Energy Transfer LP
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
ENERGY TRANSFER LP
(Exact name of registrant as specified in its charter)
| Delaware | 30-0108820 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
(214)981-0700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Units | ET | New York Stock Exchange |
| 9.250% Series I Fixed Rate Perpetual Preferred Units | ETprI | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ý | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ¨ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ Noý
At October 31, 2025, the registrant had 3,433,386,854 Common Units outstanding.
FORM 10-Q
TABLE OF CONTENTS
| PART I – FINANCIAL INFORMATION | |
|---|---|
| ITEM 1. FINANCIAL STATEMENTS (unaudited) | |
| Consolidated Balance Sheets | 4 |
| Consolidated Statements of Operations | 6 |
| Consolidated Statements of Comprehensive Income | 7 |
| Consolidated Statements of Equity | 8 |
| Consolidated Statements of Cash Flows | 10 |
| Notes to Consolidated Financial Statements | 11 |
| 1. Organization and Basis of Presentation | 11 |
| 2. Acquisitions | 12 |
| 3. Cash and Cash Equivalents | 13 |
| 4. Inventories | 13 |
| 5. Fair Value Measures | 14 |
| 6. Net Income per Common Unit | 17 |
| 7. Debt Obligations | 17 |
| 8. Redeemable Noncontrolling Interests | 19 |
| 9. Equity | 20 |
| 10. Regulatory Matters, Commitments, Contingencies and Environmental Liabilities | 22 |
| 11. Revenue | 34 |
| 12. Derivative Assets and Liabilities | 35 |
| 13. Reportable Segments | 38 |
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 44 |
| Recent Developments | 44 |
| Results of Operations | 48 |
| Liquidity and Capital Resources | 61 |
| Cash Distributions | 66 |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 70 |
| ITEM 4. CONTROLS AND PROCEDURES | 71 |
| PART II – OTHER INFORMATION | |
| ITEM 1. LEGAL PROCEEDINGS | 72 |
| ITEM 1A. RISK FACTORS | 72 |
| ITEM 6. EXHIBITS | 75 |
| SIGNATURE | 76 |
Definitions
References to the “Partnership” or “Energy Transfer” refer to Energy Transfer LP. In addition, the following is a list of certain acronyms and terms used throughout this document:
| /d | per day |
|---|---|
| AOCI | accumulated other comprehensive income |
| Bakken Pipeline | Refers collectively to Dakota Access and Energy Transfer Crude Oil Pipeline and/or Energy Transfer Crude Oil Company, LLC, a non-wholly owned subsidiary of Energy Transfer |
| BBtu | billion British thermal units |
| Citrus | Citrus, LLC, a 50/50 joint venture which owns Florida Gas Transmission Company, LLC, which owns the Florida Gas Transmission Pipeline |
| Dakota Access | Dakota Access, LLC, a non-wholly owned subsidiary of Energy Transfer and/or Dakota Access Pipeline |
| Energy Transfer Preferred Units | Collectively, the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, Series G Preferred Units, Series H Preferred Units and Series I Preferred Units |
| Energy Transfer R&M | Energy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC) |
| ETC Sunoco | ETC Sunoco Holdings LLC (formerly Sunoco, Inc.), a wholly owned subsidiary of Energy Transfer |
| ETO | Energy Transfer Operating, L.P., formerly a non-wholly owned subsidiary of Energy Transfer until its merger into the Partnership in April 2021 |
| ET-S Permian | ET-S Permian Holdings Company LP, a joint venture between Energy Transfer and Sunoco LP, which owns crude oil and water gathering pipelines and storage assets in the Permian Basin |
| Exchange Act | Securities Exchange Act of 1934, as amended |
| Explorer | Explorer Pipeline Company |
| FERC | Federal Energy Regulatory Commission |
| GAAP | accounting principles generally accepted in the United States of America |
| General Partner | LE GP, LLC, the general partner of Energy Transfer |
| IFERC | Inside FERC’s Gas Market Report |
| J.C. Nolan | collectively, J.C. Nolan Terminal Co., LLC and J.C. Nolan Pipeline Co., LLC, both of which are joint ventures between Energy Transfer and Sunoco LP, which own a diesel fuel storage terminal in Midland, Texas and a 500-mile diesel fuel pipeline |
| LIFO | last-in, first-out |
| MBbls | thousand barrels |
| MEP | Midcontinent Express Pipeline LLC |
| NGA | Natural Gas Act of 1938 |
| NGL | natural gas liquid, such as propane, butane and natural gasoline |
| NuStar | NuStar Energy L.P. |
| NYMEX | New York Mercantile Exchange |
| OTC | over-the-counter |
| Panhandle | Panhandle Eastern Pipe Line and/or Panhandle Eastern Pipe Line Company, LP, a wholly owned subsidiary of Energy Transfer |
| Parkland | Parkland Corporation |
| Partnership Agreement | Energy Transfer’s Fourth Amended and Restated Agreement of Limited Partnership, as amended to date |
| PHMSA | Pipeline and Hazardous Materials Safety Administration |
| Rover | Rover Pipeline and/or Rover Pipeline LLC, a non-wholly owned subsidiary of Energy Transfer |
| SEC | Securities and Exchange Commission |
| Series A Preferred Units | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| Series B Preferred Units | Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| Series C Preferred Units | Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| Series D Preferred Units | Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| Series E Preferred Units | Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units |
| Series F Preferred Units | Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units |
| Series G Preferred Units | Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units |
| Series H Preferred Units | Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units |
| Series I Preferred Units | Series I Fixed-Rate Perpetual Preferred Units |
| SESH | Southeast Supply Header, LLC |
| SPLP | Sunoco Pipeline L.P., a wholly owned subsidiary of Energy Transfer |
| Transwestern | Transwestern Pipeline and/or Transwestern Pipeline Company, LLC, a wholly owned subsidiary of Energy Transfer |
| USAC | USA Compression Partners, LP, a publicly traded partnership and consolidated subsidiary of Energy Transfer |
| White Cliffs | White Cliffs Pipeline, L.L.C. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.