Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q1 2026 Earnings Presentation
18 slides from Energy Transfer Lp's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings
Coe ENERGY 5S. TRANSFER Moving America’s Energy Q1 2026 Earnings May 5, 2026
Slide 2: Forward-looking Statements / Legal Disclaimer
Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET’s 1st quarter 2026 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoc
Slide 3: What’s New?
What’s New? Operational Financial Strategic Energy Transfer volumes compared to Q1’25 Adjusted EBITDA: Recently approved construction of new Springerville ‒ NGL and refined products terminal volumes up ‒ Q1’26: $4.94B Lateral Project to provide natural gas to new gas- 19%, setting a new partne
Slide 4: Well-Balanced, Diversified, Fee-Based Earnings
Well-Balanced, Diversified, Fee-Based Earnings Q1 2026 Adjusted EBITDA by Segment 2026E Adjusted EBITDA Breakout Commodity Spread1 5-10% 0-5% SUN, USAC Crude Oil & Other 18% 21% Natural Gas NGL & Refined Inter & Intrastate Products Pipelines & 24% Storage Fee² 19% ~90% Midstream 18% 2026E fee-based
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: Leading Natural Gas Pipeline Footprint
Leading Natural Gas Pipeline Footprint Well-Positioned to Meet Growing Electricity Demand Demand Pull Contracts From End Users, Data Centers and Signed agreements with Oracle to provide natural gas to three Utilities Expected To Provide Significant Revenue Growth U.S data centers, two of which are i
Slide 7: Growth With Continued Financial Discipline
Growth With Continued Financial Discipline 2026E Growth Capital: ~$5.5-$5.9 billion¹ • Permian processing expansions (Mustang Draw I & II) % of 2026E • Permian gathering buildout and treating upgrades Midstream • Compression additions ~27% • Well connects • Hugh Brinson Pipeline Intrastate Natural G
Slide 8: Natural Gas Growth Project Backlog
Natural Gas Growth Project Backlog Project Name Natural Gas Project Overviews Status Commissioning; expected in Mustang Draw I Processing Plant 275 MMcf/d processing plant in the Midland Basin full-service June 2026 Mustang Draw II Processing Plant 275 MMcf/d processing plant in the Midland Basin Q4
Slide 9: NGL, Crude and Other Growth Project Backlog
NGL, Crude and Other Growth Project Backlog Project NGL Project Overviews Status Expanding capacity from 25,000 Bbls/d to ~70,000 Bbls/d to provide additional transportation service between Mont Belvieu and Nederland Initial Phase In Service; Sabina 2 Pipe Conversion for multiple products (Initial p
Slide 10: Desert Southwest – Transwestern Pipeline Expansion Project
Desert Southwest – Transwestern Pipeline Expansion Project Desert Southwest Pipeline Project Recently upsized pipeline diameter from 42 to 48” which will increase capacity from ~1.5 Bcf/d to up to 2.3 Bcf/d ~520-mile, 48-inch pipeline that extends from the heart of the Permian Basin to the Phoenix
Slide 11: Hugh Brinson Pipeline Project
Hugh Brinson Pipeline Project Serving Premier Texas Markets and Supporting Data Center and AI Growth Hugh Brinson Pipeline Project Upon full completion, bi-directional pipeline expected to have the ability Phase I: Construction underway on ~400 miles of 42” pipeline from Waha transport ~2.2 Bcf/d
Slide 12: Springerville Lateral Project
Springerville Lateral Project Springerville Lateral Project ~120-mile, 30-inch pipeline lateral off of existing Transwestern Transwestern Pipeline Pipeline • ~625 MMcf/d of capacity • Expected cost: ~$600 million • Backed by 20-year agreements Springerville Lateral • Anticipated in service in Q4 2
Slide 13: Expanding World-Class NGL Export Facilities
Expanding World-Class NGL Export Facilities Marcus Hook Terminal Marcus Hook – Ethane Tank Expansion • Construction underway on 900,000 Bbls refrigerated ethane storage tank and approximately 20,000 Bbls/d of incremental ethane chilling capacity • Expected in service in Q3 2027 Total NGL Export Capa
Slide 14: Permian Basin Processing
Permian Basin Processing Strengthening Position to Meet Growing Demand Currently have ~5.4 Bcf/d of processing capacity in the Permian Basin Footprint Permian Basin with significant acreage dedications Processing Plant Optimizations • Since mid-2024, added ~50 MMcf/d of capacity at four different
Slide 15: 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 MW natural gas-fired Transfer’s operations in Texas. Two facilities online wi
Slide 16: Appendix / Non-GAAP Reconciliations
Appendix / Non-GAAP Reconciliations
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures * 2021 2021 2022 2024 2025 2026 Full Year Full Year Full Year Full Year Full Year Q1 Net income $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 5,708 $ 1,976 Depreciation, depletion and amortization 3,817 4,164 4,385 5,165 5,682 1,583
Slide 18: 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