Energy Transfer LP J.P. Morgan Natural Resources Conference Takeaways

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Energy Transfer LP J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

25 June 2026

Correction (first published 23 June 2026) (See disclosures for details)

Energy Transfer LP Overweight

ET, ET US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$19.22

Head of North America Power,

Tom Long (CEO), Dylan Bramhall (CFO), and Adam Arthur (EVP) from Energy Utilities, Midstream, LNG, and

Nuclear

Transfer presented today at the J.P. Morgan Natural Resources Conference. Please

see below for some quick takeaways. Jeremy Tonet, CFA AC

(1-212) 622-4915

Net Takeaway: On the topic of positive Waha prices, ET noted elevated heat jeremy.b.tonet@jpmorgan.com

feeding into supply disruptions, coupled with GCX online and Hugh Brinson Vrathan Reddy

appearing to take an intermittent 0.6bcf/d during this stage of commmission. (1-212) 622-4692

vrathan.reddy@jpmchase.com

Management appeared confident in landing at or above the high end of the$18.20-

Eli Jossen, CFA

$18.60bn 2026 adj EBITDA guide. Separately, while maintaining a focus on

(1-212) 622-4113

discipline, ET noted focused evaluation of M&A targets, particularly where the eli.jossen@jpmchase.com

target lacks ET’s full value chain capabilities. Overall, robust natgas and NGL Francina Kolluri

fundamentals fuel a multi-year, higher-growth phase for ET, with the partnership’s (1-212) 270-5796

expansive footprint lending itself an “industry leading” organic opportunity set. As francina.kolluri@jpmchase.com

such, management sees capex above the $2.5-3.5bn long-term growth capex range J.P. Morgan Securities LLC

for several years, with distribution growth near the low end of the 3-5% range to

aid internal funding. ET currently boasts a $10bn gas pipeline backlog, with