Enterprise Products CEO exercises phantom unit awards

Enterprise Products Partners’ co-CEO AJ Teague reported multiple compensation-related transactions involving phantom units and common units on February 16, 2026.

Rhea-AI Filing Summary

Enterprise Products Partners’ co-CEO AJ Teague reported multiple compensation-related transactions involving phantom units and common units on February 16, 2026. Several batches of phantom units were exercised and settled into common units, each phantom unit being the economic equivalent of one EPD common unit.

Some of the resulting common units were then withheld to cover tax obligations at a price of $36.75 per unit, coded as tax-withholding dispositions rather than open-market sales. After these transactions, Teague held 3,083,226 common units directly, along with additional indirect holdings through a trust, spouse, and minor children. Footnotes also describe remaining phantom units that vest annually beginning on February 16, 2026 and February 16, 2027, settling into an equal number of common units as they vest.

Insider Trade Summary

287,500 shares exercised/converted

Exercise 16 txns

Insider TEAGUE AJ

Role CO-CHIEF EXECUTIVE OFFICER

Type	Security	Shares	Price	Value
Exercise	Phantom Units	66,250	$0.00	$0.00
Exercise	Phantom Units	75,000	$0.00	$0.00
Exercise	Phantom Units	77,500	$0.00	$0.00
Exercise	Phantom Units	68,750	$0.00	$0.00
Exercise	Common Units Representing Limited Partnership Interests	66,250	$0.00	$0.00
Exercise Price or Tax Liability	Common Units Representing Limited Partnership Interests	26,070	$36.75	$958K
Exercise	Common Units Representing Limited Partnership Interests	75,000	$0.00	$0.00
Exercise Price or Tax Liability	Common Units Representing Limited Partnership Interests	29,513	$36.75	$1.08M
Exercise	Common Units Representing Limited Partnership Interests	77,500	$0.00	$0.00
Exercise Price or Tax Liability	Common Units Representing Limited Partnership Interests	30,497	$36.75	$1.12M
Exercise	Common Units Representing Limited Partnership Interests	68,750	$0.00	$0.00
Exercise Price or Tax Liability	Common Units Representing Limited Partnership Interests	27,054	$36.75	$994K
holding	Phantom Units	--	--	--
holding	Common Units Representing Limited Partnership Interests	--	--	--
holding	Common Units Representing Limited Partnership Interests	--	--	--
holding	Common Units Representing Limited Partnership Interests	--	--	--

Holdings After Transaction: Phantom Units — 731,250 contracts for 295,000 underlying shares (Direct); Common Units Representing Limited Partnership Interests — 3,083,226 shares (Direct); Common Units Representing Limited Partnership Interests — 74,911 shares (Indirect, By Trust); Common Units Representing Limited Partnership Interests — 41,155 shares (Indirect, By Spouse); Common Units Representing Limited Partnership Interests — 6,060 shares (Indirect, By Minor Children)

Footnotes (7)

1. F1. Each phantom unit is the economic equivalent of one EPD common unit.
2. F2. These phantom units vested in one remaining annual installment on February 16, 2026. The remaining annual installment expired upon vesting and settlement thereof in exchange for an equal number of EPD common units.
3. F3. These phantom units vest in two remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
4. F4. These phantom units vest in three remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
5. F5. These phantom units vest in four equal annual installments beginning on February 16, 2026. Each annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
6. F6. These phantom units vest in four equal annual installments beginning on February 16, 2027. Each annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
7. F7. The power of attorney under which this form was signed is on file with the Commission.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did EPD’s AJ Teague report in this Form 4 filing?

AJ Teague reported exercises of phantom units that settled into common units and related tax-withholding dispositions. These are compensation and tax events, not open-market trades, and adjust his reported ownership in Enterprise Products Partners common units.

How many Enterprise Products Partners units does AJ Teague hold directly after these transactions?

After the reported transactions, AJ Teague directly holds 3,083,226 common units of Enterprise Products Partners. This figure reflects multiple phantom unit settlements into common units and subsequent unit withholding to satisfy tax obligations associated with those equity awards.

Were any of AJ Teague’s EPD unit disposals open-market sales?

The filing shows disposals coded “F”, meaning units were withheld to pay taxes at $36.75 per unit. This code indicates tax-withholding dispositions, not open-market sales, so no elective selling into the market is reported here.

What are phantom units in the context of EPD’s compensation plans?

For Enterprise Products Partners, each phantom unit is the economic equivalent of one common unit. As phantom units vest, they are settled in an equal number of common units, and the phantom units then expire upon settlement according to the vesting footnotes.

What are the vesting terms for AJ Teague’s remaining phantom units at EPD?

Footnotes state certain phantom units vest in four equal annual installments beginning February 16, 2026, and another grant vests in four installments beginning February 16, 2027. Each installment converts into the same number of common units upon vesting.

Does AJ Teague have indirect ownership of EPD common units?

Yes. The Form 4 lists indirect holdings of common units held by a trust, by his spouse, and by minor children. These categories reflect different ownership types compared with the units he holds directly in his own name.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/18/2026 - 04:21 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

TEAGUE AJ

(Last) (First) (Middle)

1100 LOUISIANA STREET

SUITE 1000

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ENTERPRISE PRODUCTS PARTNERS L.P. [ EPD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CO-CHIEF EXECUTIVE OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
02/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units Representing Limited Partnership Interests	02/16/2026		M		66,250	A	(1)	2,975,110	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		26,070	D	$36.75	2,949,040	D
Common Units Representing Limited Partnership Interests	02/16/2026		M		75,000	A	(1)	3,024,040	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		29,513	D	$36.75	2,994,527	D
Common Units Representing Limited Partnership Interests	02/16/2026		M		77,500	A	(1)	3,072,027	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		30,497	D	$36.75	3,041,530	D
Common Units Representing Limited Partnership Interests	02/16/2026		M		68,750	A	(1)	3,110,280	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		27,054	D	$36.75	3,083,226	D
Common Units Representing Limited Partnership Interests								74,911	I	By Trust
Common Units Representing Limited Partnership Interests								41,155	I	By Spouse
Common Units Representing Limited Partnership Interests								6,060	I	By Minor Children

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(1)	02/16/2026		M			66,250	(2)	(2)	Common Units	66,250	$0	0	D
Phantom Units	(1)	02/16/2026		M			75,000	(3)	(3)	Common Units	75,000	$0	75,000	D
Phantom Units	(1)	02/16/2026		M			77,500	(4)	(4)	Common Units	77,500	$0	155,000	D
Phantom Units	(1)	02/16/2026		M			68,750	(5)	(5)	Common Units	68,750	$0	206,250	D
Phantom Units	(1)							(6)	(6)	Common Units	295,000		295,000	D(7)

Explanation of Responses:

1. Each phantom unit is the economic equivalent of one EPD common unit.

2. These phantom units vested in one remaining annual installment on February 16, 2026. The remaining annual installment expired upon vesting and settlement thereof in exchange for an equal number of EPD common units.

3. These phantom units vest in two remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.

4. These phantom units vest in three remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.

5. These phantom units vest in four equal annual installments beginning on February 16, 2026. Each annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.

6. These phantom units vest in four equal annual installments beginning on February 16, 2027. Each annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.

7. The power of attorney under which this form was signed is on file with the Commission.

Remarks:

Transaction Code M - Exercise or conversion of derivative security exempted pursuant to Rule 16b-3; Transaction Code F - Payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3

	/s/Jennifer W. Dickson, Attorney-in-Fact on Behalf of A. James Teague	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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