Energy Transfer Corporate Presentation
Outlook 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
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2.
3.
Fee margins include transport and storage fees from affiliate customers at market rates
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