Energy Transfer LP

4. INVESTMENTS IN UNCONSOLIDATED AFFILIATES:

Description of Investments

Following is a summary of the Partnership’s significant unconsolidated investees.

Citrus

Energy Transfer owns a 50% interest in Citrus. Citrus owns 100% of FGT, an approximately 5,362-mile natural gas pipeline system that originates in Texas and delivers natural gas to the Florida peninsula. Our investment in Citrus is reflected in our interstate transportation and storage segment.

MEP

Energy Transfer owns a 50% interest in MEP, which owns the Midcontinent Express Pipeline, an approximately 500-mile natural gas pipeline that extends from Southeast Oklahoma, across Northeast Texas, Northern Louisiana and Central Mississippi to an interconnect with the Transcontinental natural gas pipeline system in Butler, Alabama. Our investment in MEP is reflected in the interstate transportation and storage segment.

White Cliffs

Energy Transfer owns a 54.3% interest in White Cliffs, which consists of two parallel, 12-inch common carrier pipelines: one crude oil pipeline and one NGL pipeline. These pipelines transport crude and NGLs from Platteville, Colorado to Cushing, Oklahoma. White Cliffs is accounted for as an unconsolidated affiliate, despite the Partnership’s ownership of greater than 50%, due to substantive participating rights held by the minority interest owner.

Explorer

Energy Transfer owns a 15% membership interest in Explorer, which consists of a 1,850-mile pipeline which originates from refining centers in Beaumont, Port Arthur, and Houston, Texas and extends to Chicago, Illinois. Our investment in Explorer is reflected in our NGL and refined products transportation and services segment.

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SESH

Energy Transfer owns a 50% interest in SESH, which consists of a 290-mile pipeline which provides transportation services in Louisiana, Mississippi and Alabama. Our investment in SESH is reflected in our interstate transportation and storage segment.

Summary of Balances Related to Unconsolidated Affiliates

The carrying values of the Partnership’s investments in unconsolidated affiliates as of December 31, 2025 and 2024 were as follows:

The following table presents equity in earnings (losses) of unconsolidated affiliates:

Summarized Financial Information

The following tables present aggregated selected balance sheet and income statement data for our unconsolidated affiliates, Citrus, MEP, White Cliffs, Explorer and SESH (on a 100% basis) for all periods presented:

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In addition to the equity method investments described above, we have other equity method investments which are not significant to our consolidated financial statements.