Enterprise Completes Acquisition of ChevronTexaco's Ownership in NGL Fractionator.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--June 3, 2002

Enterprise Products Partners L.P. (NYSE:EPD) announced that its operating partnership has completed the acquisition of a 12.5 percent ownership interest in a natural gas liquids fractionator from an affiliate of ChevronTexaco. The effective date of the purchase was June 1, 2002.

The fractionator is located in Enterprise's complex in Mont Belvieu, Texas. It has the capacity to fractionate, or separate, 210,000 barrels per day of mixed natural gas liquids into ethane, propane, normal butane, isobutane and natural gasoline. Prior to the acquisition, Enterprise owned 62.5 percent interest in this facility and serves as the operator.

Enterprise's other joint owners in the plant, affiliates of Duke Energy Field Services and Burlington Resources, each have the option to acquire a pro rata share of the 12.5 percent ownership interest from Enterprise. If the joint owners fully exercise their option to acquire a share of the interest, Enterprise's ownership would increase to approximately 71.4 percent. Should the joint owners decline to exercise the options, Enterprise would own 75 percent of the plant. The joint owners have until September 30, 2002 to make their election.

As part of the agreement, ChevronTexaco has entered into a long-term agreement to fractionate up to 15,000 BPD of mixed NGLs at the facility.

"We are pleased to increase our ownership in this facility and to provide fee-based NGL fractionation services to ChevronTexaco under a long-term agreement," said O.S. "Dub" Andras, president and chief executive officer of Enterprise. "This NGL fractionator is strategically located in the heart of the NGL industry on the Texas Gulf Coast and is one of the most important links in our midstream energy value chain."

Enterprise Products Partners L.P. is the second-largest publicly traded midstream energy partnership with an enterprise value of approximately $5 billion. Enterprise is a leading provider of midstream energy services to producers and consumers of natural gas and natural gas liquids ("NGLs"). The Company's services include natural gas transportation, processing and storage and NGL fractionation (or separation), transportation, storage and import/export terminaling. The Company's assets are geographically focused on the United States Gulf Coast, which accounts for approximately 55 percent of both domestic natural gas and NGL production and 75 percent of domestic NGL demand.

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 based on the beliefs of the company, as well as assumptions made by, and information currently available to, management. Although Enterprise believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.