Fourth Quarter 2022 Earnings Support Slides

February 1, 2023

N Y S E : E P D

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," "pending," "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 contains earnings support slides highlighting 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 2022 and our SEC Form 10-K (when filed), which provide a more comprehensive description of the variances between certain periods.

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Enterprise Allocation of Capital

2023 Outlook

Capital Expenditure Updates*

  • Projected 2023 Growth Capital Expenditures ≈$2.3 to 2.5 billion ("B")
  • Projected 2023 Sustaining Capital Expenditures ≈$400 million ("MM")

Maintain and Protect Balance Sheet

  • Leverage Ratio(1): Target ratio of 3.0 (+/- 0.25x); year-ended 2022 ("YE 2022") was 2.9x
  • Liquidity(1): $4.1B comprised of available credit capacity and unrestricted cash as of YE 2022

Responsibly Returning Capital to Investors

  • Increased distribution by 1.5 cents with respect to 4Q 2022 to $0.49/unit payment; 5.4% increase over 4Q 2021
  • Repurchased approximately 10.2MM common units for $250MM in 2022 under our 2019 Buyback Program
  • Adjusted CFFO and FCF Payout Ratios(1): 54% and 71%, respectively, for YE 2022 (excluding Navitas Midstream acquisition)
  • Increased distributions 24 years in a row and returned $47.4B of capital to equity investors via LP distributions and common unit buybacks, since our IPO
  • In addition, approximately 6.4MM common units were purchased on the open market and subsequently delivered to participants in our DRIP(2) and EUPP(3) in 2022
  • Excludes capital investments associated with the SPOT export terminal, which is pending receipt of license and financial investment decision ("FID")
    (1) See definitions
    (2) Distribution Reinvestment Plan ("DRIP")
    (3) Employee Unit Purchase Plan ("EUPP")

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Returning Capital to Equity Investors

2022 Results

$4.4B Returned

$4.5B Reinvested to

$6.2B

to Equity Holders

Increase EPD Equity Value

$12.0

$10.0

$8.0

$8.1

($4.9)

71%

Adjusted FCF

$3.2

($4.1)

Payout Ratio(1)

$ Billions

$6.0

$4.0

$2.0

$0.0

($0.2)

($0.3)

$3.0

($1.3)

($3.2)

($0.1) $0.2

Cash at

2022 Adjusted 2022 Cash Used

2022 Cash

EXCLUDING:

2022 Cash

2022 Common

2022

2022 Cash Used 2022 Net Effect

Cash at

12/31/2021

CFFO

in Investing

Distributions to 2022 Cash Used Distributions to

Unit Buybacks

Repayments of

for Business

of Changes in

12/31/2022

(2)

(1)

Activities

Non-Controlling

for Business

Common

Debt, Net of

Combinations,

Operating

(2)

Interests, Net of

Combinations, Unitholders and

Borrowings

Net

Accounts

Contributions

Net

DERs

under Debt

(3)

(3)

Agreements

  1. See definitions. Adjusted CFFO is a Non-GAAP measure. For a reconciliation of this amount to its nearest GAAP counterpart, see "Non-GAAP Financial Measures" on our website
  2. Represents the total ending balance of cash and cash equivalents, including restricted cash, as of the specified date
  3. Includes the Navitas Midstream (Midland Basin natural gas gathering and processing) acquisition, which closed in February 2022

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Enterprise Products Partners LP published this content on 01 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 February 2023 12:17:02 UTC.