Energy Transfer (ET) Investor presentation summary

Operational performance

• NGL and refined products terminal volumes rose 19%, setting new records, with similar growth in NGL exports, transportation, and fractionation volumes; crude oil transportation volumes increased 8%.

• Placed Gateway NGL Pipeline debottlenecking project into service and are commissioning the Mustang Draw I processing plant.

• Currently constructing a new 3 million barrel ethane storage cavern at Mont Belvieu.

• Expanded midstream gathered volumes by 6%, also a record.

Financial highlights

• Q1 2026 Adjusted EBITDA reached $4.94B; distributable cash flow attributable to partners was $2.70B.

• Updated 2026 guidance: Adjusted EBITDA of $18.2B–$18.6B, up from prior guidance; expected growth capital $5.5B–$5.9B.

• Increased quarterly cash distribution to $0.3375 per unit, up over 3% from Q1 2025.

Strategic initiatives and project backlog

• Approved construction of the Springerville Lateral Project to supply natural gas to new gas-powered generation replacing coal plants.

• Entered long-term agreements to provide firm natural gas transportation for data centers, including the Nexus Hubbard Campus in Texas.

• Approved Bayou Bridge pipeline expansion, adding up to 200,000 Bbls/d of capacity.

• Extended major ethane export agreements at Nederland into 2041.