FOURTH QUARTER 2021 EARNINGS SUPPORT SLIDES

February 1, 2022

Forward-Looking Statements

This presentation contains forward-looking statements based on the beliefs of the company, as well as assumptions made by, and information currently available to our management team (including information published by third parties). When used in this presentation, 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 management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. You should not put undue reliance on any forward-looking statements, which speak only as of their dates. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expected, including insufficient cash from operations, adverse market conditions, governmental regulations, the possibility that tax or other costs or difficulties related thereto will be greater than expected, the impact of competition and other risk factors discussed in our latest filings with the Securities and Exchange Commission.

All forward-looking statements attributable to Enterprise or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained herein, in such filings and in our future periodic reports filed with the Securities and Exchange Commission. Except as required by law, we do not intend to update or revise our forward-looking statements, whether as a result of new information, future events or otherwise.

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Qualifying Statements

This supplemental package of earnings support slides provides highlights of major variances for the quarter.

This data should be read in conjunction with the information contained in the earnings release for the fourth quarter of 2021 and our SEC Form 10-K (when filed), which provide a more comprehensive description of the variances between certain periods.

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Indicative Attribution of Gross Operating Margin

Slides 9-10 attribute gross operating margin (GOM) among fee-based,commodity-based and differential-based business activities. Most activities fit easily into one category; however, the classification of certain activities involves an element of subjectivity. The classifications reflected in the following slides represent what we currently believe is the most logical fit of our business activities into the categories described below, based on the underlying fee or pricing characteristics applicable thereto.

These classifications may be subject to change in the event that management's estimates or assumptions underlying such classifications are revised or updated. In addition, our attribution of GOM into the categories described below may not be comparable to similar classifications by other companies because such companies may use different estimates and assumptions than we do in defining such categories or otherwise calculating such attributions.

Three categories of GOM:

Fee-based: Pipeline transportation fees and tariffs, NGL and propylene fractionation fees, storage capacity reservation and throughput fees, export terminal fees, marine and trucking fees, fee-based natural gas processing arrangements, isomerization and dehydrogenation fees, demand and deficiency fees, and similar activities that are predominantly fee-oriented.

Commodity-based:Percentage-of-liquids (POL) and percentage-of-proceeds (POP) natural gas processing arrangements, certain condensate sales, gathering revenues on our San Juan Gathering System, and similar activities that have commodity price exposure.

Differential-based: Certain business activities where earnings are generated based on price differentials or spreads between locations, time periods and products in excess of any related fees, tariffs and other expenses.

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Enterprise 2022 Allocation of Capital

Capital Expenditure Updates

  • Currently forecasting 2022 growth capital of approximately $1.5B*
  • Projected 2022 Sustaining Capital Expenditures: $350MM

Maintain and Protect Balance Sheet

  • Leverage Ratio(1): 3.5x target area (+/- 0.25x); 12 months ended December 31, 2021 was 3.1x
  • Liquidity(2): $7.3 billion comprised of available credit capacity and unrestricted cash

Returning Capital to Investors

  • Distribution declared with respect to 4Q 2021 was $0.4650/unit payment; 3.3% increase over 4Q 2020
  • CFFO and FCF Payout Ratios(1): 58% and 84%, respectively, for the 12 months ended December 31, 2021
    • Includes $4 billion of distributions and $200 million of common unit buybacks
  • Since our IPO, we have increased distributions 23 years in a row and returned $43.0 billion of capital to equity investors via LP distributions and unit buybacks
  • Excludes capital investments associated with the SPOT export terminal, which is pending governmental approval
    (1) See definitions
    (2) As of December 31, 2021

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Enterprise Products Partners LP published this content on 01 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2022 11:41:05 UTC.