Enterprise Declares Increased Quarterly Cash Distribution to Partners; Invites Investors to Third Quarter Conference Call.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--Oct. 17, 2001

Enterprise Products Partners L.P. (NYSE:EPD) declared its quarterly cash distribution of $0.625 per common and subordinated partnership unit (or $2.50 per unit on an annualized basis). The distribution will be paid on Nov. 9, 2001 to unitholders of record at the close of business on Oct. 31, 2001.

This distribution is 19 percent greater than the $0.525 per unit paid to partners in November of 2000. It also marks the partnership's fifth distribution increase over the last eight quarters from an annualized rate of $1.80 per unit to $2.50 per unit, a 39 percent increase.

"Because of the partnership's increase in fee-based volumes and strong financial performance, we are pleased to deliver this distribution increase to our partners a quarter earlier than we had planned," stated O.S. "Dub" Andras, president and chief executive officer of Enterprise. "Our growth in fee-based volumes is a result of over $650 million of investments in natural gas, natural gas liquid and petroleum liquid pipelines and storage facilities that have been completed or initiated during the last 18 months."

"Cash distribution growth and yield, however, are only part of Enterprise's story," Andras said. "We are not aware of any other partnership which retains as much cash for reinvestment into the growth of the business as Enterprise. For the eight quarters ending June 30, 2001, the partnership generated cash flow of approximately $525 million of which we have distributed about 55 percent to partners. During this period, we have retained and reinvested approximately $236 million of cash in new growth projects and acquisitions. We believe that the practice of valuing Enterprise by simply comparing our yield to other publicly traded partnerships ignores a substantial portion of our cash flow stream and undervalues the worth of our business."

Enterprise will announce its earnings for the third quarter of 2001 on Tuesday, Oct. 30, 2001 before the New York Stock Exchange opens. Following the announcement, Enterprise will host a conference call that will discuss third quarter earnings. The call will be broadcast live over the Internet on Oct. 30, 2001 at 8:30 a.m. CST at http://www.epplp.com. O.S. "Dub" Andras, president and chief executive officer of Enterprise, will lead the call.

To access the Webcast, participants should visit the "Investor Information" section of the Web site at least 15 minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the Webcast will be available for one week and can be accessed one hour after the call.

Enterprise Products Partners L.P. is the second largest publicly traded, midstream energy partnership with an enterprise value of approximately $5.1 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 terminalling. 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.