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Subsequent Event | 12 Months Ended
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Dec. 31, 2023
Subsequent Event [Abstract] |
Subsequent Event | Note 20. Subsequent Events Issuance of $2.0 Billion of Senior Notes in January 2024 In January 2024, EPO issued $2.0 billion aggregate principal amount of senior notes comprised of (i) $1.0 billion principal amount of senior notes due January 2027 (“Senior Notes HHH”) and (ii) $1.0 billion principal amount of senior notes due January 2034 (“Senior Notes III”). Net proceeds from this offering will be used by EPO for general company purposes, including for growth capital investments, and the repayment of debt (including the repayment of all or a portion of our $850 million principal amount of 3.90% Senior Notes JJ at their maturity in February 2024 and amounts outstanding under our commercial paper program). Senior Notes HHH were issued at 99.897% of their principal amount and have a fixed interest rate of 4.60% per year. Senior Notes III were issued at 99.705% of their principal amount and have a fixed interest rate of 4.85% per year. The Partnership guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis. Acquisition of Equity Interests From Western Midstream On February 16, 2024, we acquired the remaining 20% equity interest in Whitethorn and 25% equity interest in EF78 from affiliates of Western Midstream for total cash consideration of $375 million. We funded the cash consideration using cash on hand and proceeds from the issuance of short-term notes under EPO’s commercial paper program. As a result of these transactions, Whitethorn and EF78 are now our wholly owned subsidiaries. Since we had a controlling interest in these entities before and after the acquisition, the increase in our ownership interest in each entity will be accounted for as an equity transaction with no gain or loss recognized. Additionally, on February 16, 2024, an affiliate of Enterprise entered into a definitive agreement to acquire an additional 15% equity interest in Panola from an affiliate of Western Midstream for $25 million in cash consideration. The acquisition is subject to the preferential purchase rights of other members in Panola to participate in the acquisition. Should other members exercise their preferential purchase rights, the equity interest we acquire and corresponding purchase price paid will be adjusted based on the ratio of our member interest to the total member interests of all participating members. This transaction, which is expected to close by April 1, 2024, will be funded using cash on hand and proceeds from the issuance of short-term notes under EPO’s commercial paper program.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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