ENTERPRISE PRODUCTS PARTNERS L.P.EPD
ENTERPRISE PRODUCTS PARTNERS L.P. Revenue Disclosure
Note 9. Revenues
We classify our revenues into sales of products and midstream services. Product sales relate primarily to our various marketing activities whereas midstream services represent our other integrated businesses (i.e., gathering, processing, transportation, fractionation, storage and terminaling). The following table presents our revenues by business segment, and further by revenue type, for the years indicated:
| For the Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| NGL Pipelines & Services: | |||||||||||||||||
| Sales of NGLs and related products | $ | 14,415 | $ | 17,397 | $ | 14,846 | |||||||||||
| Segment midstream services: | |||||||||||||||||
| Natural gas processing and fractionation | 1,261 | 1,349 | 1,278 | ||||||||||||||
| Transportation | 1,299 | 1,151 | 1,090 | ||||||||||||||
| Storage and terminals | 341 | 379 | 431 | ||||||||||||||
| Total segment midstream services | 2,901 | 2,879 | 2,799 | ||||||||||||||
| Total NGL Pipelines & Services | 17,316 | 20,276 | 17,645 | ||||||||||||||
| Crude Oil Pipelines & Services: | |||||||||||||||||
| Sales of crude oil | 19,560 | 20,389 | 18,185 | ||||||||||||||
| Segment midstream services: | |||||||||||||||||
| Transportation | 770 | 779 | 744 | ||||||||||||||
| Storage and terminals | 431 | 412 | 407 | ||||||||||||||
| Total segment midstream services | 1,201 | 1,191 | 1,151 | ||||||||||||||
| Total Crude Oil Pipelines & Services | 20,761 | 21,580 | 19,336 | ||||||||||||||
| Natural Gas Pipelines & Services: | |||||||||||||||||
| Sales of natural gas | 2,355 | 1,458 | 2,373 | ||||||||||||||
| Segment midstream services: | |||||||||||||||||
| Transportation | 1,812 | 1,546 | 1,403 | ||||||||||||||
| Total segment midstream services | 1,812 | 1,546 | 1,403 | ||||||||||||||
| Total Natural Gas Pipelines & Services | 4,167 | 3,004 | 3,776 | ||||||||||||||
| Petrochemical & Refined Products Services: | |||||||||||||||||
| Sales of petrochemicals and refined products | 9,010 | 10,013 | 7,689 | ||||||||||||||
| Segment midstream services: | |||||||||||||||||
| Fractionation and isomerization | 354 | 371 | 282 | ||||||||||||||
| Transportation, including marine logistics | 668 | 663 | 660 | ||||||||||||||
| Storage and terminals | 320 | 312 | 327 | ||||||||||||||
| Total segment midstream services | 1,342 | 1,346 | 1,269 | ||||||||||||||
| Total Petrochemical & Refined Products Services | 10,352 | 11,359 | 8,958 | ||||||||||||||
| Total consolidated revenues | $ | 52,596 | $ | 56,219 | $ | 49,715 | |||||||||||
Substantially all of our revenues are derived from contracts with customers as defined within ASC 606. The following information describes the nature of our significant revenue streams by segment and type:
NGL Pipelines & Services
Sales of NGLs and related products
NGL marketing activities generate revenues from spot and term sales of NGLs and related products that we take title to through our natural gas processing activities (i.e., our equity NGL production) and open market and long-term contract purchases. Revenue from these sales contracts is recognized when the NGLs are sold and delivered to customers at market-based prices.
Midstream services
Natural gas processing utilizes service contracts that are either fee-based, commodity-based or a combination of the two. When a cash fee for natural gas processing services is stipulated by a contract, we record revenue when a producer’s natural gas has been processed and redelivered. Our commodity-based contracts include keepwhole, margin-band, percent-of-liquids, percent-of-proceeds and contracts featuring a combination of commodity and fee-based terms.
We recognize midstream service revenues in connection with the equity NGL-equivalents we receive under commodity-based contracts (once the processing service has been performed and we are entitled to such volumes). The value assigned to this non-cash consideration and related inventory is based on the market value of the equity NGL-equivalents at the time the services are performed. As noted previously, we also recognize product sales revenue, along with a corresponding cost of sales, when these NGLs are delivered and sold to downstream customers under NGL marketing contracts.
NGL fractionation generates revenue using fee-based arrangements. These fees are contractually subject to adjustment for changes in certain fractionation expenses (e.g., fuel costs) and are recognized in the period services are provided.
NGL pipeline transportation contracts and tariffs generate revenue based on a fixed fee per gallon multiplied by the volume transported and delivered (or capacity reserved). Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements. Under certain agreements, customers are required to ship a minimum volume with a provision that allows the shipper to make-up any volume shortfalls over an agreed-upon period (referred to as “make-up rights”). Revenue attributable to such agreements is initially deferred and subsequently recognized at the earlier of when the deficiency volume is shipped, when the likelihood of the shipper’s ability to meet the minimum volume commitment becomes remote, or when the pipeline is otherwise released from its performance obligation.
NGL and related product storage contracts generate revenue from capacity reservations where we collect a fee for reserving storage capacity for customers in our underground storage wells and above-ground storage tanks. Under these agreements, revenue is recognized on a straight-line basis over the reservation period. In addition, we generally charge customers throughput fees based on volumes delivered into and subsequently withdrawn from storage, which are recognized as the service is provided.
NGL import and export terminaling activities generate revenue in the period services are provided. Customers are typically billed a fee per unit of volume loaded or unloaded.
Crude Oil Pipelines & Services
Sales of crude oil
Crude oil marketing activities generate revenues from the sale and delivery of crude oil purchased either directly from producers or on the open market. Revenue from these sales contracts is recognized when crude oil is sold and delivered to customers at market-based prices.
Midstream services
Crude oil transportation contracts and tariffs generate revenue based upon a fixed fee per barrel multiplied by the volume transported and delivered (or capacity reserved). Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements. Under certain agreements, customers are required to ship a minimum volume over an agreed-upon period, with make-up rights. Revenue attributable to such agreements is initially deferred and subsequently recognized at the earlier of when the deficiency volume is shipped, when the likelihood of the shipper’s ability to meet the minimum volume commitment becomes remote, or when the pipeline is otherwise released from its performance obligation.
Crude oil storage contracts generate revenue from capacity reservations where we collect a fee for reserving storage capacity for customers at our terminals. Under these agreements, revenue is recognized on a straight-line basis over the reservation period. In addition, customers are billed a fee per unit of volume handled at our terminals. Revenue is recognized as the terminaling service is provided.
Natural Gas Pipelines & Services
Sales of natural gas
Natural gas marketing activities generate revenue from the sale and delivery of natural gas purchased from producers, natural gas processing facilities, and on the open market. Revenue from these sales contracts is recognized when natural gas is sold and delivered to customers at market-based prices.
Midstream services
Natural gas transportation contracts generate revenues based on a fee per unit of volume transported multiplied by the volume gathered or delivered. Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements. Revenues under transportation contracts are recognized when the volumes are transported and delivered to customers. In addition, certain of our natural gas pipelines offer firm capacity reservation services whereby the shipper pays a contractual fee based on the level of throughput capacity reserved. Revenues are recognized when the firm capacity services are provided to the shipper.
Petrochemical & Refined Products Services
Sales of petrochemicals and refined products
Our petrochemical and refined products marketing activities generate revenue from the sale and delivery of products to customers at market-based prices. The products handled by these marketing groups include polymer grade propylene, octane additives, high purity isobutylene and various refined products.
Midstream services
Propylene fractionation units and butane isomerization facilities generate revenue through fee-based tolling arrangements with customers. Revenue from such agreements is recognized in the period the services are provided.
Petrochemical and refined products transportation contracts generate revenue based upon a fixed fee per volume multiplied by the volume transported and delivered. Transportation fees charged to shippers are based on either tariffs regulated by governmental agencies or contractual arrangements.
Marine transportation contracts generate revenue based on set day rates or a set fee per cargo movement recognized over the transit time of individual tows. Additionally, we record revenue for the costs of fuel and other operating costs that are directly reimbursed by our marine customers.
Petrochemicals and refined products storage contracts generate revenue from capacity reservations where we collect a fee for reserving storage capacity for customers at our terminals. Under these agreements, revenue is recognized on a straight-line basis over the reservation period. In addition, customers are billed a fee per unit of volume handled at our terminals. Revenue is recognized as the terminaling service is provided.
Unbilled Revenue and Deferred Revenue
The following table provides information regarding our contract assets and contract liabilities at the dates indicated:
| December 31, | ||||||||||||||
| Contract Asset | Location | 2025 | 2024 | |||||||||||
| Unbilled revenue (current amount) | Prepaid and other current assets | $ | 6 | $ | 9 | |||||||||
| Total | $ | 6 | $ | 9 | ||||||||||
| December 31, | ||||||||||||||
| Contract Liability | Location | 2025 | 2024 | |||||||||||
| Deferred revenue (current amount) | Other current liabilities | $ | 157 | $ | 168 | |||||||||
| Deferred revenue (noncurrent) | Other long-term liabilities | 261 | 284 | |||||||||||
| Total | $ | 418 | $ | 452 | ||||||||||
The following table presents significant changes in our unbilled revenue and deferred revenue balances during the years indicated:
| Unbilled Revenue | Deferred Revenue | ||||||||||
| Balance at December 31, 2022 | $ | 6 | $ | 501 | |||||||
| Amount included in opening balance transferred to other accounts during period (1) | (6) | (271) | |||||||||
| Amount recorded during period (2) | 81 | 956 | |||||||||
| Amounts recorded during period transferred to other accounts (1) | (70) | (656) | |||||||||
| Other changes | – | (11) | |||||||||
| Balance at December 31, 2023 | $ | 11 | $ | 519 | |||||||
| Amount included in opening balance transferred to other accounts during period (1) | (11) | (242) | |||||||||
| Amount recorded during period (2) | 79 | 853 | |||||||||
| Amounts recorded during period transferred to other accounts (1) | (70) | (672) | |||||||||
| Other changes | – | (6) | |||||||||
| Balance at December 31, 2024 | $ | 9 | $ | 452 | |||||||
| Amount included in opening balance transferred to other accounts during period (1) | (9) | (192) | |||||||||
| Amount recorded during period (2) | 86 | 814 | |||||||||
| Amounts recorded during period transferred to other accounts (1) | (80) | (650) | |||||||||
| Other changes | – | (6) | |||||||||
| Balance at December 31, 2025 | $ | 6 | $ | 418 | |||||||
(1)Unbilled revenues are transferred to accounts receivable once we have an unconditional right to consideration from the customer. Deferred revenues are recognized as revenue upon satisfaction of our performance obligation to the customer.
(2)Unbilled revenue represents revenue that has been recognized upon satisfaction of a performance obligation, but cannot be contractually invoiced (or billed) to the customer at the balance sheet date until a future period. Deferred revenue is recorded when payment is received from a customer prior to our satisfaction of the associated performance obligation.
Remaining Performance Obligations
The following table presents estimated fixed future consideration from revenue contracts that contain minimum volume commitments, deficiency and similar fees and the term of the contracts exceeds one year. These amounts represent the revenues we expect to recognize in future periods from these contracts as of December 31, 2025.
For a significant portion of our revenue, we bill customers a contractual rate for the services provided multiplied by the amount of volume handled in a given period. We have the right to invoice the customer in the amount that corresponds directly with the value of our performance completed to date. Therefore, we are not required to disclose information about the variable consideration of remaining performance obligations since we recognize revenue equal to the amount that we have the right to invoice.
| Period | Fixed Consideration | |||||||
One year ended December 31, 2026 | $ | 4,480 | ||||||
One year ended December 31, 2027 | 4,270 | |||||||
One year ended December 31, 2028 | 3,836 | |||||||
One year ended December 31, 2029 | 2,999 | |||||||
One year ended December 31, 2030 | 2,227 | |||||||
Thereafter | 9,294 | |||||||
| Total | $ | 27,106 | ||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.