Enterprise Products Partners L.p.NYSE: EPD

Enterprise Products Partners L P Selected Financial Data, Quarter Ended September 30 2025

Nov 6, 2025 at 8:30 PM UTC · Issued by Enterprise Products Partners L.p.

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Enterprise Products Partners L.P. Selected Financial Data through September 30, 2025

1100 Louisiana Street, 10th Floor, Houston, TX 77002 | (713) 381-6500 | https://www.enterpriseproducts.com

Investor Relations Contacts:

Libby Strait, Vice President Gayl Fogata, Manager

Phone: (713) 381-4754 Phone: (713) 381-4062

Fax: (713) 381-8200 Fax: (713) 381-8200

Mobile: (832) 596-9139 Mobile: (346) 221-5278

Email: ecstrait@eprod.com Email: mfogata@eprod.com

This data should be used in conjunction with the information contained in our 2024 Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and other SEC filings. The data furnished is given in response to your request for information regarding Enterprise Products Partners L.P. and its subsidiaries and not in connection with any sale or offer for sale of, or solicitation of an offer to buy, any securities.

Enterprise Products Partners L.P. Selected Financial Data - 3Q 2025 Table of Contents Page

Financial & Operating Highlights 3

Partnership Unit Data 6

Capitalization Data 7

Statements of Consolidated Operations 9

Consolidated Balance Sheets 10

Statements of Consolidated Cash Flows 11

Calculation of Distributable Cash Flow 12

Calculation of Free Cash Flow & Adjusted Free Cash Flow 13

Calculation of Adjusted Cash Flow from Operations 13

Operating Data by Business Segment 14

Unconsolidated Affiliates Investment Detail 18

Non-GAAP Reconciliations to GAAP 19

Energy and Petrochemical Industry Data 20

Financial & Operating Highlights (Amounts in millions, except per unit amounts)	Total	Total	Total	Total
	2022	2023 1Q24 2Q24 3Q24 4Q24	2024 1Q25 2Q25 3Q25	2025
Summary Financial Data:
Revenues	$ 58,186	$ 49,715 $ 14,760 $ 13,483 $ 13,775 $ 14,201	$ 56,219 $ 15,417 $ 11,363 $ 12,023	$ 38,803
Operating income	$ 6,907	$ 6,929 $ 1,822 $ 1,765 $ 1,780 $ 1,971	$ 7,338 $ 1,761 $ 1,795 $ 1,686	$ 5,242
Net income attributable to common unitholders	$ 5,487	$ 5,529 $ 1,456 $ 1,405 $ 1,417 $ 1,619	$ 5,897 $ 1,393 $ 1,435 $ 1,338	$ 4,166
Earnings per unit (fully diluted)	$ 2.50	$ 2.52 $ 0.66 $ 0.64 $ 0.65 $ 0.74	$ 2.69 $ 0.64 $ 0.66 $ 0.61	$ 1.90
Gross operating margin by business segment: NGL Pipelines & Services	$ 5,142	$ 4,898 $ 1,340 $ 1,325 $ 1,335 $ 1,548	$ 5,548 $ 1,418 $ 1,297 $ 1,303	$ 4,018
Crude Oil Pipelines & Services	1,655	1,707 411 417 401 417	1,646 374 403 371	1,148
Natural Gas Pipelines & Services	1,042	1,077 312 293 349 323	1,277 357 417 339	1,113
Petrochemical & Refined Products Services	1,517	1,694 444 392 363 348	1,547 315 354 370	1,039
Total segment gross operating margin (a)	9,356	9,376 2,507 2,427 2,448 2,636	10,018 2,464 2,471 2,383	7,318
Net adjustment for shipper make-up rights (b)	(47)	19 (17) (15) 6 (8)	(34) (33) 6 2	(25)
Non-GAAP total gross operating margin	9,309	9,395 2,490 2,412 2,454 2,628	9,984 2,431 2,477 2,385	7,293
Adjustments to reconcile non-GAAP total gross operating margin to
GAAP operating income (addition or subtraction by sign): Depreciation, amortization and accretion expense in operating costs and expenses (c)	(2,107)	(2,215) (582) (581) (586) (594)	(2,343) (602) (610) (625)	(1,837)
Asset impairment charges in operating costs and expenses	(53)	(30) (20) (4) (27) (6)	(57) (10) (11) (17)	(38)
Net gains or losses attributable to asset sales and related matters in
operating costs and expenses	(1)	10 - (5) - 3	(2) 2 7 4	13
General and administrative costs	(241)	(231) (66) (57) (61) (60)	(244) (60) (68) (61)	(189)
Operating income	$ 6,907	$ 6,929 $ 1,822 $ 1,765 $ 1,780 $ 1,971	$ 7,338 $ 1,761 $ 1,795 $ 1,686	$ 5,242
Non-GAAP Adjusted EBITDA (See page 19)	$ 9,309	$ 9,318 $ 2,469 $ 2,389 $ 2,442 $ 2,599	$ 9,899 $ 2,444 $ 2,408 $ 2,405	$ 7,257
LTM Non-GAAP Adjusted EBITDA	$ 9,309	$ 9,318 $ 9,466 $ 9,684 $ 9,799 $ 9,899	$ 9,899 $ 9,874 $ 9,893 $ 9,856	$ 9,856
Net cash flow provided by operating activities	$ 8,039	$ 7,569 $ 2,111 $ 1,574 $ 2,072 $ 2,358	$ 8,115 $ 2,314 $ 2,061 $ 1,738	$ 6,113
Non-GAAP Adjusted Cash Flow from Operations (See page 13)	$ 8,093	$ 8,124 $ 2,147 $ 2,065 $ 2,108 $ 2,301	$ 8,621 $ 2,111 $ 2,111 $ 2,060	$ 6,282
Non-GAAP Distributable Cash Flow (See pages 12 and 19)	$ 7,751	$ 7,601 $ 1,915 $ 1,812 $ 1,957 $ 2,155	$ 7,839 $ 2,013 $ 1,939 $ 1,825	$ 5,777
Non-GAAP Free Cash Flow (See page 13)	$ 2,929	$ 4,256 $ 1,043 $ 323 $ 907 $ 393	$ 2,666 $ 1,258 $ 762 $ (226)	$ 1,794
Non-GAAP Adjusted Free Cash Flow (See page 13)	$ 2,983	$ 4,811 $ 1,079 $ 814 $ 943 $ 336	$ 3,172 $ 1,055 $ 812 $ 96	$ 1,963
Weighted-average units outstanding - Basic EPU	2,177.790	2,172.139 2,170.406 2,171.203 2,169.062 2,166.686	2,169.331 2,167.502 2,167.644 2,164.331	2,166.481
Weighted-average units outstanding - Fully diluted EPU	2,198.564	2,194.029 2,193.572 2,194.276 2,191.816 2,189.087	2,192.076 2,190.584 2,190.006 2,186.295	2,188.990

Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled and presented within the business segment footnote found in our consolidated financial statements.
Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflect adjustments for shipper make-up rights that are included in management's evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin.
Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use assets, which are components of gross operating margin.

Financial & Operating Highlights (continued)

(Volumes as noted) Total Total Total Total 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 2025

Selected Operating Data (a):

Thousands of barrels per day ("MBPD"), net:
NGL Pipeline Transportation	3,791	4,116	4,238	4,341	4,303	4,814	4,426	4,447	4,562	4,694	4,570
Crude Oil Pipeline Transportation	2,288	2,552	2,456	2,528	2,537	2,595	2,528	2,484	2,622	2,631	2,581
Petrochemical & Refined Products Pipeline Transportation	754	846	870	960	995	961	947	949	1,008	1,056	1,003
Total NGL, Crude Oil, Petrochemical and Refined Products Transportation	6,833	7,514	7,564	7,829	7,835	8,370	7,901	7,880	8,192	8,381	8,154
NGL Marine Terminals	723	821	895	876	887	1,005	915	994	942	908	947
Crude Oil Marine Terminals	788	913	1,094	977	910	841	955	736	811	720	757
Petrochemical & Refined Products Marine Terminals	225	343	350	359	286	310	326	311	328	347	329
Total NGL, Crude Oil, Petrochemical and Refined Products Marine Terminals	1,736	2,077	2,339	2,212	2,083	2,156	2,196	2,041	2,081	1,975	2,033
NGL Fractionation	1,444	1,570	1,642	1,679	1,662	1,688	1,667	1,652	1,667	1,636	1,650
Propylene Production	113	107	106	107	124	113	112	113	118	119	117
Butane Isomerization	108	112	117	119	116	120	118	114	122	123	120
Standalone Deisobutanizers ("DIBs")	159	176	196	211	191	194	198	188	186	196	190
Total Fractionation, Production, Isomerization and DIBs	1,824	1,965	2,061	2,116	2,093	2,115	2,095	2,067	2,093	2,074	2,077
Equity NGL-Equivalent Production	177	176	185	218	204	203	203	225	214	225	221
Octane Enhancement and Related Plant Sales	39	36	35	39	37	33	37	46	39	41	42
Billions of British Thermal Units per day ("BBtus/d"), net: Natural Gas Transportation	16,949	18,371	18,934	18,714	19,517	19,929	19,276	20,310	20,405	21,027	20,583
Total Natural Gas Transportation	16,949	18,371	18,934	18,714	19,517	19,929	19,276	20,310	20,405	21,027	20,583
Million Cubic Feet per day ("MMcf/d"), net:
Fee-based Natural Gas Processing	5,119	5,923	6,421	6,578	6,850	7,078	6,733	7,181	7,266	7,454	7,303
Natural Gas Processing Inlet	6,404	6,796	7,144	7,513	7,624	7,675	7,490	7,719	7,768	8,057	7,849

Operating rates are calculated based on total volumes divided by the number of calendar days during the applicable period. Total volumes, which include volumes for newly constructed assets from the related in-service date and for recently purchased assets from the related acquisition date, reflect volumes for assets owned by consolidated entities on a 100% basis and volumes

for assets owned by our unconsolidated affiliates net to our ownership interest.

Financial & Operating Highlights (continued) (Amounts in millions, except per unit amounts)	Total	Total		Total		Total
	2022	2023	1Q24 2Q24 3Q24 4Q24	2024	1Q25 2Q25 3Q25	2025
Distributable Cash Flow and Unit Coverage Ratio:
Distributable Cash Flow	$ 7,751	$ 7,601	$ 1,915 $ 1,812 $ 1,957 $ 2,155	$ 7,839	$ 2,013 $ 1,939 $ 1,825	$ 5,777
Coverage - weighted-average distribution-bearing common units	1.87x	1.75x	1.71x 1.59x 1.72x 1.86x	1.72x	1.73x 1.64x 1.55x	1.64x
Coverage - weighted-average total common units	1.85x	1.73x	1.70x 1.58x 1.70x 1.84x	1.70x	1.72x 1.63x 1.53x	1.63x

Distributions of Cash during Period:	Total	Total					Total				Total
Date of distribution	2022	2023	2/14/2024	5/14/2024	8/14/2024	11/14/2024	2024	2/14/2025	5/14/2025	8/14/2025	2025
Cash distribution ($/unit)	$ 1.8800	$ 1.9800	$ 0.5150	$ 0.5150	$ 0.5250	$ 0.5250	$ 2.0800	$ 0.5350	$ 0.5350	$ 0.5450	$ 1.6150
Cash distributed to common units	$ 4,095	$ 4,301	$ 1,117	$ 1,118	$ 1,139	$ 1,138	$ 4,512	$ 1,159	$ 1,160	$ 1,180	$ 3,499
Common units subject to distribution	2,177.908	2,172.232	2,168.245	2,171.558	2,170.302	2,167.575	2,169.415	2,165.700	2,168.903	2,165.247	2,166.608
Cash distributed to distribution equivalent right-bearing phantom units	$ 34	$ 38	$ 10	$ 11	$ 11	$ 11	$ 43	$ 11	$ 11	$ 11	$ 33
Distribution equivalent right-bearing phantom units subject to distribution	18.238	19.442	19.551	21.378	21.009	20.722	20.667	20.586	20.961	20.325	20.622
Total cash distribution paid to common unitholders, including distribution equivalent rights on phantom unit awards	$ 4,129	$ 4,339	$ 1,127	$ 1,129	$ 1,150	$ 1,149	$ 4,555	$ 1,170	$ 1,171	$ 1,191	$ 3,532

Partnership Unit Data

(Amounts in millions) Total Total Total Total 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 2025

Total units outstanding, beginning of period	2,176.380	2,170.806	2,168.245	2,171.558	2,170.302	2,167.752	2,168.245	2,165.700	2,168.903	2,165.556	2,165.700
Total units outstanding, end of period	2,170.806	2,168.245	2,171.558	2,170.302	2,167.752	2,165.700	2,165.700	2,168.903	2,165.556	2,163.127	2,163.127
Weighted-average total units outstanding	2,177.790	2,172.139	2,170.406	2,171.203	2,169.062	2,166.686	2,169.331	2,167.502	2,167.644	2,164.331	2,166.481
Distribution Equivalent Right-bearing Phantom Unit Awards (a):
Total units outstanding, beginning of period	17.171	17.983	19.557	21.481	21.055	20.735	19.557	20.592	20.997	20.346	20.592
Total units outstanding, end of period	17.983	19.557	21.481	21.055	20.735	20.592	20.592	20.997	20.346	20.084	20.084
Weighted-average total units outstanding	18.514	19.822	21.298	21.191	20.877	20.655	21.004	21.475	20.590	20.203	20.752
Preferred units (b):
Total common unit equivalents outstanding, beginning of period	2.482	2.260	2.068	1.868	1.884	1.879	2.068	1.747	1.608	1.774	1.747
Total common unit equivalents outstanding, end of period	2.260	2.068	1.868	1.884	1.879	1.747	1.747	1.608	1.774	1.762	1.762
Weighted-average total common unit equivalents outstanding	2.260	2.068	1.868	1.882	1.877	1.746	1.741	1.607	1.772	1.761	1.757
Total of all Units used in Fully Diluted EPU Calculation:
Total units outstanding, beginning of period	2,196.033	2,191.049	2,189.870	2,194.907	2,193.241	2,190.366	2,189.870	2,188.039	2,191.508	2,187.676	2,188.039
Total units outstanding, end of period	2,191.049	2,189.870	2,194.907	2,193.241	2,190.366	2,188.039	2,188.039	2,191.508	2,187.676	2,184.973	2,184.973
Weighted-average total units outstanding	2,198.564	2,194.029	2,193.572	2,194.276	2,191.816	2,189.087	2,192.076	2,190.584	2,190.006	2,186.295	2,188.990

Partnership Unit Data for EPU Calculation: Common Units:

Consists of distribution equivalent right-bearing phantom unit awards issued to key personnel that work on our behalf.
Consists of non-publicly traded preferred units having a stated value of $1,000 per unit. Amounts represent the common unit equivalent, which was calculated using the "if-converted method" to determine the potential dilutive effect of the conversion of preferred units issued.

Capitalization Data

2022 2023 1Q24 2Q24									3Q24		Y/E 2024		1Q25		2Q25		3Q25
pitalization for the period ended: Cash and Cash Equivalents $		76	$	180	$	283	$	138	$	1,434	$	583	$	220	$	870	$	206
Debt:
Current maturities of debt	$ 1,744		$ 1,300		$ 1,149		$ 2,049		$ 1,149		$ 1,150		$ 2,453		$ 1,623		$ 2,464
Senior debt obligations - principal	24,525		25,425		26,275		26,275		28,775		28,775		27,150		29,150		29,150
Junior subordinated notes - principal	2,296		2,296		2,296		2,296		2,296		2,282		2,282		2,282		2,282
Other	(270)		(273)		(286)		(282)		(315)		(311)		(305)		(322)		(318)
Total debt	$ 28,295		$ 28,748		$ 29,434		$ 30,338		$ 31,905		$ 31,896		$ 31,580		$ 32,733		$ 33,578

Net debt	$ 28,219		$ 28,568		$ 29,151		$ 30,200		$ 30,471		$ 31,313		$ 31,360		$ 31,863		$ 33,372
Redeemable preferred limited partner interests: Series A cumulative convertible preferred units	49		49		49		49		50		50		50		50		50
Equity:
Common units	$ 27,555		$ 28,663		$ 28,831		$ 29,110		$ 29,343		$ 29,793		$ 29,927		$ 30,127		$ 30,242
Treasury units	(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)
Accumulated other comprehensive income (loss)	365		307		143		176		303		236		285		236		264
Noncontrolling interests in consolidated subsidiaries	1,079		1,086		800		808		809		857		860		853		841
Total equity	$ 27,702		$ 28,759		$ 28,477		$ 28,797		$ 29,158		$ 29,589		$ 29,775		$ 29,919		$ 30,050

Total capitalization net of cash and cash equivalents	$ 55,970		$ 57,376		$ 57,677		$ 59,046		$ 59,679		$ 60,952		$ 61,185		$ 61,832		$ 63,472
Net Debt to LTM Adjusted EBITDA (a)	2.91x		2.94x		2.96x		3.00x		2.99x		3.05x		3.06x		3.11x		3.27x
Total Debt to LTM Adjusted EBITDA (a)	2.92x		2.96x		2.99x		3.01x		3.14x		3.11x		3.08x		3.19x		3.29x
LTM Adjusted EBITDA Interest Coverage	7.48x		7.34x		7.36x		7.36x		7.36x		7.32x		7.25x		7.27x		7.18x

(Amounts in millions) Y/E Y/E

Debt in this calculation is reduced for the average 50% equity content ascribed, at issuance, to our Junior Subordinated Notes by the nationally recognized rating agencies. Net debt reflects total debt reduced by cash and cash equivalents.

Capitalization Data (continued)

(Amounts in millions)

Debt Principal Maturity Schedule at September 30, 2025:

Remainder of

2025 2026 2027 2028 2029 Thereafter Total

EPO senior debt obligations:

Commercial Paper Notes, variable-rate	$ 840	$ -	$ -	$ -	$ -	$ -	$ 840
Senior Notes FFF, 5.05% fixed-rate, due January 2026	-	750	-	-	-	-	750
Senior Notes PP, 3.70% fixed-rate, due February 2026	-	875	-	-	-	-	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
Senior Notes LLL, 4.30% fixed-rate, due June 2028	-	-	-	500	-	-	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, 2.8% fixed-rate, due January 2030	-	-	-	-	-	1,250	1,250
Senior Notes MMM, 4.60% fixed-rate, due January 2031	-	-	-	-	-	750	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	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
EPO Junior Subordinated Notes C, variable-rate, due June 2067	-	-	-	-	-	232	232
EPO Junior Subordinated Notes D, variable-rate, due August 2077	-	-	-	-	-	350	350
EPO Junior Subordinated Notes E, fixed/variable-rate, due August 2077	-	-	-	-	-	1,000	1,000
EPO Junior Subordinated Notes F, fixed/variable-rate, due February 2078	-	-	-	-	-	700	700
Total	$ 840	$ 1,625	$ 1,575	$ 1,500	$ 1,250	$ 27,107	$ 33,897

Statements of Consolidated Operations (Amounts in millions, except per unit amounts)	Total	Total	Total	Total
	2022	2023 1Q24 2Q24 3Q24 4Q24	2024 1Q25 2Q25 3Q25	2025
Revenues	$ 58,186	$ 49,715 $ 14,760 $ 13,483 $ 13,775 $ 14,201	$ 56,219 $ 15,417 $ 11,363 $ 12,023	$ 38,803
Costs and expenses: Operating costs and expenses	51,502	43,017 12,974 11,762 12,033 12,276	49,045 13,690 9,592 10,366	33,648
General and administrative costs	241	231 66 57 61 60	244 60 68 61	189
Total costs and expenses	51,743	43,248 13,040 11,819 12,094 12,336	49,289 13,750 9,660 10,427	33,837
Equity in income of unconsolidated affiliates	464	462 102 101 99 106	408 94 92 90	276
Operating income	6,907	6,929 1,822 1,765 1,780 1,971	7,338 1,761 1,795 1,686	5,242
Other income (expense): Interest expense	(1,244)	(1,269) (331) (332) (343) (346)	(1,352) (340) (332) (354)	(1,026)
Other, net	34	41 13 4 14 18	49 9 7 11	27
Total other expense, net	(1,210)	(1,228) (318) (328) (329) (328)	(1,303) (331) (325) (343)	(999)
Income before income taxes	5,697	5,701 1,504 1,437 1,451 1,643	6,035 1,430 1,470 1,343	4,243
Benefit from (provision for) income taxes	(82)	(44) (21) (15) (19) (10)	(65) (24) (16) 13	(27)
Net income	5,615	5,657 1,483 1,422 1,432 1,633	5,970 1,406 1,454 1,356	4,216
Net income attributable to noncontrolling interests	(125)	(125) (26) (16) (14) (13)	(69) (12) (18) (17)	(47)
Net income attributable to preferred units	(3)	(3) (1) (1) (1) (1)	(4) (1) (1) (1)	(3)
Net income attributable to common unitholders	$ 5,487	$ 5,529 $ 1,456 $ 1,405 $ 1,417 $ 1,619	$ 5,897 $ 1,393 $ 1,435 $ 1,338	$ 4,166
Earnings per unit: Basic earnings per unit	$ 2.50	$ 2.52 $ 0.66 $ 0.64 $ 0.65 $ 0.74	$ 2.69 $ 0.64 $ 0.66 $ 0.61	$ 1.91
Number of units used in calculation	2,177.790	2,172.139 2,170.406 2,171.203 2,169.062 2,166.686	2,169.331 2,167.502 2,167.644 2,164.331	2,166.481
Diluted earnings per unit	$ 2.50	$ 2.52 $ 0.66 $ 0.64 $ 0.65 $ 0.74	$ 2.69 $ 0.64 $ 0.66 $ 0.61	$ 1.90
Number of units used in calculation	2,198.564	2,194.029 2,193.572 2,194.276 2,191.816 2,189.087	2,192.076 2,190.584 2,190.006 2,186.295	2,188.990

Consolidated Balance Sheets

											Y/E
2022			2023		1Q24		2Q24		3Q24		2024		1Q25		2Q25		3Q25
ASSETS Current assets: Cash and cash equivalents $		76 $		180 $		283 $		138 $		1,434	$	583 $		220 $		870 $		206
Restricted cash		130		140		101		296		239		255		234		226		226
Accounts receivable - trade, net		6,964		7,765		7,592		8,647		8,197		9,236		7,853		7,560		7,515
Accounts receivable - related parties		11		7		6		8		5		4		2		2		1
Inventories		2,554		3,352		3,257		3,356		3,319		3,955		3,233		3,969		4,160
Prepaid and other current assets		863		804		854		1,008		1,191		1,100		1,221		1,533		1,129
Total current assets	10,598		12,248		12,093		13,453		14,385		15,133		12,763		14,160		13,237
Property, plant and equipment, net	44,401		45,804		46,431		47,436		48,099		49,062		49,715		50,495		51,511
Investments in unconsolidated affiliates	2,352		2,330		2,321		2,292		2,268		2,259		2,251		2,221		2,201
Intangible assets, net	3,965		3,770		3,720		3,671		3,619		4,005		3,953		3,902		4,207
Goodwill	5,608		5,608		5,608		5,608		5,608		5,712		5,712		5,712		5,712
Other assets	1,184		1,222		1,200		1,101		1,083		997		1,012		952		954
Total assets	$ 68,108 $ 70,982 $ 71,373 $ 73,561 $ 75,062										$ 77,168 $ 75,406 $ 77,442 $ 77,822
LIABILITIES AND EQUITY Current liabilities:
Current maturities of debt	$ 1,744 $ 1,300 $ 1,149 $ 2,049 $ 1,149										$ 1,150 $ 2,453 $ 1,623 $ 2,464
Accounts payable - trade	743		1,195		1,372		1,147		1,203		1,227		1,334		1,326		1,359
Accounts payable - related parties	232		199		82		109		137		198		91		128		161
Accrued product payables	7,988		8,911		9,297		9,859		9,219		10,777		9,421		9,721		9,532
Accrued interest	426		455		254		487		270		536		261		520		288
Other current liabilities	1,132		1,071		876		1,158		1,426		1,289		1,312		1,439		1,246
Total current liabilities	12,265		13,131		13,030		14,809		13,404		15,177		14,872		14,757		15,050
Long-term debt	26,551		27,448		28,285		28,289		30,756		30,746		29,127		31,110		31,114
Deferred tax liabilities	600		611		620		625		634		656		667		672		655
Other long-term liabilities	941		984		912		992		1,060		950		915		934		903
Redeemable preferred limited partner interests:
Series A cumulative convertible preferred units	49		49		49		49		50		50		50		50		50
Equity:
Partners' equity:
Common units	27,555		28,663		28,831		29,110		29,343		29,793		29,927		30,127		30,242
Treasury units	(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)		(1,297)
Accumulated other comprehensive income (loss)	365		307		143		176		303		236		285		236		264
Total partners' equity	26,623		27,673		27,677		27,989		28,349		28,732		28,915		29,066		29,209
Noncontrolling interests in consolidated subsidiaries	1,079		1,086		800		808		809		857		860		853		841
Total equity	27,702		28,759		28,477		28,797		29,158		29,589		29,775		29,919		30,050
Total liabilities and equity	$ 68,108 $ 70,982 $ 71,373 $ 73,561 $ 75,062										$ 77,168 $ 75,406 $ 77,442 $ 77,822
Working capital	$	(1,667) $ (883) $ (937) $ (1,356) $ 981									$	(44) $ (2,109) $ (597) $ (1,813)

(Amounts in millions) Y/E Y/E

Statements of Consolidated Cash Flows

(Amounts in millions) Total Total Total Total 2022 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 2025

Operating Activities:

Net income $

Reconciliation of net income to net cash flow provided by operating activities:

5,615 $

5,657 $

1,483 $

1,422 $

1,432 $

1,633 $

5,970 $

1,406 $

1,454 $

1,356 $

4,216

Depreciation and accretion 1,797 1,871 488 493 498 508 1,987 511 519 531 1,561

Amortization of intangible assets 177 201 50 51 54 52 207 52 52 55 159

Amortization of major maintenance costs for reaction-based plants 51 64 13 14 15 17 59 16 15 18 49

Other amortization expense 220 207 65 53 51 51 220 57 57 56 170

Impairment of assets other than goodwill 53 32 20 4 27 6 57 10 11 17 38

Equity in income of unconsolidated affiliates (464) (462) (102) (101) (99) (106) (408) (94) (92) (90) (276)

Distributions received on earnings from unconsolidated affiliates 446 446 97 107 99 103 406 88 101 91 280

Net losses (gains) attributable to asset sales and related matters 1 (10) - 5 - (3) 2 (2) (7) (4) (13)

Deferred income tax expense (benefit) 60 12 9 5 9 22 45 11 5 (17) (1)

Change in fair market value of derivative instruments 78 33 4 (12) (3) (9) (20) 42 (52) 34 24

Non-cash expense related to long-term operating leases 59 72 20 23 25 27 95 28 27 27 82

Net effect of changes in operating accounts (54) (555) (36) (491) (36) 57 (506) 203 (50) (322) (169)

Other operating activities - 1 - 1 - - 1 (14) 21 (14) (7)

Net cash flow provided by operating activities 8,039 7,569 2,111 1,574 2,072 2,358 8,115 2,314 2,061 1,738 6,113

Investing Activities:

Capital expenditures (1,964) (3,266) (1,047) (1,264) (1,174) (1,059) (4,544) (1,062) (1,299) (1,958) (4,319)

Cash used for business combinations, net of cash received (3,204) - - - - (949) (949) - - - -Investments in unconsolidated affiliates (1) (2) - - - - - (1) - (1) Proceeds from asset sales and other matters 122 42 2 4 5 3 14 4 11 6 21

Distributions received for return of capital from unconsolidated affiliates 98 42 15 24 25 13 77 15 20 21 56

Other investing activities (5) (13) (8) (7) (8) (8) (31) (4) (5) (4) (13)

Net cash flow used in investing activities (4,954) (3,197) (1,038) (1,243) (1,152) (2,000) (5,433) (1,047) (1,274) (1,935) (4,256)

Financing Activities:

Borrowings under debt agreements 96,140 89,899 14,328 23,953 14,175 1,259 53,715 19,103 30,462 21,469 71,034

Repayments of debt (97,395) (89,447) (13,632) (23,053) (12,586) (1,275) (50,546) (19,423) (29,297) (20,629) (69,349)

Debt issuance costs (1) (17) (18) (1) (25) - (44) (12) (13) (4) (29)

Cash distributions paid to common unitholders (4,095) (4,301) (1,117) (1,118) (1,139) (1,138) (4,512) (1,159) (1,160) (1,180) (3,499)

Cash payments made in connection with distribution equivalent rights (34) (38) (10) (11) (11) (11) (43) (11) (11) (11) (33)

Cash distributions paid to noncontrolling interests (163) (160) (38) (25) (21) (22) (106) (13) (26) (29) (68)

Cash contributions from noncontrolling interests 7 44 8 17 8 57 90 4 1 - 5

Monetization of interest rate derivative instruments - 21 (29) - (4) - (33) - 14 - 14

Repurchase of common units under 2019 Buyback Program (250) (188) (40) (40) (76) (63) (219) (60) (110) (80) (250) Acquisition of noncontrolling interest - (10) (400) - - - (400) - - - -

Other financing activities (53) (61) (61) (3) (2) - (66) (80) (5) (3) (88)

Net cash flow provided by (used in) financing activities (5,844) (4,258) (1,009) (281) 319 (1,193) (2,164) (1,651) (145) (467) (2,263)

Net change in cash and cash equivalents, including restricted cash (2,759) 114 64 50 1,239 (835) 518 (384) 642 (664) (406)

Cash and cash equivalents, including restricted cash, at beginning of period 2,965 206 320 384 434 1,673 320 838 454 1,096 838

Cash and cash equivalents, including restricted cash, at end of period

$ 206 $

320 $

384 $

434 $

1,673 $

838 $

454 $

1,096 $

432 $

432

Calculation of Distributable Cash Flow

Total

2022

Total

2023

1Q24

2Q24

3Q24

4Q24

Total

2024

1Q25

2Q25

3Q25

Total

2025

5,487

5,529

1,456

1,405

1,417

1,619

5,897

1,393

1,435

1,338

4,166

(Amounts in millions, except per unit amounts)

Net income attributable to common unitholders (GAAP)

Adjustments to GAAP Net Income Attributable to Common Unitholders to

derive non-GAAP Distributable Cash Flow and Operational DCF (addition or subtraction indicated by sign):

Depreciation, amortization and accretion expenses (a)	2,245		2,343		616		611		618		628		2,473		636		643		660		1,939
Cash distributions received from unconsolidated affiliates	544		488		112		131		124		116		483		103		121		112		336
Equity in income of unconsolidated affiliates	(464)		(462)		(102)		(101)		(99)		(106)		(408)		(94)		(92)		(90)		(276)
Change in fair market value of derivative instruments	78		33		4		(12)		(3)		(9)		(20)		42		(52)		34		24
Sustaining capital expenditures	(372)		(413)		(180)		(245)		(129)		(113)		(667)		(102)		(117)		(198)		(417)
Asset impairment charges	53		32		20		4		27		6		57		10		11		17		38
Deferred income tax expense (benefit)	60		12		9		5		9		22		45		11		5		(17)		(1)
Other, net	(2)		(24)		7		10		(8)		(11)		(2)		10		(40)		(37)		(67)
Operational DCF (non-GAAP)	7,629		7,538		1,942		1,808		1,956		2,152		7,858		2,009		1,914		1,819		5,742
Proceeds from asset sales and other matters Monetization of interest rate derivative instruments accounted for	122		42		2		4		5		3		14		4		11		6		21
as cash flow hedges -			21		(29)		-		(4)		-		(33)		-		14		-		14
Distributable Cash Flow (non-GAAP) $ 7,751			$ 7,601		$ 1,915		$ 1,812		$ 1,957		$ 2,155		$ 7,839		$ 2,013		$ 1,939		$ 1,825		$ 5,777
Units subject to Quarterly Cash Distribution: Common units	2,176.520		2,171.596		2,171.558		2,170.302		2,167.575		2,165.700		2,168.784		2,168.903		2,165.247		2,163.321		2,165.824
Distribution equivalent right-bearing phantom unit awards	18.436		19.839		21.378		21.009		20.722		20.586		20.924		20.961		20.325		20.047		20.444
Total participating units outstanding	2,194.956		2,191.435		2,192.936		2,191.311		2,188.297		2,186.286		2,189.708		2,189.864		2,185.573		2,183.368		2,186.268
Distributable Cash Flow Coverage: Distribution rate per period ($/unit)	$	1.9050	$	2.0050	$	0.5150	$	0.5250	$	0.5250	$	0.5350	$	2.1000	$	0.5350	$	0.5450	$	0.5450	$	1.6250
Distribution-bearing common units		1.87x		1.75x		1.71x		1.59x		1.72x		1.86x		1.72x		1.73x		1.64x		1.55x		1.64x
All units		1.85x		1.73x		1.70x		1.58x		1.70x		1.84x		1.70x		1.72x		1.63x		1.53x		1.63x
Retained Distributable Cash Flow	$	3,569 $		3,208 $		786 $		662 $		808 $		985 $		3,241 $		842 $		748 $		635 $		2,225

(a) Excludes amortization of finance lease right-of-use assets, which are a component of DCF and Operational DCF.

Calculation of Free Cash Flow & Adjusted Free Cash Flow

2022 2023 1Q24							2Q24		3Q24		4Q24			Total 2024		1Q25		2Q25		3Q25		Total 2025
Net cash flow provided by operating activities (GAAP) $		8,039	$	7,569	$	2,111	$	1,574	$	2,072	$	2,358	$		8,115	$	2,314 $	2,061	$	1,738	$	6,113
Adjustments to GAAP Net cash flow provided by operating activities to derive non-GAAP Free Cash Flow & Adjusted Free Cash Flow (addition or subtraction indicated by sign):
Net cash flow used in investing activities	(4,954)		(3,197)		(1,038)		(1,243)		(1,152)		(2,000)			(5,433)		(1,047)		(1,274)	(1,935) (4,256)
Cash contributions from noncontrolling interests	7		44		8		17		8		57			90		4		1	- 5
Cash distributions paid to noncontrolling interests	(163)		(160)		(38)		(25)		(21)		(22)			(106)		(13)		(26)	(29) (68)
Free Cash Flow (non-GAAP)	$ 2,929		$ 4,256		$ 1,043		$ 323		$ 907		$ 393 $			2,666		$ 1,258 $ 762			$ (226) $ 1,794
Net effect of changes in operating accounts, as applicable	54		555		36		491		36		(57)			506		(203)		50	322 169
Adjusted Free Cash Flow (non-GAAP)	$ 2,983		$ 4,811		$ 1,079		$ 814		$ 943		$ 336 $			3,172		$ 1,055 $ 812			$ 96 $ 1,963

(Amounts in millions) Total Total

Adjusted Cash Flow from Operations

Net cash flow provided by operating activities (GAAP)

Adjustments to GAAP Net cash flow provided by operating activities to derive

$ 8,039 $

7,569 $

2,111 $

1,574 $

2,072 $

2,358 $

8,115 $

2,314 $

2,061 $

1,738 $

6,113

non-GAAP Adjusted Cash Flow from Operations (addition or subtraction indicated by sign):

Net effect of changes in operating accounts, as applicable	54	555	36	491	36	(57)	506	(203)	50	322	169
Adjusted Cash Flow from Operations (non-GAAP)	$ 8,093	$ 8,124	$ 2,147	$ 2,065	$ 2,108	$ 2,301 $	8,621	$ 2,111 $	2,111	$ 2,060	$ 6,282

Operating Data by Business Segment

(Unless otherwise stated, amounts in $ millions)		Total 2022			Total 2023		1Q24		2Q24		3Q24		4Q24			Total 2024		1Q25		2Q25		3Q25			Total 2025
NGL Pipelines & Services: Natural Gas Processing & Related NGL Marketing Activities $			1,946	$		1,300	$	358	$	386	$	371	$	483	$		1,598	$	373	$	341	$	354	$		1,068
NGL Pipelines, Storage & Terminals			2,362			2,771		749		701		716		822			2,988		831		732		746			2,309
NGL Fractionation			834			827		233		238		248		243			962		214		224		203			641
Total NGL Pipelines & Services Gross Operating Margin $			5,142	$		4,898	$	1,340	$	1,325	$	1,335	$	1,548	$		5,548	$	1,418	$	1,297	$	1,303	$		4,018
Natural Gas Processing & Related NGL Marketing Activities Gross Operating Margin from Consolidated Facilities $			1,942	$		1,299	$	356	$	386	$	372	$	482	$		1,596	$	373	$	341	$	354	$		1,068
Total Equity Income from Unconsolidated Affiliates			4			1		2		-		(1)		1			2		-		-		-			-
Total NG Processing & Related NGL Marketing Activities Gross Operating Margin $			1,946	$		1,300	$	358	$	386	$	371	$	483	$		1,598	$	373	$	341	$	354	$		1,068
Equity NGL-Equivalent Production (MBPD)			177			176		185		218		204		203			203		225		214		225			221
Fee-based Natural Gas Processing (MMcf/d)			5,119			5,923		6,421		6,578		6,850		7,078			6,733		7,181		7,266		7,454			7,303
Natural Gas Processing Inlet (MMcf/d)			6,404			6,796		7,144		7,513		7,624		7,675			7,490		7,719		7,768		8,057			7,849
NGL Pipelines, Storage & Terminals Gross Operating Margin from Consolidated Facilities $			2,196	$		2,630	$	704	$	661	$	696	$	783	$		2,844	$	778	$	717	$	728	$		2,223
Net adjustment for shipper make-up rights	27			18			17		15		(6)		8		34			33		(6)		(2)		25
Total Equity Income from Unconsolidated Affiliates	139			123			28		25		26		31		110			20		21		20		61
Total NGL Pipelines, Storage & Terminals Gross Operating Margin	$ 2,362			$ 2,771			$ 749		$ 701		$ 716		$ 822		$ 2,988			$ 831		$ 732		$ 746		$ 2,309
NGL Pipeline Transportation Volumes (MBPD)	3,791			4,116			4,238		4,341		4,303		4,814		4,426			4,447		4,562		4,694		4,570
NGL Marine Terminal Volumes (MBPD)	723			821			895		876		887		1,005		915			994		942		908		947
Indicative Unit Margin ($/Gallon)	$ 0.034			$ 0.037			$ 0.038		$ 0.035		$ 0.036		$ 0.037		$ 0.036			$ 0.040		$ 0.035		$ 0.034		$ 0.037
NGL Fractionation
Gross Operating Margin from Consolidated Facilities	$ 828			$ 818			$ 232		$ 237		$ 246		$ 242		$ 957			$ 214		$ 227		$ 202		$ 643
Total Equity Income from Unconsolidated Affiliates	6			9			1		1		2		1		5			-		(3)		1		(2)
Total NGL Fractionation Gross Operating Margin	$ 834			$ 827			$ 233		$ 238		$ 248		$ 243		$ 962			$ 214		$ 224		$ 203		$ 641
NGL Fractionation Volumes (MBPD)	1,444			1,570			1,642		1,679		1,662		1,688		1,667			1,652		1,667		1,636		1,650
Indicative Unit Margin ($/Gallon)	$ 0.038			$ 0.034			$ 0.037		$ 0.037		$ 0.039		$ 0.037		$ 0.038			$ 0.034		$ 0.035		$ 0.032		$ 0.034
Total NGL Pipelines & Services Gross Operating Margin	$ 5,142			$ 4,898			$ 1,340		$ 1,325		$ 1,335		$ 1,548		$ 5,548			$ 1,418		$ 1,297		$ 1,303		$ 4,018

Operating Data by Business Segment (continued)
(Unless otherwise stated, amounts in $ millions)		Total			Total											Total									Total
		2022			2023		1Q24		2Q24		3Q24		4Q24			2024		1Q25		2Q25		3Q25			2025
Crude Oil Pipelines & Services: Crude Oil Pipelines & Services $			1,655	$		1,707	$	411	$	417	$	401	$	417	$		1,646	$	374	$	403	$	371	$		1,148
Total Crude Oil Pipelines & Services Gross Operating Margin $		1,655		$	1,707		$ 411		$	417	$	401	$	417	$	1,646		$	374	$	403	$	371	$	1,148
Crude Oil Pipelines & Services
Gross Operating Margin from Consolidated Facilities	$ 1,327			$ 1,424			$ 342		$ 344		$ 331		$ 344		$ 1,361			$ 302		$ 331		$ 303		$ 936
Net adjustment for shipper make-up rights	20			(37)			-		-		-		-		-			-		-		-		-
Total Equity Income from Unconsolidated Affiliates	308			320			69		73		70		73		285			72		72		68		212
Total Crude Oil Pipelines & Services Gross Operating Margin	$ 1,655			$ 1,707			$ 411		$ 417		$ 401		$ 417		$ 1,646			$ 374		$ 403		$ 371		$ 1,148
Crude Oil Pipeline Transportation Volumes (MBPD)	2,288			2,552			2,456		2,528		2,537		2,595		2,528			2,484		2,622		2,631		2,581
Crude Oil Marine Terminal Volumes (MBPD)	788			913			1,094		977		910		841		955			736		811		720		757
Indicative Unit Margin ($/Bbl)	$ 1.474			$ 1.350			$ 1.272		$ 1.307		$ 1.264		$ 1.319		$ 1.291			$ 1.291		$ 1.290		$ 1.203		$ 1.260

Natural Gas Pipelines & Services:
Natural Gas Pipelines & Services	$ 1,042	$ 1,077	$ 312	$ 293	$ 349	$ 323	$ 1,277	$ 357	$ 417	$ 339	$ 1,113
Total Natural Gas Pipelines & Services Gross Operating Margin	$ 1,042	$ 1,077	$ 312	$ 293	$ 349	$ 323	$ 1,277	$ 357	$ 417	$ 339	$ 1,113
Natural Gas Pipelines & Services Gross Operating Margin from Consolidated Facilities	$ 1,037	$ 1,071	$ 310	$ 292	$ 347	$ 323	$ 1,272	$ 355	$ 417	$ 337	$ 1,109
Total Equity Income from Unconsolidated Affiliates	5	6	2	1	2	-	5	2	-	2	4
Total Natural Gas Pipelines & Services Gross Operating Margin	$ 1,042	$ 1,077	$ 312	$ 293	$ 349	$ 323	$ 1,277	$ 357	$ 417	$ 339	$ 1,113
Natural Gas Transportation Volumes (BBtus/d)	16,949	18,371	18,934	18,714	19,517	19,929	19,276	20,310	20,405	21,027	20,583
Indicative Unit Margin ($/MMBtu)	$ 0.168	$ 0.161	$ 0.181	$ 0.172	$ 0.194	$ 0.176	$ 0.181	$ 0.195	$ 0.225	$ 0.175	$ 0.198

Operating Data by Business Segment (continued)

	Total 2022			Total 2023		1Q24		2Q24		3Q24		4Q24			Total 2024		1Q25		2Q25		3Q25			Total 2025
$		564	$		583	$	137	$	131	$	128	$	111	$		507	$	85	$	135	$	112	$		332
		114			124		33		29		28		36			126		27		31		30			88
		394			442		142		106		96		71			415		59		57		81			197
		277			357		72		73		67		75			287		105		76		93			274
		123			123		48		33		25		36			142		20		34		36			90
		45			65		12		20		19		19			70		19		21		18			58
$		1,517	$		1,694	$	444	$	392	$	363	$	348	$		1,547	$	315	$	354	$	370	$		1,039
$		560	$		580	$	136	$	130	$	128	$	110	$		504	$	84	$	134	$	111	$		329
		4			3		1		1		-		1			3		1		1		1			3
$		564	$		583	$	137	$	131	$	128	$	111	$		507	$	85	$	135	$	112	$		332
		113			107		106		107		124		113			112		113		118		119			117
$		0.295	$		0.315	$	0.296	$	0.276	$	0.227	$	0.213	$		0.253	$	0.164	$	0.264	$	0.211	$		0.213
		187			205		213		222		243		221			225		223		221		206			216
$		0.019	$		0.023	$	0.025	$	0.024	$	0.022	$	0.025	$		0.024	$	0.020	$	0.021	$	0.021	$		0.021
$		114	$		124	$	33	$	29	$	28	$	36	$		126	$	27	$	31	$	30	$		88
$		114	$		124	$	33	$	29	$	28	$	36	$		126	$	27	$	31	$	30	$		88
		108			112		117		119		116		120			118		114		122		123			120
		159			176		196		211		191		194			198		188		186		196			190
$		0.028	$		0.027	$	0.025	$	0.021	$	0.022	$	0.027	$		0.024	$	0.022	$	0.025	$	0.023	$		0.023
$		394	$		442	$	142	$	106	$	96	$	71	$		415	$	59	$	57	$	81	$		197
$		394	$		442	$	142	$	106	$	96	$	71	$		415	$	59	$	57	$	81	$		197
		39			36		35		39		37		33			37		46		39		41			42
$		0.659	$		0.801	$	1.062	$	0.711	$	0.671	$	0.557	$		0.730	$	0.339	$	0.382	$	0.511	$		0.409

(Unless otherwise stated, amounts in $ millions)

Petrochemical & Refined Products Services:

Propylene Production & Related Activities Butane Isomerization & Related Operations Octane Enhancement & Related Plant Operations Refined Products Pipelines & Related Activities Ethylene Exports & Related Activities

Marine Transportation & Other Services

Total Petrochemical & Refined Products Services Gross Operating Margin

Propylene Production & Related Activities

Gross Operating Margin from Consolidated Facilities Total Equity Income from Unconsolidated Affiliates

Total Propylene Production & Related Activities Gross Operating Margin

Propylene Production Volumes (MBPD) Indicative Unit Margin ($/Gallon)

Total Petrochemical Pipeline Transportation Volumes (MBPD) Indicative Unit Margin ($/Gallon)

Butane Isomerization & Related Operations

Gross Operating Margin from Consolidated Facilities

Total Butane Isomerization & Related Operations Gross Operating Margin

Butane Isomerization Volumes (MBPD) Standalone DIB Processing Volumes (MBPD)

Indicative Unit Margin ($/Gallon)

Octane Enhancement & Related Plant Operations

Gross Operating Margin from Consolidated Facilities

Total Octane Enhancement & Related Plant Operations Gross Operating Margin

Octane Enhancement & Related Plant Sales Volumes (MBPD) Indicative Unit Margin ($/Gallon)

Operating Data by Business Segment (continued) (Unless otherwise stated, amounts in $ millions)	Total 2022		Total 2023	1Q24		2Q24	3Q24	4Q24		Total 2024	1Q25	2Q25	3Q25		Total 2025
Petrochemical & Refined Products Services (continued): Refined Products Pipelines & Related Activities
Gross Operating Margin from Consolidated Facilities	$ 279		$ 357	$ 73		$ 73	$ 67	$ 76		$ 289	$ 106	$ 75	$ 95		$ 276
Total Equity Income (Loss) from Unconsolidated Affiliates	(2)		-	(1)		-	-	(1)		(2)	(1)	1	(2)		(2)
Total Refined Products Pipelines & Related Activities Gross Operating Margin	$ 277		$ 357	$ 72		$ 73	$ 67	$ 75		$ 287	$ 105	$ 76	$ 93		$ 274
Total Refined Products Pipeline Transportation Volumes (MBPD)	503		553	551		600	636	611		600	633	650	712		664
Total Refined Products & Petrochemical Marine Terminal Volumes (MBPD)	225		343	350		359	286	310		326	311	328	347		329
Indicative Unit Margin ($/Gallon)	$ 0.026		$ 0.027	$ 0.022		$ 0.021	$ 0.019	$ 0.022		$ 0.021	$ 0.030	$ 0.021	$ 0.024		$ 0.025
Ethylene Exports & Related Activities
Gross Operating Margin from Consolidated Facilities	$ 123		$ 123	$ 48		$ 33	$ 25	$ 36		$ 142	$ 20	$ 34	$ 36		$ 90
Total Ethylene Exports & Related Activities Gross Operating Margin	$ 123		$ 123	$ 48		$ 33	$ 25	$ 36		$ 142	$ 20	$ 34	$ 36		$ 90
Total Ethylene Pipeline Transportation Volumes (MBPD)	64		88	106		138	116	129		122	93	137	138		123
Indicative Unit Margin ($/Gallon) (c)	$ 0.029		$ 0.029	$ 0.067		$ 0.023	$ 0.025	$ 0.026		$ 0.034	$ 0.023	$ 0.023	$ 0.021		$ 0.022
Marine Transportation & Other Services
Gross Operating Margin from Consolidated Facilities	$ 45		$ 65	$ 12		$ 20	$ 19	$ 19		$ 70	$ 19	$ 21	$ 18		$ 58
Total Marine Transportation & Other Services Gross Operating Margin	$ 45		$ 65	$ 12		$ 20	$ 19	$ 19		$ 70	$ 19	$ 21	$ 18		$ 58

Total Petrochemical & Refined Products Services Gross Operating Margin	$ 1,517		$ 1,694	$ 444		$ 392	$ 363	$ 348		$ 1,547	$ 315	$ 354	$ 370		$ 1,039
Total Segment Gross Operating Margin (a)	$ 9,356		$ 9,376	$ 2,507		$ 2,427	$ 2,448	$ 2,636		$ 10,018	$ 2,464	$ 2,471	$ 2,383		$ 7,318
Net adjustment for shipper make-up rights (b)	(47)		19	(17)		(15)	6	(8)		(34)	(33)	6	2		(25)
Non-GAAP Total Gross Operating Margin	$	9,309 $	9,395	$	2,490 $	2,412 $	2,454	$	2,628 $	9,984 $	2,431 $	2,477	$	2,385	$	7,293

Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled and presented within the business segment footnote found in our consolidated financial statements.
Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflect adjustments for shipper make-up rights that are included in management's evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin.
Reflects the indicative unit margin for our ethylene transportation services only.

Unconsolidated Affiliates Investment Detail (Amounts in millions)	Y/E 2022		Y/E 2023			1Q24		2Q24		3Q24		Y/E 2024		1Q25			2Q25		3Q25
Schedule of Investments in Unconsolidated Affiliates
Accounted for under the "Equity Method":
NGL Pipelines & Services	$ 640		$ 612			$ 610		$ 600		$ 597		$ 598		$ 586			$ 578		$ 573
Crude Oil Pipelines & Services	1,677		1,681			1,674		1,656		1,634		1,628		1,630			1,610		1,595
Natural Gas Pipelines & Services	32		33			34		33		34		30		32			32		31
Petrochemical & Refined Products Services	3		4			3		3		3		3		3			1		2
Total investments in unconsolidated affiliates $		2,352	$		2,330	$	2,321	$	2,292	$	2,268	$	2,259	$		2,251	$	2,221	$	2,201
	Total			Total											Total
	2022			2023		1Q24		2Q24		3Q24		4Q24			2024		1Q25		2Q25
Equity in Income of Unconsolidated Affiliates: NGL Pipelines & Services $		149	$		133	$	31	$	26	$	27	$	33	$		117	$	20	$	18	$	21	$	59
Crude Oil Pipelines & Services		308			320		69		73		70		73			285		72		72		68		212
Natural Gas Pipelines & Services		5			6		2		1		2		-			5		2		-		2		4
Petrochemical & Refined Products Services	2		3			-		1		-		-		1			-		2		(1)		1
Total equity in income of unconsolidated affiliates	$ 464		$ 462			$ 102		$ 101		$ 99		$ 106		$ 408			$ 94		$ 92		$ 90		$ 276
Total Distributions Received from Unconsolidated Affiliates (a): NGL Pipelines & Services	$ 166		$ 163			$ 33		$ 37		$ 30		$ 32		$ 132			$ 32		$ 26		$ 26		$ 84
Crude Oil Pipelines & Services	369		316			76		91		92		79		338			70		92		83		245
Natural Gas Pipelines & Services	4		5			1		2		1		4		8			-		1		3		4
Petrochemical & Refined Products Services	5		4			2		1		1		1		5			1		2		-		3
Total distributions received from unconsolidated affiliates	$ 544		$ 488			$ 112		$ 131		$ 124		$ 116		$ 483			$ 103		$ 121		$ 112		$ 336

Total distributions received from unconsolidated affiliates includes both distributions received on earnings and distributions received for return of capital.

Non-GAAP Reconciliations to GAAP

(Amounts in millions)	Total 2022			Total 2023		1Q24		2Q24		3Q24		4Q24			Total 2024		1Q25		2Q25		3Q25		Total 2025
Reconciliation of Non-GAAP "Distributable cash flow" and "Operational DCF" to GAAP "Net cash flow provided by operating activities" Distributable cash flow (non-GAAP) $		7,751	$		7,601	$	1,915	$	1,812	$	1,957	$	2,155	$		7,839	$	2,013	$	1,939	$	1,825 $		5,777
Adjustments to non-GAAP distributable cash flow and operational DCF to derive GAAP net cash flow provided by operating activities (addition or subtraction indicated by sign):
Proceeds from asset sales and other matters	(122)		(42)			(2)		(4)		(5)		(3)		(14)			(4)		(11)		(6)		(21)
Monetization of interest rate derivative instruments accounted for
as cash flow hedges	-		(21)			29		-		4		-		33			-		(14)		-		(14)
Operational DCF (non-GAAP)	7,629		7,538			1,942		1,808		1,956		2,152		7,858			2,009		1,914		1,819		5,742
Net effect of changes in operating accounts, as applicable	(54)		(555)			(36)		(491)		(36)		57		(506)			203		(50)		(322)		(169)
Sustaining capital expenditures	372		413			180		245		129		113		667			102		117		198		417
Distributions received for return of capital from unconsolidated affiliates	(98)		(42)			(15)		(24)		(25)		(13)		(77)			(15)		(20)		(21)		(56)
Net income attributable to noncontrolling interests	125		125			26		16		14		13		69			12		18		17		47
Other, net	65		90			14		20		34		36		104			3		82		47		132
Net cash flow provided by operating activities (GAAP)	$ 8,039		$ 7,569			$ 2,111		$ 1,574		$ 2,072		$ 2,358		$ 8,115			$ 2,314		$ 2,061		$ 1,738 $ 6,113
Reconciliation of Non-GAAP "Adjusted EBITDA" to GAAP "Net income"
and GAAP "Net cash flow provided by operating activities"
Net income (GAAP)	$	5,615	$	5,657		$	1,483	$	1,422	$	1,432	$	1,633	$	5,970		$	1,406	$	1,454	$	1,356 $		4,216
Adjustments to GAAP net income to derive non-GAAP Adjusted EBITDA:
(addition or subtraction indicated by sign):
Depreciation, amortization and accretion in costs and expenses (a)	2,156			2,267			600		593		599		606	2,398				615	625			639	1,879
Interest expense, including related amortization	1,244			1,269			331		332		343		346	1,352				340	332			354	1,026
Cash distributions received from unconsolidated affiliates	544			488			112		131		124		116	483				103	121			112	336
Equity in income of unconsolidated affiliates	(464)			(462)			(102)		(101)		(99)		(106)	(408)				(94)	(92)			(90)	(276)
Asset impairment charges	53			32			20		4		27		6	57				10	11			17	38
Provision for (benefit from) income taxes	82			44			21		15		19		10	65				24	16			(13)	27
Change in fair value of derivative instruments	78			33			4		(12)		(3)		(9)	(20)				42	(52)			34	24
Other, net	1			(10)			-		5		-		(3)	2				(2)	(7)			(4)	(13)
Adjusted EBITDA (non-GAAP)	9,309			9,318			2,469		2,389		2,442		2,599	9,899				2,444	2,408			2,405	7,257
Adjustments to non-GAAP Adjusted EBITDA to derive GAAP net cash flow
provided by operating activities (addition or subtraction indicated by sign):
Interest expense, including related amortization	(1,244)			(1,269)			(331)		(332)		(343)		(346)	(1,352)				(340)	(332)			(354)	(1,026)
Net effect of changes in operating accounts, as applicable	(54)			(555)			(36)		(491)		(36)		57	(506)				203	(50)			(322)	(169)
Other, net	28			75			9		8		9		48	74				7	35			9	51
Net cash flow provided by operating activities (GAAP)	$ 8,039 $			7,569 $			2,111 $		1,574 $		2,072 $		2,358	$ 8,115 $				2,314	$ 2,061 $			1,738 $ 6,113

Excludes amortization of major maintenance costs for reaction-based plants, which are a component of Adjusted EBITDA.

Energy and Petrochemical Industry Data (Amounts as stated)	MMBtu per	Composite	Average	Average	Average	Average
	Gallon	NGL Barrel	2022	2023 1Q24 2Q24 3Q24 4Q24	2024 1Q25 2Q25 3Q25	2025
Industry Pricing Data:
Natural Gas ($/MMBtu) - (Inside FERC Henry Hub)	1.0000	$	6.65	$ 2.74 $ 2.25 $ 1.89 $ 2.15 $ 2.79	$ 2.27 $ 3.65 $ 3.44 $ 3.07	$ 3.39
Crude Oil ($/Bbl) - (NYMEX West Texas Intermediate)		$	94.23	$ 77.62 $ 76.96 $ 80.57 $ 75.10 $ 70.27	$ 75.73 $ 71.42 $ 63.87 $ 64.93	$ 66.74
Crude Oil ($/Bbl) - (Argus Midland)		$	95.87	$ 78.86 $ 78.55 $ 81.73 $ 75.96 $ 71.19	$ 76.86 $ 72.52 $ 64.42 $ 65.76	$ 67.57
Crude Oil ($/Bbl) - (Argus Houston)		$	96.21	$ 79.08 $ 78.85 $ 82.33 $ 76.51 $ 71.72	$ 77.35 $ 72.81 $ 64.65 $ 66.09	$ 67.85
Ethane ($/Gallon) - (OPIS Average Mont Belvieu)	0.0664	47.0% $	0.48	$ 0.25 $ 0.19 $ 0.19 $ 0.16 $ 0.22	$ 0.19 $ 0.27 $ 0.24 $ 0.23	$ 0.25
Propane ($/Gallon) - (OPIS Average Mont Belvieu)	0.0916	29.0% $	1.10	$ 0.71 $ 0.84 $ 0.75 $ 0.73 $ 0.78	$ 0.78 $ 0.90 $ 0.78 $ 0.69	$ 0.79
Normal Butane ($/Gallon) - (OPIS Average Mont Belvieu)	0.1037	10.0% $	1.31	$ 0.91 $ 1.03 $ 0.90 $ 0.97 $ 1.13	$ 1.01 $ 1.06 $ 0.88 $ 0.86	$ 0.93
Isobutane ($/Gallon) - (OPIS Average Mont Belvieu)	0.0997	5.0% $	1.44	$ 1.00 $ 1.14 $ 1.26 $ 1.08 $ 1.12	$ 1.15 $ 1.07 $ 0.93 $ 0.92	$ 0.97
Natural Gasoline ($/Gallon) - (OPIS Average Mont Belvieu)	0.1158	9.0% $	1.91	$ 1.52 $ 1.54 $ 1.55 $ 1.48 $ 1.50	$ 1.52 $ 1.53 $ 1.32 $ 1.30	$ 1.38
NGL Composite ($/Gallon)	0.0835	100.0% $	0.91	$ 0.60 $ 0.62 $ 0.59 $ 0.57 $ 0.62	$ 0.60 $ 0.67 $ 0.58 $ 0.56	$ 0.60
% of Natural Gas to Crude Oil (a)			41%	20% 17% 14% 17% 23%	17% 30% 31% 27%	29%
Polymer Grade Propylene ($/Lb) - (Average CMAI Contract Pricing)		$	0.51	$ 0.43 $ 0.55 $ 0.47 $ 0.53 $ 0.42	$ 0.49 $ 0.45 $ 0.38 $ 0.36	$ 0.40
Refinery Grade Propylene ($/Lb) - (Average CMAI Spot Pricing)		$	0.31	$ 0.19 $ 0.18 $ 0.21 $ 0.28 $ 0.24	$ 0.23 $ 0.33 $ 0.30 $ 0.28	$ 0.30
PGP vs. RGP Spread ($/Lb)		$	0.20	$ 0.24 $ 0.37 $ 0.26 $ 0.25 $ 0.18	$ 0.27 $ 0.12 $ 0.08 $ 0.08	$ 0.09
U. S. Ethylene Production Data (b):
Nameplate Capacity (MM lb/yr)			95,170	99,560 99,560 99,560 99,560 99,560	99,560 99,560 99,560 99,560	99,560
Average Steam Cracker Operating Rate (% of nameplate capacity)			87.4%	87.3% 87.8% 91.2% 91.7% 95.2%	91.5% 87.2% 89.7% 94.0%	90.3%
Ethylene Production Rate - Annualized (Billion lbs/yr) Steam Cracker Feedstocks (MBPD) Ethane			83 1,969	87 87 90 89 95 2,065 2,068 2,133 2,147 2,256	90 87 89 95 2,151 2,060 2,119 2,285	90 2,155
Propane			200	198 207 213 217 227	216 220 204 214	213
Butane			126	138 138 158 151 125	143 110 144 147	134
Subtotal Light Feeds			2,295	2,401 2,413 2,504 2,515 2,608	2,510 2,390 2,467 2,646	2,501
Naphtha			76	66 62 70 71 71	69 72 71 65	69
Gas Oil			8	8 8 8 7 8	8 8 5 5	6
Subtotal Heavy Feeds			84	74 70 78 78 79	76 80 76 70	75
Total Feedstock			2,379	2,475 2,483 2,582 2,593 2,687	2,586 2,470 2,543 2,716	2,576
Percent of Light/Heavy Feeds			96%/4%	97%/3% 97%/3% 97%/3% 97%/3% 97%/3%	97%/3% 97%/3% 97%/3% 97%/3%	97%/3%

Based on 5.8 MMbtu per barrel using first of month cash prices at Henry Hub for natural gas and a daily average of NYMEX West Texas Intermediate crude oil prices.
Data taken from the Pace Hodson Report and Enterprise Fundamentals.