Energy Transfer (ET) Investor presentation summary

Investment highlights

• Offers a ~7% current cash distribution yield with a solid coverage ratio and targets 3–5% annual distribution growth.

• Expected 2026 Adjusted EBITDA of $18.8B–$19.1B, up ~$0.5B from prior guidance.

• Highly diversified asset base with ~140,000 miles of infrastructure across all major U.S. producing basins.

• Fee-based earnings profile with no segment contributing more than 30% of EBITDA.

• Significant exposure to emerging trends, including growing NGL exports and natural gas demand.

Operational and financial performance

• Q2 2026 Adjusted EBITDA reached $5.07B, up 31% year-over-year; distributable cash flow was $2.59B, up 32%.

• Growth capital expenditures YTD 2026 totaled $2.6B, with maintenance at $482MM.

• Announced 19th consecutive quarterly cash distribution increase to $0.34 per unit.

• Updated 2026 guidance: Adjusted EBITDA $18.8B–$19.1B; growth capital $5.6B–$5.9B.

Strategic expansions and project updates

• Hugh Brinson Pipeline Phase I now in commercial service; Phase II to increase capacity to 2.2 Bcf/d by Q1 2027.

• Desert Southwest Pipeline: 520-mile, 48-inch pipeline, up to 2.3 Bcf/d capacity, expected in service by Q4 2029.

• Springerville Lateral: 125-mile, 30-inch pipeline to support coal-to-gas power transition, in service Q4 2029.

• Multiple new processing plants and power plant connections added, supporting data center and AI campus growth.