Energy Transfer Corporate Presentation
Long-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.
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