Energy Transfer (ET) Investor presentation summary

Investment case and financials

• 2026 adjusted EBITDA guidance: $18.8B–$19.1B, up ~$0.5B from the prior range midpoint; current cash distribution yield ~7% as of Sep. 28, 2026.

• Long-term annual distribution growth target: 3%–5%; solid distribution coverage cited, with ~90% fee-based earnings in the historical breakout.

• Q2'26 adjusted EBITDA $5.07B, up 31% YoY; distributable cash flow attributable to partners $2.59B, up 32% YoY.

• YTD'26 growth capital expenditures were $2.6B and maintenance capital expenditures $482MM; expected 2026 growth capital is ~$5.6B–$5.9B.

• Announced the 19th consecutive quarterly distribution increase, to $0.34 per unit, up more than 3% vs. Q2'25.

Operations and diversified earnings

• Q2'26 adjusted EBITDA mix: NGL and refined products 26%, SUN, USAC and other 23%, and crude oil, natural gas, and natural gas-focused midstream 17% each.

• Q2'26 volumes vs. Q2'25: NGL transportation +13%, NGL exports +25%, NGL fractionation +3%, crude oil transportation +4%, and midstream gathered volumes +4%.

• Nationwide infrastructure spans ~140,000 miles, with assets across major U.S. producing basins and connections to markets throughout the country.

• Historical adjusted EBITDA rose from $13.0B in FY2021 to $16.0B in FY2025; growth capital expenditures increased from $1.4B to $4.5B over the same period.

Natural gas growth

• Hugh Brinson Phase I entered commercial service; full Phase I capacity is ~1.5 Bcf/d, with Phase II expected in Q1 2027 to raise west-to-east capacity to ~2.2 Bcf/d. Full project cost is ~$2.7B, expected under budget.

• Signed Oracle agreements for ~900,000 Mcf/d to three U.S. data centers; other demand links include ~300,000 Mcf/d for four Oklahoma power plants and Crusoe facilities supporting ~900 MW.

• Desert Southwest is a proposed ~520-mile, 48-inch pipeline with up to 2.3 Bcf/d capacity and cost up to $5.6B; anticipated in service Q4 2029, with ~85% of capital spending expected in 2027 and beyond.

• Springerville Lateral: ~125 miles, ~625 MMcf/d capacity, ~$600MM expected cost, 20-year agreements, and anticipated Q4 2029 service; supplies gas to generation expected to replace two coal plants.

• Mustang Draw I, a 275 MMcf/d Midland Basin processing plant, entered service in June 2026; Mustang Draw II, also 275 MMcf/d, is expected in Q4 2026.