EPD co-CEO granted 295,000 phantom units
Enterprise Products Partners L.P. co-chief executive officer and director W. Randall Fowler received an award of 295,000 phantom units on February 10, 2026, recorded as an acquisition under Rule 16b-3(d) at a price of $0 per unit.
Rhea-AI Filing Summary
Enterprise Products Partners L.P. co-chief executive officer and director W. Randall Fowler received an award of 295,000 phantom units on February 10, 2026, recorded as an acquisition under Rule 16b-3(d) at a price of $0 per unit.
Each phantom unit is economically equivalent to one EPD common unit and this new grant vests in four equal annual installments beginning on February 16, 2027. Following the award, Fowler holds EPD common units directly, additional common units indirectly through Three Streams Partners, LP (where he disclaims beneficial ownership except for his pecuniary interest) and by his spouse, as well as multiple prior phantom unit awards with scheduled vesting between February 2026 and later years.
Positive
- None.
Negative
- None.
Insider Trade Summary
Grant/Award: 295,000 shares
Grant/Award
8 txns
Insider
FOWLER W RANDALL
Role
CO-CHIEF EXECUTIVE OFFICER
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Units | 295,000 | $0.00 | $0.00 |
| holding | Phantom Units | -- | -- | -- |
| holding | Phantom Units | -- | -- | -- |
| holding | Phantom Units | -- | -- | -- |
| 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 — 1,018,750 contracts for 723,750 underlying shares (Direct);
Common Units Representing Limited Partnership Interests — 1,630,124 shares (Direct);
Common Units Representing Limited Partnership Interests — 708,419 shares (Indirect, By Three Streams Partners, LP);
Common Units Representing Limited Partnership Interests — 2,339 shares (Indirect, By Spouse)
Footnotes (9)
- F1. Includes common units acquired under the issuer's employee unit purchase plan.
- F2. The reporting person disclaims beneficial ownership of issuer common units held by Three Streams Partners, LP except to the extent of his pecuniary interest therein.
- F3. Each phantom unit is the economic equivalent of one EPD common unit.
- F4. 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.
- F5. 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.
- F6. 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.
- F7. 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.
- F8. 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.
- F9. 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 insider transaction did EPD co-CEO W. Randall Fowler report on this Form 4?
Fowler reported receiving an award of 295,000 phantom units on February 10, 2026 at a price of $0 per unit. The transaction is coded “A” as a grant or award pursuant to Rule 16b-3(d) under the securities rules.
What are phantom units in the Enterprise Products Partners (EPD) Form 4 filing?
The filing states that each phantom unit is the economic equivalent of one EPD common unit. These units are a form of deferred equity-based compensation that settle in an equal number of common units upon vesting, rather than cash, aligning management with unitholders.
When do W. Randall Fowler’s new 295,000 EPD phantom units vest?
The 295,000 newly granted phantom units vest in four equal annual installments beginning on February 16, 2027. Each installment will expire upon vesting and settlement in exchange for an equal number of Enterprise Products Partners common units, according to the footnotes.
What EPD common units does W. Randall Fowler hold directly and indirectly?
The filing lists 1,630,124 EPD common units held directly, including units from the employee unit purchase plan. It also reports 708,419 units held indirectly by Three Streams Partners, LP and 2,339 units held indirectly by his spouse, with a disclaimer on certain beneficial ownership.
What other phantom unit awards does EPD co-CEO Fowler hold besides the new grant?
Beyond the 295,000-unit grant, Fowler holds phantom unit awards of 66,250, 150,000, 232,500 and 275,000 units. These earlier awards vest in one, two, three, or four remaining annual installments starting on February 16, 2026, each settling into an equal number of common units.
How does the Form 4 describe Fowler’s relationship to Three Streams Partners, LP holdings in EPD?
The Form 4 notes that common units held by Three Streams Partners, LP are reported as indirect holdings. Fowler disclaims beneficial ownership of those units except to the extent of his pecuniary interest, clarifying that the partnership, not he personally, is the primary holder.
AI-generated analysis. How Rhea-AI works. Not financial advice.
