ENTERPRISE PRODUCTS PARTNERS L.P.

Previous 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.

Current wording

This quarterly report on Form 10-Q for the three and nine months ended September 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

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 June 30, 2026.

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 32.6% of the Partnership’s common units outstanding at September 30, 2026.

Previous 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.

Current wording

As used in this quarterly report, the phrase “quarter-to-quarter” means the third quarter of 2026 compared to the third quarter of 2025. Likewise, the phrase “period-to-period” means the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Previous wording

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 wording

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 general 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.

Previous 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.

Current wording

The weighted-average indicative market price for NGLs was $0.69 per gallon in the third quarter of 2026 versus $0.56 per gallon in the third quarter of 2025. Likewise, the weighted-average indicative market price for NGLs was $0.65 per gallon during the nine months ended September 30, 2026 compared to $0.60 during the nine months ended September 30, 2025.

Previous 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.

Current wording

Third Quarter of 2026 Compared to Third Quarter of 2025. Total revenues for thethird quarter of 2026 increased $5.9 billion when compared to thethird quarter of 2025 primarily due tohigher marketing revenues.

Previous wording

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 wording

Revenues from the marketing of NGLs, natural gas, and petrochemicals and refined products increased a combined $4.6 billion quarter-to-quarter primarily due to higher average sales prices, which accounted for a $2.8 billion increase, and higher sales volumes, which accounted for an additional $1.8 billion increase. Revenues from the marketing of crude oil increased $1.2 billion quarter-to-quarter primarily due to higher average sales prices.

Previous wording

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 wording

Revenues from midstream services for thethird quarter of 2026 increased $151 million when compared to thethird quarter of 2025. Revenues from our natural gas processing facilities increased $65 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 $68 million quarter-to-quarter primarily due to higher demand for transportation services.

Previous wording

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 wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025. Total revenues for thenine months ended September 30, 2026 increased $11.8 billion when compared to thenine months ended September 30, 2025 primarily due tohigher marketing revenues.

Previous 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.

Current wording

Revenues from the marketing of crude oil, NGLs and petrochemicals and refined products increased a combined $11.9 billion period-to-period primarily due to higher average sales prices, which accounted for a $7.1 billion increase, and higher sales volumes, which accounted for an additional $4.8 billion increase. Revenues from the marketing of natural gas decreased $431 million period-to-period primarily due to lower average sales prices.

Previous wording

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 wording

Revenues from midstream services for thenine months ended September 30, 2026 increased $331 million when compared to thenine months ended September 30, 2025. Revenues from our natural gas processing facilities increased $167 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 $158 million period-to-period primarily due to higher demand for transportation services.

Previous wording

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 wording

Total operating costs and expenses for thethree and nine months ended September 30, 2026 increased $5.6 billion and$10.9 billion, respectively, when compared to thesame periods in 2025.

Previous wording

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 wording

Third Quarter of 2026 Compared to Third Quarter of 2025. Cost of sales for thethird quarter of 2026 increased $5.4 billion when compared to thethird quarter of 2025. The cost of sales associated with the marketing of NGLs, natural gas, and petrochemicals and refined products increased a combined$4.2 billion quarter-to-quarter primarily due to higher average purchase prices, which accounted for a $2.3 billion increase, and higher volumes, which accounted for an additional $1.9 billion increase. The cost of sales associated with the marketing of crude oil increased $1.2 billion quarter-to-quarter primarily due to higher average purchase prices.

Previous 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.

Current wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025. Cost of sales for thenine months ended September 30, 2026 increased $10.3 billion when compared to thenine months ended September 30, 2025. The cost of sales associated with the marketing of crude oil, NGLs and petrochemicals and refined products increased a combined $10.4 billion period-to-period primarily due to higher average purchase prices, which accounted for a $5.5 billion increase, and higher volumes, which accounted for an additional $4.9 billion increase. The cost of sales associated with the marketing of natural gas decreased $51 million period-to-period primarily due to lower average purchase prices.

Previous 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.

Current wording

Other operating costs and expenses for thethree and nine months ended September 30, 2026 increased $150 million and$355 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 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.

Current wording

Depreciation, amortization and accretion expense for thethree and nine months ended September 30, 2026 increased $69 million and$212 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

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.

Current wording

Operating income for thethree and nine months ended September 30, 2026 increased $304 million and $892 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 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.

Current wording

(1)The weighted-average interest rate on debt principal outstanding during each of the three months ended September 30, 2026 and 2025 was 4.62%. The weighted-average interest rate on debt principal outstanding during each of the nine months ended September 30, 2026 and 2025 was 4.66%.

Previous 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.

Current wording

Interest charged on debt principal outstanding, which is a key driver of interest expense, increased a net$1 million quarter-to-quarter and a net$46 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 $20 million quarter-to-quarter and $104 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 $48 million period-to-period.

Previous 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.

Current wording

Third Quarter of 2026 Compared to Third Quarter of 2025. Gross operating margin from natural gas processing and related NGL marketing activities for thethird quarter of 2026 increased $134 million when compared to thethird quarter of 2025.

Previous wording

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 wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025. Gross operating margin from natural gas processing and related NGL marketing activities for thenine months ended September 30, 2026 increased $347 million when compared to thenine months ended September 30, 2025.

Previous wording

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 wording

Gross operating margin from our NGL marketing activities increased $167 million period-to-period primarily due to higher average sales margins, which accounted for a $123 million increase, higher sales volumes, which accounted for a $31 million increase, and higher mark-to-market earnings, which accounted for an additional $15 million increase.

Previous 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.

Current wording

Gross operating margin from our Louisiana and Mississippi natural gas processing facilities increased $13 million period-to-period primarily due to higher average processing margins (including the impact of hedging activities), which accounted for a $6 million increase, and higher average processing fees, which accounted for an additional $5 million increase. Fee-based natural gas processing volumes and equity NGL-equivalent production volumes increased 15 MMcf/d and 1 MBPD, respectively, period-to-period.

Previous 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.

Current wording

Third Quarter of 2026 Compared to Third Quarter of 2025. Gross operating margin from our NGL pipelines, storage and terminal assets during thethird quarter of 2026 increased $39 million when compared to thethird quarter of 2025.

Previous 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.

Current wording

Gross operating margin at our Morgan’s Point, Neches River and Enterprise Hydrocarbons Terminals increased a combined net $14 million quarter-to-quarter primarily due to an increase in ethane export volumes, which accounted for a $31 million increase, and an increase in propane export volumes at our Neches River Terminal, which accounted for an additional $14 million increase, partially offset by higher operating costs, which accounted for a $20 million decrease. Ethane export volumes at these terminals increased a combined 139 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 our Neches River Terminal increased 162 MBPD quarter-to-quarter due to contributions from the second phase of this facility, which was placed into service in May 2026. LPG export volumes at Enterprise Hydrocarbons Terminal (“EHT”) decreased 13 MBPD quarter-to-quarter.

Previous wording

Gross operating margin from our Mont Belvieu area storage complex increased $10 million quarter-to-quarter primarily due to higher storage revenues.

Current wording

Gross operating margin from our Mont Belvieu area storage complex increased $12 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 $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.

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 a net $10 million quarter-to-quarter primarily due to higher average transportation fees, which accounted for a $20 million increase, partially offset by higher operating costs, which accounted for a $10 million decrease.

Previous wording

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 wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025. Gross operating margin from our NGL pipelines, storage and terminal assets during thenine months ended September 30, 2026 increased $65 million when compared to thenine months ended September 30, 2025.

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 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 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 a net $44 million period-to-period primarily due tohigher average transportation fees, which accounted for a $31 million increase, andan increase in transportation volumes, which accounted for an additional $25 million increase, partially offset by lower other revenues, which accounted for an $8 million decrease, and higher operating costs, which accounted for an additional $4 million decrease.

Previous wording

Gross operating margin from our Mont Belvieu area storage complex increased $22 million period-to-period primarily due to higher storage revenues.

Current wording

Gross operating margin from our Mont Belvieu area storage complex increased $34 million period-to-period primarily due to higher storage revenues.

Previous wording

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 wording

Gross operating margin at our Morgan’s Point, Neches River and Enterprise Hydrocarbons Terminals increased a combined net $6 million period-to-period primarily due to an increase in ethane export volumes, which accounted for an $86 million increase, an increase in propane export volumes at our Neches River Terminal, which accounted for a $25 million increase, and higher other fee revenues, which accounted for an additional $5 million increase, partially offset by lower average LPG loading fees at EHT, which accounted for a $44 million decrease, higher operating costs, which accounted for a $41 million decrease, and lower average ethane loading fees, which accounted for an additional $25 million decrease. Ethane export volumes at these terminals increased a combined 129 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 our Neches River Terminal increased 101 MBPD period-to-period due to contributions from the second phase of this facility, which was placed into service in May 2026. LPG export volumes at EHT decreased 4 MBPD period-to-period.

Previous 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.

Current wording

Third Quarter of 2026 Compared to Third Quarter of 2025. Gross operating margin from NGL fractionation during thethird quarter of 2026 increased $59 million when compared to thethird quarter of 2025.

Previous wording

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 wording

Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $51 million quarter-to-quarter primarily due to higher fractionation volumes, which accounted for a $46 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 $20 million decrease. NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 223 MBPD quarter-to-quarter primarily due to contributions from Frac 14, which was placed into service during the fourth quarter of 2025.

Previous wording

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 wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025. Gross operating margin from NGL fractionation during thenine months ended September 30, 2026 increased $153 million when compared to thenine months ended September 30, 2025.

Previous 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.

Current wording

Gross operating margin from our Mont Belvieu area NGL fractionation complex increased a net $139 million period-to-period primarily due to higher fractionation volumes, which accounted for a $133 million increase, higher average fractionation fees (including the impact of hedging activities), which accounted for a $29 million increase, and higher ancillary service revenues, which accounted for an additional $37 million increase, partially offset by higher operating costs, which accounted for a $62 million decrease. NGL fractionation volumes at our Mont Belvieu area NGL fractionation complex increased 217 MBPD period-to-period primarily due to contributions from Frac 14, which was placed into service during the fourth quarter of 2025.

Previous 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.

Current wording

Third Quarter of 2026 Compared to Third Quarter of 2025. Gross operating margin from our Crude Oil Pipelines & Services segment for thethird quarter of 2026 decreased $4 million when compared to thethird quarter of 2025.

Previous wording

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 wording

Gross operating margin from our Texas crude oil pipelines, related terminals and marketing activities (excluding the Seaway Pipeline) decreased a combined net $14 million quarter-to-quarter primarily due to higher operating costs, which accounted for a $28 million decrease, and lower transportation and related revenues, which accounted for an additional $15 million decrease and largely attributable to lower average transportation fees from our equity investment in the Eagle Ford Crude Oil Pipeline, partially offset by higher average sales margins from marketing activities, which accounted for a $28 million increase. Crude oil transportation volumes on these pipelines increased a combined 6 MBPD (net to our interest) quarter-to-quarter.

Previous wording

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 wording

Gross operating margin from our equity investment in the Seaway Pipeline increased $4 million quarter-to-quarter primarily due to higher average transportation and related fees. Transportation volumes on our Seaway Pipeline increased 42 MBPD (net to our interest) and marine terminal volumes at the Freeport System and Texas City System increased a combined 20 MBPD (net to our interest)quarter-to-quarter.

Previous wording

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 wording

Nine Months Ended September 30, 2026 Compared to Nine Months Ended September 30, 2025. Gross operating margin from our Crude Oil Pipelines & Services segment for thenine months ended September 30, 2026 increased $33 million when compared to thenine months ended September 30, 2025.

Previous wording

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 wording

Gross operating margin from our equity investment in the Seaway Pipeline increased a net $28 million period-to-period primarily due to higher loading and other fee revenues, which accounted for a $15 million increase, an 88 MBPD (net to our interest) increase in transportation volumes, which accounted for a $10 million increase, and higher average transportation and related fees, which accounted for an additional $9 million increase, partially offset by higher operating costs, which accounted for a $6 million decrease. On a combined basis, marine terminal volumes at the Freeport System and Texas City System increased 45 MBPD (net to our interest)period-to-period.