Energy Transfer LP (ET)

I totally agree

Drill Baby Drill-  and distribute baby distribute. 
Second half of this year should see more growth as more data centers come online. 

Jefferies Upgrades Energy Transfer to Buy From Hold, $23 Price Target

01:36 PM EDT, 05/26/2026 (MT Newswires) -- Energy Transfer (ET) has an average rating of buy and mean price target of $23.12, according to analysts polled by FactSet.

Energy Transfer Schedule K-3s for 2025 Now AvailableMay 15, 2026 4:05 PM
Business Wire Energy Transfer LP (NYSE: ET) today announced that its 2025 Schedule K-3s reflecting items of international tax relevance are available online. Unitholders requiring this information may access their Schedule K-3 at energytransfer.com in the investor relations section of the website. A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. To the extent Schedule K-3 is applicable to your federal income tax return filing needs, Energy Transfer LP encourages you to review the information contained on this form and refer to the appropriate federal laws and guidance or consult with your tax advisor. Energy Transfer LP Common Unitholders To receive an electronic copy of your 2025 Schedule K-3 via email, Energy Transfer LP unitholders owning Energy Transfer LP Common Units in 2025 may also call Tax Package Support toll free at 800-617-7736. Tax Package Support is available Monday through Friday from 8:00 am to 5:00 pm Central Time. Energy Transfer LP Preferred Unitholders To receive an electronic copy of your 2025 Schedule K-3 via email, Energy Transfer LP unitholders owning Energy Transfer LP Preferred Units (ET Series B, F, G, H, and I) in 2025 may also call Tax Package Support toll free at 833-608-3511. Tax Package Support is available Monday through Friday from 8:00 am to 5:00 pm Central Time. For more information, visit the Energy Transfer LP website at energytransfer.com. About Energy Transfer Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns the general partner interests, the incentive distribution rights and approximately 28 million common units (representing 15% of the aggregate outstanding common units and Class D units) of Sunoco LP (NYSE: SUN), the managing member interests in SunocoCorp LLC (NYSE: SUNC), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at energytransfer.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515637860/en/ Media Relations
214-840-5820
media@energytransfer.com Investor Relations
Bill Baerg, Brent Ratliff or Lyndsay Hannah
214-981-0795 Original: Energy Transfer Schedule K-3s for 2025 Now Available

Energy Transfer Reports First Quarter 2026 Results and Updates 2026 Financial GuidanceMay 5, 2026 7:30 AM
Business Wire Energy Transfer LP (NYSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter ended March 31, 2026. Energy Transfer reported net income attributable to partners for the three months ended March 31, 2026 of $1.25 billion compared to $1.32 billion for the three months ended March 31, 2025. For the three months ended March 31, 2026, net income per common unit (basic) was $0.35. Adjusted EBITDA for the three months ended March 31, 2026 was $4.94 billion compared to $4.10 billion for the three months ended March 31, 2025, an increase of 20%. Distributable Cash Flow attributable to partners, as adjusted, for the three months ended March 31, 2026 was $2.70 billion compared to $2.31 billion for the three months ended March 31, 2025. The Partnership now expects its Adjusted EBITDA guidance for the full year of 2026 to range between $18.2 billion and $18.6 billion, compared to the previous range of between $17.45 billion and $17.85 billion. The Partnership expects to invest $5.5 billion to $5.9 billion in growth capital for 2026. Growth capital expenditures in the first quarter of 2026 were $1.53 billion; maintenance capital expenditures were $175 million. Operational Highlights Energy Transfer’s volumes continued to grow during the first quarter of 2026 compared to the first quarter of 2025. NGL and refined products terminal volumes were up 19%, setting a new Partnership record. NGL exports were up 19%, setting a new Partnership record. NGL transportation volumes were up 12%. NGL fractionation volumes were up 11%, setting a new Partnership record. Crude oil transportation volumes were up 8%, setting a new Partnership record. Midstream gathered volumes were up 6%, setting a new Partnership record. In the first quarter, the Partnership’s Gateway NGL Pipeline debottlenecking project was placed into service, providing increased deliveries of Delaware Basin volumes to Energy Transfer’s NGL fractionation complex at Mont Belvieu. Construction is also underway on a new 3 million barrel ethane storage cavern at Energy Transfer’s NGL fractionation complex at Mont Belvieu. The cavern, which is expected in service in second half of 2027, will support Energy Transfer’s ninth fractionator at Mont Belvieu, as well as future ethane export expansions. The Partnership has now added connections to serve four new power plant loads in Oklahoma which will deliver approximately 300 MMcf/d of new gas supply. The first of these connections is now in service, with two more expected to be in service in the third quarter of this year, and the remaining connection expected to be in service in the fourth quarter of 2028. The Partnership’s 275 MMcf/d Mustang Draw I processing plant is currently being commissioned and is expected to be in full service in June 2026. Strategic Highlights In February, Florida Gas Transmission (“FGT”), an Energy Transfer operated joint venture, completed Open Seasons on two new projects that are supported by 15- to 25-year agreements with anchor shippers. The FGT Phase IX project includes approximately 90 miles of pipeline looping and compression facilities with an expected capacity of approximately 525 MMcf/d. Subject to conditions precedent and reaching FID, the FGT South Florida project is an approximately 40-mile pipeline extension with an expected capacity of approximately 230 MMcf/d, along with compression and a new meter station. In March, Transwestern Pipeline initiated the FERC pre-filing process for its Desert Southwest expansion project, as previously scheduled, and expects to file the formal certificate application with FERC in the fourth quarter of this year. In April, as part of its stakeholder engagement program, Energy Transfer hosted 15 open houses in communities along the proposed pipeline route throughout Texas, New Mexico and Arizona. Energy Transfer has recently entered into agreements to provide long-term, firm natural gas transportation services through its Texas intrastate system to support the Nexus Hubbard Campus, located in central Texas, where Nexus is constructing a behind-the-meter AI hyperscale campus powered by on-site natural gas generation. Energy Transfer recently approved the construction of the new Springerville Lateral Project, an approximately 120-mile, 30-inch pipeline with a capacity of approximately 625 MMcf/d that will extend south from ET’s existing Transwestern Pipeline to new natural gas-powered generation that is expected to replace two coal-fired plants. The project is backed by 20-year agreements and is expected to be in service in the fourth quarter of 2029. Total growth capital is expected to be approximately $600 million. At Nederland, Energy Transfer recently extended the majority of its existing ethane export agreements into 2041, adding 10 years to the current contracts. Energy Transfer recently approved an expansion of its Bayou Bridge joint venture pipeline, which is expected to increase capacity of the pipeline to approximately 600,000 Bbls/d, depending on destination and product mix. The expansion is underpinned by a 10-year term extension and volume increase from a demand-pull customer and is expected to be in service in the first quarter of 2027. Financial Highlights In April 2026, Energy Transfer announced a quarterly cash distribution of $0.3375 per common unit ($1.35 annualized) for the quarter ended March 31, 2026, which is an increase of more than 3% compared to the first quarter of 2025. In January 2026, the Partnership completed a $3.00 billion senior notes offering consisting of $1.00 billion of 4.55% senior notes due 2031, $1.00 billion of 5.35% senior notes due 2036, and $1.00 billion of 6.30% senior notes due 2056. The net proceeds of the transaction were used to refinance existing indebtedness. As of March 31, 2026, the Partnership’s revolving credit facility had an aggregate $3.45 billion of available borrowing capacity. Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership’s multiple segments generate high-quality, balanced earnings with no single business segment contributing more than one-third of the Partnership’s consolidated Adjusted EBITDA for the three months ended March 31, 2026. In addition, Energy Transfer generates approximately 40% of its Adjusted EBITDA from natural gas-related assets. The vast majority of the Partnership’s segment margins are fee-based and therefore have limited commodity price sensitivity. Conference call information: The Partnership has scheduled a conference call for 8:00 a.m. Central Time/9:00 a.m. Eastern Time on Tuesday, May 5, 2026 to discuss its first quarter 2026 results and provide an update on the Partnership. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership’s website for a limited time. Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns the general partner interests, the incentive distribution rights and approximately 28 million common units (representing 15% of the aggregate outstanding common units and Class D units) of Sunoco LP (NYSE: SUN), the managing member interests in SunocoCorp LLC (NYSE: SUNC), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com. Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating across 32 countries and territories in North America, the Greater Caribbean, and Europe. SUN's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 160 terminals. This critical infrastructure complements SUN's fuel distribution operations, which distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner-branded locations, as well as independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (NYSE: ET). For more information, visit the Sunoco LP website at www.sunocolp.com. SunocoCorp LLC (NYSE: SUNC) is a publicly traded limited liability company that owns a direct limited partner interest in Sunoco LP. For more information, visit the Sunoco LP website at www.sunocolp.com. USA Compression Partners, LP (NYSE: USAC) is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USAC partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USAC focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. For more information, visit the USAC website at www.usacompression.com. Forward-Looking Statements This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results, including Adjusted EBITDA, and impact current projections, including capital expenditures, are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events. The information contained in this press release is available on our website at www.energytransfer.com. ENERGY TRANSFER LP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (unaudited)     March 31,
2026   December 31,
2025 ASSETS Current assets $ 22,263     $ 18,233           Property, plant and equipment, net   104,042       102,142           Investments in unconsolidated affiliates   3,646       3,589   Lease right-of-use assets, net   1,943       1,841   Other non-current assets, net   2,689       2,591   Intangible assets, net   7,294       7,438   Goodwill   5,605       5,452   Total assets $ 147,482     $ 141,286   LIABILITIES AND EQUITY Current liabilities $ 19,043     $ 14,955           Long-term debt, less current maturities   69,317       68,308   Non-current operating lease liabilities   1,569       1,515   Deferred income taxes   5,591       5,307   Other non-current liabilities   1,973       1,941           Commitments and contingencies       Redeemable noncontrolling interests   252       250           Equity:       Limited Partners:       Preferred Unitholders   3,388       3,356   Common Unitholders   31,004       30,930   General Partner   (2 )     (2 ) Accumulated other comprehensive income   72       82   Total partners’ capital   34,462       34,366   Noncontrolling interests   15,275       14,644   Total equity   49,737       49,010   Total liabilities and equity $ 147,482     $ 141,286   ENERGY TRANSFER LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per unit data) (unaudited)     Three Months Ended
March 31,     2026       2025   REVENUES $ 27,771     $ 21,020   COSTS AND EXPENSES:       Cost of products sold   21,149       15,571   Operating expenses   1,695       1,299   Depreciation, depletion and amortization   1,583       1,367   Selling, general and administrative   361       288   Impairment loss   —       4   Total costs and expenses   24,788       18,529   OPERATING INCOME   2,983       2,491   OTHER INCOME (EXPENSE):       Interest expense, net of interest capitalized   (947 )     (809 ) Equity in earnings of unconsolidated affiliates   110       92   Losses on extinguishments of debt   (7 )     (2 ) Other, net   (28 )     (11 ) INCOME BEFORE INCOME TAX EXPENSE   2,111       1,761   Income tax expense   135       41   NET INCOME   1,976       1,720   Less: Net income attributable to noncontrolling interests   715       384   Less: Net income attributable to redeemable noncontrolling interests   7       13   NET INCOME ATTRIBUTABLE TO PARTNERS   1,254       1,323   General Partner’s interest in net income   1       1   Preferred Unitholders’ interest in net income   59       67   Common Unitholders’ interest in net income $ 1,194     $ 1,255   NET INCOME PER COMMON UNIT:       Basic $ 0.35     $ 0.37   Diluted $ 0.35     $ 0.36   WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:       Basic   3,440.6       3,431.4   Diluted   3,457.4       3,452.9   ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (Dollars and units in millions) (unaudited)     Three Months Ended
March 31,     2026       2025   Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow(a):       Net income $ 1,976     $ 1,720   Depreciation, depletion and amortization   1,583       1,367   Interest expense, net of interest capitalized   947       809   Income tax expense   135       41   Impairment loss   —       4   Non-cash compensation expense   42       37   Unrealized losses on commodity risk management activities   536       69   Inventory valuation adjustments (Sunoco LP)   (444 )     (61 ) Losses on extinguishments of debt   7       2   Adjusted EBITDA related to unconsolidated affiliates   196       167   Equity in earnings of unconsolidated affiliates   (110 )     (92 ) Other, net   69       35   Adjusted EBITDA (consolidated)   4,937       4,098   Adjusted EBITDA related to unconsolidated affiliates(b)   (196 )     (167 ) Distributable cash flow from unconsolidated affiliates(b)   135       111   Interest expense, net of interest capitalized   (947 )     (809 ) Preferred unitholders’ distributions (c)   (88 )     (72 ) Current income tax expense   (43 )     (57 ) Maintenance capital expenditures   (277 )     (202 ) Other, net   26       22   Distributable Cash Flow (consolidated)   3,547       2,924   Distributable Cash Flow attributable to Sunoco LP and SunocoCorp (d)   (526 )     (310 ) Distributions from Sunoco LP   99       64   Distributable Cash Flow attributable to USAC (100%)   (131 )     (89 ) Distributions from USAC   24       24   Distributable Cash Flow attributable to noncontrolling interests in other non-wholly owned consolidated subsidiaries   (309 )     (308 ) Distributable Cash Flow attributable to the partners of Energy Transfer   2,704       2,305   Transaction-related adjustments   —       2   Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted $ 2,704     $ 2,307   Distributions to partners:       Limited Partners $ 1,161     $ 1,124   General Partner   1       1   Total distributions to be paid to partners $ 1,162     $ 1,125   Common Units outstanding – end of period   3,441.1       3,431.7   (a) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities or other GAAP measures.   There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company’s net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measures that are computed in accordance with GAAP, such as operating income, net income and cash flows from operating activities.   Definition of Adjusted EBITDA   We define 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, certain foreign currency transaction gains and losses and other non-operating income or expense items. 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 last-in, first-out (“LIFO”). These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.   Adjusted EBITDA reflects 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 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 Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.   Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation.   Definition of Distributable Cash Flow   We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest 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 deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership’s proportionate share of the investees’ distributable cash flow.   Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations.   On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Energy Transfer’s consolidated subsidiaries. However, to the extent that noncontrolling interests exist among our subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to our partners, we have reported Distributable Cash Flow attributable to partners, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows:   For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to our partners includes distributions to be received by the parent company with respect to the periods presented. For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest. For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related adjustments and non-recurring expenses that are included in net income are excluded.   (b) These amounts exclude Sunoco LP’s Adjusted EBITDA and distributable cash flow related to its investment in the ET-S Permian and J.C. Nolan joint ventures, which amounts are eliminated in the Energy Transfer consolidation.   (c) For the three months ended March 31, 2026, preferred unitholders’ distributions include $30 million of distributions on Sunoco LP’s Series A preferred units, which were issued in September 2025.   (d) Beginning with the three months ended December 31, 2025, this amount includes the distributable cash flow of Sunoco LP and SunocoCorp, eliminating the distributable cash flow of Sunoco LP that is attributable to SunocoCorp. ENERGY TRANSFER LP AND SUBSIDIARIES SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT (Tabular dollar amounts in millions) (unaudited)     Three Months Ended March 31,     2026     2025   Segment Adjusted EBITDA:       Intrastate transportation and storage $ 437   $ 344   Interstate transportation and storage   519     512   Midstream   887     925   NGL and refined products transportation and services   1,163     978   Crude oil transportation and services   869     742   Investment in Sunoco LP   858     458   Investment in USAC   188     150   All other   16     (11 ) Adjusted EBITDA (consolidated) $ 4,937   $ 4,098     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. Intrastate Transportation and Storage   Three Months Ended
March 31,     2026       2025   Natural gas transported (BBtu/d)   13,782       14,220   Withdrawals from storage natural gas inventory (BBtu)   19,678       8,225   Revenues $ 1,156     $ 1,294   Cost of products sold   710       964   Segment margin   446       330   Unrealized losses on commodity risk management activities   63       76   Operating expenses, excluding non-cash compensation expense   (65 )     (57 ) Selling, general and administrative expenses, excluding non-cash compensation expense   (13 )     (14 ) Adjusted EBITDA related to unconsolidated affiliates   5       6   Other   1       3   Segment Adjusted EBITDA $ 437     $ 344   Transported volumes of gas on our Texas intrastate pipelines decreased primarily due to lower third-party utilization of firm capacity. Transported volumes reported above exclude volumes attributable to purchases and sales of gas for our pipelines’ own accounts and the optimization of any unused capacity.   Segment Adjusted EBITDA. For the three months ended March 31, 2026 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 $54 million in realized natural gas sales and other primarily due to wider basis differentials; an increase of $41 million in storage margin due to favorable impacts from increased price volatility; an increase of $6 million in transportation fees primarily due to higher reservation revenues on long-term third-party contracts; and an increase of $2 million in retained fuel margin due to favorable gas pricing; partially offset by an increase of $8 million in operating expenses primarily due to a $3 million increase in corporate allocations, a $2 million increase in maintenance, and a $1 million increase in employee costs. Interstate Transportation and Storage   Three Months Ended
March 31,     2026       2025   Natural gas transported (BBtu/d)   18,120       18,204   Natural gas sold (BBtu/d)   48       33   Revenues $ 634     $ 621   Cost of products sold   3       2   Segment margin   631       619   Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses   (215 )     (189 ) Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses   (30 )     (37 ) Adjusted EBITDA related to unconsolidated affiliates   133       119   Segment Adjusted EBITDA $ 519     $ 512     Transported volumes decreased primarily due to lower utilization on several of our interstate pipeline systems due to lower demand.   Segment Adjusted EBITDA. For the three months ended March 31, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impact of the following:   an increase of $12 million in segment margin primarily due to a $23 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes at higher rates, partially offset by a $6 million decrease in storage and parking revenue, and a $3 million decrease in operational gas sales; a decrease of $7 million in selling, general and administration expenses primarily due to a $3 million decrease related to corporate allocations and an aggregate $5 million decrease in insurance expense, professional fees and excise taxes; and an increase of $14 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to a $7 million increase from our Citrus joint venture, a $5 million increase from our Midcontinent Express Pipeline joint venture and a $2 million increase from our Southeast Supply Header joint venture; partially offset by an increase of $26 million in operating expenses primarily due to a $10 million increase in transportation expense, a $5 million environmental claim settlement and an aggregate $10 million increase in various other items, including maintenance projects and employee costs. Midstream   Three Months Ended
March 31,     2026       2025   Gathered volumes (BBtu/d)   21,680       20,411   NGLs produced (MBbls/d)   1,155       1,090   Equity NGLs (MBbls/d)   64       60   Revenues $ 3,044     $ 3,656   Cost of products sold   1,674       2,260   Segment margin   1,370       1,396   Operating expenses, excluding non-cash compensation expense   (446 )     (421 ) Selling, general and administrative expenses, excluding non-cash compensation expense   (54 )     (56 ) Adjusted EBITDA related to unconsolidated affiliates   5       5   Other   12       1   Segment Adjusted EBITDA $ 887     $ 925     Gathered volumes increased from dry gas gathering in the Northeast and Ark-La-Tex regions as well as increased processing volumes from new and upgraded plants in the Permian region. NGL production increased primarily due to increased Permian plant utilization.   Segment Adjusted EBITDA. For the three months ended March 31, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment decreased due to the net impact of the following:   a decrease of $26 million in segment margin primarily due to a $160 million decrease attributable to the non-recurring recognition of certain amounts associated with Winter Storm Uri in the prior period and a $25 million decrease due to lower NGL prices of $22 million and lower natural gas prices of $3 million, partially offset by an $85 million increase due to higher gathered and processed volumes across most regions, a $39 million increase due to an intercompany imbalance that is completely offset within our NGL and Refined Products Transportation and Services segment, and a $14 million increase due to reduced third party NGL Transportation and Fractionation costs from our Oklahoma processing facilities; and an increase of $25 million in operating expenses primarily due to a $15 million increase in employee costs and a $10 million increase in Permian equipment rentals, partially offset by a $7 million decrease in Permian maintenance and repairs; partially offset by an increase of $11 million in other income due to the recognition of proceeds from a business interruption claim; and a decrease of $2 million in selling, general, and administrative expenses primarily due to lower corporate allocations. NGL and Refined Products Transportation and Services   Three Months Ended
March 31,     2026       2025   NGL transportation volumes (MBbls/d)   2,428       2,169   Refined products transportation volumes (MBbls/d)   587       574   NGL and refined products terminal volumes (MBbls/d)   1,725       1,453   NGL fractionation volumes (MBbls/d)   1,206       1,089   Revenues $ 6,673     $ 6,909   Cost of products sold   5,484       5,641   Segment margin   1,189       1,268   Unrealized (gains) losses on commodity risk management activities   288       (26 ) Operating expenses, excluding non-cash compensation expense   (298 )     (247 ) Selling, general and administrative expenses, excluding non-cash compensation expense   (48 )     (48 ) Adjusted EBITDA related to unconsolidated affiliates   31       31   Other   1       —   Segment Adjusted EBITDA $ 1,163     $ 978     NGL transportation, fractionation, and terminal throughput volumes increased due to higher volumes from the Permian region, as well as increased NGL exports.   Segment Adjusted EBITDA. For the three months ended March 31, 2026 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 $141 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to the realization of $65 million in hedge-related gains during the first quarter of 2026 which offset losses realized during the fourth quarter of 2025. We also realized an increase of $51 million from higher premiums from the sale of propane and butane for export and for domestic supply, and a $26 million increase due to a negative inventory valuation adjustment in the prior period; an increase of $60 million in fractionators and refinery services margin primarily due to higher throughput; an increase of $27 million in terminal services margin primarily due to a $17 million increase in fees from loading volumes for export at our Nederland and Marcus Hook terminals and a $9 million increase from higher throughput and storage at our refined product terminals; and an increase of $8 million in storage margin primarily due to an increase in fees generated from export volumes, as well as increases related to blending activity due to a more favorable pricing environment; partially offset by a decrease of $1 million in transportation margin due to a $39 million intercompany imbalance that is completely offset within our Midstream segment, partially offset by a $38 million increase related to higher throughput; and an increase of $51 million in operating expenses primarily due to a $28 million increase in costs driven by higher volumes across our system, a $9 million in one-time investigation and remediation costs, a $5 million increase in employee costs, and increases totaling $7 million from various other operating expenses. Crude Oil Transportation and Services   Three Months Ended
March 31,     2026       2025   Crude oil transportation volumes (MBbls/d)   7,289       6,719   Crude oil terminal volumes (MBbls/d)   3,329       3,325   Revenues $ 7,758     $ 6,208   Cost of products sold   6,792       5,214   Segment margin   966       994   Unrealized losses on commodity risk management activities   118       —   Operating expenses, excluding non-cash compensation expense   (223 )     (213 ) Selling, general and administrative expenses, excluding non-cash compensation expense   (1 )     (44 ) Adjusted EBITDA related to unconsolidated affiliates   9       6   Other   —       (1 ) Segment Adjusted EBITDA $ 869     $ 742     Crude oil transportation volumes were higher due to continued growth on our Texas pipeline system, our gathering systems, and from the ET-S Permian joint venture with Sunoco LP, partially offset by lower volumes on our Bakken Pipeline.   Segment Adjusted EBITDA. For the three months ended March 31, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment increased due to the net impact of the following:   an increase of $90 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $60 million increase related to favorable impacts to our crude inventory from rising crude prices which we anticipate will be fully offset with hedge losses in future periods, a $43 million increase in our Bakken Pipeline system due to a one-time deficiency payment recognition, a $24 million increase in our Permian gathering systems from higher volumes, and a $9 million increase in revenue from our Bakken gathering systems due to higher volumes, partially offset by a $30 million decrease from lower tariff revenues on our Bakken Pipeline system; a decrease of $43 million in general and administrative expenses due to an adjustment to the accrual for a litigation related contingency; and an increase of $3 million in Adjusted EBITDA related to unconsolidated affiliates due to higher volumes on our joint venture pipelines; partially offset by an increase of $10 million in operating expenses primarily due to an increase in volume-related expenses. Investment in Sunoco LP   Three Months Ended
March 31,     2026       2025   Revenues $ 10,690     $ 5,179   Cost of products sold   9,001       4,526   Segment margin   1,689       653   Unrealized (gains) losses on commodity risk management activities   56       (1 ) Operating expenses, excluding non-cash compensation expense   (381 )     (158 ) Selling, general and administrative expenses, excluding non-cash compensation expense   (151 )     (36 ) Adjusted EBITDA related to unconsolidated affiliates   69       50   Inventory fair value adjustments   (444 )     (61 ) Other, net   20       11   Segment Adjusted EBITDA $ 858     $ 458     The investment in Sunoco LP segment reflects the consolidated results of Sunoco LP.   Segment Adjusted EBITDA. For the three months ended March 31, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP increased primarily due to the net impact of the following:   an increase of $710 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to the Parkland, TanQuid and other acquisitions, as well as a $102 million favorable impact from a one-time gain on sale of inventory in the current period; and an increase of $19 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to the Parkland acquisition and ET-S Permian joint venture; partially offset by an increase of $223 million in operating expenses primarily due to increased costs resulting from the Parkland and TanQuid acquisitions; and an increase of $115 million in selling, general and administrative expenses primarily due to increased costs resulting from Parkland and TanQuid operations, along with one-time transaction-related expenses associated with the Parkland acquisition. Investment in USAC   Three Months Ended
March 31,     2026       2025   Revenues $ 331     $ 245   Cost of products sold   29       38   Segment margin   302       207   Operating expenses, excluding non-cash compensation expense   (89 )     (43 ) Selling, general and administrative expenses, excluding non-cash compensation expense   (33 )     (14 ) Other   8       —   Segment Adjusted EBITDA $ 188     $ 150     The investment in USAC segment reflects the consolidated results of USAC.   Segment Adjusted EBITDA. For the three months ended March 31, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased due to the net impact of the following:   an increase of $95 million in segment margin primarily due to a $74 million increase from the J-W Power Acquisition and a $21 million increase from USAC’s legacy business; partially offset by an increase of $65 million in operating expense and selling, general, and administrative expense primarily related to the J-W Power Acquisition, as well as increased expenses in outside services and professional fees. All Other   Three Months Ended
March 31,     2026       2025   Revenues $ 1,054     $ 995   Cost of products sold   994       995   Segment margin   60       —   Unrealized gains on commodity risk management activities   11       20   Operating expenses, excluding non-cash compensation expense   (7 )     (1 ) Selling, general and administrative expenses, excluding non-cash compensation expense   (4 )     (13 ) Adjusted EBITDA related to unconsolidated affiliates   1       —   Other and eliminations   (45 )     (17 ) Segment Adjusted EBITDA $ 16     $ (11 )   Segment Adjusted EBITDA. For the three months ended March 31, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased due to the net impact of the following:   an increase of $36 million in our natural gas marketing business due to increased margins from wider basis differentials; and an increase of $5 million in our power-related businesses due to commodity gains related to next-day power trading activities; partially offset by a decrease of $5 million from our captive insurance business. ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON LIQUIDITY (In millions) (unaudited)   The table below provides information on our revolving credit facility. We also have consolidated subsidiaries with revolving credit facilities which are not included in this table.     Facility Size   Funds Available at
March 31, 2026   Maturity Date Five-Year Revolving Credit Facility $ 5,000   $ 3,452   April 11, 2029 ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES (In millions) (unaudited)   The table below provides information on an aggregated basis for our unconsolidated affiliates, which are accounted for as equity method investments in the Partnership’s financial statements for the periods presented.     Three Months Ended
March 31,   2026   2025 Equity in earnings of unconsolidated affiliates:       Citrus $ 38   $ 33 MEP   22     17 White Cliffs   4     3 Explorer   6     7 SESH   16     14 Other   24     18 Total equity in earnings of unconsolidated affiliates $ 110   $ 92         Adjusted EBITDA related to unconsolidated affiliates:       Citrus $ 86   $ 79 MEP   31     26 White Cliffs   9     8 Explorer   10     11 SESH   17     15 Other   43     28 Total Adjusted EBITDA related to unconsolidated affiliates $ 196   $ 167         Distributions received from unconsolidated affiliates:       Citrus $ —   $ 30 MEP   29     26 White Cliffs   9     9 Explorer   7     5 SESH   13     8 Other   20     19 Total distributions received from unconsolidated affiliates $ 78   $ 97 ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION ON NON-WHOLLY OWNED JOINT VENTURE SUBSIDIARIES (In millions) (unaudited)   The table below provides information on an aggregated basis for our non-wholly owned joint venture subsidiaries, which are reflected on a consolidated basis in our financial statements. The table below excludes Sunoco LP and USAC, which are non-wholly owned subsidiaries that are publicly traded, as well as Sunoco LP’s 32.5% interest in the ET-S Permian joint venture.     Three Months Ended
March 31,   2026   2025 Adjusted EBITDA of non-wholly owned subsidiaries (100%) (a) $ 596   $ 607 Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries (b)   290     297         Distributable Cash Flow of non-wholly owned subsidiaries (100%) (c) $ 585   $ 587 Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries (d)   276     279 Below is our ownership percentage of certain non-wholly owned subsidiaries:   Non-wholly owned subsidiary: Energy Transfer Percentage
Ownership (e) Bakken Pipeline 36.4 % Bayou Bridge 60.0 % Maurepas 51.0 % Ohio River System 75.0 % Permian Express Partners 87.7 % Red Bluff Express 70.0 % Rover 32.6 % Others various (a) Adjusted EBITDA of non-wholly owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly owned subsidiaries on an aggregated basis. This is the amount included in our consolidated non-GAAP measure of Adjusted EBITDA.   (b) Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest.   (c) Distributable Cash Flow of non-wholly owned subsidiaries reflects the total Distributable Cash Flow of our non-wholly owned subsidiaries on an aggregated basis.   (d) Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries reflects the amount of Distributable Cash Flow of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. This is the amount included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of Energy Transfer.   (e) Our ownership reflects the total economic interest held by us and our subsidiaries. In some cases, this percentage comprises ownership interests held in (or by) multiple entities.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260504974331/en/ Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795 Media Relations:
Vicki Granado, 214-840-5820 Original: Energy Transfer Reports First Quarter 2026 Results and Updates 2026 Financial Guidance

Energy Transfer Announces Increase in Quarterly Cash DistributionApril 27, 2026 4:15 PM
Business Wire
Energy Transfer LP (NYSE: ET) today announced an increase in its quarterly cash distribution to $0.3375 per Energy Transfer common unit ($1.35 on an annualized basis) for the first quarter ended March 31, 2026.


This cash distribution per Energy Transfer common unit will be paid on May 20, 2026 to unitholders of record as of the close of business on May 8, 2026, and is an increase of more than 3 percent as compared to the first quarter of 2025.


In addition, as previously announced, Energy Transfer plans to release earnings for the first quarter of 2026 on Tuesday, May 5, 2026, before the market opens. The company will also conduct a conference call on Tuesday, May 5, 2026 at 8:00 a.m. Central Time/9:00 a.m. Eastern Time to discuss quarterly results and provide a company update. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer’s website at energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.


Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns the general partner interests, the incentive distribution rights and approximately 28 million common units (representing 15% of the aggregate outstanding common units and Class D units) of Sunoco LP (NYSE: SUN), the managing member interests in SunocoCorp LLC (NYSE: SUNC), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at energytransfer.com.


Forward Looking Statements


This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results, including future distribution levels, are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.


Qualified Notice


This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that one hundred percent (100%) of Energy Transfer LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold.


The information contained in this press release is available on our website at energytransfer.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427516262/en/
Investor Relations:

Bill Baerg

Brent Ratliff

Lyndsay Hannah

214-981-0795


Media Relations:

Vicki Granado

214-840-5820


Original: Energy Transfer Announces Increase in Quarterly Cash Distribution

ALL Is good.

Thanks I wasn't sure and knew you would know.

That is for series1 Preferred. Has no bearing on Common. .21111 is the same as it was last quarter and I believe the Quarter before.

today's news listed on the hub
Energy Transfer LP (“ET”) today announced the quarterly cash distribution of $0.2111 per Series I Preferred Unit (NYSE: ETprI).
is this related?

I have seen nothing about a divi cut.

the divy is getting a serious haircut. et has been so consistent. what?

" Diversification is always good". Absolutely correct. I am currently holding 10 positions. EPD is not one of them.

Likewise. Have had very significant positions in ET in a beneficiary IRA for years and have automatically reinvested all of the large distributions in new share. ET has been a very profitable long-term investment. More recently, last year I worked with our financial advisors in investing funds I rolled over from a 401K and discussed adding significant position in ET in the new managed accounts. They recommended splitting it between ET and EPD, due to how much ET I already hold. Both have done very well but the EPD has actually outperformed the ET position a bit. Diversification is always good.

ET has been very good to me.

Energy Transfer Announces First Quarter 2026 Earnings Release and Earnings Call TimingApril 7, 2026 11:30 AM
Business Wire
Energy Transfer LP (NYSE: ET) today announced that it plans to release earnings for the first quarter of 2026 on Tuesday, May 5, 2026, before the market opens.


The company will also conduct a conference call on Tuesday, May 5, 2026 at 8:00 am Central Time/9:00 am Eastern Time to discuss quarterly results and provide a company update. The conference call will be broadcast live via an internet webcast, which can be accessed on Energy Transfer’s website at energytransfer.com. The call will also be available for replay on Energy Transfer’s website for a limited time.


Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns the general partner interests, the incentive distribution rights and approximately 28 million common units (representing 15% of the aggregate outstanding common units and Class D units) of Sunoco LP (NYSE: SUN), the managing member interests in SunocoCorp LLC (NYSE: SUNC), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.


The information contained in this press release is available on our website at energytransfer.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260407472374/en/
Investor Relations:

Bill Baerg

Brent Ratliff

Lyndsay Hannah

214-981-0795


Media Relations:

Vicki Granado

214-840-5820


Original: Energy Transfer Announces First Quarter 2026 Earnings Release and Earnings Call Timing

Have owned large positions in ET in tax-deferred retirement accounts for years. Great long term holding

I have been in and out of ET for over 6 years. Boring stock! I have been back in since early Aug of 2025. Stock price has gone up about 10% and I have received three dividend payments of about $500 each. 7% dividend and stock appreciation.
Boring and fun at the same time. I added more shares this month. It is my biggest holding for strictly dividend income.
my dividend rate is higher than the interest you could earn on T-Bills.

AI: Sunoco LP is one of the largest independent fuel distributors in the US, distributing fuel to over 7,000 locations. Energy Transfer (the parent) is a large-scale master limited partnership with a massive network of pipelines.

I see ET owns some or part of SUNOCO. How much? What % of ET is the Sunoco holding? How much should I track Sunoco to watch ET?

https://seekingalpha.com/article/4873865-energy-transfer-continues-to-dominate-the-midstream-industry

Energy Transfer LP Files 2025 Annual ReportFebruary 19, 2026 5:00 PM
Business Wire
Energy Transfer LP (NYSE: ET) today announced it has filed its annual report on Form 10-K for the year ended December 31, 2025 with the Securities and Exchange Commission (SEC).


Energy Transfer makes available on its website, www.energytransfer.com, annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and other information filed with or furnished to the SEC. Energy Transfer also will provide any unitholder with a printed copy of its annual report on Form 10-K, which includes audited financial statements, free of charge upon request. Such requests should be directed in writing to Investor Relations, 8111 Westchester Drive, Suite 600, Dallas, TX 75225.


About Energy Transfer


Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns the general partner interests, the incentive distribution rights and approximately 28 million common units (representing 15% of the aggregate outstanding common units and Class D units) of Sunoco LP (NYSE: SUN), the managing member interests in SunocoCorp LLC (NYSE: SUNC), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.


Forward Looking Statements


This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results and impact current projections are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.


The information contained in this press release is available on our website at www.energytransfer.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219369860/en/
Energy Transfer

Investor Relations:

Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795

or

Media Relations:

Vicki Granado, 214-840-5820


Original: Energy Transfer LP Files 2025 Annual Report

Energy Transfer Reports Fourth Quarter 2025 ResultsFebruary 17, 2026 7:30 AM
Business Wire
Energy Transfer LP (NYSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter and year ended December 31, 2025.


Energy Transfer reported net income attributable to partners for the three months ended December 31, 2025 of $928 million compared to $1.08 billion for the same period last year. For the three months ended December 31, 2025, net income per common unit (basic) was $0.25.


Adjusted EBITDA for the three months ended December 31, 2025 was $4.18 billion compared to $3.88 billion for the same period last year, an increase of 8%.


Distributable Cash Flow attributable to partners, as adjusted, for the three months ended December 31, 2025 was $2.04 billion compared to $1.98 billion for the same period last year.


Growth capital expenditures in the fourth quarter of 2025 were $1.40 billion; maintenance capital expenditures were $355 million.


Operational Highlights



Energy Transfer’s volumes continued to grow during the fourth quarter of 2025 compared to the fourth quarter of 2024.


NGL and refined product terminals volumes were up 12%.



NGL transportation volumes were up 5%.



NGL fractionation volumes were up 3%, setting a new Partnership record.



NGL exports were up 12%.



Crude oil transportation volumes were up 6%, setting a new Partnership record.



Midstream gathered volumes were up 4%.



Interstate natural gas transportation volumes were up 4%.



Intrastate natural gas transportation volumes were up 3%.






Construction is underway on Mustang Draw II, a new 275 MMcf/d processing plant and related facilities in the Midland Basin. The plant is fully contracted and is expected to be in service in the fourth quarter 2026.



In January 2026, Energy Transfer commenced natural gas deliveries to Oracle’s data center near Abilene, Texas under the first of multiple long-term agreements to supply an aggregate of approximately 900 MMcf/d of natural gas to three Oracle data centers, two of which are located in Texas.



Strategic Highlights



In January 2026, Florida Gas Transmission (“FGT”), a joint venture pipeline which Energy Transfer operates, held an Open Season on two projects to meet growing demand across Florida. Both projects are supported by long-term, binding agreements from anchor customers.


The FGT Phase IX Project is designed to expand capacity to multiple locations across FGT’s market area for existing customers. The project includes the construction of up to 82 miles of pipeline looping, along with new and upgraded compression station facilities. Energy Transfer’s share of the project costs, excluding AFUDC, is expected to be up to $535 million. The project is expected to be in-service in the fourth quarter of 2028.



The South Florida Project includes the construction of a new 37-mile pipeline lateral and related facilities which are designed to enhance system reliability and efficiency in South Florida. Energy Transfer’s share of the project costs, excluding AFUDC, is expected to be $110 million. The project is expected to be in-service in the first quarter of 2030.






In December 2025, Energy Transfer increased the transportation capacity of Transwestern Pipeline’s planned Desert Southwest expansion project to meet additional customer demand. The project’s main line pipeline diameter will be upsized from 42 inches to 48 inches, which increases the project’s capacity to up to 2.3 Bcf/d and the cost up to approximately $5.6 billion. The project is supported by long-term contracts to serve continued population growth and positive economic momentum throughout Arizona and New Mexico. Natural gas for this project will be sourced from Energy Transfer’s premier asset base in the prolific Permian Basin.



In December 2025, Energy Transfer suspended development of the Lake Charles LNG export project in order to focus on allocating capital to its significant backlog of natural gas pipeline infrastructure projects that Energy Transfer believes provide superior risk/return profiles.



In November 2025, Energy Transfer signed a 20-year natural gas firm transportation agreement with Entergy Louisiana for natural gas capacity to support new economic development in North Louisiana. The project includes expanding Energy Transfer’s Tiger Pipeline with the construction of a 12-mile lateral, which is expected to have a capacity of 250,000 MMBtu/d. Natural gas supply for this project will be sourced from Energy Transfer’s extensive pipeline network, which is connected to all the major producing basins in the U.S.



Financial Highlights



In January 2026, Energy Transfer announced a quarterly cash distribution of $0.3350 per common unit ($1.34 annualized) for the quarter ended December 31, 2025, which is an increase of more than 3% compared to the fourth quarter of 2024.



As of December 31, 2025, the Partnership’s revolving credit facility had an aggregate $2.12 billion of available borrowing capacity.



Energy Transfer now expects its 2026 Adjusted EBITDA to range between $17.45 and $17.85 billion, compared to the previous range of between $17.3 and $17.7 billion. Energy Transfer’s updated Adjusted EBITDA estimate is solely attributable to USA Compression’s acquisition of J-W Power Company, which closed on January 12, 2026. The Partnership continues to expect to invest $5.0 billion to $5.5 billion in growth capital for 2026, primarily on projects enhancing its natural gas network.



Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership’s multiple segments generate high-quality, balanced earnings with no single business segment contributing more than one-third of the Partnership’s consolidated Adjusted EBITDA for the three months or full year ended December 31, 2025. In addition, Energy Transfer generates approximately 40% of its Adjusted EBITDA from natural gas-related assets. The vast majority of the Partnership’s segment margins are fee-based and therefore have limited commodity price sensitivity.


Conference call information:


The Partnership has scheduled a conference call for 8:00 a.m. Central Time/9:00 a.m. Eastern Time on Tuesday, February 17, 2026 to discuss its fourth quarter 2025 results and provide an update on the Partnership. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership’s website for a limited time.


Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns the general partner interests, the incentive distribution rights and approximately 28 million common units (representing 15% of the aggregate outstanding common units and Class D units) of Sunoco LP (NYSE: SUN), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.


Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating across 32 countries and territories in North America, the Greater Caribbean, and Europe. SUN's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 160 terminals. This critical infrastructure complements SUN's fuel distribution operations, which distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner-branded locations, as well as independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (NYSE: ET). For more information, visit the Sunoco LP website at www.sunocolp.com.


SunocoCorp LLC (NYSE: SUNC) is a publicly traded limited liability company that owns a direct limited partner interest in Sunoco LP. For more information, visit the Sunoco LP website at www.sunocolp.com.


USA Compression Partners, LP (NYSE: USAC) is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USAC partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USAC focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. For more information, visit the USAC website at www.usacompression.com.


Forward-Looking Statements


This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results, including Adjusted EBITDA, and impact current projections, including capital expenditures, are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.


The information contained in this press release is available on our website at www.energytransfer.com.




ENERGY TRANSFER LP AND SUBSIDIARIES




CONDENSED CONSOLIDATED BALANCE SHEETS




(In millions)




(unaudited)










 



 






December 31,

2025






 






December 31,

2024








ASSETS








Current assets






$






18,233






 






 






$






14,202






 








 






 






 






 








Property, plant and equipment, net






 






102,142






 






 






 






95,212






 








 






 






 






 








Investments in unconsolidated affiliates






 






3,589






 






 






 






3,266






 








Lease right-of-use assets, net






 






1,841






 






 






 






809






 








Other non-current assets, net






 






2,591






 






 






 






2,017






 








Intangible assets, net






 






7,438






 






 






 






5,971






 








Goodwill






 






5,452






 






 






 






3,903






 








Total assets






$






141,286






 






 






$






125,380






 








LIABILITIES AND EQUITY








Current liabilities






$






14,955






 






 






$






12,656






 








 






 






 






 








Long-term debt, less current maturities






 






68,308






 






 






 






59,752






 








Non-current operating lease liabilities






 






1,515






 






 






 






730






 








Deferred income taxes






 






5,307






 






 






 






4,190






 








Other non-current liabilities






 






1,941






 






 






 






1,618






 








 






 






 






 








Commitments and contingencies






 






 






 








Redeemable noncontrolling interests






 






250






 






 






 






417






 








 






 






 






 








Equity:






 






 






 








Limited Partners:






 






 






 








Preferred Unitholders






 






3,356






 






 






 






3,852






 








Common Unitholders






 






30,930






 






 






 






31,195






 








General Partner






 






(2






)






 






 






(2






)








Accumulated other comprehensive income






 






82






 






 






 






73






 








Total partners’ capital






 






34,366






 






 






 






35,118






 








Noncontrolling interests






 






14,644






 






 






 






10,899






 








Total equity






 






49,010






 






 






 






46,017






 








Total liabilities and equity






$






141,286






 






 






$






125,380






 









ENERGY TRANSFER LP AND SUBSIDIARIES




CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(In millions, except per unit data)




(unaudited)










 



 






Three Months Ended

December 31,






 






Year Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








REVENUES






$






25,320






 






 






$






19,541






 






 






$






85,536






 






 






$






82,671






 








COSTS AND EXPENSES:






 






 






 






 






 






 






 








Cost of products sold






 






19,416






 






 






 






14,157






 






 






 






63,495






 






 






 






61,975






 








Operating expenses






 






1,693






 






 






 






1,441






 






 






 






5,867






 






 






 






5,164






 








Depreciation, depletion and amortization






 






1,491






 






 






 






1,374






 






 






 






5,682






 






 






 






5,165






 








Selling, general and administrative






 






367






 






 






 






288






 






 






 






1,180






 






 






 






1,177






 








Impairment losses






 






277






 






 






 






2






 






 






 






285






 






 






 






52






 








Total costs and expenses






 






23,244






 






 






 






17,262






 






 






 






76,509






 






 






 






73,533






 








OPERATING INCOME






 






2,076






 






 






 






2,279






 






 






 






9,027






 






 






 






9,138






 








OTHER INCOME (EXPENSE):






 






 






 






 






 






 






 








Interest expense, net of interest capitalized






 






(910






)






 






 






(807






)






 






 






(3,474






)






 






 






(3,125






)








Equity in earnings of unconsolidated affiliates






 






106






 






 






 






94






 






 






 






419






 






 






 






379






 








Losses on extinguishments of debt






 






(3






)






 






 






(1






)






 






 






(34






)






 






 






(12






)








Gain (loss) on sale of Sunoco LP West Texas assets






 






—






 






 






 






(12






)






 






 






—






 






 






 






586






 








Other, net






 






112






 






 






 






30






 






 






 






120






 






 






 






140






 








INCOME BEFORE INCOME TAX EXPENSE






 






1,381






 






 






 






1,583






 






 






 






6,058






 






 






 






7,106






 








Income tax expense






 






143






 






 






 






136






 






 






 






350






 






 






 






541






 








NET INCOME






 






1,238






 






 






 






1,447






 






 






 






5,708






 






 






 






6,565






 








Less: Net income attributable to noncontrolling interests






 






290






 






 






 






355






 






 






 






1,208






 






 






 






1,692






 








Less: Net income attributable to redeemable noncontrolling interests






 






20






 






 






 






15






 






 






 






67






 






 






 






59






 








NET INCOME ATTRIBUTABLE TO PARTNERS






 






928






 






 






 






1,077






 






 






 






4,433






 






 






 






4,814






 








General Partner’s interest in net income






 






1






 






 






 






1






 






 






 






4






 






 






 






4






 








Preferred Unitholders’ interest in net income






 






59






 






 






 






68






 






 






 






248






 






 






 






362






 








Loss on redemption of preferred units






 






—






 






 






 






—






 






 






 






8






 






 






 






54






 








Common Unitholders’ interest in net income






$






868






 






 






$






1,008






 






 






$






4,173






 






 






$






4,394






 








NET INCOME PER COMMON UNIT:






 






 






 






 






 






 






 








Basic






$






0.25






 






 






$






0.29






 






 






$






1.22






 






 






$






1.29






 








Diluted






$






0.25






 






 






$






0.29






 






 






$






1.21






 






 






$






1.28






 








WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:






 






 






 






 






 






 






 








Basic






 






3,434.8






 






 






 






3,425.6






 






 






 






3,432.9






 






 






 






3,395.1






 








Diluted






 






3,449.3






 






 






 






3,449.9






 






 






 






3,449.5






 






 






 






3,420.5






 









ENERGY TRANSFER LP AND SUBSIDIARIES




SUPPLEMENTAL INFORMATION




(Dollars and units in millions)




(unaudited)










 



 






Three Months Ended

December 31,






 






Year Ended

December 31,








 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow (a):






 






 






 






 






 






 






 








Net income






$






1,238






 






 






$






1,447






 






 






$






5,708






 






 






$






6,565






 








Depreciation, depletion and amortization






 






1,491






 






 






 






1,374






 






 






 






5,682






 






 






 






5,165






 








Interest expense, net of interest capitalized






 






910






 






 






 






807






 






 






 






3,474






 






 






 






3,125






 








Income tax expense






 






143






 






 






 






136






 






 






 






350






 






 






 






541






 








Losses on interest rate derivatives






 






—






 






 






 






6






 






 






 






—






 






 






 






—






 








Non-cash compensation expense






 






38






 






 






 






38






 






 






 






148






 






 






 






151






 








Impairment losses and other






 






277






 






 






 






2






 






 






 






285






 






 






 






52






 








Unrealized (gains) losses on commodity risk management activities






 






(98






)






 






 






6






 






 






 






(130






)






 






 






56






 








Inventory valuation adjustments (Sunoco LP)






 






187






 






 






 






(13






)






 






 






156






 






 






 






86






 








Losses on extinguishments of debt






 






3






 






 






 






1






 






 






 






34






 






 






 






12






 








Adjusted EBITDA related to unconsolidated affiliates






 






184






 






 






 






170






 






 






 






726






 






 






 






692






 








Equity in earnings of unconsolidated affiliates






 






(106






)






 






 






(94






)






 






 






(419






)






 






 






(379






)








(Gain) loss on sale of Sunoco LP West Texas assets






 






—






 






 






 






12






 






 






 






—






 






 






 






(586






)








Other, net






 






(85






)






 






 






(8






)






 






 






(30






)






 






 






3






 








Adjusted EBITDA (consolidated)






 






4,182






 






 






 






3,884






 






 






 






15,984






 






 






 






15,483






 








Adjusted EBITDA related to unconsolidated affiliates (b)






 






(184






)






 






 






(170






)






 






 






(726






)






 






 






(692






)








Distributable cash flow from unconsolidated affiliates (b)






 






142






 






 






 






113






 






 






 






510






 






 






 






486






 








Interest expense, net of interest capitalized






 






(910






)






 






 






(807






)






 






 






(3,474






)






 






 






(3,125






)








Preferred unitholders’ distributions (c)






 






(89






)






 






 






(71






)






 






 






(287






)






 






 






(361






)








Current income tax expense






 






(34






)






 






 






(24






)






 






 






(173






)






 






 






(265






)








Transaction-related income taxes (d)






 






—






 






 






 






(2






)






 






 






—






 






 






 






179






 








Maintenance capital expenditures






 






(462






)






 






 






(376






)






 






 






(1,316






)






 






 






(1,161






)








Other, net






 






36






 






 






 






16






 






 






 






97






 






 






 






90






 








Distributable Cash Flow (consolidated)






 






2,681






 






 






 






2,563






 






 






 






10,615






 






 






 






10,634






 








Distributable Cash Flow attributable to Sunoco LP and SunocoCorp (e)






 






(344






)






 






 






(254






)






 






 






(1,263






)






 






 






(946






)








Distributions from Sunoco LP






 






87






 






 






 






63






 






 






 






286






 






 






 






245






 








Distributable Cash Flow attributable to USAC (100%)






 






(104






)






 






 






(96






)






 






 






(386






)






 






 






(355






)








Distributions from USAC






 






24






 






 






 






24






 






 






 






97






 






 






 






97






 








Distributable Cash Flow attributable to noncontrolling interests in other non-wholly owned consolidated subsidiaries






 






(305






)






 






 






(326






)






 






 






(1,153






)






 






 






(1,335






)








Distributable Cash Flow attributable to the partners of Energy Transfer






 






2,039






 






 






 






1,974






 






 






 






8,196






 






 






 






8,340






 








Transaction-related adjustments






 






2






 






 






 






4






 






 






 






6






 






 






 






23






 








Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted






$






2,041






 






 






$






1,978






 






 






$






8,202






 






 






$






8,363






 









Distributions to partners:






 






 






 






 






 






 






 








Limited Partners






$






1,152







 






$






1,115







 






$






4,551







 






$






4,384









General Partner






 






1






 






 






 






1






 






 






 






4






 






 






 






4






 








Total distributions to be paid to partners






$






1,153






 






 






$






1,116






 






 






$






4,555






 






 






$






4,388






 








Common Units outstanding – end of period






 






3,440.0






 






 






 






3,431.1






 






 






 






3,440.0






 






 






 






3,431.1






 









(a)






Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities or other GAAP measures.








 






 








 






There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company’s net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measures that are computed in accordance with GAAP, such as operating income, net income and cash flows from operating activities.








 






 








 






Definition of Adjusted EBITDA








 






 








 






We define 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, certain foreign currency transaction gains and losses and other non-operating income or expense items. 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 last-in, first-out (“LIFO”). These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.








 






 








 






Adjusted EBITDA reflects 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 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 Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.








 






 








 






Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition and as a measurement component of incentive compensation.








 






 








 






Definition of Distributable Cash Flow








 






 








 






We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest 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 deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership’s proportionate share of the investees’ distributable cash flow.








 






 








 






Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations.








 






 








 






On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Energy Transfer’s consolidated subsidiaries. However, to the extent that noncontrolling interests exist among our subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to our partners, we have reported Distributable Cash Flow attributable to partners, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows:








 






 










For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to our partners includes distributions to be received by the parent company with respect to the periods presented.



For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest.








 






 








 






For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related adjustments and non-recurring expenses that are included in net income are excluded.








 






 








(b)






These amounts exclude Sunoco LP’s Adjusted EBITDA and distributable cash flow related to its investment in the ET-S Permian and J.C. Nolan joint ventures, which amounts are eliminated in the Energy Transfer consolidation.








 






 








(c)






For the three months ended December 31, 2025, preferred unitholders’ distributions include $30 million of distributions on Sunoco LP’s Series A preferred units, which were issued in September 2025.








 






 








(d)






For the year ended December 31, 2024, the amount reflected for transaction-related income taxes reflects current income tax expense recognized by Sunoco LP in connection with its April 2024 sale of convenience stores in West Texas, New Mexico and Oklahoma.








 






 








(e)






Beginning with the three months ended December 31, 2025, this amount includes the distributable cash flow of Sunoco LP and SunocoCorp, eliminating the distributable cash flow of Sunoco LP that is attributable to SunocoCorp.









ENERGY TRANSFER LP AND SUBSIDIARIES




SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT




(Tabular dollar amounts in millions)




(unaudited)








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Segment Adjusted EBITDA:






 






 






 








Intrastate transportation and storage






$






355






 






 






$






263






 








Interstate transportation and storage






 






523






 






 






 






493






 








Midstream






 






720






 






 






 






705






 








NGL and refined products transportation and services






 






1,078






 






 






 






1,108






 








Crude oil transportation and services






 






722






 






 






 






760






 








Investment in Sunoco LP






 






646






 






 






 






439






 








Investment in USAC






 






154






 






 






 






155






 








All other






 






(16






)






 






 






(39






)








Adjusted EBITDA (consolidated)






$






4,182






 






 






$






3,884






 







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.




Intrastate Transportation and Storage








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Natural gas transported (BBtu/d)






 






13,482






 






 






 






13,145






 








Revenues






$






902






 






 






$






820






 








Cost of products sold






 






454






 






 






 






426






 








Segment margin






 






448






 






 






 






394






 








Unrealized gains on commodity risk management activities






 






(24






)






 






 






(59






)








Operating expenses, excluding non-cash compensation expense






 






(67






)






 






 






(66






)








Selling, general and administrative expenses, excluding non-cash compensation expense






 






(10






)






 






 






(13






)








Adjusted EBITDA related to unconsolidated affiliates






 






7






 






 






 






6






 








Other






 






1






 






 






 






1






 








Segment Adjusted EBITDA






$






355






 






 






$






263






 







Transported volumes of gas on our Texas intrastate pipelines increased primarily due to more third-party transportation. Transported volumes reported above exclude volumes attributable to purchases and sales of gas for our pipelines’ own accounts and the optimization of any unused capacity.


For the three months ended December 31, 2025 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 $54 million in realized natural gas sales and other primarily due to wider price spreads;



an increase of $16 million in storage margin due to higher storage optimization;



an increase of $13 million in transportation fees primarily due to the volume shift to long-term third-party contracts from our optimization group on our Texas system; and



an increase of $7 million in retained fuel margin due to favorable gas pricing.





Interstate Transportation and Storage








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Natural gas transported (BBtu/d)






 






17,708






 






 






 






17,026






 








Natural gas sold (BBtu/d)






 






56






 






 






 






46






 








Revenues






$






631






 






 






$






600






 








Cost of products sold






 






1






 






 






 






3






 








Segment margin






 






630






 






 






 






597






 








Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses






 






(206






)






 






 






(191






)








Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses






 






(29






)






 






 






(30






)








Adjusted EBITDA related to unconsolidated affiliates






 






129






 






 






 






116






 








Other






 






(1






)






 






 






1






 








Segment Adjusted EBITDA






$






523






 






 






$






493






 







Transported volumes increased primarily due to more capacity sold and higher utilization across the segment due to increased demand.


For the three months ended December 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impact of the following:



an increase of $33 million in segment margin primarily due to a $16 million increase in transportation revenue from several of our interstate pipeline systems due to higher rates on contracted volumes, a $5 million increase due to higher interruptible utilization, a $5 million negative impact in the prior period related to the conclusion of a rate case on our Panhandle system and a $5 million increase in operational gas sales; and



an increase of $13 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to an $8 million increase from our Citrus joint venture and a $4 million increase from our Midcontinent Express Pipeline joint venture; partially offset by



an increase of $15 million in operating expenses primarily due to a $19 million increase in transportation expense on our affiliate pipelines and a $5 million increase in employee costs. These increases were partially offset by a $10 million decrease in ad valorem taxes.





Midstream








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Gathered volumes (BBtu/d)






 






21,484






 






 






 






20,690






 








NGLs produced (MBbls/d)






 






1,176






 






 






 






1,134






 








Equity NGLs (MBbls/d)






 






64






 






 






 






59






 








Revenues






$






2,720






 






 






$






3,160






 








Cost of products sold






 






1,474






 






 






 






1,910






 








Segment margin






 






1,246






 






 






 






1,250






 








Operating expenses, excluding non-cash compensation expense






 






(488






)






 






 






(495






)








Selling, general and administrative expenses, excluding non-cash compensation expense






 






(42






)






 






 






(55






)








Adjusted EBITDA related to unconsolidated affiliates






 






3






 






 






 






5






 








Other






 






1






 






 






 






—






 








Segment Adjusted EBITDA






$






720






 






 






$






705






 







Gathered volumes increased across most regions, primarily due to additional and upgraded plants in the Permian region, as well as higher dry gas gathering volumes in the Northeast and Ark-La-Tex regions. NGL production increased primarily due to increased Permian plant utilization.


For the three months ended December 31, 2025 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 $21 million in segment margin primarily due to higher volumes in the Permian region;



an increase of $18 million in segment margin due to higher dry gas gathering volumes in the Northeast and Ark-La-Tex regions;



a decrease of $14 million in selling, general, and administrative expenses primarily due to an $8 million decrease related to a legal settlement and a $5 million decrease in employee costs; and



a decrease of $8 million in operating expenses primarily due to decreases in ad valorem taxes, retainage credits and tax audit penalties; partially offset by



a decrease of $28 million in segment margin due to a $14 million decrease on our Jackalope gathering system and a $14 million decrease from intersegment transportation fees related to a regulatory order impacting prior period and current period rates;



a decrease of $14 million in segment margin due to lower NGL prices of $42 million, partially offset by favorable natural gas prices of $28 million; and



a decrease of $3 million in Adjusted EBITDA related to unconsolidated affiliates due to a contract restructuring.





NGL and Refined Products Transportation and Services








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








NGL transportation volumes (MBbls/d)






 






2,364






 






 






 






2,262






 








Refined products transportation volumes (MBbls/d)






 






603






 






 






 






570






 








NGL and refined products terminal volumes (MBbls/d)






 






1,639






 






 






 






1,465






 








NGL fractionation volumes (MBbls/d)






 






1,177






 






 






 






1,141






 








Revenues






$






6,150






 






 






$






6,356






 








Cost of products sold






 






4,736






 






 






 






5,048






 








Segment margin






 






1,414






 






 






 






1,308






 








Unrealized (gains) losses on commodity risk management activities






 






(29






)






 






 






60






 








Operating expenses, excluding non-cash compensation expense






 






(295






)






 






 






(254






)








Selling, general and administrative expenses, excluding non-cash compensation expense






 






(42






)






 






 






(42






)








Adjusted EBITDA related to unconsolidated affiliates






 






29






 






 






 






36






 








Other






 






1






 






 






 






—






 








Segment Adjusted EBITDA






$






1,078






 






 






$






1,108






 







NGL transportation and fractionation volumes increased primarily due to higher volumes from the Permian region. Terminal volumes also increased as result of recently acquired assets.


For the three months ended December 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment decreased due to the net impact of the following:



a decrease of $100 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to the timing of the settlement of NGL and refined product inventory hedges. This timing, which was the result of market price movements on hedged physical product, resulted in the recognition of significant gains in the fourth quarter of 2024, as well as reduced gains in the fourth quarter of 2025, which we anticipate will be recognized during the first quarter of 2026;



an increase of $41 million in operating expenses primarily due to a $22 million increase in costs driven by higher volumes across our NGL system, a $16 million increase in reserves related to the transportation revenues recognized in connection with a regulatory order impacting prior period and current period rates as discussed below, and a $7 million increase in employee costs, partially offset by a $4 million decrease in ad valorem taxes;



a decrease of $9 million in terminal services margin primarily due to a $19 million decrease in fees from loading volumes for export at our Nederland and Marcus Hook terminals, inclusive of a $14 million impact from a fog related closure in December 2025 which we expect to make up in the first quarter of 2026, partially offset by a $10 million increase from higher throughput and storage at our refined product terminals; and



a decrease of $7 million in Adjusted EBITDA related to unconsolidated affiliates due to lower throughput on certain of our joint venture pipelines; partially offset by



an increase of $96 million in transportation margin primarily due to a $71 million increase related to a regulatory order impacting prior period and current period rates and a $23 million increase from higher throughput and contractual rate escalations on our NGL pipeline systems;



an increase of $22 million in fractionators and refinery services margin primarily due to higher throughput; and



an increase of $8 million in storage margin primarily due to timing of deficiency payments and cavern withdrawals.





Crude Oil Transportation and Services








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Crude oil transportation volumes (MBbls/d)






 






7,256






 






 






 






6,831






 








Crude oil terminal volumes (MBbls/d)






 






3,298






 






 






 






3,316






 








Revenues






$






8,479






 






 






$






6,220






 








Cost of products sold






 






7,479






 






 






 






5,207






 








Segment margin






 






1,000






 






 






 






1,013






 








Unrealized gains on commodity risk management activities






 






(18






)






 






 






(4






)








Operating expenses, excluding non-cash compensation expense






 






(234






)






 






 






(217






)








Selling, general and administrative expenses, excluding non-cash compensation expense






 






(34






)






 






 






(38






)








Adjusted EBITDA related to unconsolidated affiliates






 






8






 






 






 






6






 








Segment Adjusted EBITDA






$






722






 






 






$






760






 







Crude oil transportation volumes were higher due to continued growth on our Texas pipeline system, our gathering systems, and from the ET-S Permian joint venture with Sunoco LP, partially offset by lower volumes on our Bakken Pipeline. Crude terminal volumes were lower primarily due to Gulf Coast refinery maintenance and lower volumes received from our Bakken Pipeline system.


For the three months ended December 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment decreased due to the net impact of the following:



a decrease of $27 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to decreased transportation revenue, primarily from our Bakken Pipeline joint venture, and a legal accrual of $15 million, partially offset by an increase of $30 million from our ET-S Permian joint venture and a $30 million increase related to a regulatory order impacting prior period and current period rates; and



an increase of $17 million in operating expenses primarily due to a $10 million increase in reserves related to revenues recognized in connection with a regulatory order impacting prior period and current period rates as discussed above, a $10 million increase in employee costs, a $5 million increase in volume-driven expenses, partially offset by a $10 million decrease in property tax expense.





Investment in Sunoco LP








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Revenues






$






8,600






 






 






$






5,269






 








Cost of products sold






 






7,676






 






 






 






4,644






 








Segment margin






 






924






 






 






 






625






 








Unrealized (gains) losses on commodity risk management activities






 






(18






)






 






 






4






 








Operating expenses, excluding non-cash compensation expense






 






(373






)






 






 






(188






)








Selling, general and administrative expenses, excluding non-cash compensation expense






 






(153






)






 






 






(50






)








Adjusted EBITDA related to unconsolidated affiliates






 






62






 






 






 






48






 








Inventory fair value adjustments






 






187






 






 






 






(13






)








Other, net






 






17






 






 






 






13






 








Segment Adjusted EBITDA






$






646






 






 






$






439






 







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


For the three months ended December 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP increased primarily due to the net impact of the following:



an increase of $478 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to the Parkland acquisition, along with favorable margins from transmix and blending activities; and



an increase of $14 million in Adjusted EBITDA related to unconsolidated affiliates primarily from the ET-S Permian joint venture; partially offset by



an increase of $185 million in operating expenses primarily due to increased costs resulting from Parkland’s operations; and



an increase of $103 million in selling, general and administrative expenses primarily due to Parkland’s operations, as well as one-time transaction-related expenses related to the Parkland acquisition.





Investment in USAC








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Revenues






$






252






 






 






$






245






 








Cost of products sold






 






36






 






 






 






36






 








Segment margin






 






216






 






 






 






209






 








Operating expenses, excluding non-cash compensation expense






 






(48






)






 






 






(41






)








Selling, general and administrative expenses, excluding non-cash compensation expense






 






(14






)






 






 






(12






)








Other, net






 






—






 






 






 






(1






)








Segment Adjusted EBITDA






$






154






 






 






$






155






 







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


For the three months ended December 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC increased primarily due to a $9 million increase in contract operations revenues driven by higher average revenue per revenue-generating horsepower and higher revenue-generating horsepower, partially offset by a $2 million decrease in parts and services revenues, as well as higher operating expenses.




All Other








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Revenues






$






1,055






 






 






$






607






 








Cost of products sold






 






1,022






 






 






 






602






 








Segment margin






 






33






 






 






 






5






 








Unrealized (gains) losses on commodity risk management activities






 






(9






)






 






 






5






 








Operating expenses, excluding non-cash compensation expense






 






(14






)






 






 






8






 








Selling, general and administrative expenses, excluding non-cash compensation expense






 






(16






)






 






 






(19






)








Adjusted EBITDA related to unconsolidated affiliates






 






1






 






 






 






2






 








Other and eliminations






 






(11






)






 






 






(40






)








Segment Adjusted EBITDA






$






(16






)






 






$






(39






)







For the three months ended December 31, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased due to the net impact of the following:



an increase of $11 million in our natural gas marketing business driven by residue gas sales;



an increase of $6 million related to corporate allocations;



an increase of $4 million in lease income from recently acquired real estate;



an increase of $2 million from our power-related businesses; and



an increase of $1 million from gains recognized by our captive insurance company; partially offset by



a decrease of $8 million due to the intersegment elimination of Sunoco LP’s 32.5% share of ET-S Permian, which is consolidated in our crude oil transportation and services segment and also reflected as an unconsolidated affiliate in our investment in Sunoco LP segment.





ENERGY TRANSFER LP AND SUBSIDIARIES




SUPPLEMENTAL INFORMATION ON LIQUIDITY




(In millions)




(unaudited)








 






 






 






 






 






 








The table below provides information on our revolving credit facility. We also have consolidated subsidiaries with revolving credit facilities which are not included in this table.












 



 






Facility Size






 






Funds Available at

December 31, 2025






 






Maturity Date








Five-Year Revolving Credit Facility






$






5,000







 






$






2,123







 






April 11, 2029









ENERGY TRANSFER LP AND SUBSIDIARIES




SUPPLEMENTAL INFORMATION ON UNCONSOLIDATED AFFILIATES




(In millions)




(unaudited)








 



The table below provides information on an aggregated basis for our unconsolidated affiliates, which are accounted for as equity method investments in the Partnership’s financial statements for the periods presented.








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Equity in earnings of unconsolidated affiliates:






 






 






 








Citrus






$






39







 






$






31









MEP






 






20






 






 






 






16






 








White Cliffs






 






4






 






 






 






5






 








Explorer






 






4






 






 






 






8






 








SESH






 






15






 






 






 






13






 








Other






 






24






 






 






 






21






 








Total equity in earnings of unconsolidated affiliates






$






106






 






 






$






94






 








 






 






 






 








Adjusted EBITDA related to unconsolidated affiliates:






 






 






 








Citrus






$






86






 






 






$






77






 








MEP






 






28






 






 






 






25






 








White Cliffs






 






9






 






 






 






10






 








Explorer






 






8






 






 






 






12






 








SESH






 






17






 






 






 






14






 








Other






 






36






 






 






 






32






 








Total Adjusted EBITDA related to unconsolidated affiliates






$






184






 






 






$






170






 








 






 






 






 








Distributions received from unconsolidated affiliates:






 






 






 








Citrus






$






52






 






 






$






35






 








MEP






 






24






 






 






 






23






 








White Cliffs






 






10






 






 






 






8






 








Explorer






 






4






 






 






 






7






 








SESH






 






14






 






 






 






12






 








Other






 






26






 






 






 






23






 








Total distributions received from unconsolidated affiliates






$






130






 






 






$






108






 









ENERGY TRANSFER LP AND SUBSIDIARIES




SUPPLEMENTAL INFORMATION ON NON-WHOLLY OWNED JOINT VENTURE SUBSIDIARIES




(In millions)




(unaudited)








 



The table below provides information on an aggregated basis for our non-wholly owned joint venture subsidiaries, which are reflected on a consolidated basis in our financial statements. The table below excludes Sunoco LP and USAC, which are non-wholly owned subsidiaries that are publicly traded, as well as Sunoco LP’s 32.5% interest in the ET-S Permian joint venture.








 



 






Three Months Ended

December 31,








 






 






2025






 






 






 






2024






 








Adjusted EBITDA of non-wholly owned subsidiaries (100%) (a)






$






598







 






$






634









Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries (b)






 






293






 






 






 






305






 








 






 






 






 








Distributable Cash Flow of non-wholly owned subsidiaries (100%) (c)






$






581






 






 






$






614






 








Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries (d)






 






276






 






 






 






288






 









Below is our ownership percentage of certain non-wholly owned subsidiaries:








 



Non-wholly owned subsidiary:






Energy Transfer Percentage

Ownership (e)








Bakken Pipeline






36.4 %








Bayou Bridge






60.0 %








Maurepas






51.0 %








Ohio River System






75.0 %








Permian Express Partners






87.7 %








Red Bluff Express






70.0 %








Rover






32.6 %








Others






various









(a)






Adjusted EBITDA of non-wholly owned subsidiaries reflects the total Adjusted EBITDA of our non-wholly owned subsidiaries on an aggregated basis. This is the amount included in our consolidated non-GAAP measure of Adjusted EBITDA.








(b)






Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries reflects the amount of Adjusted EBITDA of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest.








(c)






Distributable Cash Flow of non-wholly owned subsidiaries reflects the total Distributable Cash Flow of our non-wholly owned subsidiaries on an aggregated basis.








(d)






Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries reflects the amount of Distributable Cash Flow of such subsidiaries (on an aggregated basis) that is attributable to our ownership interest. This is the amount included in our consolidated non-GAAP measure of Distributable Cash Flow attributable to the partners of Energy Transfer.








(e)






Our ownership reflects the total economic interest held by us and our subsidiaries. In some cases, this percentage comprises ownership interests held in (or by) multiple entities.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260216863193/en/
Investor Relations:

Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795


Media Relations:

Vicki Granado, 214-840-5820


Original: Energy Transfer Reports Fourth Quarter 2025 Results