Energy Transfer LP (ET): Business Model Canvas

Energy Transfer LP (ET) entwickelt sich zu einem Kraftpaket in der komplexen Midstream-Energielandschaft und verfügt über ein komplexes Geschäftsmodell, das die Art und Weise, wie Energieressourcen in den Vereinigten Staaten genutzt werden, verändert. Durch die strategische Orchestrierung eines riesigen Pipeline-Netzwerks und den Einsatz modernster Infrastruktur schließt dieses dynamische Unternehmen die kritische Lücke zwischen Energieerzeugung und -verbrauch und bietet innovative Lösungen, die die Effizienz und Zuverlässigkeit im sich ständig weiterentwickelnden Energiesektor vorantreiben. Ihr umfassender Ansatz gewährleistet nicht nur den reibungslosen Transport von Erdgas und Rohöl, sondern positioniert sie auch als zentralen Akteur bei der Deckung des wachsenden Energiebedarfs des Landes.

Energy Transfer LP (ET) – Geschäftsmodell: Wichtige Partnerschaften

Midstream-Öl- und Gas-Infrastrukturunternehmen

Energy Transfer LP arbeitet mit mehreren Midstream-Infrastrukturpartnern zusammen:

Partnerunternehmen	Einzelheiten zur Partnerschaft	Jährlicher Kooperationswert
Partner für Unternehmensprodukte	Gemeinsame Pipeline-Infrastrukturprojekte	475 Millionen Dollar
Kinder Morgan	Lager- und Transportverträge	350 Millionen Dollar
Williams-Unternehmen	Erdgastransportnetze	425 Millionen Dollar

Erdgasproduzenten und Explorationsunternehmen

Zu den wichtigsten strategischen Partnerschaften gehören:

• ExxonMobil Corporation
• Chesapeake-Energie
• ConocoPhillips
• Devon Energy

Produzent	Vertragsvolumen	Jährlicher Umsatzanteil
ExxonMobil	750 Millionen Kubikfuß/Tag	625 Millionen Dollar
Chesapeake-Energie	500 Millionen Kubikfuß/Tag	425 Millionen Dollar

Pipeline-Transport- und Speicherbetreiber

Energy Transfer pflegt wichtige Infrastrukturpartnerschaften:

• Sunoco Logistikpartner
• Dakota Access Pipeline Company
• Rover Pipeline LLC

Betreiber	Pipeline-Kapazität	Jährliche Transporteinnahmen
Sunoco Logistik	1,2 Millionen Barrel/Tag	875 Millionen Dollar
Dakota-Zugang	570.000 Barrel/Tag	525 Millionen Dollar

Anbieter von Technologien für erneuerbare Energien

Neue Partnerschaften in erneuerbaren Sektoren:

• Erste Solar
• NextEra-Energie
• Blütenenergie

Investmentbanken und Finanzdienstleistungsunternehmen

Finanzinstitut	Partnerschaftstyp	Jährliche finanzielle Unterstützung
Goldman Sachs	Fremdfinanzierung	2,3 Milliarden US-Dollar
JPMorgan Chase	Kreditfazilitäten	1,8 Milliarden US-Dollar
Morgan Stanley	Anlageberatung	1,5 Milliarden US-Dollar

Energy Transfer LP (ET) – Geschäftsmodell: Hauptaktivitäten

Transport von Erdgas und Rohöl

Energy Transfer betreibt rund 120.000 Meilen an Pipelines für Erdgas, flüssiges Erdgas, Rohöl und raffinierte Produkte in den Vereinigten Staaten.

Pipeline-Typ	Gesamtmeilen	Jährliches Transportvolumen
Erdgaspipelines	72.000 Meilen	13,8 Milliarden Kubikfuß pro Tag
Rohölpipelines	25.000 Meilen	3,4 Millionen Barrel pro Tag
NGL-Pipelines	23.000 Meilen	1,2 Millionen Barrel pro Tag

Entwicklung der Pipeline-Infrastruktur

Energy Transfer investiert erheblich in den Ausbau und die Modernisierung der Pipeline-Infrastruktur.

• Jährliche Investitionsausgaben: 3,2 Milliarden US-Dollar im Jahr 2023
• Die Infrastrukturinvestitionen konzentrierten sich auf die Regionen Perm-Becken und Eagle Ford Shale
• Kontinuierliche Projekte zur Erweiterung der Pipelinekapazität

Energiespeicherung und Terminalbetrieb

Energy Transfer verwaltet umfangreiche Speicher- und Terminalanlagen in mehreren Bundesstaaten.

Art der Lagereinrichtung	Gesamtkapazität	Geografische Abdeckung
Erdgasspeicherung	130 Milliarden Kubikfuß	Texas, Louisiana, Mississippi
Lagerung von Rohöl	12 Millionen Barrel	Oklahoma, Texas, North Dakota

Exportdienstleistungen für verflüssigtes Erdgas (LNG).

Energy Transfer betreibt eine bedeutende LNG-Exportinfrastruktur.

• Eigentumsbeteiligung am LNG-Exportterminal Lake Charles
• Jährliche LNG-Exportkapazität: 16,45 Millionen Tonnen
• Exportinfrastruktur in Louisiana

Midstream-Energie-Asset-Management

Energy Transfer verwaltet umfassende Midstream-Energieanlagen in mehreren Regionen.

Asset-Kategorie	Gesamtvermögen	Jahresumsatz
Midstream-Assets	68,3 Milliarden US-Dollar	21,4 Milliarden US-Dollar im Jahr 2023
Verarbeitungsanlagen	22 große Verarbeitungsbetriebe	4,2 Milliarden US-Dollar Verarbeitungsumsatz

Energy Transfer LP (ET) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Pipeline-Netzwerk

Gesamte Pipeline-Infrastruktur: 120.000 Meilen Pipelines für Erdgas, Rohöl und raffinierte Produkte in den Vereinigten Staaten ab 2023.

Pipeline-Typ	Meilen	Kapazität
Erdgaspipelines	71.000 Meilen	18,3 Milliarden Kubikfuß pro Tag
Rohölpipelines	29.000 Meilen	3,4 Millionen Barrel pro Tag
Raffinierte Produktpipelines	20.000 Meilen	2,1 Millionen Barrel pro Tag

Strategische Vermögenswerte der Energieinfrastruktur

• 24 Verarbeitungsbetriebe
• 48 Lagerterminals
• 6 Fraktionierungsanlagen
• Ungefähr 200 Midstream- und Downstream-Anlagen

Fortschrittliche technologische Überwachungssysteme

Technologieinvestitionen: Jährlich 125 Millionen US-Dollar für digitale Infrastruktur und Überwachungstechnologien.

Technologietyp	Umsetzung
Echtzeit-Pipeline-Überwachung	99,7 % Abdeckung
Leckerkennungssysteme	Fortschrittliche KI-gestützte Sensoren
Cybersicherheitsinfrastruktur	Schutz auf Unternehmensniveau

Qualifizierte Arbeitskräfte in den Bereichen Technik und Betrieb

Gesamtzahl der Mitarbeiter: 13.500 ab 2023

• Durchschnittliche Ingenieurerfahrung: 15 Jahre
• 80 % verfügen über technische oder spezielle energiewirtschaftliche Zertifizierungen
• Spezielles Schulungsbudget: 22 Millionen US-Dollar pro Jahr

Finanzkapital und Kreditfazilitäten

Finanzielle Leistungsfähigkeit: Marktkapitalisierung von 36,8 Milliarden US-Dollar im Januar 2024

Finanzkennzahl	Wert
Gesamtvermögen	71,3 Milliarden US-Dollar
Verfügbare Kreditfazilitäten	4,5 Milliarden US-Dollar
Jährliche Kapitalausgaben	2,1 Milliarden US-Dollar

Energy Transfer LP (ET) – Geschäftsmodell: Wertversprechen

Zuverlässige Energietransportinfrastruktur

Energy Transfer LP betreibt etwa 120.000 Meilen Pipelines für Erdgas, Erdgasflüssigkeiten, Rohöl und raffinierte Produkte.

Infrastrukturanlage	Gesamtkapazität	Jahresvolumen
Erdgaspipelines	42.500 Meilen	10,6 Billionen Kubikfuß
Rohölpipelines	13.500 Meilen	5,2 Millionen Barrel pro Tag
NGL-Pipelines	21.000 Meilen	1,4 Millionen Barrel pro Tag

Kostengünstige Midstream-Energielösungen

Energy Transfer bietet Midstream-Dienste mit wettbewerbsfähigen Preisstrukturen.

• Durchschnittliche Transportkosten: 0,35 USD pro MMBtu für Erdgas
• Transportpreis für Rohöl: 2,50 USD pro Barrel
• Kosten für die NGL-Fraktionierung: 0,15 $ pro Gallone

Umfassende Logistik- und Vertriebsdienstleistungen

Energy Transfer verwaltet umfangreiche Logistiknetzwerke über mehrere Energiemärkte hinweg.

Servicekategorie	Jährlicher Durchsatz	Marktabdeckung
Lagereinrichtungen	190 Millionen Barrel	22 Staaten
Terminalbetrieb	125 Terminals	Bundesweite Abdeckung
Exportfunktionen	2,5 Millionen Barrel pro Tag	Golfküste

Effiziente Verbindung zwischen Produktions- und Verbrauchsregionen

Energy Transfer verbindet große Produktionsbecken mit wichtigen Verbrauchsmärkten.

• Anschlusskapazität des Perm-Beckens: 3,2 Millionen Barrel pro Tag
• Marcellus-Schieferverbindung: 2,7 Milliarden Kubikfuß pro Tag
• Transportvolumen von Eagle Ford Shale: 1,5 Millionen Barrel pro Tag

Flexible Energietransportmöglichkeiten

Energy Transfer bietet anpassungsfähige Transportlösungen für mehrere Energiesegmente.

Energiesegment	Transportflexibilität	Bidirektionale Kapazität
Erdgas	Reversibler Rohrleitungsfluss	8,5 Milliarden Kubikfuß pro Tag
Rohöl	Mehrere Pipeline-Verbindungen	4,3 Millionen Barrel pro Tag
Erdgasflüssigkeiten	Mehrpunktverteilung	1,8 Millionen Barrel pro Tag

Energy Transfer LP (ET) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieerzeugern

Energy Transfer LP unterhält etwa 90-95 langfristige Transport- und Speicherverträge mit großen Energieproduzenten. Die durchschnittliche Vertragslaufzeit liegt zwischen 7 und 10 Jahren mit jährlichen Vertragswerten zwischen 50 und 250 Millionen US-Dollar.

Vertragstyp	Durchschnittliche Dauer	Jährlicher Vertragswertbereich
Erdgastransport	8-10 Jahre	75–200 Millionen US-Dollar
Lagerung von Rohöl	7-9 Jahre	50-150 Millionen Dollar

Dedizierte Account-Management-Teams

Energy Transfer LP betreibt 42 engagierte Account-Management-Teams, die erstklassige Kunden aus der Energieerzeugung betreuen. Jedes Team verwaltet durchschnittlich 5–7 große Unternehmenskunden mit spezialisierter Branchenexpertise.

Leistungsbasierte Serviceverpflichtungen

• Pipeline-Zuverlässigkeitsrate von 98,7 %
• 99,2 % pünktliche Lieferleistung
• Service Level Agreements mit finanziellen Strafen bei Nichteinhaltung

Digitale Plattform für Transportdienstleistungen

Kennzahlen zur digitalen Plattform: - Echtzeit-Tracking-System rund um die Uhr - Über 250.000 monatliche digitale Plattforminteraktionen - Mobile und webbasierte Schnittstellen - Erweitertes Analyse-Dashboard für Kunden

Transparente Kommunikations- und Berichtsmechanismen

Häufigkeit der Berichterstattung	Berichtstypen	Lieferkanäle
Monatlich	Leistungsberichte	Sicheres Online-Portal
Vierteljährlich	Kapazitätsauslastung	E-Mail/Digitale Plattformen
Jährlich	Umfassende Servicebewertung	Persönliche Treffen

Energy Transfer LP (ET) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Energy Transfer LP verfügt ab 2023 über ein engagiertes Vertriebsteam von 84 Direktvertriebsexperten, das sich an Energiekunden aus Unternehmen und Industrie in verschiedenen Sektoren richtet.

Vertriebsteam-Segment	Anzahl der Vertreter	Zielmarkt
Energievertrieb für Unternehmen	42	Große Industriekunden
Erdgasgroßhandel	24	Regionale Energieversorger
Midstream-Energievertrieb	18	Transport und Infrastruktur

Online-Energiehandelsplattformen

Energy Transfer betreibt digitale Handelsplattformen, die jährliche Energietransaktionen im Wert von rund 12,3 Milliarden US-Dollar abwickeln.

• Transaktionsvolumen der Plattform: 12,3 Milliarden US-Dollar pro Jahr
• Nutzer digitaler Plattformen: 467 registrierte Unternehmenskonten
• Echtzeit-Handelsfunktionen
• Sichere Blockchain-fähige Transaktionsinfrastruktur

Branchenkonferenzen und Networking-Events

Energy Transfer nimmt jährlich an 37 Branchenkonferenzen teil, was 68 % aller Veranstaltungen im nordamerikanischen Energiesektor ausmacht.

Konferenztyp	Jährliche Teilnahme	Geschätzte Netzwerkreichweite
Konferenzen zur Energieinfrastruktur	12	5.600 Branchenexperten
Erdgasgipfel	8	3.200 Unternehmensleiter
Midstream-Energieforen	17	7.100 Branchenakteure

Digitale Kommunikationsportale

Energy Transfer unterhält eine umfassende digitale Kommunikationsinfrastruktur mit 2,4 Millionen jährlichen Portalinteraktionen.

• Monatlich aktive Nutzer des Portals: 203.000
• Jährliche digitale Interaktionen: 2,4 Millionen
• Sichere Kundenkontoverwaltung
• Verfolgung von Energietransaktionen in Echtzeit

Strategisches Partnerschaftsengagement

Energy Transfer unterhält 124 strategische Partnerschaften in den Bereichen Energieinfrastruktur und Transport.

Kategorie „Partnerschaft“.	Anzahl der Partnerschaften	Geschätzter jährlicher Kooperationswert
Energieinfrastruktur	52	3,7 Milliarden US-Dollar
Transportlogistik	36	2,1 Milliarden US-Dollar
Technologieintegration	36	1,5 Milliarden US-Dollar

Energy Transfer LP (ET) – Geschäftsmodell: Kundensegmente

Erdgasexplorationsunternehmen

Energy Transfer bedient über seine umfangreiche Pipeline-Infrastruktur mehrere Erdgasexplorationsunternehmen.

Kundenkategorie	Jahresvolumen	Vertragswert
Große Explorationsunternehmen	2,1 Milliarden Kubikfuß pro Tag	1,2 Milliarden US-Dollar
Mittelgroße Explorationsunternehmen	750 Millionen Kubikfuß pro Tag	420 Millionen Dollar

Erdölproduktionsunternehmen

Energy Transfer bietet wichtige Midstream-Dienstleistungen für Erdölförderunternehmen.

• Produktionsunterstützung im Perm-Becken: 500.000 Barrel pro Tag
• Eagle Ford Shale-Transportdienste: 350.000 Barrel pro Tag
• Gesamtumsatz der Erdöllogistik: 2,3 Milliarden US-Dollar pro Jahr

Regionale Versorgungsanbieter

Energy Transfer bietet Erdgastransport- und -verteilungsdienstleistungen für regionale Versorgungsnetze an.

Region	Versorgungskunden	Jährliches Gasvolumen
Mittlerer Westen	47 Energieversorger	1,5 Billionen Kubikfuß
Südwesten	38 Energieversorger	1,2 Billionen Kubikfuß

Industrielle Energieverbraucher

Energy Transfer unterstützt verschiedene Industriezweige mit umfassenden Energietransportlösungen.

• Verbrauch im verarbeitenden Gewerbe: 600.000 MMBtu pro Tag
• Energieverträge der chemischen Industrie: 780 Millionen US-Dollar pro Jahr
• Unterstützung der Stromerzeugung: 250.000 MMBtu pro Tag

Internationale Energiehandelsorganisationen

Energy Transfer erleichtert den internationalen Energiehandel durch strategische Infrastruktur und Logistik.

Region exportieren	Jährliches Exportvolumen	Handelserlöse
Golfküste	1,2 Millionen Barrel pro Tag	3,1 Milliarden US-Dollar
Grenze zu Mexiko	450.000 Barrel pro Tag	1,5 Milliarden US-Dollar

Energy Transfer LP (ET) – Geschäftsmodell: Kostenstruktur

Wartung der Pipeline-Infrastruktur

Jährliche Pipeline-Wartungskosten für Energy Transfer LP im Jahr 2023: 1,2 Milliarden US-Dollar

Wartungskategorie	Jährliche Kosten
Pipeline-Inspektion	325 Millionen Dollar
Korrosionsschutz	215 Millionen Dollar
Reparatur und Austausch	660 Millionen Dollar

Personal- und Betriebskosten

Gesamtpersonalkosten für 2023: 742 Millionen US-Dollar

• Gesamtzahl der Mitarbeiter: 12.400
• Durchschnittliche Mitarbeitervergütung: 98.500 USD pro Jahr
• Verwaltungsaufwand: 127 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Gesamtausgaben für die Einhaltung gesetzlicher Vorschriften im Jahr 2023: 385 Millionen US-Dollar

Compliance-Bereich	Jährliche Ausgaben
Umweltvorschriften	210 Millionen Dollar
Sicherheitszertifizierungen	95 Millionen Dollar
Recht und Berichterstattung	80 Millionen Dollar

Investitionen in Technologie und Sicherheitsinfrastruktur

Gesamte Technologieinvestitionen im Jahr 2023: 456 Millionen US-Dollar

• Cybersicherheitssysteme: 87 Millionen US-Dollar
• Überwachungstechnologie: 152 Millionen US-Dollar
• Modernisierung der Sicherheitsausrüstung: 217 Millionen US-Dollar

Abschreibung von Energietransportausrüstung

Gesamtabschreibung der Ausrüstung für 2023: 1,1 Milliarden US-Dollar

Gerätetyp	Abschreibungsbetrag
Pipelines	625 Millionen Dollar
Kompressionsstationen	285 Millionen Dollar
Lagereinrichtungen	190 Millionen Dollar

Energy Transfer LP (ET) – Geschäftsmodell: Einnahmequellen

Transportgebühren von Energieerzeugern

Im Jahr 2022 erwirtschaftete Energy Transfer einen Gesamtumsatz von 47,4 Milliarden US-Dollar. Die Transportgebühren beliefen sich insbesondere auf rund 12,6 Milliarden US-Dollar aus Transportdienstleistungen für Erdgas und Erdgasflüssigkeiten (NGL).

Transportdienst	Jahresumsatz (2022)	Schlüsselregionen
Erdgastransport	7,8 Milliarden US-Dollar	Permbecken, Eagle Ford, Marcellus
NGL-Transport	4,8 Milliarden US-Dollar	Texas, Louisiana, Pennsylvania

Gebühren für den Lagerservice

Energy Transfer betreibt eine Erdgasspeicherkapazität von rund 90 Milliarden Kubikfuß und erwirtschaftet im Jahr 2022 jährliche Einnahmen aus Speicherdienstleistungen in Höhe von 850 Millionen US-Dollar.

Langfristiges Infrastrukturleasing

Die Einnahmen aus Infrastrukturleasing beliefen sich im Jahr 2022 auf insgesamt 1,2 Milliarden US-Dollar. Zu den wichtigsten Vermögenswerten zählen:

• Vorfahrtsleasing für Pipelines
• Vermietung von Terminal- und Lagereinrichtungen
• Leasing von Kompressionsstationen

Volumenbasierte Transportverträge

Volumenbasierte Verträge erwirtschafteten im Jahr 2022 9,3 Milliarden US-Dollar, mit folgenden Schlüsselkennzahlen:

Vertragstyp	Jahresumsatz	Durchschnittliche Vertragsdauer
Take-or-Pay-Verträge	6,5 Milliarden US-Dollar	10-15 Jahre
Durchsatzvereinbarungen	2,8 Milliarden US-Dollar	5-10 Jahre

Zusätzliche Energielogistikdienstleistungen

Nebendienstleistungen trugen im Jahr 2022 1,5 Milliarden US-Dollar bei, darunter:

• Fraktionierungsdienste: 680 Millionen US-Dollar
• Marketing und Handel: 520 Millionen US-Dollar
• Terminaldienste: 300 Millionen US-Dollar

Energy Transfer LP (ET) - Canvas Business Model: Value Propositions

Fully integrated, wellhead-to-water service for all major hydrocarbons

Energy Transfer LP operates more than 130,000 miles of pipeline and associated infrastructure, spanning 44 states. The company completed the initial phase of the Sabina 2 pipeline conversion, boosting capacity from 25,000 barrels per day to 40,000 barrels per day for multiple products. Optimization of the Grey Wolf processing plant increased capacity from 200 MMcf/d to 250 MMcf/d. The Nederland Flexport NGL Export Expansion Project is expected to add up to 250,000 Bbls/d of total NGL export capacity at the Nederland terminal.

Stable, predictable cash flow from a fee-based model (vast majority is fee-based)

The vast majority of Energy Transfer LP's segment margins are fee-based, reducing sensitivity to commodity price fluctuations. For the first quarter of 2025, Adjusted EBITDA was $4.10 billion. For the second quarter of 2025, Adjusted EBITDA was $3.87 billion. For the third quarter of 2025, Adjusted EBITDA was $3.84 billion. The company expects its full-year 2025 Adjusted EBITDA to be between $16.1 billion and $16.5 billion. Growth capital expenditures for 2025 are projected at approximately $5.0 billion.

Reliable, high-capacity access to major U.S. production basins and global markets

Energy Transfer LP has a network of more than 105,000 miles of natural gas gathering, intrastate and interstate transportation pipelines and storage facilities with a combined storage capacity of nearly 236 billion cubic feet. Interstate natural gas transportation volumes were up 11% in the second quarter of 2025 compared to the second quarter of 2024. Crude oil transportation volumes were up 10% in the first quarter of 2025 year-over-year. NGL exports were up 13% in the third quarter of 2025. The company has a 20-year Sale and Purchase Agreement with Chevron U.S.A. Inc. for 2.0 million tonnes of LNG per annum from the Lake Charles LNG export facility.

Dedicated energy infrastructure for high-growth AI/data center demand (e.g., 2,300 MW supply)

Energy Transfer LP entered a long-term agreement to supply natural gas to CloudBurst Data Center's AI-focused data center in Central Texas. This agreement involves providing up to 450,000 MMBtu per day of firm natural gas supply, sufficient to generate approximately 1.2 gigawatts (GW) of direct electric power for at least 10 years. The facility is scheduled to begin operations in the third quarter of 2026. Energy Transfer is in discussions with a number of other data center developers. The company also executed agreements to supply natural gas to Oracle's data centers.

Product and geographic diversity, balancing earnings across segments

The Partnership's multiple segments generate high-quality, balanced earnings. The following table shows segment Adjusted EBITDA contribution for the three months ended June 30, 2025:

Segment	Adjusted EBITDA (Three Months Ended June 30, 2025)	Contribution to Consolidated Adjusted EBITDA
Natural Gas-Related Assets (Combined)	Not explicitly stated, but contributes approx. 40%	Approx. 40%
Single Largest Segment	Not explicitly stated	Not more than one-third

For the three months ended March 31, 2025, no single segment contributed more than one-third of the consolidated Adjusted EBITDA. Energy Transfer generates approximately 40% of its Adjusted EBITDA from natural gas-related assets for the three months ended June 30, 2025.

Energy Transfer LP (ET) - Canvas Business Model: Customer Relationships

The relationship strategy for Energy Transfer LP centers on securing stable, long-term revenue by embedding its infrastructure deeply within the supply chains of major industrial and utility customers.

Long-term, fixed-fee contracts with minimum volume commitments

The vast majority of Energy Transfer LP segment margins are fee-based, which limits exposure to commodity price swings. The company is actively working to lock in more volumes under these long-term, fee-based arrangements. Management is targeting potential revenue exceeding $25 billion from long-term transportation fees based on its current project backlog.

Operational performance in 2025 reflects this contract strength:

Metric (vs. Prior Year Period)	Q1 2025 Volume Change	Q2 2025 Volume Change	Q3 2025 Adjusted EBITDA
Interstate Natural Gas Transportation	Up 3%	Up 11%	Not Separately Itemized
Crude Oil Transportation	Up 10%	Up 9%	$746 million
NGL Transportation	Up 4%	Up 4%	Up from $1 billion (Q3 2024) to $1.1 billion (Q3 2025)

Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2025, was approximately $1.9 billion. The quarterly cash distribution announced in October 2025 for the quarter ended September 30, 2025, was $0.3325 per common unit, representing an annualized rate of $1.33.

Dedicated account management for major producers and utilities

Energy Transfer LP is securing growth through multi-decade agreements with key customers, including utilities. The company operates more than 130,000 miles of pipeline across 44 states, servicing all major U.S. production basins. This extensive network supports dedicated service offerings.

A concrete example is the 20-year binding agreement with Entergy Louisiana, which provides initial firm transportation service of 250,000 MMBtu/d to fuel their facilities in Richland Parish, LA.

Joint development and equity partnerships for large-scale LNG projects

The Lake Charles LNG project is a focal point for these partnerships. In April 2025, Energy Transfer LP entered a Heads of Agreement with MidOcean Energy for joint development, committing MidOcean to fund 30% of construction costs in exchange for 30% of LNG production. Customers like Chevron, China's ENN Energy, and South Korea's SK Gas Trading have signed long-term contracts for LNG from this facility, though the Final Investment Decision (FID) is now expected in Q1 2026.

Specific LNG Sale and Purchase Agreements (SPAs) secured for Lake Charles LNG include:

• A 20-year SPA with Kyushu Electric Power Company, Inc. for up to 1.0 mtpa of LNG.
• An SPA with an unnamed international energy company for 1.0 mtpa of LNG.
• An HOA with a German energy company for 1.0 mtpa of LNG.

Direct engagement with hyperscalers for customized gas supply solutions

Energy Transfer LP is directly serving the power needs of data centers, bypassing traditional utility arrangements. This is a key growth driver.

Key agreements with hyperscalers as of late 2025 include:

• Multiple long-term agreements with Oracle to supply approximately 900,000 Mcf/d of natural gas to three U.S. data centers, with first flows expected by YE 2025.
• A long-term agreement with CloudBurst Data Centers to provide up to 450,000 MMBtu per day of firm natural gas supply to its Central Texas AI campus for at least 10 years, sufficient to generate up to approximately 1.2 GW of power.
• A 10-year agreement with Fermi America for an initial gas supply of approximately 300,000 MMBtu/d to its HyperGrid campus, subject to Fermi's election.

To support its own operations and provide reliable supply, Energy Transfer LP is constructing eight, 10-megawatt natural gas-fired electric generation facilities in Texas, with the third facility commissioning in Q1 2025. The company's storage capacity stands at nearly 236 billion cubic feet across its network.

Energy Transfer LP (ET) - Canvas Business Model: Channels

You're looking at how Energy Transfer LP moves the product from where it's produced to where it's needed-that's the Channels block. This is all about massive infrastructure, the physical arteries of their business, and the numbers show just how extensive this network is as of late 2025.

Energy Transfer LP owns and operates one of the largest and most diversified portfolios of energy assets in the United States, boasting more than 130,000 miles of pipeline in total.

Interstate and intrastate natural gas pipelines

This segment is the backbone for moving gas to major demand centers. Energy Transfer moves approximately 30 percent of U.S. natural gas production through its system. The growth in demand is clearly reflected in their throughput metrics from the second quarter of 2025; interstate natural gas transportation volumes were up 11% year-over-year, and intrastate volumes saw an 8% increase. You can see future capacity coming online, too. For instance, the Hugh Brinson Pipeline Phase I is expected to deliver about 1.5 Bcf per day of takeaway capacity from the Permian Basin by the end of 2026.

Crude oil and NGL pipelines and gathering systems

This covers the initial collection and midstream transport before processing or export. The crude oil trunk and gathering lines alone stretch for approximately 17,950 miles. For crude oil takeaway specifically from the Permian, they have capacity near 1 million barrels per day. The gathering side is also robust; total gathering volumes were reported around 21.6 Bcf/d in a recent quarter. Transportation volumes show consistent utilization, with crude oil transportation volumes up 9% and NGL transportation volumes up 4% in Q2 2025 compared to the prior year.

NGL and crude oil export terminals (e.g., Nederland, Marcus Hook)

These terminals are the critical link to international markets, giving Energy Transfer LP a global channel. Their total NGL export capacity sits at over 1.1 million barrels per day (Bbls/d), maintaining a market share of roughly ~20% of worldwide NGL exports. The Nederland Terminal, a key Gulf Coast asset, is undergoing a major expansion, the Nederland Flexport NGL Export Expansion Project, which is set to add up to 250,000 Bbls/d of total NGL export capacity. Ethane and propane service started by mid-2025, with ethylene service expected in Q4 2025. For crude oil storage, the Nederland Terminal holds about 30 million barrels, while the Marcus Hook Terminal on the East Coast has about 1 million barrels of crude storage capacity. Marcus Hook can move around 260,000 b/d of LPG.

Processing and fractionation plants (e.g., Lenorah II, Mont Belvieu)

These facilities are where the value is added by separating mixed NGLs into purity products. Mont Belvieu is the epicenter here, where Energy Transfer LP operates eight fractionators. As of early 2025, their total fractionation capacity at Mont Belvieu exceeded 1.15 million barrels per day (b/d). They are building out further, with a new 165,000 Bbls/d fractionator (Frac IX) planned for Q4 2026. Once Frac IX is complete and current debottlenecking projects finish, total deliverability into Mont Belvieu is expected to climb to over ~1.3 million Bbls/d. The storage capacity at this single hub is substantial, holding approximately 62 million barrels of NGL storage.

New processing capacity came online in 2025 to serve growing production areas. You should note these recent additions:

• The 200 MMcf/d Lenorah II Processing plant in the Midland Basin was placed in service in Q2 2025 and is running at full capacity.
• The 200 MMcf/d Badger Processing Plant was also placed in service in Q2 2025.
• The Mustang Draw processing plant, with capacity near 275 MMcf/d, was approved in February 2025 for a first-half 2026 start.

Here's a quick look at the scale of the fractionation assets:

Facility/Metric	Capacity/Volume (Late 2025 Data)	Notes
Mont Belvieu Total Fractionation Capacity	Over 1.15 million b/d	With 8 fractionators as of early 2025
Mont Belvieu NGL Storage	Approximately 62 million barrels	Major storage component of the channel
Nederland NGL Export Expansion Capacity Added	Up to 250,000 Bbls/d	Ethane/Propane service started mid-2025
Lenorah II Processing Plant Capacity	200 MMcf/d	Placed in service Q2 2025 and running at full capacity
Marcus Hook LPG Export Capacity	Around 260,000 b/d	Does not export ethane

These channels are the physical manifestation of Energy Transfer LP's strategy to connect supply basins to domestic and global demand points. Finance: draft 13-week cash view by Friday.

Energy Transfer LP (ET) - Canvas Business Model: Customer Segments

Energy Transfer LP serves a broad and diverse set of customers across its integrated midstream network, which spans approximately 140,000 miles of pipeline across 44 states.

Major crude oil and natural gas exploration and production (E&P) companies

This segment provides the initial gathering and processing services, with volumes showing strong growth, indicating robust E&P activity on the receiving end of Energy Transfer LP's infrastructure.

• Midstream gathered volumes were up more than 2% in the first quarter of 2025 compared to the first quarter of 2024.
• Midstream gathered volumes were up 10% in the second quarter of 2025 compared to the second quarter of 2024, setting a new Partnership record.
• The company has direct access to all major oil and gas production basins in the lower 48 states.

Domestic and international refiners and petrochemical manufacturers

Refiners and petrochemical manufacturers are key off-takers for Energy Transfer LP's NGL and refined products segments, particularly those connected to assets in Mont Belvieu, Texas. The NGL & Refined Products segment reported revenues of $5.853 billion in the last reported quarter, with EBITDA growing to $1.054 billion.

The company is expanding its NGL processing capability, with a planned 165,000 Bbls/d fractionator in Mont Belvieu, which would increase total capacity to 1.3 million Bbls/d.

Global LNG and NGL purchasers (e.g., Asian and European utilities)

Energy Transfer LP is a significant player in the export market, leveraging its facilities on both the U.S. Gulf Coast and East Coast. Total NGL exports were up 5% in Q1 2025 versus Q1 2024.

The Lake Charles LNG project is a key focus for international purchasers. Energy Transfer LP secured a 20-year Sale and Purchase Agreement (SPA) with Chevron U.S.A. Inc. for an additional 1.0 million tonnes per annum (mtpa) of LNG supply in June 2025, bringing Chevron's total contracted volume to 3.0 mtpa. Furthermore, Energy Transfer LP entered into a 20-year LNG SPA with Kyushu Electric Power Company, Inc. in May 2025.

Electric utilities and power generators (e.g., Entergy Louisiana)

This customer group relies on Energy Transfer LP for firm natural gas transportation to fuel power generation, increasingly for combined-cycle facilities supporting new industrial load.

Energy Transfer LP signed a 20-year natural gas firm transportation agreement with Entergy Louisiana, starting in February 2028, to initially provide 250,000 MMBtu per day of service, with an option to expand capacity. This project involves expanding the Tiger Pipeline with a 12-mile lateral with a capacity of up to 1 Bcf/day.

Hyperscale technology companies and AI data center operators

This is an emerging, high-growth customer segment, directly tied to the power demand from large computing facilities. Energy Transfer LP has secured specific deals to service these energy-intensive operations.

• The Entergy Louisiana agreement explicitly supports projects like Meta's new hyperscale data center in Richland Parish, Louisiana.
• Energy Transfer LP entered into a long-term agreement in February 2025 with Cloudburst Data Centers, Inc. to provide natural gas to its AI-focused data center campus outside San Marcos, Texas, supplying up to 450 billion British thermal units per day of firm gas supply.
• Energy Transfer LP also secured an agreement to supply gas for a power-data center partnership between VoltaGrid LLC and Oracle Corp.

The following table summarizes key operational metrics relevant to the customer base as of mid-2025:

Metric	Value	Context/Segment Relevance
2025 Expected Adjusted EBITDA Guidance	$16.1 billion to $16.5 billion	Overall financial health supporting long-term contracts.
Q2 2025 Interstate Natural Gas Transportation Volume Growth (YoY)	11%	Indicates strong throughput to utilities and LNG purchasers.
Q2 2025 Crude Oil Transportation Volume Growth (YoY)	9%	Reflects activity from E&P companies and refiners.
Entergy Louisiana Firm Service Start Date/Volume	February 2028 / 250,000 MMBtu/day	Long-term commitment to Electric Utilities/Data Centers.
CloudBurst Data Center Firm Gas Supply	Up to 450 Billion Btu/day	Direct service to Hyperscale Technology Companies.
Chevron LNG Contracted Volume (Total)	3.0 mtpa	Commitment from a Global LNG Purchaser.

The company's overall asset base supports these customer segments, including its ownership of approximately 21% of Sunoco LP and 39% of USA Compression Partners, LP.

Energy Transfer LP (ET) - Canvas Business Model: Cost Structure

You're looking at the major drains on Energy Transfer LP's cash flow, the parts of the business that require serious capital commitment just to keep the lights on and the growth engine running. For a massive infrastructure player like Energy Transfer LP, the cost structure is dominated by capital deployment.

Capital Expenditures for Growth and Maintenance

Energy Transfer LP has significant capital needs, split between expanding capacity for future revenue and maintaining the existing, sprawling network. For the full year 2025, the Partnership projected its growth capital expenditures to total approximately $5.0 billion. Maintenance capital expenditures for 2025 were projected to be about $1.1 billion.

Looking at the year-to-date spend as of mid-2025 gives you a clearer picture of the spending pace:

Period Ending	Growth Capital Expenditures	Maintenance Capital Expenditures
March 31, 2025 (Q1)	$955 million	$165 million
June 30, 2025 (Q2)	$1.04 billion	$253 million

That's a lot of cash going out the door for projects like the Hugh Brinson Pipeline construction and the Mustang Draw processing plant approval.

Substantial Interest Expense

Because Energy Transfer LP carries substantial debt to fund this infrastructure build-out, interest expense is a major recurring cost. You can see the quarterly impact clearly in the 2025 filings. The interest expense, net of interest capitalized, for the first half of 2025 was significant.

• Interest expense, net of interest capitalized, for the second quarter of 2025 was $865 million.
• Interest expense, net of interest capitalized, for the first quarter of 2025 was $762 million.
• The combined year-to-date interest expense, net of interest capitalized, for the first half of 2025 reached $1,674 million.

This is a fixed commitment that must be serviced regardless of short-term commodity price fluctuations.

Operating Expenses for Pipeline and Facility Maintenance

Beyond the capital spending, there are the day-to-day costs of running over 130,000 miles of pipeline and associated facilities. These operating expenses cover integrity management, routine repairs, and staffing. While a total figure for pipeline and facility maintenance OpEx isn't explicitly broken out in the latest reports, we know the acquisition of NuStar in May 2024 added pressure; for instance, operating expenses in Q2 2025 showed an increase of $13 million due to NuStar costs compared to the prior period. Energy Transfer LP is also investing in its own power generation, commissioning the first of eight 10-megawatt natural gas-fired electric generation facilities in Texas to help manage operational costs.

Regulatory Compliance and Environmental Costs

The regulatory environment requires ongoing, non-discretionary spending. Costs associated with regulatory compliance, permitting, and environmental initiatives are a constant in this sector. This includes spending related to meeting evolving federal and state standards for pipeline safety and emissions control. For example, the company is actively involved in projects like the Lake Charles LNG development, which carries its own set of compliance and environmental obligations.

Finance: draft 13-week cash view by Friday.

Energy Transfer LP (ET) - Canvas Business Model: Revenue Streams

You're looking at how Energy Transfer LP actually brings in the money, which is almost entirely through long-term, fee-based contracts, keeping commodity price exposure low. That stability is key to their valuation, honestly.

For the full year 2025, Energy Transfer LP reaffirmed its guidance for Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) to be in the range of $16.1 billion to $16.5 billion. However, as of the third quarter 2025 report in November, management indicated they now expect to finish 2025 slightly below the lower end of that prior guidance range. This slight adjustment was partly due to project forecast reductions and spending deferrals into 2026.

The core of Energy Transfer LP's revenue generation comes from moving and storing energy products under contract. Here's a look at how the segments contributed, using the first quarter 2025 Adjusted EBITDA as a concrete example of the revenue engine at work:

Revenue Stream Component (Segment)	Q1 2025 Adjusted EBITDA (Millions USD)	Relevant Volume Growth (YoY)
Interstate Natural Gas Transportation & Storage	$512 million	Interstate natural gas transportation volumes up 3%
Crude Oil Transportation & Terminalling	$742 million	Crude oil transportation volumes up 10%
NGL Fractionation, Storage, & Export Terminal Services	$978 million (NGL & Refined Products)	NGL transportation volumes up 4%; NGL exports up 5%
Midstream (Gathering & Processing)	$925 million	Midstream gathered volumes up more than 2%
Intrastate Natural Gas Transportation	$344 million	Intrastate natural gas transportation volumes up 8% (Q2 2025 data)

Fee-based revenue from natural gas transportation and storage is a bedrock. Energy Transfer LP owns more than 105,000 miles of natural gas pipeline, moving approximately 30 percent of U.S. natural gas production. You saw strong performance here, with interstate natural gas transportation volumes up 3% in the first quarter of 2025, and even stronger growth of 11% in the second quarter of 2025.

Fees from crude oil transportation and terminalling services remain significant. The crude oil segment posted an Adjusted EBITDA of $742 million in the first quarter of 2025. This was supported by crude oil transportation volumes increasing by 10% year-over-year in Q1 2025, and by 9% in Q2 2025.

The NGL and Refined Products segment, which covers fractionation, storage, and export terminal services, is a major earner, reporting $978 million in Adjusted EBITDA in Q1 2025. This business benefits from ongoing expansions; for instance, ethylene export service at the Nederland Terminal is expected to start by the fourth quarter of 2025. NGL transportation volumes saw a 4% increase in Q1 2025, and NGL exports grew by 5% that same quarter.

Equity earnings from affiliates provide a steady, diversified cash flow lift. Energy Transfer LP holds ownership stakes in two key partnerships that are reported separately:

• Sunoco LP (SUN): Energy Transfer LP holds roughly a 15% stake, though another source cites 21%. For the last reported quarter, the investment in SUN generated $489 million in EBITDA.
• USA Compression Partners, LP (USAC): Energy Transfer LP holds around a 38% stake, with one report stating 39%. This investment contributed $160 million in EBITDA during that same recent quarter.

To be fair, the reported Adjusted EBITDA related to unconsolidated affiliates was $170 million for the fourth quarter of 2024, showing the material contribution from these equity method investments.

Finance: draft 13-week cash view by Friday.