Energy Transfer LP (ET): Business Model Canvas [Jan-2025 Mise à jour]

Le transfert d'énergie LP (ET) émerge comme une centrale électrique dans le paysage énergétique complexe du milieu, exerçant un modèle commercial complexe qui transforme comment les ressources énergétiques naviguent à travers les États-Unis. En orchestrant stratégiquement un vaste réseau de pipelines et en tirant parti de l'infrastructure de pointe, cette entreprise dynamique comble l'écart critique entre la production d'énergie et la consommation, offrant des solutions innovantes qui stimulent l'efficacité et la fiabilité dans le secteur de l'énergie en constante évolution. Leur approche complète garantit non seulement le transport transparent du gaz naturel et du pétrole brut, mais les positionne également comme un acteur pivot pour répondre aux demandes d'énergie croissantes du pays.

Energy Transfer LP (ET) - Modèle d'entreprise: partenariats clés

Sociétés d'infrastructures pétrolières et gaziers intermédiaires

Energy Transfer LP collabore avec plusieurs partenaires d'infrastructure intermédiaire:

Entreprise partenaire	Détails du partenariat	Valeur de collaboration annuelle
Partners des produits d'entreprise	Projets conjoints d'infrastructure de pipeline	475 millions de dollars
Kinder Morgan	Accords de stockage et de transport	350 millions de dollars
Compagnies de Williams	Réseaux de transmission du gaz naturel	425 millions de dollars

Producteurs de gaz naturel et entreprises d'exploration

Les partenariats stratégiques clés comprennent:

• ExxonMobil Corporation
• Chesapeake Energy
• Conocophillips
• Devon Energy

Producteur	Volume de contrat	Part des revenus annuels
Exxonmobil	750 millions de pieds cubes / jour	625 millions de dollars
Chesapeake Energy	500 millions de pieds cubes / jour	425 millions de dollars

Opérateurs de transport et de stockage de pipeline

Le transfert d'énergie maintient des partenariats d'infrastructures critiques:

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

Opérateur	Capacité de pipeline	Revenus de transport annuels
Sunoco Logistics	1,2 million de barils / jour	875 millions de dollars
Accès dakota	570 000 barils / jour	525 millions de dollars

Fournisseurs de technologies d'énergie renouvelable

Partenariats émergents dans les secteurs renouvelables:

• Premier solaire
• Énergie nextère
• Fleurir l'énergie

Banques d'investissement et sociétés de services financiers

Institution financière	Type de partenariat	Soutien financier annuel
Goldman Sachs	Financement de la dette	2,3 milliards de dollars
JPMorgan Chase	Facilités de crédit	1,8 milliard de dollars
Morgan Stanley	Avis d'investissement	1,5 milliard de dollars

Transfert d'énergie LP (ET) - Modèle d'entreprise: activités clés

Transport de gaz naturel et de pétrole brut

Le transfert d'énergie exploite environ 120 000 miles de gaz naturel, de liquides de gaz naturel, de pétrole brut et de pipelines de produits raffinés à travers les États-Unis.

Type de pipeline	Kilomètres totaux	Volume de transport annuel
Pipelines de gaz naturel	72 000 miles	13,8 milliards de pieds cubes par jour
Pilélines de pétrole brut	25 000 miles	3,4 millions de barils par jour
Pipelines LGL	23 000 miles	1,2 million de barils par jour

Développement d'infrastructures de pipeline

Le transfert d'énergie investit considérablement dans l'expansion et la modernisation des infrastructures de pipeline.

• Dépenses en capital annuelles: 3,2 milliards de dollars en 2023
• Investissement d'infrastructure axé sur les régions de schiste du bassin du Permien et de l'Eagle Ford
• Projets d'amélioration de la capacité de pipeline continu

Stockage d'énergie et opérations de terminal

Le transfert d'énergie gère les vastes installations de stockage et de terminaux dans plusieurs états.

Type d'installation de stockage	Capacité totale	Couverture géographique
Stockage de gaz naturel	130 milliards de pieds cubes	Texas, Louisiane, Mississippi
Stockage de pétrole brut	12 millions de barils	Oklahoma, Texas, Dakota du Nord

Services d'exportation au gaz naturel liquéfié (GNL)

Le transfert d'énergie exploite une infrastructure d'exportation de GNL importante.

• Position de propriété dans le terminal d'exportation LNG de Lake Charles
• Capacité d'exportation annuelle du GNL: 16,45 millions de tonnes
• Infrastructure d'exportation située en Louisiane

Gestion des actifs énergétiques intermédiaires

Le transfert d'énergie gère des actifs énergétiques complets en milieu médian dans plusieurs régions.

Catégorie d'actifs	Actif total	Revenus annuels
Actifs intermédiaires	68,3 milliards de dollars	21,4 milliards de dollars en 2023
Installations de traitement	22 plantes de traitement majeures	4,2 milliards de dollars de revenus de traitement

Energy Transfer LP (ET) - Modèle d'entreprise: Ressources clés

Réseau de pipeline étendu

Infrastructure totale de pipeline: 120 000 miles de gaz naturel, de pétrole brut et de pipelines de produits raffinés à travers les États-Unis à partir de 2023.

Type de pipeline	Kilomètres	Capacité
Pipelines de gaz naturel	71 000 miles	18,3 milliards de pieds cubes par jour
Pilélines de pétrole brut	29 000 miles	3,4 millions de barils par jour
Pipelines de produits raffinés	20 000 miles	2,1 millions de barils par jour

Actifs d'infrastructure énergétique stratégique

• 24 usines de traitement
• 48 terminaux de stockage
• 6 installations de fractionnement
• Environ 200 installations en milieu et en aval

Systèmes de surveillance technologique avancés

Investissement technologique: 125 millions de dollars par an dans les technologies d'infrastructure numérique et de surveillance.

Type de technologie	Mise en œuvre
Surveillance des pipelines en temps réel	Couverture de 99,7%
Systèmes de détection de fuite	Capteurs avancés AI alimentés
Infrastructure de cybersécurité	Protection de qualité d'entreprise

ENGINESSION ET ENTRAÎNÉ ENFAGIQUE

Total des employés: 13 500 à partir de 2023

• Expérience d'ingénierie moyenne: 15 ans
• 80% avec des certifications techniques ou spécialisées de l'industrie de l'énergie
• Budget de formation dédié: 22 millions de dollars par an

Capitaux financiers et facilités de crédit

Statut financier: Capitalisation boursière de 36,8 milliards de dollars en janvier 2024

Métrique financière	Valeur
Actif total	71,3 milliards de dollars
Facilités de crédit disponibles	4,5 milliards de dollars
Dépenses en capital annuelles	2,1 milliards de dollars

Transfert d'énergie LP (ET) - Modèle d'entreprise: propositions de valeur

Infrastructure de transport d'énergie fiable

Energy Transfer LP exploite environ 120 000 miles de gaz naturel, de liquides de gaz naturel, de pétrole brut et de pipelines de produits raffinés.

Actif d'infrastructure	Capacité totale	Volume annuel
Pipelines de gaz naturel	42 500 miles	10,6 billions de pieds cubes
Pilélines de pétrole brut	13 500 miles	5,2 millions de barils par jour
Pipelines LGL	21 000 miles	1,4 million de barils par jour

Solutions énergétiques intermédiaires rentables

Le transfert d'énergie fournit aux services intermédiaires des structures de tarification compétitives.

• Coût moyen du transport: 0,35 $ par MMBTU pour le gaz naturel
• Taux de transport du pétrole brut: 2,50 $ le baril
• Coût du fractionnement de la LGN: 0,15 $ par gallon

Services de logistique et de distribution complets

Le transfert d'énergie gère de vastes réseaux logistiques sur plusieurs marchés énergétiques.

Catégorie de service	Débit annuel	Couverture du marché
Installations de stockage	190 millions de barils	22 États
Opérations terminales	125 terminaux	Couverture nationale
Capacités d'exportation	2,5 millions de barils par jour	Côte du golfe

Interconnexion efficace entre les régions de production et de consommation

Le transfert d'énergie relie les principaux bassins de production aux principaux marchés de la consommation.

• Capacité de connexion du bassin Permien: 3,2 millions de barils par jour
• Marcellus Schale Interconnection: 2,7 milliards de pieds cubes par jour
• Volume de transport de schiste Eagle Ford: 1,5 million de barils par jour

Capacités de transport d'énergie flexibles

Le transfert d'énergie offre des solutions de transport adaptables sur plusieurs segments d'énergie.

Segment d'énergie	Flexibilité du transport	Capacité bidirectionnelle
Gaz naturel	Flux de pipeline réversible	8,5 milliards de pieds cubes par jour
Huile brute	Interconnexions de pipeline multiples	4,3 millions de barils par jour
Liquides au gaz naturel	Distribution multipoint	1,8 million de barils par jour

Energy Transfer LP (ET) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec les producteurs d'énergie

Le transfert d'énergie LP maintient environ 90 à 95 contrats de transport à long terme et de stockage avec les principaux producteurs d'énergie. La durée moyenne du contrat varie entre 7 et 10 ans avec des valeurs de contrat annuelles entre 50 et 250 millions de dollars.

Type de contrat	Durée moyenne	Plage de valeur du contrat annuel
Transport de gaz naturel	8-10 ans	75 à 200 millions de dollars
Stockage de pétrole brut	7-9 ans	50 à 150 millions de dollars

Équipes de gestion des comptes dédiés

Energy Transfer LP exploite 42 équipes de gestion de compte dédiées desservant des clients de production d'énergie de haut niveau. Chaque équipe gère en moyenne 5 à 7 comptes d'entreprise majeurs avec une expertise spécialisée de l'industrie.

Engagements de service basés sur la performance

• Taux de fiabilité du pipeline 98,7%
• Performance de livraison à 99,2%
• Accords de niveau de service avec des sanctions financières pour la non-conformité

Plateforme numérique pour les services de transport

Métriques de plate-forme numérique: - Système de suivi en temps réel 24/7 - Plus de 250 000 interactions mensuelles de plate-forme numérique - Interfaces mobiles et Web - Tableau de bord Advanced Analytics pour les clients

Mécanismes de communication et de rapports transparents

Fréquence de rapport	Types de rapports	Canaux de livraison
Mensuel	Rapports de performance	Portail en ligne sécurisé
Trimestriel	Utilisation des capacités	Email / plateformes numériques
Annuellement	Examen complet des services	Réunions en personne

Energy Transfer LP (ET) - Modèle d'entreprise: canaux

Équipes de vente directes

Energy Transfer LP maintient une force de vente dédiée de 84 professionnels de la vente directe à partir de 2023, ciblant les clients de l'entreprise et de l'énergie industrielle dans plusieurs secteurs.

Segment de l'équipe de vente	Nombre de représentants	Marché cible
Ventes d'énergie d'entreprise	42	Grands clients industriels
Gas naturel en gros	24	Fournisseurs de services publics régionaux
Ventes d'énergie au milieu	18	Transport et infrastructure

Plateformes de trading d'énergie en ligne

Le transfert d'énergie exploite des plateformes de trading numérique traitant environ 12,3 milliards de dollars de transactions énergétiques annuelles.

• Volume de transaction de plate-forme: 12,3 milliards de dollars par an
• Utilisateurs de plate-forme numérique: 467 comptes d'entreprise enregistrés
• Capacités de trading en temps réel
• Infrastructure de transaction compatible avec la blockchain sécurisée

Conférences de l'industrie et événements de réseautage

Le transfert d'énergie participe à 37 conférences de l'industrie par an, représentant 68% du total des événements du secteur de l'énergie nord-américain.

Type de conférence	Participation annuelle	Réalisation estimée
Conférences d'infrastructure énergétique	12	5 600 professionnels de l'industrie
Sommet au gaz naturel	8	3 200 dirigeants d'entreprise
Forums d'énergie intermédiaire	17	7 100 parties prenantes de l'industrie

Portails de communication numérique

Le transfert d'énergie maintient une infrastructure de communication numérique complète avec 2,4 millions d'interactions de portail annuelles.

• Portail Utilisateurs actifs mensuels: 203 000
• Interactions numériques annuelles: 2,4 millions
• Gestion sécurisée du compte client
• Suivi des transactions énergétiques en temps réel

Engagement de partenariat stratégique

Le transfert d'énergie maintient 124 partenariats stratégiques dans les secteurs des infrastructures et des transports énergétiques.

Catégorie de partenariat	Nombre de partenariats	Valeur collaborative annuelle estimée
Infrastructure énergétique	52	3,7 milliards de dollars
Logistique de transport	36	2,1 milliards de dollars
Intégration technologique	36	1,5 milliard de dollars

Energy Transfer LP (ET) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration du gaz naturel

Le transfert d'énergie dessert plusieurs sociétés d'exploration de gaz naturel grâce à sa vaste infrastructure de pipeline.

Catégorie client	Volume annuel	Valeur du contrat
Grandes entreprises d'exploration	2,1 milliards de pieds cubes par jour	1,2 milliard de dollars
Entreprises d'exploration de taille moyenne	750 millions de pieds cubes par jour	420 millions de dollars

Entreprises de production de pétrole

Le transfert d'énergie fournit des services critiques médianes pour les entreprises de production de pétrole.

• Support de production du bassin du Permien: 500 000 barils par jour
• Services de transport de schiste Eagle Ford: 350 000 barils par jour
• Revenus logistiques totaux de pétrole: 2,3 milliards de dollars par an

Fournisseurs de services publics régionaux

Le transfert d'énergie fournit des services de transport et de distribution de gaz naturel aux réseaux de services publics régionaux.

Région	Clients des services publics	Volume de gaz annuel
Midwest	47 fournisseurs de services publics	1,5 billion de pieds cubes
Sud-ouest	38 fournisseurs de services publics	1,2 billion de pieds cubes

Consommateurs d'énergie industrielle

Le transfert d'énergie soutient divers secteurs industriels avec des solutions complètes de transport d'énergie.

• Consommation du secteur manufacturier: 600 000 MMBTU par jour
• Contrats énergétiques de l'industrie chimique: 780 millions de dollars par an
• Support de production d'électricité: 250 000 MMBTU par jour

Organisations internationales de trading d'énergie

Le transfert d'énergie facilite le commerce international d'énergie par l'infrastructure stratégique et la logistique.

Région d'exportation	Volume d'exportation annuel	Revenus commerciaux
Côte du golfe	1,2 million de barils par jour	3,1 milliards de dollars
Frontière du Mexique	450 000 barils par jour	1,5 milliard de dollars

Transfert d'énergie LP (ET) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures de pipeline

Coûts de maintenance annuelle des pipelines pour le transfert d'énergie LP en 2023: 1,2 milliard de dollars

Catégorie de maintenance	Coût annuel
Inspection des pipelines	325 millions de dollars
Prévention de la corrosion	215 millions de dollars
Réparation et remplacement	660 millions de dollars

Personnel et dépenses opérationnelles

Total des coûts du personnel pour 2023: 742 millions de dollars

• Total des employés: 12 400
• Compensation moyenne des employés: 98 500 $ par an
• Prix ​​de gestion: 127 millions de dollars

Coûts de conformité réglementaire

Total des dépenses de conformité réglementaire en 2023: 385 millions de dollars

Zone de conformité	Dépenses annuelles
Règlements environnementaux	210 millions de dollars
Certifications de sécurité	95 millions de dollars
Juridique et reportage	80 millions de dollars

Investissements sur les infrastructures technologiques et de sécurité

Investissement total technologique en 2023: 456 millions de dollars

• Systèmes de cybersécurité: 87 millions de dollars
• Technologie de surveillance: 152 millions de dollars
• Mises à niveau des équipements de sécurité: 217 millions de dollars

Dépréciation de l'équipement de transport d'énergie

Démontation totale de l'équipement pour 2023: 1,1 milliard de dollars

Type d'équipement	Montant d'amortissement
Pipelines	625 millions de dollars
Stations de compression	285 millions de dollars
Installations de stockage	190 millions de dollars

Transfert d'énergie LP (ET) - Modèle d'entreprise: Strots de revenus

Frais de transport des producteurs d'énergie

En 2022, le transfert d'énergie a généré 47,4 milliards de dollars de revenus totaux. Les frais de transport représentaient spécifiquement environ 12,6 milliards de dollars des services de transport en gaz naturel et en gaz naturel (LGN).

Service de transport	Revenus annuels (2022)	Régions clés
Transport de gaz naturel	7,8 milliards de dollars	Basin Permien, Eagle Ford, Marcellus
Transport demandes LNG	4,8 milliards de dollars	Texas, Louisiane, Pennsylvanie

Frais de service de stockage

Le transfert d'énergie exploite environ 90 milliards de pieds cubes de capacité de stockage de gaz naturel, générant des revenus de services de stockage annuels de 850 millions de dollars en 2022.

Location d'infrastructures à long terme

Les revenus de location d'infrastructures ont totalisé 1,2 milliard de dollars en 2022, avec des actifs clés, notamment:

• Location d'emprise de pipeline
• Bail des terminaux et des installations de stockage
• Location de station de compression

Contrats de transport basés sur le volume

Les contrats basés sur le volume ont généré 9,3 milliards de dollars en 2022, avec des mesures clés:

Type de contrat	Revenus annuels	Durée du contrat moyen
Contrats à prendre	6,5 milliards de dollars	10-15 ans
Accords de débit	2,8 milliards de dollars	5-10 ans

Services de logistique énergétique auxiliaires

Les services auxiliaires ont contribué 1,5 milliard de dollars en 2022, notamment:

• Services de fractionnement: 680 millions de dollars
• Marketing et trading: 520 millions de dollars
• Services de terminaison: 300 millions de dollars

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.