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Capital Accounts
 6 Months Ended
Jun. 30, 2026
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, 2025:
Common units outstanding at December 31, 20252,161,760,683
Common unit repurchases under 2019 Buyback Program(3,124,192)
Common units issued in connection with the vesting of phantom unit awards, net4,866,420
Other15,360
Common units outstanding at March 31, 20262,163,518,271
Common unit repurchases under 2019 Buyback Program(4,166,738)
Common units issued in connection with the vesting of phantom unit awards, net125,636
Common units outstanding at June 30, 20262,159,477,169
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 six months ended June 30, 2026. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of June 30, 2026. The existing registration statement for our ATM program is scheduled to expire in August 2026, at which time we expect to file a replacement registration statement with the SEC in order to maintain our financial flexibility.
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.
During the three months ended June 30, 2026 and 2025, the Partnership repurchased 4,166,738 and 3,566,979 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $159 million and $110 million, respectively. During the six months ended June 30, 2026 and 2025, the Partnership repurchased 7,290,930 and 5,370,194 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $275 million and $170 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At June 30, 2026, the remaining available capacity under the 2019 Buyback Program was $3.3 billion.
Common Units Issued in Connection With the Vesting of Phantom Unit Awards
After taking into account tax withholding requirements, the Partnership issued 4,992,056 new common units to employees in connection with the vesting of phantom unit awards during the six months ended June 30, 2026. See Note 12 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 six months ended June 30, 2026, agents of the Partnership purchased 2,040,782 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $2 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 August 14, 2026.
Preferred Units
As of June 30, 2026 and December 31, 2025, there were 45,412 Series A Cumulative Convertible Preferred Units (“preferred units”) outstanding. There were no changes in the number of preferred units outstanding during the three and six months ended June 30, 2026.
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 six months ended June 30, 2026, the Partnership made quarterly cash distributions to its preferred unitholders of $2 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 HedgesOtherTotal
Commodity
Derivative
Instruments		Interest Rate
Derivative
Instruments
Accumulated Other Comprehensive Income (Loss), December 31, 2025$184 $150 $2 $336 
Other comprehensive income (loss) for period, before reclassifications(301)– – (301)
Reclassification of losses (gains) to net income during period143 (4)– 139 
Total other comprehensive income (loss) for period(158)(4)– (162)
Accumulated Other Comprehensive Income (Loss), June 30, 2026$26 $146 $2 $174 
Cash Flow Hedges
Commodity
Derivative
Instruments		Interest Rate
Derivative
Instruments		OtherTotal
Accumulated Other Comprehensive Income (Loss), December 31, 2024$91 $143 $2 $236 
Other comprehensive income (loss) for period, before reclassifications22 14 – 36 
Reclassification of losses (gains) to net income during period(33)(3)– (36)
Total other comprehensive income (loss) for period(11)11 – – 
Accumulated Other Comprehensive Income (Loss), June 30, 2025$80 $154 $2 $236 
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income (loss) into net income during the periods indicated:
For the Three Months
Ended June 30,		For the Six Months
Ended June 30,
Losses (gains) on cash flow hedges:Location2026202520262025
Interest rate derivativesInterest expense$(2)$(2)$(4)$(3)
Commodity derivativesRevenue173 (67)122 (53)
Commodity derivativesOperating costs and expenses11 8 21 20 
Total$182 $(61)$139 $(36)
For information regarding our interest rate and commodity derivative instruments, see Note 13.
Cash Distributions
On July 7, 2026, we announced that the Board declared a quarterly cash distribution of $0.56 per common unit, or $2.24 per common unit on an annualized basis, to be paid to the Partnership’s common unitholders with respect to the second quarter of 2026. The quarterly distribution is payable on August 14, 2026 to unitholders of record as of the close of business on July 31, 2026. The total amount to be paid is $1.2 billion, which includes $12 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.