I appreciate your efforts, however, your math is wrong. You need to calculate the cash paid from EPD to EPE in the form of the GP 2% economic interest as well as the incentive distribution rights, not just looking at the number of EPE units and multiplying by the distribution (remember EPE gets cash from EPD units, the IDRs of EPD, ETE units and some DEP units). All of that money will now be retained within the new EPD.
Currently EPD pays out around $265 million to EPE in the form of IDRs (and 2% GP take). They pay out $2.30 on around 636 million EPD units. That is a total payout of $1.727 billion.
Once the deal is sealed, you will have no IDRs (saving $265 million). The 139 million EPE units convert into 208 million units, bringing the total up to around 824 million (after canceling the 21 million EPD units owned by EPE).
That brings the payout to around 1.944 billion (this assumes the $2.36 projected annualized payout that EPD has alluded to in their release).
Keep in mind that the Duncan family is defering some distributions for 5 years.
So net overall increase in cash out the door is around $144 million (before the Duncan's defer some distributions of around 60 million a year).
Also note that EPD will now own the ETE and DEP units that EPE used to own.