Energy Transfer (ET) Investor presentation summary

Strategic growth and project development

• Anticipates continued growth in 2025, supported by volume increases and organic projects coming online.

• Significant project backlog includes major natural gas, NGL, and crude oil infrastructure expansions, such as the Desert Southwest and Hugh Brinson pipelines.

• Focused on serving growing demand from power plants and data centers, with new connections and supply agreements in Texas, Oklahoma, and Louisiana.

• Suspended Lake Charles LNG project to prioritize capital allocation toward pipeline infrastructure.

• Majority of 2026 growth capital ($5–$5.5B) allocated to natural gas and NGL network enhancements, targeting mid-teens returns.

Financial performance and outlook

• 2026 adjusted EBITDA guidance set at $17.45–$17.85 billion, driven by new projects ramping up.

• Leverage ratios now in the lower half of the 4.0–4.5x target range, reflecting improved financial strength.

• Targeting annual distribution growth rate of 3–5% and maintaining strong distribution coverage.

• Approximately 90% of 2026 EBITDA expected to be fee-based, providing revenue stability.

• Current yield around 7% as of February 2026.

Asset base and operational scale

• Operates over 140,000 miles of pipeline, with extensive gathering, processing, storage, and export capabilities across natural gas, NGLs, crude oil, and refined products.

• More than 105,000 miles dedicated to natural gas, with 236 Bcf of storage and 57 Bcf/d throughput capacity.

• NGL export capacity exceeds 1.4 million Bbls/d, with major terminals at Nederland, Marcus Hook, and Houston.

• Crude oil takeaway capacity from the Permian Basin is ~1 million Bbls/d, with direct connections to 44% of U.S. refining capacity.

• Recent and ongoing expansions in the Permian Basin add significant processing and takeaway capacity.