Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Investor Presentation (June 2025)
29 slides from Energy Transfer Lp's investor presentation, June 2025
Slide 1: Investor Presentation
Investor Presentation June 2025
Slide 2: Forward-looking Statements / Legal Disclaimer
Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation to analysts and/or investors throughout June 2025. At the meetings, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN), U
Slide 3: What's New?
What’s New? Q1 2025 Net Income Q1 2025 Adjusted EBITDA 2025 Adjusted EBITDA Guidance Attributable to the Partners $1.32 $4.10 $16.1-$16.5 BILLION BILLION BILLION Up 7% vs Q1 2024 Up 6% vs Q1 2024 Midpoint up 5% vs FY 2024 Operational Financial Strategic Energy Transfer volumes compared to Q1’24
Slide 4: Why Energy Transfer
Why Energy Transfer Valuation Opportunity Significantly Improved Financial Position (LTM EV/EBITDA¹,²) 15 Strongest financial position in partnership history 12 Pro forma for a full year of acquisitions, Energy Transfer’s 9 leverage ratios are now in the lower half of its 4.0-4.5x target range3
Slide 5: Nationwide Footprint With Diverse Product Offerings Across the Value Chain
Nationwide Footprint With Diverse Product Offerings Across the Value Chain Asset Overview Natural Gas Natural Gas Liquids (NGLs) Crude Refined Products Storage Mont Belvieu NGL Complex Terminals Processing Major Terminals Marcus Hook Terminal Houston Terminal Lake Charles Regas Nederland Terminal Cu
Slide 6: Wellhead to Water – Opportunity-Rich Value Chain
Wellhead to Water – Opportunity-Rich Value Chain 130,000+ Miles of Pipeline Gather ~20.4 million MMBtu/d of gas and ~1.1 MMBbls/d of NGLs produced Transport ~32.4 million MMBtu/d of natural gas via inter and intrastate pipelines Fractionate ~1.1 million Bbls/d of NGLs Transport ~6.7 million Bbls/d o
Slide 7: Disciplined Growth Targeting Strong Investment Returns & Quick Cash Cycles
Disciplined Growth Targeting Strong Investment Returns & Quick Cash Cycles 2025E Growth Capital: ~$5.0 billion¹ % of 2025E • A significant amount of 2025 spend will be directed toward the Permian Basin, including: – Permian Processing Expansions (Badger, Lenorah II² and Mustang Draw) – Processing pl
Slide 8: Growth Project Backlog
Growth Project Backlog Project Name Project Overview Status Upgrading four processing plants to add ~200 MMcf/d of incremental processing capacity in West Texas (Includes adding 50 MMcf/d at Permian Processing Upgrades In Partial Service Grey Wolf, Orla East, Arrowhead II and Arrowhead III, respecti
Slide 9: Natural Gas Opportunities to Support Growing Power Needs
Natural Gas Opportunities to Support Growing Power Needs Needs: ET Assets: Reliable 24/7 fuel source ~105,000 miles of natural gas interstate and Speed to market – readily available and efficient to intrastate pipelines bring online ~236 Bcf/d of natural gas storage Dedicated supply Expe
Slide 10: Natural Gas Opportunities to Support Growing Power Needs
Natural Gas Opportunities to Support Growing Power Needs ERCOT Summer Peak Power Demand¹ ERCOT Increasing Summer Peaks 140,000 Datacenter, cryptocurrency mining, industrial oil and gas production 120,000 facilities growth, as well as strong economic and population growth 100,000 in Texas is drivin
Slide 11: Leading Natural Gas Pipeline Footprint
Leading Natural Gas Pipeline Footprint Well Positioned to Meet Growing Electricity Demand Gas-fired power plants Energy Transfer is pursuing opportunities to serve growing power loads from new served via direct and demand centers across its pipeline network indirect connections: ~185 54 80 Recently
Slide 12: Extensive Natural Gas Pipeline Network
Extensive Natural Gas Pipeline Network ~40% of Adjusted EBITDA comes from Natural Gas driven segments Over 105,000 miles of natural gas gathering, and interstate and intrastate transportation pipelines More than 55 Bcf/d of natural gas interstate and intrastate pipeline throughput capacity ~236 Bcf
Slide 13: Hugh Brinson Pipeline Project
Hugh Brinson Pipeline Project Serving Premier Texas Markets and Supporting Data Center and AI Growth Hugh Brinson Pipeline Project: Phase 1 Construction underway on ~400 miles of 42” pipeline from Waha and the Midland Basin to Maypearl, TX • Secured majority of pipeline steel (currently being roll
Slide 14: NGL Pipeline & Fractionation – Providing Service to Premier Markets
NGL Pipeline & Fractionation – Providing Service to Premier Markets Lone Star Express Upgrades Mont Belvieu Fractionation Expansions • Pump and filter upgrades along the pipeline that are expected to provide • Total of 8 fractionators at Mont Belvieu; current capacity 1.15mm+ Bbls/d more than 90,000
Slide 15: Strong Growth With Strategic Assets – Well Positioned for Future Opportunities
Strong Growth With Strategic Assets – Well Positioned for Future Opportunities NGL & Refined Products Adjusted EBITDA Energy Transfer NGL Exports $4,500 1,100 $4,000 1,000 900 $3,500 800 $3,000 700 $ in millions MBbls/d $2,500 600 $2,000 500 $1,500 400 300 $1,000 200 $500 100 $0 0 FY 2019 FY 2020 FY
Slide 16: Expanding World-Class NGL Export Facilities
Expanding World-Class NGL Export Facilities Marcus Hook Terminal Marcus Hook Terminal • Construction underway on 900,000 Bbls refrigerated ethane storage tank and approximately 20,000 Bbls/d of incremental ethane chilling capacity Total NGL Export Capacity Houston Terminal > 1.1mm Bbls/d Nederland T
Slide 17: Permian Basin Processing
Permian Basin Processing Strengthening Position to Meet Growing Demand Permian Basin Footprint Extensive Permian Basin Footprint: • Currently have ~5.0 Bcf/d of processing capacity in the Permian Basin • Have significant acreage dedications to ET processing plants in the Permian Basin Lenorah I &
Slide 18: Significant Management Ownership
Significant Management Ownership Leadership Support Insider Ownership vs Peers¹ Ownership Breakout¹ 12% • Energy Transfer insiders and independent board members purchased Insiders more than 44 million units, totaling 10% ~10% ~$468 million, since January 2021 8% Insider Ownership % • Executive Chair
Slide 19: Leveraging asset base and expertise to develop projects to reduce environmental footprint
Leveraging asset base and expertise to develop projects to reduce environmental footprint Power Generation Constructing 8, 10- Construction underway on 8 natural gas-fired electric generation facilities to support Energy Transfer’s MW natural gas-fired operations in Texas. The first facility was p
Slide 20: Appendix
Appendix
Slide 21: Crude Oil Segment
Crude Oil Segment ~17,950 miles of crude oil trunk and gathering lines Crude Oil Pipelines ~ 1 million barrels per day of Permian crude oil takeaway capacity Directly connected to 7.8 MMbbls/d (~44%) of domestic refining capacity 1.85 MMbbls/d of ET-owned export capacity on USGC ET owns and op
Slide 22: Natural Gas Liquids (NGLs) & Refined Products Segment
Natural Gas Liquids (NGLs) & Refined Products Segment Fractionation 8 Mont Belvieu fractionators (over 1.15 MMBbls/d) 165,000 Bbls/d Frac IX expected to go into service in Q4’26 35,000 Bbls/d Geismar Frac (Louisiana) NGL Storage Total NGL storage ~97 million barrels ~62 million barrels of
Slide 23: World-Class Export Capabilities – Uniquely Positioned to Serve Global Demand
World-Class Export Capabilities – Uniquely Positioned to Serve Global Demand Houston Terminal Marcus Hook Terminal • 330 acres on Houston Ship Channel • 18.2 million Bbls of crude and heated product storage • ~850,000 Bbls/d of crude export capacity • 5 ship docks, 7 barge docks • Rail and truck unl
Slide 24: Midstream Segment
Midstream Segment Midstream Highlights Extensive Gathering and Processing Footprint • Assets in most of the major U.S. producing basins 2024 Processing Capacity Additions • Completed 200 MMcf/d Lenorah I¹ processing plant • Completed upgrades at Jackson Plant in south Texas that added ~60 MMcf/d
Slide 25: Interstate Natural Gas Pipeline Segment
Interstate Natural Gas Pipeline Segment Interstate Highlights ET’s interstate pipelines provide: Stability • Approximately 95% of revenue derived from fixed reservation fees Diversity Asset Overview • Access to multiple shale plays, storage facilities and markets Pipelines Transwestern Growth
Slide 26: Intrastate Natural Gas Pipeline Segment
Intrastate Natural Gas Pipeline Segment ~ 12,200 miles of intrastate pipelines with ~24 Bcf/d of throughput capacity, Intrastate Highlights and ~88 Bcf/d of working storage capacity Well-positioned to capture additional revenues from anticipated changes in natural gas supply and demand, including
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations 27
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures * 2020 2021 2022 2023 2024 2025 Full Year Full Year Full Year Full Year Full Year Q1 Net income $ 140 $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 1,720 Depreciation, depletion and amortization 3,678 3,817 4,164 4,385 5,165 1,367 In
Slide 29: Non-GAAP Reconciliation
Non-GAAP Reconciliation Definitions Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer’s fundamental business activities and sho