v3.26.3
Capital Accounts
 9 Months Ended
Sep. 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
Common unit repurchases under 2019 Buyback Program(2,922,742)
Common units issued in connection with the vesting of phantom unit awards, net50,431 
Common units outstanding at September 30, 20262,156,604,858
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 nine months ended September 30, 2026. The Partnership’s capacity to issue additional common units under the ATM program remains at $2.5 billion as of September 30, 2026. The current registration statement for the ATM program was declared effective on September 1, 2026 and replaced the prior registration statement with respect to such program.
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 September 30, 2026 and 2025, the Partnership repurchased 2,922,742 and 2,543,004 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $112 million and $80 million, respectively. During the nine months ended September 30, 2026 and 2025, the Partnership repurchased 10,213,672 and 7,913,198 common units, respectively, under the 2019 Buyback Program. The total cost of these repurchases, including commissions and fees, was $387 million and $250 million, respectively. Common units repurchased under the 2019 Buyback Program are immediately cancelled upon acquisition. At September 30, 2026, the remaining available capacity under the 2019 Buyback Program was $3.2 billion.
Common Units Issued in Connection With the Vesting of Phantom Unit Awards
After taking into account tax withholding requirements, the Partnership issued 5,042,487 new common units to employees in connection with the vesting of phantom unit awards during the nine months ended September 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 nine months ended September 30, 2026, agents of the Partnership purchased 2,946,971 common units on the open market and delivered them to participants in the DRIP and EUPP. Apart from $3 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 November 13, 2026.
Preferred Units
As of September 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 nine months ended September 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 nine months ended September 30, 2026, the Partnership made quarterly cash distributions to its preferred unitholders of $3 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 $336 
Other comprehensive income (loss) for period, before reclassifications(548)– – (548)
Reclassification of losses (gains) to net income during period174 (5)– 169 
Total other comprehensive income (loss) for period(374)(5)– (379)
Accumulated Other Comprehensive Income (Loss), September 30, 2026$(190)$145 $2 $(43)
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 reclassifications87 14 – 101 
Reclassification of losses (gains) to net income during period(68)(5)– (73)
Total other comprehensive income (loss) for period19 9 – 28 
Accumulated Other Comprehensive Income (Loss), September 30, 2025$110 $152 $2 $264 
The following table presents reclassifications of (income) loss out of accumulated other comprehensive income (loss) into net income during the periods indicated:
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
Losses (gains) on cash flow hedges:Location2026202520262025
Interest rate derivativesInterest expense$(1)$(2)$(5)$(5)
Commodity derivativesRevenue22 (47)144 (100)
Commodity derivativesOperating costs and expenses9 12 30 32 
Total$30 $(37)$169 $(73)
For information regarding our interest rate and commodity derivative instruments, see Note 13.
Cash Distributions
On October 8, 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 third quarter of 2026. The quarterly distribution is payable on November 13, 2026 to unitholders of record as of the close of business on October 30, 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.