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Debt Obligations | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Debt Obligations | Note 7. Debt Obligations The following table presents our consolidated debt obligations (arranged by company and maturity date) at the dates indicated:
| December 31,
| 2025 |  | 2024
EPO senior debt obligations: |  |  |
Commercial Paper Notes, variable-rates | $ | – |  |  | $ | – |
Senior Notes MM, 3.75% fixed-rate, due February 2025 | – |  |  | 1,150 |
Senior Notes FFF, 5.05% fixed-rate, due January 2026 | 750 |  |  | 750 |
Senior Notes PP, 3.70% fixed-rate, due February 2026 | 875 |  |  | 875 |
March 2025 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2026 (1) | – |  |  | – |
Senior Notes HHH, 4.60% fixed-rate, due January 2027 | 1,000 |  |  | 1,000 |
Senior Notes SS, 3.95% fixed-rate, due February 2027 | 575 |  |  | 575 |
Senior Notes LLL, 4.30% fixed-rate, due June 2028 | 800 |  |  | – |
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 |
March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement, variable-rate, due March 2030 (2) | – |  |  | – |
Senior Notes MMM, 4.60% fixed-rate, due January 2031 | 1,350 |  |  | – |
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 |  |  | 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 |  |  | 1,100 |
Senior Notes J, 5.75% fixed-rate, due March 2035 | 250 |  |  | 250 |
Senior Notes NNN, 5.20% fixed-rate, due January 2036 | 1,500 |  |  | – |
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 |  |  | 1,400 |
Senior Notes CCC, 3.95% fixed-rate, due January 2060 | 1,000 |  |  | 1,000 |
Total principal amount of senior debt obligations | 32,425 |  |  | 29,925 |
EPO Junior Subordinated Notes C, variable-rate, due June 2067 (3) | 232 |  |  | 232 |
EPO Junior Subordinated Notes D, variable-rate, due August 2077 (4) | 350 |  |  | 350 |
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077 (5) | 1,000 |  |  | 1,000 |
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078 (6) | 700 |  |  | 700 |
Total principal amount of senior and junior debt obligations | 34,707 |  |  | 32,207 |
Other, non-principal amounts | (312) |  |  | (311) |
Less current maturities of debt | (1,625) |  |  | (1,150) |
Total long-term debt | $ | 32,770 |  |  | $ | 30,746 |
(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%. Variable Interest Rates The following table presents the range of interest rates and weighted-average interest rates paid on our consolidated variable-rate debt during the year ended December 31, 2025:
| Range of Interest Rates Paid | Weighted-Average Interest Rate Paid
Commercial Paper Notes | 4.00% to 4.68% | 4.50%
EPO Junior Subordinated Notes C | 6.83% to 7.51% | 7.30%
EPO Junior Subordinated Notes D | 7.10% to 7.73% | 7.50%
Amounts borrowed under EPO’s March 2025 $1.5 Billion 364-Day Revolving Credit Agreement and March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement bear interest, at EPO’s election, equal to: (i) SOFR, plus an additional variable spread; or (ii) an alternate base rate, which is the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.5%, or (c) Adjusted Term SOFR for an interest period of one month in effect on such day plus 1%, and a variable spread. The applicable spreads are determined based on EPO's debt ratings. Scheduled Maturities of Debt The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at December 31, 2025 for the next five years, and in total thereafter:
|  |  | Scheduled Maturities of Debt
| Total |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter
Senior Notes | $ | 32,425 |  |  | $ | 1,625 |  |  | $ | 1,575 |  |  | $ | 1,800 |  |  | $ | 1,250 |  |  | $ | 1,250 |  |  | $ | 24,925 |
Junior Subordinated Notes | 2,282 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 2,282 |
Total | $ | 34,707 |  |  | $ | 1,625 |  |  | $ | 1,575 |  |  | $ | 1,800 |  |  | $ | 1,250 |  |  | $ | 1,250 |  |  | $ | 27,207 |
EPO Debt Obligations Commercial Paper Notes EPO maintains a commercial paper program under which it may issue (and have outstanding at any time) up to $3.0 billion in aggregate principal amount of short-term notes. As a back-stop to the program, we intend to maintain a minimum aggregate available borrowing capacity under EPO’s revolving credit facilities equal to the aggregate amount outstanding under our commercial paper notes. All commercial paper notes issued under the program are senior unsecured obligations of EPO that are unconditionally guaranteed by the Partnership. As of December 31, 2025, EPO had no short-term notes outstanding under its commercial paper program. March 2025 $1.5 Billion 364-Day Revolving Credit Agreement In March 2025, EPO entered into a new 364-Day Revolving Credit Agreement (the “March 2025 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement. As of December 31, 2025, there were no principal amounts outstanding under the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement. Under the terms of the March 2025 $1.5 Billion 364-Day Revolving Credit 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) at a variable interest rate for a term of up to 364 days, subject to the terms and conditions set forth therein. To the extent that principal amounts are outstanding at the maturity date, EPO may elect to have the entire principal balance then outstanding continued as non-revolving term loans for a period of one additional year, payable in March 2027. Borrowings under the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The March 2025 $1.5 Billion 364-Day Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2025 $1.5 Billion 364-Day Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. EPO’s obligations under the March 2025 $1.5 Billion 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership. The March 2025 $1.5 Billion 364-Day Revolving Credit Agreement is scheduled to mature in March 2026. EPO expects to renew this credit agreement during the first quarter of 2026. March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement In March 2023, EPO entered into a new revolving credit agreement that we amended in March 2025 to extend its maturity date from March 2028 to March 2030 (the “March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement”). As of December 31, 2025, there were no principal amounts outstanding under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement. Under the terms of the March 2023 $2.7 Billion Multi-Year Revolving Credit 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) at a variable interest rate for a term of five years, subject to the terms and conditions set forth therein. The March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement matures in March 2030, although the maturity date may be extended at EPO’s request (up to two requests) for a one-year extension of the maturity date by delivering a request prior to the maturity date and with the consent of required lenders as set forth under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement. Borrowings under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes. The March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement contains customary representations, warranties, covenants (affirmative and negative) and events of default, the occurrence of which would permit the lenders to accelerate the maturity date of any amounts borrowed under this credit agreement. The March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement also restricts EPO’s ability to pay cash distributions to the Partnership, if an event of default (as defined in the credit agreement) has occurred and is continuing at the time such distribution is scheduled to be paid or would result therefrom. EPO’s obligations under the March 2023 $2.7 Billion Multi-Year Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership. Senior Notes EPO’s fixed-rate senior notes are unsecured obligations of EPO that rank equal with its existing and future unsecured and unsubordinated indebtedness. They are senior to any existing and future subordinated indebtedness of EPO. EPO’s senior notes are subject to make-whole redemption rights and were issued under indentures containing certain covenants, which generally restrict its ability (with certain exceptions) to incur debt secured by liens and engage in sale and leaseback transactions. In total, EPO issued $3.65 billion, $4.5 billion and $1.75 billion principal amount of senior notes during the years ended December 31, 2025, 2024 and 2023, respectively. In June 2025, EPO issued $2.0 billion aggregate principal amount of senior notes comprised of (i) $500 million principal amount of senior notes due June 2028 (“Senior Notes LLL”), (ii) $750 million principal amount of senior notes due January 2031 (“Senior Notes MMM”) and (iii) $750 million principal amount of senior notes due January 2036 (“Senior Notes NNN”). Senior Notes LLL were issued at 99.869% of their principal amount and have a fixed interest rate of 4.30% per year. Senior Notes MMM were issued at 99.816% of their principal amount and have a fixed interest rate of 4.60% per year. Senior Notes NNN were issued at 99.665% of their principal amount and have a fixed interest rate of 5.20%. Net proceeds from this offering were used by EPO for general company purposes, including for growth capital investments, and the repayment of amounts outstanding under our commercial paper program. In November 2025, EPO issued $1.65 billion aggregate principal amount of senior notes comprised of (i) $300 million principal amount of reopened Senior Notes LLL, (ii) $600 million principal amount of reopened Senior Notes MMM and (iii) $750 million principal amount of reopened Senior Notes NNN. The reopened Senior Notes LLL, reopened Senior Notes MMM and reopened Senior Notes NNN were issued at 100.630%, 100.693% and 101.185% of their respective principal amounts, plus accrued interest from June 20, 2025. Each of the reopened Senior Notes LLL, the reopened Senior Notes MMM and the reopened Senior Notes NNN constitutes a further issuance of, and forms a single series with, the original notes of the corresponding series issued in June 2025, trades under the same CUSIP number as the applicable original notes, and has the same terms as to interest, status, redemption or otherwise as such original notes. Net proceeds from this offering were used by EPO for general company purposes, including for growth capital investments and acquisitions, and the repayment of debt (including the repayment of all or a portion of $750 million principal amount of 5.05% Senior Notes FFF that matured in January 2026, $875 million principal amount of 3.70% Senior Notes PP that matured in February 2026 and amounts outstanding under our commercial paper program). EPO’s senior notes are unconditionally guaranteed on an unsecured and unsubordinated basis by the Partnership. EPO Junior Subordinated Notes EPO’s payment obligations under its junior subordinated notes (“junior notes”) are subordinated to all of its current and future senior indebtedness. The indenture agreement governing the junior notes allows EPO to defer interest payments on one or more occasions for up to ten consecutive years subject to certain conditions. Subject to certain exceptions, during any period in which interest payments are deferred, neither the Partnership nor EPO can declare or make any distributions on any of our respective equity securities or make any payments on indebtedness or other obligations that rank equal with or are subordinate to the junior notes. Each series of EPO’s junior notes rank equal with each other and generally are not redeemable by EPO while such notes bear interest at a fixed annual rate. In connection with the issuance of EPO’s Junior Subordinated Notes C, EPO entered into a Replacement Capital Covenant in favor of covered debt holders (as defined in the underlying documents) pursuant to which EPO agreed, for the benefit of such debt holders, that it would not redeem or repurchase such junior notes unless such redemption or repurchase is made using proceeds from the issuance of certain securities. EPO’s junior notes are unconditionally guaranteed on an unsecured and subordinated basis by the Partnership. Letters of Credit At December 31, 2025, EPO had $35 million of letters of credit outstanding primarily related to our insurance program. Lender Financial Covenants We were in compliance with the financial covenants of our consolidated debt agreements at December 31, 2025. Parent-Subsidiary Guarantor Relationships The Partnership acts as guarantor of the consolidated debt obligations of EPO. If EPO were to default on any of its guaranteed debt, the Partnership would be responsible for full and unconditional repayment of such obligations.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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