For the Three and Nine Months Ended September 30, 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 nine months ended September 30, 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 September 30, 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 third quarter of 2021 compared to the third quarter of 2020. Likewise, the phrase "period-to-period" means the nine months ended September 30, 2021 compared to the nine months ended September 30, 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, which includes forecast information published by third parties.
All references to U.S. Energy Information Administration ("EIA") forecasts and
expectations are derived from its October 2021 Short-Term Energy Outlook
("October 2021 STEO"), which was published on October 13, 2021. The forecasts
and other forward-looking information cited in the following discussion remain
subject to uncertainty since global mitigation efforts and medical developments
related to COVID-19 continue to evolve.

The outlook on business conditions in our 2020 Form 10-K addressed observations
that 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, were providing
much-needed support for international energy markets coping with the ongoing
weakness in hydrocarbon demand attributable to the COVID-19 pandemic.  We also
discussed downstream demand beginning to recover from the lows of 2020, but
remaining depressed due to the continued effects of the pandemic.

Throughout the first half of 2021, we highlighted the positive impact that the
widespread implementation of vaccination programs and the related easing of
COVID-19 mobility restrictions have had on global hydrocarbon demand and stated
our belief that energy fundamentals (and global economic conditions in general)
remained highly dependent on the successful containment of COVID-19, especially
its more contagious emerging variants (e.g., the "Delta" variant), through the
distribution, acceptance and administration of proven vaccines and therapeutics
for the disease.

While we maintain our view that the successful containment of COVID-19 is
crucial to sustained improvements in energy markets, we believe that production
cuts are no longer necessary to support international energy markets and that
global downstream demand, while stronger, has not fully recovered.

The global economy, including the U.S., experienced robust growth during 2021,
mainly due to restocking inventories and efforts to satisfy consumer demand
suppressed by the pandemic.  According to the EIA, U.S. gross domestic product
("GDP") is forecast to increase 5.7% in 2021 and 4.5% in 2022, following a
decline of 3.4% in 2020.  During this time, we have observed a steady transition
from near record levels of crude oil inventories in the U.S. to a more
normalized level today as U.S. consumption has outpaced U.S. supply.  We are now
seeing temporary shortfalls in global natural gas and coal supplies as reports
from some countries, particularly in Europe and Asia, have revealed a rationing
of energy supplies and curtailments of industrial production.  Some reports have
referred to the current situation as an "energy crisis," which could become even
more severe if the world experiences a colder than normal winter.  We believe
that U.S. supply and demand have become more balanced, but anticipate a slight
supply shortfall going into 2022.  The EIA estimates that U.S. production of
petroleum and related liquids will average 18.6 MMBPD in 2021 and 20.0 MMBPD in
2022, while U.S. demand for petroleum and related liquids will average 19.7
MMBPD in 2021 and 20.4 MMBPD in 2022.

Throughout this period, prices have increased considerably as evidenced by the
price of West Texas Intermediate ("WTI") crude oil at Cushing, Oklahoma (as
reported by the New York Mercantile Exchange, or "NYMEX").  It reached six-year
highs in October 2021 and averaged $71.54 per barrel in September 2021 compared
to $52.10 per barrel in January 2021 and an average of $39.34 per barrel in
2020.  The price of natural gas at Henry Hub, Louisiana (as reported by NYMEX)
reached twelve-year highs in October 2021 and averaged $5.11 per MMBtu in
September 2021 compared to $2.65 per MMBtu in January 2021 and an average of
$2.13 per MMBtu in 2020.

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Significant uncertainty exists with respect to the capabilities and willingness
of OPEC+ to increase production enough to alleviate high crude oil prices and
whether hydrocarbon demand will remain resilient as prices continue to rise.
Despite ongoing pressures faced by many producers in the U.S. to preserve cash,
return capital to their investors and reduce crude oil and natural gas
production activities altogether, potential cash flows from these high price
levels may eventually become too attractive for U.S. energy investors to
forego.  The EIA forecasts U.S. crude oil production will increase from an
average of 11.0 MMBPD in 2021 to 11.7 MMBPD in 2022; however, these levels still
lag behind the record level of 12.3 MMBPD in 2019.  As U.S. production rises, we
believe that our integrated, diversified and fee-based business will have
additional opportunities to provide midstream services to our producers and
customers.

Recent Developments

Enterprise and Chevron Explore Carbon Storage Business Opportunities



In September 2021, we and Chevron U.S.A. Inc. ("Chevron") jointly announced a
framework to study and evaluate opportunities for carbon dioxide capture,
utilization and storage from our respective business operations in the U.S.
Midcontinent and Gulf Coast. Projects resulting from this evaluation would seek
to combine our extensive midstream pipeline and storage network with Chevron's
sub-surface expertise to create opportunities to capture, aggregate, transport
and sequester carbon dioxide in support of the evolving energy landscape. The
initial phase of the study in which we will evaluate specific business
opportunities is expected to last about six months.

Issuance of $1.0 Billion of Senior Notes in September 2021



In September 2021, EPO issued $1.0 billion principal amount of senior notes due
February 2053 ("Senior Notes EEE").  Net proceeds from this offering will be
used for general company purposes, including for growth capital investments, and
the repayment of debt (including the repayment of a portion of our $750.0
million in principal amount of 3.50% Senior Notes VV and/or a portion of our
$650.0 million in principal amount of 4.05% Senior Notes CC, in each case at
their maturity in February 2022).

Senior Notes EEE were issued at 99.170% of their principal amount and have a fixed rate of interest of 3.30% per year. The Partnership guaranteed these senior notes through an unconditional guarantee on an unsecured and unsubordinated basis.

Enterprise and Magellan Team Up With Intercontinental Exchange for New Houston Crude Oil Futures Contract



In June 2021, we, Magellan Midstream Partners, L.P ("Magellan")
and Intercontinental Exchange, Inc. ("ICE") announced the establishment of a new
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. It will utilize the capabilities
and global reach of ICE's industry-recognized, state-of-the-art trading platform
and is due to be launched by ICE by early 2022, subject to regulatory approval.

The quality specifications of the new futures contract will be consistent with
WTI originating from the Permian Basin with common delivery options at either
our ECHO terminal in Houston or Magellan's East Houston terminal. In support of
this new futures contract, we and Magellan expect to discontinue provisions for
delivery services under legacy futures contracts that are deliverable at each
terminal once the new futures contract is finalized and receives regulatory
approval.

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.


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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
2nd Quarter         $2.83    $0.26    $0.87    $0.97      $0.98     $1.46      $0.67      $0.27          $0.41
3rd Quarter         $4.02    $0.35    $1.16    $1.34      $1.34     $1.62      $0.82      $0.36          $0.51
2021 Averages       $3.19    $0.28    $0.98    $1.09      $1.08     $1.47

$0.74 $0.36 $0.43

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

as reported by Platts, which is a division of S&P Global, 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 ("OPIS") by IHS Markit ("IHS"). (3) Polymer grade propylene prices represent average contract pricing for such

product as reported by IHS. Refinery grade propylene ("RGP") prices

represent weighted-average spot prices for such product as reported by IHS. (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 further influenced by regional pricing and extraction


    dynamics.



The weighted-average indicative market price for NGLs was $0.84 per gallon in
the third quarter of 2021 versus $0.41 per gallon in the third quarter of 2020.
Likewise, the weighted-average indicative market price for NGLs was $0.70 per
gallon during the nine months ended September 30, 2021 compared to $0.36 per
gallon during the same period in 2020.

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
2nd Quarter          $66.07     $66.41    $66.90     $67.95
3rd Quarter          $70.56     $70.74    $71.17     $71.51
2021 Averages        $64.82     $65.38    $65.86     $66.48

(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.



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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 be
expected to increase due to comparable increases in the purchase prices of the
underlying energy commodities.  The same type of relationship 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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