Enterprise Reports Record Results for 2012

  Enterprise Reports Record Results for 2012

Business Wire

HOUSTON -- January 31, 2013

Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced
its financial results for the three months and year ended December 31, 2012.
For the year ended 2012, Enterprise reported records for each of the
following: net income of $2.4 billion; earnings per unit of $2.71 on a fully
diluted basis; gross operating margin of $4.4 billion; and distributable cash
flow of $4.1 billion, which included $1.2 billion of cash proceeds from sales
of assets.

“Enterprise had another record year in 2012,” stated Michael A. Creel,
president and CEO of Enterprise. “We benefited from record volumes in our
fee-based businesses attributable to production growth, primarily in the Eagle
Ford and Haynesville shale plays, and from strong domestic and international
demand for NGLs, particularly from the U.S. petrochemical industry and
exports. In 2012, our integrated pipeline system transported a record 4.3
million barrels per day of NGLs, crude oil, refined products and
petrochemicals and a record 14.5 trillion Btus per day of natural gas; while
our NGL fractionators averaged a record 659,000 barrels per day and our
processing plants handled a record 4.4 billion cubic feet per day of natural
gas on a fee basis.”

“We generated $4.1 billion of distributable cash flow and increased our cash
distributions with respect to 2012 by 5.6 percent to $2.57 per unit.
Enterprise has increased its cash distribution rate for each of the last 34
consecutive quarters, the longest period for any of the publicly traded energy
partnerships, and in excess of 5 percent for each of the last eight years. In
2012, we retained approximately $1.9 billion of cash flow to reinvest in our
growth projects and reduce our need to issue additional equity. Excluding $1.2
billion of proceeds from the sales of non-core assets, our distributable cash
flow was $2.9 billion, providing 1.3 times coverage of the distributions paid
with respect to 2012,” said Creel.

“In 2012, we successfully completed and began operations for major growth
projects totaling $2.9 billion of investment. Most of these projects were
completed on or under budget and on time or ahead of schedule. During the
fourth quarter of 2012, we completed $1.2 billion of large projects including
our sixth NGL fractionator at Mont Belvieu, Texas in October 2012 and the
expansion of our natural gas and NGL pipeline systems serving the Eagle Ford
shale in South Texas. Earlier this week, we began commissioning the third
train at our natural gas processing plant near Yoakum, Texas serving Eagle
Ford shale producers. We expect this train to begin commercial operations at
the beginning of March. These projects are contributing new sources of gross
operating margin and distributable cash flow, and we expect to see the full
benefit of these assets as volumes increase over the next few years,”
continued Creel.

“Our commercial, engineering and operations teams are doing a great job
developing growth and expansion opportunities to meet the needs of our energy
producing and consuming customers. We have announced approximately $7.2
billion of major capital projects under construction that are scheduled to
begin commercial operations from 2013 to 2015. Approximately $2.4 billion of
these projects are expected to begin operations and start generating cash flow
in 2013. The revenues associated with these projects are predominately
fee-based and the larger projects have the additional assurance of demand
revenues or minimum volume commitments,” stated Creel.

“In 2013, we expect continuing volume and gross operating margin growth from
our fee-based natural gas processing activities, NGL pipelines and
fractionators and crude oil pipelines and storage facilities as these growth
projects begin operations. We also expect our natural gas processing margins
will be lower in 2013 than 2012 due to lower ethane prices, and that our
equity NGL production will be lower as our natural gas processing business
continues to transition to a more fee-based business. We expect the growth in
our fee-based businesses will offset the potential decrease in gross operating
margin from the commodity portion of our natural gas processing business and,
moreover, will support our distribution growth in 2013,” said Creel.

“Over the past three years, we have simplified our partnership structure to
capture organizational and operational efficiencies while eliminating inherent
conflicts of interest. We also lowered our cost of capital by eliminating our
general partner’s incentive distribution rights. These actions improve the
cash accretion associated with our growth capital projects for the benefit of
our limited partners. We believe we are well capitalized and have good access
to the capital markets to fund our capital program. We want to thank our debt
and equity investors again for their continued support in 2012. Our activities
are creating U.S. jobs and building infrastructure to support the development
of North American energy resources that will reduce our nation’s reliance on
imports. These investments also enhance the role and value of our
partnership,” concluded Creel.

Fourth Quarter 2012 Highlights

  *Enterprise reported record gross operating margin of $1.2 billion,
    adjusted earnings before interest, taxes, depreciation and amortization
    (“Adjusted EBITDA”) of $1.1 billion, net income of $617 million and
    earnings per unit of $0.68 on a fully diluted basis. Adjusted EBITDA and
    net income for the fourth quarter of 2012 included non-cash charges
    totaling $27 million, or a loss of $0.03 per unit on a fully diluted
    basis, for asset impairments and similar charges. This compares to gross
    operating margin of $1.1 billion, Adjusted EBITDA of $1.2 billion, net
    income of $726 million and earnings per unit of $0.82 on a fully diluted
    basis for the fourth quarter of 2011. Adjusted EBITDA and net income for
    the fourth quarter of 2011 included a net benefit of $108 million, or
    $0.12 per unit on a fully diluted basis, primarily due to gains from the
    sales of assets.

                                               
                                Three months ended          Year ended
                                December 31,             December 31,
                                2012       2011       2012       2011
            ($ in
            millions,                                              
            except per
            unit amounts)
            Gross
            operating           $ 1,162       $ 1,101       $ 4,387       $ 3,872
            margin ^(1)
            Net income          $ 617         $ 726         $ 2,428       $ 2,088
            ^(2)
            Fully diluted
            earnings per        $ 0.68        $ 0.82        $ 2.71        $ 2.38
            unit ^(2)
            Adjusted
            EBITDA              $ 1,132       $ 1,198       $ 4,330       $ 3,960
            ^(1)(2)
            Distributable
            cash flow           $ 886         $ 1,429       $ 4,133       $ 3,757
            ^(1)(3)
                                                                            

           
                    Gross operating margin, Adjusted EBITDA and distributable
            (1)     cash flow are non-generally accepted accounting principle
                    (“non-GAAP”) financial measures that are defined and
                    reconciled later in this press release.
                    
                    Adjusted EBITDA and net income for the three months ended
                    December 31, 2012 included non-cash charges totaling $27
                    million, or a loss of $0.03 per unit on a fully diluted
            (2)     basis, for asset impairments and similar charges. Adjusted
                    EBITDA and net income for the three months ended December
                    31, 2011 included a net benefit of $108 million, or $0.12
                    per unit on a fully diluted basis, primarily due to gains
                    from the sale of assets.
                    
                    For the year ended December 31, 2012, Adjusted EBITDA and
                    net income included a net benefit of $18 million, or $0.02
                    per unit on a fully diluted basis, attributable to net
                    gains from the sales of assets and insurance recoveries
                    partially offset by non-cash asset impairment and similar
                    charges. For the year ended December 31, 2011, Adjusted
                    EBITDA and net income included a net benefit of $128
                    million, or $0.15 per unit on a fully diluted basis,
                    primarily attributable to net gains from the sale of
                    assets.
                    
                    Distributable cash flow for the three months ended
                    December 31, 2012 and 2011 included proceeds from sales of
            (3)     assets of $31 million and $593 million, respectively.
                    Distributable cash flow for the year ended December 31,
                    2012 and 2011 included proceeds from sales of assets of
                    $1.2 billion and $1.0 billion, respectively.
                    

  *Enterprise increased its cash distribution with respect to the fourth
    quarter of 2012 to $0.66 per unit, or $2.64 per unit on an annualized
    basis, which represents a 6.5 percent increase from the distribution rate
    paid with respect to the fourth quarter of 2011. This is the 34th
    consecutive quarterly increase and the 43rd increase since the
    partnership’s initial public offering in 1998. The distribution with
    respect to the fourth quarter of 2012 will be paid on February 7, 2013 to
    unitholders of record as of the close of business on January 31, 2013;
  *Enterprise reported distributable cash flow of $886 million for the fourth
    quarter of 2012, which provided 1.5 times coverage of the $0.66 per unit
    cash distribution that will be paid to common unitholders. Enterprise
    retained approximately $308 million of distributable cash flow for the
    fourth quarter of 2012. Distributable cash flow for the fourth quarter of
    2012 included $31 million of net proceeds from sales of assets;
  *Enterprise’s NGL, crude oil, refined products and petrochemical pipeline
    volumes for the fourth quarter of 2012 increased 13 percent to a record
    4.5 million barrels per day (“BPD”) compared to the fourth quarter of
    2011. Total natural gas pipeline volumes were 14.2 trillion British
    thermal units per day (“TBtud”) for both the fourth quarters of 2012 and
    2011. NGL fractionation volumes for the fourth quarter of 2012 increased
    15 percent to a record 707 thousand barrels per day (“MBPD”). Equity NGL
    production for the fourth quarter of 2012 decreased 14 percent to 96 MBPD,
    while fee-based natural gas processing volumes for the fourth quarter of
    2012 increased 15 percent to a record 4.7 billion cubic feet per day
    (“Bcfd”);
  *Enterprise made capital investments of approximately $1.2 billion during
    the fourth quarter of 2012, including $84 million of sustaining capital
    expenditures;
  *Enterprise had consolidated liquidity (defined as unrestricted cash on
    hand and available borrowing capacity under its revolving credit facility)
    at December 31, 2012 of approximately $3.2 billion; and
  *Affiliates of privately-held Enterprise Products Company, which
    collectively own our general partner and approximately 38 percent of our
    outstanding limited partner interests, have expressed their willingness to
    consider investing at least $100 million during 2013 to purchase
    additional common units from Enterprise Products Partners L.P. The first
    such purchase is expected to be $25 million through the partnership’s
    distribution reinvestment plan for the distribution to be paid on February
    7, 2013.

Review of Fourth Quarter 2012 Results

Net income for the fourth quarter of 2012 was $617 million versus $726 million
for the fourth quarter of 2011. Net income attributable to limited partners
for the fourth quarter of 2012 was $0.68 per unit on a fully diluted basis
compared to $0.82 per unit on a fully diluted basis for the fourth quarter of
2011. Net income for the fourth quarter of 2012 included losses aggregating
$27 million, or a loss of $0.03 per unit on a fully diluted basis, for
non-cash asset impairments and similar charges. Net income for the fourth
quarter of 2011 included a net benefit of $108 million, or $0.12 per unit on a
fully diluted basis, primarily due to gains from the sales of assets.

On January 14, 2013, we announced that the Board of Directors of Enterprise’s
general partner approved an increase in the partnership’s quarterly cash
distribution rate with respect to the fourth quarter of 2012 to $0.66 per
unit, representing a 6.5 percent increase over the $0.62 per unit rate that
was paid with respect to the fourth quarter of 2011. Enterprise generated
distributable cash flow of $886 million for the fourth quarter of 2012
compared to $1.4 billion for the fourth quarter of 2011. Distributable cash
flow for the fourth quarter of 2012 included $31 million of net proceeds from
the sale of assets, while distributable cash flow for the fourth quarter of
2011 included $593 million of cash proceeds from the sale of assets.

Enterprise’s distributable cash flow for the fourth quarter of 2012 provided
1.5 times coverage of the cash distributions that will be paid on February 7,
2013 to unitholders of record on January 31, 2013. The partnership retained
approximately $308 million of cash flow for the fourth quarter of 2012, which
is available to reinvest in growth capital projects, reduce debt and decrease
our need to issue additional equity.

“The fourth quarter of 2012 demonstrated the benefits of our investments in
fee-based businesses serving the growing shale plays. Despite our natural gas
processing and related NGL marketing business reporting a $66 million decrease
in gross operating margin compared to the fourth quarter of 2011, primarily
due to lower NGL prices and equity NGL production, Enterprise reported record
gross operating margin of $1.2 billion for the fourth quarter of 2012 driven
by record NGL, crude oil, refined products and petrochemical pipeline volumes
of 4.5 million barrels per day, record NGL fractionation volumes of 707,000
barrels per day and record fee-based natural gas processing volumes of 4.7
billion cubic feet per day. This was a $61 million increase in gross operating
margin compared to the fourth quarter of 2011. Likewise, our distributable
cash flow, excluding the proceeds from sale of assets, was also a record $855
million in the fourth quarter of 2012, a $39 million increase compared to the
fourth quarter of 2011.

Review of Segment Performance for the Fourth Quarter of 2012

NGL Pipelines & Services – Gross operating margin for the NGL Pipelines &
Services segment was $632 million for the fourth quarter of 2012 compared to
$635 million for the same quarter of 2011.

Enterprise’s natural gas processing and related NGL marketing business
generated gross operating margin of $330 million for the fourth quarter of
2012 compared to $396 million for the fourth quarter of 2011. This $66 million
decrease was largely due to the effects of a decrease in NGL prices and
natural gas processing margins as well as a decrease in equity NGL production
from our Rocky Mountain, Permian Basin and East Texas natural gas processing
plants. These decreases were partially offset by an increase in gross
operating margin from higher fee-based processing volumes at our South Texas
and Louisiana facilities. The South Texas facilities include two processing
trains at our new Yoakum, Texas natural gas processing complex that began
operations in mid-2012. Enterprise’s equity NGL production (the NGLs that the
partnership earns title to as a result of providing processing services)
decreased to 96 MBPD for the fourth quarter of 2012 compared to 112 MBPD for
the fourth quarter of 2011 largely due to a decrease in ethane volume
extracted in the fourth quarter of 2012. Enterprise reported a 15 percent
increase in fee-based processing volumes to a record 4.7 Bcfd for the fourth
quarter of 2012 compared to 4.1 Bcfd for the fourth quarter of 2011.

Gross operating margin from the partnership’s NGL pipelines and storage
business increased $50 million to $220 million for the fourth quarter of 2012
from $170 million for the fourth quarter of 2011. Enterprise’s South Texas NGL
pipelines, which include the new Eagle Ford NGL pipeline completed in
mid-2012, reported a $27 million increase in gross operating margin on higher
volumes. Gross operating margin from our NGL export dock on the Houston Ship
Channel and a related pipeline increased $8 million due to higher volumes
during the fourth quarter of 2012. The remainder of the increase in gross
operating margin for this business in the fourth quarter of 2012 was
attributable to over twenty NGL pipelines and storage and terminal facilities.
NGL pipeline volumes were a record 2.5 million BPD for the fourth quarter of
2012, a 269 MBPD increase from the fourth quarter of 2011.

Enterprise’s NGL fractionation business reported record gross operating margin
of $82 million for the fourth quarter of 2012 compared to $69 million reported
for the same quarter of 2011. This increase was attributable to a $24 million
increase in gross operating margin at the partnership’s Mont Belvieu
fractionators on a 100 MBPD increase in volume, which more than offset an $11
million decline in gross operating margin from Norco due to lower volumes and
NGL prices. Enterprise began operations at its sixth NGL fractionator at Mont
Belvieu in October 2012. Fractionation volumes for the fourth quarter of 2012
increased 15 percent to a record 707 MBPD compared to the same quarter in
2011.

Onshore Natural Gas Pipelines & Services – Enterprise’s Onshore Natural Gas
Pipelines & Services segment reported an $11 million increase in gross
operating margin for the fourth quarter of 2012 to a record $210 million from
$199 million for the fourth quarter of 2011. Total onshore natural gas
pipeline volumes were 13.4 TBtud in the fourth quarter of 2012 compared to
13.2 TBtud in the fourth quarter of 2011.

Gross operating margin from the Texas Intrastate system increased $18 million
from the fourth quarter of 2011 on a 9 percent increase in pipeline volumes,
including growing production from the Eagle Ford Shale. The Acadian Gas system
reported a $14 million increase in gross operating margin as a result of a
full quarter of operations from its Haynesville Extension pipeline, which
began operations on November 1, 2011. The Jonah, Haynesville, San Juan and
Fairplay gathering systems reported an aggregate $12 million decrease in gross
operating margin for the fourth quarter of 2012 compared to the fourth quarter
of 2011 on an aggregate net decrease in volumes of 378 billion British thermal
units per day (“BBtud”). Enterprise had a $5 million decrease in gross
operating margin from our Mississippi natural gas storage facilities, which
were sold in December 2011.

Onshore Crude Oil Pipelines & Services – Gross operating margin from the
partnership’s Onshore Crude Oil Pipelines & Services segment increased to $135
million for the fourth quarter of 2012 from $67 million for the fourth quarter
of 2011. This increase in gross operating margin for the fourth quarter of
2012 was attributable to increased pipeline volumes, primarily on the Seaway
pipeline and Eagle Ford production growth handled by our South Texas
pipelines; improved results from our Cushing storage facility; and higher
crude oil marketing volumes and margins. Total onshore crude oil pipeline
volumes increased 32 percent to a record 897 MBPD for the fourth quarter of
2012 from 680 MBPD for the fourth quarter of 2011.

Offshore Pipelines & Services – Gross operating margin for the Offshore
Pipelines & Services segment was $42 million for the fourth quarter of 2012
compared to $60 million for the same quarter of 2011.

The Independence Hub platform and Trail pipeline reported a $20 million
decrease in aggregate gross operating margin to $14 million for the fourth
quarter of 2012 from $34 million for the fourth quarter of 2011 attributable
to lower demand fee revenues and lower volumes. The Independence Hub platform
earned demand fee revenues of approximately $4.6 million per month over a
60-month period that began when it commenced operations in March 2007 until
that period expired in March 2012. Natural gas volumes on the Independence
Trail pipeline were 313 BBtud for the fourth quarter of 2012 compared to 429
BBtud reported for the fourth quarter of 2011. Total offshore natural gas
pipeline volumes (including those for Independence Trail) decreased 275 BBtud
to 786 BBtud for the fourth quarter of 2012 compared to the fourth quarter of
2011.

Gross operating margin from Enterprise’s offshore crude oil pipeline business
was $26 million for the fourth quarter of 2012 compared to $20 million for the
fourth quarter of 2011 primarily due to improved results from the
Constitution, Poseidon and Cameron Highway pipelines. Total offshore crude oil
pipeline volumes increased 54 MBPD to 336 MBPD in the fourth quarter of 2012
from 282 MBPD in the same quarter of 2011. Enterprise’s crude oil pipeline
volumes for the fourth quarter of 2012 were the highest since the federal
government initiated its temporary drilling moratorium in June 2010.

Petrochemical & Refined Products Services – Gross operating margin for the
Petrochemical & Refined Products Services segment was $143 million in the
fourth quarter of 2012 compared to $137 million in the fourth quarter of 2011.

The partnership’s propylene business reported gross operating margin of $34
million for the fourth quarter of 2012 compared to $44 million in the fourth
quarter of 2011 primarily due to lower volumes and sales margins and higher
operating expenses. Propylene fractionation volumes were 69 MBPD in the fourth
quarter of 2012 compared to 75 MBPD for the same quarter of 2011. Related
propylene pipeline volumes were 116 MBPD during the fourth quarter of 2012
compared to 119 MBPD in the fourth quarter of 2011.

Enterprise’s butane isomerization business reported gross operating margin of
$25 million in the fourth quarter of 2012 compared to $32 million in the
fourth quarter of 2011 due to a decrease in isomerization volumes and lower
revenues from the sales of by-products. Butane isomerization volumes during
the fourth quarter of 2012 were 93 MBPD compared to 106 MBPD in the fourth
quarter of 2011.

Gross operating margin for Enterprise’s octane enhancement and high-purity
isobutylene business was $13 million for the fourth quarter of 2012 compared
to $27 million for the fourth quarter of 2011 largely due to lower volumes as
our octane enhancement plant began its annual turnaround in December 2012,
which has historically been done in the first quarter. The octane enhancement
plant completed its turnaround and returned to full operations in mid-January
2013.

Enterprise’s refined products pipelines and related services business reported
gross operating margin of $53 million for the fourth quarter of 2012 compared
to $18 million for the fourth quarter of 2011. This $35 million increase in
gross operating margin was largely due to lower operating expenses and
improved performance in refined products marketing, which more than offset a
25 MBPD decrease in pipeline volumes. Pipeline volumes for this business were
589 MBPD for the fourth quarter of 2012 compared to 614 MPBD for the fourth
quarter of 2011.

Enterprise’s marine transportation and other services business reported gross
operating margin of $19 million for the fourth quarter of 2012 compared to $17
million for the fourth quarter of 2011.

Review of Other Items for the Fourth Quarter of 2012

General and administrative costs for the fourth quarter of 2012 decreased to
$40 million from $44 million in the fourth quarter of 2011. General and
administrative costs for the fourth quarter of 2011 included approximately $3
million for costs associated with the sale of the partnership’s Mississippi
natural gas storage facilities and the merger with Duncan Energy Partners L.P.

Interest expense for the fourth quarter of 2012 was $199 million compared to
$183 million for the fourth quarter of 2011 primarily due to a higher average
debt balance in the fourth quarter of 2012 compared to the fourth quarter of
2011.

Capitalization

Total debt principal outstanding at December 31, 2012 was approximately $16.2
billion, including $1.5 billion of junior subordinated notes to which the
nationally recognized debt rating agencies ascribe partial equity content. At
December 31, 2012, Enterprise had consolidated liquidity (defined as
unrestricted cash on hand and available borrowing capacity under our revolving
credit facility) of approximately $3.2 billion.

Total capital spending in the fourth quarter of 2012 was approximately $1.2
billion, which includes $84 million of sustaining capital expenditures. We
currently expect sustaining capital expenditures for 2013 will be
approximately $350 million.

Tax Year 2012 K-1 Availability

Enterprise expects to complete the mailing of the partnership’s Schedule K-1s
for tax year 2012 to unitholders by Thursday, March 28, 2013.

In addition, electronic delivery is a new option available for 2012 K-1s. To
request electronic delivery of a 2012 K-1, unitholders must register by March
15, 2013 at http://www.taxpackagesupport.com/enterprise. The K-1s are
scheduled to be available online by Noon CT on Friday, March 22, 2013.

Conference Call to Discuss Fourth Quarter 2012 Earnings

Today, Enterprise will host a conference call to discuss fourth quarter 2012
earnings. The call will be broadcast live over the Internet beginning at 9:00
a.m. CT and may be accessed by visiting the company’s website at
www.enterpriseproducts.com.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial
measures of gross operating margin, distributable cash flow and Adjusted
EBITDA. The accompanying schedules provide definitions of these non-GAAP
financial measures and reconciliations to their most directly comparable
financial measure calculated and presented in accordance with GAAP. Our
non-GAAP financial measures should not be considered as alternatives to GAAP
measures such as net income, operating income, net cash flows provided by
operating activities or any other measure of financial performance calculated
and presented in accordance with GAAP. Our non-GAAP financial measures may not
be comparable to similarly-titled measures of other companies because they may
not calculate such measures in the same manner as we do.

Company Information and Use of Forward-Looking Statements

Enterprise Products Partners L.P. 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, NGLs, crude oil, refined
products and petrochemicals. Our services include: natural gas gathering,
treating, processing, transportation and storage; NGL transportation,
fractionation, storage, and import and export terminals; crude oil and refined
products transportation, storage and terminals; offshore production platforms;
petrochemical transportation and services; and a marine transportation
business that operates primarily on the United States inland and Intracoastal
Waterway systems and in the Gulf of Mexico. The partnership’s assets include
approximately 50,000 miles of onshore and offshore pipelines; 200 million
barrels of storage capacity for NGLs, petrochemicals, refined products and
crude oil; and 14 billion cubic feet of natural gas storage capacity. For
additional information, visit www.enterpriseproducts.com.

This press release includes forward-looking statements. Except for the
historical information contained herein, the matters discussed in this press
release are forward-looking statements that involve certain risks and
uncertainties, such as the partnership’s expectations regarding future
results, capital expenditures, project completions, liquidity and financial
market conditions. These risks and uncertainties include, among other things,
insufficient cash from operations, adverse market conditions, governmental
regulations and other factors discussed in Enterprise’s filings with the U.S.
Securities and Exchange Commission. If any of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
or outcomes may vary materially from those expected. The partnership disclaims
any intention or obligation to update publicly or reverse such statements,
whether as a result of new information, future events or otherwise.

                                                            
Enterprise Products Partners L.P.                                Exhibit A
Condensed Statements of Consolidated Operations – UNAUDITED
($ in millions, except per unit amounts)
                   Three Months Ended                        Year Ended
                       December 31,                          December 31,
                       2012             2011             2012             2011
Revenues               $ 11,013.9       $ 11,585.7           $ 42,524.9       $ 44,313.0
Costs and
expenses:
Operating
costs and                10,173.2             10,643.5             39,309.7             41,318.5
expenses
General and
administrative          40.1           43.5           170.3          181.8    
costs
Total costs             10,213.3       10,687.0       39,480.0       41,500.3 
and expenses
Equity in
income of               22.1           10.5           64.3           46.4     
unconsolidated
affiliates
Operating                822.7                909.2                3,109.2              2,859.1
income
Other income
(expense):
Interest                 (199.0   )           (183.0   )           (771.8   )           (744.1   )
expense
Other, net              --             0.7            73.4           0.5      
Total other             (199.0   )      (182.3   )      (698.4   )      (743.6   )
expense
Income before            623.7                726.9                2,410.8              2,115.5
income taxes
Benefit from
(provision              (6.3     )      (1.1     )      17.2           (27.2    )
for) income
taxes
Net income               617.4                725.8                2,428.0              2,088.3
Net income
attributable
to                       --                   --                   --                   (20.9    )
noncontrolling
interests –
Duncan (1)
Net income
attributable
to                      (1.9     )      (4.7     )      (8.1     )      (20.5    )
noncontrolling
interests –
other
Total net
income
attributable            (1.9     )      (4.7     )      (8.1     )      (41.4    )
to
noncontrolling
interests
Net income
attributable           $ 615.5         $ 721.1         $ 2,419.9       $ 2,046.9  
to limited
partners
                                                                                                 
Per unit data
(fully
diluted):
Earnings per           $ 0.68               $ 0.82               $ 2.71               $ 2.38
unit
Average
limited
partner units            902.7                879.0                893.2                859.9
outstanding
(in millions)
Other
financial
data:
Net cash flows
provided by            $ 1,275.1            $ 1,102.3            $ 2,890.9            $ 3,330.5
operating
activities
Cash used in
investing              $ 1,123.8            $ 439.0              $ 3,018.8            $ 2,777.6
activities
Cash provided
by (used in)           $ (149.7   )         $ (672.6   )         $ 124.2              $ (598.6   )
financing
activities
Gross
operating              $ 1,161.7            $ 1,101.0            $ 4,387.0            $ 3,871.7
margin (see
Exhibit B)
Distributable
cash flow (see         $ 885.9              $ 1,429.4            $ 4,133.3            $ 3,756.5
Exhibit D)
Adjusted
EBITDA (see            $ 1,132.1            $ 1,197.7            $ 4,329.9            $ 3,960.1
Exhibit E)
Depreciation,
amortization           $ 287.0              $ 267.8              $ 1,104.9            $ 1,007.0
and accretion
Distributions
received from          $ 49.2               $ 33.9               $ 116.7              $ 156.4
unconsolidated
affiliates
Total debt
principal              $ 16,179.3           $ 14,482.7           $ 16,179.3           $ 14,482.7
outstanding at
end of period
Capital
spending:
Capital
expenditures,
net of
contributions
in aid of
construction
costs, for
property,              $ 900.6              $ 1,062.7            $ 3,598.5            $ 3,842.6
plant and
equipment
Investments in
unconsolidated           257.7                14.7                 608.6                26.6
affiliates,
net
Other
investing               11.0           15.0           43.1           22.4     
activities
Total capital          $ 1,169.3       $ 1,092.4       $ 4,250.2       $ 3,891.6  
spending
                                                                                                 

        Represents consolidated net income attributable to the limited partner
        interests of Duncan Energy Partners L.P. (“Duncan”) that were owned by
(1)   parties other than Enterprise prior to completion of the merger of
        Duncan with a wholly owned subsidiary of Enterprise on September 7,
        2011.
        

                                                                 
Enterprise Products Partners L.P.                            Exhibit B
Gross Operating Margin – UNAUDITED
($ in millions)
                       Three Months Ended                    Year Ended
                       December 31,                      December 31,
                       2012           2011            2012            2011
Gross
operating
margin by
segment:
NGL Pipelines          $ 632.0           $ 634.5             $ 2,468.5          $ 2,184.2
& Services
Onshore
Natural Gas              210.0             199.0               775.5              675.3
Pipelines &
Services
Onshore Crude
Oil Pipelines            135.0             67.0                387.7              234.0
& Services
Offshore
Pipelines &              42.0              59.6                173.0              228.2
Services
Petrochemical
& Refined                142.7             137.4               579.9              535.2
Products
Services
Other                   --           3.5           2.4           14.8    
Investments
Total gross
operating                1,161.7           1,101.0             4,387.0            3,871.7
margin
Adjustments to
reconcile
non-GAAP gross
operating
margin to
GAAP operating
income:
Amounts
included in
operating
costs and
expenses:
Depreciation,
amortization             (276.6  )         (256.3  )           (1,061.7 )         (958.7  )
and accretion
Non-cash asset
impairment               (5.8    )         (22.6   )           (63.4    )         (27.8   )
charges
Operating
lease expenses           --                --                  --                 (0.3    )
paid by EPCO
Gains (losses)
related to
sales of                 (16.5   )         110.6               (12.4    )         136.0
assets and
investments
Gains related
to property
damage                   --                20.0                30.0               20.0
insurance
recoveries
General and
administrative          (40.1   )     (43.5   )      (170.3   )     (181.8  )
costs
Operating              $ 822.7       $ 909.2        $ 3,109.2      $ 2,859.1 
income
                                                                                

We evaluate segment performance based on the non-GAAP financial measure of
gross operating margin. Gross operating margin (either in total or by
individual segment) is an important performance measure of the core
profitability of our operations. This measure forms the basis of our internal
financial reporting and is used by our management in deciding how to allocate
capital resources among business segments. We believe that investors benefit
from having access to the same financial measures that our management uses in
evaluating segment results. The GAAP financial measure most directly
comparable to total segment gross operating margin is operating income.

We define total segment gross operating margin as operating income before: (1)
depreciation, amortization and accretion expenses; (2) non-cash asset
impairment charges; (3) operating lease expenses for which we do not have the
payment obligation; (4) gains and losses related to sales of assets and
investments; (5) gains and losses related to property damage insurance
recoveries; and (6) general and administrative costs. Gross operating margin
by segment is calculated by subtracting segment operating costs and expenses
(net of the adjustments noted above) from segment revenues, with both segment
totals before the elimination of intercompany transactions. In accordance with
GAAP, intercompany accounts and transactions are eliminated in consolidation.
Gross operating margin is exclusive of other income and expense transactions,
income taxes, the cumulative effect of changes in accounting principles and
extraordinary charges. Gross operating margin is presented on a 100 percent
basis before any allocation of earnings to noncontrolling interests.

We include equity earnings from unconsolidated affiliates in our measurement
of segment gross operating margin. Equity investments with industry partners
are a significant component of our business strategy. They are a means by
which we conduct our operations to align our interests with those of our
customers and/or suppliers. This method of operation also enables us to
achieve favorable economies of scale relative to the level of investment and
business risk assumed. Many of these businesses perform supporting or
complementary roles to our other midstream business operations.


                                                          
Enterprise Products Partners L.P.                          Exhibit C
Selected Operating Data – UNAUDITED
                                                                        
                                 Three Months Ended        Year Ended
                                 December 31,           December 31,
                                 2012      2011      2012      2011
Selected operating data:
(1)
NGL Pipelines &
Services, net:
NGL transportation               2,546        2,277        2,472        2,284
volumes (MBPD)
NGL fractionation                707          617          659          575
volumes (MBPD)
Equity NGL production            96           112          101          116
(MBPD) (2)
Fee-based natural gas            4,696        4,080        4,382        3,820
processing (MMcf/d) (3)
Onshore Natural Gas
Pipelines & Services,
net:
Natural gas
transportation volumes           13,378       13,164       13,634       13,231
(BBtus/d)
Onshore Crude Oil
Pipelines & Services,
net:
Crude oil transportation         897          680          828          678
volumes (MBPD)
Offshore Pipelines &
Services, net:
Natural gas
transportation volumes           786          1,060        853          1,065
(BBtus/d)
Crude oil transportation         336          282          300          279
volumes (MBPD)
Platform natural gas             247          381          291          405
processing (MMcf/d)
Platform crude oil               15           18           17           17
processing (MBPD)
Petrochemical & Refined
Products Services, net:
Butane isomerization             93           106          95           101
volumes (MBPD)
Propylene fractionation          69           75           72           73
volumes (MBPD)
Octane additive and
other plant production           15           18           16           17
volumes (MBPD)
Transportation volumes,
primarily refined
products
and petrochemicals               726          757          689          783
(MBPD)
Total, net:
NGL, crude oil, refined
products and
petrochemical
transportation volumes           4,505        3,996        4,289        4,024
(MBPD)
Natural gas
transportation volumes           14,164       14,224       14,487       14,296
(BBtus/d)
Equivalent
transportation volumes           8,232        7,739        8,101        7,786
(MBPD) (4)
                                                                        

          Operating rates are reported on a net basis, which takes into
          account our ownership interests in certain joint ventures, and
(1)    include volumes for newly constructed assets from the related
          in-service dates and for recently purchased assets from the related
          acquisition dates.
          
(2)       Represents the NGL volumes we earn and take title to in connection
          with our processing activities.
          
(3)       Volumes reported correspond to the revenue streams earned by our gas
          plants.
          
(4)       Reflects equivalent energy volumes where 3.8 MMBtus of natural gas
          are equivalent to one barrel of NGLs.
          

                                            
Enterprise
Products                                           Exhibit D
Partners L.P.
Distributable
Cash Flow -                                              
UNAUDITED
($ in                                                            
millions)
                   Three Months Ended              Year Ended
                                                
                   December 31,                    December 31,
                   2012          2011          2012           2011
Net income
attributable       $ 615.5         $ 721.1         $ 2,419.9        $ 2,046.9
to limited
partners
Adjustments to
GAAP net
income
attributable
to limited
partners to
derive
non-GAAP
distributable
cash flow:
Depreciation,
amortization         287.0           267.8           1,104.9          1,007.0
and accretion
Distributions
received from        49.2            33.9            116.7            156.4
unconsolidated
affiliates
Equity in
income of            (22.1   )       (10.5   )       (64.3    )       (46.4    )
unconsolidated
affiliates
Sustaining
capital              (83.5   )       (78.6   )       (366.2   )       (296.4   )
expenditures
Losses (gains)
related to
sales of             16.5            (110.3  )       (56.4    )       (135.7   )
assets and
investments
Gains related
to property
damage               --              (20.0   )       (30.0    )       (20.0    )
insurance
recoveries
Proceeds from
sales of             31.4            593.3           1,168.8          1,033.8
assets and
investments
Proceeds from
property
damage               --              20.0            30.0             20.0
insurance
recoveries
Monetization
of interest
rate                 --              --              (147.8   )       (23.2    )
derivative
instruments
Deferred
income tax           1.7             6.6             (66.2    )       12.1
expense
(benefit)
Non-cash asset
impairment           5.8             22.6            63.4             27.8
charges
Other
miscellaneous
adjustments to      (15.6   )    (16.5   )    (39.5    )    (25.8    )
derive
distributable
cash flow
Distributable        885.9           1,429.4         4,133.3          3,756.5
cash flow
Adjustments to
non-GAAP
distributable
cash flow to
derive GAAP
net cash flows
provided by
operating
activities:
Sustaining
capital              83.5            78.6            366.2            296.4
expenditures
Proceeds from
sales of             (31.4   )       (593.3  )       (1,168.8 )       (1,033.8 )
assets and
investments
Proceeds from
property
damage               --              (20.0   )       (30.0    )       (20.0    )
insurance
recoveries
Monetization
of interest
rate                 --              --              147.8            23.2
derivative
instruments
Net effect of
changes in           327.7           205.3           (582.5   )       266.9
operating
accounts
Miscellaneous
non-cash and
other amounts
to reconcile
distributable       9.4         2.3         24.9         41.3     
cash flow with
net cash flows
provided by
operating
activities
Net cash flows
provided by        $ 1,275.1    $ 1,102.3    $ 2,890.9     $ 3,330.5  
operating
activities


We define distributable cash flow as net income or loss attributable to
limited partners adjusted for: (1) the addition of depreciation, amortization
and accretion expense; (2) the addition of cash distributions received from
unconsolidated affiliates less equity earnings from unconsolidated affiliates;
(3) the subtraction of sustaining capital expenditures; (4) the addition of
losses or subtraction of gains related to sales of assets and investments and
property damage insurance recoveries; (5) the addition of cash proceeds from
sales of assets and investments and property damage insurance recoveries; (6)
the addition of losses or subtraction of gains on the monetization of interest
rate derivative instruments recorded in accumulated other comprehensive income
(loss); and (7) the addition or subtraction of other miscellaneous amounts (as
applicable) that affect net income or loss for the period.

Sustaining capital expenditures are capital expenditures (as defined by GAAP)
resulting from improvements to and major renewals of existing assets. Such
expenditures serve to maintain existing operations but do not generate
additional revenues.

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 limited partners 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 or support an increase
in our 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 unitholder. The GAAP measure most
directly comparable to distributable cash flow is net cash flows provided by
operating activities.

                                            
Enterprise
Products                                           Exhibit E
Partners L.P.
Adjusted
EBITDA -                                                
UNAUDITED
($ in                                                           
millions)
                   Three Months Ended              Year Ended
                                                
                   December 31,                    December 31,
                   2012          2011          2012          2011
Net income         $ 617.4         $ 725.8         $ 2,428.0       $ 2,088.3
Adjustments to
GAAP net
income to
derive
non-GAAP
Adjusted
EBITDA:
Equity in
income of            (22.1   )       (10.5   )       (64.3   )       (46.4   )
unconsolidated
affiliates
Distributions
received from        49.2            33.9            116.7           156.4
unconsolidated
affiliates
Interest
expense
(including           199.0           183.0           771.8           744.1
related
amortization)
Provision for
(benefit from)       6.3             1.1             (17.2   )       27.2
income taxes
Depreciation,
amortization
and accretion       282.3       264.4       1,094.9     990.5   
in costs and
expenses
Adjusted             1,132.1         1,197.7         4,329.9         3,960.1
EBITDA
Adjustments to
non-GAAP
Adjusted
EBITDA to
derive GAAP
net cash flows
provided by
operating
activities:
Interest             (199.0  )       (183.0  )       (771.8  )       (744.1  )
expense
Benefit from
(provision           (6.3    )       (1.1    )       17.2            (27.2   )
for) income
taxes
Losses (gains)
related to
sales of             16.5            (110.3  )       (56.4   )       (135.7  )
assets and
investments
Gains related
to property
damage               --              (20.0   )       (30.0   )       (20.0   )
insurance
recoveries
Deferred
income tax           1.7             6.6             (66.2   )       12.1
expense
(benefit)
Non-cash asset
impairment           5.8             22.6            63.4            27.8
charges
Net effect of
changes in           327.7           205.3           (582.5  )       266.9
operating
accounts
Miscellaneous
non-cash and
other amounts
to reconcile
Adjusted            (3.4    )    (15.5   )    (12.7   )    (9.4    )
EBITDA to net
cash flows
provided by
operating
activities
Net cash flows
provided by        $ 1,275.1    $ 1,102.3    $ 2,890.9    $ 3,330.5 
operating
activities


We define Adjusted EBITDA as net income minus equity earnings from
unconsolidated affiliates; plus distributions received from unconsolidated
affiliates, interest expense, provision for (or benefit from) income taxes and
depreciation, amortization and accretion expense. 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: (1) the financial performance of our
assets without regard to financing methods, capital structures or historical
cost basis; (2) the ability of our assets to generate cash sufficient to pay
interest and support our indebtedness; and (3) 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 press release 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.

Contact:

Enterprise Products Partners L.P.
Randy Burkhalter, (713) 381-6812
Vice President, Investor Relations
or
Rick Rainey, (713) 381-3635
Vice President, Media Relations