ET: Customer Demand Driving NGL Export Capacity Expansion at Nederland

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ET: Customer Demand Driving NGL Export Capacity Expansion at Nederland

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Elvira Scotto, CFA (Analyst)

Chris Goehring (AVP)

June 18, 2026

Energy Transfer LP

Customer Demand Driving NGL Export Capacity Expansion at Nederland

NYSE: ET | USD 18.75 | Outperform | Price Target USD 21.00

Sentiment: Positive

Net takeaway: ET announced an expansion of its NGL export capacity at the Nederland NGL Export Terminal in response to

customer demand. Importantly, the ethane capacity expansion is fully supported by long-term commitments that extend into the

2040s. We view the expansion underpinned by long-term contracts positively for ET as we think it demonstrates the continued

demand from customers looking to secure reliable US volumes. Additionally, we view it as a positive read-through for others from

our coverage such as EPD and TRGP with NGL export operations.

Nederland expansion project details: ET announced increased capacity at its Nederland NGL Export Terminal for ethane by 240

mbpd and additional LPG capacity by 55 mbpd. ET will also expand its NGL pipeline capacity from Mont Belvieu to Nederland to

support the additional refrigeration capacity (previously announced propane and butane storage capacity coming online 1H27)

and construct two incremental NGL ship docks. ET expects the expansion project to be placed into services in phases starting in

2028. Including the Marcus Hook capacity expansion in mid-2027, ET’s total NGL export capacity will be ~1.7 MMbpd.

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: Jun 18, 2026 12:00EDT; Produced: Jun 18, 2026 12:00EDT

For Required Conflicts Disclosures, see page 2