BIS requires export license for EPD ethane/butane to China; ~85k BPD at risk

ENTERPRISE PRODUCTS PARTNERS L.P.

BIS notified EPD that a license is required for exports of ethane/butane (purity >=95%) to China or Chinese military end users.
EPD's Houston Ship Channel terminal loaded ~213k BPD ethane in 2024; ~85k BPD (40%) went to China, representing ~37% of total US ethane exports to China.
EPD cannot determine if it can obtain licenses timely or the impact on financial position, results, or cash flows.
The restriction is based on BIS concern over use in China's military-civil fusion strategy.

item 8.01

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