Debt Obligations (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2025		December 31, 2024
EPO senior debt obligations:
Commercial Paper Notes, variable-rates	$	840	$	–
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	500		–
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	750		–
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	750		–
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	31,615		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	33,897		32,207
Other, non-principal amounts	(319)		(311)
Less current maturities of debt	(2,464)		(1,150)
Total long-term debt	$	31,114	$	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 nine months ended September 30, 2025:

	Range of Interest Rates Paid	Weighted-Average Interest Rate Paid
Commercial Paper Notes	4.23% to 4.68%	4.54%
EPO Junior Subordinated Notes C	7.21% to 7.51%	7.38%
EPO Junior Subordinated Notes D	7.43% to 7.73%	7.58%

Schedule of Maturities of Debt

The following table presents the scheduled maturities of principal amounts of EPO’s consolidated debt obligations at September 30, 2025 for the next five years, and in total thereafter:

			Scheduled Maturities of Debt
	Total		Remainder of 2025		2026		2027		2028		2029		Thereafter
Commercial Paper Notes	$	840	$	840	$	–	$	–	$	–	$	–	$	–
Senior Notes	30,775		–		1,625		1,575		1,500		1,250		24,825
Junior Subordinated Notes	2,282		–		–		–		–		–		2,282
Total	$	33,897	$	840	$	1,625	$	1,575	$	1,500	$	1,250	$	27,107