Feb 17, 2026 (MarketLine via COMTEX) --
Energy Transfer LP reported financial results for the quarter and year ended December 31, 2025.
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.
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COMTEX_475541717/2227/2026-03-19T05:17:46
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