Investor Presentaiton
Long-Term Capital Allocation Strategy
•
Distributions to LP common
unitholders ~53%
• Targeting 3-5% annual growth
rate
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%)
$4.0B
$2.0-3.0B
~27-40%
•
Growth capital
•
زل
ENERGY
TRANSFER
(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 June 30, 2023, $880 million remained available to repurchase under the current authorized unit buyback program.
17
We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures.View entire presentation