Energy Transfer LP

The following is an update to a risk factor that was previously disclosed by the Partnership in its Annual Report on Form 10-K to reflect recent developments. This risk factor should be read in conjunction with our risk factors described in “Part I – Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 19, 2026.

Climate change legislation or regulations restricting emissions of GHGs could result in increased operating costs and reduced demand for the services we provide.

In February 2026, the EPA issued a final rule revoking the GHG “Endangerment Finding” which underpins the majority of EPA’s GHG-related regulations; litigation challenging the revocation is ongoing, and we cannot predict whether the current administration’s deregulatory actions will ultimately be successful, whether future administrations may seek to re-impose similar requirements, or the extent to which the revocation will impact the GHG-related regulations applicable to the Partnership’s operations. As a result of these developments, there is significant uncertainty with respect to GHG regulations at this time.