#1€ ENERGY TRANSFER Moving America's Energy Investor Presentation December 2023#2Forward-looking Statements / Legal Disclaimer Ր ENERGY TRANSFER Management of Energy Transfer LP (ET) will provide this presentation to analysts and/or investors at meetings to be held throughout December 2023. 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. These may also include certain statements about the Partnership's ability to successfully complete and integrate transactions described herein and the possibility that the anticipated benefits of the transactions cannot be fully realized. 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 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-looking non-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#3What's New? روس ENERGY TRANSFER Operational ➤ Entered into non-binding HOA with TotalEnergies related to term crude oil offtake from ET's proposed Blue Marlin Offshore port for 4 million barrels per month1 ➤ NGL transportation and fractionation volumes both reached new records in Q3'23 Total NGL exports out of the Nederland and Marcus Hook Terminals reached a new record in Q3'23 Crude transportation and terminal volumes both reached new records in Q3'23 Financials ➤ Updated 2023 Adjusted EBITDA guidance: - Expected Adj. EBITDA: $13.5 - $13.6B2 2023 growth capital guidance: Expected to be slightly below $2.0B2,3 ➤ Adjusted EBITDA: - Q3'23: $3.5B Distributable Cash Flow (DCF): Q3'23: $2.0B Excess cash flow after distributions: - Q3'23: ~$1.0B Q3'23 Capital Expenditures: - Growth: $418mm Maintenance: $180mm Announced increase to quarterly cash distribution to $0.3125 per unit Strategic ➤ Closed acquisition of Crestwood Equity Partners on November 3, 2023 In August, ET's Sr. Unsecured debt rating was upgraded by S&P to BBB with a stable outlook Targeting annual distribution growth rate of 3% to 5% Expect long-term annual growth capital run rate to be between $2 billion and $3 billion Expect to be at the lower end of 4-4.5x target leverage ratio range 4 going forward 1. 1234 Subject to the negotiation and execution of definitive agreements and the satisfaction of other conditions, including Energy Transfer taking a final investment decision Includes the consolidated operations of Crestwood in November and December 2023 3. Energy Transfer excluding SUN and USA Compression capital expenditures. Based on ET's calculation of the Rating Agency leverage ratios 3#4Nationwide Footprint Expanded operating footprint in oil-weighted basins drives competitive scale and growth opportunities Pipelines ET Fractionator Terminals Major Terminals Processing Treating Storage Crestwood Pipelines Processing Plants ▲ Compression Station Trucking Rail Pipeline Connection Storage روس ENERGY TRANSFER Crestwood Acquisition Transaction added strategic assets, extending Energy Transfer's footprint deeper into the Williston and Delaware basins while providing entry into the Powder River Basin Complemented ET's downstream fractionation capacity at Mont Belvieu Complemented ET's hydrocarbon export capabilities from both its Nederland and Marcus Hook terminals Focused on integration of businesses and delivering on targeted cost synergies Nederland Terminal#5ET and CEQP Complementary Assets Gathering Lines Crude Oil: & Trucks Storage Transmission Lines Storage & Refining Natural Gas: C-XXXXX Gathering Lines IIII End Users: m BC Industrial Residential Petrochemical Feedstock Transportation Power Generation Processing & Treating Transmission Lines Storage Transmission Lines Natural Gas Liquids (NGLs): Transmission Lines Fractionation Storage Transmission Lines ENERGY TRANSFER رس ENERGY TRANSFER Crestwood Transmission Lines, Rail, Barge & Trucks H Gather 19.8 million MMBtu/d of gas and 869,000 Bbls/d of NGLS produced Transport ~31.4 million MMBtu/d of natural gas via inter and intrastate pipelines 2.0 Bcf/d of gas gathering and 1.4 Bcf/d of gas processing capacity 10 million Bbls NGL storage Fractionate ~1 million Bbls/d of NGLS + 340 thousand Bbls/d of crude oil gathering and 2.1 million Bbls of crude oil storage Transport ~5.6 million Bbls/d of crude oil 180 thousand Bbls/d of crude oil rail terminalling Capable of exporting ~1.85 million Bbls/d of crude oil and 1.1 million+ Bbls/d of NGLS 5#6Track Record of Efficient Consolidation ENABLE* MIDSTREAM PARTNERS LOTUS MIDSTREAM روس ENERGY TRANSFER Crestwood Equity Partners LP Closed December 2021 Assets complementary to ET's interstate and intrastate pipeline system Increased gathering and processing footprint in the Midcontinent and added complementary U.S. Gulf Coast infrastructure Anchored by strong customers and fee-based contracts Immediately accretive to free cash flow and DCF/unit At announcement, transaction value represented 6.9x multiple of 2021E run-rate EBITDA WOODFORD EXPRESS, LLC FORD EXPRESS LLC ➤ Closed September 2022 Assets extended ET's gas gathering and processing system in the SCOOP play in OK ➤ Added processing/treating plant and gathering lines directly connected to ET's network Anchored by strong customers and fee-based with significant acreage dedications contracts ➤ Immediately accretive to free cash flow and DCF/unit Closed May 2023 Assets complementary to ET's crude oil pipeline system Increased gathering and processing footprint in the Permian Basin and increased connectivity to major hubs Anchored by strong customers and fee-based contracts Immediately accretive to free cash flow and DCF/unit Closed November 2023 Assets enhance NGL & Refined Products storage and logistics business Increases gathering and processing footprint in Delaware and Williston Basins Adds entry into the Powder River Basin Anchored by primarily fixed fee agreements and top-tier customer base Immediately accretive to DCF/unit upon closing 60#7Growth Through Organic Projects and M&A ➤ Key asset additions since the end of Q3 2022 روس ENERGY TRANSFER Woodford Express Gulf Run Pipeline Bear Processing Plant Crestwood Equity Partners . Purchase price of $485mm¹ (In Service December '22) • (In Service June '23) • Valued at $7.1B² • (Closed September '22) • (Closed November 3, 2023) Lotus Midstream Grey Wolf Processing Plant . Total consideration of $1.5B3 Frac VIII . © (In Service December '22) • (Closed May '23) (In Service August '23) Consideration included $930mm in cash and -44.5mm newly issued ET common units, which had an aggregate acquisition-date fair value of $574mm 123 1. Plus working capital 2. At time of announcement 3. 7#8Long-Term Capital Allocation Strategy روس Illustrative - Based on $7.5B Distributable Cash Flow $0.5-1.5B ~7-20% • • Discretionary cash flow for debt paydown and unit buybacks • $0.5-$1.5B (up to 20%) . Distributions to LP common $4.0B unitholders -53% • Targeting 3-5% annual growth rate $2.0-3.0B ~27-40% ENERGY TRANSFER • Growth capital (Stated long-term range of $2-3B annual spend; up to 40%) Targeting debt to EBITDA ratio at lower end of 4-4.5x stated range. Expect to prioritize unit buybacks once target is achieved. Note: As of September 30, 2023, $880 million remained available to repurchase under the current authorized unit buyback program. Distributable Cash Flow is defined as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. 80#9Outlook Supported by Strong Core Business ET 2023E Adjusted EBITDA $13.5 - $13.6 billion¹ 2022 to 2023 Adjusted EBITDA Drivers 2023E Adjusted EBITDA Breakout رس ENERGY TRANSFER + Volume growth on existing assets + NGL pipeline, frac and export activities + Lotus acquisition + Crestwood acquisition - Lower commodity prices - 2022 one-time items + Organic Projects + Gulf Run Pipeline + Grey Wolf Processing Plant + Bear Processing Plant Commodity Spread² 5-10% 0-5% Fee³ -90% Pricing/spread assumptions based on current futures markets 1. Includes the consolidated operations of Crestwood in November and December 2023 Spread margin is pipeline basis, cross commodity and time spreads 123 2. 3. Fee margins include transport and storage fees from affiliate customers at market rates 9#10Well Balanced Asset Mix Provides Strong Earnings Q3 2023 Adjusted EBITDA by Segment SUN, USAC & Other 11% Natural Gas Interstate & Intrastate Transportation & Storage Crude Oil 20% روس ENERGY TRANSFER Segment Crude Oil NGL & Refined Products Contract Structure Fees from dedicated acreage, take-or-pay and throughput-based transportation, terminalling and storage Fees from plant dedications and take-or- pay transportation contracts, storage fees and fractionation fees, which are primarily frac-or-pay structures Strength Significant connectivity from Permian, Bakken and Midcon basins to U.S. markets, including Nederland terminal ~60 facilities connected to ET's NGL pipelines, and benefit from recent frac expansions at the Mont Belvieu complex 21% Midstream (Nat Gas, Crude Oil NGL & Refined Products 30% Natural Gas Interstate Transport & Storage Fees based on reserved capacity, take-or-pay contacts Connected to all major U.S. supply basins and demand markets, including exports & NGLs) 18% Midstream (Gathering & Processing) Natural Gas Intrastate Transport & Storage Minimum volume commitment (MVC), acreage dedication, utilization-based fees and percent of proceeds (POP) Reservation charges and transport fees based on utilization Significant acreage dedications, including assets in Permian, Eagle Ford, Anadarko and Marcellus/Utica Basins Largest intrastate pipeline system in the U.S. with interconnects to TX markets, as well as major consumption areas throughout the US 10#11Strong Investment Returns With Shorter Cash Cycle 2023E Growth Capital: <$2 billion¹ % of 2023E • Bear high-recovery cryogenic processing plant • New treating capacity in the Haynesville Midstream ~40% • Efficiency improvements and emissions reduction projects • Multiple gathering & processing and compression projects (primarily WTX, STX, Northeast) • Mont Belvieu Frac VIII • Mont Belvieu Frac and storage facilities optimization NGL & Refined Products • Nederland LPG facilities optimization -30% Nederland NGL expansion • Multiple smaller projects .. Compression and optimization projects on existing pipelines Interstate • New Gulf Run customer connections -15% • Multiple smaller projects • Projects associated with Lotus acquisition Crude -10% • New customer pipeline connections • New customer pipeline connections Other² ~5% • Compression and optimization projects on existing pipelines 1. 72 Includes the consolidated operations of Crestwood in November and December 2023 2. Other includes the Intrastate and All Other segments ՈՐ ENERGY TRANSFER 11#122023 A Key Inflection Period - Lower Capital and Higher EBITDA Legacy ET Organic Growth Capital¹ ET Adjusted EBITDA² 2018 $4.9B 2023E3 $13.5-$13.6B 2023E3 Less Than $2B 2018 $9.5B Long-term annual growth capital run rate expected to be between $2 billion to $3 billion 1Includes ET's proportionate share of JV spend 2 Adjusted EBITDA includes 100% of ET's EBITDA related to non-wholly-owned subsidiaries 3 Includes the consolidated operations of Crestwood in November and December 2023 ՈՐ • Bakken Pipeline System* 2017 • Trans Pecos/Comanche Trail Pipelines* Major growth projects added since 2017 • Permian Express 3* Panther Plant Arrowhead Plant • • Rover Pipeline* • 2018 • Frac V Arrowhead II Plant Mariner East 2 • Rebel II Plant • Bayou Bridge Phase II* • • Permian Express 4* JC Nolan Diesel Pipeline* Arrowhead III Plant 2019 • Frac VI • Panther II Plant • Red Bluff Express Pipeline* Mariner East 2X • Frac VII • 2020 . PA Access 2021 • • • Lone Star Express Expansion Mariner East 2X PA Access Cushing South Phase I Orbit Ethane Export Terminal* LPG Expansions Bakken Optimization* • Permian Bridge ENERGY TRANSFER • Mariner East 2 • Permian Bridge Phase II 2022 . Ted Collins Link • Grey Wolf Processing Plant • Cushing South Phase II • Gulf Run Pipeline • 2023 • Bear Processing Plant Frac VIII • Pipeline optimization projects 12 *Joint Ventures#13Significant Management Ownership - Continued Buying • Since January 2021, Energy Transfer insiders and independent board members purchased more than 40 million units, totaling $411 million Leadership Support 12% Executive Chairman (Kelcy Warren) - Open market ET unit purchases since Jan. 2019: ~57mm units or ~$621mm 10% Co-CEOs required to hold 6x annual base salary in ET units Source: Bloomberg/Company Filings Peer Group: DCP, ENB, EPD, KMI, OKE, TRGP, PAA, WMB, MMP 1. As of 9/30/2023 Insider Ownership % 8% 6% 4% 2% Insider Ownership vs Peers¹ 0% ET Peers S&P 500 S&P 500 Energy Management and Insiders significantly aligned with unitholders روس ENERGY TRANSFER Ownership Breakout' Insiders ~11% Retail -49% Institutions ~40% 13#14Permian Basin Processing Expanding to Meet Growing Demand روس ENERGY TRANSFER Permian Basin plant inlet volumes remain near record highs Gaines Borden Dawson Eddy Loa Martin Howard Androws Bear Ector Midland Glasscock Loving Grey Wolf Winkler Permian Basin Footprint ➤ Extensive Permian Basin Footprint: . Have significant acreage dedications to ET processing plants in the Permian Basin Permian Bridge Pipeline • • • Converted ~55 miles of existing 24-inch NGL pipeline to rich-gas service to allow ~200 thousand Mcf/d of rich-gas to move out of the Midland Basin to the Delaware Basin Phase I was placed in service in October 2021 and an expansion was placed into service in Q1 2022 Heavily utilizing to provide operational flexibility between processing facilities in the Delaware and Midland Basins Grey Wolf and Bear Processing Plants Culberson Processing Plant (In Progress) Processing Plant Gas Gathering Pipeline NGL Pipeline Other Natural Gas Pipelines ° 5 10 15 20 Mi Reeves N A Ward Pecos Crane • 200 MMcf/d cryogenic processing plants • Reagan Upton • Crockett • Grey Wolf plant placed in service in December 2022; Bear plant placed in service in June 2023 Due to significant producer demand, continue to evaluate the necessity and timing of adding another processing plant in the Permian Basin while considering any available new capacity that we acquired via the Crestwood acquisition The volumes from the tailgate of these plants will utilize Energy Transfer gas and NGL pipelines for takeaway from the basin 14#15• Comprehensive Permian Gas Takeaway Solutions Flexibility to Provide Natural Gas Delivery to Most Market Hubs روس ENERGY TRANSFER Waha Header Energy Transfer's Waha header connects to more than 10 different natural gas pipelines, as well as to the TPP header', which contains over 6 Bcf of connectivity to all significant markets Transwestern Pipeline 2.1 Bcf/d pipeline Bi-directional capabilities with the ability to access Texas and Midcontinent supply hubs, as well as major western markets in Arizona, Nevada and California Chicago Permian Natural Gas Takeaway Project Proposed project would include construction of a new intrastate pipeline from the Midland Basin to ET's extensive pipeline network south of the DFW area From there, ET's vast pipeline systems provide significant flexibility to deliver natural gas to premier markets along the Texas Gulf Coast including Katy, Beaumont, and the Houston Ship Channel, as well as to Carthage, with potential deliveries to most major U.S trading hubs and markets . 1. San Elizario Proposed Warrior Pipeline Waha Trans-Pecos and Comanche Trail Pipelines The Trans-Pecos (TPP) and Comanche Trail Pipelines (CTP) are designed to transport natural gas from Waha to the Texas-Mexico border¹ TPP and CTP provide a combined 2.5 Bcf/d of gas takeaway capacity to Mexico Presidio Lamar Perryville Carthage Gulf Run Pipeline Gillis Henry Hub Katy HSC Agua Dulce . • Leading Permian Natural Gas franchise provides significant options for long-term takeaway needs Energy Transfer has a 16% ownership interest in the TPP header, as well as a 16% interest in TPP and CTP Oasis Pipeline Modernization Completed modernization and debottlenecking work on the Oasis Pipeline in Q1 2023 Added at least an incremental 60,000 Mcf/d of much needed takeaway capacity out of the Permian Basin 15#16Gulf Run Pipeline Providing An Efficient Gulf Coast Connection 1. ETF MEP MRT Perryville RIGS EGT Alto Tiger Vernon Zone 1 Panola Westdale Carthage HPL Zone 2 Trunkline Starks Lake Charles LNG Golden Pass Golden Pass LNG Pipeline Excludes ~0.4 Bcf/d of capacity leased by EGT' on Zone 1 FGT SESH روس ENERGY TRANSFER Gulf Run Pipeline ➤ Unparalleled access to prolific natural gas producing regions in the U.S. with ability to deliver Haynesville-area gas to Gulf Coast Region ➤ Zone 1 (Formerly Line CP): ~200-mile, interstate pipeline with a capacity of ~1.4 Bcf/d¹ Zone 2 (New Build): 135-mile, 42" interstate pipeline with a capacity of 1.65 Bcf/d Backed by a 20-year commitment for 1.1 Bcf/d with cornerstone shipper Golden Pass LNG (Qatar Petroleum & Exxon Mobil) - Rate step-up on 1.1 Bcf Golden Pass contract July 1, 2023 Zone 2 has very limited available capacity in the near term, and is fully subscribed beginning in January 2025 Continue to have discussions to add ~1 Bcf of capacity via compression, which would require minimal capital investment ➤ Also have the ability to loop Zone 2 to add another -2 Bcf of capacity, depending on demand Placed in service December 2022, on time and on budget 16#17A Global Leader in NGL Exports 1,000 900 800 Thousand barrels.ger day 300 200 100 Source: Internal and Kpler ET's market share of worldwide NGL exports remains at ~20% ET NGL Exports 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Nederland Terminal Marcus Hook Terminal Expanding industry leading business while capturing future growth opportunities in new markets روس ENERGY TRANSFER 17#18NGL & Refined Products Segment - Pipeline & Fractionation - Continuing to Expand Leading Asset Base روس ENERGY TRANSFER • • Lone Star Express Expansion • 24-inch, 352-mile expansion Added incremental NGL pipeline capacity from Lone Star's pipeline system near Wink, Texas to the Lone Star Express 30-inch pipeline south of Fort Worth, Texas Completed in Q3 2020 • • Expandable via pumps Mont Belvieu Fractionation Expansions • Total of 8 fractionators at Mont Belvieu; current capacity over 1.15 million bbls/d • 150,000 bbls/d (nameplate) Frac VI went into service in February 2019 • 150,000 bbls/d (nameplate) Frac VII went into service in Q1 2020 150,000 bbls/d (nameplate) Frac VIII went into service in August 2023 Industry leading Permian NGL takeaway capacity of ~1 million bbls/d Ft. Worth, TX Godley Baden LaGrange/Chisholm Plant Complex Asset Overview ET NGL ET Justice ET Liberty ET Gulf Coast NGL Express ET Gulf Coast NGL Expansion ET Gulf Coast NGL/WTX Gateway ET Spirit Mont Belvieu to Nederland System ET Freedom Nederland Terminal Mt. Belvieu Fractionation & Storage Plant Fractionator Processing Plant Storage Kenedy Jackson Geismar Hattiesburg Sea Robin 号 Sorrento Chalmette ET Mont Belvieu Frac VII Frac I Frac III Frac VI Fracs IV & V Frac VIII Frac II Export De-C2 With Frac VIII in service, ET's total Mont Belvieu frac capacity is now over 1.15 million bbls/d 18#19World-Class Export Capabilities - Uniquely Positioned to Serve Global Demand Total NGL export capacity is over 1.1 million barrels per day Houston Terminal • 330 acres on Houston Ship Channel Houston Terminal • 18.2 million barrels of crude and heated product storage • -850,000 bbls/d of crude export capacity • 5 ship docks, 7 barge docks . • • Rail and truck loading and unloading Connectivity to Gulf Coast refining complex Pipeline connectivity to all major basins • Deepwater marine access Nederland Terminal ~2,000 acre site on U.S. Gulf Coast ~31 million bbls crude storage capacity; 1.9 million bbls refrigerated propane/butane storage capacity • 1.2 million bbls (standard) ethane storage tank as part of Orbit joint venture • ~700,000 bbls/d of combined LPG, ethane and natural gasoline export capacity ~1 million bbls/d of crude export capacity • 6 ship docks (3 NGL, 3 crude capable) and 4 barge docks accommodate Suez Max sized ships • Rail and truck unloading capabilities • Space available for further dock and tank expansion and well positioned for future growth opportunities Construction is underway on an expansion which is expected to add up to 250,000 bbls/d of NGL export capacity and to be in service in mid-2025 Nederland Terminal روس ENERGY TRANSFER Marcus Hook Terminal CL KEEP OUR OCEANS CLEAN INEOS • Marcus Hook Terminal ~800 acre site: inbound and outbound pipeline along with truck, rail and marine capabilities • ~2 million bbls underground NGL storage; ~4 million bbls refrigerated above-ground NGL storage ~1 million bbls crude storage capacity ~1 million bbls refined products storage capacity • 4 export docks accommodate VLGC and VLEC sized vessels • Recently completed dredging to increase the depth at one dock to 42 feet • ~400,000 bbls/d of combined LPG and ethane export capacity • Continue to pursue an optimization project at Marcus Hook that would add incremental ethane refrigeration and storage capacity 19#20Leveraging asset base and expertise to develop projects to reduce environmental footprint ՈՐ ENERGY TRANSFER H D Dual Drive Compressors - Established in 2012 ➤ Proprietary technology that allows for switching between electric motors and natural gas engines to drive compressors, and offers the industry a more efficient compression system, helping reduce greenhouse gas emissions In 2022, this technology allowed ET to operate using electric power on our units over 80% of the time, reducing CO2 emissions by approximately 752,000 tons annually ➤ In 2021, our proprietary Dual Drive Technologies natural gas compression system was awarded a GPA Midstream Environmental Excellence award for its impact on reducing CO2 emissions Carbon Capture Utilization and Sequestration Currently pursuing projects related to G&P facilities, and evaluating opportunities to capture carbon from ET and third-party facilities and transport CO2 through existing underutilized ET pipelines near CO2 sources Provide cash flows to Energy Transfer with minimal capital requirements due to structures that allow monetization of federal tax credits Continue to make progress on CCS project with CapturePoint related to ET's north Louisiana processing plants, which would provide a compelling solution for Haynesville area carbon capture, and is expected to generate attractive financial returns Renewable Energy Use ➤ Approximately 20% of the electrical energy ET purchases originates from a renewable energy source – enough energy to power ~40,000 homes Renewable Fuels ➤ Utilizing our extensive gas system, ET is able to safely and reliable transport renewable natural gas (RNG). ➤ In 2022, ET had 8 RNG plants/interconnects transporting over 5 Bcf/d of product Solar Since 2019, ET has entered into dedicated solar contracts to purchase 108 megawatts of solar power to support the operations of our assets ➤ Operate approximately 32,500 solar panel-powered metering stations across the country Repurpose Existing Assets Evaluating repurposing extensive acreage in WV, VA and KY to develop solar, wind, forestry credits and other uses ➤ Pursuing opportunities to utilize ET's significant asset footprint for the transportation of renewable fuels, CO2 and other products ➤ ET and Oxy are working together to obtain long- term commitments of CO2 from industrial customers in the Lake Charles, LA area. ➤ If the project reaches FID, ET would construct a CO2 pipeline to connect the customers to Oxy's sequestration site in Allen Parish, LA. Continue to have discussions with third parties related to the development of ammonia facilities at sites on the Gulf Coast where ET has docks with deep water access 20 20#21Corporate Responsibility Environmental, Health, and Safety Social Responsibility . • . • Program Highlights Culture of "safety first, safety always" and a commitment to zero-incidents Real-time tracking of EHS incidents focused on leading indicators Significant use of renewable energy in operations Five step risk reduction process for every EHS incident Compliance tracking and trending through a comprehensive Environmental Management System Support pipeline safety and environmental research through membership in the Pipeline Research Council International (PRCI) and the Intelligent Pipeline Integrity Program (iPIPE), and others Member API Environmental Partnership - Voluntary Methane Reduction Program ⚫ ET's charitable giving efforts focus on nonprofit organizations across the U.S. In 2022, ET supported more than 300 local and national nonprofits, donating -$6.8 million ⚫ In 2022, Energy Transfer and Sunoco donated nearly $1.9 million to MD Anderson Children's Cancer Hospital • Encourage employees to volunteer time and talents to assist others and to build relationships in their communities. In 2022, more than 1,500 employees volunteered 3,600 total hours of their personal time Comprehensive Stakeholder Engagement Program that promotes proactive outreach and respect for all people, including ongoing support and cooperation with Native American tribes • Annual distribution of targeted communications materials to critical stakeholders as part of on-going emergency response and public awareness outreach programs . روس Program Accomplishments Established an Alternative Energy Group to explore renewable energy projects ENERGY TRANSFER • ~20% of electrical energy purchased by ET on any given day originates from renewable energy sources - enough to power 40,000 homes • ESG Metrics reported through EIC/GPA ESG Reporting Template • 752,000 ton reduction of CO2 emissions with ET proprietary Dual-drive compressors in 2022 • VP of Power Optimization was awarded the D CEO of 2022 Energy Award in Excellence in Innovation and Sustainability, recognizing Dual Drive's ability to reliably manage energy services and its GHG emissions-reduction abilities • Continuation of Ducks Unlimited partnership in 2022 with incremental $250k commitment for wetlands restoration . Energy Transfer's 3,800+ operations personnel are trained and qualified in accordance with pipeline safety regulations and sustain over 64,000 individual qualifications • Received the 2023 Safety Excellence Award from the International Liquid Terminal Association due to our 2022 TRIR ⚫ Continue to increase number of nonprofit organizations served that are local to Energy Transfer assets • Co-CEO named to Board of Directors of National Association of Manufacturers to bolster associations leadership in policy advocacy •⚫ Ongoing Native American power agreements, easements, and scholarships • Leading member of the Pipeline Operators Safety Partnership (POSP) which builds partnerships with emergency responders. Since 2012, -7,700 emergency responders trained through ET Outreach Programs • In 2022, began partnership with "KPRC 2 Community," to focus on community projects with the greatest impact, including working with Kids' Meals, a Houston-based non-profit to help address hunger and food insecurity for children ages 6 and under • • In 2022, partnered with the Arbor Day Foundation to plant 25,000 trees. In total, the project sequesters more than 17,000 metric tons of CO2, the equivalent of taking 3,775 cars off the road Adopted America's Natural Gas Transporters' Commitment to Landowners ⚫ Co-CEO Leadership and Management Corporate Governance . • Review of EHS compliance data by Independent BOD Audit Committee Compensation aligned with business strategies - performance based with retention focus • Increased transparency with improved website disclosures • Annual Senior Management compliance review • Strong enforcement of integrity and compliance standards • ET Deputy General Counsel serves as Chief Compliance Officer . Significant management ownership > 11% of units • Added resources to oversee and manage compliance • Website publication of GRI/SASB Index and EIC/GPA Midstream ESG Reporting Template • Quarterly compliance certifications from senior management Alignment of management/unitholders DUCKS UNLIMITED THE UNIVERSITY OF TEXAS MD Anderson Cancer Center Making Cancer History Annual Engagement Report and ESG Reporting Template available on website at energytransfer.com + Red Cross American Arbor Day Foundation® 21#22Appendix لاس Ⓡ ENERGY TRANSFER#23Crude Oil Segment¹ رسال ENERGY TRANSFER ~ ~14,300 miles of crude oil trunk and gathering lines ~ 1 million barrels per day of Permian crude oil takeaway capacity Crude Oil Pipelines Directly connected to 6.8 MMbbls/d (~37%) of domestic refining capacity ➤ 1.85 MMbbls/d of ET-owned export capacity on USGC ET owns and operates substantial interests in the following systems/entities: Asset Overview Crude Terminals Nederland Terminal Midland Terminal Houston Terminal Cushing Terminal Colt Terminal 1. Does not reflect recently acquired Crestwood assets 2. Note: ET owns a 5% equity interest in the Wink to Webster Pipeline • Bakken Pipeline (36.4%) Bayou Bridge Pipeline (60%) Permian Express Partners (87.7%) • White Cliffs (51%) Maurepas (51%) Crude Oil Acquisition & Marketing ➤ Crude truck fleet of approximately 360+ trucks, 350+ trailers, and ~166+ offload facilities ➤ Purchase crude oil at the lease from 3,000+ producers, and in-bulk from aggregators at major pipeline interconnections and trading points ➤ Market crude oil to refining companies and other traders across asset base Optimize assets to capture time and location spreads when market conditions allow Crude Oil Terminals Nederland, TX - ~30 million barrel capacity Houston, TX - ~18 million barrel capacity ➤ Cushing, OK - ~10 million barrel capacity Northeast terminals - ~6 million barrel capacity Patoka, IL - ~2 million barrel capacity Midland, TX terminals - ~3 million barrel capacity 23 23#24NGL & Refined Products Segment¹ Asset Overview Natural Gas Liquids (NGLs) Refined Products Storage Fractionator Terminals Processing/Treating Marcus Hook Terminal Nederland Terminal 口 رسال ENERGY TRANSFER Fractionation 8 Mont Belvieu fractionators (over 1.15 MMbpd) 150,000 Bbls/d Frac VIII went into service in August 2023 ➤ 35 Mbpd Geismar Frac; 30 to 50 Mbpd Marcus Hook C3+ Frac NGL Storage Total NGL storage ~83 million barrels ➤ ~58 million barrels of NGL storage at Mont Belvieu ~10 million barrels of NGL storage at Marcus Hook & Nederland Terminals ~8 million barrels of NGL storage at Spindletop ~5 million barrels of Butane storage at Hattiesburg NGL Pipeline Transportation ➤ ~5,650 miles of NGL pipelines throughout Texas, Midwest, and Northeast ~1 MMbpd of Permian NGL Takeaway to Mont Belvieu • Lone Star Express - ~900 mile NGL pipeline with ~800 Mbpd capacity (expandable to 900 mbpd with pumps) • West Texas Gateway - ~510 mile NGL pipeline with ~240 Mbpd capacity ➤ Mont Belvieu to Nederland Pipeline System • 71-mile propane pipeline with 300 Mbpd capacity, expandable to 450 Mbpd • 71-mile butane pipeline with 200 Mbpd capacity • 62-mile ethane pipeline with 200 Mbpd, expandable to 450 Mbpd • 62-mile natural gasoline pipeline with 30 Mbpd capacity Orbit² ~180 Mbpd of ethane export capacity at Nederland Terminal Does not reflect recently acquired Crestwood assets 1. 2. JV with Satellite Petrochemical USA Corp Refined Products ~3,700 miles of refined products pipelines in the northeast, midwest and southwest US markets 37 refined products marketing terminals with ~8 million barrels storage capacity Mariner Pipeline Franchise • The Mariner East Pipeline System can move 350-375 Mbpd of NGLS (including ethane) to Marcus Hook • PA Access provides ~20-25 Mbpd of refined products capacity to PA and NE markets • Mariner West Pipeline - 55 Mbpd ethane pipeline to Canada 24#25Midstream Segment¹ Asset Overview Permian Midcontinent/Panhandle South Texas North Central Texas Ark-La-Tex Eastern Processing PA روس ENERGY TRANSFER Midstream Highlights Extensive Gathering and Processing Footprint Assets in most of the major U.S. producing basins Continued Volume Growth • Q2 2023 volumes were a record 19.8 million MMbtu/d primarily due to increased throughput in the majority of our operating regions ➤ Permian Basin Capacity Additions • • • Plant inlet volumes remained near record highs for Q2 2023 Heavily utilizing Permian Bridge pipeline to provide operational flexibility between processing facilities in the Delaware and Midland Basins To meet significant producer demand, recently completed two new processing plants, and continue to evaluate the necessity and timing of adding another processing plant in the Permian Basin ~53,500 miles of gathering pipelines with -11.9 Bcf/d of processing capacity 1. Does not reflect recently acquired Crestwood assets 2. JV with Satellite Petrochemical USA Corp Bcf/d Permian 3.0 Current ET Processing Capacity Basins Served Permian, Midland, Delaware Midcontinent/Panhandle 3.6 Granite Wash, Cleveland, SCOOP, STACK North Texas 0.7 Barnett, Woodford South Texas 2.4 Eagle Ford. Eagle Bine North Louisiana 2.0 Haynesville, Cotton Valley Eastern 0.2 Marcellus Utica 25 25#26Interstate Natural Gas Pipeline Segment روس ENERGY TRANSFER Asset Overview Transwestern Panhandle Eastern EGT FGT MRT SESH Tiger Trunkline Gas Fayetteville Express Rover Sea Robin/Stingray Midcontinent Express Gulf Run Storage Interstate Highlights ET's interstate pipelines provide: -27,000 miles of interstate pipelines with ~32 Bcf/d of throughput capacity and ~164 Bcf/d of working storage capacity Stability • Approximately 95% of revenue derived from fixed reservation fees Diversity Access to multiple shale plays, storage facilities and markets Growth Opportunities Well-positioned to capitalize on changing supply and demand dynamics Gulf Run Pipeline provides natural gas transportation between the Haynesville Shale and Gulf Coast • Zone 1 (formerly Line CP): ~200-mile interstate pipeline with a capacity of ~1.4 Bcf/d¹ Zone 2 (new build): 135-mile, 42-inch interstate natural gas pipeline with 1.65 Bcf/d of capacity (placed into service in December 2022) Zone 2 has very limited available capacity in the near term, and is fully subscribed beginning in January 2025 In discussions to add ~1 Bcf of capacity via compression, which would require minimal capital investment Also have the ability to loop Zone 2 to add another -2 Bcf of capacity, depending on demand PEPL Miles of Pipeline 6,300 TGC 2,190 TW FGT SR FEP Tiger MEP Rover 2,590 5,380 740 185 200 510 720 Stingray EGT 290 5,700 MRT 1,600 SESH 290 Gulf Run¹ Capacity (Bcf/d) 2.8 0.9 2.1 3.9 2.0 2.0 2.4 1.8 3.4 0.4 4.8 1.7 1.1 335 3.0 Total 27,030 32.3 Owned Storage (Bcf) 73.0 13.0 -- -- -- -- ww www -- 29.3 48.9 164.2 Ownership 100% 100% 100% 50% 100% 50% 100% 50% 32.6% 100% 100% 100% 50% 100% 1. Excludes -0.4 Bcf/d of capacity leased by EGT' on Zone 1 26 26#27Intrastate Natural Gas Pipeline Segment ~ 11,385 miles of intrastate pipelines with ~24 Bcf/d of throughput capacity, and -88 Bcf/d of working storage capacity ՈՐ ENERGY TRANSFER Intrastate Highlights Well-positioned to capture additional revenues from anticipated changes in natural gas supply and demand in the next five years Strategically taken steps to lock in additional volumes under fee-based, long-term contracts with third-party customers Completed modernization and debottlenecking work on the Oasis Pipeline, which added more than 60,000 Mcf/d of capacity out of the Permian Basin Evaluating Permian Basin takeaway project that would utilize Energy Transfer assets, along with a new build intrastate pipeline from the Midland Basin to Energy Transfer's extensive pipeline network south of Fort Worth, TX, to provide producers with firm capacity to premier markets along the Texas Gulf Coast, as well as throughout the U.S. Major Connect Hubs Pipeline Capacity (Bcf/d) Pipeline (Miles) Storage (Bcf) Bi- Directional Trans Pecos & Comanche Waha Header, 2.5 335 NA No Trail Pipelines Mexico Border Waha, Katy, ET Fuel Pipeline 5.2 3,150 11.2 Yes Asset Overview Carthage Trans Pecos/Comanche Trail Oasis Pipeline 2.0 750 NA Yes Waha, Katy ET Fuel Oasis Houston Pipeline HSC, Katy, Aqua Houston Pipeline System 5.3 3,920 52.5 ETC Katy Pipeline 2.9 460 NA Katy RIGS 2.1 450 NA RIGS Red Bluff Express Red Bluff Express 1.4 120 NA z z z z Dulce No Katy Union Power, LA Tech Waha EOIT 2.4 2,200 24.0 Yes OG&E, PSO EOIT Storage 27#28Non-GAAP Reconciliations لسلا ENERGY TRANSFER Ⓡ 28 28#29Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures* 2018 2019 2020 2021 2022 Full Year Full Year Full Year Full Year Full Year Q1 2023 Q2 روس ENERGY TRANSFER Q3 Year To Date Net income Loss from discontinued operations Interest expense, net Impairment losses and other Income tax expense from continuing operations Depreciation, depletion and amortization $ 3,365 265 $ 4,899 $ 140 $ 6,687 $ 5,868 $ 1,447 $ 1,233 $ 1,047 3,727 2,055 2,331 2,327 2,267 2,306 431 74 2,880 21 386 619 1 641 632 1,892 10 1 12 4 195 237 184 204 71 108 77 256 2,859 3,147 3,678 3,817 4,164 1,059 1,061 1,107 3,227 Non-cash compensation expense 105 113 121 111 115 37 27 35 99 (Gains) losses on interest rate derivatives (47) 241 203 (61) (293) 20 (35) (32) (47) Unrealized (gains) losses on commodity risk management activities 11 5 71 (162) (42) 130 (55) 107 182 Losses on extinguishments of debt 112 18 75 38 - Inventory valuation adjustments (Sunoco LP) 85 (79) 82 (190) (5) (29) 57 (141) (113) Impairment of investment in unconsolidated affiliates 129 - Equity in earnings of unconsolidated affiliates (344) (302) (119) (246) (257) (88) (95) (103) (286) Adjusted EBITDA related to unconsolidated affiliates 655 626 628 523 565 161 171 182 514 Adjusted EBITDA from discontinued operations (25) Non-operating litigation-related costs - 625 625 Other, net (including amounts related to discontinued operations in 2018) (21) (54) 79 57 82 5 (1) 4 8 Adjusted EBITDA (consolidated) 9,510 11,214 10,531 13,046 13,093 3,433 3,122 3,541 10,096 Adjusted EBITDA related to unconsolidated affiliates. Distributable Cash Flow from unconsolidated affiliates Interest expense, net Preferred unitholders' distributions Current income tax (expense) benefit Transaction-related income taxes Maintenance capital expenditures Other, net Distributable Cash Flow (consolidated) (655) (626) (628) (523) (565) (161) (171) (182) (514) 407 415 452 346 359 118 115 131 364 (2,057) (2,331) (2,327) (2,267) (2,306) (619) (641) (632) (1,892) (170) (253) (378) (418) (471) (120) (127) (129) (376) (472) 22 (27) (44) (18) (18) (26) (25) (69) 470 (31) (42) (510) (655) (520) (581) (821) (162) (237) (202) (601) 49 85 74 68 20 5 5 11 21 6,572 7,840 7,177 9,627 9,249 2,476 2,040 2,513 7,029 Distributions from Sunoco LP Distributable Cash Flow attributable to Sunoco LP (100%) Distributable Cash Flow attributable to USAC (100%) Distributions from USAC Distributable Cash Flow attributable to noncontrolling interests in other non-wholly-owned subsidiaries Distributable Cash Flow attributable to the partners of Energy Transfer (a) Transaction-related adjustments Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted (a) (446) (450) (516) (542) (648) (160) (173) (181) (514) 166 165 165 165 166 43 44 43 130 (148) (222) (221) (209) (221) (63) (67) (71) (201) 73 90 97 97 97 24 24 25 73 (874) (1,113) (1,015) 5,343 6,310 5,687 (1,113) 8,025 (1,240) (314) (324) (345) (983) 7,403 2,006 1,544 1,984 5,534 52 14 55 $ 5,395 $ 6,324 $ 5,742 $ 194 8,219 44 2 10 2 14 $ 7,447 $ 2,008 $ 1,554 $ 1,986 $ 5,548 See definitions of non-GAAP measures on next slide 29 29#30Non-GAAP Reconciliation روس ENERGY TRANSFER Definitions Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer's fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities, or other GAAP measures. There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company's net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as segment margin, operating income, net income and cash flow from operating activities. We define Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out ("LIFO"). These amounts are unrealized valuation adjustments applied to Sunoco LP's fuel volumes remaining in inventory at the end of the period. Adjusted EBITDA reflects amounts for less than wholly-owned subsidiaries based on 100% of the subsidiaries' results of operations. Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non- cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations. We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership's proportionate share of the investee's distributable cash flow. On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Energy Transfer's consolidated subsidiaries. However, to the extent that noncontrolling interests exist among the Partnership's subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to the partners of Energy Transfer, the Partnership has reported Distributable Cash Flow attributable to the partners of Energy Transfer, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows: ⚫ For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to the our partners includes distributions to be received by the parent company with respect to the periods presented. For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to the partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest. For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related and non-recurring expenses that are included in net income are excluded. (a) For 2018, Distributable Cash Flow attributable to the partners of Energy Transfer is presented on a pro forma basis for the restructuring transaction in October 2018 (the "Energy Transfer Merger"). 30 30