v3.26.3
Debt Obligations
 9 Months Ended
Sep. 30, 2026
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:
September 30,
2026		December 31,
2025
EPO senior debt obligations:
Commercial Paper Notes, variable-rates$660 $– 
Senior Notes FFF, 5.05% fixed-rate, due January 2026
– 750 
Senior Notes PP, 3.70% fixed-rate, due February 2026
– 875 
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 
March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, variable-rate, due March 2027 (1)
– – 
July 2026 $1.0 Billion Incremental Credit Agreement, variable-rate, due March 2027
– – 
Senior Notes LLL, 4.30% fixed-rate, due June 2028
800 800 
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 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 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 obligations31,460 32,425 
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 obligations33,742 34,707 
Other, non-principal amounts(299)(312)
Less current maturities of debt(2,234)(1,625)
Total long-term debt$31,209 $32,770 
(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 nine months ended September 30, 2026:
Range of Interest
Rates Paid		Weighted-Average
Interest Rate Paid
Commercial Paper Notes
3.78% to 4.10%
3.92%
EPO Junior Subordinated Notes C
6.70% to 6.83%
6.74%
EPO Junior Subordinated Notes D
6.90% to 7.10%
6.95%
Amounts borrowed under EPO’s March 2026 $1.5 Billion 364-Day Revolving Credit Agreement, July 2026 $1.0 Billion Incremental 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) Term SOFR or Adjusted Term SOFR (as applicable), 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 September 30, 2026 for the next five years, and in total thereafter:
Scheduled Maturities of Debt
TotalRemainder
of 2026		2027202820292030Thereafter
Commercial Paper Notes$660 $660 $– $– $– $– $– 
Senior Notes30,800 – 1,575 1,800 1,250 1,250 24,925 
Junior Subordinated Notes2,282 – – – – – 2,282 
Total$33,742 $660 $1,575 $1,800 $1,250 $1,250 $27,207 
March 2026 $1.5 Billion 364-Day Revolving Credit Agreement
In March 2026, EPO entered into a 364-Day Revolving Credit Agreement (the “March 2026 $1.5 Billion 364-Day Revolving Credit Agreement”) that replaced its prior 364-day revolving credit agreement. As of September 30, 2026, there were no principal amounts outstanding under the March 2026 $1.5 Billion 364-Day Revolving Credit Agreement.
Under the terms of the March 2026 $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. The March 2026 $1.5 Billion 364-Day Revolving Credit Agreement matures in March 2027. 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 2028. Borrowings under the March 2026 $1.5 Billion 364-Day Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions and general company purposes.
The March 2026 $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 2026 $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 2026 $1.5 Billion 364-Day Revolving Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.
July 2026 $1.0 Billion Incremental Credit Agreement
In July 2026, EPO entered into an additional revolving credit agreement (the “July 2026 $1.0 Billion Incremental Credit Agreement”). As of September 30, 2026, there were no principal amounts outstanding under the July 2026 $1.0 Billion Incremental Credit Agreement.
Under the new agreement, EPO may borrow up to $1.0 billion at a variable interest rate, subject to its terms and conditions. EPO may use proceeds from borrowings under the July 2026 $1.0 Billion Incremental Credit Agreement for working capital, capital expenditures, acquisitions and general company purposes. Amounts borrowed under the agreement mature on March 26, 2027, coinciding with the maturity date of EPO’s existing March 2026 $1.5 Billion 364-Day Revolving Credit Agreement.
The July 2026 $1.0 Billion Incremental 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 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 July 2026 $1.0 Billion Incremental Credit Agreement are not secured by any collateral; however, they are guaranteed by the Partnership.
Letters of Credit
At September 30, 2026, EPO had $107 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 September 30, 2026.
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.