Energy Transfer LP (NYSE: ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter ended September 30, 2025.

Energy Transfer reported net income attributable to partners for the three months ended September 30, 2025 of $1.02 billion compared to $1.18 billion for the three months ended September 30, 2024. For the three months ended September 30, 2025, net income per common unit (basic) was $0.28.

Adjusted EBITDA for the three months ended September 30, 2025 was $3.84 billion compared to $3.96 billion for the three months ended September 30, 2024.

Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2025 was $1.90 billion compared to $1.99 billion for the three months ended September 30, 2024.

The decreases in Adjusted EBITDA and Distributable Cash Flow attributable to partners, as adjusted, were driven by the impact of several one-time items during the third quarter of 2025.

Growth capital expenditures in the third quarter of 2025 were $1.14 billion, while maintenance capital expenditures were $293 million.

Operational Highlights

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

• NGL and refined products terminal volumes were up 10%, setting a new Partnership record.

• NGL transportation volumes were up 11%, setting a new Partnership record.

• NGL exports were up 13%, setting a new Partnership record.

• Interstate natural gas transportation volumes were up 8%.

• Intrastate natural gas transportation volumes were up 5%.

• Midstream gathered volumes were up 3%, setting a new Partnership record.

• In November 2025, Energy Transfer announced plans to construct a new 250 MMcf/d processing plant and related facilities in the Midland Basin. Mustang Draw II is expected to be in service in the fourth quarter of 2026.

• In September 2025, Energy Transfer executed agreements to expand its Price River Terminal in Utah which will double its export capacity of American Premium Uinta (“APU”) oil. The project includes new railcar loading facilities, a new heated storage tank with approximately 120,000 barrels of capacity and two additional 6,000-foot storage unit tracks.

• Energy Transfer is also currently commissioning the third of eight, 10-megawatt natural-gas fired electric generation facilities in West Texas.

Strategic Highlights

• Energy Transfer has now executed multiple agreements with Oracle, including previously announced agreements, to supply natural gas to three U.S. data centers, two of which are in Texas. Under these long-term agreements, Energy Transfer will deliver approximately 900 MMcf per day of natural gas. Supply for these agreements is expected to be sourced from our extensive intrastate pipeline network, and construction of a new pipeline lateral from Hugh Brinson and our North Texas pipeline is already underway.

• Energy Transfer recently entered into a 20-year binding agreement with Entergy Louisiana to initially provide 250,000 MMBtu per day of firm transportation service to fuel their facilities in Richland Parish, Louisiana, subject to limited conditions precedent. The agreement would begin in December 2028 and includes an option for Entergy to expand the capacity in the future.

• In August 2025, in support of customer demand for additional reliable natural gas service, the Partnership announced construction of a new natural gas storage cavern at its Bethel natural gas storage facility, located near Dallas-Fort Worth. The project will double the facility’s natural gas working storage capacity to more than 12 Bcf and is expected to be in service in late 2028.

Financial Highlights

• In October 2025, Energy Transfer announced a quarterly cash distribution of $0.3325 per common unit ($1.33 annualized) for the quarter ended September 30, 2025, which is an increase of more than 3% compared to the third quarter of 2024.

• As of September 30, 2025, the Partnership’s revolving credit facility had an aggregate $3.44 billion of available borrowing capacity.

• The Partnership now expects to be slightly below the lower end of its previously stated Adjusted EBITDA guidance range of $16.1 billion to $16.5 billion. The Partnership expects its 2025 growth capital expenditures to be approximately $4.6 billion.

• In support of the significant strategic growth opportunities, Energy Transfer expects to invest approximately $5 billion of growth capital in 2026. The majority of this capital is expected to be spent on natural gas-directed projects, which will further enhance the Partnership’s leading infrastructure business in Texas and throughout the U.S.

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, 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 3:30 p.m. Central Time/4:30 p.m. Eastern Time on Wednesday, November 5, 2025 to discuss its third 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 Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units (representing approximately 15% of the aggregate outstanding common and Class D units) of Sunoco LP (NYSE: SUN), and the general partner interests and 46.5 million common units (representing approximately 38% 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 billions 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.

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.

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.

Transported volumes of gas on our Texas intrastate pipelines increased primarily due to more third-party transportation.

Segment Adjusted EBITDA. For the three months ended September 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment decreased due to the net impact of the following:

• a decrease of $101 million in realized natural gas sales and other primarily due to lower optimization volumes with shifts to long-term third-party contracts from the Permian and narrower price spreads; and

• an increase of $11 million in operating expenses primarily due to increases in ad valorem taxes and maintenance project costs; partially offset by

• an increase of $10 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 $4 million in retained fuel margin primarily due to higher gas prices.

Transported volumes increased primarily due to more capacity sold and higher utilization on several of our systems due to increased demand.

Segment Adjusted EBITDA. For the three months ended September 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment decreased due to the net impact of the following:

• an increase of $68 million in operating expenses primarily due to a $43 million increase related to the resolution of a prior period ad valorem tax obligation on our Rover system, an $11 million increase in transportation expense and an aggregate $15 million increase in other items, primarily including ad valorem taxes, maintenance projects and revaluation of system gas; partially offset by

• an increase of $28 million in segment margin primarily due to a $25 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes and a $6 million increase in operational gas sales. These increases were partially offset by a $4 million decrease in interruptible usage and parking revenue.

Gathered volumes increased primarily due to newly acquired assets, as well as additional and upgraded plants in the Permian region, partially offset by lower dry gas gathering in the Northeast and Ark-La-Tex regions. NGL production increased primarily due to recently acquired assets and increased Permian plant utilization.

Segment Adjusted EBITDA. For the three months ended September 30, 2025 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 $70 million in other income due to the recognition of proceeds from a business interruption claim in September 2024;

• an increase of $48 million in operating expenses primarily due to recently acquired assets and assets placed in service, as well as the impact of certain estimates recorded in the prior period which were subsequently adjusted. The increase also included a $9 million increase in ad valorem taxes and a $6 million increase related to increased volumes and repairs in the Permian region; and

• a decrease of $2 million in segment margin due to lower dry gas volumes in the Northeast and Ark-La-Tex regions; partially offset by

• an increase of $34 million in segment margin primarily due to recently acquired assets and higher volumes in the Permian region;

• an increase of $7 million in segment margin due to higher natural gas prices of $32 million, partially offset by lower NGL prices of $25 million;

• a decrease of $9 million in selling, general and administrative expenses due to a $3 million decrease resulting from one-time expenses in the prior period, as well as a $3 million decrease in legal fees and a $2 million decrease in insurance expenses; and

• an increase of $5 million in Adjusted EBITDA related to unconsolidated affiliates due to the one-time recognition of fee credits associated with a contract restructuring.

NGL transportation volumes increased primarily due to higher volumes from the Permian region. Also, fractionated volumes were slightly lower due to maintenance at our Mont Belvieu fractionation complex in the current period.

Segment Adjusted EBITDA. For the three months ended September 30, 2025 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 $92 million in transportation margin primarily due to higher throughput and contractual rate escalations on our Mariner East and our Gulf Coast pipeline systems; and

• an increase of $11 million in terminal services margin primarily due to a $6 million increase in fees from loading volumes for export at our Nederland and Marcus Hook terminals and a $5 million increase from higher throughput and storage at our refined product terminals; partially offset by

• an increase of $51 million in operating expenses primarily due to $17 million in one-time investigation and remediation costs, a $19 million increase in costs driven by higher volumes across our NGL system, a $6 million increase from the timing of project related expenses, a $4 million increase in ad valorem taxes on assets placed in service and a $4 million increase in employee costs;

• a decrease of $9 million in fractionators and refinery services margin primarily due to lower throughput due to more downtime; and

• a decrease of $3 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to the timing of the gains from the optimization of hedged NGL and refined product inventories.

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

Segment Adjusted EBITDA. For the three months ended September 30, 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 $18 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) due to decreased transportation revenue, primarily from our Bakken Pipeline and Bayou Bridge systems; and

• an increase of $12 million in operating expenses primarily due to a $4 million increase in maintenance project costs, a $4 million increase in materials costs, a $3 million increase in ad valorem taxes and a $3 million increase in employee costs due to higher headcount; partially offset by

• a decrease of $3 million in selling, general and administrative expenses primarily due to lower insurance expenses.

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

Segment Adjusted EBITDA. For the three months ended September 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment increased due to the net impact of the following:

• an increase of $29 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to increased fuel volumes and increased margin from transmix and blending activities;

• an increase of $11 million in Adjusted EBITDA related to unconsolidated affiliates related to ET-S Permian; and

• a decrease of $5 million in selling, general and administrative expenses, excluding non-cash compensation expense, primarily due to one-time NuStar acquisition costs incurred in 2024; partially offset by

• an increase of $12 million in operating expenses, excluding non-cash compensation expenses, due to an increase in operating expenses from the timing of the acquisitions of NuStar and Zenith European terminals.

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

Segment Adjusted EBITDA. For the three months ended September 30, 2025 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased due to an increase in segment margin primarily due to higher market-based and CPI-based rates.

Segment Adjusted EBITDA. For the three months ended September 30, 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 $8 million due to lower acquisition-related expenses;

• an increase of $7 million in lease income on recently acquired assets; and

• an increase of $5 million in our dual drive compression business due to higher service fee revenue; partially offset by

• a decrease of $11 million due to an increase in the intersegment elimination from increased earnings of Sunoco LP’s 32.5% share of ET-S Permian, which is consolidated in our crude oil transportation and services segment and reflected as an unconsolidated affiliate in our investment in Sunoco LP segment; and

• a decrease of $4 million from our compressor packaging business.

   

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