Energy Transfer LP (ET): Lienzo del Modelo de Negocio [Actualizado Ene-2025]

Energy Transfer LP (ET) emerge como una potencia en el complejo paisaje energético de la corriente media, ejerciendo un intrincado modelo de negocio que transforma cómo los recursos energéticos navegan en los Estados Unidos. Al orquestar estratégicamente una gran red de tuberías y aprovechar la infraestructura de vanguardia, esta compañía dinámica une la brecha crítica entre la producción y el consumo de energía, ofreciendo soluciones innovadoras que impulsan la eficiencia y la confiabilidad en el sector energético en constante evolución. Su enfoque integral no solo garantiza un transporte fluido de gas natural y petróleo crudo, sino que también los posiciona como un jugador fundamental para satisfacer las crecientes demandas de energía de la nación.

Energy Transfer LP (ET) - Modelo de negocio: asociaciones clave

Compañías de infraestructura de petróleo y gas de la corriente intermedia

Energy Transfer LP colabora con múltiples socios de infraestructura de Midstream:

Empresa asociada	Detalles de la asociación	Valor de colaboración anual
Socios de productos empresariales	Proyectos de infraestructura de tuberías conjuntas	$ 475 millones
Kinder Morgan	Acuerdos de almacenamiento y transporte	$ 350 millones
Compañías de Williams	Redes de transmisión de gas natural	$ 425 millones

Productores de gas natural y empresas de exploración

Las asociaciones estratégicas clave incluyen:

• ExxonMobil Corporation
• Energía de Chesapeake
• Conocophillips
• Energía de Devon

Productor	Volumen de contrato	Participación anual de ingresos
Exxonmobil	750 millones de pies cúbicos/día	$ 625 millones
Energía de Chesapeake	500 millones de pies cúbicos/día	$ 425 millones

Operadores de transporte y almacenamiento de tuberías

La transferencia de energía mantiene asociaciones críticas de infraestructura:

• Sunoco Logistics Partners
• Dakota Access Pipeline Company
• Rover Pipeline LLC

Operador	Capacidad de tubería	Ingresos anuales de transporte
Logística de Sunoco	1.2 millones de barriles/día	$ 875 millones
Acceso a Dakota	570,000 barriles/día	$ 525 millones

Proveedores de tecnología de energía renovable

Asociaciones emergentes en sectores renovables:

• Primero solar
• Energía nextera
• Energía de floración

Bancos de inversión y empresas de servicios financieros

Institución financiera	Tipo de asociación	Apoyo financiero anual
Goldman Sachs	Financiación de la deuda	$ 2.3 mil millones
JPMorgan Chase	Facilidades de crédito	$ 1.8 mil millones
Morgan Stanley	Aviso de inversión	$ 1.5 mil millones

Energy Transfer LP (ET) - Modelo de negocio: actividades clave

Transporte de gas natural y petróleo crudo

La transferencia de energía opera aproximadamente 120,000 millas de gas natural, líquidos de gas natural, petróleo crudo y tuberías de productos refinados en los Estados Unidos.

Tipo de tubería	Total de millas	Volumen de transporte anual
Tuberías de gas natural	72,000 millas	13.8 mil millones de pies cúbicos por día
Tuberías de petróleo crudo	25,000 millas	3.4 millones de barriles por día
Tuberías de NGL	23,000 millas	1,2 millones de barriles por día

Desarrollo de infraestructura de tuberías

La transferencia de energía invierte significativamente en la expansión y modernización de la infraestructura de tuberías.

• Gastos de capital anuales: $ 3.2 mil millones en 2023
• Inversión de infraestructura centrada en la cuenca de Pérmica y las regiones de esquisto de Eagle Ford
• Proyectos continuos de mejora de la capacidad de la tubería

Almacenamiento de energía y operaciones terminales

La transferencia de energía administra amplias instalaciones de almacenamiento y terminales en múltiples estados.

Tipo de instalación de almacenamiento	Capacidad total	Cobertura geográfica
Almacenamiento de gas natural	130 mil millones de pies cúbicos	Texas, Louisiana, Mississippi
Almacenamiento de petróleo crudo	12 millones de barriles	Oklahoma, Texas, Dakota del Norte

Servicios de exportación de gas natural licuado (GNL)

La transferencia de energía opera una infraestructura de exportación de GNL significativa.

• Propiedad de la participación en la terminal de exportación de LNG Lake Charles
• Capacidad de exportación anual de GNL: 16,45 millones de toneladas
• Infraestructura de exportación ubicada en Louisiana

Gestión de activos energéticos de Midstream

La transferencia de energía gestiona activos energéticos integrales en múltiples regiones.

Categoría de activos	Activos totales	Ingresos anuales
Activos de Midstream	$ 68.3 mil millones	$ 21.4 mil millones en 2023
Instalaciones de procesamiento	22 plantas de procesamiento principales	Ingresos de procesamiento de $ 4.2 mil millones

Energy Transfer LP (ET) - Modelo de negocio: recursos clave

Red de tuberías extensa

Infraestructura total de tuberías: 120,000 millas de tuberías de gas natural, petróleo crudo y productos refinados en los Estados Unidos a partir de 2023.

Tipo de tubería	Millas	Capacidad
Tuberías de gas natural	71,000 millas	18.3 mil millones de pies cúbicos por día
Tuberías de petróleo crudo	29,000 millas	3.4 millones de barriles por día
Tuberías de productos refinados	20,000 millas	2.1 millones de barriles por día

Activos estratégicos de infraestructura de energía

• 24 plantas de procesamiento
• 48 terminales de almacenamiento
• 6 instalaciones de fraccionamiento
• Aproximadamente 200 instalaciones de Midstream y aguas abajo

Sistemas avanzados de monitoreo tecnológico

Inversión tecnológica: $ 125 millones anuales en tecnologías de infraestructura digital y monitoreo.

Tipo de tecnología	Implementación
Monitoreo de tuberías en tiempo real	99.7% de cobertura
Sistemas de detección de fugas	Sensores avanzados con alimentación de IA
Infraestructura de ciberseguridad	Protección de grado empresarial

Fuerza laboral de ingeniería y operaciones calificadas

Total de empleados: 13,500 a partir de 2023

• Experiencia promedio de ingeniería: 15 años
• 80% con certificaciones técnicas o especializadas de la industria energética
• Presupuesto de capacitación dedicado: $ 22 millones anuales

Capital financiero y facilidades de crédito

Posición financiera: Capitalización de mercado de $ 36.8 mil millones a partir de enero de 2024

Métrica financiera	Valor
Activos totales	$ 71.3 mil millones
Facilidades de crédito disponibles	$ 4.5 mil millones
Gastos de capital anuales	$ 2.1 mil millones

Energy Transfer LP (ET) - Modelo de negocio: propuestas de valor

Infraestructura confiable de transporte de energía

Energy Transfer LP opera aproximadamente 120,000 millas de gas natural, líquidos de gas natural, petróleo crudo y tuberías de productos refinados.

Activo de infraestructura	Capacidad total	Volumen anual
Tuberías de gas natural	42,500 millas	10.6 billones de pies cúbicos
Tuberías de petróleo crudo	13,500 millas	5.2 millones de barriles por día
Tuberías de NGL	21,000 millas	1,4 millones de barriles por día

Soluciones de energía de la corriente media rentable

La transferencia de energía proporciona a los servicios de la corriente intermedia estructuras de precios competitivas.

• Costo promedio de transporte: $ 0.35 por mmbtu para gas natural
• Tasa de transporte de petróleo crudo: $ 2.50 por barril
• Costo de fraccionamiento de NGL: $ 0.15 por galón

Servicios integrales de logística y distribución

La transferencia de energía administra extensas redes de logística en múltiples mercados energéticos.

Categoría de servicio	Rendimiento anual	Cobertura del mercado
Instalaciones de almacenamiento	190 millones de barriles	22 estados
Operaciones terminales	125 terminales	Cobertura nacional
Capacidades de exportación	2.5 millones de barriles por día	Costa del Golfo

Interconexión eficiente entre las regiones de producción y consumo

La transferencia de energía conecta las principales cuencas de producción con mercados de consumo clave.

• Capacidad de conexión de la cuenca Pérmica: 3.2 millones de barriles por día
• Interconexión de esquisto de Marcellus: 2.700 millones de pies cúbicos por día
• Volumen de transporte de esquisto de Eagle Ford: 1.5 millones de barriles por día

Capacidades flexibles de transporte de energía

La transferencia de energía ofrece soluciones de transporte adaptables en múltiples segmentos de energía.

Segmento de energía	Flexibilidad de transporte	Capacidad bidireccional
Gas natural	Flujo de tubería reversible	8.5 mil millones de pies cúbicos por día
Petróleo crudo	Múltiples interconexiones de tuberías	4.3 millones de barriles por día
Líquidos de gas natural	Distribución múltiple	1.8 millones de barriles por día

Energy Transfer LP (ET) - Modelo de negocio: relaciones con los clientes

Acuerdos contractuales a largo plazo con productores de energía

Energy Transfer LP mantiene aproximadamente 90-95 contratos de transporte y almacenamiento a largo plazo con los principales productores de energía. La duración promedio del contrato oscila entre 7 y 10 años con valores anuales del contrato entre $ 50 millones y $ 250 millones.

Tipo de contrato	Duración promedio	Rango anual del valor del contrato
Transporte de gas natural	8-10 años	$ 75-200 millones
Almacenamiento de petróleo crudo	7-9 años	$ 50-150 millones

Equipos de gestión de cuentas dedicados

Energy Transfer LP opera 42 equipos de gestión de cuentas dedicados que sirven a clientes de producción de energía de primer nivel. Cada equipo administra un promedio de 5-7 cuentas corporativas importantes con experiencia especializada en la industria.

Compromisos de servicio basados ​​en el rendimiento

• Tasa de confiabilidad de la tubería 98.7%
• 99.2% de rendimiento de entrega a tiempo
• Acuerdos a nivel de servicio con sanciones financieras por incumplimiento

Plataforma digital para servicios de transporte

Métricas de plataforma digital: - Sistema de seguimiento en tiempo real 24/7 - Más de 250,000 interacciones de plataforma digital mensual - Interfaces móviles y basadas en la web - Panel de análisis de análisis avanzados para clientes

Mecanismos de comunicación e informes transparentes

Frecuencia de informes	Tipos de informes	Canales de entrega
Mensual	Informes de rendimiento	Portal seguro en línea
Trimestral	Utilización de la capacidad	Plataformas de correo electrónico/digital
Anualmente	Revisión de servicio integral	Reuniones en persona

Energy Transfer LP (ET) - Modelo de negocio: canales

Equipos de ventas directos

Energy Transfer LP mantiene una fuerza de ventas dedicada de 84 profesionales de ventas directas a partir de 2023, dirigida a clientes empresariales e industriales de energía en múltiples sectores.

Segmento del equipo de ventas	Número de representantes	Mercado objetivo
Ventas de energía empresarial	42	Grandes clientes industriales
Gas natural al por mayor	24	Proveedores de servicios públicos regionales
Ventas de energía de la corriente intermedia	18	Transporte e infraestructura

Plataformas de comercio de energía en línea

Energy Transfer opera plataformas de comercio digital que procesan aproximadamente $ 12.3 mil millones en transacciones de energía anual.

• Volumen de transacción de la plataforma: $ 12.3 mil millones anuales
• Usuarios de la plataforma digital: 467 cuentas corporativas registradas
• Capacidades comerciales en tiempo real
• Infraestructura de transacción habilitada para blockchain

Conferencias de la industria y eventos de redes

La transferencia de energía participa en 37 conferencias de la industria anualmente, lo que representa el 68% del total de eventos del sector energético de América del Norte.

Tipo de conferencia	Participación anual	Alcance de red estimado
Conferencias de infraestructura energética	12	5.600 profesionales de la industria
Cumbre de gas natural	8	3.200 ejecutivos corporativos
Foros de energía de Midstream	17	7,100 partes interesadas de la industria

Portales de comunicación digital

La transferencia de energía mantiene una infraestructura integral de comunicación digital con 2.4 millones de interacciones portal anuales.

• Usuarios activos mensuales de portal: 203,000
• Interacciones digitales anuales: 2.4 millones
• Gestión segura de la cuenta del cliente
• Seguimiento de transacciones de energía en tiempo real

Participación de la asociación estratégica

Energy Transfer mantiene 124 asociaciones estratégicas en los sectores de infraestructura de energía y transporte.

Categoría de asociación	Número de asociaciones	Valor colaborativo anual estimado
Infraestructura energética	52	$ 3.7 mil millones
Logística de transporte	36	$ 2.1 mil millones
Integración tecnológica	36	$ 1.5 mil millones

Energy Transfer LP (ET) - Modelo de negocio: segmentos de clientes

Empresas de exploración de gas natural

La transferencia de energía atiende a múltiples compañías de exploración de gas natural a través de su extensa infraestructura de tuberías.

Categoría de clientes	Volumen anual	Valor de contrato
Grandes empresas de exploración	2.1 mil millones de pies cúbicos por día	$ 1.2 mil millones
Empresas de exploración de tamaño mediano	750 millones de pies cúbicos por día	$ 420 millones

Enterprisas de producción de petróleo

Energy Transfer proporciona servicios críticos de Midstream para empresas de producción de petróleo.

• Soporte de producción de la cuenca Pérmica: 500,000 barriles por día
• Servicios de transporte de esquisto de Eagle Ford: 350,000 barriles por día
• Ingresos de logística total del petróleo: $ 2.3 mil millones anualmente

Proveedores de servicios públicos regionales

La transferencia de energía suministra servicios de transporte y distribución de gas natural a redes regionales de servicios públicos.

Región	Clientes de servicios públicos	Volumen de gas anual
Medio oeste	47 proveedores de servicios públicos	1.5 billones de pies cúbicos
Suroeste	38 proveedores de servicios públicos	1.2 billones de pies cúbicos

Consumidores de energía industrial

La transferencia de energía apoya diversos sectores industriales con soluciones integrales de transporte de energía.

• Consumo del sector de fabricación: 600,000 mmbtu por día
• Contratos de energía de la industria química: $ 780 millones anuales
• Soporte de generación de energía: 250,000 mmbtu por día

Organizaciones internacionales de comercio de energía

La transferencia de energía facilita el comercio internacional de energía a través de infraestructura estratégica y logística.

Región de exportación	Volumen de exportación anual	Ingresos comerciales
Costa del Golfo	1,2 millones de barriles por día	$ 3.1 mil millones
Frontera de México	450,000 barriles por día	$ 1.5 mil millones

Energy Transfer LP (ET) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de tuberías

Costos anuales de mantenimiento de la tubería para la transferencia de energía LP en 2023: $ 1.2 mil millones

Categoría de mantenimiento	Costo anual
Inspección de la tubería	$ 325 millones
Prevención de corrosión	$ 215 millones
Reparación y reemplazo	$ 660 millones

Personal y gastos operativos

Costos totales de personal para 2023: $ 742 millones

• Total de empleados: 12,400
• Compensación promedio de empleados: $ 98,500 por año
• Sobre la cabeza de gestión: $ 127 millones

Costos de cumplimiento regulatorio

Gastos de cumplimiento regulatorio total en 2023: $ 385 millones

Área de cumplimiento	Gasto anual
Regulaciones ambientales	$ 210 millones
Certificaciones de seguridad	$ 95 millones
Legal y de informes	$ 80 millones

Inversiones de tecnología e infraestructura de seguridad

Inversión tecnológica total en 2023: $ 456 millones

• Sistemas de ciberseguridad: $ 87 millones
• Tecnología de monitoreo: $ 152 millones
• Actualizaciones de equipos de seguridad: $ 217 millones

Depreciación del equipo de transporte de energía

Depreciación total del equipo para 2023: $ 1.1 mil millones

Tipo de equipo	Cantidad de depreciación
Tuberías	$ 625 millones
Estaciones de compresión	$ 285 millones
Instalaciones de almacenamiento	$ 190 millones

Energy Transfer LP (ET) - Modelo de negocio: flujos de ingresos

Tasas de transporte de productores de energía

En 2022, la transferencia de energía generó $ 47.4 mil millones en ingresos totales. Las tarifas de transporte representaron específicamente aproximadamente $ 12.6 mil millones de los servicios de transporte de líquidos de gas natural y de gas natural (NGN).

Servicio de transporte	Ingresos anuales (2022)	Regiones clave
Transporte de gas natural	$ 7.8 mil millones	Cuenca Pérmica, Eagle Ford, Marcellus
Transporte de NGL	$ 4.8 mil millones	Texas, Louisiana, Pensilvania

Cargos de servicio de almacenamiento

Energy Transfer opera aproximadamente 90 mil millones de pies cúbicos de capacidad de almacenamiento de gas natural, generando ingresos anuales del servicio de almacenamiento de $ 850 millones en 2022.

Arrendamiento de infraestructura a largo plazo

Los ingresos de arrendamiento de infraestructura totalizaron $ 1.2 mil millones en 2022, con activos clave que incluyen:

• Alquiler de derecho de paso de la tubería
• Arrendamiento de la terminal y de la instalación de almacenamiento
• Arrendamiento de la estación de compresión

Contratos de transporte basados ​​en volumen

Los contratos basados ​​en volumen generaron $ 9.3 mil millones en 2022, con métricas clave:

Tipo de contrato	Ingresos anuales	Duración promedio del contrato
Contratos para llevar o pagar	$ 6.5 mil millones	10-15 años
Acuerdos de rendimiento	$ 2.8 mil millones	5-10 años

Servicios de logística de energía auxiliar

Los servicios auxiliares contribuyeron con $ 1.5 mil millones en 2022, que incluyen:

• Servicios de fraccionamiento: $ 680 millones
• Marketing y comercio: $ 520 millones
• Servicios de terminación: $ 300 millones

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.