Enterprise Products Partners L P : 1Q 2021 Earnings Support Slides

FIRST QUARTER 2021 EARNINGS SUPPORT SLIDES

May 3, 2021

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 first quarter of 2021 and our SEC Form 10‐Q (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 8-9 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 natural gas pipeline 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 2021 Financial Outlook

Capital Expenditure Updates

• Currently forecasting 2021 and 2022 growth capital of ≈$1.6B and $800MM, respectively*
• • Based on sanctioned projects to date
• 2021 Sustaining Capital Expenditures: $440MM
• • Including $115MM of turnaround expenses for PDH and octane enhancement ($81MM spent 1Q 2021)

Maintain and Protect Balance Sheet

• Leverage(1): 3.5x target area (+/- 0.25x); 12 months ended March 31, 2021 was 3.3x
• Liquidity: $5.1 billion comprised of available credit capacity and unrestricted cash(1)

Returning Capital to Investors

• Distribution declared with respect to 1Q 2021 was $0.45/unit payment; 1.1% increase over 1Q 2020
• CFFO Payout Ratio(2): 68% as of TTM 1Q 2021
• Since IPO, we have returned $39.8 billion of capital to equity investors via LP distributions and unit buybacks

• Excludes SPOT export terminal, which is pending permit approval
  (1) As of March 31, 2021
  (2) For the 12 months ended March 31, 2021. See definitions.

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