Investor Presentaiton

1. 2. Outlook Supported by Strong, Predominantly Fee-based Core Business ET 2023E Adjusted EBITDA $13.1 - $13.4 billion 2022 to 2023 Adjusted EBITDA Drivers + Volume growth on existing assets + NGL pipeline, fractionation and export activities + Lotus acquisition - Lower commodity prices - 2022 one-time items + Organic Projects 2023E Adjusted EBITDA Breakout Commodity Spread¹ 5-10% 0-5% Fee² ~90% + Gulf Run Pipeline + Grey Wolf Processing Plant + Bear Processing Plant Pricing/spread assumptions based on current futures markets Spread margin is pipeline basis, cross commodity and time spreads Fee margins include transport and storage fees from affiliate customers at market rates ՈՐ ENERGY TRANSFER 18

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