Enterprise Products Partners L.p. · NYSE:EPD
Enterprise Products Partners L.p — Investor Presentation (May 2026)
52 slides from Enterprise Products Partners L.p's investor presentation, May 2026
Slide 1: Investor Deck
Investor Deck May 2026 NYSE: EPD
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements based on the beliefs of the company, as well as assumptions made by, and information currently available to our management team (including information published by third parties). When used in this presentation, words s
Slide 3: Why EPD?
Why EPD? A-Rated Balance Sheet, 27 years of Distribution Growth, 6% Yield A Compelling Value Proposition Critical Energy Infrastructure Attractive Returns Support Focused on Responsibly Future Cash Flows Returning Capital Average Return on Invested Capital (1) $63B 12% Returned to Unitholders in Dis
Slide 4: Focusing on Value Creation for the Long-Term
Focusing on Value Creation for the Long-Term Financial Objectives Invest in midstream energy infrastructure at attractive returns on capital Grow cash flow per unit Commercial Strategy Responsibly return capital to investors Build a reliable and resilient integrated U.S. midstream energy company to
Slide 5: 2026 Outlook
2026 Outlook Outlook Project Execution + 2 Gas Processing Plants July 2025 Executing on NGL-focused infrastructure opportunities + P1 Neches River Terminal July 2025 $2.3–$2.6B expected organic growth + Frac 14 October 2025 spending, net of $0.6B in proceeds from asset sales + Bahia NGL Pipe
Slide 6: Balancing Cash Flow per Unit Growth with Capital Efficiency
Responsible Long-Term Value Creation Balancing Cash Flow per Unit Growth Expanding Buyback Program to with Capital Efficiency Enhance Shareholder Return Potential $Billions Common Unit Buyback Program 1.40 $6 Adj. CFFO/Unit +28.8% 1.30 $5 Billion $5 1.20 Debt & $3 Billion Program Preferreds +23.5% $
Slide 7: History of Cash Flow per Unit Durability
History of Cash Flow per Unit Durability A Track Record of Resilience COVID-19 $4.30 Financial Crisis Oil Price Collapse Pandemic $4.08 $3.87 $3.66 $3.44 (1) Operational DCF and Adjusted CFFO per Unit $3.01 $2.58 $2.15 $1.72 $1.29 $0.86 $0.43 $0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2
Slide 8: Distribution Stability and Growth Remains a Core Focus
Consistently Returning Capital to Unitholders Distribution Stability and Growth Remains a Core Focus 27 consecutive years of distribution growth and $63 Billion returned to unitholders via LP distributions & common unit buybacks since IPO $Billions $9 Moderated distribution $8 growth to self-fund eq
Slide 9: Returning Capital & Reinvesting in the Business
Responsible, Strategic Growth Returning Capital & Reinvesting in the Business $5.1 Billion of Capital Returned to Unitholders in the Form of Distributions & Buybacks for TTM 1Q 2026 $5.1 $5.0 $4.8 Capital Returned to Unitholders $4.5 $4.4 $4.4 $4.2 $4.1 $4.2 $4.2 $3.9 $3.9 $3.9 $3.8 Growth Capex $3.
Slide 10: Enterprise's History of Returning Capital
Enterprise’s History of Returning Capital Attractive, Long-Term Returns EPD’s Historical Return on Invested Capital ("ROIC")(1) (2) (3) 16% 14% 13% 13% 13% 13% 13% 13% 13% 12% 13% 13% 12% 12% 12% 12% 12% 11% 11% 11% 11% 11% 11% 10% 10% 8% 6% 4% 2% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 11: EPD's Role in Building a Resilient Portfolio
EPD’s Role in Building a Resilient Portfolio Recession Resistant • Businesses have a high degree of inelastic demand from providing integral infrastructure services to producers and consumers of energy and energy products Inflation Protection • Approximately 90% of long-term contracts have escalatio
Slide 12: Setting the Standard for Balance Sheet Strength
Setting the Standard for Balance Sheet Strength Net Leverage Distribution Ratio Coverage 4.25x 2.1x (1) A- / A- / A3 4.00x 1.9x Highest credit rating in the midstream space 3.75x 1.7x A- A- A- 3.50x 1.5x ≈$3.3B of liquidity 3.25x 1.4x Ample liquidity, allowing for flexibility and opportunity BBB+ BB
Slide 13: A Fully Integrated Midstream Energy Company
Enterprise Products Partners L.P. A Fully Integrated Midstream Energy Company Our Platform NGLs, Crude Oil, Natural Gas, Petrochemicals and Refined Products >50,000 46 Natural Gas Miles Processing of Pipeline Trains >300 27 MMBbls of Fractionators Liquids Storage 2 21 PDH (1) Deepwater Docks 2 (1) i
Slide 14: NGL Focused with Benefit of Diversification
Integrated Value Chain NGL Focused with Benefit of Diversification $10.2B Natural Gas Liquids Natural Crude Petchem & Crude Natural TTM 1Q 2026 (“NGLs”) Gas Oil Ref. Products Ref. Products Oil Gas Total Segment Gross Operating Margin 55% 16% 17% 14% 14% 14% Simplified NGL Value Chain Marine Terminal
Slide 15: $5.3B of Major Capital Projects Under Construction
Growth Capital Expenditures (1) $5.3B of Major Capital Projects Under Construction Highlighted Major Capital Projects(1) Forecast In-service Forecasted Annual Growth Capex Range Permian Basin 4 Delaware Basin & Midland Basin Natural Gas Gathering, Gathering 2026–2027 Compression & Treating & Treatin
Slide 16: EPD Permian NGL Value Chain
EPD Permian NGL Value Chain Rooted in Organic Growth, Enhanced by Strategic Acquisitions Sour Gas Treating Expanding to 450 MMcf/d capacity with 2 acid gas injection (“AGI”) wells Gas Processing 19 Permian plants with > 4 Bcf/d inlet processing capacity MIDLAND BASIN H2S Long-Haul Transportation CO2
Slide 17: Plant Additions Benefit Downstream NGL Infrastructure
EPD Permian NGLs Plant Additions Benefit Downstream NGL Infrastructure EPD Permian Gas Process Plant Capacity EPD Permian NGL Pipeline Volume(1) # of plants total capacity 25 6 1200 Midland Plant 3Q 27 Delaware Plant 4Q 27 Permian Inlet Volumes Mentone W2 (Delaware) 1Q 26 CAGR 2020 – 2027: 19% Athen
Slide 18: Gas Gathering Assets Acquired from Occidental
Midland Basin Gathering & Processing (1) Gas Gathering Assets Acquired from Occidental Strategic acquisition to expand our Midland Basin footprint • $583MM purchase price; meaningful cash flow contributions beginning in 2027, expecting mid- teens return • ≈200 miles of gathering pipeline that suppor
Slide 19: Treating & Acid Gas Injection Assets Acquired from Pinon Midstream
Delaware Basin Sour Gas Infrastructure (1) Treating & Acid Gas Injection Assets Acquired from Pinon Midstream Extending the Value Chain with Essential Sour Gas Gathering Services for Sour Gas Production & Treating Gas Processing • Eastern ⅓ of the Delaware Basin in Lea County, NM contains liquids-ri
Slide 20: Bahia Expansion & Extension
Bahia Expansion & Extension Leveraging Economies of Scale BAHIA EXPANSION • Increase capacity to 1,000 MBPD by adding pump stations HOBBS • Brings Exxon production and 3rd party volumes on to Bahia AREA • Undivided Joint Interest in Bahia; Ownership Structure: Enterprise 60% / Exxon 40% EPD NGL MARK
Slide 21: Selected Major Projects Under Construction
Expanding & Enhancing the Value Chain Selected Major Projects Under Construction Neches River NGL Export Facility Expanding & Diversifying Export Footprint | P1: In-service & P2: 2Q 2026 Mont Belvieu Neches River • New build facility located on the Neches River in Orange County, TX Export Facility •
Slide 22: EPD Gulf Coast Export Expansions
EPD Gulf Coast Export Expansions (1) Ethylene & Ethane LPG MBPD MBPD 600 1,495 MBPD 1,500 540 MBPD 360 MBPD Propane- Neches River Capable Flex 500 Flex Capacity 1,200 Neches River Flex 400 300 MBPD EHT Ethane- Expansion Capable Flex Capacity 900 835 MBPD Morgan’s 1,135 MBPD 300 Point Flex Dedicated
Slide 23: 2026 Update: Fundamentals Outlook
Fundamentals Outlook 2026 Update U. S . P R ODUC T I ON T R EN DS O P EC + • U.S. shale producers showed capital discipline in 2025 and we • UAE leaves OPEC – Reduces OPEC’s ability to control supply expect no change in 2026; increased growth in production will demand balance, Most of spare capacity
Slide 24: Will U.S. Producers Remain 'Disciplined'?
Will U.S. Producers Remain ‘Disciplined’? WTI: Past, Present, and Future $/Barrel 110 Historical Forward Curve 100 90 80 70 60 50 Feb-24 Feb-25 Feb-26 Feb-27 Feb-28 Feb-29 Aug-23 Nov-23 Aug-24 Nov-24 Aug-25 Nov-25 Aug-26 Nov-26 Aug-27 Nov-27 Aug-28 Nov-28 May-23 May-24 May-25 May-26 May-27 May-28 WT
Slide 25: EPD U.S. Production Forecast
EPD U.S. Production Forecast April 2026 Update Oil NGLs 15 9.5 9.0 14 8.5 13 8.0 MMBPD MMBPD 12 7.5 2025: 13.5 MMBPD 2025: 8.0 MMBPD 2027: 13.9 (+0.4) MMBPD 7.0 2027: 8.5 (+0.5) MMBPD 11 2030: 14.4 (+0.9) MMBPD 2030: 9.0 (+1.0) MMBPD 14.5 MMBPD (2025 Forecast) 6.5 9.1 MMBPD (2025 Forecast) 10 6.0 To
Slide 26: Permian Basin
Permian Basin A Prolific Oil Basin with Substantial Rich Gas/NGLs from “Stacks of Pay” Oil Gas Gas Multiple Layers “Stacked Pays” Source: EPD Fundamentals © All Rights Reserved. Enterprise Products Partners L.P. enterpriseproducts.com 26
Slide 27: Permian Remaining Locations
Permian Remaining Locations Outlook of Future Inventory by Key Operators • Top 10 Permian Operators account for over 75% of remaining inventory with a 25% rate of return on a $60 barrel; • Total inventory (80,000 locations @ $60) is a “moving target” as technology and efficiencies continue to evolve
Slide 28: EPD Permian Production Forecast
EPD Permian Production Forecast April 2026: Permian Rich Gas & NGLS Growing 1.6x Faster than Crude Oil NGLs 8.0 5.0 7.5 4.5 7.0 6.5 +15% Growth 4.0 +24% Growth 2025 to 2030 2025 to 2030 MMBPD MMBPD 6.0 3.5 (≈1.6x rate of Crude Growth) 5.5 2025: 6.5 MMBPD 3.0 2025: 3.8 MMBPD 5.0 2027: 7.1 (+0.6) MMBP
Slide 29: Permian Basin Trends: Productivity & Longevity
Permian Basin Trends Productivity & Longevity Annual Production Averages 2025 Actuals 2 0 3 0 O ut l o o k 7.5 MMBPD CRUDE OIL 6.5 MMBPD (+ 1.0 MMBPD Growth) 2025: 7.6 MMBPD 35.4 Bcf/d TOTAL NATURAL GAS 28.7 Bcf/d (+ 6.7 Bcf/d Growth) 2025: 33.9 Bcf/d 4.7 MMBPD NGLs 3.8 MMBPD (+ 0.9 MMBPD Growth) 20
Slide 30: GOR Trends in the Permian
GOR (Gas:Oil Ratio) Trends in the Permian Average Gas Peak Rates per Well Continue to Trend Upward Total Permian Delaware NM 2.50 2,000 3.00 3,000 2.25 1,500 2.50 2,500 GAS RATE (MCFD) GAS RATE (MCFD) GOR (MCF/BBL) GOR (MCF/BBL) 2.00 1,000 2.00 2,000 2.55 2.64 2.54 2.24 2.44 2.42 2.42 2.12 2.16 2.17
Slide 31: New & Improved Permian Gas Curve
New & Improved Permian Gas Curve GORs Rising Due to Shallower Declines • Average Permian Basin gas curve • Compounding effect 2,000 • 485 new wells/month Previously “unaccounted for” production (+ ≈100 Mcf/d per well) • Over 18 month period, new curve adds over 200 Bcf & 26.5 MMbbl of NGLs (≈365 MMc
Slide 32: What Comes with a new Barrel of Permian Oil?
What Comes with a new Barrel of Permian Oil? Rich Gas & NGLs Ratios Continue to Grow in the Permian Basin Previous (2022) Today (2025) 28% 0.64 Barrel* NATURAL Natural Gas 25% 0.5 Barrel* GAS (3.78 Mcf) NATURAL Natural Gas GAS (3 Mcf) 0.5 Barrel 29% 0.66 Barrel 25% NGLs 0000 NGLs NGLs NGLs 50% 1 Bar
Slide 33: Permian Natural Gas Takeaway
Permian Natural Gas Takeaway New Takeaway Capacity Crucial to Avoid Price Impact MMcfd 35 Announced Pipeline Capacity (no FID) 30 Permian Gas Production 25 Additional Pipeline Capacity (FID) 20 15 10 Existing Gas Pipeline Capacity 5 Forecast 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2
Slide 34: Natural Gas Demand Outlook
Natural Gas Demand Outlook Growth in U.S. Gas Demand by Type Low High • Global gas & power demand growth 2025–2030 in Bcf/d driven by economic growth, AI/data End Use – Res / Com/ Industrial 1 2 center infrastructure, and incremental industrial demand Power Generation – Non-AI 0 1 AI & Data Centers
Slide 35: Simplified Crude, Natural Gas, Ethane and LPG Balances
Exporting the U.S. Surplus Simplified Crude, Natural Gas, Ethane and LPG Balances MMBPD 25 Crude Oil Bcf/d Dry Natural Gas 140 20 ≈5.5 MMBPD 120 Export Potential ≈35 Bcf/d 15 Export Potential 100 10 Domestic 80 Demand Domestic 5 Demand 60 0 40 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2
Slide 36: Demand for LPG Continues to Exceed All Expectations
World Appetite For LPG Keeps Growing Demand for LPG Continues to Exceed All Expectations • EPD expects LPG demand to remain strong with ≈300 MBPD of growth annually • Heating and human needs in Non-OECD nations drive continued growth • Global demand growth will absorb growing LPG supply from USA and
Slide 37: The World Will Continue to Need U.S. LPGs
Waterborne LPG Supply/Demand The World Will Continue to Need U.S. LPGs 5,000 SUPPLY DEMAND OTHER AFRICA 4,500 OTHER 4,000 EUROPE OTHER ASIA INDIA 3,500 3,000 MIDDLE EAST EUROPE MBPD 2,500 2,000 OTHER ASIA 1,500 1,000 USA 500 CHINA 0 Total Waterborne LPG: 4.9 MMBPD with Asia importing ≈65% • U.S. pro
Slide 38: U.S. is a Low-Cost Supplier of NGLs to the World
The U.S. Advantage U.S. is a Low-Cost Supplier of NGLs to the World $/MMBtu $30 $25 Asia Gas Oil $20 EU Gas Oil LNG - Asia Natural Gas - EU $15 International Propane - Asia Demand Market Value Propane - Europe $10 Propane U.S. $5 U.S. Supply Price U.S. Nat Gas Ethane - U.S. $0 DEC 26 DEC 27 JUN 26 S
Slide 39: U.S. Responsible for Global LPG Export Growth
U.S. Responsible for Global LPG Export Growth Growth Driven by Residential Market; >70% of Global LPG Demand The U.S. is the leading exporter of LPGs globally, which displaces coal and biomass. (1) The U.S. holds ≈47% of the global waterborne LPG exports MBPD LPG Waterborne Export Growth by Country
Slide 40: U.S. Ethane Feeds Global Petchem Demand
U.S. Ethane Feeds Global Petchem Demand Ethane Exported in Many Forms Over 40% of U.S. Ethane produced is exported as Ethane, Ethylene or Pellets US Ethane, Ethylene & Derivative Exports MBPD in Ethane Equivalent MBPD 1,400 1,200 1,000 (1) 800 Ethylene Derivatives Ethylene 600 400 Ethane 200 - 2017
Slide 41: Appendix
Appendix Financials & Non-GAAP Reconciliations
Slide 42: Natural Gas Processing Contract Mix
Natural Gas Processing Contract Mix As of 1Q 2026 Inlet Gas of 8.3 Bcf/d Keepwhole, 5% • Rockies Column1 (2) Equity NGL Production (MBPD) %-of-Proceeds / NGLs, 7% • South Texas EPD Elects to Producer Elects to • Louisiana Region Extract Ethane Extract Ethane Rockies 54 37 • Delaware Basin Texas 202
Slide 43: Enterprise Marine Terminals
Enterprise Marine Terminals Volumes Remain Resilient EPD NGL marine terminal volumes averaged 995 MBPD in TTM 1Q 2026 EPD crude marine terminal volumes averaged 796 MBPD in TTM 1Q 2026 EPD petrochemical & refined products marine terminal volumes averaged 347 MBPD in TTM 1Q 2026 250 200 150 MMBbls 10
Slide 44: LPG Combats Energy Poverty
LPG Combats Energy Poverty ≈500 Million Lives Changed by LPG Since 2010 What is LPG? • Propane and butane, both natural gas liquids, are collectively referred to Population Without Access Region to Clean Cooking as Liquified Petroleum Gas (“LPG”) 2010 2023 • LPG is bottled, distributed, and sold in
Slide 45: Everyday Products Made From Oil
Everyday Products Made From Oil >96% of Manufactured Goods are Touched by Oil and Gas Through Petrochemicals Renewable Electronics Asphalt Energy Materials Medicines Plastics Cosmetics Cleaning Products Products such as A building block of Oil is needed to create 99% of Oil and gas derivatives Deodo
Slide 46: Global Population Growth Drives Energy "Addition"
Global Population Growth Drives Energy “Addition” Historical Energy Demand by Source vs. Population Growth 120,000 9.0 “Energy is not just a commodity – it is the foundation of the modern world.” - Daniel Yergin Solar 100,000 7.5 Wind 80,000 6.0 Annual Energy Usage (MMBOE) Population (Billions) 60,0
Slide 47: Definitions
Definitions Operational DCF is Distributable Cash Flow (“DCF”) excluding the impact of proceeds from asset sales and other matters and monetization of interest rate derivative instruments. Operational DCF per Unit represents DCF excluding proceeds from asset sales and other matters and monetization
Slide 48: Distributable Cash Flow and Operational DCF
Distributable Cash Flow and Operational DCF We measure available cash by reference to DCF, which is a non-GAAP cash flow measure. DCF is an important financial measure for our limited partners since it serves as an indicator of our success in providing a cash return on investment. Specifically, this
Slide 49: Gross Operating Margin
Gross Operating Margin We evaluate segment performance based on our financial measure of gross operating margin. Gross operating margin is an important performance measure of the core profitability of our operations and forms the basis of our internal financial reporting. We believe that investors b
Slide 50: Adjusted CFFO and Adjusted FCF
Adjusted CFFO and Adjusted FCF Adjusted CFFO is a non-GAAP measure that represents net cash flow provided by operating activities ("CFFO") 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 meas
Slide 51: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for cash distributions received from unconsolidated affiliates, equity in income of unconsolidated affiliates, non-cash impairment charges, changes in the fair market value of commod
Slide 52: Investor Relations Contact Information
Investor Relations Contact Information Joe Theriac Vice President, Finance & Investor Relations Gayl Fogata Manager, Investor Relations Phone : (866) 230-0745 Email: investor.relations@eprod.com © All Rights Reserved. Enterprise Products Partners L.P. enterpriseproducts.com 52
Enterprise Products Partners — Investor Presentation (May 2026) on 6ix