Letter to Investors 2022

Letter to Investors

Partnership Profile

Enterprise Products Partners L.P. (“Enterprise”) is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, natural gas liquids (“NGLs”), crude oil, petrochemicals and refined products.

General Financial Data

(Dollars in millions, except per unit amounts)

GENERAL FINANCIAL DATA

(1) See page 9 for a reconciliation of this Non-Generally Accepted Accounting Principles (GAAP) financial measure to its most directly comparable GAAP financial measure.

(2) Cash distributions declared per common unit represent cash distributions declared with respect to the four fiscal quarters of each year represented. The annual cash distribution rate at December 31 is the annualized quarterly rate declared for the fourth quarter each year.

(3) Represents ratio of DCF to distributions declared with respect to the period. See page 10 for a reconciliation of DCF (a Non-GAAP financial measure) to its most directly comparable GAAP financial measure.

(4) Reflects actual number of Enterprise common units outstanding at December 31 for the periods presented.

Letter to Our Investors

ENTERPRISE REPORTED RECORD PERFORMANCE IN 2022, ESTABLISHING 25 SAFETY, OPERATING, AND FINANCIAL RECORDS. The partnership reported record Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) of $9.3 billion. The partnership also generated record cash flow whether measured by Adjusted Cash Flow from Operations (“Adjusted CFFO”) or Operational Distributable Cash Flow (“Operational DCF”), which were $8.1 billion and $7.6 billion, respectively. Our cash flow growth supported a 5 percent increase in cash distributions declared and paid to our partners for 2022 compared to 2021, and our 24th consecutive year of distribution growth. The partnership’s Operational DCF provided 1.8 times coverage of our distributions. We retained $3.4 billion of Operational DCF to reinvest in the growth of the partnership, repurchase common units and reduce debt.

The partnership’s 2022 performance was generated by record volumes across many of our assets, higher margins in our natural gas processing and octane enhancement businesses, and contributions from our February 2022 acquisition of Navitas Midstream, LLC. The Navitas purchase, our largest acquisition since 2014, enabled us to establish a natural gas gathering and processing presence in the Permian’s active Midland Basin. This acquisition was immediately accretive to Enterprise’s cash flow per unit and exceeded our initial expectations. During the year, we increased the value of our partnership by investing $1.4 billion in organic growth capital projects, completing $3.4 billion of acquisitions for Navitas and costefficient purchases of existing pipelines

that expand our midstream system, and repurchasing $250 million of our common units while also reducing the principal amount of our senior notes by $1.4 billion. We finished the year with a strong balance sheet and

2022 Volume Highlights

financial flexibility that positions us to execute on our $5.8 billion portfolio of growth capital projects currently under construction. These projects will provide new sources of cash flow for the partnership.

TRIR & LTIR

Each of our four business segments reported strong, if not record, results. We are proud of our employees’ continuous focus on performing tasks safely, as reflected in our Operations and Trucking groups’ record safety performance.

During 2022, we completed construction of more than $500 million of organic growth projects. These projects were primarily smaller pipeline projects to link incremental supplies of crude oil, natural gas, NGLs, petrochemical and refined products to our midstream system, expand our system to facilitate volume growth and deliver products to our customers. We also completed purchases of approximately 580 miles of existing pipelines from third parties for $160 million. These cost-effective acquisitions will enable us to expand and extend our NGL and petrochemical pipeline system on the Texas Gulf Coast.

Note: Excludes marine and trucking performance. TRIR means Total Recordable Incident Rate. LTIR means Lost Time Incident Rate.

Major Growth Capital Projects Under Construction

Delaware Basin are scheduled to be completed in the third and fourth quarters of 2023, respectively.

In keeping with our history of optimizing assets, we are undertaking an innovative project to serve refined products markets in West Texas, New Mexico, Colorado, and Utah utilizing a combination of new and recently underutilized existing pipeline assets. The Texas Western Products (“TW Products”) system is designed to provide a new supply of up to 60 MBPD of U.S. Gulf Coast gasoline and diesel to western regions that historically have paid significant premiums for these products compared to the Gulf Coast. In addition to introducing much needed competition for refined products into these previously captive markets, the partnership will also retain the ability to continue supplying mixed NGLs on the TW Products system.

INVESTING FOR FUTURE GROWTH

We currently have $5.8 billion of major capital projects under construction, scheduled to come into service in 2023–2025. Substantially all of these projects are underwritten by longterm, fee-based contracts.

Approximately $3.6 billion of these projects are expected to begin commercial service during 2023. The largest project is our second propane dehydrogenation (“PDH 2”) plant scheduled to be completed in the second quarter of 2023. This project remains on time and on budget. PDH 2 is located at our Chambers County, Texas complex. It will have the capacity to convert up to 35 MBPD of propane into 1.65 billion pounds of high purity, polymer grade propylene.

Demand for propylene has historically grown at a rate of 1.4 times that of global gross domestic product (“GDP”) growth. By

comparison, demand for crude oil typically grows at approximately half the rate of global GDP. Propylene is an important petrochemical building block for consumer goods such as durable plastics, consumer electronics, personal protective equipment, pharmaceuticals, carpets, upholstery, and diapers, just to name a few important consumer staples in everyday life.

This facility is fully underwritten by long-term, fee-based agreements. We have designed PDH 2 to significantly reduce its carbon footprint and operating expenses by modifying the facility to recycle the hydrogen it produces as a zero-emission fuel source for the plant.

Enterprise is also building four natural gas processing plants in the Permian Basin to facilitate production growth in the basin. The partnership’s Poseidon plant in the Midland Basin and the Mentone II plant in the

OFFSHORE SEA PORT OIL TERMINAL (“SPOT”)

In January 2019, Enterprise submitted an application to the U.S. Department of Transportation’s Maritime Administration (“MARAD”) and the U.S. Coast Guard (“USCG”) for a license to construct, own, and operate a deepwater crude oil port terminal in the Gulf of Mexico. Our proposed SPOT project is comprised of a fixed platform, deepwater port terminal that will be connected to an onshore crude oil storage facility with approximately 4.8 MMBbls of capacity in Brazoria County, Texas. The platform will be located approximately 30 nautical miles off the coast of Texas in 115-feet of water. The platform will be connected to the onshore storage facility by two 36-inch, bi-directional pipelines. SPOT is designed to load Very Large Crude Carriers (“VLCCs”) and other crude oil tankers

Responsibly Returning Capital to Unitholders

24 consecutive years of distribution growth; $47.4 Billion returned to unitholders via LP distributions and unit buybacks

The 4 pillars of Modern Civilization

Depend on Crude Oil, Natural Gas & NGLs

MODERN CIVILIZATION

SPOT is one of the world’s most environmentally focused energy infrastructure projects that includes state-of-the-art pipeline control, vapor control, and leak detection systems. SPOT is designed to reduce carbon dioxide and volatile organic compound (“VOC”) emissions by approximately 65 percent and 94 percent, respectively, compared to current industry practices. It also significantly reduces spill and collision risk and enhances overall maritime safety by eliminating the current industry practice of ship-to-ship oil transfers, or reverse lightering, at sea.

Enterprise received the Record of Decision (“ROD”) from MARAD in November 2022. We have begun work to satisfy the remaining conditions and expect to receive the deepwater port (“DWP”) license in 2023.

MARAD and the USCG led the nearly four-year, comprehensive review

of this project. The ROD includes the opinions of more than a dozen Federal governmental agencies, including the Army Corps of Engineers and Environmental Protection Agency, as well as reviews and approvals by the State of Texas. The notable findings from the ROD included:

“The construction and operation of the Port is in the national interest because the Project will benefit employment, economic growth, and U.S. energy infrastructure resilience and security. The Port will provide a reliable source of crude oil to U.S. allies in the event of market disruption and have a minimal impact on the availability and cost of crude oil in the U.S. domestic market.”

“Construction and operation of an offshore export terminal and the installation of a vapor combustion system at the DWP will reduce the

number of ship-to-ship transfers of crude oil and lessen emissions from conventional crude oil loading, thus providing a more efficient, less impactful crude oil transport facility within the offshore waters of the United States.”

“ENERGY TRANSITION” VS. “ENERGY ADDITION”

Now, as it has been throughout history, access to affordable and reliable energy is critical to human development and quality of life. Fossil fuels have been and will continue to be intrinsic to modern civilization. Noted author and professor, Vaclav Smil, posits there is no practical substitute for fossil fuels in the four pillars of modern civilization: ammonia-based fertilizers, steel, cement, and plastics/petrochemicals, as noted in the diagram above.

The last two centuries have featured multiple breakthroughs in energy

Source: Excerpts from “How the World Really Works” by Vaclav Smil

Crude Oil, Natural Gas & NGLs

Natural gas is primary raw material; 80% of ammonia production used for fertilizer

Ammonia Steel Cement Plastics / Petrochemicals

Natural gas fueled blast furnace to synthesize iron ore, coke & limestone at 2,900° F

Natural gas fueled kilns heat limestone, shale & clays to 2,600° F

NGLs are primary raw material; Natural gas needed to fuel crackers to 1,900° F

Has the World Ever Done Energy “Transition”?

Global Population Growth Drives Energy “Addition”

Energy demand has dramatically increased over time, with a rapidly increasing global population and growing dependence on fossil fuels.

development involving coal, then crude oil and natural gas, followed by hydroelectric and nuclear, and most recently wind and solar. Two notable observations from this history: 1) with maybe the exception of whale oil, the world has never “transitioned” away from one dominant energy source to another; and 2) access to affordable energy led to industrialization and the advancements in science, engineering, agriculture, and medicine that have supported rapid population growth and quality of life. As seen in the graph above, despite advances in energy, the world currently burns nearly twice as much wood (traditional biomass, which emits more carbon than coal) than it did in the 1800s. The world’s insatiable demand for energy is a product of

population growth and desire for better living conditions in developing regions. According to the World Population Prospects 2022 report from the United Nations, the world’s population reached 8 billion in 2022 and is expected to peak around 10.4 billion during the 2080’s before remaining at that level until the end of the century.

We believe in the premise of “energy addition” or “energy evolution” one that features an all-of-the-above approach to energy. This approach recognizes the necessity of fossil fuels in our world; the need to produce, transport, and consume energy more responsibly; and the importance of the addition of low-carbon energy sources to support the world’s growing energy needs. We believe the U.S.

energy industry will continue to play a meaningful role in the coming energy evolution, both in the context of cleaner, more efficient operations and in meeting the needs for affordable, lower-emission energy solutions.

Our Evolutionary Technology group has made significant strides since its formation in May 2021. This group has identified practical, cost efficient, and economic projects to lower our own carbon footprint and support our customers’ objectives to improve theirs. Our principal areas of focus are carbon capture and storage, the hydrogen/ammonia value chain, low carbon fuels, and circular products. We believe these frontier areas will take a number of years to commercially develop, construct and implement.

In Closing Snapshot

The global economy has become more fragile as a result of increasing geopolitical volatility, trends toward reduced globalization, evolving supply chain challenges, and low commodity inventories. We believe the United States will still be advantaged due to our ample and lower cost natural resources, strong bank and financial markets, rule of law, technological improvements across industries, and “can do” spirit. We believe Enterprise will continue to innovate in providing essential cost-effective midstream energy services to our producing and consuming customers, both domestic and international, and provide attractive returns to our investors.

We are proud 2022 was another record year for Enterprise in terms of safety, operational, and financial performance. We are grateful for the everyday efforts of our 7,300 employees who facilitated this record performance. We value our employees’ initiative, creativity, and strong work ethic, which enabled us to safely serve our customers and realize our successes. We would also like to thank our suppliers, capital providers, and fixed income and equity investors who are integral to our achievements.

As we embark on our 25th year as a public company, we will continue to explore opportunities to responsibly grow the partnership, build long-term value, and provide a resilient and growing stream of cash distributions to our limited partners. We are looking forward to pursuing new opportunities for our partnership in 2023 and beyond.

Randa Duncan Chairman of the Board

Jim Teague Co-Chief Executive Officer

Hank Bachmann Vice Chairman of the Board

Randy Fowler Co-Chief Executive Officer and Chief Financial Officer

$9.3 Billion record Adjusted EBITDA

$47.4 Billion returned to unitholders via cash distributions since IPO

24 Consecutive Years of cash distribution growth

30% Improvement(1) in C02e emission per barrel of equivalent (“BOE”) since 2011

ESG Metrics incorporated into management compensation

Board of Directors

Randa Duncan Chairman of the Board C

Richard H. Bachmann Vice Chairman of

Murray E. Brasseux Director

William C. Montgomery Director

John R. Rutherford Director

W. Randall Fowler Director, Co-CEO

* As of March 1, 2023

Executive and Senior Vice Presidents

A.J. Teague

Co-Chief Executive Officer

W. Randall Fowler

Co-Chief Executive Officer and Chief Financial Officer

Graham W. Bacon

Executive Vice President and Chief Operating Officer

R. Daniel Boss

Executive Vice President–Accounting, Risk Control and Information Technology

Anthony C. Chovanec

Executive Vice President, Fundamentals and Commodity Risk Assessment

Christian M. Nelly Executive Vice President–Finance and Sustainability and Treasurer

Robert D. Sanders

Executive Vice President, Asset Optimization

Brent B. Secrest Executive Vice President and Chief Commercial Officer

Harry P. Weitzel

Executive Vice President, General Counsel and Secretary

James P. Bany

Senior Vice President, Crude Oil Pipelines and Terminals

F. Christopher D’Anna

Senior Vice President, Petrochemicals

Natalie K. Gayden

Senior Vice President, Natural Gas

Michael C. Hanley

Senior Vice President, Hydrocarbon Marketing

Penny R. Houy

Senior Vice President, Tax

Justin M. Kleiderer

Senior Vice President, Pipelines and Terminals

Yvette M. Longonje

Senior Vice President, Asset Optimization

Robert E. Moss

Senior Vice President, Houston Region Operations

Angie M. Murray

Senior Vice President, Technical Services

Phu V. Phan

Senior Vice President, Western Region Operations

Kevin M. Ramsey

Senior Vice President, Capital Projects

Zachary S. Strait

Senior Vice President, Unregulated NGLs

Karen D. Taylor

Senior Vice President, Human Resources

A. J. Teague Director, Co-CEO

the Board

and CFO

Harry P. Weitzel Director, EVP, General Counsel, and Secretary

Carin M. Barth Director

Rebecca G. Followill Director

James T. Hackett Director

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures

expenses (excluding amortization of major maintenance costs of reaction-based plants), non-cash asset impairment charges, gains and losses from asset sales and related matters, and general and administrative costs. Our calculation of gross operating margin may or may not be comparable to similarly titled measures used by other companies. The GAAP financial measure most directly comparable to total gross operating margin is operating income.

ADJUSTED EBITDA

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the financial performance of our assets without regard to financing methods, capital structures or historical cost basis; the ability of our assets to generate cash sufficient to pay interest and support our indebtedness; and the viability of projects and the overall rates of return on alternative investment opportunities. Since adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the adjusted EBITDA data presented in this Letter to Investors may not be comparable to similarly titled measures of other companies. The GAAP measure most directly comparable to adjusted EBITDA is net cash flows provided by operating activities.

DISTRIBUTABLE CASH FLOW NET INCOME ATTRIBUTABLE TO COMMON UNITHOLDERS (GAAP)

Adjustments to GAAP net income attributable to common unitholders to derive Non-GAAP distributable cash flow:

SUBTOTAL DISTRIBUTABLE CASH FLOW BEFORE PROCEEDS FROM ASSET SALES AND MONETIZATION OF INTEREST RATE DERIVATIVES

distributable cash flow to derive GAAP net cash flow provided by operating activities:

provided by operating activities to Adjusted Cash flow from

DISTRIBUTABLE CASH FLOW

Our management compares the distributable cash flow we generate to the cash distributions we expect to pay our partners. Using this metric, management computes our distribution coverage ratio. Distributable cash flow is an important Non-GAAP financial measure for our common unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flows at a level that can sustain our declared quarterly cash distributions. Distributable cash flow is also a quantitative standard used by the investment community with respect to publicly traded partnerships because the value of a partnership unit is, in part, measured by its yield, which is based on the amount of cash distributions a partnership can pay to a common unitholder. The GAAP measure most directly comparable to distributable cash flow is net cash flows provided by operating activities.

FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

Free cash flow (“FCF”) is a non-GAAP measure of how much cash a business generates after accounting for capital expenditures such as plants or pipelines. Additionally, Adjusted FCF is a non-GAAP measure of how much cash a business generates, excluding the net effect of changes in operating accounts, after accounting for capital expenditures. We believe that FCF is important to traditional investors since it reflects the amount of cash available for reducing debt, investing in additional capital projects and/or paying distributions. We believe that Adjusted FCF is also important to traditional investors for the same reasons as FCF, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received, or paid from period to period. Since we partner with other companies to fund certain capital projects of our consolidated subsidiaries, our determination of FCF and Adjusted FCF appropriately reflect the amount of cash contributed from and distributed to noncontrolling interests. Our use of FCF and Adjusted FCF for the limited purposes described above is not a substitute for net cash flows provided by operating activities, which the most comparable GAAP measure to FCF and Adjusted FCF.

ADJUSTED CASH FLOW FROM OPERATIONS

Adjusted Cash Flow from Operations (“Adjusted CFFO”) is a non-GAAP measure that represents net cash flow provided by operating activities before the net effect of changes in operating accounts. We believe that it is important to consider this non-GAAP measure as it can often be a better way to measure the amount of cash generated from our operations that can be used to fund our capital investments or return value to our investors through cash distributions and buybacks, without regard for fluctuations caused by timing of when amounts earned or incurred were collected, received, or paid from period to period. Our use of Adjusted CFFO for the limited purposes described above is not a substitute for net cash flows provided by operating activities, which the most comparable GAAP measure to Adjusted CFFO.

Company Profile

Cash Distributions

Enterprise has increased its cash distribution rate for 24 consecutive years. On January 5, 2023, Enterprise announced that the Board declared a quarterly cash distribution of $0.49 per common unit with respect to the fourth quarter of 2022, or $1.96 per unit on an annualized basis. This distribution was paid February 14, 2023 to unitholders of record as of the close of business on January 31, 2023. This quarterly distribution was a 5.4 percent increase over the distribution declared with respect to the fourth quarter of 2021.

The payment of any quarterly cash distribution is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and Board approval.

Publicly Traded Partnership Attributes

Enterprise is a publicly traded limited partnership, which operates in the following ways that are different from a publicly traded stock corporation:

• Unitholders own limited partnership units instead of shares of common stock and receive cash distributions rather than dividends.

• A partnership generally is not a taxable entity and does not pay

federal income taxes. All of the annual income, gains, losses, deductions or credits flow through the partnership to the unitholders on a per-unit basis. The unitholders are required to report their allocated share of these amounts on their income tax returns whether or not any cash distributions are paid by the partnership to its unitholders.

• Cash distributions paid by a partnership to a unitholder are generally not taxable, unless the amount of any cash distributed is in excess of the unitholder’s adjusted basis in their partnership interest.

Stock Exchange and Common Unit Information

Enterprise common units trade on the New York Stock Exchange under the ticker symbol EPD. Enterprise had 2,170,806,347 common units outstanding at January 31, 2023.

K-1 Information

Enterprise provides each unitholder a Schedule K-1 tax package that includes each unitholder’s allocated share of reportable partnership items and other partnership information necessary to be reported on state and federal income tax returns. The K-1 provides required tax information for a unitholder’s ownership interest in the partnership, just as a Form 1099DIV does for a stockholder’s ownership interest in a corporation.

Information concerning the partnership’s K-1s can be obtained by calling toll free 800.599.9985 or through the partnership’s website.

FORWARD-LOOKING STATEMENTS

Registered Public Accounting Firm

Deloitte & Touche LLP

Houston, TX

Transfer Agent, Registrar and Cash

Distribution Paying Agent

EQ Shareowner Services

1110 Centre Point Curve Suite 101 Mendota Heights, MN 55120 855.235.0839 shareowneronline.com

Additional Investor Information

Additional information about Enterprise, including our SEC annual report on Form 10-K, can be obtained by contacting Investor Relations by telephone at 866.230.0745, writing to the partnership’s mailing address or accessing the partnership’s website.

Headquarters Enterprise Products Partners L.P. Enterprise Plaza

1100 Louisiana Street, 10th Floor Houston, TX 77002-5227 713.381.6500

enterpriseproducts.com

Mailing Address

P.O. Box 4324

Houston, TX 77210-4324

This Letter to Investors includes “forward looking statements” as defined by the SEC. All statements, other than statements of historical fact, included herein that address activities, events or developments that Enterprise expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, such as the required approvals by regulatory agencies and the impact of competition, regulation and other risk factors included in the reports filed with the SEC by Enterprise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.