Ethylene-propylene-diene monomer (EPDM) rubbers used in electric submersible pump (ESP) cables were analyzed after being aged in actual operation conditions in oil wellbores. These rubbers constitute the insulation and jacket layers of the ESP cables. EPDM rubbers from four different cables operating during different time intervals (2 and 4.8 years) at different depths (from 760 to 2170 m) below sea level were studied. To verify the effects of the long exposure on the rubber performance, thermal analysis was performed to determine the thermal stability and activation energy of degradation. In addition, structural analysis, through vibrational spectroscopy and crosslinking fraction assessment, was carried out. The mechanical properties of the aged rubbers were inferred through the measurement of hardness, while the absorption of a service fluid was studied by gravimetry. The results showed only minor changes in the thermal, structural, mechanical and barrier properties of the EPDM-based ESP cable layers. It is suggested that the thermo-oxidation mechanism followed by chain scission does not have a role in the degradation of EPDM within the aged ESP cables, and no sign of variation of crosslink fractions has been encountered. Therefore, it was concluded that EPDM-based layers seem not to be weak links in the configuration of modern ESP systems.