Energy Transfer LP (ET): Modelo de negócios Canvas [Jan-2025 Atualizado]

O LP de transferência de energia (ET) emerge como uma potência no cenário complexo de energia do meio da corrente, empunhando um intrincado modelo de negócios que transforma como os recursos energéticos navegam pelos Estados Unidos. Ao orquestrar estrategicamente uma vasta rede de oleodutos e alavancar a infraestrutura de ponta, essa empresa dinâmica preenche a lacuna crítica entre produção e consumo de energia, oferecendo soluções inovadoras que impulsionam a eficiência e a confiabilidade no setor de energia em constante evolução. Sua abordagem abrangente não apenas garante o transporte contínuo de gás natural e petróleo bruto, mas também os posiciona como um jogador fundamental para atender às crescentes demandas de energia do país.

Energy Transfer LP (ET) - Modelo de Negócios: Principais Parcerias

Empresas de infraestrutura de petróleo e gás médios

A Energy Transfer LP colabora com vários parceiros de infraestrutura intermediária:

Empresa parceira	Detalhes da parceria	Valor anual de colaboração
Enterprise Products Partners	Projetos conjuntos de infraestrutura de pipeline	US $ 475 milhões
Morgan mais gentil	Acordos de armazenamento e transporte	US $ 350 milhões
Empresas de Williams	Redes de transmissão de gás natural	US $ 425 milhões

Produtores de gás natural e empresas de exploração

As principais parcerias estratégicas incluem:

• ExxonMobil Corporation
• Chesapeake Energy
• ConocoPhillips
• Devon Energy

Produtor	Volume de contrato	Participação anual da receita
ExxonMobil	750 milhões de pés cúbicos/dia	US $ 625 milhões
Chesapeake Energy	500 milhões de pés cúbicos/dia	US $ 425 milhões

Operadores de transporte e armazenamento de pipeline

A transferência de energia mantém parcerias críticas de infraestrutura:

• Sunoco Logistics Partners
• Empresa de oleodutos de acesso Dakota
• Rover Pipeline LLC

Operador	Capacidade de pipeline	Receita anual de transporte
Sunoco Logistics	1,2 milhão de barris/dia	US $ 875 milhões
Acesso Dakota	570.000 barris/dia	US $ 525 milhões

Provedores de tecnologia de energia renovável

Parcerias emergentes em setores renováveis:

• Primeiro solar
• Energia Nextera
• Energia de flores

Bancos de investimento e empresas de serviços financeiros

Instituição financeira	Tipo de parceria	Apoio financeiro anual
Goldman Sachs	Financiamento da dívida	US $ 2,3 bilhões
JPMorgan Chase	Linhas de crédito	US $ 1,8 bilhão
Morgan Stanley	Aviso de investimento	US $ 1,5 bilhão

Energy Transfer LP (ET) - Modelo de negócios: Atividades -chave

Transporte de gás natural e petróleo bruto

A transferência de energia opera aproximadamente 120.000 milhas de gás natural, líquidos de gás natural, petróleo bruto e oleodutos de produtos refinados nos Estados Unidos.

Tipo de pipeline	Miles totais	Volume anual de transporte
Oleodutos de gás natural	72.000 milhas	13,8 bilhões de pés cúbicos por dia
Oleodutos de petróleo bruto	25.000 milhas	3,4 milhões de barris por dia
Pipelines da NGL	23.000 milhas	1,2 milhão de barris por dia

Desenvolvimento de infraestrutura de pipeline

A transferência de energia investe significativamente na expansão e modernização da infraestrutura de pipeline.

• Despesas com capital anual: US $ 3,2 bilhões em 2023
• Investimento de infraestrutura focado na bacia do Permiano e nas regiões de xisto Ford Eagle
• Projetos contínuos de aprimoramento da capacidade de pipeline

Operações de armazenamento de energia e terminais

A transferência de energia gerencia instalações extensas de armazenamento e terminais em vários estados.

Tipo de instalação de armazenamento	Capacidade total	Cobertura geográfica
Armazenamento de gás natural	130 bilhões de pés cúbicos	Texas, Louisiana, Mississippi
Armazenamento de petróleo bruto	12 milhões de barris	Oklahoma, Texas, Dakota do Norte

Serviços de exportação de gás natural liquefeito (GNL)

A transferência de energia opera infraestrutura significativa de exportação de GNL.

• A participação de propriedade no terminal de exportação do Lago Charles LNG
• Capacidade anual de exportação de GNL: 16,45 milhões de toneladas
• Infraestrutura de exportação localizada na Louisiana

Gerenciamento de ativos de energia média

A transferência de energia gerencia ativos abrangentes de energia intermediária em várias regiões.

Categoria de ativos	Total de ativos	Receita anual
Ativos médios	US $ 68,3 bilhões	US $ 21,4 bilhões em 2023
Instalações de processamento	22 grandes plantas de processamento	Receita de processamento de US $ 4,2 bilhões

Energy Transfer LP (ET) - Modelo de negócios: Recursos -chave

Extensa rede de pipeline

Infraestrutura total do pipeline: 120.000 milhas de gás natural, petróleo bruto e oleodutos de produtos refinados nos Estados Unidos a partir de 2023.

Tipo de pipeline	Milhas	Capacidade
Oleodutos de gás natural	71.000 milhas	18,3 bilhões de pés cúbicos por dia
Oleodutos de petróleo bruto	29.000 milhas	3,4 milhões de barris por dia
Oleodutos de produtos refinados	20.000 milhas	2,1 milhões de barris por dia

Ativos de infraestrutura de energia estratégica

• 24 plantas de processamento
• 48 terminais de armazenamento
• 6 instalações de fracionamento
• Aproximadamente 200 instalações médias e a jusante

Sistemas avançados de monitoramento tecnológico

Investimento em tecnologia: US $ 125 milhões anualmente em tecnologias de infraestrutura e monitoramento digitais.

Tipo de tecnologia	Implementação
Monitoramento de pipeline em tempo real	99,7% de cobertura
Sistemas de detecção de vazamentos	Sensores avançados de IA
Infraestrutura de segurança cibernética	Proteção de grau de empresa

Força de trabalho de engenharia e operações qualificadas

Total de funcionários: 13.500 a partir de 2023

• Experiência média de engenharia: 15 anos
• 80% com certificações técnicas ou especializadas do setor de energia
• Orçamento de treinamento dedicado: US $ 22 milhões anualmente

Capital financeiro e linhas de crédito

Posição financeira: Capitalização de mercado de US $ 36,8 bilhões em janeiro de 2024

Métrica financeira	Valor
Total de ativos	US $ 71,3 bilhões
Linhas de crédito disponíveis	US $ 4,5 bilhões
Gastos anuais de capital	US $ 2,1 bilhões

Energy Transfer LP (ET) - Modelo de Negócios: Proposições de Valor

Infraestrutura de transporte energético confiável

A LP de transferência de energia opera aproximadamente 120.000 milhas de gás natural, líquidos de gás natural, petróleo bruto e oleodutos de produtos refinados.

Ativo de infraestrutura	Capacidade total	Volume anual
Oleodutos de gás natural	42.500 milhas	10,6 trilhões de pés cúbicos
Oleodutos de petróleo bruto	13.500 milhas	5,2 milhões de barris por dia
Pipelines da NGL	21.000 milhas	1,4 milhão de barris por dia

Soluções de energia com alta eficiência de meio-fluxo

A transferência de energia fornece serviços intermediários com estruturas de preços competitivas.

• Custo médio de transporte: US $ 0,35 por MMBTU para gás natural
• Taxa de transporte de petróleo bruto: US $ 2,50 por barril
• Custo de fracionamento da NGL: US $ 0,15 por galão

Serviços abrangentes de logística e distribuição

A transferência de energia gerencia extensas redes de logística em vários mercados de energia.

Categoria de serviço	Taxa de transferência anual	Cobertura de mercado
Instalações de armazenamento	190 milhões de barris	22 estados
Operações de terminal	125 terminais	Cobertura nacional
Capacidades de exportação	2,5 milhões de barris por dia	Costa do Golfo

Interconexão eficiente entre regiões de produção e consumo

A transferência de energia conecta as principais bacias de produção aos principais mercados de consumo.

• Capacidade de conexão da bacia do Permiano: 3,2 milhões de barris por dia
• Interconexão de xisto de Marcellus: 2,7 bilhões de pés cúbicos por dia
• Volume de transporte de xisto de Eagle Ford: 1,5 milhão de barris por dia

Capacidades flexíveis de transporte de energia

A transferência de energia oferece soluções de transporte adaptáveis ​​em vários segmentos de energia.

Segmento de energia	Flexibilidade de transporte	Capacidade bidirecional
Gás natural	Fluxo de pipeline reversível	8,5 bilhões de pés cúbicos por dia
Petróleo bruto	Múltiplas interconexões de pipeline	4,3 milhões de barris por dia
Líquidos de gás natural	Distribuição multiponto	1,8 milhão de barris por dia

Energy Transfer LP (ET) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo com produtores de energia

A Energy Transfer LP mantém aproximadamente 90 a 95 contratos de transporte e armazenamento de longo prazo com os principais produtores de energia. A duração média do contrato varia entre 7 e 10 anos, com valores anuais de contrato entre US $ 50 milhões e US $ 250 milhões.

Tipo de contrato	Duração média	Faixa de valor de contrato anual
Transporte de gás natural	8-10 anos	US $ 75-200 milhões
Armazenamento de petróleo bruto	7-9 anos	US $ 50-150 milhões

Equipes de gerenciamento de contas dedicadas

A Energy Transfer LP opera 42 equipes de gerenciamento de contas dedicadas que atendem aos clientes de produção de energia de primeira linha. Cada equipe gerencia uma média de 5 a 7 grandes contas corporativas com experiência especializada no setor.

Compromissos de serviço baseados em desempenho

• 98,7% Taxa de confiabilidade do pipeline
• 99,2% de desempenho de entrega no tempo
• Acordos de nível de serviço com multas financeiras por não conformidade

Plataforma digital para serviços de transporte

Métricas de plataforma digital: - Sistema de rastreamento em tempo real 24/7 - Mais de 250.000 interações mensais da plataforma digital - interfaces móveis e baseadas na Web - Painel de análise avançada para clientes

Mecanismos de comunicação e relatório transparentes

Frequência de relatório	Tipos de relatório	Canais de entrega
Mensal	Relatórios de desempenho	Portal online seguro
Trimestral	Utilização da capacidade	Plataformas de email/digital
Anualmente	Revisão abrangente de serviço	Reuniões pessoais

Energy Transfer LP (ET) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Energy Transfer LP mantém uma força de vendas dedicada de 84 profissionais de vendas diretas a partir de 2023, direcionando os clientes de energia e energia industrial em vários setores.

Segmento da equipe de vendas	Número de representantes	Mercado -alvo
Enterprise Energy Sales	42	Grandes clientes industriais
Atacado de gás natural	24	Provedores de serviços públicos regionais
Vendas de energia no meio do meio	18	Transporte e infraestrutura

Plataformas de negociação de energia online

A transferência de energia opera plataformas de negociação digital processando aproximadamente US $ 12,3 bilhões em transações anuais de energia.

• Volume da transação da plataforma: US $ 12,3 bilhões anualmente
• Usuários da plataforma digital: 467 contas corporativas registradas
• Capacidades de negociação em tempo real
• Infraestrutura de transação habilitada para blockchain segura

Conferências do setor e eventos de rede

A transferência de energia participa de 37 conferências do setor anualmente, representando 68% do total de eventos do setor de energia norte -americano.

Tipo de conferência	Participação anual	Alcance estimado em rede
Conferências de infraestrutura de energia	12	5.600 profissionais do setor
Cúpula de gás natural	8	3.200 executivos corporativos
Fóruns de energia média	17	7.100 partes interessadas do setor

Portais de comunicação digital

A transferência de energia mantém uma infraestrutura abrangente de comunicação digital com 2,4 milhões de interações anuais do portal.

• Usuários ativos mensais do portal: 203.000
• Interações digitais anuais: 2,4 milhões
• Gerenciamento de conta de cliente seguro
• Rastreamento de transações de energia em tempo real

Engajamento da parceria estratégica

A transferência de energia mantém 124 parcerias estratégicas nos setores de infraestrutura e transporte de energia.

Categoria de parceria	Número de parcerias	Valor colaborativo anual estimado
Infraestrutura energética	52	US $ 3,7 bilhões
Logística de transporte	36	US $ 2,1 bilhões
Integração de tecnologia	36	US $ 1,5 bilhão

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

Empresas de exploração de gás natural

A transferência de energia serve várias empresas de exploração de gás natural por meio de sua extensa infraestrutura de pipeline.

Categoria de cliente	Volume anual	Valor do contrato
Principais empresas de exploração	2,1 bilhões de pés cúbicos por dia	US $ 1,2 bilhão
Empresas de exploração de tamanho médio	750 milhões de pés cúbicos por dia	US $ 420 milhões

Empresas de produção de petróleo

A transferência de energia fornece serviços críticos no meio da corrente para as empresas de produção de petróleo.

• Suporte à produção da bacia do Permiano: 500.000 barris por dia
• Serviços de transporte de xisto da Eagle Ford: 350.000 barris por dia
• Receita total de logística de petróleo: US $ 2,3 bilhões anualmente

Provedores de serviços públicos regionais

A transferência de energia fornece serviços de transporte e distribuição de gás natural para redes de serviços públicos regionais.

Região	Clientes de serviços públicos	Volume anual de gás
Centro -Oeste	47 provedores de serviços públicos	1,5 trilhão de pés cúbicos
Sudoeste	38 provedores de serviços públicos	1,2 trilhão de pés cúbicos

Consumidores de energia industrial

A transferência de energia suporta diversos setores industriais com soluções abrangentes de transporte de energia.

• Consumo do setor manufatureiro: 600.000 mmbtu por dia
• Contratos de energia da indústria química: US $ 780 milhões anualmente
• Suporte de geração de energia: 250.000 mmbtu por dia

Organizações Internacionais de Comércio de Energia

A transferência de energia facilita a negociação internacional de energia por meio de infraestrutura estratégica e logística.

Região de exportação	Volume anual de exportação	Receita de negociação
Costa do Golfo	1,2 milhão de barris por dia	US $ 3,1 bilhões
Fronteira do México	450.000 barris por dia	US $ 1,5 bilhão

LP de transferência de energia (ET) - Modelo de negócios: estrutura de custos

Manutenção da infraestrutura de pipeline

Custos anuais de manutenção de dutos para LP de transferência de energia em 2023: US $ 1,2 bilhão

Categoria de manutenção	Custo anual
Inspeção de pipeline	US $ 325 milhões
Prevenção de corrosão	US $ 215 milhões
Reparo e substituição	US $ 660 milhões

Pessoal e despesas operacionais

Total de custos de pessoal para 2023: US $ 742 milhões

• Total de funcionários: 12.400
• Compensação média dos funcionários: US $ 98.500 por ano
• Organização da gerência: US $ 127 milhões

Custos de conformidade regulatória

Despesas totais de conformidade regulatória em 2023: US $ 385 milhões

Área de conformidade	Despesas anuais
Regulamentos ambientais	US $ 210 milhões
Certificações de segurança	US $ 95 milhões
Legal e relatórios	US $ 80 milhões

Investimentos de infraestrutura de tecnologia e segurança

Investimento de tecnologia total em 2023: US $ 456 milhões

• Sistemas de segurança cibernética: US $ 87 milhões
• Tecnologia de monitoramento: US $ 152 milhões
• Atualizações de equipamentos de segurança: US $ 217 milhões

Depreciação de equipamentos de transporte energético

Depreciação total do equipamento para 2023: US $ 1,1 bilhão

Tipo de equipamento	Valor de depreciação
Pipelines	US $ 625 milhões
Estações de compressão	US $ 285 milhões
Instalações de armazenamento	US $ 190 milhões

Energy Transfer LP (ET) - Modelo de negócios: fluxos de receita

Taxas de transporte de produtores de energia

Em 2022, a transferência de energia gerou US $ 47,4 bilhões em receitas totais. As taxas de transporte representavam especificamente aproximadamente US $ 12,6 bilhões de serviços de transporte de gás natural e gás natural (NGL).

Serviço de transporte	Receita anual (2022)	Regiões -chave
Transporte de gás natural	US $ 7,8 bilhões	Bacia do Permiano, Eagle Ford, Marcellus
Transporte NGL	US $ 4,8 bilhões	Texas, Louisiana, Pensilvânia

Cobranças de serviço de armazenamento

A transferência de energia opera aproximadamente 90 bilhões de pés cúbicos de capacidade de armazenamento de gás natural, gerando receitas anuais de serviço de armazenamento de US $ 850 milhões em 2022.

Leasing de infraestrutura de longo prazo

As receitas de leasing de infraestrutura totalizaram US $ 1,2 bilhão em 2022, com os principais ativos, incluindo:

• Leasing de passagem de oleoduto
• Locação de instalações de terminal e armazenamento
• Leasing da estação de compressão

Contratos de transporte baseados em volume

Os contratos baseados em volume geraram US $ 9,3 bilhões em 2022, com as principais métricas:

Tipo de contrato	Receita anual	Duração média do contrato
Contratos de levar ou pagamento	US $ 6,5 bilhões	10-15 anos
Acordos de taxa de transferência	US $ 2,8 bilhões	5-10 anos

Serviços de logística de energia auxiliares

Os serviços auxiliares contribuíram com US $ 1,5 bilhão em 2022, incluindo:

• Serviços de fracionamento: US $ 680 milhões
• Marketing e negociação: US $ 520 milhões
• Serviços de terminação: US $ 300 milhões

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.