Enterprise Completes Exchange of 6.875% Series A Senior Notes.

Energy Editors/Business Editors

HOUSTON--(BUSINESS WIRE)--Aug. 1, 2003

Enterprise Products Partners L.P. (NYSE:EPD) announced today that its operating subsidiary, Enterprise Products Operating L.P., has successfully completed its offer to exchange all of its 6.875% Series B Senior Notes due 2033, which are registered under the Securities Act of 1933, for all of its outstanding $500,000,000 principal amount of 6.875% Series A Senior Notes due 2033 that were issued in a private offering on Feb. 7, 2003. At the time of the issuance of the notes in February, Enterprise agreed to exchange them for registered notes.

The form and terms of the exchange notes are substantially the same as the form and terms of the notes issued in February 2003. The primary difference is that the exchange notes have been registered under the Securities Act of 1933 and therefore will not bear legends restricting their transfer. The exchange notes evidence the same debt as the original notes they replace and are issued under and entitled to the benefits of the indenture that governs the original notes.

The exchange offer expired at 5:00 p.m., New York City time, on July 30, 2003, after all of the 6.875% Series A Senior Notes were tendered for exchange for a like principal amount of the new 6.875% Series B Senior Notes.

This press release shall not constitute an offer to purchase or exchange nor the solicitation of an offer to exchange any securities. The exchange offer was made solely by a prospectus dated June 16, 2003 of Enterprise Products Operating L.P. and is subject to certain conditions specified therein.

The Exchange Agent for the exchange offer is Wachovia Bank, National Association, Corporate Trust Operations - NC1153, 1525 West W.T. Harris Boulevard - 3C3, Charlotte, N.C. 28288.

Enterprise Products Partners L.P. is the second-largest publicly traded midstream energy partnership with an enterprise value of approximately $6.5 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.

This press release contains various forward-looking statements and information that is based on the Company's beliefs and those of its general partner, as well as assumptions made by and information currently available to the Company. When used in this press release, words such as "anticipate," "project," "expect," "plan," "goal," "forecast," "intend," "could," "believe," "may," and similar expressions and statements regarding the plans and objectives of the Company for future operations, are intended to identify forward-looking statements.

Although the Company and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither the Company nor its general partner can give assurances that such expectations will prove to be correct. Such statements are subject to a variety of risks, uncertainties and assumptions. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, the Company's actual results may vary materially from those the Company anticipated, estimated, projected or expected. Among the key risk factors that may have a direct bearing on the Company's results of operations and financial condition are:

-- fluctuations in oil, natural gas and NGL prices and production

due to weather and other natural and economic forces;

-- a reduction in demand for the Company's products by the

petrochemical, refining or heating industries;

-- a decline in the volumes of NGLs delivered by the Company's

facilities;

-- the failure of the Company's credit risk management efforts to

adequately protect it against customer non-payment;

-- the failure to successfully integrate new acquisitions; and

-- terrorist attacks aimed at the Company's facilities.

The Company has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.