ET KEY INVESTMENT HIGHLIGHTS Growth From Organic Well Positioned Assets Solid Financials Investments Fully integrated platform Completing multi-year Stable cash flow profile spanning entire midstream capex program with minimal…
WHATS NEW Consistent Growth Recent Developments With Strong Financial/Operational Performance Opened office in Beijing, first office in Asia (April 2019) 12 Adj. EBITDA1 Bayou Bridge Phase II completed (Mar. 2019) Project…
2019 OUTLOOK Growth Capital: 5 billion Segment1 Includes Mariner East System (ME2, ME2X) Fractionation Plants (VI, VII) NGL & Refined Products Orbit JV (storage tank, export facilities) Lone Star Express Pipeline Midstream J.C.…
CAPITAL ALLOCATION FOCUSED ON RETURNS Organic Unit Buy- Distribution Debt Projects backs Increases Retirements Maintain strong investment grade balance sheet Leverage target: 4.0 Continued improvement in debt metrics 4.5x…
SIGNIFICANT GEOGRAPHIC FOOTPRINT ACROSS THE FAMILY Recently In-service & Asset Overview Announced Growth Projects Marcus Hook Lake Charles LNG Bayou Bridge Energy Transfer Assets Eagle Point Dakota Access Pipeline Rover…
A TRULY UNIQUE FRANCHISE Natural NGLs Crude Gas Oil Gather 12.7 million Fractionate One of the largest Transport 24 Transport 4.5 More than 7.9 billion mmbtu/d of gas & 678,000 bbls/d of planned LNG million mmbtu/d of…
DIVERSIFIED EARNINGS MIX WITH PRIMARILY FEE-BASED BUSINESS Segment1 Contract Structure Strength Q1 2019 Adjusted EBITDA by Segment1 Interstate Fees based on Connected to all major U.S. Transport & reserved capacity, supply basins…
EXPOSURE TO MAJOR PRODUCING REGIONS Energy Transfer is one of the most geographically diverse midstream companies with leading positions in the majority of the active basins in the U.S. 15 Number of regions with either…
FULLY INTEGRATED PLATFORM SPANNING THE ENTIRE MIDSTREAM VALUE CHAIN Involvement in Major Midstream Themes Across the Best Basins and Logistics Hubs Franchise Strengths Opportunities Access to multiple shale plays, storage…
FULLY INTEGRATED SERVICES BY REGION ET Services By Region Midstream Natural Gas Liquids Crude Interstate Intrastate Bakken Marcellus/Utica MidCon/Panhandle North Texas Permian Basin Ark-La-Tex Eagle Ford/SE…
ET ASSETS ALIGNED WITH MAJOR U.S. DRILLING REGIONS ET Rig Count Vs. Total US Rig Count ET Rig Count Vs. Lower 48 US Rig Count ET Rig Count Areas Rigs: 57 Rigs: 36 Rigs: 81 Rigs: 9 Rigs: 442 Rigs: 48 Significant…
FULLY INTEGRATED MIDSTREAM/LIQUIDS PLATFORM ACROSS NORTH AMERICA The ability to integrate an end-to-end liquids solution will better serve customers and alleviate bottlenecks currently faced by producers Marcus Hook: The future Mont…
GROWING UNIQUE EXPORT CAPABILITIES Nederland Terminal 1,200 acre site on USGC 1.5 million bbls/d crude export capacity; 200 thousand bbls propane/butane export capacity 28 million bbls crude storage capacity; 1.2 million bbls…
RENEWED COMMITMENT TO DEVELOP LAKE CHARLES LNG EXPORT TERMINAL Export Project Executed Project Framework Agreement in March 2019 Final investment decision (FID) to be mutually determined 50/50 partnership Energy Transfer Shell US…
COMPELLING VALUE PROPOSITION 14 EV / 2019 EBITDA 13 12 EV/2019 EBITDA 11 10 9 8 7 ET KMI PAA WMB EPD MMP TRGP OKE 18 Source: Bernstein Research, May 2019
GROWTH FROM ORGANIC INVESTMENTS
ORGANIC GROWTH ENHANCES OUR STRONG FOOTHOLD IN THE MOST PROLIFIC PRODUCING BASINS 2017 Bakken Crude Pipeline (1) 2013 Mariner West 2014 Mariner East 1 - Propane Active in 9 of the top 10 basins by active 2015 Allegheny Access 2016…
ET PROJECTS PROVIDE VISIBILITY FOR FUTURE EBITDA GROWTH Rebel II Plant Old Ocean Red Bluff Express Incremental cash flows from Lone Star Frac V growth projects coming online Ramping Up Ph. I Rover Phase II Arrowhead II…
FORESEE SIGNIFICANT EBITDA GROWTH IN 2019 FROM COMPLETION OF PROJECT BACKLOG PROJECT SCOPE IN-SERVICE TIMING NGL & Refined Products Lone Star Frac V Additional 120 Mbpd fractionator at Mont Belvieu complex In Service July 2018 Lone…
CRUDE OIL SEGMENT BAKKEN PIPELINE PROJECT Bakken Pipeline System1 1,915 mile system connecting Bakken production to ETs Nederland terminal on the Gulf Coast Placed into service June, 2017 Recently completed successful open…
CRUDE OIL SEGMENT PERMIAN EXPRESS PIPELINES Permian Express 1 Permian Express 2 16-inch, 380-mile pipeline 20- & 24-inch, 400-mile pipeline 150,000 barrels per day of capacity 230,000 barrels per day of capacity Provides…
CRUDE OIL SEGMENT BAYOU BRIDGE PIPELINE Project Details Bayou Bridge Pipeline Map Joint venture between Phillips 66 Partners (40%) and ET (60%, operator) 30 Nederland to Lake Charles segment went into service in April 2016 24…
NGL & REFINED PRODUCTS SEGMENT MARINER EAST SYSTEM A comprehensive Marcellus Shale solution reaching local, regional and international markets Transports Natural Gas Liquids from OH / Western PA to the Marcus Hook Industrial Complex…
NGL & REFINED PRODUCTS SEGMENT NORTHEAST GROWTH OUTLOOK 1.5 MMBPD 0.9 MMBPD Growth in rich gas drives Appalachian NGLs production Note: Outlook is based on full C2 recovery and WTI price forecast of 55/Bbl by 2020,…
NGL & REFINED PRODUCTS SEGMENT FAVORABLE NETBACKS WITH MARINER EAST Producer C3+ netbacks (via Marcus Hook) are expected to be significantly higher than other domestic outlets * Note: Assumes annual escalation of terminal fees…
NGL & REFINED PRODUCTS SEGMENT ORBIT ETHANE EXPORT PROJECT Orbit Export Pipeline and Facility Orbit Pipeline JV Announced Orbit Joint Venture with Satellite Petrochemical USA Corp to construct new ethane export terminal on the U.S.…
NGL & REFINED PRODUCTS SEGMENT PIPELINE AND FRACTIONATION EXPANSION Lone Star Express Expansion Mt. Belvieu Fractionation Expansions Total of 6 fractionators at Mont Belvieu 24-inch, 352-mile expansion 150,000 bbls/d Frac VI went…
MIDSTREAM SEGMENT PERMIAN BASIN INFRASTRUCTURE BUILDOUT ET is nearing capacity in both the Delaware and Midland Basins due to continued producer demand and strong growth outlook in the Permian As a result of this demand, ET has…
MIDSTREAM SEGMENT REVOLUTION SYSTEM Project Details Revolution Project Map System is located in Pennsylvanias Marcellus/Upper Devonian Shale rich-gas area Rich-gas, complete solution system Currently 20 miles of 16 in-service…
INTERSTATE SEGMENT MARCELLUS/UTICA ROVER PIPELINE Project Details Rover Project Map Sourcing natural gas from the Marcellus and Utica shales Connectivity to numerous markets in the U.S. and Canada Midwest: Panhandle Eastern and…
APPENDIX
ET ORGANIZATIONAL STRUCTURE ENERGY TRANSFER LP (formerly Energy Transfer Equity, L.P.) (NYSE: ET) Non-economic GP Interest 100% LP interest Energy Transfer Operating, L.P.* (formerly Energy Transfer Partners, L.P.)…
CRUDE OIL SEGMENT Crude Oil Pipelines Crude Oil Acquisition & Marketing 9,524 miles of crude oil trunk and gathering lines located in the Southwest and Crude truck fleet of approximately 370 trucks Midwest United States Purchase…
CRUDE OIL SEGMENT PERMIAN EXPRESS PARTNERS Permian Express Partners Joint Venture Details Strategic joint venture with ExxonMobil (ET owns 87.7% and is the operator) Combines key crude oil pipeline network of both companies and…
NGL & REFINED PRODUCTS SEGMENT NGL Storage Fractionation NGL Pipeline Transportation TET Mont Belvieu Storage Hub 46 million 6 Mont Belvieu fractionators (790 Mbpd) 4,750 miles of NGL Pipelines throughout Texas and barrels NGL…
MIDSTREAM ASSETS Midstream Asset Map Midstream Highlights Volume growth in key regions: Q1 2019 gathered volumes were 12.7 million mmbtu/d, and NGLs produced were 563,000 bbls/d, both up substantially over Q1 2018 Permian…
INTERSTATE PIPELINE ASSETS Interstate Asset Map Interstate Highlights Our interstate pipelines provide: Stability Approximately 95% of revenue is derived from fixed reservation fees Diversity Rover Access to multiple shale plays,…
INTRASTATE PIPELINE ASSETS Intrastate Asset Map Intrastate Highlights Continue to expect volumes to Mexico to grow, particularly with the startup of Trans-Pecos and Comanche Trail in Q1 2017, which will result in increased demand…
INTRASTATE SEGMENT MEXICO (CFE) Waha Header System 6 Bcf/d Header System Will connect to: Trans-Pecos & Comanche Trail Pipelines ETs vast interstate and Comanche Trail Pipeline intrastate pipeline network Multiple 3rd party…
ET NON-GAAP FINANCIAL MEASURES 43
ETO NON-GAAP FINANCIAL MEASURES Segment Margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that…
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