Energy Transfer L.P.

Overview Key strengths Key risks Operates one of the largest U.S. midstream portfolios, with over 130,000 miles of pipeline across 44 states. Gathering and processing segment exposed to cash flow volatility from commodity price swings and volume fluctuations. 90% of S&P Global Ratings-adjusted EBITDA is from fee-based contracts, ensuring stable cash flows. Large interstate pipeline projects face regulatory, social, and permitting risks. 85% of counterparties are investment grade, minimizing counterparty risk. In December 2024, ET announced it reached a positive final investment decision (FID) for the construction of the Hugh Brinson Pipeline, an intrastate natural gas pipeline connecting Permian Basin production to certain markets and trading hubs. The pipeline will provide much needed transportation capacity out of the Basin to

...Energy Transfer L.P. (ET) is expanding its footprint in the Permian Basin. In December 2024, ET announced it reached a positive final investment decision (FID) for the construction of the Hugh Brinson Pipeline, an intrastate natural gas pipeline connecting Permian Basin production to certain markets and trading hubs. The pipeline will provide much needed transportation capacity out of the Basin to serve growing natural gas demand. It is expected to be constructed in two phases, with the first phase including the construction of approximately 400 miles of 42- inch pipeline with a capacity of 1.5 billion cubic feet per day (Bcf/d). It will extend from Waha to Maypearl, Texas, located south of the Dallas region, where it will then connect to ET's other...

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