Enterprise Completes Sale of Offshore Gulf of Mexico Business to Genesis

HOUSTON--(BUSINESS WIRE)--

Enterprise Products Partners L.P. EPD today announced it has closed on the sale of its offshore Gulf of Mexico pipelines and services business to Genesis Energy L.P. ("Genesis") for approximately $1.5 billion in cash.

"We are pleased to complete this transaction with Genesis," said Michael A. Creel, chief executive officer of Enterprise's general partner. "The proceeds from this sale significantly enhance our financial flexibility. Including the proceeds we received today, our current liquidity, consisting of unrestricted cash and available borrowing capacity under our credit facilities, is over $6 billion. This liquidity gives us flexibility in funding our growth capital projects, including attractive growth projects in the Eagle Ford and Permian regions, while eliminating our need to raise equity capital for the remainder of 2015 based on current expectations."

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil and refined products transportation, storage and terminals; petrochemical transportation and services; and a marine transportation business that operates primarily on the United States inland and Intracoastal Waterway systems. The partnership's assets include approximately 49,000 miles of onshore pipelines; 225 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.

This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise's reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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