| --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | ENERGY ๑๑ TRANSFER Moving America's Energy Q4 2021 Earnings | | | | | | | | | February 16, 2022 | | | | | | | | Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 4th quarter 2021 earnings conference call. On the c ...

Financial Data and Key Metrics Changes - For the full year 2021, adjusted EBITDA was $13 billion, a significant increase from 2020, and in line with expectations [6] - DCF attributable to partners was $8.2 billion, resulting in excess cash flow after distributions of approximately $6.4 billion [6] - For Q4 2021, consolidated adjusted EBITDA was $2.8 billion compared to $2.6 billion for Q4 2020, and DCF attributable to partners was $1.6 billion compared to $1.4 billion for the same period last year [34] Business Line Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA was $739 million, up from $703 million year-over-year, driven by higher transportation and terminal services margins [38] - Crude oil segment adjusted EBITDA was $533 million, compared to $517 million for the same period last year, due to higher transportation volumes [40] - Midstream segment adjusted EBITDA increased to $547 million from $390 million year-over-year, benefiting from favorable NGL and natural gas prices [41] - Intrastate segment adjusted EBITDA was $274 million, up from $233 million, primarily due to increased firm transportation volumes [45] Market Data and Key Metrics Changes - NGL transportation volumes reached a record 1.9 million barrels per day, compared to 1.4 million barrels per day for the same period last year [39] - The percentage of worldwide NGL exports has doubled over the last two years, capturing nearly 20% of the world market [18] Company Strategy and Development Direction - The company completed the acquisition of Enable Midstream Partners, which is expected to generate over $100 million in annual run rate cost savings synergies [10] - The company is focusing on expanding its alternative energy initiatives, including carbon capture projects and renewable energy developments [30][32] - Future increases to the distribution level will be evaluated quarterly, with a goal of returning to the previous level of $1.22 annually [36][102] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational reliability during extreme weather conditions, noting that recent winter weather was less severe than previous years [12] - The company anticipates continued strong performance in 2022, with adjusted EBITDA guidance of $11.8 billion to $12.2 billion [46] - Management highlighted the importance of financial flexibility and plans to pay down debt while investing in growth opportunities [50][53] Other Important Information - The company announced a quarterly cash distribution of $0.175 per common unit, representing a 15% increase over the previous quarter [7][36] - Total available liquidity under the revolving credit facility was slightly over $2 billion as of December 31, 2021 [49] Q&A Session Summary Question: Interest in long-term contracts for natural gas takeaway from the Permian - Management noted strong interest from customers for the new pipeline project, emphasizing the advantages of their system over competitors [56][58] Question: Capacity expectations for the new natural gas pipeline - Management anticipates a target capacity of 1.5 to 2 Bcf of new takeaway capacity after reaching FID [64] Question: CapEx guidance and Enable integration - Management provided insights on the CapEx split, indicating a significant portion is earmarked for midstream projects, including Gulf Run [71] Question: Haynesville capacity and Gulf Run expansion - Management confirmed ongoing negotiations for additional capacity and highlighted the growth potential in the Haynesville region [82][84] Question: Distribution recovery timeline - Management emphasized the importance of balancing distribution growth with capital projects and debt paydown [102]

Financial Performance - Adjusted EBITDA for Q3 2021 was $2.6 billion[8] - Distributable Cash Flow (DCF) for Q3 2021 was $1.3 billion[8] - Excess cash flow after distributions was approximately $900 million[8] - Debt repayment YTD 2021 was approximately $6 billion[8] Operational Highlights - NGL transportation and fractionation volumes, as well as NGL and Refined Products terminal volumes, reached new records during Q3 2021[8] - Mariner East 2X Pipeline was commissioned, increasing current capacity to approximately 260,000 barrels per day[7, 8] - Exported more than 16 million barrels of ethane at Nederland terminal YTD through September 30, 2021[8] - ET's percentage of worldwide NGL exports has nearly doubled over the last 18 months to nearly 20%[9] Strategic Initiatives - Continued belief that the Enable Midstream acquisition will close before the end of 2021[8] - Announced MOU with the Republic of Panama to study the feasibility of jointly developing NGL assets in Panama[8] - Growth Capital Spend YTD'21 was approximately $1.1 billion, with a FY'21E forecast of approximately $1.6 billion[8] - 2022E and 2023E Growth Capital is projected to be approximately $500-700 million per year[14]

Energy Transfer LP (NYSE:ET) Q3 2021 Results Conference Call November 3, 2021 4:30 PM ET Company Participants Tom Long - Co-CEO Mackie McCrea - Co-CEO Conference Call Participants Shneur Gershuni - UBS Chase Mulvehill - Bank of America Jean Salisbury - Bernstein Keith Stanley - Wolfe Research Jeremy Tonet - JPMorgan Colton Bean - Tudor, Pickering, Holt Michael Blum - Wells Fargo Pearce Hammond - Piper Sandler Christine Cho - Barclays Michael Lapides - Goldman Sachs Operator Good afternoon, ladies and gentle ...

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, 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 orga ...

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, 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 organizat ...

Financial Performance - Adjusted EBITDA for Q2 2021 was $262 billion[7] - Distributable Cash Flow (DCF) attributable to the partners of ET, as adjusted was $1393 billion[19] - Excess cash flow after distributions was approximately $980 million[7] - Debt repayment YTD reached approximately $52 billion, with $15 billion repaid in Q2 2021[7] - Growth Capital Spend YTD'21 was approximately $715 million, with a full year estimate of approximately $16 billion[7] - The company anticipates 2021E Adjusted EBITDA to be approximately $129-$133 billion[12] Strategic Initiatives - The acquisition of Enable Midstream was approved by Enable unitholders in May 2021[7] - The company expects the FTC to grant unconditional clearance for the Enable transaction, with closing anticipated in the second half of 2021[7] - The company commenced service on the Cushing to Nederland Project in June 2021, providing crude oil transportation for Power River and DJ Basin barrels to Nederland terminal[7] - The company's NGL exports made up nearly 40% of all US NGL exports and more than 20% of NGL exports worldwide in June 2021[8]

Energy Transfer LP (NYSE:ET) Q2 2021 Earnings Conference Call August 3, 2021 4:30 PM ET Company Participants Tom Long - Co-Chief Executive Officer Mackie McCrea - Co-Chief Executive Officer Conference Call Participants Shneur Gershuni - UBS Jean Ann Salisbury - Bernstein Keith Stanley - Wolfe Research Pearce Hammond - Simmons Energy Jeremy Tonet - JP Morgan Michael Blum - Wells Fargo Gabe Moreen - Mizuho Operator Greetings and welcome to Energy Transfer's Second Quarter Earnings Call. At this time, all part ...

Energy Transfer LP (NYSE:ET) Q1 2021 Earnings Conference Call May 6, 2021 5:00 AM ET Company Participants Tom Long – Co-Chief Executive Officer Mackie McCrea – Co-Chief Executive Officer Tom Mason – Executive Vice President, General Counsel and President LNG Conference Call Participants Gabe Moreen – Mizuho Shneur Gershuni – UBS Jeremy Tonet – JPMorgan Pearce Hammond – Simmons Energy Becca Followill – U.S. Capital Advisors Michael Blum – Wells Fargo Christine Cho – Barclays Keith Stanley – Wolfe Research Je ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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 ...