Enterprise Products Partners L P : Investor Deck

Investor Deck

November 2025

N Y S E: EP D

Why EPD?

A-Rated Balance Sheet, 27 years of Distribution Growth, 7% Yield

A Compelling Value Proposition

Critical Energy Infrastructure

Integrated Footprint with Geographic, Product and Market Diversification Provides Critical Energy Infrastructure Services Bringing Products to Market

Focused on Responsibly

Returning Capital

$61B

Returned to Unitholders in Distributions & Buybacks Since IPO

27 Years

$1.4B

of Consecutive + Common Unit

Distribution

Growth

Repurchases

(2)

Attractive Returns Support Future Cash Flows

Average Return on Invested Capital(1)

12%

Over the Last 10 Years

$5.1B

Major Growth Capital Projects Under Construction

Setting the

Standard for Balance Sheet Strength

A- / A- / A3

Credit Rating

(1)

3.3x Leverage

TTM 3Q 2025

96%

Fixed Rate Debt(2)

4.7%

Weighted-Average Cost of Debt

(2)

History of Unitholder Alignment Through Actions & Ownership

≈32% Long-Term Focus

of Common Units Managing for Longevity & Owned by GP Management Durability Across Decades

& Affiliates(2)

Note: ROIC for 2021, 2022, 2023, 2024 was 13%.

1. For a definition, see Appendix

2. As of September 30, 2025

Focusing on Value Creation for the Long-Term

Commercial Strategy

Build a reliable and resilient integrated U.S. midstream energy company to provide essential services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals

Financial Objectives

Grow cash flow per unit

Invest in midstream energy infrastructure at attractive returns on capital

Responsibly return capital to investors

Manage for long-term financial flexibility and balance sheet strength

2H 2025 - 2026 Outlook

Outlook Project Execution

Executing on NGL-focused infrastructure opportunities

$2.2 - $2.5 B organic growth spending

Continuing to prioritize return of capital and financial flexibility

Expecting inflection point in excess cash flow available to allocate to unit buybacks & debt paydown

+ 2 Gas Processing Plants July 2025

+ P1 Neches River Terminal July 2025

+ Frac 14 October 2025

+ Bahia NGL Pipeline December 2025

+ 1 Gas Processing Plant 1H 2026

+ P2 Neches River Terminal 1H 2026

+ 1 Gas Processing Plant 4Q 2026

+ EHT LPG Export Expansion YE 2026

Responsible Long-Term Value Creation

Balancing Cash Flow per Unit Growth with Capital Efficiency

Expanding Buyback Program to Enhance Shareholder Return Potential

1.40

$Billions

$6

Common Unit Buyback Program

1.30

1.20

1.10

Adj. CFFO/Unit +23.7% $5

Debt &

Preferreds +22.2% $4

$5 Billion

1.00

0.90

$3

$3 Billion Program

Expansion

$2 Billion

Unit Count -0.5%

$2

0.80

$1

0.70

0.60

2019 2020 2021 2022 2023 2024 TTM 3Q

2025

Unit Count Adj. CFFO/Unit Debt & Preferreds

$0

2019 Authorization Oct 2025 Expansion

Utilization Remaining Capacity

Note: "Unit Count" represents the total number of weighted-average fully diluted units or shares outstanding for the applicable period; "Adj. CFFO/Unit" is cash flow from operations, as adjusted for net changes in operating accounts, divided by the applicable "Unit Count"; "Debt & Preferreds" represents the sum of total debt principal (including amounts outstanding under credit facilities, commercial paper programs and other borrowing arrangements) and total lease liabilities as of the applicable period.

History of Cash Flow per Unit Durability

A Track Record of Resilience

$4.00

Financial Crisis Oil Price Collapse COVID-19 Pandemic

$3.92

$3.60

$3.50

(1)

Operational DCF and Adjusted CFFO per Unit

$3.00

$2.50

$2.00

$1.50

$1.00

$0.50

$0.00

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TTM 3Q

2025

Source: EPD

1. For a definition, please see Appendix

Operational DCF per Unit (1)

(1)

Adjusted CFFO per Unit

Consistently Returning Capital to Unitholders

Distribution Stability and Growth Remains a Core Focus

27 consecutive years of distribution growth and

$61 Billion returned to unitholders via LP distributions & unit buybacks since IPO

$Billions

$8

$7

$6

Self-Fund Equity

1.9x 1.7x

1.7x 1.7x

$5 Completely Eliminated IDRs

1.7x 1.6x 1.7x

and Collapsed GP Holdco

1.5x

$4

$3

$2

Eliminated 50% IDRs

Moderated Distribution Growth; Reinvested Retained Cash Flow

1.3x

1. x 1.4x

   1. x

      1.3x

      1.4x

      1.5x

   2. x

      1.3x

2. x

1. x

   $1

   1. x 2.0x 1.8x 1.0x

   $0

   0.9x

   1.1x

2. x 1.2x

'98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 TTM

(1)

LP Distributions GP Distributions DCF & Coverage

3Q

2025

(1) Distributable Cash Flow ("DCF") is a non-GAAP measure. For a reconciliation of DCF amounts to the nearest GAAP counterpart, see "Non-GAAP Financial Measures and Reconciliations" under Investors - Financials on our website

Responsible, Strategic Growth

Returning Capital & Reinvesting in the Business

$5.0 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for TTM 3Q 2025

Growth Capex

$5.0

$4.8

$4.5

$4.4

$4.2

$4.1

$4.2

$4.3

$3.8

$3.9

$3.9

$3.9

$3.6

$2.9

$3.0

$2.9

$1.8

$1.6

2017 2018 2019 2020 2021 2022 2023 2024 TTM 3Q 2025

(1)

Capital Returned to Unitholders

(2)

Growth Capital Expenditures

1. Capital Returned to Unitholders represents cash distributions to common unitholders and distribution equivalent rights and common unit repurchases for the applicable period

2. Represents organic capital spending, excludes acquisitions

Enterprise's History of Returning Capital

Attractive, Long-Term Returns

16%

EPD's Historical Return on Invested Capital ("ROIC")(1) (2) (3)

14%

12%

11%

11%

12%

13% 13% 13%

11%

12% 11%

12%

13%

13%

12%

13% 13% 13%

13%

10%

11%

11%

10%

8%

6%

4%

2%

0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

1. For a definition, see appendix

2. Pre-2008 is based on EPD reported results (not recast for Mergers)

3. 2008 and 2009 reflect recast financial statements of Enterprise giving effect to the TEPPCO and Enterprise GP Holdings mergers