a $21 million decrease, and lower average ethane loading fees, which accounted for an additional $16 million decrease, partially offset by an increase in ethane export volumes, which accounted for a $54 million increase, and an increase in propane export volumes, which accounted for an additional $12 million increase. Ethane export volumes at these terminals increased a combined 123 MBPD period-to-period primarily due to contributions from the first phase of our Neches River export facility, which was placed into service in July 2025. Propane export volumes at these terminals increased 71 MBPD period-to-period due to contributions from the second phase of our Neches River export facility, which was placed into service in May 2026. LPG export volumes at EHT were flat period-to-period.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from NGL fractionation during thesix months ended June 30, 2026 increased $94 million when compared to thesix months ended June 30, 2025.
Current report
Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) increased a combined net $69 million quarter-to-quarter primarily due to higher average sales margins from marketing activities, which accounted for a $52 million increase, higher sales volumes from marketing activities, which accounted for a $37 million increase, and higher mark-to-market earnings, which accounted for an additional $11 million increase, partially offset by lower transportation and related revenues, which accounted for a $19 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, and higher operating costs, which accounted for an additional $12 million decrease. The increases in marketing sales margins and volumes benefited from higher demand across our integrated crude oil value chain, reflected in a 265 MBPD (net to our interest) combined increase in crude oil transportation volumes on these pipelines and a 227 MBPD increase in crude oil marine terminal volumes at EHT, as well as corresponding market opportunities captured by our marketing activities.
Current report
Gross operating margin from our equity investment in the Seaway Pipeline increased $23 million quarter-to-quarter primarily due to a 138 MBPD (net to our interest) increase in transportation volumes, which accounted for an $11 million increase, and higher loading and other fee revenues, which accounted for an additional $13 million increase. On a combined basis, crude oil marine terminal volumes at the Freeport System and Texas City System increased 86 MBPD (net to our interest)quarter-to-quarter.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from our Crude Oil Pipelines & Services segment for thesix months ended June 30, 2026 increased $37 million when compared to thesix months ended June 30, 2025.
Current report
Gross operating margin from our equity investment in the Seaway Pipeline increased $24 million period-to-period primarily due to a 110 MBPD (net to our interest) increase in transportation volumes, which accounted for a $14 million increase, and higher loading and other fee revenues, which accounted for an additional $12 million increase. On a combined basis, crude oil marine terminal volumes at the Freeport System and Texas City System increased 57 MBPD (net to our interest)period-to-period.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from our Natural Gas Pipelines & Services segment for thesix months ended June 30, 2026 increased $278 million when compared to thesix months ended June 30, 2025.
Current report
Gross operating margin from our natural gas marketing activities increased $201 million period-to-period primarily due to higher average sales margins, which accounted for a $193 million increase, and higher mark-to-market earnings, which accounted for an additional $8 million increase.
Current report
Gross operating margin from our Texas Intrastate System increased $46 million period-to-period primarily due tohigher average transportation fees, which accounted for a $19 million increase, higher capacity reservation fees and other revenues, which accounted for a $19 million increase, and a 273 BBtus/d increase in transportation volumes, which accounted for an additional $8 million increase.
Current report
Gross operating margin from our Midland Basin Gathering System increased a net $12 million period-to-period primarily due to a 229 BBtus/d increase in natural gas gathering volumes, which accounted for a $15 million increase, and higher other revenues, which accounted for an additional $11 million increase, partially offset by higher operating costs, which accounted for a $14 million decrease.
Current report
Gross operating margin from our Delaware Basin Gathering System, increased a net $8 million period-to-period primarily due to a 372 BBtus/d increase in natural gas gathering volumes, which accounted for a $12 million increase, and higher treating and other revenues, which accounted for an additional $7 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from propylene production and related activities for thesix months ended June 30, 2026 increased $86 million when compared to thesix months ended June 30, 2025.
Current report
On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $82 million period-to-period primarily due tohigher average propylene sales margins, which accounted for a $67 million increase, and higher propylene sales volumes, which accounted for an additional $51 million increase, partially offset by higher operating costs, which accounted for a $23 million decrease, and lower other revenues, which accounted for an additional $13 million decrease. Propylene and associated by-product production volumes at these facilities increased a combined 11 MBPD period-to-period.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from butane isomerization and related operations for thesix months ended June 30, 2026 increased a net $4 million when compared to thesix months ended June 30, 2025 primarily due to higher average sales margins, which accounted for a $10 million increase, a 36 MBPD increase in isomerization and related DIB processing volumes, which accounted for an additional $4 million increase, partially offset by higher operating costs, which accounted for a $6 million decrease, and lower sales volumes, which accounted for an additional $4 million decrease.
Current report
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from our octane enhancement and related plant operations for thesecond quarter of 2026 increased a net $8 million when compared to thesecond quarter of 2025 primarily due to higher average sales margins, which accounted for an $8 million increase, and higher mark-to-market earnings, which accounted for an additional $5 million increase, partially offset by higher operating costs, which accounted for a $6 million decrease.
Current report
Gross operating margin from our refined products marketing activities, including the TW Products System, increased $14 million quarter-to-quarter primarily due to higher mark-to-market earnings.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from refined products pipelines and related activities for thesix months ended June 30, 2026 decreased $23 million when compared to thesix months ended June 30, 2025.
Showing the first 40 of 50 passages. Open the source sections for the rest.
Removed paragraphs (13)
Previous report
Revenues from midstream services for thefirst quarter of 2026 increased $51 million when compared to thefirst quarter of 2025 primarily due to higher demand for transportation services on our NGL and natural gas transportation assets.
Previous report
Total operating costs and expenses for thefirst quarter of 2026 decreased $1.2 billion when compared to thefirst quarter of 2025.
Previous report
General and administrative costs for thefirst quarter of 2026 increased $4 million when compared to thefirst quarter of 2025 primarily due to higher employee compensation costs.
Previous report
Gross operating margin from our Delaware Basin natural gas processing facilities increased a net $22 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $35 million increase, and higher fee-based natural gas processing volumes, which accounted for a $12 million increase, partially offset by a 10 MBPD decrease in equity NGL-equivalent production volumes, which accounted for an $18 million decrease, and higher operating costs, which accounted for an additional $7 million decrease. Fee-based natural gas processing volumes at our Delaware Basin natural gas processing facilities increased 242 MMcf/d quarter-to-quarter.
Previous report
Gross operating margin from our NGL marketing activities increased a net $10 million quarter-to-quarter primarily due to higher sales volumes, which accounted for a $20 million increase, partially offset by lower average sales margins, which accounted for a $5 million decrease, and lower mark-to-market earnings, which accounted for an additional $4 million decrease.
Previous report
Gross operating margin from our South Texas natural gas processing facilities decreased $5 million quarter-to-quarter primarily due to higher operating costs. Fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 12 MMcf/d and increased 3 MBPD, respectively, quarter-to-quarter.
Previous report
Gross operating margin from LPG-related activities at our Enterprise Hydrocarbons Terminal (“EHT”) decreased $42 million quarter-to-quarter primarily due to lower average loading fees. LPG export volumes at EHT decreased 1 MBPD quarter-to-quarter.
Previous report
Gross operating margin from crude oil activities at EHT decreased a net$2 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $11 million decrease, and lower storage revenues, which accounted for an additional $5 million decrease, partially offset by higher loading and other revenues, which accounted for a $14 million increase. Crude oil marine terminal volumes at EHT increased 113 MBPD quarter-to-quarter.
Previous report
Gross operating margin from our Acadian Gas System and Haynesville Gathering System increased a combined $8 million quarter-to-quarter primarily due to a 269 BBtus/d increase in transportation volumes.
Previous report
Gross operating margin from our East Texas Gathering System decreased $4 million quarter-to-quarter primarily due to a 298 BBtus/d decrease in gathering volumes.
Previous report
Gross operating margin from our refined products marketing activities decreased $35 million quarter-to-quarter primarily due to lower average sales margins, which accounted for a $24 million decrease, and lower non-cash, mark-to-market earnings, which accounted for an additional $11 million decrease.
Previous report
Net cash flow provided by operating activities for thefirst quarter of 2026 decreased a net$845 million when compared to thefirst quarter of 2025 primarily due to:
Previous report
Comparison of First Quarter of 2026 with First Quarter of 2025
Reworded paragraphs (65)
Previous wording
This quarterly report on Form 10-Q for the three months ended March 31, 2026 (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 six months ended June 30, 2026 (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
As used in this quarterly report, the phrase “quarter-to-quarter” means the first quarter of 2026 compared to the first quarter of 2025.
Current wording
As used in this quarterly report, the phrase “quarter-to-quarter” means the second quarter of 2026 compared to the second quarter of 2025. Likewise, the phrase “period-to-period” means the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Previous wording
The weighted-average indicative market price for NGLs was $0.57 per gallon in the first quarter of 2026 versus $0.67 per gallon in the first quarter of 2025.
Current wording
The weighted-average indicative market price for NGLs was $0.68 per gallon in the second quarter of 2026 versus $0.58 per gallon in the second quarter of 2025. Likewise, the weighted-average indicative market price for NGLs was $0.63 per gallon during the six months ended June 30, 2026 compared to $0.63 during the six months ended June 30, 2025.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Total revenues for thefirst quarter of 2026 decreased $1.0 billion when compared to thefirst quarter of 2025 primarily due tolower marketing revenues.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Total revenues for thesecond quarter of 2026 increased $6.9 billion when compared to thesecond quarter of 2025 primarily due tohigher marketing revenues.
Previous wording
Revenues from the marketing of NGLs decreased $1.4 billion quarter-to-quarter primarily due to lower average sales prices. Revenues from the marketing of petrochemicals and refined products decreased $727 million quarter-to-quarter primarily due to lower sales volumes, which accounted for a $479 million decrease, and lower average sales prices, which accounted for an additional $248 million decrease. Revenues from the marketing of natural gas decreased $154 million quarter-to-quarter primarily due to lower average sales prices. Revenues from the marketing of crude oil increased a net $1.2 billion quarter-to-quarter primarily due to higher sales volumes, which accounted for a $1.4 billion increase, partially offset by lower average sales prices, which accounted for a $259 million decrease.
Current wording
Revenues from the marketing of crude oil and petrochemicals and refined products increased a combined $5.9 billion period-to-period primarily due to higher sales volumes, which accounted for a $3.1 billion increase, and higher average sales prices, which accounted for an additional $2.8 billion increase. Revenues from the marketing of NGLs increased $370 million period-to-period primarily due to higher sales volumes. Revenues from the marketing of natural gas decreased $620 million period-to-period primarily due to lower average sales prices.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Cost of sales for thefirst quarter of 2026 decreased a net$1.3 billion when compared to thefirst quarter of 2025. The cost of sales associated with the marketing of NGLs decreased $1.9 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$645 million quarter-to-quarter primarily due to lower volumes, which accounted for a $527 million decrease, and lower average purchase prices, which accounted for an additional $118 million decrease. The cost of sales associated with the marketing of crude oil increased a net $1.2 billion quarter-to-quarter primarily due to higher volumes which accounted for a $1.4 billion increase, partially offset by lower average purchase prices, which accounted for a $163 million decrease.
Current wording
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Cost of sales for thesix months ended June 30, 2026 increased a net$4.9 billion when compared to thesix months ended June 30, 2025. The cost of sales associated with the marketing of crude oil and petrochemicals and refined products increased a combined $5.8 billion period-to-period primarily due to higher volumes, which accounted for a $3.0 billion increase, and higher average purchase prices, which accounted for an additional $2.8 billion increase. The cost of sales associated with the marketing of NGLs and natural gas decreased a combined net $850 million period-to-period primarily due to lower average purchase prices, which accounted for a $1.2 billion decrease, partially offset by higher volumes, which accounted for a $338 million increase.
Previous wording
Other operating costs and expenses for thefirst quarter of 2026 increased $75 million when compared to thefirst quarter of 2025 primarily due to higher employee compensation and chemical costs.
Current wording
Other operating costs and expenses for thethree and six months ended June 30, 2026 increased $130 million and$205 million, respectively, when compared to thesame periods in 2025 primarily due to higher compensation, chemical costs, ad valorem taxes, maintenance and other operating costs.
Previous wording
Depreciation, amortization and accretion expense for thefirst quarter of 2026 increased $64 million when compared to thefirst quarter of 2025 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the first quarter of 2025.
Current wording
Depreciation, amortization and accretion expense for thethree and six months ended June 30, 2026 increased $79 million and$143 million, respectively, when compared to thesame periods in 2025 primarily due to higher depreciation expense on assets placed into full or limited service since the end of the respective periods in 2025.
Previous wording
For the Three Months Ended March 31, 2026 and 2025
Current wording
General and administrative costs for the three months ended June 30, 2026 decreased $4 million when compared to thesame period in 2025 primarily due to lower compensation costs. General and administrative costs for thesix months ended June 30, 2026 were flat when compared to the same period in 2025.
Previous wording
Equity income from our unconsolidated affiliates for thefirst quarter of 2026 decreased $18 million when compared to thefirst quarter of 2025 primarily due to lower earnings from investments in crude pipelines.
Current wording
Equity income from our unconsolidated affiliates for the three months ended June 30, 2026 increased $17 million when compared to thesame period in 2025 primarily due to higher earnings from investments in crude pipelines. Equity income from our unconsolidated affiliates for thesix months ended June 30, 2026 decreased $1 million when compared to the same period in 2025.
Previous wording
Operating income for thefirst quarter of 2026 increased $134 million when compared to thefirst quarter of 2025 due to the previously described quarter-to-quarter changes.
Current wording
Operating income for thethree and six months ended June 30, 2026 increased $454 million and $588 million, respectively, when compared to thesame periods in 2025 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 first quarters of 2026 and 2025 were 4.71% and 4.70%, respectively.
Current wording
(1)The weighted-average interest rates on debt principal outstanding during the three and six months ended June 30, 2026 were 4.66% and 4.68%, respectively. 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.
Previous wording
Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net$24 million quarter-to-quarter. This increase was primarily due to the issuance of $2.0 billion and $1.65 billion of fixed-rate senior notes in June 2025 and November 2025, respectively, which accounted for a combined increase of $44 million quarter-to-quarter, partially offset by the retirement of $1.15 billion, $750 million and $875 million of fixed-rate senior notes in February 2025, January 2026 and February 2026, respectively, which accounted for a combined decrease of $18 million quarter-to-quarter.
Current wording
Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net$21 million quarter-to-quarter and a net$45 million period-to-period. These increases were primarily due to the issuance of $2.0 billion and $1.65 billion of fixed-rate senior notes in June 2025 and November 2025, respectively, which accounted for a combined increase of $41 million quarter-to-quarter and $85 million period-to-period. These increases were partially offset by the retirement of $750 million and $875 million of fixed-rate senior notes in January 2026 and February 2026, respectively, which accounted for a combined decrease of $18 million quarter-to-quarter and $30 million period-to-period.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from natural gas processing and related NGL marketing activities for thefirst quarter of 2026 increased $42 million when compared to thefirst quarter of 2025.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from natural gas processing and related NGL marketing activities for thesecond quarter of 2026 increased $171 million when compared to thesecond quarter of 2025.
Previous wording
Gross operating margin from our Midland Basin natural gas processing facilities increased $25 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $15 million increase, an 11 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $7 million increase, and higher average processing fees, which accounted for an additional $4 million increase. Fee-based natural gas processing volumes at our Midland Basin natural gas processing facilities increased 31 MMcf/d quarter-to-quarter.
Current wording
Gross operating margin from our Midland Basin natural gas processing facilities increased $47 million quarter-to-quarter primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $27 million increase, a 10 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $7 million increase, a 218 MMcf/d increase in fee-based natural gas processing volumes, which accounted for a $7 million increase, and higher average processing fees, 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 $8 million quarter-to-quarter primarily due to lower average processing fees, which accounted for a $4 million decrease, and lower average processing margins (including the impact of hedging activities), which accounted for an additional $2 million decrease. On a combined basis, fee-based natural gas processing volumes and equity NGL-equivalent production volumes decreased 69 MMcf/d and increased 8 MBPD, respectively, quarter-to-quarter.
Current wording
Gross operating margin from our Midland Basin natural gas processing facilities increased $73 million period-to-period primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $42 million increase, a 10 MBPD increase in equity NGL-equivalent production volumes, which accounted for a $14 million increase, a 125 MMcf/d increase in fee-based natural gas processing volumes, which accounted for a $9 million increase, and higher average processing fees, which accounted for an additional $7 million increase.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our NGL pipelines, storage and terminal assets during thefirst quarter of 2026 increased $1 million when compared to thefirst quarter of 2025.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from our NGL pipelines, storage and terminal assets during thesecond quarter of 2026 increased $25 million when compared to thesecond quarter of 2025.
Previous wording
Gross operating margin at our Morgan’s Point and Neches River Export Terminals increased a combined net $6 million quarter-to-quarter primarily due to an increase in ethane export volumes, which accounted for a $23 million increase, and higher other fee revenues, which accounted for an additional $3 million increase, partially offset by lower average loading fees, which accounted for a $10 million decrease, and higher operating costs, which accounted for an additional $10 million decrease. Ethane export volumes at these terminals increased a combined 104 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.
Current wording
Gross operating margin at our Morgan’s Point, Neches River and Enterprise Hydrocarbons Terminals increased a combined net $27 million quarter-to-quarter primarily due to an increase in ethane export volumes, which accounted for a $32 million increase, and an increase in propane export volumes, which accounted for an additional $12 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease, and lower average ethane loading fees, which accounted for an additional $7 million decrease. Ethane export volumes at these terminals increased a combined 143 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. Propane export volumes at these terminals increased 141 MBPD quarter-to-quarter due to contributions from the second phase of our Neches River export facility, which was placed into service in May 2026. LPG export volumes at Enterprise Hydrocarbons Terminal (“EHT”) were flat quarter-to-quarter.
Previous wording
Gross operating margin from our Mont Belvieu area storage complex increased $11 million quarter-to-quarter primarily due to higher storage revenues.
Current wording
Gross operating margin from our Mont Belvieu area storage complex increased $10 million quarter-to-quarter primarily due to higher storage revenues.
Previous wording
A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, Shin Oak NGL Pipeline and Bahia NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased $22 million quarter-to-quarter primarily due to an increase in transportation volumes.
Current wording
A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, Shin Oak NGL Pipeline and Bahia NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased $33 million period-to-period primarily due to an increase in transportation volumes, which accounted for a $23 million increase, and higher average transportation fees, which accounted for an additional $11 million increase.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from NGL fractionation during thefirst quarter of 2026 increased $42 million when compared to thefirst quarter of 2025.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from NGL fractionation during thesecond quarter of 2026 increased $52 million when compared to thesecond quarter of 2025.
Previous wording
Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $33 million quarter-to-quarter primarily due to higher fractionation volumes, which accounted for a $46 million increase, and higher average fractionation fees (including the impact of hedging activities), which accounted for an additional $25 million increase, partially offset by higher operating costs, which accounted for a $29 million decrease, and lower ancillary service revenues, which accounted for an additional $9 million decrease. NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 220 MBPD quarter-to-quarter primarily due to contributions from Frac 14, which was placed into service during the fourth quarter of 2025.
Current wording
Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $87 million period-to-period primarily due to higher fractionation volumes, which accounted for an $87 million increase, higher average fractionation fees (including the impact of hedging activities), which accounted for a $27 million increase, and higher ancillary service revenues, which accounted for an additional $13 million increase, partially offset by higher operating costs, which accounted for a $42 million decrease. NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 214 MBPD period-to-period primarily due to contributions from Frac 14, which was placed into service during the fourth quarter of 2025.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our Crude Oil Pipelines & Services segment for thefirst quarter of 2026 decreased $45 million when compared to thefirst quarter of 2025.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from our Crude Oil Pipelines & Services segment for thesecond quarter of 2026 increased $82 million when compared to thesecond quarter of 2025.
Previous wording
Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined net $46 million quarter-to-quarter primarily due to lower average sales margins from marketing activities, which accounted for a $34 million decrease, lower transportation and related revenues, which accounted for a $24 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, and lower mark-to-market earnings, which accounted for an additional $11 million decrease, partially offset by higher sales volumes from marketing activities, which accounted for a $23 million increase. Crude oil transportation volumes on these pipelines increased a combined 83 MBPD (net to our interest) quarter-to-quarter.
Current wording
Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) increased a combined net $23 million period-to-period primarily due to higher sales volumes from marketing activities, which accounted for a $61 million increase, and higher average sales margins from marketing activities, which accounted for an additional $17 million increase, partially offset by lower transportation and related revenues, which accounted for a $43 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, and higher operating costs, which accounted for an additional $12 million decrease. Crude oil transportation volumes on these pipelines increased a combined 173 MBPD (net to our interest) period-to-period.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our Natural Gas Pipelines & Services segment for thefirst quarter of 2026 increased $139 million when compared to thefirst quarter of 2025.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from our Natural Gas Pipelines & Services segment for thesecond quarter of 2026 increased $139 million when compared to thesecond quarter of 2025.
Previous wording
Gross operating margin from our natural gas marketing activities increased a net $111 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $134 million increase, partially offset by lower mark-to-market earnings, which accounted for a $23 million decrease.
Current wording
Gross operating margin from our natural gas marketing activities increased $91 million quarter-to-quarter primarily due to higher average sales margins, which accounted for a $60 million increase, and higher mark-to-market earnings, which accounted for an additional $31 million increase.
Previous wording
Gross operating margin from our Texas Intrastate System increased $15 million quarter-to-quarter primarily due to higher capacity reservation fees and other revenues, which accounted for a $9 million increase, and a 388 BBtus/d increase in transportation volumes, which accounted for an additional $5 million increase.
Current wording
Gross operating margin from our Texas Intrastate System increased $32 million quarter-to-quarter primarily due to higher average transportation fees, which accounted for a $17 million increase, higher capacity reservation fees and other revenues, which accounted for a $10 million increase, and a 158 BBtus/d increase in transportation volumes, which accounted for an additional $3 million increase.
Previous wording
Gross operating margin from our Delaware Basin Gathering System increased a net $1 million quarter-to-quarter primarily due to a 396 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, partially offset by higher operating costs, which accounted for a $5 million decrease.
Current wording
Gross operating margin from our Delaware Basin Gathering System increased a net $7 million quarter-to-quarter primarily due to a 349 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, higher average gathering fees, which accounted for a $5 million increase, and higher treating and other revenues, which accounted for an additional $3 million increase, partially offset by higher operating costs, which accounted for a $7 million decrease.
Previous wording
Gross operating margin from our Midland Basin Gathering System increased a net $7 million quarter-to-quarter primarily due to a 157 BBtus/d increase in natural gas gathering volumes, which accounted for a $6 million increase, and higher other revenues, which accounted for a $6 million increase, partially offset by higher operating costs, which accounted for a $5 million decrease.
Current wording
Gross operating margin from our Midland Basin Gathering System increased a net $6 million quarter-to-quarter primarily due to a 300 BBtus/d increase in natural gas gathering volumes, which accounted for a $9 million increase, and higher other revenues, which accounted for an additional $5 million increase, partially offset by higher operating costs, which accounted for a $8 million decrease.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from propylene production and related activities for thefirst quarter of 2026 increased $67 million when compared to thefirst quarter of 2025.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from propylene production and related activities for thesecond quarter of 2026 increased $19 million when compared to thesecond quarter of 2025.
Previous wording
On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $62 million quarter-to-quarter primarily due to higher average propylene sales margins, which accounted for a $52 million increase, andhigher propylene sales volumes, which accounted for an additional $30 million increase, partially offset by lower other revenues, which accounted for a $17 million decrease. Propylene and associated by-product production volumes at these facilities increased a combined 8 MBPD quarter-to-quarter.
Current wording
On a combined basis, gross operating margin from our Mont Belvieu area propylene production facilities increased a net $20 million quarter-to-quarter primarily due to higher propylene sales volumes, which accounted for a $21 million increase, and higher average propylene sales margins, which accounted for an additional $15 million increase, partially offset by higher operating costs, which accounted for a $20 million decrease. Propylene and associated by-product production volumes at these facilities increased a combined 12 MBPD quarter-to-quarter.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from butane isomerization and related operations for thefirst quarter of 2026 increased $2 million when compared to thefirst quarter of 2025 primarily due to higher average sales margins and a 38 MBPD increase in isomerization and related DIB processing volumes.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from butane isomerization and related operations for thesecond quarter of 2026 increased a net $2 million when compared to thesecond quarter of 2025 primarily due to higher average sales margins, which accounted for an $8 million increase, partially offset by lower sales volumes, which accounted for a $4 million decrease, and higher operating costs, which accounted for an additional $3 million decrease.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from our octane enhancement and related plant operations for thefirst quarter of 2026 decreased $46 million when compared to thefirst quarter of 2025 primarily due to lower sales volumes, which accounted for a $30 million decrease, and lower mark-to-market earnings, which accounted for an additional $13 million decrease. The quarter-to-quarter decrease in sales volumes at these facilities was primarily due to planned major maintenance activities at our octane enhancement plant during the first quarter of 2026, which were completed in April 2026.
Current wording
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025. Gross operating margin from our octane enhancement and related plant operations for thesix months ended June 30, 2026 decreased a net$38 million when compared to thesix months ended June 30, 2025 primarily due to lower sales volumes, which accounted for a $31 million decrease, higher operating costs, which accounted for a $9 million decrease, and lower mark-to-market earnings, which accounted for an additional $7 million decrease, partially offset by higher average sales margins, which accounted for a $9 million increase. The period-to-period decrease in sales volumes at these facilities was primarily due to planned major maintenance activities at our octane enhancement plant during the first quarter of 2026, which were completed in April 2026.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from refined products pipelines and related activities for thefirst quarter of 2026 decreased $36 million when compared to thefirst quarter of 2025.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from refined products pipelines and related activities for thesecond quarter of 2026 increased $13 million when compared to thesecond quarter of 2025.
Previous wording
Gross operating margin from our refined products terminal in Beaumont, Texas increased $4 million quarter-to-quarter primarily due to higher storage and other fee revenues, which accounted for a $3 million increase, and lower operating expenses, which accounted for an additional $2 million increase. Refined products marine terminal volumes at Beaumont increased 34 MBPD quarter-to-quarter.
Current wording
Gross operating margin from our refined products terminal in Beaumont, Texas increased $6 million quarter-to-quarter primarily due to lower operating costs, which accounted for a $4 million increase, and higher storage and other fee revenues, which accounted for an additional $2 million increase. Refined products marine terminal volumes at Beaumont increased 51 MBPD quarter-to-quarter.
Previous wording
Gross operating margin from our TE Products Pipeline System decreased a net $9 million quarter-to-quarter primarily due to higher operating costs, which accounted for an $8 million decrease, and lower other revenues, which accounted for an additional $3 million decrease, partially offset by a 112 MBPD increase in transportation volumes, which accounted for a $3 million increase.
Current wording
Gross operating margin from our TE Products Pipeline System decreased a net $9 million quarter-to-quarter primarily due to higher operating costs, which accounted for a $17 million decrease, and lower other revenues, which accounted for an additional $5 million decrease, partially offset by a 169 MBPD increase in transportation volumes, which accounted for a $13 million increase.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from ethylene exports and related activities for thefirst quarter of 2026 increased a net$16 million when compared to thefirst quarter of 2025 primarily due to a 41 MBPD increase in ethylene export volumes, which accounted for an $18 million increase, a 51 MBPD increase in transportation volumes, which accounted for an additional $4 million increase, partially offset by higher operating costs, which accounted for a $7 million decrease.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from ethylene exports and related activities for thesecond quarter of 2026 increased $23 million when compared to thesecond quarter of 2025 primarily due to a 20 MBPD increase in ethylene export volumes, which accounted for an $11 million increase, higher sales volumes, which accounted for a $7 million increase, and a 38 MBPD increase in transportation volumes, which accounted for an additional $3 million increase.
Previous wording
First Quarter of 2026 Compared to First Quarter of 2025. Gross operating margin from marine transportation and other services for thefirst quarter of 2026 decreased $4 million when compared to thefirst quarter of 2025 primarily due to higher operating costs.
Current wording
Second Quarter of 2026 Compared to Second Quarter of 2025. Gross operating margin from marine transportation and other services for thesecond quarter of 2026 decreased $1 million when compared to thesecond quarter of 2025 primarily due to higher operating costs.
Previous wording
Based on current market conditions (as of the filing date of this quarterly report), we believe that the Partnership and its consolidated businesses will have sufficient liquidity, cash flow from operations and access to capital markets to fund their capital investments and working capital needs for the reasonably foreseeable future. At March 31, 2026, we had$3.3 billion of consolidated liquidity. This amount was comprised of$191 million of unrestricted cash on hand and$3.1 billion of available borrowing capacity under EPO’s revolving credit facilities, which is the net of$4.2 billion of total borrowing capacity under EPO’s revolving credit facilities and$1.1 billion outstanding under EPO’s commercial paper program.
Current wording
Based on current market conditions (as of the filing date of this quarterly report), we believe that the Partnership and its consolidated businesses will have sufficient liquidity, cash flow from operations and access to capital markets to fund their capital investments and working capital needs for the reasonably foreseeable future. At June 30, 2026, we had$4.0 billion of consolidated liquidity. This amount was comprised of$246 million of unrestricted cash on hand and$3.8 billion of available borrowing capacity under EPO’s revolving credit facilities, which is the net of$4.2 billion of total borrowing capacity under EPO’s revolving credit facilities and$450 million outstanding under EPO’s commercial paper program. In July 2026, our liquidity position was enhanced when EPO entered into its July 2026 $1.0 Billion Incremental Credit Agreement, which provides EPO with an additional $1.0 billion of borrowing capacity (see “Recent Developments” within this Item 2). As a result, EPO’s aggregate borrowing capacity under its revolving credit facilities, including that of the July 2026 $1.0 Billion Incremental Credit Agreement, is currently $5.2 billion.
Previous wording
We may issue debt and equity securities to assist us in meeting our future funding and liquidity requirements, including those related to capital investments. We have a universal shelf registration statement on file with the SEC that allows the Partnership and EPO to issue an unlimited amount of equity and debt securities, respectively. In addition, we have a registration statement on file with the SEC covering the issuance of up to $2.5 billion of the Partnership’s 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).
Current wording
We may issue debt and equity securities to assist us in meeting our future funding and liquidity requirements, including those related to capital investments. We have a universal shelf registration statement on file with the SEC that allows the Partnership and EPO to issue an unlimited amount of equity and debt securities, respectively. In addition, we have a registration statement on file with the SEC covering the issuance of up to $2.5 billion of the Partnership’s 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 existing registration statement for our ATM program is scheduled to expire in August 2026, at which time we expect to file a replacement registration statement with the SEC in order to maintain our financial flexibility.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
A number of our pipelines, including the Mid-America Pipeline System, Seminole NGL Pipeline, Chaparral Pipeline, Shin Oak NGL Pipeline and Bahia NGL Pipeline, serve Permian Basin and/or Rocky Mountain producers. On a combined basis, gross operating margin from these pipelines increased a net $11 million quarter-to-quarter primarily due to higher average transportation fees, which accounted for a $10 million increase, an increase in transportation volumes, which accounted for a $7 million increase, and lower operating costs, which accounted for an additional $4 million increase, partially offset by lower other revenues, which accounted for a $10 million decrease.
Current report — wording carried from elsewhere
Gross operating margin from our Mont Belvieu area storage complex increased $22 million period-to-period primarily due to higher storage revenues.
Current report — wording carried from elsewhere
Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $54 million quarter-to-quarter primarily due to higher fractionation volumes, which accounted for a $42 million increase, and higher ancillary service revenues, which accounted for an additional $23 million increase, partially offset by higher operating costs, which accounted for a $13 million decrease. NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 207 MBPD quarter-to-quarter primarily due to contributions from Frac 14, which was placed into service during the fourth quarter of 2025.
Current report — wording carried from elsewhere
Gross operating margin from our refined products terminal in Beaumont, Texas increased $10 million period-to-period primarily due to lower operating costs, which accounted for a $6 million increase, and higher storage and other fee revenues, which accounted for an additional $5 million increase. Refined products marine terminal volumes at Beaumont increased 42 MBPD period-to-period.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•the second phase of our Neches River Ethane / Propane Export Facility located in Orange County, Texas (second quarter of 2026);