Business Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Total Segment Gross Operating Margin to Income Before Income Taxes

The following table presents a reconciliation of total segment gross operating margin to income before income taxes for the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Total segment gross operating margin	$	2,642	$	2,464
Adjustments to reconcile total segment gross operating margin to income before income taxes (addition or subtraction indicated by sign):
Depreciation, amortization and accretion expense in operating costs and expenses (1)	(656)		(602)
Asset impairment charges in operating costs and expenses	(8)		(10)
Net gains (losses) attributable to asset sales and related matters in operating costs and expenses	(1)		2
General and administrative costs	(64)		(60)
Non-refundable payments received from shippers attributable to make-up rights (2)	(33)		(37)
Subsequent recognition of revenues attributable to make-up rights (3)	15		4
Total other expense, net (4)	(377)		(331)
Income before income taxes	$	1,518	$	1,430

(1)Excludes amortization of major maintenance costs for reaction-based plants and amortization of finance lease right-of-use (“ROU”) assets, which are components of gross operating margin.

(2)Since make-up rights entail a future performance obligation by the pipeline to the shipper, these receipts are recorded as deferred revenue for GAAP purposes; however, these receipts are included in gross operating margin in the period of receipt since they are non-refundable to the shipper.

(3)As deferred revenues attributable to make-up rights are subsequently recognized as revenue under GAAP, gross operating margin must be adjusted to remove such amounts to prevent duplication since the associated non-refundable payments were previously included in gross operating margin.

(4)As presented on our Unaudited Condensed Statements of Consolidated Operations, Total other expense, net is comprised of Interest expense, Interest income and Other, net.

Schedule of Segment Financial Information

The following tables present segment revenues and significant segment expenses by segment, together with a reconciliation to segment gross operating margin, for the periods indicated:


	For the Three Months Ended March 31, 2026
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	4,028	$	6,294	$	1,100	$	2,948	$	14,370
Revenues from related parties	4		5		7		–		16
Intersegment and intrasegment revenues	16,548		11,727		352		4,918		33,545
Total segment revenues	20,580		18,026		1,459		7,866		47,931
Significant segment expenses:
Cost of sales	18,425		17,606		754		7,133		43,918
Variable operating costs and expenses (1)	221		37		18		132		408
Fixed operating costs and expenses (2)	477		121		192		292		1,082
Total significant segment expenses	19,123		17,764		964		7,557		45,408
Other segment income (expense):
Equity in income of unconsolidated affiliates	19		54		2		1		76
Other segment items (3)	27		13		(1)		4		43
Total other segment income	46		67		1		5		119
Total segment gross operating margin	$	1,503	$	329	$	496	$	314	$	2,642

Other financial information:
Capital expenditures	$	492	$	27	$	340	$	124	$	983

(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

(3)Other segment items for each segment primarily represent the following:

•NGL Pipelines & Services – Non-refundable payments received from shippers attributable to make-up rights, subsequent recognition of revenues attributable to make-up rights, and other miscellaneous segment items.

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Natural Gas Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.


	For the Three Months Ended March 31, 2025
	NGL Pipelines & Services		Crude Oil Pipelines & Services		Natural Gas Pipelines & Services		Petrochemical & Refined Products Services		Segment Total
Segment revenues:
Revenues from third parties	$	5,398	$	5,115	$	1,216	$	3,675	$	15,404
Revenues from related parties	2		6		5		–		13
Intersegment and intrasegment revenues	17,017		10,622		232		7,195		35,066
Total segment revenues	22,417		15,743		1,453		10,870		50,483
Significant segment expenses:
Cost of sales	20,433		15,307		899		10,156		46,795
Variable operating costs and expenses (1)	199		35		22		106		362
Fixed operating costs and expenses (2)	423		101		177		294		995
Total significant segment expenses	21,055		15,443		1,098		10,556		48,152
Other segment income:
Equity in income of unconsolidated affiliates	20		72		2		–		94
Other segment items (3)	36		2		–		1		39
Total other segment income	56		74		2		1		133
Total segment gross operating margin	$	1,418	$	374	$	357	$	315	$	2,464

Other financial information:
Capital expenditures	$	635	$	23	$	303	$	101	$	1,062

(1)Variable operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally fluctuate based on utilization.

(2)Fixed operating costs and expenses represent the cost of operating our plants, pipelines and other fixed assets that generally remain constant independent of utilization.

(3)Other segment items for each segment primarily represent the following:

•Crude Oil Pipelines & Services – Other miscellaneous segment items.

•Petrochemical & Refined Products Services – Other miscellaneous segment items.

The following table reconciles total segment revenues as reported in the preceding tables to consolidated revenues as presented on our Unaudited Condensed Statements of Consolidated Operations:


	For the Three Months Ended March 31,
	2026		2025
Segment revenues:
NGL Pipelines & Services	$	20,580	$	22,417
Crude Oil Pipelines & Services	18,026		15,743
Natural Gas Pipelines & Services	1,459		1,453
Petrochemical & Refined Products Services	7,866		10,870
Total segment revenues	47,931		50,483
Elimination of intersegment and intrasegment revenues	(33,545)		(35,066)
Total consolidated revenues	$	14,386	$	15,417

The following table presents our segment assets, together with a reconciliation to our consolidated total assets, at the dates indicated:




	March 31, 2026		December 31, 2025
NGL Pipelines & Services	$	25,019	$	24,999
Crude Oil Pipelines & Services	11,187		11,097
Natural Gas Pipelines & Services	13,136		13,194
Petrochemical & Refined Products Services	11,738		11,725
Total segment assets	61,080		61,015
Construction in progress	2,639		2,400
Current assets	15,677		13,360
Other assets	1,163		1,127
Consolidated total assets	$	80,559	$	77,902

Schedule of Consolidated Revenues and Costs and Expenses

The following table presents additional information regarding our consolidated revenues and costs and expenses for the periods indicated:


	For the Three Months Ended March 31,
	2026		2025
Consolidated revenues:
NGL Pipelines & Services	$	4,032	$	5,400
Crude Oil Pipelines & Services	6,299		5,121
Natural Gas Pipelines & Services	1,107		1,221
Petrochemical & Refined Products Services	2,948		3,675
Total consolidated revenues	$	14,386	$	15,417

Consolidated costs and expenses
Operating costs and expenses:
Cost of sales	$	10,678	$	12,005
Other operating costs and expenses (1)	1,134		1,059
Depreciation, amortization and accretion	682		618
Asset impairment charges	8		10
Net losses (gains) attributable to asset sales and related matters	1		(2)
General and administrative costs	64		60
Total consolidated costs and expenses	$	12,567	$	13,750

(1)Represents the cost of operating our plants, pipelines and other fixed assets excluding depreciation, amortization and accretion charges; asset impairment charges; and net losses (gains) attributable to asset sales and related matters.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

ENTERPRISE PRODUCTS PARTNERS L.P. 10-Q