Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q4 2025 Earnings Presentation
17 slides from Energy Transfer Lp's earnings presentation, Feb 17, 2026
Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 17, 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 4th quarter 2025 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoc
Slide 3: 2025 – Delivering Results
2025 – Delivering Results Financial Operational Delivered FY’25 Adj. EBITDA of nearly $16B – a new partnership record ET volumes FY’25 compared to FY’24 Growth Capital¹ was ~$4.5 billion ‒ Record Crude oil transportation volumes - up 6% Increased 4Q’25 quarterly cash distribution to $0.335 p
Slide 4: 2026 Outlook: Growth With Continued Financial Discipline
2026 Outlook Growth With Continued Financial Discipline 2026E Adjusted EBITDA Breakout Adjusted EBITDA Outlook Growth Capital Outlook Commodity 2026 Adjusted EBITDA Guidance: 2026 Growth Capital Guidance: Spread3 5-10% $17.45 to $17.85 billion $5 billion to $5.5 billion² 0-5% Driven by new pro
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 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: ~$5.0-$5.5 billion¹ % of 2026E • Hugh Brinson Pipeline Intrastate Natural Gas • Data Center expansions Transportation • Bethel storage expansion ~26% • Small laterals and tie-in projects to support new demand growth on TX pipelines • N
Slide 8: Natural Gas Growth Project Backlog
Natural Gas Growth Project Backlog Project Name Natural Gas Project Overviews Status Mustang Draw Processing Plant 275 MMcf/d processing plant in the Midland Basin Q2 2026 Mustang Draw II Processing Plant 275 MMcf/d processing plant in the Midland Basin Q4 2026 3rd plant Q1 2026 Natural Gas-Fired El
Slide 9: NGL, Crude and Other Growth Project Backlog
NGL, Crude 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 (I
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 completion, bi-directional pipeline expected Phase I: Construction underway on ~400 miles of 42” pipeline from to have the ability transport ~2.2 Bcf/d from west
Slide 12: 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 • Expected in service in Q3 2027 Total NGL Export Capacity Marcus Hook Terminal – Ethane T
Slide 13: 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 14: Leveraging asset base and expertise 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. The third facility is ex
Slide 15: Appendix / Non-GAAP Reconciliations
Appendix / Non-GAAP Reconciliations
Slide 16: 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 Q3 Q4 Full Year Net income $ 140 $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 1,720 $ 1,458 $ 1,292 $ 1,238 $ 5,708 Depreciation, depletion and
Slide 17: Non-GAAP Reconciliation Definitions
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