Energy Transfer LP

15. RETIREMENT BENEFITS:

Savings and Profit Sharing Plans

We and our subsidiaries sponsor defined contribution savings and profit sharing plans, which collectively cover virtually all eligible employees, including those of Sunoco LP and USAC. Employer matching contributions are calculated using a formula based on employee contributions. We and our subsidiaries made matching contributions of $122 million, $103 million and $86 million to these 401(k) savings plans for the years ended December 31, 2025, 2024 and 2023, respectively.

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Pension and Other Postretirement Benefit Plans

Certain of the Partnership’s subsidiaries sponsor pension and/or other postretirement benefit plans that provide benefits to a defined group of retirees. The following table contains information at the dates indicated about the obligations and funded status of pension and other postretirement plans on a combined basis:

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The following table summarizes information at the dates indicated for plans with an accumulated benefit obligation in excess of plan assets:

Components of Net Periodic Benefit Cost

Assumptions

The weighted-average assumptions used in determining benefit obligations at the dates indicated are shown in the following table:

The weighted-average assumptions used in determining net periodic benefit cost for the periods presented are shown in the following table:

The long-term expected rate of return on plan assets was estimated based on a variety of factors including the historical investment return achieved over a long-term period, the targeted allocation of plan assets and expectations concerning future returns in the marketplace for both equity and fixed income securities. Current market factors such as inflation and

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The assumed health care cost trend weighted-average rates used to measure the expected cost of benefits covered by the plans are shown in the following table:

Changes in the health care cost trend rate assumptions are not expected to have a significant impact on postretirement benefits.

Plan Assets

The fair value of the pension plan assets by asset category at the dates indicated is as follows:

(1)Comprised of approximately 100% equities as of December 31, 2024.

The fair value of other postretirement plan assets by asset category at the dates indicated is as follows:

(1)Primarily composed of market index funds as of December 31, 2025.

(1)Primarily composed of market index funds as of December 31, 2024.

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The Level 1 plan assets are valued based on active market quotes. The Level 2 plan assets are valued based on the net asset value per share (or its equivalent) of the investments, which was not determinable through publicly published sources but was calculated consistent with authoritative accounting guidelines.

Contributions

We expect to contribute $2 million to pension plans and $1 million to other postretirement plans in 2026. The cost of the plans are funded in accordance with federal regulations, not to exceed the amounts deductible for income tax purposes.

Benefit Payments

The Partnership’s estimate of expected benefit payments, which reflect expected future service, as appropriate, in each of the next five years and in the aggregate for the five years thereafter are shown in the following table:

The Medicare Prescription Drug Act provides for a prescription drug benefit under Medicare (“Medicare Part D”) as well as a federal subsidy to sponsors of retiree health care benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D.

The Partnership does not expect to receive any Medicare Part D subsidies in any future periods.