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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
US Market News
5月前
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
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