Slide 1: Second-Quarter 2026 Results
Second-Quarter 2026 Results August 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements contained in this presentation regarding company expectations, outlooks, targets, predictions and other similar statements should be considered forward-looking statements that are covered by the safe harbor protections provided under federal securities legislati
Slide 3: A Premier Energy Infrastructure Leader
A Premier Energy Infrastructure Leader Extensive and Regionally Diversified Operations • Strategically located, ~60,000-mile pipeline network – Gathering, fractionation, transportation and storage of NGLs – Gathering, processing, transportation and storage of natural gas – Transportation, storage an
Slide 4: Second-Quarter 2026 Highlights
Second-Quarter 2026 Highlights Q2 2026 Net Income of $967 million Increased 2026 Financial Guidance Natural Gas Liquids Natural Gas Gathering and Processing • $3.6 billion net income midpoint $659 million $546 million • $8.35 billion adjusted EBITDA midpoint Strong Sequential Volume Growth Q2 2026 A
Slide 5: Historical EPS Growth – ~13% CAGR
Historical EPS Growth – ~13% CAGR Diluted EPS (excluding major one-time items) 2017-2026G $6.00 $5.38 - $5.99(e) $5.42 $5.00 $4.87(d) $4.61(c) • Strong EPS growth driven $4.00 $3.84 by fee-based earnings $3.35 $3.07 $3.00 $2.78 $2.57(b) • Annual EPS growth rate: $2.00 $1.86(a) • ~13% (2017-2026G) $1
Slide 6: History of Sustainable Adjusted EBITDA Growth
History of Sustainable Adjusted EBITDA Growth Proven Growth Through Commodity Cycles (adjusted EBITDA $ in billions) $150 $9,000 $8.2-$8.5(e) $8.085(d) • 12 consecutive years of adjusted EBITDA $8,000 growth (2013-2025) ~$6.8(c) $7,000 WTI (a) • 17% annual adjusted EBITDA growth rate $100 (2013-2025
Slide 7: Seasonal Factors Drive Earnings Timing
Seasonal Factors Drive Earnings Timing Seasonal dynamics affect the timing of earnings within the year, while full-year results are driven by volumes, fees and operational execution. Relative Earnings Contribution (Illustrative) • Sustained volumes • Optimal operating conditions • Weather variabilit
Slide 8: Business Segment Performance
Business Segment Performance Q2 2026 vs. Q1 2026 Adjusted EBITDA Variances • Natural gas liquids decreased: – $35 million decrease in optimization and marketing due primarily to lower earnings on sales of purity NGLs held in inventory. – $19 million decrease in transportation and storage due to lowe
Slide 9: Business Segment Performance
Business Segment Performance Q2 2026 vs. Q1 2026 Adjusted EBITDA Variances • Natural gas gathering and processing increased: – $60 million increase due primarily to higher realized condensate prices, net of hedging, and higher average fee rates. – $35 million increase from higher volumes due to incr
Slide 10: Natural Gas Liquids
Natural Gas Liquids Segment Update Average Raw Feed Throughput Volumes(a) Average Bundled • NGL raw feed throughput (Q2 2026 vs. Q1 2026): Region Q2 2025 Q1 2026 Q2 2026 Rate (per gallon) – 18% increase in Mid-Continent region Rocky Mountain(b) 468 MBbl/d 458 MBbl/d 478 MBbl/d ~ 27 cents – 6% increa
Slide 11: Refined Products and Crude
Refined Products and Crude Segment Update Average Throughput Volumes(a)(b) Q2 2025 Q1 2026 Q2 2026 • Volumes shipped (Q2 2026 vs. Q1 2026): Total refined products volume shipped 1,503 MBbl/d 1,568 MBbl/d 1,629 MBbl/d – 12% increase in aviation and other Gasoline 853 MBbl/d 909 MBbl/d 943 MBbl/d – 9%
Slide 12: Natural Gas Gathering and Processing
Natural Gas Gathering and Processing Segment Update Average Processed Volumes(a) Region Q2 2025 Q1 2026 Q2 2026 • Processed volumes (Q2 2026 vs. Q1 2026): – 4% increase in Rocky Mountain region Rocky Mountain 1,642 MMcf/d 1,602 MMcf/d 1,673 MMcf/d – 4% increase in Mid-Continent region Mid-Continent
Slide 13: Natural Gas Pipelines – Strategically Positioned
Natural Gas Pipelines – Strategically Positioned Well-positioned to benefit from natural gas demand growth driven by data centers, LNG and industrial demand. • LNG export and industrial demand: – Directly connected to major LNG and industrial customers – Exports provide brownfield storage expansion
Slide 14: 2026 Updated Financial Guidance
2026 Updated Financial Guidance Non-GAAP Reconciliation 2026 Updated Guidance Range(a) Reconciliation of net income to adjusted EBITDA 2024 2025 ($ in millions) Net income $3,112 $3,462 $3,410 - $3,790 Interest expense, net of capitalized interest 1,371 1,783 1,775 - 1,725 Depreciation and amortizat
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended Reconciliation of net income to adjusted EBITDA ($ in millions) March 31, 2026 June 30, 2026 Net income $776 $967 Interest expense, net of capitalized interest 439 434 Depreciation and amortization 378 387 Income taxes 245 299 Adjusted EBITDA from unconsoli
Slide 16: Safe Harbor Statement
Safe Harbor Statement This presentation contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “estimates,” “expects,” “forecasts,” “guidance,” “outlook,” “plans,” “projects,” “scheduled,” “should,” “will,” “would,” and similar expressions may be u
Slide 17: August 2026
August 2026