Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q3 2025 Earnings Presentation
17 slides from Energy Transfer Lp's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Earnings
Q3 2025 Earnings November 5, 2025
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 3rd 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: What’s New?
What’s New? Operational Financial Strategic Energy Transfer volumes compared to Q3’24 Adjusted EBITDA: Executed multiple agreements with Oracle, including ‒ Total NGL exports up 13%; setting a new ‒ Q3’25: $3.84B previously announced agreements, to supply partnership record ‒ Excluding several
Slide 4: 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 5: Leading Natural Gas Pipeline Footprint Well-Positioned to Meet Growing Electricity Demand
Leading Natural Gas Pipeline Footprint Well-Positioned to Meet Growing Electricity Demand Energy Transfer is pursuing opportunities to serve growing power loads from new demand centers across its pipeline network Signed agreements with Oracle Within the last year, ET has contracted over 6 Bcf per da
Slide 6: Well-Balanced, Diversified, Fee-Based Earnings
Well-Balanced, Diversified, Fee-Based Earnings Q3 2025 Adjusted EBITDA by Segment 2025E Adjusted EBITDA Breakout Commodity Spread1 5-10% 0-5% SUN, USAC & Other Crude Oil 16% 19% Inter & Intrastate Pipelines & Storage 17% NGL & Refined Products Fee² 28% ~90% Midstream 20% Pricing/spread assumptions b
Slide 7: Growth With Continued Financial Discipline
Growth With Continued Financial Discipline 2025E Growth Capital: ~$4.6 billion¹ (down from $5.0 billion) • Permian processing expansions (Badger, Lenorah II² and Mustang Draw I & II) % of 2025E • Processing plant capacity additions (Arrowhead I and II) Midstream • Permian treating upgrades ~28% • Co
Slide 8: Natural Gas Growth Project Backlog
Natural Gas Growth Project Backlog Project Name Natural Gas Project Overviews Status Badger Processing Plant Relocated idle plant to the Delaware Basin to provide an incremental 200 MMcf/d of processing capacity in the Delaware Basin In Service Mustang Draw Processing Plant 275 MMcf/d processing pla
Slide 9: NGL and Crude Growth Project Backlog
NGL and Crude 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: Desert Southwest – Transwestern Pipeline Expansion Project
Desert Southwest – Transwestern Pipeline Expansion Project Desert Southwest Pipeline Project Will increase the supply of natural gas to markets in Arizona and New Mexico 516-mile, 42-inch pipeline that extends from the heart of the Permian Basin to the Phoenix area in Arizona • Expected to have ~1
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 to have the ability transport ~2.2 Bcf/d from west to Phase I: Construction underway on ~400 miles of 42” pipeline fr
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 • Added ~50 MMcf/d of capacity at four different Permian Basin pr
Slide 14: 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 MW natural gas-fired Transfer’s operations in Texas. The third facility is be
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 YTD Net income $ 140 $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 1,720 $ 1,458 $ 1,292 $ 4,470 Depreciation, depletion and amortization 3,67
Slide 17: 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