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Energy Transfer Partners
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December 2023 Investor Presentation
| Marshall S. McCrea; Thomas E. Long | Page 3 of 11 |
April 28, 2024
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Document:
"December 2023 Investor Presentation"
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What’s New? 3 Operational Financials ? Entered into non-binding HOA with TotalEnergies related to term crude oil offtake from ET’s proposed Blue Marlin Offshore port for 4 million barrels per month 1 ? NGL transportation and fractionation volumes both reached new records in Q3’23 ? Total NGL exports out of the Nederland and Marcus Hook Terminals reached a new record in Q3’23 ? Crude transportation and terminal volumes both reached new records in Q3’23 ? Updated 2023 Adjusted EBITDA guidance: ? Expected Adj. EBITDA: $13.5 – $13.6B 2 ? 2023 growth capital guidance: ? Expected to be slightly below $2.0B 2,3 ? Adjusted EBITDA: ? Q3’23: $3.5B ? Distributable Cash Flow (DCF): ? Q3’23: $2.0B ? Excess cash flow after distributions: ? Q3’23: ~$1.0B ? Q3’23 Capital Expenditures: ? Growth: $418mm ? Maintenance: $180mm ? Announced increase to quarterly cash distribution to $0.3125 per unit Strategic ? Closed acquisition of Crestwood Equity Partners on November 3, 2023 ? In August, ET’s Sr. Unsecured debt rating was upgraded by S&P to BBB with a stable outlook ? Targeting annual distribution growth rate of 3% to 5% ? Expect long-term annual growth capital run rate to be between $2 billion and $3 billion ? Expect to be at the lower end of 4-4.5x target leverage ratio range 4 going forward 1. Subject to the negotiation and execution of definitive agreements and the satisfaction of other conditions, including Energy Transfer taking a final investment decision 2. Includes the consolidated operations of Crestwood in November and December 2023 3. Energy Transfer excluding SUN and USA Compression capital expenditures. 4. Based on ET’s calculation of the Rating Agency leverage ratios