Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q2 2026 Earnings Presentation
19 slides from Energy Transfer Lp's earnings presentation, Aug 4, 2026
Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 4, 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 2nd 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 Q2’25 Adjusted EBITDA: In June, announced fully-subscribed export ‒ NGL transportation volumes up 13%, setting a ‒ Q2’26: $5.07B; up 31% from Q2’25 expansion at Nederland to increase ethane export new partnership r
Slide 4: Well-Balanced, Diversified, Fee-Based Earnings
Well-Balanced, Diversified, Fee-Based Earnings Q2 2026 Adjusted EBITDA by Segment Historical Adjusted EBITDA Breakout Commodity Spread1 5-10% 0-5% SUN, USAC Crude Oil & Other 17% 24% Natural Gas NGL & Refined Inter & Intrastate Products Pipelines & Storage 26% Fee² 17% ~90% Midstream 17% 4 1. Spread
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 Well-Positioned to Meet Growing Electricity Demand
Leading Natural Gas Pipeline Footprint Well-Positioned to Meet Growing Electricity Demand Increasing interest and commitments for natural gas services to serve large data centers and power plants at or near those sites Signed agreements with Oracle to provide natural gas to three U.S data centers, t
Slide 7: Enhancing Strategic Footprint In Leading Natural Gas Franchise
Enhancing Strategic Footprint In Leading Natural Gas Franchise Recently Announced Major Gas Pipeline Projects Recently Announced Pipeline Laterals Announced Capex Mainline Pipeline Announced Pipeline Laterals Gas Supplied May-2025 & ~900,000 Mcf/d Dec-2024 $2.7B Hugh Brinson – 42” Oracle Natural Gas
Slide 8: Growth With Continued Financial Discipline
Growth With Continued Financial Discipline 2026E Growth Capital¹ • Permian processing expansions (Mustang Draw I & II) % of 2026E • Permian gathering buildout and treating upgrades Midstream • Compression additions ~26% • Well connects • Hugh Brinson Pipeline Intrastate Natural Gas • Data Center exp
Slide 9: Natural Gas | Announced Growth Projects
Natural Gas | Announced Growth Projects Project Name Natural Gas Project Overviews Status Mustang Draw I Processing Plant 275 MMcf/d processing plant in the Midland Basin In Service Mustang Draw II Processing Plant 275 MMcf/d processing plant in the Midland Basin Q4 2026 Natural Gas Fired Electric G
Slide 10: 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 transport ~2.2 Bcf/d from west to east, and also ~1 Bcf/d from east to west Phase I Now In C
Slide 11: Desert Southwest – Transwestern Pipeline Expansion Project
Desert Southwest – Transwestern Pipeline Expansion Project Desert Southwest Pipeline Project Expected EBITDA Multiple ~5-6X ~520-mile, 48-inch pipeline that extends from the heart of the Permian Basin to the Phoenix area in Arizona • Up to ~2.3 Bcf/d of capacity • Expected cost: Up to ~$5.6 billio
Slide 12: Springerville Lateral Project
Springerville Lateral Project Springerville Lateral Project ~125-mile, 30-inch pipeline lateral ~625 MMcf/d of capacity Transwestern Expected cost: ~$600 million Pipeline ‒ Locked in pipe and compression costs Backed by 20-year agreements Power Springerville Outreach underway with tribal,
Slide 13: Permian Basin Processing
Permian Basin Processing Strengthening Position to Meet Growing Demand Currently have ~5.8 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 14: NGL and Crude Oil | Announced Growth Projects
NGL and Crude Oil | Announced Growth Projects 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
Slide 15: Expanding Nederland NGL Export Terminal
Expanding Nederland NGL Export Terminal Nederland Ethane Export Expansion Project Nederland Terminal • In June 2026, announced an expansion of the Nederland NGL Export Terminal to meet additional customer demand • Project includes: o Increasing ethane export capacity at Nederland by 240,000 Bbls/d,
Slide 16: NGL Pipeline & Fractionation – Providing Service to Premier Markets
NGL Pipeline & Fractionation – Providing Service to Premier Markets Delaware Basin NGL Pipe Extension Lone Star Express Upgrades • Looping NGL pipeline upstream of Lone Star Express Pipeline to • Pump and filter upgrades along the pipeline that are expected to provide source an incremental ~150,000
Slide 17: Appendix / Non-GAAP Reconciliations
Appendix / Non-GAAP Reconciliations
Slide 18: 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 Q2 YTD Net income $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 5,708 $ 1,976 $ 2,530 $ 4,506 Depreciation, depletion and amortization 3,817 4,164 4,
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Definitions (a) 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