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• A major railroad company (like Union Pacific), but for energy commodities like crude oil, natural gas, and refined fuels, owning and operating the vast pipeline networks that transport them.
• A giant utility company that acts as the essential infrastructure for moving, storing, and processing crude oil, natural gas, and refined products across North America.

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Major Services of Energy Transfer (ET)

• Natural Gas Transportation & Storage: Services for moving natural gas through an extensive pipeline network from production basins to demand centers and storing it.
• Natural Gas Processing: Services for processing raw natural gas to remove impurities and extract valuable natural gas liquids (NGLs).
• Crude Oil Transportation & Storage: Services for transporting crude oil via pipelines from production regions to refineries and storage terminals.
• Natural Gas Liquids (NGL) Transportation & Fractionation: Services for pipeline transportation of mixed NGL streams and their separation into individual purity products like ethane, propane, and butane.
• Refined Products Transportation & Storage: Services for pipeline transportation of refined petroleum products such as gasoline, diesel, and jet fuel, along with their storage.
• Terminaling & Export Services: Operating terminals for the storage and export of crude oil, refined products, and NGLs to domestic and international markets.

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Energy Transfer (ET) operates as a large, diversified midstream energy company. Its business primarily involves the transport, storage, and processing of natural gas, crude oil, natural gas liquids (NGLs), and refined products. As such, Energy Transfer sells primarily to other companies rather than individuals.

The company serves a broad and diverse customer base across the energy value chain and typically does not disclose individual "major customers" that account for a substantial portion of its revenue. This is common for large midstream companies due to the nature of their numerous contracts and widespread operations. However, based on Energy Transfer's business model and extensive asset footprint, its customer base largely includes the following types of companies, with examples of prominent public companies that are highly likely to be counterparties:

• Upstream Producers: Companies engaged in the exploration and production of crude oil and natural gas. Energy Transfer provides gathering, processing, and transportation services for their raw production from the wellhead to market hubs or processing facilities.
  • ExxonMobil (XOM)
  • Chevron (CVX)
  • Occidental Petroleum (OXY)
• Downstream Refiners and Petrochemical Companies: Companies that process crude oil into refined products (like gasoline, diesel, jet fuel) or natural gas liquids (NGLs) into petrochemical feedstocks. Energy Transfer transports crude oil and NGLs to and from these facilities, and refined products from refineries to market.
  • Marathon Petroleum Corporation (MPC)
  • Valero Energy Corporation (VLO)
• Natural Gas Marketers, Local Distribution Companies (LDCs), Power Generators, and Industrial Consumers: Entities that purchase and sell natural gas, distribute it to residential and commercial customers, use it for electricity generation, or consume it in industrial processes. Energy Transfer's pipelines transport natural gas to various market hubs and directly to large consumers and distribution networks.
  • EQT Corporation (EQT) - As the largest natural gas producer in the U.S., EQT is a major customer for natural gas gathering and transmission services, and sells gas to other marketers and end-users.
  • Many other publicly traded utility holding companies and independent power producers, though specific major contracts are not typically disclosed.

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Kelcy L. Warren Executive Chairman

Mr. Warren co-founded Energy Transfer in 1996 with Ray Davis, building it from a regional pipeline network into a sprawling energy empire. He has been a leader in the energy industry for nearly 40 years. Prior to Energy Transfer, Mr. Warren served as executive vice-president of Cornerstone Natural Gas from 1989 to 1990, and as president and CEO from 1993 to 1996.

Marshall S. McCrea III Co-Chief Executive Officer

Mr. McCrea has served as Co-Chief Executive Officer since January 2021. He joined Energy Transfer in 1997 as Senior Vice President of Business Development and Producer Services. Over his tenure, he has held various leadership roles, including Group Chief Operating Officer and Chief Commercial Officer from 2015 to 2018, and President and Chief Operating Officer from 2008 to 2015. He has over 25 years of experience in the natural gas business.

Thomas E. Long Co-Chief Executive Officer

Mr. Long was appointed Co-Chief Executive Officer in January 2021, having previously served as Energy Transfer's Chief Financial Officer from 2016 through 2020. Prior to joining Energy Transfer, he was Executive Vice President and Chief Financial Officer of Regency GP LLC (Regency Energy Partners LP) from 2010 to 2015; Regency Energy Partners LP was acquired by Energy Transfer in 2010. He also held leadership positions as Vice President and Chief Financial Officer for Matrix Service Company (2008-2010) and DCP Midstream Partners, LP (2005-2008). From 1998 to 2005, Mr. Long served in several executive positions with subsidiaries of Duke Energy Corp.

Dylan A. Bramhall Executive Vice President and Chief Financial Officer

Mr. Bramhall was appointed Group Chief Financial Officer in November 2022. He previously served as Executive Vice President – Finance and Group Treasurer since October 2020, and as Chief Financial Officer of Sunoco LP since October 2020. Mr. Bramhall joined Energy Transfer in April 2015 as a result of the merger of Energy Transfer Partners and Regency Energy Partners, where he held various management positions in finance, risk, commercial, and operations groups.

Matthew S. Ramsey Director

Mr. Ramsey was appointed as a director of Energy Transfer LP in July 2012. He previously served as President and Chief Operating Officer of Energy Transfer Operating, L.P. from 2015 until 2021, and as Chief Operating Officer of Energy Transfer from 2018 until his retirement in April 2022. Mr. Ramsey's prior experience includes serving as President of RPM Exploration, Ltd., President and Chief Executive Officer of OEC Compression Corporation, Inc. (1996-2000), and President of DDD Energy, Inc. until its sale in 2002. He also served as Vice President of Nuevo Energy Company and Executive Vice President at Torch Energy Advisors, Inc.

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1. Debt Levels and Interest Rate Pressures
   Energy Transfer carries a considerable amount of debt, which is a significant vulnerability. A substantial long-term debt load, reported at $59.8 billion, can amplify both gains and losses. Rising interest rates can increase the cost of refinancing this debt, thereby reducing free cash flow, which is crucial for distributions and ongoing operations. While the company has been actively working to reduce its debt, it remains a critical factor for investors.
2. Regulatory Environment and Legal Challenges
   The company's performance and future expansion plans are significantly impacted by changes in environmental regulations and pipeline permitting processes. Energy Transfer faces ongoing legal and regulatory challenges that can affect its operations and financial performance. Staying informed about these developments is crucial, as increased regulation of activities like hydraulic fracturing and produced water disposal could lead to reduced crude oil and natural gas production, thereby affecting demand for ET's services.
3. Commodity Price Volatility
   Despite Energy Transfer's revenue largely coming from fee-based contracts, its performance can still be affected by significant and prolonged downturns in energy commodity prices. Lower commodity prices can lead to reduced producer volumes, which, in turn, can decrease throughput on ET's pipelines even with fixed fees. Weaker cash flows resulting from such volatility could necessitate a reevaluation of distributions if profit margins diminish.

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The accelerating global energy transition, driven by governmental policies and technological advancements, represents a clear emerging threat to Energy Transfer.

Specifically, this manifests in two key ways:

1. Potential for declining long-term demand for fossil fuels: As countries and corporations pursue decarbonization goals through policies promoting renewable energy, electric vehicles, and electrification of heating and industry, there is a clear risk of a faster-than-anticipated decline in demand for crude oil, natural gas, and refined products in key markets. While Energy Transfer is involved in natural gas exports (LNG), which could see increased demand in certain regions, overall demand erosion in mature economies could lead to reduced throughput volumes and asset utilization for its extensive pipeline and processing network. Evidence includes global climate targets, increasing government incentives for renewable energy and electric vehicle adoption, and building code changes promoting electrification over natural gas.
2. Intensifying regulatory and legal hurdles for infrastructure: The increased scrutiny and opposition to fossil fuel infrastructure lead to greater difficulty and higher costs in permitting new projects, maintaining existing ones, and complying with stricter environmental regulations. This includes persistent legal challenges against operational pipelines (such as the Dakota Access Pipeline, in which Energy Transfer has an interest), more stringent environmental impact reviews, and new regulations on emissions like methane, all of which can increase operational expenditures, delay projects, and limit expansion opportunities.

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Energy Transfer LP (ET) is a prominent American company primarily involved in the pipeline transportation, storage, and terminaling of various energy products. Their main products and services encompass natural gas, crude oil, natural gas liquids (NGLs), and refined products. The addressable markets for these services are largely concentrated within the United States, with some global reach for NGL exports.

Addressable Markets for Energy Transfer's Main Products and Services:

• Natural Gas Pipeline Transportation and Storage:
  • The U.S. gas pipeline infrastructure market is estimated at approximately USD 1,149.26 billion in 2025, with projections to reach around USD 2,431.55 billion by 2034.
  • The Gas Pipeline Transportation industry in the United States is valued at USD 42.4 billion in 2025.
  • The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024 and is expected to increase to USD 186.0 billion by 2032.
• Natural Gas Liquids (NGL) Transportation and Services:
  • The U.S. Natural Gas Liquids Market was estimated at USD 4.65 billion in 2023 and is projected to grow to USD 9.5 billion by 2035.
  • The Natural Gas Liquid Processing industry in the United States reached USD 99.5 billion in 2025.
  • The North America Natural Gas Liquids (NGL) Market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033.
  • Globally, the Natural Gas Liquid (NGL) Market is projected to grow from USD 24.72 billion in 2025 to USD 43.04 billion by 2035.
• Crude Oil Transportation and Services:
  • The Oil Pipeline Transportation industry in the United States has a market size of USD 15.4 billion in 2025.
  • The crude oil pipeline transport market is projected to grow from USD 72.93 billion in 2025 to USD 97.73 billion in 2029.
  • The U.S. oil & gas infrastructure market size was valued at USD 78.9 billion in 2024 and is projected to reach USD 147.8 billion by 2034.
• Refined Products Transportation and Services:
  • The Refined Petroleum Pipeline Transportation industry in the United States has a market size of USD 15.8 billion in 2025.
  • The U.S. Refined Petroleum Products Market is predicted to grow significantly, reaching an estimated value of USD 173.23 billion by 2032.

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Energy Transfer (ET) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

• Extensive Organic Expansion Projects in Natural Gas and NGL Infrastructure: Energy Transfer is significantly investing in expanding its natural gas processing plants and pipeline capacity. Projects include new natural gas processing plants such as Red Lake IV (expected Q3 2025) and Mustang Draw (expected H1 2026) in the Permian Basin. The company is also developing major pipeline expansions like the Desert Southwest Pipeline, which is fully contracted for 1.5 Bcf/day, and the Hugh Brinson Pipeline, with Phase 1 expected in service by Q4 2026. Additionally, the expansion of the Tiger Pipeline in Louisiana is planned to support new economic development and energy demand. These projects are central to the anticipated re-acceleration of growth in 2026 and beyond.
• Increasing Demand for Natural Gas, particularly from Data Centers and AI Applications: A significant driver is the surge in natural gas demand to power the growing needs of AI data centers. Energy Transfer has begun capitalizing on this trend by signing gas supply contracts with data centers, including a project with CloudBurst in Texas (pending final investment decision) and agreements with Oracle and Fermi America. The company views this as a key growth area, securing multiple long-term agreements to supply natural gas to U.S. data centers. An agreement with Entergy Louisiana to deliver natural gas for 20 years, starting in February 2028, will help fuel facilities supporting projects like Meta's new hyperscale data center.
• Growth in NGL and Refined Products Segment: The NGL and refined products segment has demonstrated notable growth, with increased throughput in Gulf Coast and Mariner East pipeline operations. Specific expansion projects, such as the Nederland Flexport NGL Expansion, are expected to contribute significantly to earnings growth in 2026 and 2027 by increasing the company's NGL export capabilities.
• New Long-Term Contracts for Natural Gas Transportation: Energy Transfer has been successful in securing new, long-term agreements for its natural gas transportation services. Within the last year, the company contracted over 6 Bcf per day of pipeline capacity with demand-pull customers, with these contracts having a weighted average life of over 18 years and projected to generate more than $25 billion in revenue from firm transportation fees. These long-term, fee-based contracts provide stable and predictable revenue streams, insulating the company from commodity price volatility and supporting consistent growth.

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Share Repurchases

• As of September 30, 2025, Energy Transfer had $880 million remaining available under its authorized common unit buyback program.
• The company did not repurchase any common units under its current buyback program during the nine months ended September 30, 2025.
• Energy Transfer expects to prioritize unit buybacks once its target debt to EBITDA ratio is achieved.

Share Issuance

• Energy Transfer issued approximately 50.8 million common units as part of the consideration for the WTG Midstream acquisition in July 2024.
• During the nine months ended September 30, 2025, $33 million in distributions were reinvested under the distribution reinvestment program.
• As of September 30, 2025, 37.1 million common units remained available for issuance under currently effective programs.

Outbound Investments

• In August 2023, Energy Transfer announced a definitive agreement to acquire Crestwood Equity Partners for approximately $7.1 billion in an all-equity transaction.
• Energy Transfer completed the acquisition of WTG Midstream in May 2024 for $3.25 billion, consisting of cash and approximately 50.8 million newly issued common units.
• In July 2024, Energy Transfer and Sunoco formed a joint venture to combine their Permian Basin crude oil and produced water gathering assets, with Energy Transfer holding a 67.5% interest.

Capital Expenditures

• Energy Transfer projects approximately $4.6 billion in organic growth capital expenditures for 2025, a reduction from its initial guidance of $5 billion, with approximately $5 billion planned for 2026.
• For the first nine months of 2025, the company spent $3.1 billion on organic growth capital, primarily focused on NGL and refined products, midstream, and intrastate natural gas segments.
• Key growth projects include the $5.3 billion Desert Southwest pipeline expansion (expected in service by Q4 2029) to increase natural gas supply, the Hugh Brinson Pipeline Project, and the Mustang Draw processing plant in the Midland Basin.