Energy Transfer LP

7. DEBT OBLIGATIONS

Recent Transactions

Energy Transfer Notes Issuances and Redemptions

In January 2026, the Partnership issued $1.00 billion aggregate principal amount of 4.55% senior notes due 2031, $1.00 billion aggregate principal amount of 5.35% senior notes due 2036 and $1.00 billion aggregate principal amount of 6.30% senior notes due 2056. The Partnership used the net proceeds to refinance existing indebtedness, including to repay commercial paper and borrowings under its Five-Year Credit Facility.

In January 2026, the Partnership redeemed its $1.00 billion aggregate principal amount of 4.75% senior notes due January 2026 using cash on hand and commercial paper borrowings.

In February 2026, the Partnership redeemed its $600 million aggregate principal amount of 5.625% senior notes due May 2027 using cash on hand and commercial paper borrowings.

In July 2026, the Partnership issued $650 million aggregate principal amount of its Series 2026A Junior Subordinated Notes due 2057 (the “Series 2026A notes”) and $1.10 billion aggregate principal amount of its Series 2026B Junior Subordinated Notes due 2057 (the “Series 2026B notes”). Initially, the Series 2026A notes will bear interest at an annual rate of 6.550% and the Series 2026B notes will bear interest at an annual rate of 6.700%. The Partnership used the net proceeds to redeem the Series H Preferred Units, to repay borrowings under its Five-Year Credit Facility and for general partnership purposes.

In July 2026, the Partnership redeemed its $550 million aggregate principal amount of 3.90% senior notes due July 2026 using cash on hand and commercial paper borrowings.

Sunoco LP Senior Notes Issuances and Redemption

In March 2026, Sunoco LP issued $600 million aggregate principal amount of 5.375% senior notes due 2031 and $600 million aggregate principal amount of 5.625% senior notes due 2034. These notes will mature on July 15, 2031 and July 15, 2034, respectively, and interest is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2026. Sunoco LP used a portion of the net proceeds from this private offering to redeem in full its $500 million aggregate principal amount of 6.000% senior notes due 2026 and its $600 million aggregate principal amount of 6.000% senior notes due 2027.

In March 2026, Sunoco LP redeemed Parkland’s remaining senior notes.

In June 2026, Sunoco LP redeemed all of its outstanding 3.875% CAD senior notes due 2026.

In August 2026, Sunoco LP redeemed all of its outstanding 6.000% CAD senior notes due 2028.

USAC Senior Note Issuance

In September 2026, USAC issued $600 million aggregate principal amount of 6.750% senior notes due 2035. These notes will mature on April 1, 2035, and interest is payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2027.

Credit Facilities and Commercial Paper

Five-Year Credit Facility

The Partnership’s revolving credit facility (the “Five-Year Credit Facility”) allows for unsecured borrowings up to $5.00 billion until April 11, 2027, and up to $4.84 billion until April 11, 2029. The Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $7.00 billion under certain conditions.

As of September 30, 2026, the Five-Year Credit Facility had $565 million of outstanding borrowings, $441 million of which consisted of commercial paper. The amount available for future borrowings was $4.41 billion, after accounting for outstanding letters of credit in the amount of $29 million. The weighted average interest rate on the total amount outstanding as of September 30, 2026 was 4.36%.

Sunoco LP Credit Facility

As of September 30, 2026, Sunoco LP’s credit facility, which matures in June 2030, had $111 million of outstanding borrowings, substantially all of which were CAD-denominated, and $84 million in standby letters of credit. The unused availability on Sunoco LP’s revolving credit facility as of September 30, 2026 was $2.30 billion. The weighted average interest rate on the total amount outstanding as of September 30, 2026 was 4.35%.

Sunoco LP Receivables Financing Agreement

Upon the closing of Sunoco LP’s acquisition of NuStar, the commitments under NuStar’s receivables financing agreement were reduced to zero during a suspension period, for which the period end has not been determined. As of September 30, 2026, this facility hadno outstanding borrowings. On October 8, 2026, pursuant to a payoff letter with PNC Bank, National Association, as administrative agent, the receivables financing agreement and the related transaction documents were terminated and all related security interests and liens were released.

USAC Credit Facility

As of September 30, 2026, USAC’s credit facility, which matures in August 2030, had $684 million of outstanding borrowings and $2 million outstanding letters of credit. As of September 30, 2026, USAC’s credit facility had $1.06 billion of remaining unused availability. The weighted average interest rate on the total amount outstanding as of September 30, 2026 was 5.64%.

Compliance with our Covenants

We and our subsidiaries were in compliance with all requirements, tests, limitations and covenants related to our debt agreements as of September 30, 2026. For the quarter ended September 30, 2026, the Partnership’s leverage ratio, as calculated pursuant to the covenant related to its Five-Year Credit Facility, was 2.83 x.