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 ...

| --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | | | | | | | | | | 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 May 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 ( ...

Energy Transfer LP (NYSE:ET) Q1 2022 Earnings Conference Call May 4, 2022 4:30 PM ET Company Participants Tom Long - Co-CEO Thomas Mason - Executive VP, General Counsel and President Marshall McCrea - Co-CEO and Director of LE GP, LLC Kevin Smith - EVP Conference Call Participants Jean Salisbury - Sanford C. Bernstein Jeremy Tonet - JPMorgan Brian Reynolds - UBS Investment Praneet Satish - Wells Fargo Spiro Dounis - Crédit Suisse Michael Lapides - Goldman Sachs Keith Stanley - Wolfe Research Colton Bean - T ...

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 March 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) Delaware 30-0108820 (State or other jurisdiction of incorporation or organiza ...

Table of Contents 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, 2021 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) ...