Equity-Based Awards (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Based Award Compensation Expense

The following table summarizes compensation expense we recognized in connection with equity-based awards for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Equity-classified awards:
Phantom unit awards	$	50	$	45	$	99	$	91
Profits interest awards	–		–		–		10
Total	$	50	$	45	$	99	$	101

Schedule of Phantom Unit Award Activity

The following table presents phantom unit award activity for the period indicated:


	Number of Units	Weighted- Average Grant Date Fair Value per Unit (1)
Phantom unit awards at December 31, 2024	20,592,251	$	25.21
Granted (2)	7,792,090	$	33.12
Vested	(7,630,601)	$	24.37
Forfeited	(407,883)	$	28.32
Phantom unit awards at June 30, 2025	20,345,857	$	28.49

(1)Determined by dividing the aggregate grant date fair value of awards (before an allowance for forfeitures) by the number of awards issued.

(2)The aggregate grant date fair value of phantom unit awards issued during 2025 was $258 million based on a grant date market price of the Partnership’s common units ranging from $33.12 to $33.21 per unit. An estimated annual forfeiture rate of 2.0% was applied to these awards.

The following table presents supplemental information regarding phantom unit awards for the periods indicated:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Cash payments made in connection with DERs	$	11	$	11	$	22	$	21
Total intrinsic value of phantom unit awards that vested during period	9		7		256		194

ENTERPRISE PRODUCTS PARTNERS L.P. 10-Q