HOUSTON--(BUSINESS WIRE)--Dec. 27, 1999--Enterprise Products Partners L.P. (NYSE:EPD) announced today that it has filed an $800 million "universal shelf" registration statement with the Securities and Exchange Commission for the proposed sale of debt and equity securities over the next two years. This registration statement pertains to debt securities and to common units representing limited partner equity interests in Enterprise.

The purpose and timing of this filing is to give the company flexibility to quickly respond to attractive financing opportunities in the capital markets and its capital needs as it pursues its growth strategy and manages its debt obligations. The company expects to manage its debt obligations for an appropriate mix of short-term and long-term indebtedness and fixed coupon versus floating rate debt.

Enterprise has no plans to immediately access either the debt or equity capital markets. At the time Enterprise offers debt or equity securities for sale, the company will provide a prospectus supplement that will contain specific information about the terms of any such offering.

The net proceeds from any sale of debt or equity securities would be used for funding future business acquisitions, investment in growth projects, refinancing existing debt or other company purposes including, but not limited to, providing working capital or the repurchasing of common units. This registration may also apply to the issuance of common units to satisfy conversion of 14.5 million Convertible Special Units, which Enterprise issued in the acquisition of Tejas Natural Gas Liquids. During the next two years, 6.0 million of these units will convert into common units.

"We are filing this shelf registration now to provide us with the ability to access the long-term debt markets to refinance a significant amount of the $390 million of floating rate bank debt that was outstanding at the end of the third quarter. Refinancing this debt will enhance our financial flexibility and credit availability under our existing bank facilities," stated O.S. "Dub" Andras, president and CEO of Enterprise.

"Our growth plans include acquisitions of complementary midstream energy assets and investments with strategic partners in joint ventures. In recent months, many major energy and utility companies have announced plans to divest midstream energy assets. This shelf registration will provide us the flexibility to finance attractive acquisition opportunities in a timely manner with the appropriate mix of debt and equity securities for us to meet our financial objective of maintaining an investment grade balance sheet," said Andras.

Enterprise Products Partners L.P., with an enterprise value of over $1.9 billion, is one of the leading midstream energy service companies in North America, providing the complete services of processing, fractionation, transportation and storage to producers of NGLs and consumers of NGL products. Enterprise has ownership interests in and operates some of the largest natural gas processing and NGL fractionation facilities in the United States, the largest commercial isobutane complex in the United States, two propylene fractionation facilities, an NGL import/export terminal, approximately 43.7 million barrels of net storage capacity, a 2,400-mile network of pipelines and an MTBE production facility, all located on the U.S. Gulf Coast. The Gulf Coast accounts for approximately 55% of U.S. NGL production and 75% of U.S. demand for NGLs.

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.

     CONTACT: Enterprise Products Partners L.P., Houston
              Randy Fowler, 713/880-6694
             http://www.epplp.com