Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Investor Presentation (April 2025)
32 slides from Energy Transfer Lp's investor presentation, April 2025
Slide 1: Investor Presentation April 2025
Investor Presentation April 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 April 2025. At the meetings, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN),
Slide 3: What’s New?
What’s New? Q4 2024 Adjusted EBITDA 2025 Adjusted EBITDA Guidance Q4 2024 Net Income Attributable to the Partners $3.88 $16.1-$16.5 $1.08 BILLION BILLION BILLION Up 8% vs Q4 2023 Midpoint up 5% vs FY 2024 Operational Financial Strategic Energy Transfer volumes compared to Q4’23 Announced 2025 Gu
Slide 4: Capturing Growth in 2025 and Beyond
Capturing Growth in 2025 and Beyond Three key themes are expected to drive critical growth within the midstream space Energy Transfer’s asset base is well positioned to capitalize on all three Continued Strong Natural Gas Power Global Demand for US Permian Basin Volume Demand Continues to NGL Pr
Slide 5: Why Energy Transfer
Why Energy Transfer Valuation Opportunity Significantly Improved Financial Position (LTM EV/EBITDA¹,²) 16 Sr. Unsecured debt rating upgraded by S&P and Fitch to BBB 14 with stable outlook, and Moodys to Baa2 12 10 Pro forma for a full year of acquisitions, Energy Transfer’s 8 leverage ratios are
Slide 6: Nationwide Footprint
Nationwide Footprint 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 Cushing Terminal Midland Terminals 6
Slide 7: Wellhead to Water – Opportunity-Rich Value Chain
Wellhead to Water – Opportunity-Rich Value Chain 130,000+ Miles of Pipeline Gather ~20.3 million MMBtu/d of gas and 890,000 Bbls/d of NGLs produced Transport ~30.3 million MMBtu/d of natural gas via inter and intrastate pipelines Fractionate ~1.1 million Bbls/d of NGLs Transport ~6.6 million Bbls/d
Slide 8: Outlook Supported by Strong Core Business
Outlook Supported by Strong Core Business 2025E 2024E Adjusted EBITDA $16.1- $15.3- $16.5 $15.5 Billion billion Balancing M&A and Organic Growth 2025E Adjusted EBITDA Breakout Adjusted EBITDA Commodity ($ in Billions) Spread1 5-10% 0-5% $16.1-$16.5 $15.5 $16 $13.0 $13.1 $13.7 $12 $10.5 $8 $4 Fee² $0
Slide 9: Disciplined Growth Targeting Strong Investment Returns
Disciplined Growth Targeting Strong Investment Returns 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, Red Lake IV and Mustang Draw*) – Processing plant capacity additi
Slide 10: 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 Q4 2024-Q1 2025¹ Permian Processing Upgrades Grey Wolf, Orla East, Arrowhead II and Arrowhead III, respective
Slide 11: 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 12: 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 13: 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 80 Recently com
Slide 14: 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 15: Hugh Brinson Pipeline Project
Hugh Brinson Pipeline Project¹ Serving Premier Texas Markets and Supporting Data Center and AI Growth Hugh Brinson Pipeline Project: Phase 1 Includes the construction of ~400 miles of 42” pipeline from Waha and the Midland Basin to Maypearl, TX • Capacity of 1.5 Bcf/d • Backed by long-term, fee-ba
Slide 16: NGL Pipeline & Fractionation – Continuing to Expand Leading Asset Base
NGL Pipeline & Fractionation – Continuing to Expand Leading Asset Base 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,
Slide 17: Capturing Share in Rapidly Growing NGL Business
Capturing Share in Rapidly Growing NGL Business NGL & Refined Products Adjusted EBITDA Energy Transfer NGL Exports p $4,500 1,000 $4,000 900 $3,500 800 700 $3,000 $ in millions 600 MBbls/d $2,500 500 $2,000 400 $1,500 300 $1,000 200 $500 100 $0 0 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 2014
Slide 18: Expanding World-Class NGL Export Facilities
Expanding World-Class NGL Export Facilities Marcus Hook Terminal Marcus Hook Terminal • Construction continues on a 900,000 Bbls refrigerated ethane storage tank, as well as the addition of ~20,000 Bbls/d of incremental ethane chilling capacity Total NGL Export Capacity Houston Terminal > 1.1mm Bbls
Slide 19: Permian Basin Processing Expanding to Meet Growing Demand
Permian Basin Processing Expanding to Meet Growing Demand Permian Basin Footprint Extensive Permian Basin Footprint: • Currently have ~4.9 Bcf/d of processing capacity in the Permian Basin¹ • Have significant acreage dedications to ET processing plants in the Red Lake III & IV Permian Basin Proc
Slide 20: Track Record of Efficient Consolidation
Track Record of Efficient Consolidation Closed December 2021 Closed September 2022 Closed May 2023 Closed November 2023 Closed July 2024 Assets complementary to Assets extended ET’s gas Assets complementary to Assets enhanced NGL & Expanded natural gas ET’s interstate and gatheri
Slide 21: 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 22: 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 of these facil
Slide 23: Appendix
Appendix
Slide 24: 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 25: 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 NGL Storage Total NGL storage ~97 million barrels ~62 million barrels of NGL storage
Slide 26: 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 27: 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 Red Lake 3 processing plant • Completed upgrades at Jackson Plant in south Texas that added ~60 MMcf/d
Slide 28: 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 29: 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 Strategical
Slide 30: Non-GAAP Reconciliations
Non-GAAP Reconciliations 30
Slide 31: Non-GAAP Reconciliation
Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures * 2019 2020 2021 2022 2023 2024 Full Year Full Year Full Year Full Year Full Year Q1 Q2 Q3 Q4 YTD Net income $ 4,825 $ 140 $ 6,687 $ 5,868 $ 5,294 $ 1,692 $ 1,992 $ 1,434 $ 1,447 $ 6,565 Interest expense, net 2,331 2,327
Slide 32: Non-GAAP Reconciliation Definitions
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