Enterprise Products Partners L.p. · NYSE:EPD

Enterprise Products Partners L.p — Merger or Acquisition (May 2004)

9 slides from Enterprise Products Partners L.p's merger presentation, May 12, 2004

  1. Slide 1: Enterprise & GulfTerra Merger

    Enterprise & GulfTerra Merger On December 15, 2003, Enterprise, GulfTerra and El Paso Corporation announced a multi-step transaction to merge Enterprise and GulfTerra Enterprise will be the surviving parent partnership GulfTerra will be a wholly-owned subsidiary Combined enterprise value of approxim

  2. Slide 2: Compelling Reasons for the Merger

    Compelling Reasons for the Merger Significantly increases diversity and scale of operations Provides balanced business mix and expansion to additional geographic areas Provides greater cash flow stability GulfTerra’s natural gas business will provide a natural hedge to Enterprise’s NGL business Prem

  3. Slide 3: Combination Reduces EPD's Sensitivity to Higher Natural Gas Prices

    Combination Reduces EPD’s Sensitivity to Higher Natural Gas Prices 46% decrease in overall operating income sensitivity Sensitivity defined as change from Baseline operating environment based on 2004 PIRA forecast ($3.94/MMBtu natural gas, $26.65/Bbl crude oil and 650-700 MBPD ethane demand) compare

  4. Slide 4: Enterprise and GulfTerra System Maps

    Enterprise and GulfTerra System Maps

  5. Slide 5: Generating Real Cash Flow: EBITDA EPD+GTM (Pro Forma)

    Generating Real Cash Flow EBITDA EPD+GTM (Pro Forma)

  6. Slide 6: Reconciliation of GAAP to Non-GAAP Financial Measures

    ENTERPRISE PRODUCTS PARTNERS L.P. Supplemental Information — Reconciliation of GAAP Financial Statements to Non-GAAP Financial Measures For the Year Ended December 31 mH 2002 SIT 200 oo) Reconciliation of Now GAAP “EBITDA to GAAP "Ne Income” an GAAP "Operating Activites Cash Flows et Income S 104s $

  7. Slide 7: Reconciliation of Non-GAAP Distributable Cash Flow to GAAP

    ‘Reconciliation of Non-GAAP "Distributable Cash Flow to GAAP "Net Income” and GLAP "Operating lctiites Cash Flows” Net Income Adjusts orsoncie Distal Cash Flo to Net Iason ‘Operating ease expense pad by EPCO (excluding ninety intrest portion) ‘Operating lease expense pid by EPCO (minty interest port

  8. Slide 8: Reconciliation of Non-GAAP Total Gross Operating Margin to GAAP Operating Income

    Reconciliation of Non-GAAP "Total Gross Operating Margin" to GAAP "Operating Income" Operating Income Adjustments to derive Total Gross Operating Ma Depreciation and amortization in operating costs and expenses Retained le .¢ expense, net, in operating costs and expenses Loss (gain) on sale ofassets

  9. Slide 9: Consolidated Historical Non-GAAP Reconciliations

    For Ye: ‘Consolidated Ended Decemb istorical 2001 2002, 2003 (Cnaudited, Dollars tn Millions) Reconciliation of Non-GAAP "Total Gross Operating Margin" to GAAP "Operating Income Operating Income $2868 $1944 $ 24B1—-§ S828 Adjustments to derive Total Gross Operating Margin Depreciation and amortizati

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