Energy Transfer LP

1. OPERATIONS AND BASIS OF PRESENTATION:

The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “Energy Transfer”).

Our consolidated financial statements reflect the following reportable segments:

The Partnership owns and operates intrastate natural gas pipeline systems and storage facilities that are engaged in the business of purchasing, gathering, transporting, processing and marketing natural gas and NGLs in the states of Texas, Oklahoma and Louisiana.

The Partnership also owns and operates interstate pipelines, either directly or through equity method investments, that transport natural gas to various markets in the United States.

The Partnership is also engaged in midstream services, focusing on providing gathering, processing, compression, treating and transportation of natural gas in some of the most prolific natural gas producing regions in the United States, including the Permian, Anadarko, Arkoma, Hugoton, Powder River and Williston basins, as well as the Eagle Ford, Haynesville, Barnett, Marcellus and Utica shales.

The Partnership’s operations also include crude oil, NGL and refined products transportation, terminalling services, and acquisition and marketing activities, as well as NGL storage and fractionation and LNG regasification.

The Partnership owns a controlling interest in Sunoco LP which is engaged in energy infrastructure and distribution of motor fuels across 32 countries and territories in North America, the Greater Caribbean and Europe. Sunoco LP’s midstream operations include an extensive network of over 14,000 miles of pipeline and over 160 terminals. Sunoco LP’s fuel distribution operations serve approximately 11,000 Sunoco and partner branded locations, as well as additional independent dealers and commercial customers. As of December 31, 2025, our interest in Sunoco LP consisted of 100% of the general partner and IDRs, as well as 28.5 million common units. In addition, the Partnership controls SunocoCorp Management LLC, which controls SunocoCorp. SunocoCorp’s only cash-generating assets are Sunoco LP’s Class D units.

The Partnership owns a controlling interest in USAC which provides compression services to producers, processors, gatherers and transporters of natural gas and crude oil. As of December 31, 2025, our interest in USAC consisted of 100% of the general partner and 46.1 million common units.

Basis of Presentation. The consolidated financial statements of Energy Transfer LP presented herein have been prepared in accordance with GAAP and pursuant to the rules and regulations of the SEC. We consolidate all subsidiaries in which we have a controlling financial interest and limited partnerships in which we control the general partner. All significant intercompany transactions and accounts are eliminated in consolidation.

The consolidated financial statements of Energy Transfer presented herein include the results of operations of our controlled subsidiaries, including SunocoCorp, Sunoco LP and USAC. We also consolidate SunocoCorp as its primary beneficiary under the variable interest model, based on the Partnership’s interests in its subsidiary, Sunoco LP.

The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements.

F - 11