Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Investor Presentation (December 2025)
29 slides from Energy Transfer Lp's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 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 December 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 Q3’25 Financial Results Strategic Expansions Total NGL exports up 13%; setting Adjusted EBITDA: $3.84B Executed multiple agreements with a new partnership record ‒ Excluding several non-recurring Oracle, including previously announced NGL transportation volume
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 range4
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 ~21.6 million MMBtu/d of gas and ~1.1 MMBbls/d of NGLs produced Transport ~31.9 million MMBtu/d of natural gas via inter and intrastate pipelines Fractionate ~1.1 million Bbls/d of NGLs Transport ~7.0 million Bbls/d o
Slide 7: Growth With Continued Financial Discipline
Growth With Continued Financial Discipline 2025 Growth Capital Reduced By ~$400mm 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) Midstrea
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, 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: 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 of natural gas storage Dedicated supply Expert
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 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: ~900,000 Mcf/d Con
Slide 12: Majority of 2026 Growth Capex to be Spent to Enhance Extensive Natural Gas Pipeline Network
Majority of 2026 Growth Capex to be Spent to Enhance Extensive Natural Gas Pipeline Network Announced construction of new storage ~40% of Adjusted EBITDA comes cavern to double capacity of Bethel gas from Natural Gas driven segments storage facility from ~6 Bcf to over 12 Bcf Energy Transfer Storage
Slide 13: 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 • ~1.5 Bcf/d of capacity • Project is fully contracted under long-term commitments from investment
Slide 14: 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 15: 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 16: 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 17: 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 18: Significant Management Ownership
Significant Management Ownership Leadership Support Insider Ownership vs Peers¹ Ownership Breakout¹ 12% • Executive Chairman (Kelcy Insiders Warren) has never sold an ET unit 10% ~10% • Since Jan. 2019, purchased ~65mm ET units for ~$746mm 8% Insider Ownership % 6% Institutions • Co-CEOs hold at lea
Slide 19: 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 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 Asset Overview • Access to multiple shale plays, storage facilities and markets Pipelines Transwestern Transwestern Pipelin
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 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 24: 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 25: 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 26: 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 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations 27
Slide 28: 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 29: 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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