Moving America's Energy Since 1996

Investor Presentation

January 2022

Forward-looking Statements / Legal Disclaimer

Management of Energy Transfer LP (ET) will provide this presentation to analysts and/or investors at meetings to be held throughout January 2022. At the meetings, members of management may make statements about future events, outlook and expectations related to Panhandle Eastern Pipe Line Company, LP (PEPL), Sunoco LP (SUN), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain statements about future events, outlook and expectations related to the Partnerships and their subsidiaries all of which statements are forward-looking statements. Any statement made by a member of management of the Partnerships at these meetings and any statement in this presentation that is not a historical fact will be deemed to be a forward-looking statement. These forward-looking statements rely on a number of assumptions concerning future events that members of management of the Partnerships believe to be reasonable, but these statements are subject to a number of risks, uncertainties and other factors, many of which are outside the control of the Partnerships. While the Partnerships believe that the assumptions concerning these future events are reasonable, we caution that there are inherent risks and uncertainties in predicting these future events that could cause the actual results, performance or achievements of the Partnerships and their subsidiaries to be materially different. These risks and uncertainties are discussed in more detail in the filings made by the Partnerships with the Securities and Exchange Commission, copies of which are available to the public. In addition to the risks and uncertainties disclosed in our SEC filings, the Partnership may have also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership has also been, and may in the future be, impacted by the winter storm in February 2021 and the resolution of related contingencies, including credit losses, disputed purchases and sales, litigation and/or potential legislative action. The Partnerships expressly disclaim any intention or obligation to revise or publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

This presentation includes certain forward looking non-GAAP financial measures as defined under SEC Regulation G, including estimated adjusted EBITDA. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures without unreasonable effort. Accordingly, we are unable to present a quantitative reconciliation of such forward-lookingnon-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures.

All references in this presentation to capacity of a pipeline, processing plant or storage facility relate to maximum capacity under normal operating conditions and with respect to pipeline transportation capacity, is subject to multiple factors (including natural gas injections and withdrawals at various delivery points along the pipeline and the utilization of compression) which may reduce the throughput capacity from specified capacity levels.

2

What's New

Operational

Strategic

2021 Insider Purchases

  • NGL transportation and fractionation volumes, as well as NGL and Refined Products terminal volumes all reached new records during Q3'21
  • In September 2021, entered into second renewable energy power purchase agreement for 120 megawatts of electricity
  • Exported more than 16 million barrels of ethane at Nederland terminal YTD through September 30, 2021
  • Commissioned Mariner East 2X Pipeline, which increases current capacity to ~260,000 bbls/d
  • Placed Permian Bridge project into service in October 2021
  • Closed Enable Midstream acquisition on December 2, 2021
    $100mm+ operational/cost synergies expected
  • Announced MOU with the Republic of Panama to study the feasibility of jointly developing NGL assets in Panama
  • ET's General Counsel and head of its Alternative Energy Group, Tom Mason, was named 2021 Top General Counsel by the National Diversity Council
  • In 2021, Energy Transfer insiders and independent board members purchased ~19.8 million units, totaling ~$154 million
    • Executive Chairman: ~19.1mm units; $148mm
    • Independent Directors: ~503k units; ~$4.4mm
    • CFO: ~83k units; ~$649k
    • CEO: ~81k units; ~$600k
    • COO: ~34k units; ~$250k

Best-in-class assets with extensive footprint position the partnership for long-term success

3

Energy Transfer - A Truly Unique Franchise¹

Marcus Hook Terminal

Nederland Terminal

Asset Overview

Natural Gas

Storage

Natural Gas Liquids (NGLs)

Fractionator

Crude

Terminals

Refined Products

Processing

Houston Terminal

Major Terminals

Treating

Marcus Hook Terminal

Nederland Terminal

Houston Terminal

Eagle Point Terminal

Midland Terminal

Cushing Terminal

Lake Charles Regas

4

1. Map is Pro Forma for merger between Energy Transfer LP and Enable Midstream Partners, LP

Path Toward Free Cash Flow

Business Diversity

Strong

Asset

Base

Capital

Discipline

Balance

Sheet

Inflection

Point

  • Diversified business model comprised of five core segments; no segment contributes more than 30 percent of adjusted EBITDA¹
  • Unrivaled geographic diversity with assets in all major producing basins in the U.S.
  • Continue to leverage expansive footprint to drive operational efficiencies and optimize assets
  • Ongoing growth projects building near-andlong-term value
  • Increased project return thresholds and high-graded investment opportunities
  • Focused on aligning capital outlay with customer needs and improving optionality around existing assets
  • Improved balance sheet enhances long-term value of partnership
  • Focused on achieving leverage target of 4 to 4.5x and maintaining a solid investment grade rating
  • Taking significant steps toward creating more financial flexibility and a lower cost of capital
  • Expect to be free cash flow positive in 2021 after growth capital and equity distributions

5

1. Excluding the impacts of the February 2021 winter storm

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Disclaimer

Energy Transfer LP published this content on 06 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2022 14:17:01 UTC.