ENTERPRISE PRODUCTS PARTNERS L.P. Business Summary

Enterprise Products Partners L.P. (EPD) is a premier North American midstream energy partnership that generates revenue primarily through a fee-based "toll-taker" model, leveraging long-term, inflation-indexed contracts to ensure stable cash flows across commodity cycles. The partnership’s integrated asset base is divided into four primary segments: NGL Pipelines & Services, which is its largest gross operating margin contributor; Crude Oil Pipelines & Services; Natural Gas Pipelines & Services; and Petrochemical & Refined Products Services. With an expansive infrastructure network encompassing over 50,000 miles of pipelines and 300 million barrels of storage capacity, EPD is a dominant force in the global energy value chain, specifically as the leading U.S. exporter of ethane and LPG. It competes directly with midstream giants such as Energy Transfer LP, Kinder Morgan, and Enbridge, maintaining a superior market position characterized by its investment-grade balance sheet, a self-funding equity model, and a 27-year track record of consecutive distribution increases. Founded in 1968 by the late Dan L. Duncan, the partnership remains under the strategic stewardship of the Duncan family, with Randa Duncan Williams serving as Chairman of the Board. The executive leadership team is currently spearheaded by Co-CEOs A. James "Jim" Teague and W. Randall "Randy" Fowler, both industry veterans who have guided the firm’s expansion since the late 1990s. Supporting the C-suite are R. Daniel Boss, who serves as Executive Vice President and Chief Financial Officer, and Graham W. Bacon as Chief Operating Officer, alongside Michael C. Hanley, who was appointed Executive Vice President and Chief Commercial Officer in December 2025. EPD is distinguished by high insider alignment, as the Duncan family retains a controlling interest through Enterprise GP Holdings, complemented by major institutional backing from firms such as Vanguard and BlackRock, ensuring a corporate culture focused on disciplined capital allocation and long-term fiscal stability.