For the Three and Nine Months Ended September 30, 2020 and 2019



The following information should be read in conjunction with our Unaudited
Condensed Consolidated Financial Statements and accompanying Notes included in
this quarterly report on Form 10-Q and the Audited Consolidated Financial
Statements and related Notes, together with our discussion and analysis of
financial position and results of operations, included in our annual report on
Form 10-K for the year ended December 31, 2019 (the "2019 Form 10-K"), as filed
on February 28, 2020 with the U.S. Securities and Exchange Commission
("SEC"). Our financial statements have been prepared in accordance with
generally accepted accounting principles ("GAAP") in the United States ("U.S.").

Key References Used in this Management's Discussion and Analysis



Unless the context requires otherwise, references to "we," "us," "our" or
"Enterprise" are intended to mean the business and operations of Enterprise
Products Partners L.P. and its consolidated subsidiaries. References to "EPD" or
the "Partnership" mean Enterprise Products Partners L.P. on a standalone basis.
References to "EPO" mean Enterprise Products Operating LLC, which is an indirect
wholly owned subsidiary of EPD, and its consolidated subsidiaries, through which
EPD conducts its business. Enterprise is managed by its general partner,
Enterprise Products Holdings LLC ("Enterprise GP"), which is a wholly owned
subsidiary of Dan Duncan LLC, a privately held Texas limited liability company.

The membership interests of Dan Duncan LLC are owned by a voting trust, the
current trustees ("DD LLC Trustees") of which are: (i) Randa Duncan Williams,
who is also a director and Chairman of the Board of Directors (the "Board") of
Enterprise GP; (ii) Richard H. Bachmann, who is also a director and Vice
Chairman of the Board of Enterprise GP; and (iii) Dr. Ralph S. Cunningham, who
is also an advisory director of Enterprise GP. Ms. Duncan Williams and Mr.
Bachmann also currently serve as managers of Dan Duncan LLC along with W.
Randall Fowler, who is also a director and the Co-Chief Executive Officer and
Chief Financial Officer of Enterprise GP.

References to "EPCO" mean Enterprise Products Company, a privately held Texas
corporation, and its privately held affiliates. A majority of the outstanding
voting capital stock of EPCO is owned by a voting trust, the current trustees
("EPCO Trustees") of which are: (i) Ms. Duncan Williams, who serves as Chairman
of EPCO; (ii) Dr. Cunningham, who serves as Vice Chairman of EPCO; and (iii) Mr.
Bachmann, who serves as the President and Chief Executive Officer of EPCO. Ms.
Duncan Williams and Mr. Bachmann also currently serve as directors of EPCO along
with Mr. Fowler, who is also the Executive Vice President and Chief Financial
Officer of EPCO. EPCO, together with its privately held affiliates, owned
approximately 32.2% of EPD's common units outstanding and 30% of its Series A
Cumulative Convertible Preferred Units ("preferred units") outstanding at
September 30, 2020.

As generally used in the energy industry and in this quarterly report, the acronyms below have the following meanings:



/d    = per day                       MMBbls = million barrels

BBtus = billion British thermal units MMBPD = million barrels per day Bcf = billion cubic feet

            MMBtus = million British thermal

units


BPD   = barrels per day               MMcf   = million cubic feet

MBPD = thousand barrels per day TBtus = trillion British thermal units

As used in this quarterly report, the phrase "quarter-to-quarter" means the third quarter of 2020 compared to the third quarter of 2019. Likewise, the phrase "period-to-period" means the nine months ended September 30, 2020 compared to the nine months ended September 30, 2019.


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           CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This quarterly report on Form 10-Q contains various forward-looking statements
and information that are based on our beliefs and those of our general partner,
as well as assumptions made by us and information currently available to us.
When used in this document, words such as "anticipate," "project," "expect,"
"plan," "seek," "goal," "estimate," "forecast," "intend," "could," "should,"
"would," "will," "believe," "may," "potential" and similar expressions and
statements regarding our plans and objectives for future operations are intended
to identify forward-looking statements.  Although we and our general partner
believe that our expectations reflected in such forward-looking statements
(including the forward-looking statements/expectations of third parties
referenced in this quarterly report) are reasonable, neither we nor our general
partner can give any assurances that such expectations will prove to be
correct. Forward-looking statements are subject to a variety of risks,
uncertainties and assumptions as described in more detail under Part I, Item 1A
of our 2019 Form 10-K and within Part II, Item 1A of this quarterly
report. These risks include recent impacts of the coronavirus disease 2019
("COVID-19") and decreases in certain commodity prices resulting from demand
weakness and oversupply, which are discussed in Part II, Item 1A "Risk Factors"
of this quarterly report, and this Part I, Item 2. If one or more of these risks
or uncertainties materialize, or if underlying assumptions prove incorrect, our
actual results may vary materially from those anticipated, estimated, projected
or expected. You should not put undue reliance on any forward-looking
statements. The forward-looking statements in this quarterly report speak only
as of the date hereof. Except as required by federal and state securities laws,
we undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or any other
reason.

Overview of Business

The Partnership is a publicly traded Delaware limited partnership, the common
units of which are listed on the New York Stock Exchange ("NYSE") under the
ticker symbol "EPD."  The Partnership's preferred units are not publicly
traded.  We were formed in April 1998 to own and operate certain natural gas
liquids ("NGLs") related businesses of EPCO and are a leading North American
provider of midstream energy services to producers and consumers of natural gas,
NGLs, crude oil, petrochemicals and refined products.

Our integrated midstream energy asset network links producers of natural gas,
NGLs and crude oil from some of the largest supply basins in the U.S., Canada
and the Gulf of Mexico with domestic consumers and international markets.  Our
midstream energy operations currently include: natural gas gathering, treating,
processing, transportation and storage; NGL transportation, fractionation,
storage, and export and import terminals (including those used to export
liquefied petroleum gases, or "LPG," and ethane); crude oil gathering,
transportation, storage, and export and import terminals; petrochemical and
refined products transportation, storage, export and import terminals, and
related services; and a marine transportation business that operates primarily
on the U.S. inland and Intracoastal Waterway systems. Our assets currently
include approximately 50,000 miles of pipelines; 260 MMBbls of storage capacity
for NGLs, crude oil, petrochemicals and refined products; and 14 Bcf of natural
gas storage capacity.

The Partnership is owned by its limited partners (preferred and common
unitholders) from an economic perspective.  Enterprise GP, which owns a
non-economic general partner interest in the Partnership, manages our
operations. The Partnership conducts substantially all of its business through
EPO.  We, Enterprise GP, EPCO and Dan Duncan LLC are affiliates under the
collective common control of the DD LLC Trustees and the EPCO Trustees.  Like
many publicly traded partnerships, we have no employees.  All of our management,
administrative and operating functions are performed by employees of EPCO
pursuant to an administrative services agreement (the "ASA") or by other service
providers.

Our operations are reported under four business segments:  (i) NGL Pipelines &
Services, (ii) Crude Oil Pipelines & Services, (iii) Natural Gas Pipelines &
Services, and (iv) Petrochemical & Refined Products Services.  Our business
segments are generally organized and managed according to the types of services
rendered (or technologies employed) and products produced and/or sold.

We provide investors access to additional information regarding the Partnership, including information relating to our governance procedures and principles, through our website, www.enterpriseproducts.com.


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Current Outlook

As noted previously, this quarterly report on Form 10-Q, including this update
to our outlook on business conditions, contains forward-looking statements that
are based on our beliefs and those of our general partner, as well as
assumptions made by us and information currently available to us, which includes
forecast information published by third parties. See "Cautionary Statement
Regarding Forward-Looking Information" within this Part I, Item 2 and "Risk
Factors" in Part II, Item 1A, for additional information.  The following update
to our Current Outlook replaces the general outlook provided in our 2019 Form
10-K under Part II, Item 7 and presents our current views on key midstream
energy supply and demand fundamentals for the remainder of 2020 and extending,
where appropriate, into 2021. The third-party supply and demand forecasts cited
in the following discussion, including our internal forecasts based on such
information, remain subject to significant uncertainty because mitigation and
reopening efforts related to COVID-19 and the introduction of approved vaccines
or proven therapeutics continue to evolve.

As described in our 2019 Form 10-K, changes in the supply of and demand for
hydrocarbon products impacts both the volume of products that we sell and the
level of services that we provide to customers, which in turn has a direct
impact on our financial position, results of operations and cash flows.  The
global effects of the COVID-19 pandemic, which began in the first quarter of
2020 and include the consequences of international COVID-19 containment measures
(e.g., quarantines, travel restrictions, temporary business closures and similar
protective actions), reduced near-term demand for hydrocarbon products by record
amounts and created a significant oversupply situation.  Also, in the early
stages of the pandemic, disputes between members of the Organization of the
Petroleum Exporting Countries ("OPEC") and Russia (collectively, the "OPEC+"
group) over crude oil production levels led to unprecedented volatility in
global energy markets and a historic collapse in crude oil prices in April
2020.  Although the OPEC+ group and other producers subsequently reached
agreements to gradually reduce the oversupply of crude oil through production
cuts, the downturn in the energy industry caused by lower demand and prices
negatively impacted us, the producers we work with and our other customers to
varying degrees.

Demand Side Observations

Across the globe, downstream demand for petroleum products such as gasoline and
jet fuel has recovered from the lows of the second quarter of 2020, but remains
depressed due to the effects of the pandemic and refiners have reduced their
utilization rates in response.  Many countries have begun to ease their COVID-19
containment measures and central banks and governments have instituted fiscal
measures in an effort to stimulate economic activity. As a result, hydrocarbon
demand has started to recover; however, a continuation of this trend remains
dependent on successful containment of the disease and the development of
approved vaccines and proven therapeutics. In its October 2020 Short-Term Energy
Outlook dated October 6, 2020 (the "October 2020 STEO"), the U.S. Energy
Information Administration ("EIA") forecast that global demand for petroleum and
related liquids would average 92.8 MMBPD in 2020 and 99.1 MMBPD in 2021.  By
contrast, the EIA estimates that global crude oil demand for 2019 (pre-pandemic)
averaged 101.5 MMBPD.

The decrease in hydrocarbon demand attributable to COVID-19 and the resulting
oversupply situation caused a significant decrease in crude oil prices.  Prior
to the pandemic, crude oil prices for West Texas Intermediate ("WTI") at
Cushing, Oklahoma (as reported by the NYMEX) closed at $61.06 per barrel on
December 31, 2019. By March 31, 2020, WTI prices closed at $20.48 per barrel
and, notwithstanding the announced OPEC+ production cuts, closed at a record low
of a negative $37.63 per barrel on April 20, 2020.  As demand began to recover
starting in the second quarter of 2020, WTI prices rebounded from the April lows
and closed at $39.27 per barrel on June 30, 2020.  At September 30, 2020, WTI
prices closed at $40.22 per barrel.

Supply Side Observations



Production cuts within the OPEC+ group, along with market-driven cuts in U.S.,
Brazilian and Canadian supplies due to lower crude oil prices, continue to
provide much-needed support for international energy markets in coping with the
ongoing weakness in hydrocarbon demand attributable to the pandemic.  The OPEC+
group resolved their production dispute by agreeing to reduce their combined
crude oil production by 9.7 MMBPD in May and June 2020, 9.6 MMBPD in July 2020,
7.7 MMBPD from August through December 2020 and 5.8 MMBPD from January 2021 to
April 2022.  The OPEC+ agreement is scheduled to be reevaluated in December
2021.  In the meantime, global supply and demand fundamentals are continually
evaluated by the OPEC+ Joint Ministerial Monitoring Committee.  The duration of
market-driven production cuts by non-OPEC countries such as U.S., Brazil and
Canada will depend on supply and demand fundamentals.  According to the October
2020 STEO, the EIA expects global crude oil production to average 94.6 MMBPD in
2020, which represents a decline of 6.1 MMBPD when compared to 2019, and to
average 98.8 MMBPD in 2021.
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As a result of the current business environment, most oil producers in North
America have reduced their drilling and completion of new wells.  Baker Hughes
reported that the total number of drilling rigs working in the continental U.S.
(combined crude oil and natural gas rigs) declined from 805 at December 31, 2019
to 728 at March 31, 2020 and further to 265 at June 30, 2020.  The U.S. drilling
rig count stood at 266 on October 2, 2020.  In its October 2020 STEO, the EIA
forecasts that U.S. crude oil production will average 11.5 MMBPD in 2020, which
is down from 12.3 MMBPD in 2019. Furthermore, the EIA expects U.S. crude oil
production to average 11.1 MMBPD in 2021.  According to the October 2020 STEO,
the EIA expects U.S. crude oil production to decline to an average of 11.0 MMBPD
in the second quarter of 2021 since near-term drilling and completion activity
will not generate enough production to offset declines from existing wells. The
EIA expects drilling activity to rise later in 2021, contributing to U.S. crude
oil production returning to 11.2 MMBPD in the fourth quarter of 2021.

Enterprise Outlook



Given the combination of the record retrenchment in drilling and completion
activities by U.S. producers in 2020, along with steep decline curves in shale
basins that result in lower near-term production through mid-2021, and the
expected continuing recovery of global hydrocarbon demand following the
pandemic, we believe that crude oil prices could begin to increase as early as
the second half of 2021.  However, in the interim, we believe the midstream
industry will be challenged in its producer-facing businesses and that the
challenges and opportunities will be different for each producing basin.

Although the current industry and business outlooks remain challenging, we believe that our integrated, diversified and fee-based business model, will enable us to successfully traverse this difficult period. The Partnership and its consolidated operations remain in a strong position, with our financial strength and operational flexibility demonstrated by the following:

• At September 30, 2020, we had $6.03 billion of consolidated liquidity, which

was comprised of $5.0 billion of available borrowing capacity under EPO's

revolving credit facilities and $1.03 billion of unrestricted cash on hand.

Our liquidity is supported by investment grade credit ratings on EPO's

long-term senior unsecured debt of BBB+, Baa1 and BBB+ from Standard & Poors,

Moody's and Fitch, respectively.

• EPO successfully issued $4.25 billion in principal amount of senior notes in

the first nine months of 2020. Based on current conditions, we believe that we

will have sufficient liquidity and/or access to debt capital markets to fund

the remaining principal amount of senior notes maturing through 2021.

• In light of the current downturn in the domestic energy industry, we

reevaluated our planned capital investments. Based on information currently

available, we now expect our total capital investments for 2020, net of

contributions from joint venture partners, to approximate $3.2 billion

(originally forecast in our 2019 Form 10-K at $3.4 billion to $4.4 billion),

which reflects growth capital investments of $2.9 billion and approximately

$300 million for sustaining capital expenditures. In addition, we currently

expect our growth capital investments in 2021 and 2022 for sanctioned projects

to approximate $1.6 billion and $800 million, respectively. These amounts do

not include capital investments associated with our proposed deepwater offshore

crude oil terminal (the Sea Port Oil Terminal or "SPOT"), which remains subject

to governmental approvals. We do not expect to receive the approvals for SPOT


  in 2020.

• We continue to optimize our assets to provide incremental services to customers

and to respond to market opportunities. As prices for certain NGLs, crude oil

and refined products fell in 2020 due to collapsing demand for refined products

as a result of the pandemic, our storage services provided valuable flexibility

for our customers. In addition, our earnings from marketing activities for the

nine months ended September 30, 2020 benefited from using uncontracted storage


  capacity to capture contango opportunities in NGLs, crude oil and refined
  products.

• Across all of our assets, we have contracted with a large number of quality

customers in order to achieve customer diversification. In 2019, our top 200

largest customers represented 96% of consolidated revenues. Based on their

respective year-end 2019 debt ratings, 81% of our top 200 customers were either

investment grade rated or backed by letters of credit. Additionally, only 6%

of our top 200 customer revenues were attributable to sub-investment grade or

non-rated upstream producers. Given the current market environment, the rating

agencies have taken numerous rating actions, including downgrades, across the

energy industry. After adjusting for all ratings actions through April 23,

2020, we estimate that 78% of our top 200 customers remain investment grade


  rated or are backed by letters of credit.



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In light of current events, we are closely monitoring the recoverability of our
long-lived assets for potential impairment. We recognized $77.0 million and
$90.4 million of non-cash asset impairment charges during the three and nine
months ended September 30, 2020, respectively. If the adverse economic impacts
of the pandemic persist for longer periods than currently expected, these
developments could result in our recognition of additional non-cash impairment
charges in the future.

Significant Recent Commercial Developments

Expansion of Midland-to-ECHO System Enters Service



In July 2019, we announced an expansion of our Midland-to-ECHO System comprised
of a 36-inch pipeline extending from Midland, Texas to our Enterprise Crude
Houston ("ECHO") terminal, and further from ECHO to a third-party terminal in
Webster, Texas (collectively, the "Midland-to-Webster pipeline").  In October
2020, we announced that the Midland-to-ECHO segment was placed into service.  We
expect the ECHO-to-Webster segment to enter service in the fourth quarter of
2020.  Once all facilities are placed into full commercial service, our
transportation capacity on the pipeline is expected to be approximately 450
MBPD.  We proportionately consolidate a 29% undivided interest in the
Midland-to-Webster pipeline, which we refer to as the "Midland-to-ECHO 3"
pipeline.

Amendments to Crude Oil Transportation Agreements; Cancellation of Midland-to-ECHO 4 Pipeline



In September 2020, we announced the amendment of certain crude oil
transportation agreements and the related cancellation of the Midland-to-ECHO 4
pipeline. In general, the amendments provide for the reduction of near-term
pipeline volume commitments in exchange for extending the term of the related
transportation agreements and using existing pipeline infrastructure.
Cancellation of the Midland-to-ECHO 4 pipeline reduced our growth capital
investments by an aggregate $800 million over the years 2020 through 2022.  As a
result of the cancellation, we recorded an impairment charge of $42.0 million
during the third quarter of 2020.

Enterprise Co-Loads Export Vessels at Houston Ship Channel Terminals



In July 2020, we completed the simultaneous loading of propane and polymer grade
propylene ("PGP") into separate compartments on a Very Large Gas Carrier at our
Enterprise Hydrocarbons Terminal ("EHT"), as well as the simultaneous loading of
ethane and ethylene on a vessel at our Morgan's Point Marine Terminal.  Both
vessels were the first export cargoes of their kind from the U.S.

Enterprise Enters Into Long-Term Sales Agreement in Support of PDH 2 Facility



In June 2020, we announced the execution of a long-term sales agreement with
Marubeni Corporation to supply PGP from our second propane dehydrogenation plant
("PDH 2"), which is currently under construction at our Mont Belvieu complex.
Marubeni Corporation is a major Japanese integrated trading and investment
business conglomerate and the world's largest olefins trader. PGP is a primary
petrochemical that has global demand growth as a feedstock to manufacture
consumer, medical and industrial products that improve the daily lives and
protect the health of people around the world.

PDH 2 is expected to have the capacity to upgrade 35 MBPD of propane into 1.65
billion pounds per year (equivalent to 25 MBPD) of PGP and begin service in the
second quarter of 2023.  Upon completion of PDH 2, our total capacity to produce
PGP is expected to be 11 billion pounds per year, representing the largest PGP
production complex in the world.

Enterprise Ramps Up Ethylene Exports at its Morgan's Point Marine Terminal



In June 2020, we announced that the loading capacity of our jointly-owned
ethylene export terminal located on the Houston Ship Channel at Morgan's Point,
Texas was exceeding our interim design expectations and that ethylene exports
for June would exceed 175 million pounds.  In fact, the marine terminal loaded a
record-sized ethylene cargo of 44 million pounds on the Navigator Eclipse.  We
expect to complete the construction of an ethylene storage tank at the terminal
site by the end of 2020, which should increase the terminal's total loading
capacity to 2.2 billion pounds per year.

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The marine terminal volumes are supported by our high-capacity ethylene storage
hub and pipeline system, which is connected to four ethylene pipeline systems.
We expect to complete three additional connections by the end of 2020, linking
the system to a majority of ethylene production capacity in Texas. Our open
access ethylene storage hub and pipeline system provides domestic ethylene
producers access to both domestic and global markets.

Selected Energy Commodity Price Data

The following table presents selected average index prices for natural gas and selected NGL and petrochemical products for the periods indicated:

Polymer Refinery Indicative Gas


                  Natural                    Normal              Natural

Grade Grade Processing


                   Gas,   Ethane,  Propane, Butane,  Isobutane, Gasoline,

Propylene, Propylene, Gross Spread


                  $/MMBtu $/gallon $/gallon $/gallon  $/gallon  $/gallon

$/pound $/pound $/gallon


                    (1)     (2)      (2)      (2)       (2)        (2)       (3)        (3)          (4)
2019 by quarter:
1st Quarter         $3.15    $0.30    $0.67    $0.82      $0.85     $1.16      $0.38      $0.24          $0.31
2nd Quarter         $2.64    $0.21    $0.55    $0.63      $0.65     $1.21      $0.37      $0.24          $0.25
3rd Quarter         $2.23    $0.17    $0.44    $0.51      $0.66     $1.06      $0.38      $0.23          $0.21
4th Quarter         $2.50    $0.19    $0.50    $0.68      $0.82     $1.20      $0.35      $0.21          $0.25
2019 Averages       $2.63    $0.22    $0.54    $0.66      $0.75     $1.16

$0.37 $0.23 $0.26



2020 by quarter:
1st Quarter         $1.95    $0.14    $0.37    $0.57      $0.63     $0.93      $0.31      $0.18          $0.19
2nd Quarter         $1.71    $0.19    $0.41    $0.43      $0.44     $0.41      $0.26      $0.11          $0.17
3rd Quarter         $1.98    $0.22    $0.50    $0.58      $0.60     $0.80      $0.35      $0.17          $0.25
2020 Averages       $1.88    $0.18    $0.43    $0.53      $0.56     $0.71

$0.31 $0.15 $0.20

(1) Natural gas prices are based on Henry-Hub Inside FERC commercial index prices

as reported by Platts, which is a division of McGraw Hill Financial, Inc. (2) NGL prices for ethane, propane, normal butane, isobutane and natural gasoline

are based on Mont Belvieu Non-TET commercial index prices as reported by Oil

Price Information Service. (3) Polymer grade propylene prices represent average contract pricing for such

product as reported by IHS Chemical, a division of IHS Inc. ("IHS

Chemical"). Refinery grade propylene ("RGP") prices represent

weighted-average spot prices for such product as reported by IHS Chemical. (4) The "Indicative Gas Processing Gross Spread" represents a generic estimate of

the gross economic benefit from extracting NGLs from natural gas production

based on certain pricing assumptions. Specifically, it is the amount by

which the assumed economic value of a composite gallon of NGLs at Mont

Belvieu, Texas exceeds the value of the equivalent amount of energy in

natural gas at Henry Hub, Louisiana (as presented in the table above). The

indicative spread does not consider the operating costs incurred by a natural

gas processing facility to extract the NGLs nor the transportation and

fractionation costs to deliver the NGLs to market. In addition, the actual

gas processing spread earned at each plant is determined by regional pricing

and extraction dynamics. As presented in the table above, the indicative

spread assumes that a gallon of NGLs is comprised of 47% ethane, 28% propane,

9% normal butane, 6% isobutane and 10% natural gasoline. The value of an

equivalent amount of energy in natural gas to one gallon of NGLs is assumed

to be 8.4% of the price of a MMBtu of natural gas at Henry Hub.





The weighted-average indicative market price for NGLs was $0.41 per gallon in
the third quarter of 2020 versus $0.39 per gallon during the third quarter of
2019.  Likewise, the weighted-average indicative market price for NGLs was $0.36
per gallon during the nine months ended September 30, 2020 compared to $0.48 per
gallon during the same period in 2019.









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The following table presents selected average index prices for crude oil for the periods indicated:



                    WTI      Midland    Houston     LLS
                 Crude Oil, Crude Oil, Crude Oil Crude Oil,
                  $/barrel   $/barrel  $/barrel   $/barrel
                    (1)        (2)        (2)       (3)
2019 by quarter:
1st Quarter          $54.90     $53.70    $61.19     $62.35
2nd Quarter          $59.81     $57.62    $66.47     $67.07
3rd Quarter          $56.45     $56.12    $59.75     $60.64
4th Quarter          $56.96     $57.80    $60.04     $60.76
2019 Averages        $57.03     $56.31    $61.86     $62.71

2020 by quarter:
1st Quarter          $46.17     $45.51    $47.81     $48.15
2nd Quarter          $27.85     $28.22    $29.68     $30.12
3rd Quarter          $40.93     $41.05    $41.77     $42.47
2020 Averages        $38.32     $38.26    $39.75     $40.25

(1) WTI prices are based on commercial index prices at Cushing, Oklahoma as

measured by the NYMEX. (2) Midland and Houston crude oil prices are based on commercial index prices as

reported by Argus. (3) Light Louisiana Sweet ("LLS") prices are based on commercial index prices as


    reported by Platts.



The decline in commodity prices since the beginning of 2020 is attributable to
the ongoing effects of the COVID-19 pandemic and, with respect to crude oil, the
production dispute between Saudi Arabia and Russia.  See "Current Outlook"
within this Part I, Item 2 for information regarding these events.

Fluctuations in our consolidated revenues and cost of sales amounts are
explained in large part by changes in energy commodity prices.  A decrease in
our consolidated marketing revenues due to lower energy commodity sales prices
may not result in a decrease in gross operating margin or cash available for
distribution, since our consolidated cost of sales amounts would also decrease
due to comparable decreases in the purchase prices of the underlying energy
commodities.  The same type of correlation would be true in the case of higher
energy commodity sales prices and purchase costs.

We attempt to mitigate commodity price exposure through our hedging activities
and the use of fee-based arrangements.  See Note 14 of the Notes to Unaudited
Condensed Consolidated Financial Statements included under Part I, Item 1 of
this quarterly report for information regarding our commodity hedging
activities.



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