Energy Transfer Reports Fourth Quarter 2025 Results
DALLAS--( 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
Strategic Highlights
Financial Highlights
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 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:
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:
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:
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:
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:
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:
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:
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.