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Enterprise Reports Results For The Second Quarter Of 2013

Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three and six months ended June 30, 2013. Net income attributable to limited partners for the second quarter of 2013 was $553 million compared to $566 million for the second quarter of 2012. Earnings per unit for the second quarter of 2013 were $0.60 per unit on a fully diluted basis compared to $0.64 per unit on a fully diluted basis for the second quarter of 2012. Net income for the second quarter of 2013 was reduced by $27 million, or $0.03 per unit on a fully diluted basis, for non-cash charges related to asset impairments; $13 million, or $0.01 per unit on a fully diluted basis, to record the deferred tax expense and liability with respect to recent changes to the Texas margin tax; and non-cash losses of $6 million, or a loss of $0.01 per unit on a fully diluted basis, related to the sales of assets. The second quarter of 2012 included non-cash gains of $45 million, or $0.05 per unit on a fully diluted basis, related to the sales of assets and insurance recoveries.

On July 10, 2013, Enterprise declared an increase in the partnership’s quarterly cash distribution rate with respect to the second quarter of 2013 to $0.68 per unit, representing a 7 percent increase over the $0.635 per unit rate that was paid with respect to the second quarter of 2012. Enterprise generated distributable cash flow of $925 million for the second quarter of 2013 compared to $876 million for the second quarter of 2012. Enterprise’s distributable cash flow for the second quarter of 2013 provided 1.5 times coverage of the cash distribution that will be paid on August 7, 2013 to unitholders of record on July 31, 2013.

Distributable cash flow for the second quarters of 2013 and 2012 included proceeds from asset sales and insurance recoveries of $69 million and $159 million, respectively. Excluding proceeds from the sale of assets and insurance recoveries, distributable cash flow would have been $856 million for the second quarter of 2013 and $718 million for the second quarter of 2012. Using these adjusted amounts, distributable cash flow for the second quarter of 2013 would have provided 1.4 times coverage of the cash distribution declared with respect to the second quarter of 2013 and would have represented a 19 percent increase in distributable cash flow compared to the second quarter of 2012. The partnership retained $318 million of distributable cash flow for the second quarter of 2013, which is available to reinvest in growth capital projects, reduce debt, and decrease the need to issue additional equity. Distributable cash flow is a non-generally accepted accounting principle (“non-GAAP”) financial measure that is defined and reconciled later in this press release.

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