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RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP

Enterprise Products Partners LP · Nov 20, 2019 · 71 slides

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Slides

  1. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 1
    ENTERPRISE PRODUCTS PARTNERS L.P. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE November 2021, 2019 Randy Fowler President and Chief Financial Officer ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  2. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 2
    KEY INVESTMENT CONSIDERATIONS PDH Midland Terminal Mont Belvieu Fracs Houston Ship Channel One of the largest Integrated system enables EPD to reduce impact of cyclical commodity swings midstream energy Large supply aggregator and…
  3. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 3
    EPD: NATURAL GAS, NGLs, CRUDE OIL, PETROCHEMICALS AND REFINED PRODUCTS Asset Overview Connectivity Pipelines: 50,000 miles of natural gas, NGL, crude oil, petrochemicals and Fully integrated midstream energy company refined products…
  4. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 4
    EPDS INTEGRATED MIDSTREAM VALUE CHAIN Earning Fees at Each Link It is not uncommon for Enterprise to touch a molecule 57 times Natural Gas Natural Gas throughout the system Pipelines Pipelines Storage NGL Exports Ethane Natural…
  5. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 5
    FINANCIAL UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  6. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 6
    CONSISTENT FINANCIAL RESULTS THROUGH BUSINESS CYCLES EPDs Stock Price Mirrors Energy Sentiment Results Have Been Consistent Despite Crude Prices... 400% 160 2,500 350% 140 2,000 300% 120 in Millions 250% 100 1,500 Bbl…
  7. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 7
    GROSS OPERATING MARGIN BRIDGE in MMs 3Q 2019 vs. 3Q 2018 in MMs 3Q 2019 vs. 2Q 2019 (124) 3Q2018 Non-Cash New & Existing Assets Legacy Gas Marketing 3Q2019 2Q2019 Non-Cash New & Existing Assets Legacy Gas Marketing 3Q2019 GOM…
  8. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 8
    INDICATIVE ATTRIBUTION OF GROSS OPERATING MARGIN Fee-based GOM increased 13% to 5.2B 9 Months 2019 vs. 9 Months 2018 8.0 7.3 7.0 8% 6% 6.3 5.7 Gross Operating Margin in Billions 6.0 11% 5.2 6% 5% 4% 5.0 5% 4% 4.0 3.0…
  9. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 9
    INDICATIVE ATTRIBUTION OF SEGMENT GOM FOR 9 MONTHS 2019 100% 5% 11% 13% 6% 17% 2% 5% 80% 9% % Breakout of GOM 60% 87% 89% 40% 82% 74% 20% 0% (3) (2) NGL Segment(1) Crude Segment Natural Gas Segment Petchem &…
  10. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 10
    INDICATIVE ATTRIBUTION OF GOM FOR SELECT BUSINESSES Natural Gas Processing GOM 600 0.50 500 Mostly Pioneer, Meeker and 0.40 South Texas GOM in SMillions 400 Price Spread 281 0.30 244 0.20 200 169 57% 0.10 68% 68%…
  11. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 11
    PROVEN TRACK RECORD OF DELIVERING CONSISTENT RETURNS ON CAPITAL 13.9% 13.3% 13.1% 14.0% 12.9% 12.5% 12.6% 100 11.8% 11.6% 11.4% 12.0% 11.2% 11.0% 10.8% 10.7% 10.5% 10.2% 80 10.0% Unlevered ROIC % 8.0% 60 /Bbl…
  12. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 12
    DURABLE CASH FLOW METRICS THROUGHOUT COMMODITY CYCLE 120 3.50 As measured by MLP or Conventional metrics 3.03 3.00 100 2.92 58% 2.80 2.80 1.7x 2.67 62% 61% 2.55 2.50 1.5x Operational DCF & CFFO 80 1.5x 2.16 2.09 2.06…
  13. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 13
    FREE CASH FLOW TRENDING HIGHER Includes 2.4B for Includes 1.1B for Oiltanking acquisition EFS acquisitions 8,000 1.50 7,000 6,677 1.23 6,126 5,908 6,000 1.00 0.91 5,000 4,666 4,067 4,033 0.62 3,8664,090 4,162 4,002 4,125…
  14. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 14
    EPD COMPARED TO RELEVANT BENCHMARKS Comparison Against Index Returns and Valuations Total Return Price Change Yield Valuation (1) TTM (1) (1) YTD 11/11/19 1 Year YTD 11/11/19 1 Year TTM CFFO TTM Dividend EV/EBITDA TTM P/E…
  15. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 15
    STRENGTHENING DEBT PORTFOLIO Extending Maturities Without Increasing Costs 29.5 Billion Notes Issued 99% Fixed Rate Debt 2009September 2019 20.0 (as of September 30, 2019) 8.0% 19.0 19.2 19.0 18.8 7.0% 11.5% Average…
  16. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 16
    FUNDING GROWTH WITH FINANCIAL DISCIPLINE Total Growth Capital Expenditures & Debt Leverage 7.8 through TTM September 30, 2019 8.0 4.6 7.0 4.4x 4.5x 6.2 4.1x 6.0 4.2x 2.5 4.x Net Debt / Adjusted EBITDA 5.0 (1) 3.8x 3.5x…
  17. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 17
    LONGTERM CAPITAL ALLOCATION Balanced & Disciplined Approach Allocating cash flow with a strategic long-term focus Incremental Opportunities Cash Opportunistic Distributions buybacks of common Beginning 22nd year units of…
  18. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 18
    WHY ENTERPRISE 21 Years Publicly Traded Partnership Market Capitalization: Geographic Diversification: Highest credit rating in 20 57B midstream energy space: BBB+ / Baa1 consecutive Enterprise Value: years of 85B TTM Sept 2019…
  19. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 19
    MIDSTREAM ENERGY FUNDAMENTALS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  20. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 20
    UNCONVENTIONAL PLAYS DECADES OF PRODUCTION POTENTIAL LOCATIONS IN KNOWN COMMERCIAL PLAYS Bakken 29k to 41k locations Rockies 75k to 124k locations Marcellus / Utica 34k to 52k locations ScoopStack 38k to 44k locations…
  21. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 21
    OIL AND CONDENSATES: ALMOST ALL THE GROWTH IS FROM PERMIAN & EAGLE FORD 1,000 AK & CA 900 3,000 ROCKIES 800 929 906 789 700 2,500 Current 2020 2025 2,460 2,576 2,601 2,000 Current 2020 2025 125 APPALACHIA 100 900 8,000…
  22. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 22
    NGLS: 80% OF GROWTH IS FROM PERMIAN AND EAGLE FORD 110 AK & CA 100 1,500 ROCKIES 90 99 98 TOTAL SUPPLY 90 1,000 80 1,095 1,173 1,325 Current 2020 2025 7,529 500 6,000 6,152 0 MBPD 5,796 Current 2020 2025 1,500…
  23. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 23
    U.S. DRY NATURAL GAS SUPPLY POTENTIAL ASSUMING SUFFICIENT MARKETS 1.0 AK & CA 0.8 15 ROCKIES 0.8 0.8 0.7 14 0.6 13 Current 2020 2025 13 14 14 12 Current 2020 2025 60 APPALACHIA 40 10 25 MID-CONTINENT 20 PERMIAN 31 31 34…
  24. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 24
    FUTURE DEMAND FOR U.S. PRODUCTION U.S. Production Demand for U.S. Production 2025 9,000 NGL Production PRODUCT DOMESTIC MARKET INTERNATIONAL MARKET Demand: 65%…
  25. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 25
    CHEMICAL VALUE CHAIN MARGINS REMAIN STRONG DESPITE VOLATILITY IN ETHYLENE U.S. Ethylene Capacity & Production 3,500 Ethane SupplyDemand on U.S. Gulf Coast 100,000 3,000 Productionincluding 80,000 New Builds rejected ethane 2,500…
  26. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 26
    A MIDLAND BARREL PRODUCES ONLY 12% MORE LIGHT ENDS THAN A BRENT BARREL Light shale oil is easier to refine and contains less bottom-of-the-barrel material. This makes a perfect fit for the Refining + Petchem complexes commonly found…
  27. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 27
    PERMIAN PRODUCER ECONOMICS ARE DRIVEN BY THE OIL COMPONENT What Comes With a Barrel of Value By Component BoE Permian Oil 2.5 70 Natural Gas 60 2.0 NGL Natural 50 Gas 1.5 40 50% of NGL NGL is Ethane 30 1.0 84% of Oil value…
  28. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 28
    LIGHT CRUDE OIL: STACKING UP THE DISTILLATE, GASOLINE AND PETCHEM COMPONENTS U.S. Light Crude Oil Annual Surplus Disposition Incremental Supply Incremental Demand Produces: 60% Diesel 40% of Ethylene yearly growth and Heavier…
  29. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 29
    U.S. CRUDE EXPORTS: ON OUR WAY TO BEING THE GLOBAL POWERHOUSE MBPD 10 Effect of Capital Constrained 8 2018: Saudi Arabia Crude Exports: 7.1 MMBPD 6 4 2 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actuals…
  30. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 30
    LPG DOCK CAPACITY EXPANSIONS WILL BE REQUIRED TO MEET DEMAND MBPD 4,500 4,000 3,500 LPG Supply 3,000 2,500 2,000 1,500 1,000 500 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LPG…
  31. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 31
    U.S. SHALE RESPONSIBLE FOR VIRTUALLY ALL GLOBAL LPG GROWTH IN THE LAST DECADE 1,200 LPG Waterborne Exports 1,000 Other U.S. 800 (MBPD) 600 Enterprise 400 200 0 2010 2012 2014 2016 2018 2010 2012 2014 2016 2018…
  32. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 32
    PETROCHEMICAL DEMAND REMAINS STRONG WITH OR WITHOUT RECYCLING Global Ethylene Demand, million MT Global Propylene Demand, million MT 400 300 2018 Demand: 250 300 165,000 kMT 200 Even in low case 200 ethylenedemand 150 doubles by…
  33. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 33
    95% OF PLASTIC IN THE WORLD'S OCEANS ORIGINATE FROM JUST 10 RIVERS 95% Of Plastic Polluting The Worlds Oceans Comes From These 10 Rivers Data Source: Schmidt Export of Plastic Debris by Rivers into the Sea (2017) Consumer…
  34. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 34
    GLOBAL LPG BALANCES 20182025 Demand Growth Expected to Exceed U.S. Supplies LPG in MBPD Incremental Supply Incremental Demand 23% 60% Type of LPG Growth Rates Demand Last 5 years 201825 Fcst. Supply from All sectors 4% 3% Other…
  35. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 35
    PLASTICS: FASTEST GROWTH, PAST AND FUTURE Production Growth for Selected Bulk Materials and GDP 10 Year Global Compounded Annual Growth Rates (CAGR) GDP 3.0% Oil 1.5% Ethylene 3.3% Propylene 4.2% IEA: demand for plastics to…
  36. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 36
    CHEMICALS INDUSTRY INVESTING 200B* Creating 750k New Jobs, Based on U.S. Shales U.S. World Scale Ethylene Plants Under Construction Capacity Ethane Capacity Ethane Capacity Estimated Company Location Billion lb/yr (MBPD) Cumulative…
  37. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 37
    ENTERPRISE EXPORTS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  38. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 38
    ENTERPRISE EXPORT FACILITIES 5 MMBPD of Capacity and Growing Gross Ethane Export Volumes 1,200 Gross LPG Export Volumes 300 250 1,000 200 800 MBPD MBPD 150 600 Planned expansion: 3Q 2020 +260 MBPD 100 400 50 200…
  39. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 39
    ENTERPRISE HOUSTON SHIP CHANNEL The U.S. Premier Hydrocarbon Export Facility Crude Oil Bunker Fuels Condensate Refrigerated Low Ethane Propane (LEC3) Storage Docks CRUDE,NGLs &PRODUCTS Natural Gasoline (C5+) HD5 Propane (C3)…
  40. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 40
    JANUARYSEPTEMBER 2019 USGC CRUDE EXPORTS 710 MMBbls Enterprise USGC Exports: 226 MMbbls (32%) NWE: 26% of U.S. Crude Exports Asia: 31% of U.S. Crude Exports JanSept 2019: 710 MMBbls Exported Other Countries = 27% of U.S.…
  41. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 41
    JANUARYSEPTEMBER 2019: 51% OF USGC NGL EXPORTS WENT TO ASIA Enterprise: 168 MMBbls (42%) JanSept 19 USGC Exported Far East Asia: 43% Europe: 13% of of U.S. NGL Exports 395 MMBbls U.S. NGL Exports C2: 2 MMBbls C2: 48 MMBbls C2: 21…
  42. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 42
    HOUSTON VS. CORPUS CHRISTI AREA Market vs. Destination The Houston market offers an implicit hedge on operational upsets, closed arbs and volatile demand. Corpus is a destinationone with little margin for error in refiner runs, storage…
  43. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 43
    GROWTH PROJECTS UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  44. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 44
    WE CONTINUE TO INVEST AND GROW 9.1B of Major Capital Projects Under Construction NatGas 6% Beaumont refined ATEX P/L expansion products buildout Crude storage Eagle Ford JV crude dock NGL Gillis lateral P/L 25% 6.0 HSC 58 acres…
  45. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 45
    QUALITY CAPITAL INVESTMENTS Customer Strength and Durability of Cash Flows Capital Investments: Customer Ratings by Volume Includes 12B; 9.1B of which is currently LC B- to B+ 3.5% under construction 5.7% 77% of contracted volumes…
  46. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 46
    PERMIAN EXPANSION PROJECTS 8 Billion of Capital Investments NGL Projects In-service: South Eddy and Waha Gas Plants added 350 MMcf/d Orla Gas Plant and related gathering 3 trains added 900 MMcf/d of capacity and 120 MBPD of NGL…
  47. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 47
    ENTERPRISES PERMIAN CRUDE PIPELINE SYSTEM Value Added, Reliable and Flexible Midland-to-ECHO Pipeline Systems Commercial Details: Cushing Enables customers to safeguard crude oil quality with segregated storage in Midland and…
  48. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 48
    OFFSHORE CRUDE OIL EXPORT TERMINAL 6 MMBPD Supply, 2 MMBPD Export Capacity Burnet Brazos Walker Polk Tyler Llano Williamson Milam Existing EPD Pipeline Burleson San Jacinto Proposed Onshore Pipeline Grimes Jasper Proposed…
  49. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 49
    ENTERPRISE CME / NYMEX HOUSTON WTI FUTURES CONTRACT Cushing Cushing Meeting customer demands: Refinery Export Specifications are reflective of Magellan Midland crude and provide a EHSC Magellan consistent, quality barrel of crude…
  50. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 50
    PROPANE DEHYDROGENATION UNIT (PDH) 2 Under Construction Commercial Details Operational Details Announced anchor contracts with Lyondell affiliate Designed to consume up to 35 MBPD of propane Long-term contract durations and produce 25…
  51. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 51
    iBDH The Other DeHydrogenation Project Capacity 937 million pounds of isobutylene annually (425,000 metric tons) Doubles Enterprises capacity Consumes 30 MBPD butane Schedule 75% complete and on budget Expected 4Q 2019…
  52. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 52
    ENTERPRISE ETHYLENE SYSTEM Under Development STORAGE & CONNECTIVITY PIPELINE EXPORT TERMINAL Cavern capacity 600 million lbs. Access to USGC ethylene via Export System capable of Cavern In / Out delivery rates Enterprise Mont Belvieu…
  53. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 53
    GILLIS LATERAL Expansion and Extension of the Acadian Gas System Commercial Details Supported by long-term contracts Demand oriented, offers suppliers access to higher value markets Links Acadian system to 3rd party interconnects…
  54. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 54
    MORE GROWTH ON THE HORIZON Potential 5 Billion of Opportunities Producer driven projects Additional gas processing plants Expand existing and build additional NGL fractionators Expand Seaway crude oil pipeline capacity (announced…
  55. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 55
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  56. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 56
    IEA EXPECTS NATURAL GAS TO HELP REDUCE CO2 EMISSIONS AT THE EXPENSE OF COAL AND OIL Pounds CO2 per MMBtu The world needs fossil fuels Natural gas is expected to play a central role in reducing CO2 emissions Natural gas is needed…
  57. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 57
    POWER GENERATION FROM SHALE NATURAL GAS AND RENEWABLES HAS LED TO LOWER CO2 EMISSIONS 15% Decrease in U.S. CO2 Emissions Since2007 3,500 7,000 Coal, Natural Gas & Petroleum in Million Metric Tons 3,000 6,000 Total…
  58. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 58
    SHALE PRODUCED LPG AND NATURAL GAS SUPPORT EMERGING ECONOMIES WITH CLEANER FUELS Without access to cleaner fuels, developing nations use wood which exacerbates deforestation and soil erosion. Propane use emits 35% less CO2 than…
  59. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 59
    U.S. LPG...CHANGING LIVES AROUND THE WORLD In Chinas Coal Country, a Ban Brings Blue Skies and Cold Homes (New York Times February 10, 2018) https://www.nytimes.com/2018/02/10/world/asia/china- coal-smog-pollution.html A graveyard…
  60. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 60
    NGLS PRODUCE ADVANCED MATERIALS FOR MAKING LIGHTER CARS AND PLANES Approximately 35% of NGLs are consumed as a feedstock for producing plastics and chemicals, which are used in everyday life Advanced plastics and coatings enables…
  61. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 61
    ETHYLENE AND ITS USAGE PRODUCTS YOU CANT DO WITHOUT % of Total Derivative Name in 000's MT Ethylene Common Uses Recycling High Density Polyethylene 46,000 29% Housewares, Crates, Drums, Bottles (strong) average Linear Low Density…
  62. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 62
    PROPYLENE IS USED IN DURABLE GOODS AGAIN, EXTREMELY HARD TO REPLACE % of Total Derivative Name in 000's MT Propylene Common Uses Recycling PolyPropylene 69,000 67% Automotive, Diapers, Consumer Products, Clothing difficult Propylene…
  63. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 63
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRIORITIES Governance and Oversight: The Governance Committee oversees implementation of policies related to environmental protection, transportation compliance, health & safety policies…
  64. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 64
    ESG PRIORITIES (continued) Environmental Stewardship Principles: Continuous monitoring of environmental data, allows us to anticipate and prevent issues. Utilize systems to track operational and emissions data, and identify…
  65. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 65
    TOTAL DIRECT EMISSIONS AND ECONOMIC INTENSITY Total Direct CO2e Emissions(1,2,3) Gross Operating Margin / Direct Emissions 10.0 +10 % 900 +71% improvement 9.5 771 8.0 8.9 8.7 9.0 800 8.6 8.6 GOM ( / MT Direct CO2e 8.4 8.2…
  66. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 66
    EPD HAS ADDED ASSETS WITHOUT INCREASING CARBON INTENSITY (3) Total Direct CO 2e Emissions/Bbl(1,2) Natural Gas Processing CO2e Emissions/Bbl(1) 2.8 20.0 MT CO2e per MBbl of Output (16%) (13%) 2.5 18.9 18.3 2.4 16.0 17.4 MT…
  67. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 67
    APPENDIX ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  68. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 68
    CREDIT QUALITY OF TOP CUSTOMERS Revenue from Top 25 Customers by Rating(1) B- to B+ 1.7% Top 25 Customers LC 9.1% BB- to Account for 63% of EPD's 2018 revenue BB+ 9.1% A- to AA 38.0% 89% of revenue is from customers with an…
  69. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 69
    GROWTH CAPITAL PROJECTS 2019 YTD 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 2021+ NGL Pipeline & Services Orla gas plants 900 MMcf/d and related pipeline (I & II in service, III 2Q 2019) Done Shin Oak (Permian to Mont Belvieu) 24 NGL…
  70. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 70
    MONT BELVIEU FRACTIONATION CAPACITY MBbls 6,000 5,000 4,000 3,000 2,000 1,000 - Existing Potential New Frac Capacity Cumulative New Supply This chart measures total supply vs. Mont Belvieu Frac capacity and does…
  71. RBC CAPITAL MARKETS MIDSTREAM CONFERENCE – Enterprise Products Partners LP – slide 71
    EPD ACCESS TO Y-GRADE IN MONT BELVIEU Enterprise Pipeline* Conway Third Party Pipeline Sterling I, II and III Arbuckle I and II Southern Hills Skellytown Permian Panola Sand Hills West Texas Gateway NGL Express West…

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