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.

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