Energy Transfer (ET) Registration Filing summary

Company overview and business model

• Operates as a Delaware limited partnership with principal offices in Dallas, Texas, focused on energy infrastructure and midstream operations.

• Recently entered into a transaction to acquire WTG Midstream Holdings LLC, issuing 50,827,536 newly issued common units as partial consideration.

Use of proceeds and capital allocation

• Common units are being issued as part of the consideration for the acquisition of WTG Midstream Holdings LLC, supporting strategic expansion.

Risk factors and disclosures

• Indemnification for directors and officers is provided except in cases of bad faith, fraud, willful misconduct, or criminal actions with knowledge of unlawfulness.

• SEC notes that indemnification for Securities Act liabilities is unenforceable as contrary to public policy.

• Units issued are considered restricted securities and may only be transferred under an effective registration statement or exemption.