What does Energy Transfer do? Energy Transfer owns energy pipelines, storage, and transportation assets that help to move oil and natural gas from where they are produced to where they are used. The MLP largely charges fees for the use of this vital energy infrastructure, with about 90% of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) tied to fees. The business itself is fairly well diversified. Natural gas liquids and refined products account for 24% of EBITDA, midstream ...