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Capital Accounts | 12 Months Ended
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Dec. 31, 2025
Partners' Capital, Including Portion Attributable to Noncontrolling Interest [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, 2022:
Common units outstanding at December 31, 2022 | 2,170,806,347 |
Common unit repurchases under 2019 Buyback Program | (7,244,540) |
Common units issued in connection with the vesting of phantom unit awards, net | 4,662,539 |
Other | 20,892 |
Common units outstanding at December 31, 2023 | 2,168,245,238 |
Common unit repurchases under 2019 Buyback Program | (7,556,210) |
Common units issued in connection with the vesting of phantom unit awards, net | 4,990,360 |
Other | 20,574 |
Common units outstanding at December 31, 2024 | 2,165,699,962 |
Common unit repurchases under 2019 Buyback Program | (9,496,536) |
Common units issued in connection with the vesting of phantom unit awards, net | 5,346,387 |
Conversion of preferred units to common units | 194,472 |
Other | 16,398 |
Common units outstanding at December 31, 2025 | 2,161,760,683 |
The Partnership’s common units represent limited partner interests that give the holders thereof the right to participate in distributions and to exercise the other rights or privileges available to them under our Seventh Amended and Restated Agreement of Limited Partnership (as amended from time to time, the “Partnership Agreement”). In accordance with the Partnership Agreement, capital accounts are maintained for our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity balances presented in our consolidated financial statements prepared in accordance with GAAP. Partnership earnings and cash distributions are allocated to holders of our common units in accordance with their respective percentage interests. Registration Statements We have a universal shelf registration statement on file (the “2024 Shelf”) 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. EPO used the 2024 Shelf to issue $3.65 billion aggregate principal amount of senior notes during the year ended December 31, 2025 (see Note 7). 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 three years ended December 31, 2025. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of December 31, 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. 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. 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. The Partnership repurchased 9,496,536, 7,556,210 and 7,244,540 common units under the 2019 Buyback Program during the years ended December 31, 2025, 2024 and 2023, respectively. The total cost of these repurchases, including commissions and fees, was $300 million, $219 million and $188 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At December 31, 2025, the remaining available capacity under the 2019 Buyback Program was $3.6 billion. Common Units Delivered Under DRIP and EUPP The Partnership has a registration statement on file with the SEC authorizing the issuance or other delivery of our common units in connection with a distribution reinvestment plan (“DRIP”). The DRIP provides unitholders of record and beneficial owners of our common units a voluntary means by which they can increase the number of our common units they own by reinvesting the quarterly cash distributions they receive from us into the purchase of additional common units. In addition to the DRIP, we have registration statements on file with the SEC authorizing the issuance or other delivery of up to 23,000,000 of our common units in connection with an employee unit purchase plan (“EUPP”). We have the sole discretion to determine whether common units purchased under the DRIP and EUPP will come from our authorized but unissued common units or from common units purchased on the open market by each plan’s administrator. During each of the years ended December 31, 2025, 2024 and 2023, the Partnership used 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. Agents of the Partnership purchased 4,684,726, 6,538,068 and 6,560,588 common units on the open market and delivered them to participants in the DRIP and EUPP during the years ended December 31, 2025, 2024 and 2023, respectively. Apart from $4 million, $3 million and $3 million attributable to the plan discount available to all participants in the EUPP during the years ended December 31, 2025, 2024 and 2023, respectively, 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 used open market purchases to satisfy DRIP and EUPP reinvestments in connection with the distribution paid on February 13, 2026. After taking into account the number of common units delivered under the DRIP through December 31, 2025, we have the capacity to deliver an additional 25,862,040 common units under this plan. Likewise, we have the capacity to deliver an additional 12,532,388 common units under the EUPP. Common Units Issued in Connection With the Vesting of Phantom Unit Awards After taking into account tax withholding requirements, the Partnership issued 5,346,387, 4,990,360 and 4,662,539 new common units to employees in connection with the vesting of phantom unit awards during the years ended December 31, 2025, 2024 and 2023, respectively. See Note 13 for information regarding our phantom unit awards. Redeemable Preferred Limited Partner Interests The following table summarizes changes in the number of our preferred units outstanding since December 31, 2022:
Preferred units outstanding at December 31, 2022 | 50,412
Preferred units outstanding at December 31, 2023 | 50,412
Paid in-kind distribution to third party | 275
Preferred units outstanding at December 31, 2024 | 50,687
Paid in-kind distribution to third party | 291
Conversion of preferred units to common units | (5,566) |
Preferred units outstanding at December 31, 2025 | 45,412
In September 2020, the Partnership issued and sold an aggregate of 50,000 Series A Cumulative Convertible Preferred Units in a private placement transaction. The preferred units represent a new class of limited partner interests authorized under the Partnership Agreement. The stated value of each preferred unit is $1,000 per unit. Concurrently, the Partnership exchanged all of the 54,807,352 Partnership common units owned directly by a wholly owned subsidiary, OTA Holdings, Inc. (“OTA”) for 855,915 of the Partnership’s new preferred units having an equivalent value. The preferred units held by OTA, like the common units OTA held prior to the exchange, are accounted for as treasury units by the Partnership in consolidation. As described in the Partnership Agreement, key terms of the preferred units include the following: •With respect to distribution and liquidation rights, the preferred units rank senior to the Partnership’s common units. Preferred units held by persons other than the Partnership, its subsidiaries and its affiliates generally will vote on an as-converted basis with the Partnership’s common units and have certain class voting rights with respect to certain protective matters. •Holders of the preferred units are entitled to receive cumulative quarterly distributions at a rate of 7.25% per annum. The Partnership is prohibited from paying distributions on its common units unless full cumulative distributions on the preferred units are paid or set aside for payment. The Partnership may satisfy its obligation to pay distributions to the preferred unitholders through the issuance, in whole or in part, of additional preferred units (referred to as paid-in kind or “PIK” distributions), with the remainder in cash, subject to certain rights of a holder to elect all cash and other conditions as described in the Partnership Agreement. During the year ended December 31, 2025, the Partnership made quarterly distributions to its preferred unitholders valued at $4 million, consisting of PIK distributions of 291 new preferred units and $3 million in cash. During the year ended December 31, 2024, the Partnership made quarterly distributions to its preferred unitholders valued at $4 million, consisting of PIK distributions of 275 new preferred units and $3 million in cash. During year ended December 31, 2023, the Partnership made quarterly cash distributions to its preferred unitholders for $3 million. •Subject to certain limitations, each preferred unitholder may elect to convert its preferred units on or after September 30, 2025 into a number of the Partnership’s common units equal to (a) the number of preferred units to be converted multiplied by (b) the quotient of (i) $1,000 plus any accrued and unpaid distributions per preferred unit, divided by (ii) 92.5% of the volume-weighted average price of the Partnership’s common units at the time of conversion (as defined in the underlying agreements). In addition, each preferred unitholder may convert its preferred units into common units if EPO’s senior notes cease to have an investment grade rating or a Change of Control (as defined in the Partnership Agreement) occurs, in each case based on the conversion ratio specified in the Partnership Agreement. •The Partnership may elect to redeem the preferred units for cash, in whole or in part, based on a redemption price outlined in the following schedule, plus any accrued and unpaid distributions at the redemption date: •$1,010 per preferred unit from September 30, 2025 through September 29, 2026; and •$1,000 per preferred unit on or after September 30, 2026; however, •if a Change of Control event occurs prior to September 30, 2026, the redemption price is $1,010 per preferred unit. In connection with a redemption at the Partnership’s election, the Partnership may convert up to 50% of the preferred units being redeemed into common units (and to pay cash with respect to the remainder), with each such preferred unit being converted on the applicable redemption date into a number of common units equal to (i) the then-applicable preferred unit redemption price divided by (ii) 92.5% of the volume-weighted average price of the Partnership’s common units at the time of conversion (as defined in the underlying agreements). The Partnership has agreed to prepare and file a registration statement that would permit or otherwise facilitate the public resale of any common units resulting from the conversion of the preferred units to common units. Our Consolidated Balance Sheet at December 31, 2025 presents the capital accounts of the third-party purchasers of the preferred units as mezzanine equity since the terms of the preferred units allow for cash redemption by the holders in a Change of Control event, without regard to the likelihood of such an event. The preferred units held by OTA are presented as treasury units in consolidation since their ultimate disposition remains under the control of the Partnership. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) primarily reflects cumulative gain or loss on derivative instruments designated and qualified as cash flow hedges from inception less gains or losses previously reclassified from accumulated other comprehensive income (loss) into earnings. Gain or loss amounts related to cash flow hedges recorded in accumulated other comprehensive income (loss) are reclassified to earnings in the same period(s) in which the underlying hedged forecasted transactions affect earnings. If it becomes probable that a forecasted transaction will not occur, the related net gain or loss in accumulated other comprehensive income (loss) is immediately reclassified into earnings. The following tables present the components of accumulated other comprehensive income (loss) as reported on our 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, 2023 | $ | 154 |  |  | $ | 151 |  |  | $ | 2 |  |  | $ | 307 |
Other comprehensive income (loss) for period, before reclassifications | 115 |  |  | (2) |  |  | – |  |  | 113 |
Reclassification of losses (gains) to net income during period | (178) |  |  | (6) |  |  | – |  |  | (184) |
Total other comprehensive income (loss) for period | (63) |  |  | (8) |  |  | – |  |  | (71) |
Accumulated Other Comprehensive Income (Loss), December 31, 2024 | $ | 91 |  |  | $ | 143 |  |  | $ | 2 |  |  | $ | 236 |
Other comprehensive income (loss) for period, before reclassifications | 285 |  |  | 14 |  |  | – |  |  | 299 |
Reclassification of losses (gains) to net income during period | (192) |  |  | (7) |  |  | – |  |  | (199) |
Total other comprehensive income (loss) for period | 93 |  |  | 7 |  |  | – |  |  | 100 |
Accumulated Other Comprehensive Income (Loss), December 31, 2025 | $ | 184 |  |  | $ | 150 |  |  | $ | 2 |  |  | $ | 336 |
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income (loss) into net income during the years indicated:
|  |  |  |  | For the Year Ended December 31,
Losses (gains) on cash flow hedges: | Location |  |  |  |  |  | 2025 |  | 2024
Interest rate derivatives | Interest expense |  |  |  |  |  | $ | (7) |  |  | $ | (6) |
Commodity derivatives | Revenue |  |  |  |  |  | (235) |  |  | (249) |
Commodity derivatives | Operating costs and expenses |  |  |  |  |  | 43 |  |  | 71 |
Total |  |  |  |  |  |  | $ | (199) |  |  | $ | (184) |
For information regarding our interest rate and commodity derivative instruments, see Note 14. Noncontrolling Interests Noncontrolling interests represent third party ownership interests in our consolidated subsidiaries. The following table presents the components of noncontrolling interests as reported on our Consolidated Balance Sheets at the dates indicated:
| December 31,
Consolidated Subsidiary | 2025 |  | 2024
Breviloba LLC (“Breviloba”)(1) | $ | 411 |  |  | $ | 423 |
Enterprise Navigator Ethylene Terminal LLC (“ENET”)(2) | 240 |  |  | 245 |
Other (3) | 180 |  |  | 189 |
Total noncontrolling interests in consolidated subsidiaries | $ | 831 |  |  | $ | 857 |
(1)An affiliate of Kinetik Holdings Inc. owns a noncontrolling 33% equity interest in Breviloba, which owns the Shin Oak NGL Pipeline. (2)Navigator Ethylene Terminals LLC owns a noncontrolling 50% equity interest in ENET, which owns our ethylene export terminal located at Morgan’s Point on the Houston Ship Channel. (3)Primarily represents noncontrolling equity interests in NGL fractionation and pipeline businesses. Net income attributable to noncontrolling interests was $62 million, $69 million and $125 million for the years ended December 31, 2025, 2024 and 2023, respectively. On February 16, 2024, we acquired the remaining 20% equity interest in Whitethorn and remaining 25% equity interest in Enterprise EF78 LLC (“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 our commercial paper program. As a result of these transactions, Whitethorn and EF78 are now our wholly owned subsidiaries. Additionally, on March 27, 2024, we acquired an additional 15% equity interest in Panola Pipeline Company, LLC (“Panola”) from an affiliate of Western Midstream for $25 million in cash consideration. We funded the cash consideration using cash on hand. As a result of this transaction, our equity interest in Panola increased to 70%. Since we had a controlling interest in each of these entities before and after the acquisitions, the increase in our ownership interest in each entity was accounted for as an equity transaction with no gain or loss recognized Cash Distributions The following table presents Enterprise’s declared quarterly cash distribution rates per common unit with respect to the quarter indicated. Actual cash distributions are paid by Enterprise within 45 days after the end of each fiscal quarter.
| Quarterly Distribution Per Common Unit | Record Date | Payment Date
2023: |  |  |
1st Quarter | $ | 0.4900 |  | 4/28/2023 | 5/12/2023
2nd Quarter | $ | 0.5000 |  | 7/31/2023 | 8/14/2023
3rd Quarter | $ | 0.5000 |  | 10/31/2023 | 11/14/2023
4th Quarter | $ | 0.5150 |  | 1/31/2024 | 2/14/2024
2024: |  |  |
1st Quarter | $ | 0.5150 |  | 4/30/2024 | 5/14/2024
2nd Quarter | $ | 0.5250 |  | 7/31/2024 | 8/14/2024
3rd Quarter | $ | 0.5250 |  | 10/31/2024 | 11/14/2024
4th Quarter | $ | 0.5350 |  | 1/31/2025 | 2/14/2025
2025: |  |  |
1st Quarter | $ | 0.5350 |  | 4/30/2025 | 5/14/2025
2nd Quarter | $ | 0.5450 |  | 7/31/2025 | 8/14/2025
3rd Quarter | $ | 0.5450 |  | 10/31/2025 | 11/14/2025
4th Quarter | $ | 0.5500 |  | 1/30/2026 | 2/13/2026
On January 8, 2026, we announced that the Board declared a quarterly cash distribution of $0.55 per common unit, or $2.20 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the fourth quarter of 2025. The quarterly distribution was paid on February 13, 2026 to unitholders of record as of the close of business on January 30, 2026. The total amount paid was $1.2 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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