This report does not constitute a rating action. Overview Key strengths Key risks Significant operating scale as one of the largest, most-integrated midstream systems in the U.S. A decline in commodity prices could modestly lower its operating margins under multiple business segments and potentially lower future growth prospects. Diversified and integrated asset footprint connecting various basins, including the prolific Permian Basin. The partnership pays out a substantial amount of its cash flow in the form of distributions and unit buybacks. High percentage of fee-based contracts helps limit commodity price risk. Leverage forecast of about 3x over the next two years, with strong operating and financial flexibility. We forecast Enterprise Product Partners L.P. (EPD) will continue to have very strong operating
