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Capital Accounts | 9 Months Ended
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Sep. 30, 2025
Partners' Capital [Abstract] |
Capital Accounts | Note 8. Capital Accounts Common Limited Partner Interests The following table summarizes changes in the number of our common units outstanding since December 31, 2024:
Common units outstanding at December 31, 2024 | 2,165,699,962
Common unit repurchases under 2019 Buyback Program | (1,803,215)
Common units issued in connection with the vesting of phantom unit awards, net | 4,989,490
Other | 16,398
Common units outstanding at March 31, 2025 | 2,168,902,635
Common unit repurchases under 2019 Buyback Program | (3,566,979)
Common units issued in connection with the vesting of phantom unit awards, net | 220,829
Common units outstanding at June 30, 2025 | 2,165,556,485
Common unit repurchases under 2019 Buyback Program | (2,543,004) |
Common units issued in connection with the vesting of phantom unit awards, net | 113,097 |
Common units outstanding at September 30, 2025 | 2,163,126,578
Registration Statements We have a universal shelf registration statement on file with the SEC which allows the Partnership and EPO (each on a standalone basis) to issue an unlimited amount of equity and debt securities, respectively. In addition, the Partnership has a registration statement on file with the SEC covering the issuance of up to $2.5 billion of its 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 Partnership did not issue any common units under its ATM program during the nine months ended September 30, 2025. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of September 30, 2025. We may issue additional equity and debt securities to assist us in meeting our future liquidity requirements, including those related to capital investments. Common Unit Repurchases Under 2019 Buyback Program In January 2019, we announced that the Board had approved a $2.0 billion multi-year unit buyback program (the “2019 Buyback Program”), which provides the Partnership with an additional method to return capital to investors. The 2019 Buyback Program authorizes the Partnership to repurchase its common units from time to time, including through open market purchases and negotiated transactions. No time limit has been set for completion of the program, and it may be suspended or discontinued at any time. During the three and nine months ended September 30, 2025, the Partnership repurchased 2,543,004 and 7,913,198 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $80 million and $250 million, respectively. During the three and nine months ended September 30, 2024, the Partnership repurchased 2,646,351 and 5,452,767 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $76 million and $156 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At September 30, 2025, the remaining available capacity under the 2019 Buyback Program was $613 million. In October 2025, we announced that the Board approved an increase to the authorized maximum aggregate purchase price (excluding fees, commissions and other ancillary expenses) of the Partnership’s common units that may be repurchased under the 2019 Buyback Program from $2.0 billion to $5.0 billion. After giving effect to this increase, the remaining available capacity under the 2019 Buyback Program is $3.6 billion. Common Units Issued in Connection With the Vesting of Phantom Unit Awards After taking into account tax withholding requirements, the Partnership issued 5,323,416 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 30, 2025. See Note 13 for information regarding our phantom unit awards. Common Units Delivered Under DRIP and EUPP The Partnership has registration statements on file with the SEC in connection with its distribution reinvestment plan (“DRIP”) and employee unit purchase plan (“EUPP”). In July 2019, the Partnership announced that, beginning with the quarterly distribution payment paid in August 2019, it would use common units purchased on the open market, rather than issuing new common units, to satisfy its delivery obligations under the DRIP and EUPP. This election is subject to change in future quarters depending on the Partnership’s need for equity capital. During the nine months ended September 30, 2025, agents of the Partnership purchased 3,529,782 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $3 million attributable to the plan discount available to all participants in the EUPP, the funds used to effect these purchases were sourced from the DRIP and EUPP participants. No other Partnership funds were used to satisfy these obligations. We plan to use open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution expected to be paid on November 14, 2025. Preferred Units The following table summarizes changes in the number of our Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding since December 31, 2024.
Preferred units outstanding at December 31, 2024 | 50,687
Paid in-kind distribution to third party | 95
Preferred units outstanding at March 31, 2025 | 50,782
Paid in-kind distribution to third party | 97
Preferred units outstanding at June 30, 2025 | 50,879
Paid in-kind distribution to third party | 99
Preferred units outstanding at September 30, 2025 | 50,978
We present the capital accounts attributable to our preferred unitholders as mezzanine equity on our consolidated balance sheets since the terms of the preferred units allow for cash redemption by such unitholders in the event of a Change of Control (as defined in our partnership agreement), without regard to the likelihood of such an event. During the nine months ended September 30, 2025, the Partnership made quarterly cash distributions to its preferred unitholders of $2 million and paid-in-kind distributions of 291 new preferred units valued at less than $1 million. Accumulated Other Comprehensive Income (Loss) The following tables present the components of accumulated other comprehensive income (loss) as reported on our Unaudited Condensed Consolidated Balance Sheets at the dates indicated:
| Cash Flow Hedges |  | Other |  | Total
| Commodity Derivative Instruments |  | Interest Rate Derivative Instruments |  |
Accumulated Other Comprehensive Income (Loss), December 31, 2024 | $ | 91 |  |  | $ | 143 |  |  | $ | 2 |  |  | $ | 236 |
Other comprehensive income (loss) for period, before reclassifications | 87 |  |  | 14 |  |  | – |  |  | 101 |
Reclassification of losses (gains) to net income during period | (68) |  |  | (5) |  |  | – |  |  | (73) |
Total other comprehensive income (loss) for period | 19 |  |  | 9 |  |  | – |  |  | 28 |
Accumulated Other Comprehensive Income (Loss), September 30, 2025 | $ | 110 |  |  | $ | 152 |  |  | $ | 2 |  |  | $ | 264 |
| Cash Flow Hedges |  |  |  |
| Commodity Derivative Instruments |  | Interest Rate Derivative Instruments |  | Other |  | Total
Accumulated Other Comprehensive Income (Loss), December 31, 2023 | $ | 154 |  |  | $ | 151 |  |  | $ | 2 |  |  | $ | 307 |
Other comprehensive income (loss) for period, before reclassifications | 127 |  |  | (2) |  |  | – |  |  | 125 |
Reclassification of losses (gains) to net income during period | (124) |  |  | (5) |  |  | – |  |  | (129) |
Total other comprehensive income (loss) for period | 3 |  |  | (7) |  |  | – |  |  | (4) |
Accumulated Other Comprehensive Income (Loss), September 30, 2024 | $ | 157 |  |  | $ | 144 |  |  | $ | 2 |  |  | $ | 303 |
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income (loss) into net income during the periods indicated:
|  |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Losses (gains) on cash flow hedges: | Location |  | 2025 |  | 2024 |  | 2025 |  | 2024
Interest rate derivatives | Interest expense |  | $ | (2) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (5) |
Commodity derivatives | Revenue |  | (47) |  |  | (96) |  |  | (100) |  |  | (176) |
Commodity derivatives | Operating costs and expenses |  | 12 |  |  | 19 |  |  | 32 |  |  | 52 |
Total |  |  | $ | (37) |  |  | $ | (79) |  |  | $ | (73) |  |  | $ | (129) |
For information regarding our interest rate and commodity derivative instruments, see Note 14. Cash Distributions On October 7, 2025, we announced that the Board declared a quarterly cash distribution of $0.545 per common unit, or $2.18 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the third quarter of 2025. The quarterly distribution is payable on November 14, 2025 to unitholders of record as of the close of business on October 31, 2025. The total amount to be paid is $1.19 billion, which includes $11 million for distribution equivalent rights (“DERs”) on phantom unit awards. The payment of quarterly cash distributions is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval. Management will evaluate any future increases in cash distributions on a quarterly basis.

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