Energy Transfer LP

RESULTS OF OPERATIONS

We report Segment Adjusted EBITDA and consolidated Adjusted EBITDA as measures of segment performance. We define Segment Adjusted EBITDA and consolidated Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at LIFO. These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.

Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.

Segment Adjusted EBITDA, as reported for each segment in the following table, is analyzed for each segment in the section titled “Segment Operating Results.” Adjusted EBITDA is a non-GAAP measure used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of the Partnership’s fundamental business activities and should not be considered in isolation or as a substitution for net income, income from operations, cash flows from operating activities or other GAAP measures.

Consolidated Results

Net Income. For the three and six months ended June 30, 2024 compared to the same periods last year, net income increased $759 million and $1.00 billion, respectively, or approximately 62% and 37%, respectively. For the three and six months ended June 30, 2024 compared to the same periods last year, operating income increased $463 million and $781 million, respectively, which reflected higher segment margin from multiple segments, partially offset by increases in operating expenses, selling, general and administrative expenses, depreciation, depletion and amortization, and impairment losses; these changes are discussed in more detail below and in “Segment Operating Results.” Net income for the three and six months ended June 30, 2024 also reflected a $598 million gain on Sunoco LP’s sale of its West Texas assets. These increases in net income were partially offset by an increase in interest expense, as discussed below.

Adjusted EBITDA (consolidated). For the three and six months ended June 30, 2024 compared to the same periods last year, Adjusted EBITDA increased due to increases from multiple segments, including the impacts of higher volumes and rates, optimization gains, and increases from recently acquired assets and new assets placed into service.

Additional discussion on the changes impacting net income and Adjusted EBITDA for the three and six months ended June 30, 2024 compared to the same periods last year is available below and in “Segment Operating Results.”

Depreciation, Depletion and Amortization. Depreciation, depletion and amortization increased for the three and six months ended June 30, 2024 compared to the same periods last year primarily due to additional depreciation and amortization from assets recently placed in service and recent acquisitions.

Interest Expense, Net of Interest Capitalized. Interest expense, net of interest capitalized, increased for the three and six months ended June 30, 2024 compared to the same periods last year primarily due to higher aggregate debt balances as a result of the Crestwood acquisition and an increase in Sunoco LP’s debt, including the impact of the NuStar acquisition, as well as higher interest rates on floating rate and recently refinanced debt.

Income Tax Expense. For the three and six months ended June 30, 2024 compared to the same periods last year, income tax expense increased due to the taxable gain recognized by a corporate subsidiary of Sunoco LP on its sale of West Texas assets.

Impairment Losses. For the three and six months ended June 30, 2024, impairment losses were related to Sunoco LP’s termination of a lease in June 2024. For the three months ended June 30, 2023, impairment losses included a total of

$10 million recognized by USAC related to its compression equipment. For the six months ended June 30, 2023, impairment losses included a total of $11 million recognized by USAC related to its compression equipment.

Gain on Interest Rate Derivatives. Gains and losses on interest rate derivatives resulted from changes in forward interest rates, which caused our forward-starting swaps to change in value.

Unrealized (Gain) Loss on Commodity Risk Management Activities. The unrealized gains and losses on our commodity risk management activities include changes in fair value of commodity derivatives and the hedged inventory included in designated fair value hedging relationships. Information on the unrealized gains and losses within each segment are included in “Segment Operating Results,” and additional information on the commodity-related derivatives, including notional volumes, maturities and fair values, is available in “Item 3. Quantitative and Qualitative Disclosures About Market Risk” and in Note 12 to our consolidated financial statements included in “Item 1. Financial Statements.”

Inventory Valuation Adjustments. Inventory valuation adjustments represent changes in lower of cost or market reserves using the last-in, first-out method on Sunoco LP’s inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. For the three months ended June 30, 2024 and June 30, 2023, decreases in fuel prices caused the lower of cost or market reserves requirements to increase by $32 million and $57 million, respectively, which decreased net income. For the six months ended June 30, 2024, increases in fuel prices caused the lower of cost or market reserve requirements to decrease by $98 million, which increased net income; for the six months ended June 30, 2023, decreases in fuel prices caused the lower of cost or market reserve requirements to increase by $28 million, which decreased net income.

Loss on Extinguishment of Debt. For the three and six months ended June 30, 2024, the loss on extinguishment of debt included a $4 million loss on Energy Transfer’s redemption of its $450 million aggregate principal amount of 8.00% Senior Notes due April 2029, as well as a $2 million loss recognized by Sunoco LP. For the six months ended June 30, 2024, the loss on extinguishment of debt also included a $5 million loss related to USAC’s redemption of its $725 million aggregate principal amount of 6.875% senior notes due 2026.

Adjusted EBITDA Related to Unconsolidated Affiliatesand Equity in Earnings of Unconsolidated Affiliates. See additional information in “Supplemental Information on Unconsolidated Affiliates” and “Segment Operating Results.”

Gain on sale of West Texas Assets. The gain on sale of West Texas assets was related to the gain recognized by Sunoco LP on its sale of convenience stores to 7-Eleven Inc.

Other, net. Other, net primarily includes the amortization of regulatory assets and other income and expense amounts.

Supplemental Information on Unconsolidated Affiliates

The following table presents financial information related to unconsolidated affiliates:

(1)These amounts represent our proportionate share of the Adjusted EBITDA of our unconsolidated affiliates and are based on our equity in earnings or losses of our unconsolidated affiliates adjusted for our proportionate share of the unconsolidated affiliates’ interest, depreciation, depletion, amortization, non-cash items and taxes.

Segment Operating Results

We evaluate segment performance based on Segment Adjusted EBITDA, which we believe is an important performance measure of the core profitability of our operations. This measure represents the basis of our internal financial reporting and is one of the performance measures used by senior management in deciding how to allocate capital resources among business segments.

The following tables identify the components of Segment Adjusted EBITDA, which is calculated as follows:

•Segment margin, operating expensesand selling, general and administrative expenses. These amounts represent the amounts included in our consolidated financial statements that are attributable to each segment.

•Unrealized gains or losses on commodity risk management activities and inventory valuation adjustments. These are the unrealized amounts that are included in cost of products sold to calculate segment margin. These amounts are not included in Segment Adjusted EBITDA; therefore, the unrealized losses are added back and the unrealized gains are subtracted to calculate the segment measure.

•Non-cash compensation expense. These amounts represent the total non-cash compensation recorded in operating expenses and selling, general and administrative expenses. This expense is not included in Segment Adjusted EBITDA and therefore is added back to calculate the segment measure.

•Adjusted EBITDA related to unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates.

The following analysis of segment operating results includes a measure of segment margin. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment margin is Segment Adjusted EBITDA; a reconciliation of segment margin to Segment Adjusted EBITDA is included in the following tables for each segment where segment margin is presented.

In addition, for certain segments, the following sections include information on the components of segment margin by sales type, which components are included in order to provide additional disaggregated information to facilitate the analysis of segment margin and Segment Adjusted EBITDA. For example, these components include transportation margin, storage margin and other margin. These components of segment margin are calculated consistent with the calculation of segment margin; therefore, these components also exclude charges for depreciation, depletion and amortization.

Intrastate Transportation and Storage

Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, transported volumes decreased primarily due to decreased transportation on our Texas assets and decreased production from our Haynesville assets.

Segment Margin. The components of our intrastate transportation and storage segment margin were as follows:

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impact of the following:

•an increase of $77 million in realized natural gas sales and other primarily due to higher pipeline optimization from physical sales;

•an increase of $26 million in storage margin primarily due to the timing of both physical and financial gains;

•an increase of $13 million in transportation fees primarily due to the recovery of certain disputed fees earned in a prior period on our Texas system; and

•a decrease of $8 million in operating expenses primarily due to a change related to fuel consumption that is offset in cost of products sold in 2024.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impact of the following:

•an increase of $152 million in realized natural gas sales and other primarily due to higher pipeline optimization from physical sales and settled derivatives;

•an increase of $19 million in transportation fees primarily due to the recovery of certain disputed fees earned in a prior period on our Texas system, increased demand volumes and new contracts on our Texas system; and

•a decrease of $17 million in operating expenses due to a change related to fuel consumption that is offset in cost of goods sold in 2024; partially offset by

•a decrease of $32 million in storage margin primarily due to lower storage optimization from settled derivatives.

Interstate Transportation and Storage

Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, transported volumes increased primarily due to more capacity sold and higher utilization on our Trunkline, Panhandle and Gulf Run systems due to increased demand.

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment decreased due to the net impact of the following:

•a decrease of $32 million in segment margin primarily due to a $22 million decrease for shipper refunds related to our Panhandle rate case (this includes a negative $35 million impact to the second quarter of 2024, as compared to a negative $13 million impact to the second quarter of 2023), a $10 million decrease in operational gas sales resulting from lower prices and a $3 million decrease in parking revenue. These decreases were partially offset by a $3 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes at higher rates;

•an increase of $7 million in operating expenses primarily due to a $12 million increase in maintenance project costs, partially offset by a $2 million decrease in ad valorem taxes and a $2 million decrease in electricity costs;

•an increase of $4 million in selling, general and administrative expenses primarily due to a $2 million increase in allocated costs, a $1 million increase in professional fees and a $1 million increase in employee-related costs; and

•a decrease of $6 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to a decrease from our Midcontinent Express Pipeline joint venture as a result of lower revenue due to capacity sold at lower rates.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment decreased due to the net impact of the following:

•a decrease of $63 million in segment margin primarily due to a $29 million decrease in operational gas sales resulting from lower prices, an $18 million decrease due to the realization in the prior period of certain amounts related to a shipper bankruptcy, a $10 million decrease in parking revenue, a $2 million decrease in transportation revenue and a $4 million decrease for shipper refunds related to our Panhandle rate case (this includes a negative $35 million impact to the six months ended June 30, 2024, as compared to a negative $31 million impact to the six months ended June 30, 2023);

•an increase of $24 million in operating expenses primarily due to a $26 million increase in maintenance project costs and an aggregate $11 million increase in employee costs, outside services and transportation expense. These increases were partially offset by a $7 million decrease from the revaluation of system gas, a $4 million decrease in electricity costs and a $2 million decrease in ad valorem taxes;

•an increase of $6 million in selling, general and administrative expenses primarily due to a $3 million increase in professional fees and a $3 million increase in employee related costs; and

•a decrease of $9 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to a $15 million decrease from our Midcontinent Express Pipeline joint venture as a result of lower revenue due to capacity sold at lower rates, partially offset by a $6 million increase from our Southeast Supply Header pipeline joint venture due to increased capacity sold at higher rates.

Midstream

Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, gathered volumes decreased primarily due to lower volumes in the Ark-La-Tex, Midcontinent/Panhandle and Northeast regions, partially offset by higher Permian volumes and newly acquired assets. NGL production increased primarily due to higher processed volumes.

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impact of the following:

•an increase of $121 million primarily due to recently acquired assets and higher volumes in the Permian region;

•a decrease of $9 million in selling, general and administrative expenses primarily due to one-time expenses in the prior period; and

•an increase of $2 million in Adjusted EBITDA related to unconsolidated affiliates due to recently acquired assets; partially offset by

•an increase of $13 million in operating expenses primarily due to a $25 million increase from recently acquired assets and assets placed in service, partially offset by a $12 million decrease related to environmental reserves; and

•a decrease of $3 million due to lower natural gas prices of $31 million, partially offset by higher NGL prices of $28 million.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impact of the following:

•an increase of $205 million due to recently acquired assets and higher volumes in the Permian region;

•a decrease of $15 million in selling, general and administrative expenses due to one-time expenses in the prior period; and

•an increase of $3 million in Adjusted EBITDA related to unconsolidated affiliates due to recently acquired assets; partially offset by

•an increase of $48 million in operating expenses primarily due to recently acquired assets and assets placed in service; and

•a decrease of $5 million due to lower natural gas prices of $36 million, partially offset by higher NGL prices of $31 million.

NGL and Refined Products Transportation and Services

Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, NGL transportation volumes increased primarily due to higher volumes from the Permian region, on our Mariner East pipeline system and on our Gulf Coast export pipelines.

The increase in transportation volumes and the commissioning of our eighth fractionator in August 2023 also led to higher fractionated volumes at our Mont Belvieu NGL Complex.

Segment Margin. The components of our NGL and refined products transportation and services segment margin were as follows:

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment increased due to the net impact of the following:

•an increase of $107 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to higher gains from the optimization of hedged NGL and refined product inventories. This increase also included a $6 million increase in intrasegment margin which was fully offset within our transportation margin;

•an increase of $77 million in transportation margin primarily due to higher throughput and contractual rate escalations of $33 million on our Texas y-grade pipeline system, $22 million on our Mariner East pipeline system, $13 million on our Mariner West pipeline and $11 million on our refined product pipelines, as well as a $6 million increase from higher exported volumes feeding into our Nederland Terminal. These increases were partially offset by intrasegment charges of $6 million and $2 million which were fully offset within our marketing and fractionators margin, respectively;

•an increase of $46 million in fractionators and refinery services margin primarily due to a $40 million increase resulting from higher throughput as our eighth fractionator was placed in service in August of 2023, a $3 million increase from our refinery services business and a $2 million intrasegment charge which was fully offset in our transportation margin;

•an increase of $20 million in terminal services margin primarily due to a $12 million increase from our Marcus Hook Terminal due to higher throughput and contractual rate escalations, a $5 million increase from higher export volumes loaded at our Nederland Terminal and a $3 million increase due to higher throughput and storage at our refined product terminals; and

•an increase of $3 million in Adjusted EBITDA related to unconsolidated affiliates; partially offset by

•an increase of $21 million in operating expenses primarily due to a $9 million increase in gas and power utility costs, a $7 million increase resulting from the timing of project related expenses and a $5 million increase in employee costs.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment increased due to the net impact of the following:

•an increase of $130 million in transportation margin primarily due tohigher throughput and contractual rate escalations of $48 million on our Texas y-grade pipeline system, $42 million on our Mariner East pipeline system, $26 million on our refined product pipelines and $21 million on our Mariner West pipeline, as well as a $7 million increase from higher exported volumes feeding into our Nederland Terminal. These increases were partially offset by intrasegment charges of $11 million and $2 million which were fully offset within our marketing and fractionators margin, respectively;

•an increase of $81 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to higher gains from the optimization of hedged NGL and refined product inventories. This increase also included an increase to intrasegment margin of $11 million which was fully offset within our transportation margin;

•an increase of $69 million in fractionators and refinery services margin primarily due to a $59 million increase resulting from higher throughput as our eighth fractionator was placed in service in August 2023, a $7 million increase from our refinery services business and a $2 million increase in intrasegment margin which was fully offset within our transportation margin;

•an increase of $29 million in terminal services margin primarily due to a $14 million increase from our Marcus Hook Terminal due to contractual rate escalations and higher throughput, a $9 million increase from higher export volumes loaded at our Nederland Terminal and a $6 million increase from higher throughput and storage at our refined product terminals; and

•an increase of $5 million in Adjusted EBITDA related to unconsolidated affiliates; partially offset by

•an increase of $28 million in operating expenses primarily due to an $11 million increase in employee costs and a $9 million increase resulting from the timing of project related expenses; and

•an increase of $3 million in selling, general and administrative expenses primarily due to increased costs from recently acquired assets.

Crude Oil Transportation and Services

Volumes. For the three and six months ended June 30, 2024 compared to the same periods last year, crude oil transportation volumes were higher due to continued growth on our gathering systems and contributions from recently acquired assets. Crude terminal volumes were lower for the three months ended June 30, 2024 compared to the same period last year due to lower refinery-driven throughput at our Gulf Coast terminals, partially offset by higher export volumes.

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment increased primarily due to the net impact of the following:

•an increase of $173 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $124 million increase from recently acquired assets and a $61 million increase in transportation revenue on existing pipeline assets, partially offset by a $5 million decrease from lower throughput at our Gulf Coast terminals and an $8 million decrease from our crude oil acquisition and marketing business; partially offset by

•an increase of $44 million in operating expenses primarily due to a $25 million increase from recently acquired assets, a $10 million increase in maintenance project costs and a $7 million increase in utilities; and

•an increase of $6 million in selling, general and administrative expenses primarily due to recently acquired assets.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment increased primarily due to the net impact of the following:

•an increase of $528 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $292 million increase from recently acquired assets, a $118 million increase in transportation revenue on existing pipeline assets, a $60 million increase from higher gathered volumes and new assets placed into service on our Texas crude pipeline system and a $52 million increase in our crude oil acquisition and marketing business due primarily to higher volumes and more favorable market prices; and

•an increase of $10 million in Adjusted EBITDA related to unconsolidated affiliates due to recently acquired assets and higher volumes on our White Cliffs crude pipeline; partially offset by

•an increase of $79 million in operating expenses primarily due to a $59 million increase from recently acquired assets, a $10 million increase in outside services, and various increases in employee related and volume-driven expenses; and

•an increase of $11 million in selling, general and administrative expenses primarily due to a $ 9 million increase from assets acquired and a $2 million increase in employee expenses.

Investment in Sunoco LP

The Investment in Sunoco LP segment reflects the consolidated results of Sunoco LP.

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment increased primarily due to the net impact of the following:

•an increase in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) of $218 million primarily related to the acquisitions of NuStar and Zenith European terminals; partially offset by

•a $46 million increase in operating expenses and a $102 million increase in selling, general and administrative expenses primarily related to the acquisitions of NuStar and Zenith European terminals, including $80 million in transaction-related expenses.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment increased primarily due to the net impact of the following:

•an increase in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) of $250 million primarily related to the acquisitions of NuStar and Zenith European terminals; partially offset by

•a $54 million increase in operating expenses and a $109 million increase in selling, general and administrative expenses primarily related to the acquisitions of NuStar and Zenith European terminals.

Investment in USAC

The Investment in USAC segment reflects the consolidated results of USAC.

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased primarily due to the net impact of the following:

•an increase of $28 million in segment margin primarily due to higher revenue-generating horsepower as a result of increased demand for compression services, higher market-based rates on newly deployed and redeployed compression units and higher average rates on existing customer contracts; partially offset by

•an increase of $7 million in operating expenses primarily due to higher employee costs associated with increased revenue-generating horsepower.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased primarily due to the net impact of the following:

•an increase of $58 million in segment margin primarily due to higher revenue-generating horsepower as a result of increased demand for compression services, higher market-based rates on newly deployed and redeployed compression units and higher average rates on existing customer contracts; partially offset by

•an increase of $14 million in operating expenses primarily due to higher employee costs associated with increased revenue-generating horsepower; and

•an increase of $5 million in selling, general and administrative expenses primarily due to an increase in professional fees.

All Other

Amounts reflected in our all other segment primarily include:

•our natural gas marketing operations;

•our wholly-owned natural gas compression operations; and

•our natural resources business.

Segment Adjusted EBITDA. For the three months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased primarily due to the net impact of the following:

•an increase of $12 million due to lower merger and acquisition related expenses; and

•an increase of $10 million in our natural gas marketing business due to higher gains from gas trading and storage positions; partially offset by

•a decrease of $4 million from our power trading business;

•a decrease of $3 million from our compressor business; and

•a decrease of $3 million from our natural resources business.

Segment Adjusted EBITDA. For the six months ended June 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased primarily due to the net impact of the following:

•an increase of $18 million in our natural gas marketing business due to the timing of gains on natural gas storage positions; and

•an increase of $5 million due to lower merger and acquisition and other corporate expenses; partially offset by

•a decrease of $5 million in our compressor business.