ENTERPRISE PRODUCTS PARTNERS L.P.EPD

ENTERPRISE PRODUCTS PARTNERS L.P. PP&E Disclosure

10-KFiled Feb 27, 20262 min read
The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:
Estimated
Useful Life
in Years		December 31,
20252024
Plants, pipelines and facilities (1)(5)
3-45
$66,498 $60,716 
Underground and other storage facilities (2)(6)
5-40
4,871 4,704 
Transportation equipment (3)
3-10
294 272 
Marine vessels (4)
15-30
970 949 
Land439 424 
Construction in progress2,400 4,138 
Subtotal75,472 71,203 
Less accumulated depreciation24,338 22,330 
Subtotal property, plant and equipment, net51,134 48,873 
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7)
225 189 
Property, plant and equipment, net$51,359 $49,062 
(1)Plants, pipelines and facilities include distillation-based and reaction-based plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2)Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3)Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4)Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5)In general, the estimated useful lives of major assets within this category are: distillation-based and reaction-based plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
(6)In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.
(7)For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected remaining amortization period for these costs is 2.5 years.
The following table summarizes our depreciation expense and capitalized interest amounts for the years indicated:
For the Year Ended December 31,
202520242023
Depreciation expense (1)$2,087 $1,974 $1,860 
Capitalized interest (2)182 121 106 
(1)Depreciation expense is a component of “Third party and other costs” within “Costs and expenses” as presented on our Statements of Consolidated Operations.
(2)Capitalized interest is a component of “Interest expense” as presented on our Statements of Consolidated Operations.

Historical Timeline

Fiscal YearFiled
2025Feb 27, 2026Showing above
2024Feb 28, 2025
2023Feb 28, 2024
2022Feb 28, 2023
2020Mar 1, 2021
2019Feb 28, 2020

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.

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