UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-32740 ENERGY TRANSFER LP (Exact name of registrant as specified in its charter) Delaware 30-0108820 (State or other jurisdiction of incorporation or organization) (I.R.S. Emplo ...

[PART I — FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the unaudited financial statements, management's analysis of financial condition and operations, market risk disclosures, and internal controls [Financial Statements (Unaudited)](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(Unaudited)) The unaudited financial statements for Q1 2023 detail revenue and income changes, balance sheet positions, and significant cash flow increases from operations [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2023, shows total assets of $104.5 billion, a slight decrease, with stable equity and increased cash and cash equivalents Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $330 | $257 | | Property, plant and equipment, net | $80,004 | $80,311 | | Total assets | $104,521 | $105,643 | | **Liabilities & Equity** | | | | Total current liabilities | $10,162 | $10,368 | | Long-term debt, less current maturities | $47,229 | $48,260 | | Total equity | $40,669 | $40,659 | | Total liabilities and equity | $104,521 | $105,643 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2023, total revenues decreased to $19.0 billion, but operating income increased to $2.1 billion, with net income attributable to partners at $1.11 billion Statement of Operations Summary (in millions, except per unit data) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total revenues | $18,995 | $20,491 | | Cost of products sold | $14,610 | $16,138 | | Operating Income | $2,062 | $1,846 | | Net Income | $1,447 | $1,487 | | Net Income Attributable to Partners | $1,113 | $1,269 | | Basic Net Income Per Common Unit | $0.32 | $0.38 | | Diluted Net Income Per Common Unit | $0.32 | $0.37 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to $3.35 billion in Q1 2023, while investing activities used less cash and financing activities used more Cash Flow Summary (in millions) | Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $3,350 | $2,370 | | Net cash used in investing activities | $(803) | $(1,271) | | Net cash used in financing activities | $(2,474) | $(324) | | Increase in cash and cash equivalents | $73 | $775 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail the Lotus Midstream acquisition, $2.15 billion in debt redemptions, debt covenant compliance, and $217 million in accrued contingent legal obligations - On May 2, 2023, Energy Transfer acquired Lotus Midstream for **$900 million** in cash and approximately **44.5 million** newly issued common units[29](index=29&type=chunk) - In Q1 2023, the Partnership redeemed a total of **$2.15 billion** in senior notes: **$350 million** of 3.45% notes, **$800 million** of 3.60% notes, and **$1.00 billion** of 4.25% notes[41](index=41&type=chunk) - The company was in compliance with all debt covenants as of March 31, 2023, with a leverage ratio of **3.26x** as calculated per its revolving credit facility[46](index=46&type=chunk) - As of March 31, 2023, the company had accrued approximately **$217 million** for contingent obligations from legal and regulatory matters. The range of additional possible losses is estimated up to approximately **$800 million**[76](index=76&type=chunk) - The aggregate transaction price for unsatisfied performance obligations was **$39.06 billion** as of March 31, 2023, which is expected to be recognized as revenue in future periods[129](index=129&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=36&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses a 3% increase in Q1 2023 Adjusted EBITDA to $3.43 billion, segment performance, quarterly distributions, and 2023 capital expenditure forecasts [Recent Developments](index=36&type=section&id=Recent%20Developments) Recent developments include the Lotus Midstream acquisition, Sunoco LP's terminal purchase, a $0.3075 quarterly distribution, and ongoing FERC regulatory reviews - Energy Transfer acquired Lotus Midstream on May 2, 2023, for **$900 million** cash and approximately **44.5 million** new ET common units[160](index=160&type=chunk) - A quarterly distribution of **$0.3075 per unit** (**$1.23 annualized**) was announced for the quarter ended March 31, 2023[162](index=162&type=chunk) - FERC is reviewing its policies on income tax allowances for MLPs and certification for new natural gas pipelines, creating uncertainty for future rates and projects[163](index=163&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Q1 2023 consolidated Adjusted EBITDA increased by $93 million to $3.43 billion, driven by NGL and Refined Products, partially offset by Midstream and Crude Oil declines Segment Adjusted EBITDA (in millions) | Segment | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | Intrastate transportation and storage | $409 | $444 | $(35) | | Interstate transportation and storage | $536 | $453 | $83 | | Midstream | $641 | $807 | $(166) | | NGL and refined products transportation and services | $939 | $700 | $239 | | Crude oil transportation and services | $526 | $593 | $(67) | | Investment in Sunoco LP | $221 | $191 | $30 | | Investment in USAC | $118 | $98 | $20 | | **Adjusted EBITDA (consolidated)** | **$3,433** | **$3,340** | **$93** | - The NGL and refined products segment's Adjusted EBITDA grew by **$239 million**, driven by higher volumes, favorable rates, and optimization activities[175](index=175&type=chunk) - The Midstream segment's Adjusted EBITDA fell by **$166 million**, primarily due to unfavorable natural gas and NGL prices[175](index=175&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company plans to fund 2023 capital expenditures of $1.9-$2.1 billion for growth and $740-$790 million for maintenance using cash from operations and borrowings, with $3.01 billion available under its credit facility 2023 Capital Expenditure Forecast (in millions) | Category | Low Estimate | High Estimate | | :--- | :--- | :--- | | Growth Capital | $1,900 | $2,100 | | Maintenance Capital | $740 | $790 | - Net cash from operating activities was **$3.35 billion** in Q1 2023, a significant increase from **$2.37 billion** in Q1 2022[215](index=215&type=chunk) - As of March 31, 2023, the Partnership had **$1.96 billion** in outstanding borrowings under its **$5.0 billion** Five-Year Credit Facility, with **$3.01 billion** available[227](index=227&type=chunk) [Cash Distributions](index=52&type=section&id=Cash%20Distributions) Energy Transfer declared a $0.3075 per common unit cash distribution for Q1 2023 and detailed preferred unit distributions, including a floating rate for Series A Cash Distributions on Common Units | Quarter Ended | Record Date | Payment Date | Rate per Unit | | :--- | :--- | :--- | :--- | | December 31, 2022 | Feb 7, 2023 | Feb 21, 2023 | $0.3050 | | March 31, 2023 | May 8, 2023 | May 22, 2023 | $0.3075 | - Beginning February 15, 2023, the Series A Preferred Units transitioned from a fixed rate to a floating distribution rate based on the three-month LIBOR plus a spread of **4.028% per annum**[234](index=234&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company faces commodity price and interest rate risks, managing exposure through derivatives, with $4.29 billion in floating rate debt sensitive to rate changes - The company manages commodity price volatility using futures, swaps, and options, with non-trading positions offsetting physical exposures[246](index=246&type=chunk)[247](index=247&type=chunk) - As of March 31, 2023, the company had **$4.29 billion** in floating rate debt. A **100 basis point** change in rates would result in an estimated **$43 million** annual change in interest expense[249](index=249&type=chunk) - The company utilizes interest rate swaps to manage its mix of fixed and variable rate debt. A hypothetical **100 basis point** change in rates would result in an **$80 million** change in the fair value of these derivatives[250](index=250&type=chunk) [Controls and Procedures](index=57&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting - The Co-Principal Executive Officers and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[254](index=254&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[255](index=255&type=chunk) [PART II — OTHER INFORMATION](index=58&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section provides details on legal proceedings, confirms no material changes to risk factors, and lists all filed exhibits [Legal Proceedings](index=58&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section refers to Note 10 for legal proceedings and details a June 2022 pipeline incident in Tennessee involving a 4,345-barrel crude oil release with ongoing remediation - For comprehensive information on legal proceedings, the report directs readers to Note 10 of the financial statements[257](index=257&type=chunk) - On June 29, 2022, a pipeline was struck by a contractor in Tennessee, releasing an estimated **4,345 barrels** of crude oil. Remediation is ongoing, and a final report was submitted to the state environmental agency on April 28, 2023[259](index=259&type=chunk) [Risk Factors](index=58&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the company's risk factors have occurred since the filing of its 2022 Annual Report on Form 10-K - No material changes have occurred in the company's risk factors since the filing of its 2022 Form 10-K[263](index=263&type=chunk) [Exhibits](index=58&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the quarterly report, including organizational documents, officer certifications, and interactive data files - The report includes a list of all filed exhibits, such as organizational documents, officer certifications, and interactive data files[265](index=265&type=chunk)

• Nederland NGL Expansion | --- | --- | --- | --- | --- | --- | --- | |-------------|-------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | V | ENERGY 。TRANSFER Moving America's Energy | | | | | | | May 2, 2023 | Q1 2023 Earnings | | | | | | Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 1st quarter 2023 earnings conference call. On the call, members of management may make statements about future e ...

Table of Contents Index to Financial Statements UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended DECEMBER 31, 2022 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-32740 ENERGY TRANSFER LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or org ...

Energy Transfer LP (NYSE:ET) Q4 2022 Earnings Conference Call February 15, 2023 4:30 PM ET Company Participants Tom Long – Co-Chief Executive Officer Mackie McCrea – Co-Chief Executive Officer Conference Call Participants Jeremy Tonet – J.P. Morgan Brian Reynolds – UBS Michael Blum – Wells Fargo Marc Solecitto – Barclays John Mackay – Goldman Sachs Jean Ann Salisbury – Bernstein Chase Mulvehill – Bank of America Colton Bean – Tudor, Pickering, Holt Michael Cusimano – Pickering Energy Operator Good day, and ...

ENERGY 。TRANSFER Moving America's Energy Investor Presentation December 2022 Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation to analysts and/or investors at meetings to be held throughout December 2022. At the meetings, members of management may make statements about future events, outlook and expectations related to Panhandle Eastern Pipe Line Company, LP (PEPL), Sunoco LP (SUN), USA Compression Partners, LP (USAC), and ET (collectively, th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-32740 ENERGY TRANSFER LP (Exact name of registrant as specified in its charter) Delaware 30-0108820 (State or other jurisdiction of incorporation or orga ...

Financial Data and Key Metrics Changes - The company reported consolidated adjusted EBITDA of $3.1 billion for Q3 2022, a 20% increase from $2.6 billion in Q3 2021 [5] - Distributable cash flow (DCF) attributable to partners was $1.6 billion for Q3 2022, up from $1.3 billion in Q3 2021 [7] - Excess cash flow after distributions was approximately $760 million, with incurred excess DCF of about $265 million after distributions of $819 million [8] - A quarterly cash distribution of $0.265 per common unit was announced, representing a more than 70% increase over Q3 2021 [9] Business Segment Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA was $634 million, down from $706 million in the same period last year, primarily due to a $130 million negative impact from hedged inventory timing [10] - Midstream segment adjusted EBITDA increased to $868 million from $556 million year-over-year, driven by increased throughput and favorable pricing [15] - Crude oil segment adjusted EBITDA was $461 million, down from $496 million, impacted by a $126 million legal charge; absent this charge, adjusted EBITDA would have been $587 million [17] - Intrastate segment adjusted EBITDA rose to $409 million from $334 million, benefiting from increased rates and higher production in the Haynesville Shale [20] Market Data and Key Metrics Changes - NGL transportation volumes increased to 1.9 million barrels per day from 1.8 million barrels per day year-over-year [12] - Crude oil transportation volumes reached a record 4.6 million barrels per day, up from 4.2 million barrels per day [19] - Gathered gas volumes were a record 19.1 million MMBtu per day compared to 13 million MMBtu per day for the same period last year [16] Company Strategy and Development Direction - The company aims to return distributions to a previous level of $0.305 per quarter while balancing leverage targets and growth opportunities [9] - Ongoing growth projects include the Lake Charles LNG project, which has executed six LNG offtake agreements and is targeting FID by the end of Q1 2023 [26] - The company is evaluating additional processing plants in the Delaware Basin due to significant demand [30] - Strategic growth projects are being pursued to enhance the existing asset base and generate attractive returns [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future of the industry, citing strong domestic and international demand for crude oil, natural gas, and NGLs [39] - The company expects to reach its leverage target range of 4 to 4.5 times by the end of 2022, which will improve financial flexibility [40] - Adjusted EBITDA guidance for 2022 was raised to between $12.8 billion and $13 billion, reflecting strong performance and continued demand [38] Other Important Information - The company completed the sale of its 51% interest in Energy Transfer Canada for approximately $300 million, reducing consolidated debt by about $850 million [22] - The acquisition of Woodford Express LLC for approximately $485 million added significant gas processing capacity [23] Q&A Session Summary Question: Update on the LNG project with Lake Charles - Management acknowledged increased EPC costs and expressed confidence in their strong position due to a robust balance sheet and natural gas pipeline network [44] Question: Takeaway outlook in the Permian - Management highlighted the availability of capacity and the potential for wider spreads in the future, emphasizing the importance of the Warrior project [46] Question: Thoughts on ethane prices and exports - Management noted sufficient contracts to expand ethane export capabilities, with ongoing evaluations based on market conditions [49] Question: Clarification on updated guidance - Management confirmed that the updated guidance includes the legal settlement and the timing impact from NGLs, with expectations of reversals in Q4 [58] Question: CapEx outlook for next year - Management indicated that it is too early to provide specific guidance for 2023 CapEx, with a focus on ongoing projects [65] Question: Addressing debt maturities - Management plans to pay down debt using free cash flow and has options available through their credit facility [88] Question: Potential cracker investment - Management is cautious about making investments in the current petchem environment but is actively pursuing necessary permits and commitments [84]

Energy Transfer LP (NYSE:ET) Q2 2022 Earnings Conference Call August 3, 2022 4:30 PM ET Company Participants Tom Long - Co-CEO Thomas Mason - EVP, General Counsel and President LNG Marshall McCrea - Co-CEO Conference Call Participants Jeremy Tonet - JPMorgan Chase Mulvehill - Bank of America Colton Bean - Tudor, Pickering, Holt and Company Brian Reynolds - UBS Michael Blum - Wells Fargo Keith Stanley - Wolfe Research Jean Ann Salisbury - Bernstein Michael Cusimano - Pickering Energy Partners Michael Lapides ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-32740 ENERGY TRANSFER LP (Exact name of registrant as specified in its charter) Delaware 30-0108820 (State or other jurisdiction of incorporation or organizat ...