DALLAS, November 03, 2026–(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
Strategic Highlights
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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.
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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:
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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.
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In October, Energy Transfer placed the 275 MMcf/d Mustang Draw II processing plant into service in the Midland Basin.
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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.
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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.
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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.
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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.
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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.
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Financial Highlights
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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.
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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.
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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 informati
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