Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Investor Presentation (August 2025)
30 slides from Energy Transfer Lp's investor presentation, August 2025
Slide 1: Investor Presentation
Investor Presentation August 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 August 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? Operational Updates Q2’25 Financial Results Strategic Expansions Midstream gathered volumes up Adjusted EBITDA: $3.87B ‒ Announced Desert Southwest 10%; setting a new partnership DCF attributable to partners: expansion project – a 1.5 Bcf/d record $1.96B expansion to Transwestern
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
Nationwide Footprint With Diverse Product Offerings 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
Slide 6: Wellhead to Water – Opportunity-Rich Value Chain
Wellhead to Water – Opportunity-Rich Value Chain 140,000+ Miles of Pipeline Gather ~21.3 million MMBtu/d of gas and ~1.2 MMBbls/d of NGLs produced Transport ~32.4 million MMBtu/d of natural gas via inter and intrastate pipelines Fractionate ~1.15 million Bbls/d of NGLs Transport ~7.0 million Bbls/d
Slide 7: Disciplined Growth Targeting Strong Investment Returns
Disciplined Growth Targeting Strong Investment Returns Supported by High-Quality Customers 2025E Growth Capital: ~$5.0 billion¹ • A significant amount of 2025 spend will be directed toward the Permian Basin, including: % of 2025E – Permian Processing Expansions (Badger, Lenorah II² and Mustang Draw)
Slide 8: Natural Gas Growth Project Backlog
Natural Gas Growth Project Backlog Project Name Natural Gas Project Overviews Status Upgraded four processing plants to add ~200 MMcf/d of incremental processing capacity in West Texas (Included adding 50 MMcf/d at Permian Processing Upgrades In Service Grey Wolf, Orla East, Arrowhead II and Arrowhe
Slide 9: NGL and Other Growth Project Backlog
NGL and Other Growth Project Backlog Project Name 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 Initial Phase In Service Sabina 2 Pipeline Conversion Nederland for multiple products (Initial
Slide 10: 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 11: Leading Natural Gas Pipeline Footprint Well Positioned to Meet Growing Electricity Demand
Leading Natural Gas Pipeline Footprint Well Positioned to Meet Growing Electricity Demand Gas-fired power plants served via Energy Transfer is pursuing opportunities to serve growing power loads from new direct and indirect connections: demand centers across its pipeline network ~185 54 80 Recently
Slide 12: Extensive Natural Gas Pipeline Network
Extensive Natural Gas Pipeline Network Signed 3 deals to provide ~40% of Adjusted EBITDA comes gas to date centers/power from Natural Gas driven segments plants in Texas, and are very close to signing two more deals in Texas and a third outside of Texas Over 105,000 miles of natural gas gathering, a
Slide 13: Extensive Experience Constructing Long-Haul Pipelines
Extensive Experience Constructing Long-Haul Pipelines Year Capacity Pipeline Miles Diameter Completed (Bcf/d) Desert Southwest Competitive Advantage 2007 Cleburne to Carthage 1.80 243 36” to 42” 2008 Southeast Bossier Line 0.85 157 42” Extensive inter and intrastate natural gas pipeline footprint
Slide 14: Desert Southwest – Transwestern Pipeline Expansion Project
Desert Southwest – Transwestern Pipeline Expansion Project Desert Southwest Pipeline Project 516-mile, 42-inch pipeline that extends from the heart of the Permian Basin to the Phoenix area in Arizona • Expected to have a capacity of ~1.5 Bcf/d • Pipeline will increase the supply of natural gas to
Slide 15: Hugh Brinson Pipeline Project
Hugh Brinson Pipeline Project Serving Premier Texas Markets and Supporting Data Center and AI Growth Hugh Brinson Pipeline Project Upon completion, bi-directional pipeline expected to have the ability transport ~2.2 Bcf/d from west to Phase I: Construction underway on ~400 miles of 42” pipeline fr
Slide 16: NGL Pipeline & Fractionation – Providing Service to Premier Markets
NGL Pipeline & Fractionation – Providing Service to Premier Markets Delaware Basin NGL Pipe Looping 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 Bb
Slide 17: Expanding World-Class NGL Export Facilities
Expanding World-Class NGL Export Facilities 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 Marcus Hook Terminal – Ethane Tank Expansion Houston Terminal >
Slide 18: Permian Basin Processing
Permian Basin Processing Strengthening Position to Meet Growing Demand Permian Basin Footprint Extensive Permian Basin Footprint: • Currently have ~5.4 Bcf/d of processing capacity in the Permian Basin • Have significant acreage dedications to ET processing plants in the Permian Basin Lenorah I &
Slide 19: 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 20: 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 second facility was
Slide 21: Appendix
Appendix
Slide 22: 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 23: 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 24: 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 25: Midstream Segment
Midstream Segment Midstream Highlights Extensive Gathering and Processing Footprint • Assets in most of the major U.S. producing basins Over the last year, added ~800 MMcf/d of Permian Basin processing capacity, including: • Added ~50 MMcf/d of capacity at four different Permian Basin processing
Slide 26: 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 27: 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 28: Non-GAAP Reconciliations
Non-GAAP Reconciliations 28
Slide 29: 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 Q2 YTD Net income $ 140 $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 1,720 $ 1,458 $ 3,178 Depreciation, depletion and amortization 3,678 3,817 4,1
Slide 30: 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
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