Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q2 2025 Earnings Presentation
17 slides from Energy Transfer Lp's earnings presentation, Aug 6, 2025
Slide 1: Q2 2025 Earnings
Q2 2025 Earnings August 6, 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 2nd 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 Q2’24 Adjusted EBITDA: Announced the 1.5 Bcf/d expansion to ‒ Interstate natural gas transportation up 11% ‒ Q2’25: $3.87B Transwestern Pipeline. The Desert Southwest expansion project will include a 516-mile, 42-i
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
Leading Natural Gas Pipeline Footprint Delivering on Projects to Serve 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 53 80 R
Slide 6: Well-Balanced, Diversified, Fee-Based Earnings
Well-Balanced, Diversified, Fee-Based Earnings Q2 2025 Adjusted EBITDA by Segment 2025E Adjusted EBITDA Breakout Commodity Spread1 5-10% 0-5% SUN, USAC Crude Oil & Other 19% 15% Natural Gas Inter & Intrastate Pipelines & NGL & Refined Storage Products 19% Fee² 27% Midstream ~90% 20% Pricing/spread a
Slide 7: Disciplined Growth Targeting Strong Investment Returns & Quick Cash Cycles
Disciplined Growth Targeting Strong Investment Returns & Quick Cash Cycles 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) – Processing pl
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: 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 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 Total NGL Export Capacity Marcus Hook Terminal – Ethane Tank Expansion Houston Terminal >
Slide 13: 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 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 Transfer’s MW natural gas-fired operations in Texas. The second facility was
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 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 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