Enterprise Products (EPD) EVP Hanley reports 100,000 phantom units and 135,524 units owned

Rhea-AI Filing Summary

Enterprise Products Partners L.P. executive Michael C. Hanley, EVP & Chief Commercial Officer, reported updated equity holdings as of December 1, 2025. He beneficially owns 135,524.5122 common units representing limited partnership interests.

Hanley also holds several grants of phantom units, each economically equivalent to one EPD common unit. Existing phantom unit awards cover 8,750, 20,000, 28,125 and 32,500 underlying common units, with remaining installments vesting annually beginning February 16, 2026, over one to four years depending on the grant. A new award of 100,000 phantom units was acquired on December 1, 2025 and is scheduled to vest on February 16, 2030, then settle in an equal number of EPD common units.

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

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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^*

Hanley Michael C.

(Last) (First) (Middle)

1100 LOUISIANA ST, STE 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/01/2025

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								135,524.5122	D

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)							(2)	(2)	Common Units	8,750		8,750	D
Phantom Units	(1)							(3)	(3)	Common Units	20,000		20,000	D
Phantom Units	(1)							(4)	(4)	Common Units	28,125		28,125	D
Phantom Units	(1)							(5)	(5)	Common Units	32,500		32,500	D
Phantom Units	(1)	12/01/2025		A		100,000		(6)	(6)	Common Units	100,000	$0	100,000	D(7)

Explanation of Responses:

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

2. These phantom units vest in one remaining annual installment on February 16, 2026. The remaining annual installment will expire 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 on February 16, 2030. These phantom units 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.

	/s/Jennifer W. Dickson, Attorney-in-Fact on behalf of Michael C. Hanley	12/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did EPD executive Michael C. Hanley report on this Form 4 for EPD?

EVP & Chief Commercial Officer Michael C. Hanley reported holding 135,524.5122 EPD common units and acquiring a new grant of 100,000 phantom units on December 1, 2025.

How many EPD common units does Michael C. Hanley beneficially own according to this Form 4?

After the reported transactions, Michael C. Hanley beneficially owns 135,524.5122 common units of Enterprise Products Partners L.P. (EPD).

What are the vesting terms of Michael C. Hanleys existing EPD phantom units?

Existing phantom unit grants tied to 8,750, 20,000, 28,125 and 32,500 EPD common units vest in remaining annual installments beginning on February 16, 2026, over one, two, three or four years, with each installment settling into an equal number of common units.

When do the newly granted 100,000 EPD phantom units vest for Michael C. Hanley?

The new award of 100,000 phantom units for Michael C. Hanley vests on February 16, 2030 and will be settled in an equal number of EPD common units upon vesting.

What does a phantom unit represent in the EPD compensation structure?

Each phantom unit is stated to be the economic equivalent of one EPD common unit and is settled in common units upon vesting.

Is Michael C. Hanley a director or officer of Enterprise Products Partners L.P. (EPD)?

Michael C. Hanley is reported as an officer of EPD, serving as Executive Vice President & Chief Commercial Officer.