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Debt Obligations (Tables) | 12 Months Ended
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Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Consolidated 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%. 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%
Schedule of Maturities of Debt | 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 |

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