For the Three Months Ended March 31, 2022 and 2021



The following information should be read in conjunction with our Unaudited
Condensed Consolidated Financial Statements and accompanying Notes included in
this quarterly report on Form 10-Q and the Audited Consolidated Financial
Statements and related Notes, together with our discussion and analysis of
financial position and results of operations, included in our annual report on
Form 10-K for the year ended December 31, 2021 (the "2021 Form 10-K"), as filed
on February 28, 2022 with the U.S. Securities and Exchange Commission
("SEC"). Our financial statements have been prepared in accordance with
generally accepted accounting principles ("GAAP") in the United States ("U.S.").

Cautionary Statement Regarding Forward-Looking Information



This quarterly report on Form 10-Q for the three months ended March 31, 2022
(our "quarterly report") contains various forward-looking statements and
information that are based on our beliefs and those of our general partner, as
well as assumptions made by us and information currently available to us.  When
used in this document, words such as "anticipate," "project," "expect," "plan,"
"seek," "goal," "estimate," "forecast," "intend," "could," "should," "would,"
"will," "believe," "may," "scheduled," "pending," "potential" and similar
expressions and statements regarding our plans and objectives for future
operations are intended to identify forward-looking statements.  Although we and
our general partner believe that our expectations reflected in such
forward-looking statements (including any forward-looking
statements/expectations of third parties referenced in this quarterly report)
are reasonable, neither we nor our general partner can give any assurances that
such expectations will prove to be correct.

Forward-looking statements are subject to a variety of risks, uncertainties and
assumptions as described in more detail under Part I, Item 1A of our 2021 Form
10-K and within Part II, Item 1A of this quarterly report.  If one or more of
these risks or uncertainties materialize, or if underlying assumptions prove
incorrect, our actual results may vary materially from those anticipated,
estimated, projected or expected. You should not put undue reliance on any
forward-looking statements. The forward-looking statements in this quarterly
report speak only as of the date hereof. Except as required by federal and state
securities laws, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or any other reason.

Key References Used in this Management's Discussion and Analysis

Unless the context requires otherwise, references to "we," "us" or "our" within this quarterly report are intended to mean the business and operations of Enterprise Products Partners L.P. and its consolidated subsidiaries.

References to the "Partnership" or "Enterprise" mean Enterprise Products Partners L.P. on a standalone basis.



References to "EPO" mean Enterprise Products Operating LLC, which is an indirect
wholly owned subsidiary of the Partnership, and its consolidated subsidiaries,
through which the Partnership conducts its business. We are managed by our
general partner, Enterprise Products Holdings LLC ("Enterprise GP"), which is a
wholly owned subsidiary of Dan Duncan LLC, a privately held Texas limited
liability company.

The membership interests of Dan Duncan LLC are owned by a voting trust, the
current trustees ("DD LLC Trustees") of which are: (i) Randa Duncan Williams,
who is also a director and Chairman of the Board of Directors (the "Board") of
Enterprise GP;  (ii) Richard H. Bachmann, who is also a director and Vice
Chairman of the Board of Enterprise GP; and (iii) W. Randall Fowler, who is also
a director and the Co-Chief Executive Officer and Chief Financial Officer of
Enterprise GP.  Ms. Duncan Williams and Messrs.  Bachmann and Fowler also
currently serve as managers of Dan Duncan LLC.

References to "EPCO" mean Enterprise Products Company, a privately held Texas
corporation, and its privately held affiliates. The outstanding voting capital
stock of EPCO is owned by a voting trust, the current trustees ("EPCO Trustees")
of which are: (i) Ms. Duncan Williams, who serves as Chairman of EPCO; (ii) Mr.
Bachmann, who serves as the President and Chief Executive Officer of EPCO; and
(iii) Mr. Fowler, who serves as an Executive Vice President and the Chief
Financial Officer of EPCO. Ms. Duncan Williams and Messrs. Bachmann and Fowler
also currently serve as directors of EPCO.

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We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the collective
common control of the DD LLC Trustees and the EPCO Trustees.  EPCO, together
with its privately held affiliates, owned approximately 32.2% of the
Partnership's common units outstanding at March 31, 2022.

As generally used in the energy industry and in this quarterly report, the acronyms below have the following meanings:



/d     = per day                       MMBPD  = million barrels per day
BBtus  = billion British thermal units MMBtus = million British thermal units
Bcf    = billion cubic feet            MMcf   = million cubic feet
BPD    = barrels per day               MWac   = megawatts, alternating

current

MBPD = thousand barrels per day MWdc = megawatts, direct current MMBbls = million barrels

               TBtus  = trillion British thermal units

As used in this quarterly report, the phrase "quarter-to-quarter" means the first quarter of 2022 compared to the first quarter of 2021.

Overview of Business



We are a publicly traded Delaware limited partnership, the common units of which
are listed on the New York Stock Exchange ("NYSE") under the ticker symbol
"EPD."  Our preferred units are not publicly traded.  We were formed in April
1998 to own and operate certain natural gas liquids ("NGLs") related businesses
of EPCO and are a leading North American provider of midstream energy services
to producers and consumers of natural gas, NGLs, crude oil, petrochemicals and
refined products.  We are owned by our limited partners (preferred and common
unitholders) from an economic perspective.  Enterprise GP, which owns a
non-economic general partner interest in us, manages our Partnership.  We
conduct substantially all of our business operations through EPO and its
consolidated subsidiaries.

Our fully integrated, midstream energy asset network (or "value chain") links
producers of natural gas, NGLs and crude oil from some of the largest supply
basins in the United States ("U.S."), Canada and the Gulf of Mexico with
domestic consumers and international markets.  Our midstream energy operations
include:

• natural gas gathering, treating, processing, transportation and storage;

• NGL transportation, fractionation, storage, and marine terminals (including

those used to export liquefied petroleum gases, or "LPG," and ethane);

• crude oil gathering, transportation, storage, and marine terminals;

• propylene production facilities (including propane dehydrogenation ("PDH")


   facilities), butane isomerization, octane enhancement, isobutane
   dehydrogenation ("iBDH") and high purity isobutylene ("HPIB") production
   facilities;

• petrochemical and refined products transportation, storage, and marine

terminals (including those used to export ethylene and polymer grade propylene


   ("PGP")); and

• a marine transportation business that operates on key U.S. inland and

intracoastal waterway systems.





The safe operation of our assets is a top priority.  We are committed to
protecting the environment and the health and safety of the public and those
working on our behalf by conducting our business activities in a safe and
environmentally responsible manner.  For additional information, see
"Environmental, Safety and Conservation" within the Regulatory Matters section
of Part I, Items 1 and 2 of the 2021 Form 10-K.

Like many publicly traded partnerships, we have no employees.  All of our
management, administrative and operating functions are performed by employees of
EPCO pursuant to an administrative services agreement (the "ASA") or by other
service providers.

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Our financial position, results of operations and cash flows are subject to certain risks. For information regarding such risks, see "Risk Factors" included under Part I, Item 1A of the 2021 Form 10-K and Part II, Item 1A of this quarterly report.



We provide investors access to additional information regarding the Partnership
and our consolidated businesses, including information relating to governance
procedures and principles, through our website, www.enterpriseproducts.com.

Recent Developments

Enterprise and OLCV Sign Letter of Intent for Gulf Coast CO2 Transportation and Sequestration Project



In April 2022, Enterprise and Oxy Low Carbon Ventures, LLC ("OLCV"), a
subsidiary of Occidental announced that we have executed a letter of intent to
work toward a potential carbon dioxide ("CO2") transportation and sequestration
solution for the Texas Gulf Coast.  The joint project would initially be focused
on providing services to emitters in the industrial corridors from the greater
Houston to Beaumont/Port Arthur areas.  The initiative would combine
Enterprise's leadership position in the midstream energy sector with OLCV's
extensive experience in subsurface characterization and CO2 sequestration.

Enterprise would develop the CO2 aggregation and transportation network
utilizing a combination of new and existing pipelines along its expansive Gulf
Coast footprint. OLCV, through its 1PointFive business unit, is developing
sequestration hubs on the Gulf Coast and across the U.S., some of which are
expected to be anchored by direct air capture facilities. The hubs will provide
access to high quality pore space and efficient transportation infrastructure,
bringing more options to emitters looking to explore viable carbon management
strategies.  Enterprise and OLCV have begun exploring the commercialization of
the potential joint service offering with customers.

Enterprise Announces Seven New Projects During Analyst and Investor Day

On April 12, 2022, Enterprise hosted a meeting with securities analysts and investors where we announced seven new projects that we expect will be completed by 2025. The announced projects included the following (including their respective scheduled completion dates):

• a 400 MMcf/d expansion of our Acadian Gas System (second quarter of 2023);

• our Plant 6 natural gas processing plant in the Midland Basin (second quarter


   of 2023);

• a twelfth NGL fractionator ("Frac XII") in Chambers County, Texas (third


   quarter of 2023);

• our Mentone II cryogenic natural gas processing plant (second half of 2023);

• our Texas Western Products System, created by repurposing a portion of our

Mid-America Pipeline System's Rocky Mountain segment and adding westbound

service to our Chaparral Pipeline business to transport refined products from

the U.S. Gulf Coast to markets in West Texas, New Mexico, Colorado and Utah


   (second half of 2023);

• an Ethane Terminal located along the coast between Corpus Christi, Texas and

New Orleans, Louisiana (2025); and

• an expansion of our Morgan's Point terminal to increase ethylene export


   capacity (2023 and 2025).

Enterprise Announces Acquisition of Navitas Midstream



In January 2022, we announced that an affiliate of Enterprise entered into a
definitive agreement to acquire Navitas Midstream Partners, LLC ("Navitas
Midstream") from an affiliate of Warburg Pincus LLC in a debt-free transaction
for $3.25 billion in cash consideration (subject to adjustment in accordance
with the agreement). Navitas Midstream's assets include approximately 1,750
miles of pipelines and over 1.0 Bcf/d of cryogenic natural gas processing
capacity. The purchase price was paid in cash at closing on February 17, 2022.
We funded the cash consideration for this acquisition using proceeds from the
issuance of short-term notes under our commercial paper program and cash on
hand.  See Note 12 of the Notes to Unaudited Condensed Consolidated Financial
Statements included under Part I, Item 1 of this quarterly report for additional
information regarding this acquisition.

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Selected Energy Commodity Price Data

The following table presents selected average index prices for natural gas and selected NGL and petrochemical products for the periods indicated:

Polymer Refinery Indicative Gas


                  Natural                    Normal              Natural

Grade Grade Processing


                   Gas,   Ethane,  Propane, Butane,  Isobutane, Gasoline,

Propylene, Propylene, Gross Spread


                  $/MMBtu $/gallon $/gallon $/gallon  $/gallon  $/gallon

$/pound $/pound $/gallon


                    (1)     (2)      (2)      (2)       (2)        (2)       (3)        (3)          (4)
2021 by quarter:
1st Quarter         $2.71    $0.24    $0.89    $0.94      $0.93     $1.33      $0.73      $0.44          $0.38
2nd Quarter         $2.83    $0.26    $0.87    $0.97      $0.98     $1.46      $0.67      $0.27          $0.41
3rd Quarter         $4.02    $0.35    $1.16    $1.34      $1.34     $1.62      $0.82      $0.36          $0.51
4th Quarter         $5.84    $0.39    $1.24    $1.46      $1.46     $1.82      $0.66      $0.33          $0.41
2021 Averages       $3.85    $0.31    $1.04    $1.18      $1.18     $1.56

$0.72 $0.35 $0.43



2022 by quarter:
1st Quarter         $4.96    $0.40    $1.30    $1.59      $1.60     $2.21      $0.63      $0.39          $0.55

(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices

as reported by Platts, which is a division of S&P Global, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline

are based on Mont Belvieu, Texas Non-TET commercial index prices as reported

by Oil Price Information Service by IHS Markit ("IHS"). (3) Polymer grade propylene prices represent average contract pricing for such

product as reported by IHS. Refinery grade propylene ("RGP") prices

represent weighted-average spot prices for such product as reported by IHS. (4) The "Indicative Gas Processing Gross Spread" represents our generic estimate

of the gross economic benefit from extracting NGLs from natural gas

production based on certain pricing assumptions. Specifically, it is the

amount by which the assumed economic value of a composite gallon of NGLs in

Chambers County, Texas exceeds the value of the equivalent amount of energy

in natural gas at Henry Hub, Louisiana. Our estimate of the indicative spread

does not consider the operating costs incurred by a natural gas processing

facility to extract the NGLs nor the transportation and fractionation costs

to deliver the NGLs to market. In addition, the actual gas processing spread

earned at each plant is further influenced by regional pricing and extraction


    dynamics.

The weighted-average indicative market price for NGLs was $0.95 per gallon in the first quarter of 2022 versus $0.61 per gallon in the first quarter of 2021.

The following table presents selected average index prices for crude oil for the periods indicated:



                    WTI      Midland    Houston     LLS
                 Crude Oil, Crude Oil, Crude Oil Crude Oil,
                  $/barrel   $/barrel  $/barrel   $/barrel
                    (1)        (2)        (2)       (3)
2021 by quarter:
1st Quarter          $57.84     $59.00    $59.51     $59.99
2nd Quarter          $66.07     $66.41    $66.90     $67.95
3rd Quarter          $70.56     $70.74    $71.17     $71.51
4th Quarter          $77.19     $77.82    $78.27     $78.41
2021 Averages        $67.92     $68.49    $68.96     $69.47

2022 by quarter:
1st Quarter          $94.29     $96.43    $96.77     $96.77

(1) WTI prices are based on commercial index prices at Cushing, Oklahoma as

measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as

reported by Argus. (3) Light Louisiana Sweet ("LLS") prices are based on commercial index prices as


    reported by Platts.



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Fluctuations in our consolidated revenues and cost of sales amounts are
explained in large part by changes in energy commodity prices. An increase in
our consolidated marketing revenues due to higher energy commodity sales prices
may not result in an increase in gross operating margin or cash available for
distribution, since our consolidated cost of sales amounts would also be
expected to increase due to comparable increases in the purchase prices of the
underlying energy commodities.  The same type of relationship would be true in
the case of lower energy commodity sales prices and purchase costs.

We attempt to mitigate commodity price exposure through our hedging activities
and the use of fee-based arrangements.  See Note 14 of the Notes to Unaudited
Condensed Consolidated Financial Statements included under Part I, Item 1 of
this quarterly report and "Quantitative and Qualitative Disclosures About Market
Risk" under Part I, Item 3 of this quarterly report for information regarding
our commodity hedging activities.

Impact of Inflation



After being relatively moderate in recent years, inflation in the United States
increased significantly in late 2021 into 2022.  This rise in inflation, coupled
with supply chain disruptions, labor shortages and increased commodity prices,
has generally resulted in higher costs in 2022.  However, to the extent that a
rising cost environment impacts our results, there are typically offsetting
benefits either inherent in our business or that result from other steps we take
proactively to reduce the impact of inflation on our net operating results.
These benefits include: (1) provisions included in our fee-based revenue
contracts that offset cost increases in the form of rate escalations based on
positive changes in the U.S. Consumer Price Index, Producer Price Index for
Finished Goods or other factors; (2) provisions in other revenue contracts that
enable us to pass through higher energy costs to customers in the form of gas,
electricity and fuel rebills or surcharges; and (3) higher commodity prices,
which generally enhance our results in the form of increased volumetric
throughput and demand for our services.  Additionally, we take measures to
mitigate the impact of cost increases in certain commodities, including a
portion of our electricity needs, using fixed-price, term purchase agreements.
For these reasons, the increased cost environment, caused in part by inflation,
has not had a material impact on our historical results of operations for the
periods presented in this report.  However, a significant or prolonged period of
high inflation could adversely impact our results if costs were to increase at a
rate greater than the increase in the revenues we receive.

See "Capital Investments" within this Part I, Item 2 for a discussion of the
impact of inflation on our capital investment decisions.  Additionally, see Part
II, Item 1A "Risk Factors - Changes in price levels could negatively impact our
revenue, our expenses, or both, which could adversely affect our business."


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