This study focuses on upper ocean budgets of heat and freshwater, which yield estimates of net surface heat flux and rainfall minus evaporation. The budgets are based on a 19 day ship survey conducted as part of the Eastern Pacific Investigation of Climate Processes in the Coupled Ocean-Atmosphere System 2001 in September 2001. Underway measurements included temperature and salinity sections from an undulating platform, SeaSoar, and horizontal currents from an acoustic Doppler current profiler along a 146 × 146 km survey pattern centered near 10°N, 95°W in the eastern Pacific warm pool. Additional measurements from a second ship at the center of the survey pattern included radar backscatter from rainfall, air-sea fluxes, and vertical profiles of temperature, salinity, microstructure, and horizontal velocity. Satellite measurements of surface height, temperature, and rainfall were also analyzed. The heat budget of 20 and 25 m surface layers indicated that storage, advection, turbulent transport, and penetrative solar radiation were all significant components of the heat budget with a net surface cooling of 41 W m⁻² estimated as a residual, which agreed with atmospheric measurements (30 W m⁻²). The precipitation rate from the freshwater budget was 29 mm d⁻¹, which was in excellent agreement with in situ measurements on both ships and in good agreement with satellite estimates for the same period. Lateral transports of heat and salt were influenced by an anticyclonic eddy in the survey area, and it is suggested that anticyclonic eddies, which form near the Central American coast, may carry anomalously warm sea surface temperature toward the west and become preferential sites for heavy rainfall.