DALLAS–(BUSINESS WIRE)–Energy Transfer LP (TXSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter ended September 30, 2026.
Energy Transfer reported net income attributable to partners for the three months ended September 30, 2026 of $1.21 billion compared to $1.02 billion for the three months ended September 30, 2025. For the three months ended September 30, 2026, net income per common unit (basic) was $0.33.
Adjusted EBITDA for the three months ended September 30, 2026 was $5.03 billion compared to $3.84 billion for the three months ended September 30, 2025, an increase of 31%.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2026 was $2.52 billion compared to $1.90 billion for the three months ended September 30, 2025, an increase of 33%.
Growth capital expenditures in the third quarter of 2026 were $1.30 billion; maintenance capital expenditures were $284 million.
The Partnership now expects its Adjusted EBITDA for the full year of 2026 to range between $19.7 billion and $19.9 billion, compared to the previous range of between $18.8 billion and $19.1 billion. The Partnership expects to invest $5.4 billion to $5.6 billion in growth capital for 2026 and approximately $7 billion for 2027.
Operational Highlights
-
Energy Transfer’s volumes continued to grow during the third quarter of 2026 compared to the third quarter of 2025.
- Intrastate transportation volumes were up 14%, setting a new Partnership record.
- Midstream gathered volumes were up 6%, setting a new Partnership record.
- NGL transportation volumes were up 6%.
- NGL exports were up 9%.
- NGL fractionation volumes were up 5%.
Strategic Highlights
- In October 2026, Energy Transfer announced the acquisition of Vaquero Midstream LLC in a bolt-on transaction for approximately $2.6 billion, including cash and equity consideration. The acquisition will expand and enhance Energy Transfer’s integrated natural gas gathering and processing network and add additional volumes to our downstream natural gas and NGL infrastructure. The acquisition is expected to close in the fourth quarter of 2026, subject to regulatory approval and customary closing conditions.
-
Energy Transfer has announced several new strategic growth projects to meet growing energy demand throughout the U.S., which will further enhance its asset base:
- On September 1, 2026, Phase I of the Hugh Brinson Pipeline was placed into full service, ahead of schedule. Phase II remains on schedule to be completed in the first quarter of 2027, and the full project is expected to come in under budget.
- In October, Energy Transfer placed the 275 MMcf/d Mustang Draw II processing plant into service in the Midland Basin.
- In November, Energy Transfer announced a cryogenic processing plant, Bear II, to be located in the Delaware Basin. The plant, which will be located adjacent to the existing Bear processing plant, is expected to have a capacity of 200 MMcf/d and is expected to be in service in the third quarter of 2027.
- In November, Energy Transfer reached positive final investment decision (FID) on the 215-mile South Mississippi Pipeline Project. The Partnership has secured long-term, demand-based transportation agreements to support the construction of a 36-inch pipeline with a capacity of 1.2 Bcf/d, at an expected cost of approximately $1.6 billion. Energy Transfer will likely be a 51% owner and operator of this project, with the remaining ownership coming from shippers. A binding open season is currently underway to solicit additional customer commitments, and final pipeline sizing and capacity will be determined after the open season. When it enters service, projected in 2030, the project will give shippers greater access to natural gas from multiple basins across the Southeastern U.S.
- In the third quarter of 2026, Energy Transfer completed the addition of compression and meter facilities on its Rover Pipeline system to support a 15-year transportation agreement with a Marcellus producer. The agreement, which added 250,000 MMBtu/d of firm transportation commitments to the pipeline system, began November 1st.
- Energy Transfer recently executed two agreements to provide a total of 150,000 MMBtu/d of firm natural gas transportation service from its MRT Pipeline to two power plants under construction in Missouri. In addition, it will be adding pipeline and metering facilities to support these agreements. Growth capital associated with construction of the facilities is fully reimbursable, and the agreements are expected to become effective in late 2027 and mid-2028.
- In November, Energy Transfer announced plans to construct its tenth fractionator at Mont Belvieu. Frac X is expected to have a capacity of 200 MBbls/d and be in service in the first half of 2029.
Financial Highlights
- In October 2026, Energy Transfer announced a quarterly cash distribution of $0.3425 per common unit ($1.37 annualized) for the quarter ended September 30, 2026, which is an increase of more than 3% compared to the third quarter of 2025. This is the Partnership’s twentieth consecutive increase to its quarterly cash distribution.
- In August 2026, the Partnership redeemed $900 million aggregate principal amount of 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units using proceeds from its recent junior subordinated notes offering.
- As of September 30, 2026, the Partnership’s revolving credit facility had an aggregate $4.41 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 September 30, 2026.
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, November 3, 2026 to discuss its third 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 (TXSE: 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 (TXSE: SUN), the managing member interests in SunocoCorp LLC (TXSE: SUNC), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (TXSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Sunoco LP (TXSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating across 33 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 170 terminals. This critical infrastructure complements SUN’s fuel distribution operations which distribute over 17 billion gallons annually to approximately 11,000 Sunoco and partner-branded retail locations, as well as independent dealers and commercial customers. SUN’s general partner is owned by Energy Transfer LP. For more information, visit the Sunoco LP website at www.sunocolp.com.
SunocoCorp LLC (TXSE: 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 (TXSE: 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) |
|||||||
|
|
September 30, |
|
December 31, |
||||
|
ASSETS |
|||||||
|
Current assets |
$ |
24,143 |
|
|
$ |
18,233 |
|
|
|
|
|
|
||||
|
Property, plant and equipment, net |
|
104,375 |
|
|
|
102,142 |
|
|
|
|
|
|
||||
|
Investments in unconsolidated affiliates |
|
3,653 |
|
|
|
3,589 |
|
|
Lease right-of-use assets, net |
|
1,974 |
|
|
|
1,841 |
|
|
Other non-current assets, net |
|
2,510 |
|
|
|
2,591 |
|
|
Intangible assets, net |
|
7,064 |
|
|
|
7,438 |
|
|
Goodwill |
|
5,667 |
|
|
|
5,452 |
|
|
Total assets |
$ |
149,386 |
|
|
$ |
141,286 |
|
|
LIABILITIES AND EQUITY |
|||||||
|
Current liabilities |
$ |
20,858 |
|
|
$ |
14,955 |
|
|
|
|
|
|
||||
|
Long-term debt, less current maturities |
|
68,838 |
|
|
|
68,308 |
|
|
Non-current operating lease liabilities |
|
1,644 |
|
|
|
1,515 |
|
|
Deferred income taxes |
|
5,635 |
|
|
|
5,307 |
|
|
Other non-current liabilities |
|
2,494 |
|
|
|
1,941 |
|
|
|
|
|
|
||||
|
Commitments and contingencies |
|
|
|
||||
|
Redeemable noncontrolling interests |
|
266 |
|
|
|
250 |
|
|
|
|
|
|
||||
|
Equity: |
|
|
|
||||
|
Limited Partners: |
|
|
|
||||
|
Preferred Unitholders |
|
2,480 |
|
|
|
3,356 |
|
|
Common Unitholders |
|
31,931 |
|
|
|
30,930 |
|
|
General Partner |
|
(1 |
) |
|
|
(2 |
) |
|
Accumulated other comprehensive income |
|
32 |
|
|
|
82 |
|
|
Total partners’ capital |
|
34,442 |
|
|
|
34,366 |
|
|
Noncontrolling interests |
|
15,209 |
|
|
|
14,644 |
|
|
Total equity |
|
49,651 |
|
|
|
49,010 |
|
|
Total liabilities and equity |
$ |
149,386 |
|
|
$ |
141,286 |
|
|
ENERGY TRANSFER LP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per unit data) (unaudited) |
|||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended |
||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
REVENUES |
$ |
37,103 |
|
|
$ |
19,954 |
|
|
$ |
99,208 |
|
|
$ |
60,216 |
|
|
COSTS AND EXPENSES: |
|
|
|
|
|
|
|
||||||||
|
Cost of products sold |
|
30,531 |
|
|
|
14,562 |
|
|
|
78,616 |
|
|
|
44,079 |
|
|
Operating expenses |
|
1,785 |
|
|
|
1,532 |
|
|
|
5,308 |
|
|
|
4,174 |
|
|
Depreciation, depletion and amortization |
|
1,599 |
|
|
|
1,440 |
|
|
|
4,757 |
|
|
|
4,191 |
|
|
Selling, general and administrative |
|
405 |
|
|
|
268 |
|
|
|
1,187 |
|
|
|
813 |
|
|
Impairment loss |
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
8 |
|
|
Total costs and expenses |
|
34,322 |
|
|
|
17,803 |
|
|
|
89,870 |
|
|
|
53,265 |
|
|
OPERATING INCOME |
|
2,781 |
|
|
|
2,151 |
|
|
|
9,338 |
|
|
|
6,951 |
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
||||||||
|
Interest expense, net of interest capitalized |
|
(944 |
) |
|
|
(890 |
) |
|
|
(2,825 |
) |
|
|
(2,564 |
) |
|
Equity in earnings of unconsolidated affiliates |
|
112 |
|
|
|
116 |
|
|
|
330 |
|
|
|
313 |
|
|
Losses on extinguishments of debt |
|
— |
|
|
|
(12 |
) |
|
|
(7 |
) |
|
|
(31 |
) |
|
Other, net |
|
52 |
|
|
|
14 |
|
|
|
— |
|
|
|
8 |
|
|
INCOME BEFORE INCOME TAX EXPENSE |
|
2,001 |
|
|
|
1,379 |
|
|
|
6,836 |
|
|
|
4,677 |
|
|
Income tax expense |
|
187 |
|
|
|
87 |
|
|
|
516 |
|
|
|
207 |
|
|
NET INCOME |
|
1,814 |
|
|
|
1,292 |
|
|
|
6,320 |
|
|
|
4,470 |
|
|
Less: Net income attributable to noncontrolling interests |
|
593 |
|
|
|
259 |
|
|
|
1,740 |
|
|
|
918 |
|
|
Less: Net income attributable to redeemable noncontrolling interests |
|
14 |
|
|
|
14 |
|
|
|
31 |
|
|
|
47 |
|
|
NET INCOME ATTRIBUTABLE TO PARTNERS |
|
1,207 |
|
|
|
1,019 |
|
|
|
4,549 |
|
|
|
3,505 |
|
|
General Partner’s interest in net income |
|
1 |
|
|
|
1 |
|
|
|
4 |
|
|
|
3 |
|
|
Preferred Unitholders’ interest in net income |
|
52 |
|
|
|
59 |
|
|
|
170 |
|
|
|
189 |
|
|
Loss on redemption of preferred units |
|
14 |
|
|
|
— |
|
|
|
14 |
|
|
|
8 |
|
|
Common Unitholders’ interest in net income |
$ |
1,140 |
|
|
$ |
959 |
|
|
$ |
4,361 |
|
|
$ |
3,305 |
|
|
NET INCOME PER COMMON UNIT: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.33 |
|
|
$ |
0.28 |
|
|
$ |
1.27 |
|
|
$ |
0.96 |
|
|
Diluted |
$ |
0.33 |
|
|
$ |
0.28 |
|
|
$ |
1.26 |
|
|
$ |
0.96 |
|
|
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
3,443.6 |
|
|
|
3,433.0 |
|
|
|
3,442.2 |
|
|
|
3,432.2 |
|
|
Diluted |
|
3,466.7 |
|
|
|
3,456.1 |
|
|
|
3,465.9 |
|
|
|
3,456.1 |
|
|
ENERGY TRANSFER LP AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (Dollars and units in millions) (unaudited) |
|||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended |
||||||||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
2026 |
|
|
|
2025 |
|
|
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow(a): |
|
|
|
|
|
|
|
||||||||
|
Net income |
$ |
1,814 |
|
|
$ |
1,292 |
|
|
$ |
6,320 |
|
|
$ |
4,470 |
|
|
Depreciation, depletion and amortization |
|
1,599 |
|
|
|
1,440 |
|
|
|
4,757 |
|
|
|
4,191 |
|
|
Interest expense, net of interest capitalized |
|
944 |
|
|
|
890 |
|
|
|
2,825 |
|
|
|
2,564 |
|
|
Income tax expense |
|
187 |
|
|
|
87 |
|
|
|
516 |
|
|
|
207 |
|
|
Impairment losses |
|
2 |
|
|
|
1 |
|
|
|
2 |
|
|
|
8 |
|
|
Non-cash compensation expense |
|
49 |
|
|
|
40 |
|
|
|
137 |
|
|
|
110 |
|
|
Unrealized (gains) losses on commodity risk management activities |
|
379 |
|
|
|
(1 |
) |
|
|
519 |
|
|
|
(32 |
) |
|
Inventory valuation adjustments (Sunoco LP) |
|
(19 |
) |
|
|
(10 |
) |
|
|
(445 |
) |
|
|
(31 |
) |
|
Losses on extinguishments of debt |
|
— |
|
|
|
12 |
|
|
|
7 |
|
|
|
31 |
|
|
Adjusted EBITDA related to unconsolidated affiliates |
|
196 |
|
|
|
193 |
|
|
|
588 |
|
|
|
542 |
|
|
Equity in earnings of unconsolidated affiliates |
|
(112 |
) |
|
|
(116 |
) |
|
|
(330 |
) |
|
|
(313 |
) |
|
Other, net |
|
(8 |
) |
|
|
10 |
|
|
|
138 |
|
|
|
55 |
|
|
Adjusted EBITDA (consolidated) |
|
5,031 |
|
|
|
3,838 |
|
|
|
15,034 |
|
|
|
11,802 |
|
|
Adjusted EBITDA related to unconsolidated affiliates(b) |
|
(196 |
) |
|
|
(193 |
) |
|
|
(588 |
) |
|
|
(542 |
) |
|
Distributable cash flow from unconsolidated affiliates(b) |
|
147 |
|
|
|
128 |
|
|
|
416 |
|
|
|
368 |
|
|
Interest expense, net of interest capitalized |
|
(944 |
) |
|
|
(890 |
) |
|
|
(2,825 |
) |
|
|
(2,564 |
) |
|
Preferred unitholders’ distributions (c) |
|
(81 |
) |
|
|
(61 |
) |
|
|
(258 |
) |
|
|
(198 |
) |
|
Current income tax expense |
|
(166 |
) |
|
|
(27 |
) |
|
|
(328 |
) |
|
|
(139 |
) |
|
Maintenance capital expenditures |
|
(419 |
) |
|
|
(347 |
) |
|
|
(1,097 |
) |
|
|
(854 |
) |
|
Other, net |
|
15 |
|
|
|
27 |
|
|
|
53 |
|
|
|
62 |
|
|
Distributable Cash Flow (consolidated) |
|
3,387 |
|
|
|
2,475 |
|
|
|
10,407 |
|
|
|
7,935 |
|
|
Distributable Cash Flow attributable to Sunoco LP and SunocoCorp (d) |
|
(577 |
) |
|
|
(320 |
) |
|
|
(1,697 |
) |
|
|
(920 |
) |
|
Distributions from Sunoco LP |
|
105 |
|
|
|
68 |
|
|
|
306 |
|
|
|
199 |
|
|
Distributable Cash Flow attributable to USAC (100%) |
|
(127 |
) |
|
|
(103 |
) |
|
|
(383 |
) |
|
|
(282 |
) |
|
Distributions from USAC |
|
25 |
|
|
|
25 |
|
|
|
73 |
|
|
|
73 |
|
|
Distributable Cash Flow attributable to noncontrolling interests in other non-wholly owned consolidated subsidiaries |
|
(291 |
) |
|
|
(251 |
) |
|
|
(893 |
) |
|
|
(848 |
) |
|
Distributable Cash Flow attributable to the partners of Energy Transfer |
|
2,522 |
|
|
|
1,894 |
|
|
|
7,813 |
|
|
|
6,157 |
|
|
Transaction-related adjustments |
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
4 |
|
|
Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted |
$ |
2,522 |
|
|
$ |
1,895 |
|
|
$ |
7,813 |
|
|
$ |
6,161 |
|
|
Distributions to partners: |
|
|
|
|
|
|
|
||||||||
|
Limited Partners |
$ |
1,180 |
|
|
$ |
1,141 |
|
|
$ |
3,512 |
|
|
$ |
3,398 |
|
|
General Partner |
|
1 |
|
|
|
1 |
|
|
|
3 |
|
|
|
3 |
|
|
Total distributions to be paid to partners |
$ |
1,181 |
|
|
$ |
1,142 |
|
|
$ |
3,515 |
|
|
$ |
3,401 |
|
|
Common Units outstanding – end of period |
|
3,443.9 |
|
|
|
3,433.4 |
|
|
|
3,443.9 |
|
|
|
3,433.4 |
|
| (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 |
||
|
|
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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. |
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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. |
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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. |
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Definition of Distributable Cash Flow |
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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, certain foreign currency transaction gains and losses and deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership’s proportionate share of the investees’ distributable cash flow. |
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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. |
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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: |
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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. |
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| (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. |
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| (c) |
For the three and nine months ended September 30, 2026, preferred unitholders’ distributions include $30 million and $88 million, respectively, of accrued distributions on Sunoco LP’s Series A preferred units, which were issued in September 2025. |
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| (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. |
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ENERGY TRANSFER LP AND SUBSIDIARIES SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT (Tabular dollar amounts in millions) (unaudited) |
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Three Months Ended |
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2026 |
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2025 |
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Segment Adjusted EBITDA: |
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Intrastate transportation and storage |
$ |
346 |
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$ |
230 |
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Interstate transportation and storage |
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500 |
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431 |
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Midstream |
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864 |
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751 |
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NGL and refined products transportation and services |
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1,224 |
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1,054 |
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Crude oil transportation and services |
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871 |
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746 |
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Investment in Sunoco LP |
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1,049 |
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489 |
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Investment in USAC |
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198 |
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160 |
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All other |
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(21 |
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(23 |
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Adjusted EBITDA (consolidated) |
$ |
5,031 |
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$ |
3,838 |
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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. |
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Contacts
Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
Media Relations:
Vicki Granado, 214-840-5820
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