Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Investor Presentation (September 2026)
29 slides from Energy Transfer Lp's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation September 2026
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 September 2026. At the meetings, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SU
Slide 3: Why Invest In ET?
Why Invest In ET? High Yield Supported By Strong Cash Flows Well Balanced Fee-Based Earnings ~7% current cash distribution yield¹ Unmatched product diversity with gas, NGLs and crude oil Expected Adjusted EBITDA: $18.8B - $19.1B for 2026 (up All areas contribute with no segment more than 30%
Slide 4: What's New?
What’s New? Operational Updates Q2’26 Financial Results Strategic Expansions • Volumes compared to Q2’25 • Adjusted EBITDA: • Announced fully-subscribed ethane export ‒ NGL transportation volumes up 13% ‒ Q2’26: $5.07B; up 31% from Q2’25 expansion at Nederland to increase ethane export capacity by 2
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: Well-Balanced, Diversified, Fee-Based Earnings
Well-Balanced, Diversified, Fee-Based Earnings Q2 2026 Adjusted EBITDA by Segment Historical Adjusted EBITDA Breakout¹ Commodity Spread² 5-10% 0-5% SUN, USAC Crude Oil & Other 17% 23% Natural Gas NGL & Refined Inter & Intrastate Products Pipelines & Storage 26% Fee³ 17% ~90% Midstream 17% 1. Energy
Slide 7: Well Positioned At The Intersection Of Many Key Themes
Well Positioned At The Intersection Of Many Key Themes Visible growth drivers across business Future earnings leverage from ramping growth capex Historical Adjusted EBITDA ‒ Gas-to-power developments Natural Gas $18 ‒ LNG feedgas $16 $15.5 $16.0 $13.7 $14 $13.0 $13.1 $12 ‒ Growing export business $1
Slide 8: Leading Natural Gas Pipeline Footprint Well-Positioned to Meet Growing Electricity Demand
Leading Natural Gas Pipeline Footprint Well-Positioned to Meet Growing Electricity Demand Increasing interest and commitments for natural gas services to serve large data centers and power plants at or near those sites Signed agreements with Oracle to provide natural gas to three U.S data centers, t
Slide 9: Enhancing Strategic Footprint In Leading Natural Gas Franchise
Enhancing Strategic Footprint In Leading Natural Gas Franchise Recently Announced Major Gas Pipeline Projects Recently Announced Pipeline Laterals Announced Capex Mainline Pipeline Announced Pipeline Laterals Gas Supplied May-2025 & ~900,000 Mcf/d Dec-2024 $2.7B Hugh Brinson – 42” Oracle Natural Gas
Slide 10: Natural Gas | Announced Growth Projects
Natural Gas | Announced Growth Projects Project Name Natural Gas Project Overviews Status Mustang Draw I Processing Plant 275 MMcf/d processing plant in the Midland Basin In Service Mustang Draw II Processing Plant 275 MMcf/d processing plant in the Midland Basin Q4 2026 Natural Gas Fired Electric G
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 full completion, bi-directional pipeline expected to have the ability to transport ~2.2 Bcf/d from west to east, and also ~1 Bcf/d from east to west Phase I Now I
Slide 12: Desert Southwest – Transwestern Pipeline Expansion Project
Desert Southwest – Transwestern Pipeline Expansion Project Desert Southwest Pipeline Project Expected EBITDA Multiple ~5-6X ~520-mile, 48-inch pipeline that extends from the heart of the Permian Basin to the Phoenix area in Arizona • Up to ~2.3 Bcf/d of capacity • Expected cost: Up to ~$5.6 billio
Slide 13: Springerville Lateral Project
Springerville Lateral Project Springerville Lateral Project ~125-mile, 30-inch pipeline lateral ~625 MMcf/d of capacity Transwestern Expected cost: ~$600 million Pipeline ‒ Locked in pipe and compression costs Backed by 20-year agreements Power Springerville Outreach underway with tribal,
Slide 14: NGL and Crude Oil Announced Growth Projects
NGL and Crude Oil Announced Growth Projects Project 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 Nederland Initial Phase In Service; Sabina 2 Pipe Conversion for multiple products (Initial p
Slide 15: Leverage To Emerging NGL Growth Trends
Leverage To Emerging NGL Growth Trends NGL & Refined Products Adjusted EBITDA ~20% market share of global NGL exports $4.1B Extended majority of ethane $2.8B export agreements into 2041, adding 10 years to current contracts FY 2020 FY 2025 Total Growth Capex 2020 – 2025: $6.7B Signed long-term NGL t
Slide 16: Expanding Nederland NGL Export Terminal
Expanding Nederland NGL Export Terminal Nederland Ethane Export Expansion Project Nederland Terminal • In June 2026, announced an expansion of the Nederland NGL Export Terminal to meet additional customer demand • Project includes: o Increasing ethane export capacity at Nederland by 240,000 Bbls/d,
Slide 17: Expanding World-Class NGL Export Facilities
Expanding World-Class NGL Export Facilities Placed Flexport Expansion Nederland refrigerated Next phase of Nederland Project into propane and propane and butane storage Export Expansion Project butane service expansion expected in service expected in service (in stages) Mid-2025 1H 2027 2028 Dec-202
Slide 18: NGL Pipeline & Fractionation – Providing Service to Premier Markets
NGL Pipeline & Fractionation – Providing Service to Premier Markets Delaware Basin NGL Pipe Extension 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
Slide 19: Significant Management Ownership
Significant Management Ownership Leadership Support Insider Ownership vs Peers¹ 12% • Executive Chairman (Kelcy Warren) has never sold an ET unit 10% • Since Jan. 2019, purchased ~66mm ET units for ~$768mm 8% Insider Ownership % 6% • Co-CEOs hold at least 6x annual base salary in ET units 4% 2% 0% E
Slide 20: Appendix
Appendix
Slide 21: Interstate Natural Gas Pipeline Segment
Interstate Natural Gas Pipeline Segment Interstate Highlights ET’s interstate pipelines provide: Stability: ~95% of revenue derived from fixed reservation fees Diversity: Access to multiple shale plays, storage facilities and markets Growth Projects Asset Overview Desert Southwest Pipeline, an
Slide 22: 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 23: Midstream Segment
Midstream Segment Midstream Highlights Extensive Gathering and Processing Footprint • Assets in most of the major U.S. producing basins Permian Basin processing capacity additions: • Added ~50 MMcf/d of capacity at four different Permian Basin processing plants for an incremental ~200 MMcf/d of
Slide 24: Permian Basin Processing
Permian Basin Processing Strengthening Position to Meet Growing Demand Currently have ~5.8 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 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 (Louisiana) NGL Storage Total NGL storage ~100 million barrels ~63 million barrels of
Slide 26: Crude Oil Segment
Crude Oil Segment 18,000+ 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 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations 27
Slide 28: Non-GAAP Reconciliation
Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures * 2021 2022 2023 2024 2025 2026 Full Year Full Year Full Year Full Year Full Year Q1 Q2 YTD Net income $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 5,708 $ 1,976 $ 2,530 $ 4,506 Depreciation, depletion and amortization 3,817 4,164 4
Slide 29: 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
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