Energy Transfer LP Q3 FY2024 earnings call

• Recently completed WTG acquisition enhances Permian operations; integration underway with projects to improve reliability. • Energy Transfer and Sunoco LP formed Permian crude oil and produced water gathering joint venture, making progress on integration and synergies. • 2024 organic growth capital expected ~$2.9 billion, with projects including Nederland Terminal expansion (scheduled mid-2025 initial phase), Mont Belvieu fractionator (expected Q4 2026), Permian processing expansions, crude asset pipeline construction, and natural gas power generation projects.

For the third quarter of 2024, adjusted EBITDA details by segment:

• NGL and Refined Products: $1.01 billion vs $1.08 billion in Q3 2023, due to Mariner East growth and NGL exports offset by lower hedged NGL inventory gains.
• Midstream: $816 million vs $631 million in Q3 2023, driven by higher Permian Basin and Eagle Ford volumes, and Crestwood/WTG acquisitions.
• Crude Oil: $768 million vs $706 million in Q3 2023, due to record crude throughput, exports, and Permian joint venture.
• Interstate Natural Gas: $460 million vs $491 million in Q3 2023, with higher Panhandle/Trunkline/Gulf Run demand offset by lower IT utilization and higher expenses.
• Intrastate Natural Gas: $329 million vs $244 million in Q3 2023, from increased pipeline optimization gains.

• 2024 adjusted EBITDA expected between $15.3 billion to $15.5 billion. • 2024 growth capital expenditures expected ~$2.9 billion, spent primarily in NGL and Refined Products, and Midstream segments. • Nederland Terminal expansion on schedule for mid-2025 initial phase; Mont Belvieu fractionator expected Q4 2026.

• Uncertainties around natural gas price spreads in Texas. • Potential impact of regulatory and political changes on project approvals and operations.

Q: Jeremy Tonet asks about natural gas demand impact and South Mississippi Pipeline A: Mackie McCrea responds on natural gas demand opportunities and South Mississippi Pipeline interest Q: Jean Ann Salisbury asks about Lake Charles LNG status A: Marshall McCrea responds on Lake Charles LNG progress Q: Manav Gupta asks about WTG integration and SUN JV A: Marshall McCrea responds on WTG integration and SUN JV progress Q: Theresa Chen asks about data center returns and competition A: Marshall McCrea responds on data center returns and competitive dynamics Q: Keith Stanley asks about Flexport LPG project and Q4 EBITDA A: Marshall McCrea and Thomas Long respond on Flexport LPG and Q4 EBITDA outlook Q: Gabe Moreen asks about processing capacity announcements A: Marshall McCrea responds on processing capacity announcements Q: Michael Blum asks about CapEx and Sabina 1 pipeline A: Dylan Bramhall and Marshall McCrea respond on CapEx and Sabina 1 pipeline Q: Zackery Van Everen asks about Permian Matterhorn and Warrior pipeline A: Marshall McCrea responds on Permian Matterhorn and Warrior pipeline Q: John Mackay asks about Texas vs interstate opportunities A: Dylan Bramhall responds on Texas vs interstate opportunities Q: John Mackay follows up on Permian NGL position A: Marshall McCrea responds on Permian NGL position Q: Closing remarks from Mackie McCrea on election impact A: Mackie McCrea comments on election impact on industry