Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q3 2026 Earnings Presentation
20 slides from Energy Transfer Lp's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Earnings
Q3 2026 Earnings November 3, 2026
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 3nd quarter 2026 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 Updates Q3’26 Financial Results Volumes compared to Q3’25 Adjusted EBITDA: ‒ Intrastate transportation volumes up 14% ‒ Q3’26: $5.03B; up 31% from Q3’25 ‒ Midstream gathered volumes up 6% Distributable Cash Flow attributable to partners: ‒ NGL export volumes up 9% ‒ Q3’
Slide 4: Newly Announced Natural Gas and NGL Activity
Newly Announced Natural Gas and NGL Activity Strategic Natural Gas Expansions Strategic Acquisition South Mississippi Pipeline Project¹ In October, announced plans to acquire Vaquero Midstream for approximately ‒ Expected capacity: ~1.2 Bcf/d $2.625 billion in cash and ET common units ‒ Expected
Slide 5: Well-Balanced, Diversified, Fee-Based Earnings
Well-Balanced, Diversified, Fee-Based Earnings Q3 2026 Adjusted EBITDA by Segment Historical Adjusted EBITDA Breakout Commodity Spread1 5-10% 0-5% Crude Oil SUN, USAC 17% & Other 25% NGL & Refined Natural Gas Products Inter & Intrastate 24% Pipelines & Storage Fee² 17% ~90% Midstream 17% 5 1. Spread
Slide 6: 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 7: Vaquero Acquisition Overview
Vaquero Acquisition Overview Complementary Assets Strengthen Integrated Network • Expands and enhances ET’s integrated natural gas gathering and processing network • Adds ~300 miles of complementary gas gathering pipelines in the Delaware Basin • Caymus Processing Complex – 3 gas processing trains w
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 Signed agreements with Oracle to provide Since the beginning of 2025, have executed over 9.5 million MMBtu/d of natural gas to three U.S data centers, two of ~900,000 MMBtu/d agreements with demand pull custome
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 MMBtu/d Dec-2024 $2.7B Hugh Brinson – 42” Oracle Natural G
Slide 10: Growth With Continued Financial Discipline
Growth With Continued Financial Discipline 2026E Growth Capital¹ • Hugh Brinson Pipeline % of 2026E Intrastate Natural Gas • Data Center expansions Transportation • Bethel storage expansion ~27% • Small laterals and tie-in projects to support new demand growth on TX pipelines • Permian processing ex
Slide 11: 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 In Service Natural Gas Fired Electri
Slide 12: 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 be able to transport over 2.3 Bcf/d from west to east, and also ~1 Bcf/d from east to west Phase I of Hugh Br
Slide 13: Desert Southwest – Transwestern Pipeline Expansion Project
Desert Southwest – Transwestern Pipeline Expansion Project Desert Southwest Pipeline Project Expected EBITDA Multiple ~5-6X ~525-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 14: Permian Basin Processing
Permian Basin Processing Strengthening Position to Meet Growing Demand Currently have over 6 Bcf/d of processing capacity in Permian Basin Footprint the Permian Basin with significant acreage dedications Processing Plant Optimizations • Added ~50 MMcf/d of capacity at four different Permian Basin
Slide 15: NGL and Crude Oil Announced Growth Projects
NGL and Crude Oil Announced Growth Projects Project NGL Project Overviews Status Project to allow for the full usage of interest in the EPIC Pipeline and optimize deliveries from the Delaware Basin Gateway NGL Pipeline Debottleneck In Service - Q1'26 into Gateway Pipeline for deliveries to Mont Belv
Slide 16: Expanding Nederland NGL Export Terminal
Expanding Nederland NGL Export Terminal Nederland Ethane Export Expansion Project - Updated Nederland Terminal In June 2026, announced an expansion of the Nederland NGL Export Terminal to meet additional customer demand Project includes: − Increasing ethane export capacity at Nederland by 300,00
Slide 17: 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 Completed pump and filter upgrades along the pipeline that provided source an incremental ~150,000 Bbls/
Slide 18: Appendix / Non-GAAP Reconciliations
Appendix / Non-GAAP Reconciliations
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures * 2021 2021 2022 2024 2025 2026 Full Year Full Year Full Year Full Year Full Year Q1 Q2 Q3 YTD Net income $ 6,687 $ 5,868 $ 5,294 $ 6,565 $ 5,708 $ 1,976 $ 2,530 $ 1,814 $ 6,320 Depreciation, depletion and amortization 3,
Slide 20: Non-GAAP Reconciliation
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