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Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP

Enterprise Products Partners LP · Mar 4, 2020 · 74 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 1
    ENTERPRISE PRODUCTS PARTNERS ENTERPRISE PRODUCTS PARTNERS L.P. BARCLAYS INVESTMENT GRADE ENERGY AND PIPELINE CORPORATE DAYS March 45, 2020 Randy Fowler CoCEO and CFO ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P.…
  2. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 2
    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…
  3. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 3
    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…
  4. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 4
    FINANCIAL UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  5. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 5
    LONGTERM CAPITAL ALLOCATION Balanced and Disciplined Approach Allocating cash flow with a longterm focus Anticipated Growth Capex: 34B for 2020, 23B for 2021 Incremental Opportunities Cash Opportunistic buybacks Distributions…
  6. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 6
    CAPITAL ALLOCATION TRENDS ACROSS S&P 500 SECTORS Relative to Trailing 12 Months as % of 2019 Cash flow from Operations Payout/CFFO Ranked Payout Real Estate 65% 69% 2%136% 71% 1 Information Technology 36% 20% 42% 99% 62% 2…
  7. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 7
    LONGTERM VS. SHORTTERM VIEW ON CAPITAL ALLOCATION Illustrative Accretion Economics: Organic Growth vs. Buybacks Cumulative CFFO/unit Longer term outlook favors 1.80 capital projects which add to the Growth CAPEX assumptions:…
  8. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 8
    EPD VALUES GOOD GOVERNANCE, TOO Unsurpassed alignment with LPs Focus on longterm financial health and viability of the company First mover incorporating changes in capital allocation to strengthen partnership Eliminated 50% IDRs…
  9. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 9
    MLP VS. CCORP Deeper equity capital markets vs. cash taxes at conversion and in the future No Free Lunch: to our knowledge, substantially all MLPs that transitioned to U.S. CCorps are enjoying a shortterm tax holiday paid for by…
  10. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 10
    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…
  11. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 11
    GROSS OPERATING MARGIN BRIDGE in MMs 4Q 2019 vs. 4Q 2018 in MMs 4Q 2019 vs. 3Q 2019 4Q 2018 NonCash New & Existing Assets Legacy Gas Marketing 4Q 2019 3Q 2019 NonCash New & Existing Assets Legacy Gas Marketing 4Q 2019 GOM MTM…
  12. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 12
    INDICATIVE ATTRIBUTION OF GROSS OPERATING MARGIN 9.0 8.3B 8.0 10% 7.3B 4% Gross Operating Margin in Billions 7.0 8% 6% 7.1B 6.0 5.7B 14% 5.2B 6% 5% growth in 5.0 5% 4% feebased GOM 4.0 86% 3.0 86% feebased 91%…
  13. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 13
    INDICATIVE ATTRIBUTION OF SEGMENT GOM FOR 2019 100% 2% 11% 7% 12% 16% 2% 5% 80% 10% % Breakout of GOM 60% 87% 91% 40% feebased 83% feebased 74% feebased feebased 20% 0% NGL Segment (1) Crude Segment Natural…
  14. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 14
    INDICATIVE ATTRIBUTION OF GOM FOR SELECT BUSINESSES Natural Gas Processing GOM 600 0.50 500 Mostly Pioneer, 500 Meeker and 0.40 South Texas GOM in SMillions 400 Price Spread 356 0.30 300 244 0.20 200 169 57% 70%…
  15. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 15
    PROVEN TRACK RECORD OF DELIVERING CONSISTENT RETURNS ON CAPITAL 13.3% 14.0% 13.1% 13.3% 12.9% 12.5% 12.6% 100 11.8% 11.6% 12.0% 11.4% 11.2% 10.8% 11.0% 10.5% 10.7% 10.2% 80 10.0% Unlevered ROIC % 8.0% 60 /Bbl…
  16. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 16
    DURABLE CASH FLOW METRICS THROUGHOUT COMMODITY CYCLE 120 3.50 As measured by MLP or Conventional metrics 3.00 100 3.00 2.96 1.7x 60% 2.80 Operational DCF & CFFO Per Unit 2.67 62% 1.5x 2.50 80 2.20 2.16 2.09 2.06 65%…
  17. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 17
    STRENGTHENING DEBT PORTFOLIO Extending Maturities Without Increasing Costs Issued 3 Billion of Debt in January Investor demand peaked at 13 billion of interest & priced our lowest ever coupons 1B of 10year notes at 2.8%; 1B of 31year…
  18. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 18
    FUNDING GROWTH WITH FINANCIAL DISCIPLINE Total Growth Capital Expenditures & Debt Leverage through 2019 8.0 7.8 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 3.8x(1) 3.5x in Billions…
  19. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 19
    FUNDAMENTALS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  20. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 20
    HUMAN PROGRESS AND GLOBALIZATION IS DRIVING DEMAND GROWTH Regional Oil & Liquids Demand MMBPD Growth Dominated by Emerging Markets MMBPD 45 120 History Projections Asia Pacific 40 100 Regional Oil & Liquids Demand 35…
  21. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 21
    LEADING ENERGY ECONOMISTS ARE NOT PREDICTING A DEMAND CLIFF World Oil and Liquids Demand 115 Projections 110 105 MMBPD 100 IEA OUTLOOK 95 90 85 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040 IEA…
  22. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 22
    LIQUID HYDROCARBONS CONTINUE TO BE REQUIRED Renewables Alone Cannot Satisfy Global Energy Demand Global Primary Energy Consumption While Renewables will supplement natural gas and liquid hydrocarbons in power, they have a…
  23. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 23
    ACCESS TO AFFORDABLE ENERGY AIDS HUMAN DEVELOPMENT U N D P (1) H U M A N D E V E L O P M E N T I N D E X R E L AT I O N S H I P B E T W E E N H D I a n d E N E R G Y U S E China: India: Moved from Low to High HDI Human…
  24. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 24
    ITS A HEALTHIER WORLD THANKS TO EXPORTS OF CLEAN U.S. LPG (PROPANE AND BUTANE) LPGs... Provide cleanerburning fuel to lowincome households Eliminate the risk of timeintensive chore of collecting wood Improve quality of…
  25. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 25
    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…
  26. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 26
    SUPPLY OF U.S. DRY NATURAL GAS By Producing Region 1.0 AK & CA 0.8 14 ROCKIES 0.6 0.8 0.8 0.7 13 0.4 13 14 14 Current 2020 2025 12 11 Current 2020 2025 35 APPALACHIA 30 9 MIDCONTINENT 34 20 25 31 31 PERMIAN 15 8 20 9…
  27. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 27
    SUPPLY OF NGLS By Producing Region 110 AK & CA 100 1,500 ROCKIES 90 99 98 TOTAL SUPPLY 1,000 90 80 7,529 1,325 500 1,095 1,173 Current 2020 2025 6,000 6,152 5,796 0 Current 2020 2025 1,500 APPALACHIA MBPD 4,000 1,000…
  28. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 28
    SUPPLY OF CRUDE OIL AND CONDENSATE By Producing Region 1,000 AK & CA 900 3,000 ROCKIES 929 800 906 2,500 789 700 2,000 2,460 2,576 2,601 Current 2020 2025 1,500 Current 2020 2025 125 APPALACHIA 100 900 8,000 PERMIAN…
  29. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 29
    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%…
  30. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 30
    CHEMICAL VALUE CHAIN MARGINS REMAIN STRONG DESPITE VOLATILITY IN ETHYLENE U.S. Ethylene Capacity & Production Ethane SupplyDemand on U.S. Gulf Coast 100,000 3,500 90,000 New Builds 3,000 80,000 70,000 2,500 MM lb/yr 60,000…
  31. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 31
    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…
  32. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 32
    GLOBAL LPG BALANCES 20182025 Demand Growth Expected to Exceed U.S. Supplies LPG in MBPD Incremental Supply Incremental Demand Type of LPG Growth Rates Demand Last 5 years 201825 Fcst. 23% 60% All sectors 4% 3% Supply from Other…
  33. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 33
    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…
  34. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 34
    U.S. SHALE RESPONSIBLE FOR VIRTUALLY ALL GLOBAL LPG GROWTH IN THE LAST DECADE 1,200 LPG Waterborne Exports (MBPD) 1,000 Other U.S. 800 600 Enterprise 400 200 0 2010 2012 2014 2016 2018 2010 2012 2014 2016 2018…
  35. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 35
    A MIDLAND BARREL PRODUCES ONLY 12% MORE LIGHT ENDS THAN A BRENT BARREL Light shale oil is easier to refine and contains less bottomofthebarrel material. This makes a perfect fit for the Refining + Petchem complexes commonly found…
  36. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 36
    PERMIAN PRODUCER ECONOMICS ARE DRIVEN BY THE OIL COMPONENT BoE What Comes with a Barrel Value by Component 2.5 of Permian Oil 70 Natural Gas 60 2.0 NGL Natural Gas 50 1.5 40 50% of NGL NGL is Ethane 84% of 30 1.0 value…
  37. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 37
    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…
  38. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 38
    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…
  39. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 39
    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 ethylene demand 150 doubles…
  40. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 40
    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…
  41. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 41
    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…
  42. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 42
    ENTERPRISE EXPORTS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  43. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 43
    ENTERPRISE EXPORT FACILITIES 5 MMBPD of Capacity and Growing 300 Gross Ethane Export Volumes 1,200 Gross LPG Export Volumes 250 1,000 200 800 MBPD MBPD 150 600 Planned expansion: 2021+ +260 MBPD 100 400 50 200 0…
  44. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 44
    ENTERPRISE HOUSTON SHIP CHANNEL The U.S. Premier Hydrocarbon Export Facility Crude Oil Bunker Fuels Condensate Refrigerated Low Ethane Propane (LEC3) Storage CRUDE,NGLs &PRODUCTS HD5 Propane (C3) S T O R A G E & Natural…
  45. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 45
    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…
  46. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 46
    JANUARYSEPTEMBER 2019: 51% OF USGC NGL EXPORTS WENT TO ASIA Enterprise: 168 MMBbls (42%) JanSept 2019 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…
  47. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 47
    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…
  48. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 48
    GROWTH PROJECTS UPDATE ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  49. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 49
    WE CONTINUE TO INVEST AND GROW 7.7B* of Major Capital Projects Under Construction MidlandtoECHO 2 LPG Dock Expansion NatGas 10% Shin Oak NGL P/L NGLs iBDH Plant 20% EHT LPG & PGP Ethylene Export Terminal Expansion 6.0 Orla 3,…
  50. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 50
    QUALITY CAPITAL INVESTMENTS Customer Strength and Durability of Cash Flows Capital Investments: Customer Ratings by Volume 12B of projects; 7.7B of which is LC B to B+ 3.5% currently under construction 5.7% 77% of contracted…
  51. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 51
    WHY BUILD ANOTHER PERMIAN PIPELINE Strong Customers, LongTerm Contracts, Attractive Returns Even With Zero Terminal Value MidlandtoECHO (M2E) Pipeline System Quality Segregation: safeguards crude quality through batched shipments…
  52. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 52
    PERMIAN EXPANSION PROJECTS 8 Billion of Capital Investments NGL Projects Inservice: 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…
  53. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 53
    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…
  54. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 54
    CME / NYMEX HOUSTON WTI FUTURES CONTRACT Meeting Customer Demands: Specifications are reflective of Midland Export crude and provide a consistent, quality Cushing barrel of crude oil Moore Refinery 4044 API Cushing…
  55. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 55
    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 Longterm contract durations and produce 25…
  56. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 56
    iBDH The Other DeHydrogenation Project Capacity 937 million pounds of isobutylene annually (425,000 metric tons) Doubles Enterprises capacity Consumes 30 MBPD butane Completed on time and on budget Contracts 50% will fill…
  57. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 57
    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…
  58. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 58
    GILLIS LATERAL Expansion and Extension of the Acadian Gas System Commercial Details Supported by longterm contracts Demand oriented, offers suppliers access to higher value markets Links Acadian system to 3rd party…
  59. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 59
    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…
  60. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 60
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  61. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 61
    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…
  62. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 62
    POWER GENERATION FROM SHALE NATURAL GAS AND RENEWABLES HAS LED TO LOWER CO2 EMISSIONS 15% Decrease in U.S. CO2 Emissions Since 2007 3,500 7,000 Coal, Natural Gas & Petroleum in Million Metric Tons 3,000 6,000 Total…
  63. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 63
    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…
  64. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 64
    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…
  65. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 65
    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…
  66. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 66
    ENVIRONMENTAL, SOCIAL AND GOVERNANCE PRIORITIES Governance and Oversight: The Governance Committee oversees implementation of policies related to environmental protection, transportation compliance, health & safety policies…
  67. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 67
    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…
  68. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 68
    TOTAL DIRECT EMISSIONS AND ECONOMIC INTENSITY Total Direct CO2e Emissions(1,2,3) Gross Operating Margin / Direct Emissions 10.0 +10 % 900 +71% improvement 9.5 800 771 GOM ( / MT Direct CO2e 8.0 8.9 8.7 9.0 8.6 8.4 8.6 700…
  69. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 69
    EPD HAS ADDED ASSETS WITHOUT INCREASING CARBON INTENSITY(3) Total Direct CO2e 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 16.0 MT CO2e per…
  70. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 70
    APPENDIX ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS ALL RIGHTS RESERVED. ENTERPRISE PRODUCTS PARTNERS L.P. enterpriseproducts.com
  71. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 71
    CREDIT QUALITY OF TOP CUSTOMERS Revenue from Top 25 Customers by Rating(1) B to B+ 1.7% LC Top 25 Customers 9.1% BB to BB+ Account for 63% of EPD's 2018 revenue 9.1% A to AA 38.0% 89% of revenue is from customers with an…
  72. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 72
    GROWTH CAPITAL PROJECTS Completed in 2019 Under Construction (1Q20Forward) Highlighted Capital Projects InService Highlighted Major Capital Projects Fcst InService 1Q 20 2Q 20 3Q 20 4Q 20 2021+ Orla III Gas Processing Plant 2Q 2019 1Q…
  73. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 73
    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…
  74. Barclays Investment Grade Energy and Pipeline Corporate Days – Enterprise Products Partners LP – slide 74
    CAPITAL PROJECTS VS. BUYBACKS SUPPORT Capital Deployment Scenario 2B Grossed Up Growth Capital Assumptions: 1B retained cash flow funded and 1B debt funded with a 2 year construction period Assumes 30 year debt financing at 4% 12%…

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