Energy Transfer Reports Second Quarter 2026 Results and Updates 2026 Financial Guidance

ENERGY TRANSFER LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(unaudited)

June 30,
2026

December 31,
2025

ASSETS

Current assets

$

23,113

$

18,233

Property, plant and equipment, net

104,096

102,142

Investments in unconsolidated affiliates

3,637

3,589

Lease right-of-use assets, net

1,939

1,841

Other non-current assets, net

2,615

2,591

Intangible assets, net

7,160

7,438

Goodwill

5,608

5,452

Total assets

$

148,168

$

141,286

LIABILITIES AND EQUITY

Current liabilities

$

19,858

$

14,955

Long-term debt, less current maturities

68,393

68,308

Non-current operating lease liabilities

1,621

1,515

Deferred income taxes

5,572

5,307

Other non-current liabilities

1,946

1,941

Commitments and contingencies

Redeemable noncontrolling interests

256

250

Equity:

Limited Partners:

Preferred Unitholders

3,356

3,356

Common Unitholders

31,927

30,930

General Partner

(1

)

(2

)

Accumulated other comprehensive income

49

82

Total partners' capital

35,331

34,366

Noncontrolling interests

15,191

14,644

Total equity

50,522

49,010

Total liabilities and equity

$

148,168

$

141,286

ENERGY TRANSFER LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per unit data)

(unaudited)

Three Months Ended

June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

REVENUES

$

34,334

$

19,242

$

62,105

$

40,262

COSTS AND EXPENSES:

Cost of products sold

26,936

13,946

48,085

29,517

Operating expenses

1,828

1,343

3,523

2,642

Depreciation, depletion and amortization

1,575

1,384

3,158

2,751

Selling, general and administrative

421

257

782

545

Impairment loss

-

3

-

7

Total costs and expenses

30,760

16,933

55,548

35,462

OPERATING INCOME

3,574

2,309

6,557

4,800

OTHER INCOME (EXPENSE):

Interest expense, net of interest capitalized

(934

)

(865

)

(1,881

)

(1,674

)

Equity in earnings of unconsolidated affiliates

108

105

218

197

Losses on extinguishments of debt

-

(17

)

(7

)

(19

)

Other, net

(24

)

5

(52

)

(6

)

INCOME BEFORE INCOME TAX EXPENSE

2,724

1,537

4,835

3,298

Income tax expense

194

79

329

120

NET INCOME

2,530

1,458

4,506

3,178

Less: Net income attributable to noncontrolling interests

432

275

1,147

659

Less: Net income attributable to redeemable noncontrolling interests

10

20

17

33

NET INCOME ATTRIBUTABLE TO PARTNERS

2,088

1,163

3,342

2,486

General Partner's interest in net income

2

1

3

2

Preferred Unitholders' interest in net income

59

63

118

130

Loss on redemption of preferred units

-

8

-

8

Common Unitholders' interest in net income

$

2,027

$

1,091

$

3,221

$

2,346

NET INCOME PER COMMON UNIT:

Basic

$

0.59

$

0.32

$

0.94

$

0.68

Diluted

$

0.59

$

0.32

$

0.93

$

0.68

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:

Basic

3,442.2

3,432.2

3,441.4

3,431.8

Diluted

3,463.1

3,453.5

3,462.5

3,454.1

ENERGY TRANSFER LP AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

(Dollars and units in millions)

(unaudited)

Three Months Ended

June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow^(a):

Net income

$

2,530

$

1,458

$

4,506

$

3,178

Depreciation, depletion and amortization

1,575

1,384

3,158

2,751

Interest expense, net of interest capitalized

934

865

1,881

1,674

Income tax expense

194

79

329

120

Impairment losses

-

3

-

7

Non-cash compensation expense

46

33

88

70

Unrealized (gains) losses on commodity risk management activities

(396

)

(100

)

140

(31

)

Inventory valuation adjustments (Sunoco LP)

18

40

(426

)

(21

)

Losses on extinguishments of debt

-

17

7

19

Adjusted EBITDA related to unconsolidated affiliates

196

182

392

349

Equity in earnings of unconsolidated affiliates

(108

)

(105

)

(218

)

(197

)

Other, net

77

10

146

45

Adjusted EBITDA (consolidated)

5,066

3,866

10,003

7,964

Adjusted EBITDA related to unconsolidated affiliates^(b)

(196

)

(182

)

(392

)

(349

)

Distributable cash flow from unconsolidated affiliates^(b)

134

129

269

240

Interest expense, net of interest capitalized

(934

)

(865

)

(1,881

)

(1,674

)

Preferred unitholders' distributions ^(c)

(89

)

(65

)

(177

)

(137

)

Current income tax expense

(119

)

(55

)

(162

)

(112

)

Maintenance capital expenditures

(401

)

(305

)

(678

)

(507

)

Other, net

12

13

38

35

Distributable Cash Flow (consolidated)

3,473

2,536

7,020

5,460

Distributable Cash Flow attributable to Sunoco LP and SunocoCorp ^(d)

(594

)

(290

)

(1,120

)

(600

)

Distributions from Sunoco LP

102

67

201

131

Distributable Cash Flow attributable to USAC (100%)

(125

)

(90

)

(256

)

(179

)

Distributions from USAC

24

24

48

48

Distributable Cash Flow attributable to noncontrolling interests in other non-wholly owned consolidated subsidiaries

(293

)

(289

)

(602

)

(597

)

Distributable Cash Flow attributable to the partners of Energy Transfer

2,587

1,958

5,291

4,263

Transaction-related adjustments

-

1

-

3

Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted

$

2,587

$

1,959

$

5,291

$

4,266

Distributions to partners:

Limited Partners

$

1,171

$

1,133

$

2,332

$

2,257

General Partner

1

1

2

2

Total distributions to be paid to partners

$

1,172

$

1,134

$

2,334

$

2,259

Common Units outstanding - end of period

3,443.3

3,432.6

3,443.3

3,432.6

(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 subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to our partners includes distributions to be received by the parent company with respect to the periods presented.
• For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest.

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 and six months ended June 30, 2026, preferred unitholders' distributions include $29 million and $59 million, respectively, of accrued distributions on Sunoco LP's Series A preferred units, which were issued in September 2025.

(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.

ENERGY TRANSFER LP AND SUBSIDIARIES

SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT

(Tabular dollar amounts in millions)

(unaudited)

Three Months Ended

June 30,

2026

2025

Segment Adjusted EBITDA:

Intrastate transportation and storage

$

377

$

284

Interstate transportation and storage

481

470

Midstream

884

768

NGL and refined products transportation and services

1,308

1,033

Crude oil transportation and services

834

732

Investment in Sunoco LP

982

454

Investment in USAC

194

149

All other

6

(24

)

Adjusted EBITDA (consolidated)

$

5,066

$

3,866

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
June 30,

2026

2025

Natural gas transported (BBtu/d)

13,814

14,229

Withdrawals from storage natural gas inventory (BBtu)

4,020

-

Revenues

$

596

$

931

Cost of products sold

132

561

Segment margin

464

370

Unrealized gains on commodity risk management activities

(6

)

(21

)

Operating expenses, excluding non-cash compensation expense

(75

)

(61

)

Selling, general and administrative expenses, excluding non-cash compensation expense

(15

)

(10

)

Adjusted EBITDA related to unconsolidated affiliates

8

5

Other

1

1

Segment Adjusted EBITDA

$

377

$

284

Transported volumes of gas on our Texas intrastate pipelines decreased primarily due to lower third-party utilization of firm capacity. 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.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 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:

• an increase of $113 million in realized natural gas sales and other primarily due to wider basis differentials, as well as a $21 million increase from early volumes during the commissioning of the Hugh Brinson Pipeline; and
• an increase of $5 million in transportation fees due to higher reservation revenues on long-term third-party contracts; partially offset by
• a decrease of $10 million in storage margin due to unfavorable storage optimization;
• an increase of $14 million in operating expenses primarily due to a $4 million increase in maintenance and project related expenses, a $4 million increase from one-time expenses, a $4 million increase from the commissioning of the Hugh Brinson pipeline, and increases totaling $2 million from various other operating expenses; and
• an increase of $5 million in selling, general and administrative expenses primarily due to higher legal fees.

Interstate Transportation and Storage

Three Months Ended
June 30,

2026

2025

Natural gas transported (BBtu/d)

17,988

18,153

Natural gas sold (BBtu/d)

19

30

Revenues

$

609

$

590

Cost of products sold

4

3

Segment margin

605

587

Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

(230

)

(221

)

Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses

(34

)

(26

)

Adjusted EBITDA related to unconsolidated affiliates

130

130

Other

10

-

Segment Adjusted EBITDA

$

481

$

470

Transported volumes decreased primarily due to lower utilization on our Trunkline, Gulf Run and Mississippi River systems due to lower demand.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 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:

• an increase of $18 million in segment margin primarily due to a $12 million increase in parking, storage and liquids revenue and a $10 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes and higher utilization, partially offset by a $4 million decrease in operational gas sales; and
• an increase of $10 million in other income primarily due to the realization of proceeds from a shipper bankruptcy settlement; partially offset by
• an increase of $9 million in operating expenses primarily due to a $4 million increase in maintenance projects, a $3 million increase in employee costs and a $1 million increase in new or renegotiated leases; and
• an increase of $8 million in selling, general and administrative expenses primarily due to higher allocated costs, excise taxes and insurance expense.

Midstream

Three Months Ended
June 30,

2026

2025

Gathered volumes (BBtu/d)

22,142

21,329

NGLs produced (MBbls/d)

1,243

1,181

Equity NGLs (MBbls/d)

72

64

Revenues

$

2,821

$

3,135

Cost of products sold

1,392

1,911

Segment margin

1,429

1,224

Operating expenses, excluding non-cash compensation expense

(513

)

(416

)

Selling, general and administrative expenses, excluding non-cash compensation expense

(52

)

(47

)

Adjusted EBITDA related to unconsolidated affiliates

5

6

Other

15

1

Segment Adjusted EBITDA

$

884

$

768

Gathered volumes increased from dry gas gathering in the Northeast and Ark-La-Tex regions as well as increased processing volumes from new and upgraded plants in the Permian region. NGL production increased primarily due to increased Permian plant utilization from new and existing plants.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impact of the following:

• an increase of $205 million in segment margin primarily due to higher NGL prices of $88 million, a positive impact of $11 million from natural gas prices, and an $83 million increase due to higher gathered and processed volumes from increased processing capacity and operational efficiencies; and
• an increase of $14 million in other income due to the realization of proceeds from a shipper bankruptcy settlement; partially offset by
• an increase of $97 million in operating expenses primarily due to a $46 million increase related to environmental reserves, a $39 million increase related to the adjustment of certain estimates in the prior period and a $15 million increase in employee costs; and
• an increase of $5 million in selling, general, and administrative expenses primarily due to higher corporate allocations.

NGL and Refined Products Transportation and Services

Three Months Ended
June 30,

2026

2025

NGL transportation volumes (MBbls/d)

2,641

2,331

Refined products transportation volumes (MBbls/d)

574

599

NGL and refined products terminal volumes (MBbls/d)

1,864

1,553

NGL fractionation volumes (MBbls/d)

1,188

1,150

Revenues

$

7,719

$

5,941

Cost of products sold

5,927

4,635

Segment margin

1,792

1,306

Unrealized gains on commodity risk management activities

(185

)

(34

)

Operating expenses, excluding non-cash compensation expense

(284

)

(230

)

Selling, general and administrative expenses, excluding non-cash compensation expense

(48

)

(41

)

Adjusted EBITDA related to unconsolidated affiliates

31

32

Other

2

-

Segment Adjusted EBITDA

$

1,308

$

1,033

NGL transportation, fractionation, and terminal throughput volumes increased due to higher volumes from the Permian region, as well as increased NGL exports.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 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 impacts of the following:

• an increase of $212 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to $140 million from higher premiums from the sale of NGLs for export and for domestic supply and a $70 million increase in refined product margins as a result of higher spreads and prices;
• an increase of $71 million in terminal services margin primarily due to a $63 million increase in fees from loading increased volumes at higher rates for export at our Nederland and Marcus Hook terminals, and an $8 million increase from higher throughput and storage at our refined product terminals;
• an increase of $28 million in transportation margin due to a $40 million increase related to higher y-grade and NGL throughput, partially offset by a $4 million decrease due to lower refined product transportation volumes due to third-party refinery issues;
• an increase of $12 million in storage margin primarily due to an increase in fees generated from export volumes, as well as increases related to blending activity due to a more favorable pricing environment; and
• an increase of $12 million in fractionators and refinery services margin primarily due to higher throughput; partially offset by
• an increase of $54 million in operating expenses primarily due to a $28 million increase from certain one-time credits recognized in the prior period, a $14 million increase in utilities costs driven by higher volumes across our system, a $6 million increase in employee costs, and increases totaling $5 million from various other operating expenses; and
• an increase of $7 million in selling, general and administrative expenses primarily due to higher overhead costs and legal fees.

Crude Oil Transportation and Services

Three Months Ended
June 30,

2026

2025

Crude oil transportation volumes (MBbls/d)

7,336

7,049

Crude oil terminal volumes (MBbls/d)

4,911

4,633

Revenues

$

11,051

$

5,748

Cost of products sold

9,766

4,725

Segment margin

1,285

1,023

Unrealized gains on commodity risk management activities

(181

)

(25

)

Operating expenses, excluding non-cash compensation expense

(231

)

(237

)

Selling, general and administrative expenses, excluding non-cash compensation expense

(45

)

(38

)

Adjusted EBITDA related to unconsolidated affiliates

6

8

Other

-

1

Segment Adjusted EBITDA

$

834

$

732

Crude oil transportation volumes were higher due to higher volumes on our Texas pipeline system, our Permian and Bakken gathering systems, partially offset by lower volume on our Mid-continent pipelines. Crude oil terminal volumes were higher due to higher customer throughput related to strategic petroleum reserve releases and crude export demand at our Gulf Coast terminals. Beginning in the current period, the Partnership has updated its approach for calculating crude oil terminal volumes to be consistent across all terminals; volumes reported for prior periods have been revised accordingly.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment increased due to the net impact of the following:

• an increase of $106 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $62 million increase in optimization gains from more favorable market conditions and higher refined product margins, a $19 million increase in crude gathering revenues, a $17 million increase in transportation revenue, and a $6 million increase from higher crude oil terminal volumes; and
• a decrease of $6 million in operating expenses primarily due to lower maintenance project related expenses; partially offset by
• an increase of $7 million in selling, general and administrative expenses due primarily to higher expenses associated with a litigation related contingency.

Investment in Sunoco LP

Three Months Ended
June 30,

2026

2025

Revenues

$

14,259

$

5,390

Cost of products sold

12,795

4,821

Segment margin

1,464

569

Unrealized gains on commodity risk management activities

(6

)

(7

)

Operating expenses, excluding non-cash compensation expense

(434

)

(162

)

Selling, general and administrative expenses, excluding non-cash compensation expense

(155

)

(47

)

Adjusted EBITDA related to unconsolidated affiliates

75

51

Inventory fair value adjustments

18

40

Other, net

20

10

Segment Adjusted EBITDA

$

982

$

454

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

Segment Adjusted EBITDA. For the three months ended June 30, 2026 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 $874 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to recent acquisitions; and
• an increase of $24 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to the Parkland acquisition and ET-S Permian joint venture; partially offset by
• an increase of $272 million in operating expenses primarily due to increased costs resulting from recently acquired businesses; and
• an increase of $108 million in selling, general and administrative expenses primarily due to increased costs resulting from recently acquired businesses, along with one-time transaction-related expenses associated with those acquisitions.

Investment in USAC

Three Months Ended
June 30,

2026

2025

Revenues

$

342

$

250

Cost of products sold

33

40

Segment margin

309

210

Operating expenses, excluding non-cash compensation expense

(91

)

(47

)

Selling, general and administrative expenses, excluding non-cash compensation expense

(27

)

(14

)

Other

3

-

Segment Adjusted EBITDA

$

194

$

149

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

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased due to the net impact of the following:

• an increase of $99 million in segment margin primarily due to the J-W Power Acquisition and increases in USAC's legacy business; partially offset by
• an increase of $57 million in operating expense and selling, general and administrative expense primarily related to the J-W Power Acquisition, as well as increased expenses in outside services and professional fees.

All Other

Three Months Ended
June 30,

2026

2025

Revenues

$

565

$

936

Cost of products sold

502

909

Segment margin

63

27

Unrealized gains on commodity risk management activities

(18

)

(14

)

Operating expenses, excluding non-cash compensation expense

(6

)

-

Selling, general and administrative expenses, excluding non-cash compensation expense

(13

)

(13

)

Adjusted EBITDA related to unconsolidated affiliates

2

2

Other and eliminations

(22

)

(26

)

Segment Adjusted EBITDA

$

6

$

(24

)

Segment Adjusted EBITDA. For the three months ended June 30, 2026 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 $49 million in our natural gas marketing business driven by favorable spreads and gains on residue gas sales; partially offset by
• a decrease of $11 million due to an increase in the intersegment elimination of Sunoco LP's 32.5% share of ET-S Permian, which is consolidated in our crude oil transportation and services segment and also reflected as an unconsolidated affiliate in our investment in Sunoco LP segment; and
• a decrease of $13 million in our dual drive compression business.

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
June 30, 2026

Maturity Date

Five-Year Revolving Credit Facility

$

5,000

$

3,764

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
June 30,

2026

2025

Equity in earnings of unconsolidated affiliates:

Citrus

$

38

$

40

MEP

20

18

White Cliffs

7

5

Explorer

5

7

SESH

14

14

Other

24

21

Total equity in earnings of unconsolidated affiliates

$

108

$

105

Adjusted EBITDA related to unconsolidated affiliates:

Citrus

$

87

$

88

MEP

28

26

White Cliffs

12

10

Explorer

9

12

SESH

15

15

Other

45

31

Total Adjusted EBITDA related to unconsolidated affiliates

$

196

$

182

Distributions received from unconsolidated affiliates:

Citrus

$

33

$

36

MEP

30

29

White Cliffs

11

9

Explorer

5

10

SESH

17

15

Other

30

25

Total distributions received from unconsolidated affiliates

$

126

$

124

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
June 30,

2026

2025

Adjusted EBITDA of non-wholly owned subsidiaries (100%) ^(a)

$

578

$

566

Our proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries ^(b)

285

275

Distributable Cash Flow of non-wholly owned subsidiaries (100%) ^(c)

$

558

$

544

Our proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries ^(d)

265

255

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.