For the Three Months Ended March 31, 2021 and 2020



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, 2020 (the "2020 Form 10-K"), as filed
on March 1, 2021 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 year ended March 31, 2021 (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," "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 (including those
attributable to the Coronavirus disease 2019 ("COVID-19") pandemic),
uncertainties and assumptions as described in more detail under Part I, Item 1A
of our 2020 Form 10-K.  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" 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, 2021.  In March 2021, a
privately held affiliate of EPCO sold its entire ownership interest in the
Partnership's Series A Cumulative Convertible Preferred Units ("preferred
units") to third parties.

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 2021 compared to the first quarter of 2020.

Business Summary



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 2020 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 2020 Form 10-K.



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.

Current Outlook



As noted previously under "Cautionary Statement Regarding Forward-Looking
Information" within this Part I, Item 2, this quarterly report on Form 10-Q,
including this update to our outlook on business conditions, contains
forward-looking statements that are based on our beliefs and those of Enterprise
GP.  In addition, it reflects assumptions made by us and information currently
available to us.

With regards to the outlook for hydrocarbon supply and demand fundamentals
described in our 2020 Form 10-K, we believe that the underlying trends remain
generally intact.  Ongoing production cuts within the Organization of the
Petroleum Exporting Countries ("OPEC") and Russia (collectively, the "OPEC+"
group), along with market-driven cuts in U.S., Brazilian and Canadian supplies,
continue to provide much-needed support for international energy markets in
coping with weakness in hydrocarbon demand attributable to the COVID-19
pandemic. As vaccination programs are implemented on a wider scale, many
countries have eased their COVID-19 containment measures and governments have
instituted fiscal measures in an effort to support economic activity.  As a
result, hydrocarbon demand has started to recover; however, a continuation of
this trend remains dependent on successful containment of the disease, the
efficacy and distribution of approved vaccines on COVID-19 and its emerging
variants, and proven therapeutics.

We continue to believe that our integrated, diversified and fee-based business
model will enable us to successfully traverse this difficult period.  The
Partnership and its consolidated operations remain in a strong position, with
our financial strength and operational flexibility demonstrated by $5.11 billion
of consolidated liquidity at March 31, 2021, investment grade credit ratings on
EPO's long-term senior unsecured debt, a disciplined capital spending approach,
the optimization of our assets to provide incremental services to customers and
to respond to market opportunities, and a portfolio of diverse, high quality
customers.

The value of our diversified and integrated midstream system was exhibited again
in the first quarter of 2021.  Our propylene, NGL, refined products and natural
gas businesses benefited from greater demand associated with the early stages of
an economic recovery, winter demand and higher commodity prices.  This was
partially offset by plant and pipeline disruptions and lower volumes
attributable to the impacts of major winter storms in mid-February 2021 and
major maintenance activities at our PDH 1 and octane enhancement facilities.

Impact of February 2021 Winter Storms



Two major winter storms, Uri and Viola, impacted Texas and the southern U.S. in
mid-February 2021 (the "February 2021 winter storms").  The storms had a major
impact on the electric power grid in Texas, which resulted in widespread power
outages.  Voluntarily and in accordance with our agreements with the Electric
Reliability Council of Texas, Inc. ("ERCOT"), we temporarily shut down our
non-essential plants and other operations in Texas to support residential power
consumption. Those Texas assets that remained operational (e.g., our natural gas
processing plants, storage facilities and Texas Intrastate System) were impacted
by rolling blackouts.  The economic impacts of these disruptions, higher power
and natural gas costs, as well as losses on natural gas hedges, were mitigated
by sales of natural gas to electricity generators, natural gas utilities and
industrial customers to assist them in meeting their requirements.  During and
following the storms, many of our customers also experienced downtime due to
freeze-related damage and repairs that impacted our volumes.








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Significant Recent Developments

Enterprise to Increase Its Use of Power from Renewable Resources



In March 2021, we announced the execution of a power purchase agreement with EDF
Renewables North America that will increase our use of electricity from solar
power by 100 MWac/132 MWdc.  We are committed to being a responsible steward of
the environment, including using energy sustainably across our footprint.  We
estimate that by 2025, approximately 25% of our power will be from renewable
resources.

Enterprise and Magellan to Develop Joint Houston Crude Oil Futures Contract



In January 2021, we and Magellan Midstream Partners, L.P ("Magellan") announced
that our affiliates had entered into an agreement to jointly develop a futures
contract for the physical delivery of crude oil in the Houston, Texas area in
response to market interest for a Houston-based index with greater scale, flow
assurance and price transparency. The quality specifications will be consistent
with WTI crude oil originating from the Permian Basin with delivery capabilities
at either our ECHO terminal in Houston or Magellan's East Houston terminal.

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)
2020 by quarter:
1st Quarter         $1.95    $0.14    $0.37    $0.57      $0.63     $0.93      $0.31      $0.18          $0.19
2nd Quarter         $1.71    $0.19    $0.41    $0.43      $0.44     $0.41      $0.26      $0.11          $0.17
3rd Quarter         $1.98    $0.22    $0.50    $0.58      $0.60     $0.80      $0.35      $0.17          $0.25
4th Quarter         $2.67    $0.21    $0.57    $0.76      $0.68     $0.92      $0.41      $0.24          $0.22
2020 Averages       $2.08    $0.19    $0.46    $0.59      $0.59     $0.77

$0.33 $0.18 $0.21



2021 by quarter:
1st Quarter         $2.71    $0.24    $0.89    $0.94      $0.93     $1.33      $0.73      $0.44          $0.38

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

as reported by Platts, which is a division of McGraw Hill Financial, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline

are based on Mont Belvieu Non-TET commercial index prices as reported by Oil

Price Information Service. (3) Polymer grade propylene prices represent average contract pricing for such

product as reported by IHS Chemical, a division of IHS Inc. ("IHS

Chemical"). Refinery grade propylene ("RGP") prices represent

weighted-average spot prices for such product as reported by IHS Chemical. (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 at

Mont Belvieu, 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 determined by regional pricing and extraction
    dynamics.

The weighted-average indicative market price for NGLs was $0.61 per gallon in the first quarter of 2021 versus $0.35 per gallon in the first quarter of 2020.


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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)
2020 by quarter:
1st Quarter          $46.17     $45.51    $47.81     $48.15
2nd Quarter          $27.85     $28.22    $29.68     $30.12
3rd Quarter          $40.93     $41.05    $41.77     $42.47
4th Quarter          $42.66     $43.07    $43.63     $44.08
2020 Averages        $39.40     $39.46    $40.72     $41.21

2021 by quarter:
1st Quarter          $57.84     $59.00    $59.51     $59.99

(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.



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 increase
due to comparable increases in the purchase prices of the underlying energy
commodities.  The same type of correlation 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 13 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.



























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