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Enterprise Products: Williams may hold ~32.6% stake

EPCO Holdings' preferred-unit purchase obligation, related letters of credit and pledge of common units expired on September 30, 2026.

(Moderate)

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Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Enterprise Products Partners L.P. (EPD) is the issuer named in ownership disclosures reporting that Randa Duncan Williams may be deemed to beneficially own 702,584,914 common units, approximately 32.6% of units outstanding as of September 30, 2026. Williams, Chairman and a Director of Enterprise Products Company (EPCO) and Chairman of the Board and a Director of Enterprise Products Holdings LLC, has sole voting and dispositive power over 1,417,390 units and shared voting and dispositive power over 701,167,524 units. EPCO separately beneficially owns 679,303,707 units, or 31.5%.

Affiliates of Williams' spouse, Alkek and Williams, Ltd. and Chaswil, Ltd., acquired 59,762 and 9,946 units, respectively, through the DRIP between May 2025 and August 2026, at prices between $31.95 and $39.19 per unit. The purchases were funded by quarterly cash distributions paid on units held by those affiliates. Williams received 500,000 phantom units effective February 10, 2026, scheduled to vest on February 16, 2030 and settle in an equal number of common units.

EPCO Holdings, Inc.'s contingent preferred-unit purchase obligation expired without exercise effective September 30, 2026. The related letters of credit and pledge of 9,100,000 common units also expired without exercise.

Filing Explained

Three unvested awards are scheduled to settle in common units from 2027 through 2029, making them future settlements rather than current common-unit holdings.

The amendment reports that Randa Duncan Williams's 2023, 2024 and 2025 phantom-unit awards—535,000, 550,000 and 475,000 units—vest respectively on February 16, 2027, February 16, 2028 and February 16, 2029, with each scheduled to settle for an equal number of common units.

Her reported shared voting power over EPCO's 679,303,707 common units is held through her position as one of three EPCO voting trustees; those trustees vote EPCO's Class A shares by majority.

Randa Duncan Williams beneficial ownership 702,584,914 common units As of September 30, 2026
Percentage of outstanding common units 32.6% Randa Duncan Williams, as of September 30, 2026
Common units outstanding 2,156,604,858 common units As of September 30, 2026
Alkek DRIP acquisitions 59,762 common units Acquired between May 2025 and August 2026
Chaswil DRIP acquisitions 9,946 common units Acquired between May 2025 and August 2026
DRIP purchase price $31.95 to $39.19 per common unit Alkek and Chaswil acquisitions between May 2025 and August 2026
2026 phantom-unit award 500,000 phantom units Received effective February 10, 2026; scheduled to vest February 16, 2030
Common units pledged 9,100,000 common units Pledged to secure reimbursement obligations related to letters of credit; pledge expired September 30, 2026
phantom units financial
"award of 500,000 phantom units"
Phantom units are a form of employee compensation that mimics ownership in a company without issuing real shares: recipients receive cash or stock value tied to the company’s share price or performance when the units vest. They matter to investors because phantom units align employee incentives with shareholder value while avoiding share dilution; however, they create future cash obligations and can affect a company’s financial statements and cash flow.
DRIP financial
"acquired pursuant to the DRIP"
A DRIP (dividend reinvestment plan) automatically uses cash dividends to buy additional shares of the same company instead of paying the money to the investor. Like using spare change from each paycheck to buy more of something you already own, a DRIP helps holdings grow over time through compounding without requiring the investor to decide each time, which can boost long‑term returns but reduce short‑term cash income.
Contingent Purchase Obligation financial
"the Contingent Purchase Obligation expired"
shared voting and dispositive power regulatory
"has shared voting and dispositive power over another 701,167,524 Common Units"

FAQ

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

How many EPD common units does Randa Duncan Williams beneficially own?

Randa Duncan Williams may be deemed to beneficially own 702,584,914 EPD common units, approximately 32.6% of the outstanding common units as of September 30, 2026. The disclosed total includes 1,417,390 units over which she has sole voting and dispositive power and 701,167,524 over which she has shared voting and dispositive power.

How many EPD units did Alkek and Chaswil acquire through the DRIP?

Affiliates of Randa Duncan Williams' spouse, Alkek and Williams, Ltd. and Chaswil, Ltd., acquired aggregates of 59,762 and 9,946 common units, respectively, between May 2025 and August 2026. The purchases were made at prices between $31.95 and $39.19 per common unit, using quarterly cash distributions paid on units held by those affiliates.

When did EPCO Holdings' preferred-unit purchase obligation expire?

EPCO Holdings, Inc.'s contingent preferred-unit purchase obligation expired without exercise effective September 30, 2026. The related letters of credit and pledge of 9,100,000 common units also expired without exercise on that date.

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

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Learn about SEC filing dates





293792107

(CUSIP Number)
Richard H. Bachmann
1100 Louisiana Street, 10th Floor,
Houston, TX, 77002
(713) 381-6500

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
09/30/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




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SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D


Randa Duncan Williams
Signature:/s/ Randa Duncan Williams
Name/Title:Randa Duncan Williams, Individually
Date:10/02/2026
The Voting Trustees of the Dan Duncan LLC Voting Trust
Signature:/s/ Randa Duncan Williams
Name/Title:Voting Trustee
Date:10/02/2026
Signature:/s/ Richard H. Bachmann
Name/Title:Voting Trustee
Date:10/02/2026
Signature:/s/ W. Randall Fowler
Name/Title:Voting Trustee
Date:10/02/2026
The Voting Trustees of the Enterprise Products Company Voting Trust
Signature:/s/ Randa Duncan Williams
Name/Title:Voting Trustee
Date:10/02/2026
Signature:/s/ Richard H. Bachmann
Name/Title:Voting Trustee
Date:10/02/2026
Signature:/s/ W. Randall Fowler
Name/Title:Voting Trustee
Date:10/02/2026
EPCO Holdings, Inc.
Signature:/s/ Richard H. Bachmann
Name/Title:President and Chief Executive Officer
Date:10/02/2026
Enterprise Products Company (formerly EPCO, Inc.)
Signature:/s/ Richard H. Bachmann
Name/Title:President and Chief Executive Officer
Date:10/02/2026
Dan Duncan LLC
Signature:/s/ Richard H. Bachmann
Name/Title:President and Chief Executive Officer
Date:10/02/2026

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