Energy Transfer LP

RESULTS OF OPERATIONS

We report Segment Adjusted EBITDA and consolidated Adjusted EBITDA as measures of segment performance. We define Segment Adjusted EBITDA and consolidated Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at LIFO. These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.

Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.

Segment Adjusted EBITDA, as reported for each segment in the following table, is analyzed for each segment in the section titled “Segment Operating Results.” Adjusted EBITDA is a non-GAAP measure used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of the Partnership’s fundamental business activities and should not be considered in isolation or as a substitution for net income, income from operations, cash flows from operating activities or other GAAP measures.

Consolidated Results

Net Income. For the three and six months ended June 30, 2026 compared to the same periods last year, net income increased $1.07 billion and $1.33 billion, respectively, primarily due to higher segment margin from all our segments. The most significant increases were in (i) our intrastate transportation and storage segment, where segment margin was favorably impacted by wider basis differentials and early volumes from the commissioning of the Hugh Brinson Pipeline, (ii) our midstream segment, where segment margin was favorably impacted by higher gathering and processing volumes, as well as higher NGL and natural gas prices, (iii) our NGL and refined products transportation and storage segment, where segment margin benefited from higher premiums from the sale of NGLs for export and for domestic supply and from higher spreads and prices, (iv) our crude oil transportation and services segment, where segment margin was favorable due to market conditions, higher crude oil prices and higher volumes and (v) our investment in Sunoco LP segment, where segment margin included increases resulting from recent acquisitions and strategic transactions. The increase in segment margin was partially offset by increases in operating expenses, selling, general and administrative expenses, depreciation, depletion and amortization and interest expense. These changes are discussed in more detail below and in “Segment Operating Results.”

Adjusted EBITDA (consolidated). For the three and six months ended June 30, 2026 compared to the same periods last year, Adjusted EBITDA increased by $1.20 billion and $2.04 billion, respectively, primarily due to increases in our intrastate transportation and storage segment, midstream segment, NGL and refined products transportation and services segment, crude oil and transportation and services segment, and our investment in Sunoco LP segment.

Additional information on changes impacting net income and Adjusted EBITDA is available below and in “Segment Operating Results.”

Depreciation, Depletion and Amortization. Depreciation, depletion and amortization increased for the three and six months ended June 30, 2026 compared to the same periods last year primarily due to additional depreciation and amortization from assets recently placed in service and recent acquisitions.

Interest Expense, Net of Interest Capitalized. Interest expense, net of interest capitalized, increased for the three and six months ended June 30, 2026 compared to the same periods last year primarily due to an increase in aggregate debt balances following the acquisition of Parkland and the refinancing of certain preferred units with long-term debt.

Income Tax Expense. For the three and six months ended June 30, 2026 compared to the same periods last year, income tax expense increased primarily due to increased corporate earnings from recent acquisitions. Some of the recent acquisitions have subsidiaries that operate in foreign jurisdictions where those subsidiaries are subject to statutory income tax rates that are higher than the U.S. federal corporate income tax rate. Additionally, the income tax expense from those recent acquisitions was further increased due to the non-deductibility of a portion of foreign currency exchange losses in certain Canadian subsidiaries and losses incurred in certain foreign subsidiaries that operate in foreign jurisdictions that do not impose a corporate income tax.

Impairment Losses. For the three and six months ended June 30, 2025, the impairment losses were related to USAC’s evaluation of the future deployment of its idle fleet under current market conditions.

Unrealized (Gains) Losses on Commodity Risk Management Activities. The unrealized gains and losses on our commodity risk management activities include changes in fair value of commodity derivatives and the hedged inventory included in designated fair value hedging relationships. Information on the unrealized gain and loss within each segment is included in “Segment Operating Results,” and additional information on the commodity-related derivatives, including notional volumes, maturities and fair values, is available in “Item 3. Quantitative and Qualitative Disclosures About Market Risk” and in Note 12 to our consolidated financial statements included in “Item 1. Financial Statements.”

Inventory Valuation Adjustments. Inventory valuation adjustments represent changes in lower of cost or market reserves using the LIFO method on Sunoco LP’s inventory. These amounts are unrealized valuation adjustments applied to fuel volumes remaining in inventory at the end of the period. For the three months ended June 30, 2026 and 2025, the Partnership’s cost of products sold included Sunoco LP’s unfavorable inventory valuation adjustments of $18 million and $40 million, respectively, which decreased net income. For the six months ended June 30, 2026 and 2025, the Partnership’s cost of products sold included Sunoco LP’s favorable inventory valuation adjustments of $426 million and $21 million, respectively, which increased net income.

Losses on Extinguishments of Debt. For the three and six months ended June 30, 2026, loss on extinguishment of debt was due to Sunoco LP's redemption of senior notes. For the three and six months ended June 30, 2025, loss on extinguishment of debt was primarily related to Sunoco LP’s termination of bridge financing related to the Parkland acquisition.

Adjusted EBITDA Related to Unconsolidated Affiliatesand Equity in Earnings of Unconsolidated Affiliates. See additional information in “Supplemental Information on Unconsolidated Affiliates” and “Segment Operating Results.”

Other, Net. Other, net primarily includes the amortization of regulatory assets and other income and expense amounts.

Supplemental Information on Unconsolidated Affiliates

The following table presents financial information related to unconsolidated affiliates:

(1)These amounts represent our proportionate share of the Adjusted EBITDA of our unconsolidated affiliates and are based on our equity in earnings or losses of our unconsolidated affiliates adjusted for our proportionate share of the unconsolidated affiliates’ interest, depreciation, depletion, amortization, non-cash items and taxes.

Segment Operating Results

We evaluate segment performance based on Segment Adjusted EBITDA, which we believe is an important performance measure of the core profitability of our operations. This measure represents the basis of our internal financial reporting and is one of the performance measures used by senior management in deciding how to allocate capital resources among business segments.

The following tables identify the components of Segment Adjusted EBITDA, which is calculated as follows:

•Segment margin, operating expensesand selling, general and administrative expenses. These amounts represent the amounts included in our consolidated financial statements that are attributable to each segment.

•Unrealized gain or loss on commodity risk management activities and inventory valuation adjustments. These are the unrealized amounts that are included in cost of products sold to calculate segment margin. These amounts are not included in Segment Adjusted EBITDA; therefore, the unrealized loss is added back and the unrealized gain is subtracted to calculate the segment measure.

•Non-cash compensation expense. These amounts represent the total non-cash compensation recorded in operating expenses and selling, general and administrative expenses. This expense is not included in Segment Adjusted EBITDA and therefore is added back to calculate the segment measure.

•Adjusted EBITDA related to unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates.

The following analysis of segment operating results includes a measure of segment margin. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment margin is Segment Adjusted EBITDA; a reconciliation of segment margin to Segment Adjusted EBITDA is included in the following tables for each segment where segment margin is presented.

In addition, for certain segments, the following sections include information on the components of segment margin by sales type, which components are included in order to provide additional disaggregated information to facilitate the analysis of segment margin and Segment Adjusted EBITDA. For example, these components include transportation margin, storage margin and other margin. These components of segment margin are calculated consistent with the calculation of segment margin; therefore, these components also exclude charges for depreciation, depletion and amortization.

Intrastate Transportation and Storage

Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, transported volumes of gas on our Texas intrastate pipelines decreased primarily due to lower third-party utilization of firm capacity. Transported volumes reported above exclude volumes attributable to purchases and sales of gas for our pipelines’ own accounts and the optimization of any unused capacity.

Segment Margin. The components of our intrastate transportation and storage segment margin were as follows:

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impact of the following:

•an increase of $113 million in realized natural gas sales and other primarily due to wider basis differentials, as well as a $21 million increase from early volumes during the commissioning of the Hugh Brinson Pipeline; and

•an increase of $5 million in transportation fees due to higher reservation revenues on long-term third-party contracts; partially offset by

•a decrease of $10 million in storage margin due to unfavorable storage optimization;

•an increase of $14 million in operating expenses primarily due to a $4 million increase in maintenance and project related expenses, a $4 million increase from one-time expenses, a $4 million increase from the commissioning of the Hugh Brinson pipeline, and increases totaling $2 million from various other operating expenses; and

•an increase of $5 million in selling, general and administrative expenses primarily due to higher legal fees.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impact of the following:

•an increase of $165 million in realized natural gas sales and other primarily due to wider basis differentials, as well as a $21 million increase from early volumes during the commissioning of the Hugh Brinson Pipeline;

•an increase of $31 million in storage margin due to favorable impacts from increased price volatility;

•an increase of $11 million in transportation fees primarily due to higher reservation revenues on long-term third-party contracts; and

•an increase of $5 million in retained fuel margin due to favorable gas pricing; partially offset by

•an increase of $22 million in operating expenses primarily due to an $8 million increase from the commissioning of the Huge Brinson pipeline, a $7 million increase in maintenance and project related expenses, a $3 million increase in employee costs, and increases totaling $5 million from various other operating expenses; and

•an increase of $4 million in selling, general and administrative expenses primarily due to legal fees.

Interstate Transportation and Storage

Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, transported volumes decreased primarily due to lower utilization on our Trunkline, Gulf Run and Mississippi River systems due to lower demand.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impact of the following:

•an increase of $18 million in segment margin primarily due to a $12 million increase in parking, storage and liquids revenue and a $10 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes and higher utilization, partially offset by a $4 million decrease in operational gas sales; and

•an increase of $10 million in other income primarily due to the realization of proceeds from a shipper bankruptcy settlement; partially offset by

•an increase of $9 million in operating expenses primarily due to a $4 million increase in maintenance projects, a $3 million increase in employee costs and a $1 million increase in new or renegotiated leases; and

•an increase of $8 million in selling, general and administrative expenses primarily due to higher allocated costs, excise taxes and insurance expense.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our interstate transportation and storage segment increased due to the net impact of the following:

•an increase of $30 million in segment margin primarily due to a $33 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes and higher utilization, and a $5 million increase in storage and liquids revenue, partially offset by a $7 million decrease in operational gas sales;

•an increase of $14 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to a $7 million increase from MEP due to higher revenue and lower operating expenses, a $6 million increase from Citrus due to higher revenue and lower operating expenses, and a $2 million increase from SESH due to higher revenue; and

•an increase of $10 million in other income primarily due to the realization of proceeds from a shipper bankruptcy settlement; partially offset by

•an increase of $35 million in operating expenses primarily due to a $9 million increase in employee costs, an $8 million increase in intercompany transportation expenses, an aggregate $6 million increase in maintenance projects, a $6 million increase from one-time expenses and allocated costs, and a $6 million increase in other direct costs.

Midstream

Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, volumes increased from dry gas gathering in the Northeast and Ark-La-Tex regions as well as increased processing volumes from new and upgraded plants in the Permian region. NGL production increased primarily due to increased Permian plant utilization from new and existing plants.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impact of the following:

•an increase of $205 million in segment margin primarily due to higher NGL prices of $88 million, a positive impact of $11 million from natural gas prices, and an $83 million increase due to higher gathered and processed volumes from increased processing capacity and operational efficiencies; and

•an increase of $14 million in other income due to the realization of proceeds from a shipper bankruptcy settlement; partially offset by

•an increase of $97 million in operating expenses primarily due to a $46 million increase related to environmental reserves, a $39 million increase related to the adjustment of certain estimates in the prior period and a $15 million increase in employee costs; and

•an increase of $5 million in selling, general, and administrative expenses primarily due to higher corporate allocations.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our midstream segment increased due to the net impact of the following:

•an increase of $179 million in segment margin primarily due to a $168 million increase due to higher gathered and processed volumes from increased processing capacity and operational efficiencies, higher NGL prices of $66 million, a positive impact of $8 million from natural gas prices, a $39 million increase due to an intercompany imbalance that is completely offset within our NGL and refined products transportation and services segment, and a $14 million increase due to reduced third-party NGL transportation and fractionation costs from our Oklahoma processing facilities, partially offset by a $160 million decrease attributable to the non-recurring recognition of certain amounts associated with Winter Storm Uri in the prior period; and

•an increase of $25 million in other income due to $15 million in proceeds from a shipper bankruptcy settlement and $11 million from the recognition of proceeds from a business interruption claim; partially offset by

•an increase of $122 million in operating expenses due to a $44 million increase in environmental reserves, a $39 million increase related to the adjustment of certain estimates in the prior period, a $34 million increase in employee costs, and a $6 million increase related to assets placed in service; and

•an increase of $3 million in selling, general, and administrative expenses primarily due to higher legal fees and insurance premiums.

NGL and Refined Products Transportation and Services

Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, NGL transportation, fractionation, and terminal throughput volumes increased due to higher volumes from the Permian region, as well as increased NGL exports.

Segment Margin. The components of our NGL and refined products transportation and services segment margin were as follows:

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment increased due to the net impacts of the following:

•an increase of $212 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to $140 million from higher premiums from the sale of NGLs for export and for domestic supply and a $70 million increase in refined product margins as a result of higher spreads and prices;

•an increase of $71 million in terminal services margin primarily due to a $63 million increase in fees from loading increased volumes at higher rates for export at our Nederland and Marcus Hook terminals, and an $8 million increase from higher throughput and storage at our refined product terminals;

•an increase of $28 million in transportation margin due to a $40 million increase related to higher y-grade and NGL throughput, partially offset by a $4 million decrease due to lower refined product transportation volumes due to third-party refinery issues;

•an increase of $12 million in storage margin primarily due to an increase in fees generated from export volumes, as well as increases related to blending activity due to a more favorable pricing environment; and

•an increase of $12 million in fractionators and refinery services margin primarily due to higher throughput; partially offset by

•an increase of $54 million in operating expenses primarily due to a $28 million increase from certain one-time credits recognized in the prior period, a $14 million increase in utilities costs driven by higher volumes across our system, a $6 million increase in employee costs, and increases totaling $5 million from various other operating expenses; and

•an increase of $7 million in selling, general and administrative expenses primarily due to higher overhead costs and legal fees.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our NGL and refined products transportation and services segment increased due to the net impact of the following:

•an increase of $353 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to $212 million from higher premiums from the sale of NGLs for export and for domestic supply, $65 million in hedge-related gains during the first quarter of 2026 which offset physical losses realized during the fourth quarter of 2025, and a $77 million increase in refined product margins as result of higher spreads and prices;

•an increase of $98 million in terminal services margin primarily due to a $79 million increase in fees from loading higher volumes for export at our Nederland and Marcus Hook terminals and a $17 million increase from higher throughput and storage at our refined product terminals;

•an increase of $72 million in fractionators and refinery services margin primarily due to higher throughput;

•an increase of $27 million in transportation margin due to an $81 million increase related to higher y-grade throughput, partially offset by a $39 million intercompany imbalance that is completely offset within our midstream segment, a $12 million decrease from lower NGL throughput on our Mariner East system due to a weather related demand decrease, and a $3 million decrease due to lower refined product transport volumes due to third party refinery issues; and

•an increase of $20 million in storage margin primarily due to an increase in fees generated from export volumes, as well as increases related to blending activity due to a more favorable pricing environment; partially offset by

•an increase of $105 million in operating expenses primarily due to a $42 million increase in costs driven by higher volumes across our system, a $28 million increase from certain one-time credits recognized in the prior period, a $15 million increase in outside services, a $14 million increase in employee costs, and increases totaling $6 million from various other operating expenses; and

•an increase of $7 million in selling, general and administrative expenses primarily due to higher legal fees.

Crude Oil Transportation and Services

Volumes. For the three and six months ended June 30, 2026 compared to the same periods last year, crude oil transportation volumes were higher due to higher volumes on our Texas pipeline system, our Permian and Bakken gathering systems, partially offset by lower volume on our Mid-continent pipelines. Crude oil terminal volumes were higher due to higher customer throughput related to strategic petroleum reserve releases and crude export demand at our Gulf Coast terminals. Beginning in the current period, the Partnership has updated its approach for calculating crude oil terminal volumes to be consistent across all terminals; volumes reported for prior periods have been revised accordingly.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment increased due to the net impact of the following:

•an increase of $106 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $62 million increase in optimization gains from more favorable market conditions and higher refined product margins, a $19 million increase in crude gathering revenues, a $17 million increase in transportation revenue, and a $6 million increase from higher crude oil terminal volumes; and

•a decrease of $6 million in operating expenses primarily due to lower maintenance project related expenses; partially offset by

•an increase of $7 million in selling, general and administrative expenses due primarily to higher expenses associated with a litigation related contingency.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our crude oil transportation and services segment increased due to the net impact of the following:

•an increase of $196 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) due to a $133 million increase in optimization gains from more favorable market conditions and higher refined product margins, a $14 million increase in transportation revenue, and a $52 million increase in gathering revenues;

•a decrease of $36 million in selling, general and administrative expenses primarily due to an adjustment to the accrual for a litigation contingency; and

•an increase of $1 million in Adjusted EBITDA related to unconsolidated affiliates due to higher volumes and crude prices; partly offset by

•an increase of $4 million in operating expenses primarily due to an $11 million increase in employee-related expenses and a $9 million increase in volume-driven expenses, partially offset by an $8 million decrease in outside service expenses and a $7 million decrease from maintenance project related expenses.

Investment in Sunoco LP

The investment in Sunoco LP segment reflects the consolidated results of Sunoco LP.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment increased due to the net impact of the following:

•an increase of $874 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to recent acquisitions; and

•an increase of $24 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to the Parkland acquisition and ET-S Permian joint venture; partially offset by

•an increase of $272 million in operating expenses primarily due to increased costs resulting from recently acquired businesses; and

•an increase of $108 million in selling, general and administrative expenses primarily due to increased costs resulting from recently acquired businesses, along with one-time transaction-related expenses associated with those acquisitions.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our investment in Sunoco LP segment increased due to the net impact of the following:

•an increase of $1.58 billion in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to recent acquisitions, as well as a $102 million favorable impact from a one-time gain on sale of inventory in the current period; and

•an increase of $43 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to the Parkland acquisition and ET-S Permian joint venture; partially offset by

•an increase of $495 million in operating expenses primarily due to increased costs resulting from recently acquired businesses; and

•an increase of $223 million in selling, general and administrative expenses primarily due to increased costs resulting from recently acquired businesses, along with one-time transaction-related expenses associated with those acquisitions.

Investment in USAC

The investment in USAC segment reflects the consolidated results of USAC.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased due to the net impact of the following:

•an increase of $99 million in segment margin primarily due to the J-W Power Acquisition and increases in USAC’s legacy business; partially offset by

•an increase of $57 million in operating expense and selling, general and administrative expense primarily related to the J-W Power Acquisition, as well as increased expenses in outside services and professional fees.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our investment in USAC segment increased due to the net impact of the following:

•an increase of $194 million in segment margin primarily due to the J-W Power Acquisition and increases in USAC’s legacy business; partially offset by

•an increase of $122 million in operating expense and selling, general and administrative expense primarily related to the J-W Power Acquisition, as well as increased expenses in outside services and professional fees.

All Other

Amounts reflected in our all other segment primarily include:

•our natural gas marketing operations;

•our wholly owned natural gas compression operations; and

•our natural resources business.

Segment Adjusted EBITDA. For the three months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased due to the net impact of the following:

•an increase of $49 million in our natural gas marketing business driven by favorable spreads and gains on residue gas sales; partially offset by

•a decrease of $11 million due to an increase in the intersegment elimination of Sunoco LP’s 32.5% share of ET-S Permian, which is consolidated in our crude oil transportation and services segment and also reflected as an unconsolidated affiliate in our investment in Sunoco LP segment; and

•a decrease of $13 million in our dual drive compression business.

For the six months ended June 30, 2026 compared to the same period last year, Segment Adjusted EBITDA related to our all other segment increased due to the net impact of the following:

•an increase of $84 million in our natural gas marketing business driven by favorable spreads and gains on residue gas sales; partially offset by

•a decrease of $18 million due to an increase in the intersegment elimination of Sunoco LP’s 32.5% share of ET-S Permian, which is consolidated in our crude oil transportation and services segment and also reflected as an unconsolidated affiliate in our investment in Sunoco LP segment.