Energy Transfer LP : June 2022 Investor Presentation

Investor Presentation

June 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 June 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.

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What's New

Operational

Financials

Strategic

• Completed construction of the final phase of the Mariner East Pipeline in Q1'22
• During Q1'22, construction began on the Gulf Run Pipeline project, which is expected to be complete by year-end
• Completed Phase II of Cushing South Pipeline in in Q1'22 which brings capacity to 120,000 Bbls/d
• Placed expansion of Permian Bridge project into service in March 2022 which brings capacity to over 200,000 Mcf/d
• Placed Ted Collins Link into service in April 2022, providing additional connectivity for ET's Houston Terminal, the Gulf Coast oil pipeline network and the Houston Ship Channel
• Started construction on new 200 MMcf/d Grey Wolf processing plant in the Permian Basin; expected to be in service by year-end 2022
• Announced second new processing plant in the Permian Basin

• 2022 Guidance:
• • Adjusted EBITDA: $12.2-$12.6B
  • Growth Capital: $1.8-$2.1B
• Adjusted EBITDA
• • Q1'22: $3.3B
• Distributable Cash Flow (DCF)
• • Q1'22: $2.1B
• Excess cash flow after distributions
• • Q1'22: ~$1.5B
• Q1'22 Capital Expenditures
• • Growth: ~$390mm
  • Maintenance: ~$110mm
• Extended maturity on revolving credit facility to April 2027 under substantially same terms and pricing

• Lake Charles LNG executed five LNG off-take agreements to date, for an aggregate of 5.8 mtpa
• Developing new Permian Basin takeaway pipeline utilizing existing Energy Transfer assets along with a new build pipeline to connect Permian supply to markets along the Gulf Coast
• Continued feasibility and development work on NGL pipeline in Panama
• Announced agreement to sell ET Canada at a strong value - allows redeployment of capital to core footprint and further debt reduction
• Completed bolt-on acquisition of underground storage assets and ethylene header system that further enhance Mont Belvieu and Nederland positions

Strategic franchise positioned to deliver top-tier performance

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Energy Transfer - A Truly Unique Franchise

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

De-Risking ET

Levered Balance

Sheet

Project Execution

Risk

Complex Company

Structure

Economic

Slowdown Impacts

M&A

Uncertainty

• Significant debt reduction
• • Reduced long-term debt by $6.3B in 2021 (and $290mm in Q1 2022)
• Delivering growth projects
• • Construction of final phase of Mariner East pipeline complete
  • Bakken optimization now in-service
• More simplified organization
• • ETO roll-up and reduced overhead costs
  • Integration of recent ENBL acquisition well underway
• Uniquely positioned for improving macros
• • Assets in all major producing basins and connected to major markets, including export ports on gulf and east coasts
• Financially disciplined in M&A markets
• Recently closed accretive and complementary ENBL acquisition

Updated and more streamlined partnership

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