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Debt Obligations (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Obligations [Abstract] |
Consolidated Debt Obligations | The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
|  | September 30, 2024 |  |  | December 31, 2023 |
EPO senior debt obligations: |  |  |  |  |  |
Commercial Paper Notes, variable-rates |  | $ | – |  |  | $ | 450 |
Senior Notes JJ, 3.90% fixed-rate, due February 2024 |  |  | – |  |  |  | 850 |
Senior Notes MM, 3.75% fixed-rate, due February 2025 |  |  | 1,150 |  |  |  | 1,150 |
March 2024 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2025 (1) |  |  | – |  |  |  | – |
Senior Notes FFF, 5.05% fixed-rate, due January 2026 |  |  | 750 |  |  |  | 750 |
Senior Notes PP, 3.70% fixed-rate, due February 2026 |  |  | 875 |  |  |  | 875 |
Senior Notes HHH, 4.60% fixed-rate, due January 2027 |  |  | 1,000 |  |  |  | – |
Senior Notes SS, 3.95% fixed-rate, due February 2027 |  |  | 575 |  |  |  | 575 |
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2028 (2) |  |  | – |  |  |  | – |
Senior Notes WW, 4.15% fixed-rate, due October 2028 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes YY, 3.125% fixed-rate, due July 2029 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes AAA, 2.80% fixed-rate, due January 2030 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes GGG, 5.35% fixed-rate, due January 2033 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes D, 6.875% fixed-rate, due March 2033 |  |  | 500 |  |  |  | 500 |
Senior Notes III, 4.85% fixed-rate, due January 2034 |  |  | 1,000 |  |  |  | – |
Senior Notes H, 6.65% fixed-rate, due October 2034 |  |  | 350 |  |  |  | 350 |
Senior Notes JJJ 4.95% fixed-rate, due February 2035 |  |  | 1,100 |  |  |  | – |
Senior Notes J, 5.75% fixed-rate, due March 2035 |  |  | 250 |  |  |  | 250 |
Senior Notes W, 7.55% fixed-rate, due April 2038 |  |  | 400 |  |  |  | 400 |
Senior Notes R, 6.125% fixed-rate, due October 2039 |  |  | 600 |  |  |  | 600 |
Senior Notes Z, 6.45% fixed-rate, due September 2040 |  |  | 600 |  |  |  | 600 |
Senior Notes BB, 5.95% fixed-rate, due February 2041 |  |  | 750 |  |  |  | 750 |
Senior Notes DD, 5.70% fixed-rate, due February 2042 |  |  | 600 |  |  |  | 600 |
Senior Notes EE, 4.85% fixed-rate, due August 2042 |  |  | 750 |  |  |  | 750 |
Senior Notes GG, 4.45% fixed-rate, due February 2043 |  |  | 1,100 |  |  |  | 1,100 |
Senior Notes II, 4.85% fixed-rate, due March 2044 |  |  | 1,400 |  |  |  | 1,400 |
Senior Notes KK, 5.10% fixed-rate, due February 2045 |  |  | 1,150 |  |  |  | 1,150 |
Senior Notes QQ, 4.90% fixed-rate, due May 2046 |  |  | 975 |  |  |  | 975 |
Senior Notes UU, 4.25% fixed-rate, due February 2048 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes XX, 4.80% fixed-rate, due February 2049 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes ZZ, 4.20% fixed-rate, due January 2050 |  |  | 1,250 |  |  |  | 1,250 |
Senior Notes BBB, 3.70% fixed-rate, due January 2051 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes DDD, 3.20% fixed-rate, due February 2052 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes EEE, 3.30% fixed-rate, due February 2053 |  |  | 1,000 |  |  |  | 1,000 |
Senior Notes NN, 4.95% fixed-rate, due October 2054 |  |  | 400 |  |  |  | 400 |
Senior Notes KKK, 5.55% fixed-rate, due February 2055 |  |  | 1,400 |  |  |  | – |
Senior Notes CCC, 3.95% fixed-rate, due January 2060 |  |  | 1,000 |  |  |  | 1,000 |
Total principal amount of senior debt obligations |  |  | 29,925 |  |  |  | 26,725 |
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3)(7) |  |  | 232 |  |  |  | 232 |
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4)(7) |  |  | 350 |  |  |  | 350 |
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5)(7) |  |  | 1,000 |  |  |  | 1,000 |
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6)(7) |  |  | 700 |  |  |  | 700 |
TEPPCO Junior Subordinated Notes, variable-rate, due June 2067 (3)(7) |  |  | 14 |  |  |  | 14 |
Total principal amount of senior and junior debt obligations |  |  | 32,221 |  |  |  | 29,021 |
Other, non-principal amounts |  |  | (316 | ) |  |  | (273 | )
Less current maturities of debt |  |  | (1,149 | ) |  |  | (1,300 | )
Total long-term debt |  | $ | 30,756 |  |  | $ | 27,448 |
(1) | Under the terms of the agreement, EPO may borrow up to $1.5 billion (which may be increased by up to $200 million to $1.7 billion at EPO’s election provided certain conditions are met).
(2) | Under the terms of the agreement, EPO may borrow up to $2.7 billion (which may be increased by up to $500 million to $3.2 billion at EPO’s election provided certain conditions are met).
(3) | Variable rate is reset quarterly and based on 3-month Chicago Mercantile Exchange (“CME”) Term Secured Overnight Financing Rate (“SOFR”) plus (a) a 0.26161% tenor spread adjustment and (b) 2.778%.
(4) | Variable rate is reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.986%.
(5) | Fixed rate of 5.250% through August 15, 2027; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 3.033%.
(6) | Fixed rate of 5.375% through February 14, 2028; thereafter, a variable rate reset quarterly and based on 3-month CME Term SOFR plus (a) a 0.26161% tenor spread adjustment and (b) 2.57%.
(7) | Effective July 1, 2023 and in accordance with the Adjustable Interest Rate (LIBOR) Act, all series of our junior subordinated notes subject to a variable interest rate replaced the 3-month London Interbank Offered Rate (“LIBOR”) with 3-month CME Term SOFR plus a 0.26161% tenor spread adjustment.
The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the nine months ended September 30, 2024:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 5.45% to 5.50% | 5.46%
EPO Junior Subordinated Notes C and TEPPCO Junior Subordinated Notes | 8.06% to 8.42% | 8.35%
EPO Junior Subordinated Notes D | 8.34% to 8.64% | 8.55%
Consolidated Debt Maturities | The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2024 for the next five years, and in total thereafter:
|  |  | Scheduled Maturities of Debt |
| Total |  | Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |
Senior Notes |  | $ | 29,925 |  |  | $ | – |  |  | $ | 1,150 |  |  | $ | 1,625 |  |  | $ | 1,575 |  |  | $ | 1,000 |  |  | $ | 24,575 |
Junior Subordinated Notes |  |  | 2,296 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 2,296 |
Total |  | $ | 32,221 |  |  | $ | – |  |  | $ | 1,150 |  |  | $ | 1,625 |  |  | $ | 1,575 |  |  | $ | 1,000 |  |  | $ | 26,871 |

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