Investor Presentaiton

Overview of Proposed Transaction Overview of Merger • Energy Transfer has executed a definitive agreement to acquire Crestwood at an ~$7.1Bn enterprise value in a 100% all-equity transaction based on a 2.07x exchange ratio ET issues ~219 million common units to fund ~$2.7Bn of equity value Transaction Illustration • • ET rolls over CEQP's ~$2.85Bn of long-term bonds Assumes expected cost synergies of -$40MM per year, representing ~13% of CEQP's 2022 operating & corporate expenses excluding unit-based compensation 50% realized in year one (2024E), and 100% realized after year one (2025E+) The transaction is expected to close in the fourth quarter of 2023, subject to the approval of Crestwood's unitholders, regulatory approvals, and other customary closing conditions Public ET ET Insiders -89% interest(2) ~11% interest(2) (1) As of 7/28/2023, excludes dilutive units (2) As of 6/30/2023 Energy Transfer LP (ET) زل ENERGY TRANSFER Public and Insiders Preferred Units 105,242,300 common units (1) $650MM ET Units, Preferreds CEQP Units, Preferreds Crestwood Equity Partners LP (CEQP) 5

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