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, certain foreign currency transaction gains and losses, other non-operating income or expense items and 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 nine months ended September 30, 2026 compared to the same periods last year, net income increased by $522 million and $1.85 billion, respectively. The increase for the three months ended September 30, 2026 was primarily due to higher segment margin from (i) our intrastate transportation and storage segment, where segment margin was favorably impacted by early volumes during the capacity ramp-up 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 prices and natural gas prices, and (iii) our investment in Sunoco LP and USAC segments, where segment margin increased due to recent acquisitions. These increases were partially offset by higher operating expenses, selling, general and administrative expenses, depreciation, depletion and amortization and interest expense. The increase for the nine months ended September 30, 2026 was primarily due to higher segment margin from (i) our intrastate transportation and storage segment, where segment margin was favorably impacted by wider basis differentials and early volumes from the commissioning and capacity ramp-up 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 services segment and our crude oil transportation and services segment, where segment margin benefited from favorable market conditions and higher spreads, and (iv) our investment in Sunoco LP and USAC segments, where segment margin increased due to recent acquisitions. These increases were partially offset by higher 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 nine months ended September 30, 2026 compared to the same periods last year, Adjusted EBITDA increased by $1.19 billion and $3.23 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 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 September 30, 2026 and 2025, the Partnership’s cost of products sold included favorable inventory valuation adjustments of $19 million and $10 million, respectively, which increased net income. For the nine months ended September 30, 2026 and 2025, the Partnership’s cost of products sold included favorable inventory valuation adjustments of $445 million and $31 million, respectively, which increased net income.

Losses on Extinguishments of Debt. For the nine months ended September 30, 2026, loss on extinguishment of debt was due to Energy Transfer and Sunoco LP's redemption of senior notes. For the three and nine months ended September 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 nine months ended September 30, 2026 compared to the same periods last year, transported volumes of gas on our Texas intrastate pipelines increased primarily due to new third-party transportation contracts tied to the recently in-service Hugh Brinson Pipeline and its downstream assets. 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 September 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 impacts of the following:

•an increase of $82 million in realized natural gas sales and other primarily due to early volumes during the capacity ramp-up of the Hugh Brinson Pipeline; and

•an increase of $36 million in transportation fees primarily due to new third-party transportation contracts tied to the recently in-service Hugh Brinson Pipeline and its downstream assets; partially offset by

•an increase of $3 million in operating expenses primarily due to employee related costs as well as volume and pricing increases across utilities and consumables.

For the nine months ended September 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 impacts of the following:

•an increase of $247 million in realized natural gas sales and other primarily due to wider basis differentials and a $75 million increase from early volumes during the commissioning and capacity ramp-up of the Hugh Brinson Pipeline;

•an increase of $47 million in transportation fees primarily due to new third-party transportation contracts tied to the recently in-service Hugh Brinson Pipeline and its downstream assets and higher reservation revenues on long-term third-party contracts;

•an increase of $33 million in storage margin due to favorable impacts from increased price volatility; and

•an increase of $6 million in retained fuel margin due to favorable gas pricing and volumes; partially offset by

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

•an increase of $25 million in operating expenses primarily due to a $10 million increase from the Hugh Brinson Pipeline, a $6 million increase in employee related costs, a $4 million increase in maintenance and project related expenses, and a $3 million increase in utility costs.

Interstate Transportation and Storage

Volumes. For the three months ended September 30, 2026 compared to the same period last year, transported volumes increased primarily due to more capacity sold and higher utilization on several of our systems due to higher demand. For the nine months ended September 30, 2026 compared to the same period last year, transport volumes increased due to increased demand across our systems.

Segment Adjusted EBITDA. For the three months ended September 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 impacts of the following:

•a decrease of $55 million in operating expenses primarily due to a $49 million decrease in ad valorem taxes including a $43 million reduction from the resolution of a prior period ad valorem tax obligation on our Rover system in 2025, a $9 million decrease in the revaluation of system gas and other system gas activity, and a $6 million decrease in project related expenses, partially offset by a $4 million increase in employee related costs and a $2 million increase related to volumes and pricing;

•an increase of $17 million in segment margin primarily due to a $23 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes and higher utilization, partially offset by an aggregate $8 million decrease in operational gas sales; and

•an increase of $5 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to higher revenues from our Citrus, MEP and SESH joint ventures; partially offset by

•an increase of $6 million in selling, general and administrative expenses primarily due to higher professional fees, employee costs and allocated costs.

For the nine months ended September 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 impacts of the following:

•an increase of $47 million in segment margin primarily due to a $56 million increase in transportation revenue from several of our interstate pipeline systems due to higher contracted volumes and higher utilization, as well as a $6 million increase due to higher storage revenue, partially offset by a $15 million decrease in operational gas sales;

•a decrease of $20 million in operating expenses primarily due to a $50 million decrease in ad valorem taxes including a $43 million reduction from the resolution of a prior period ad valorem tax obligation on our Rover system in 2025, partially offset by a $14 million increase in employee related costs, a $6 million increase from one-time expenses, and a $10 million increase related to volumes, utility and fuel pricing, and other direct costs;

•an increase of $19 million in Adjusted EBITDA related to unconsolidated affiliates primarily due to an $8 million increase from our MEP joint venture due to higher revenue, partially offset by higher operating expenses, an $8 million increase from our Citrus joint venture due to higher revenue and a $3 million increase from our SESH pipeline joint venture due to higher revenue; and

•an increase of $8 million in other primarily due to the realization of proceeds from a shipper bankruptcy settlement; partially offset by

•an increase of $7 million in selling, general and administrative expenses primarily due to a $4 million adjustment related to accrued excise taxes in the prior period and an aggregate $3 million increase in employee costs, allocated costs and insurance expense.

Midstream

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

Segment Adjusted EBITDA. For the three months ended September 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 $151 million in segment margin primarily due to an $82 million increase attributable to higher gathered and processed volumes from increased processing capacity and operational efficiencies, which includes an intercompany imbalance that is fully offset within our NGL and refined products transportation and services segment, as well as higher NGL prices of $61 million and higher natural gas prices of $9 million; partially offset by

•an increase of $6 million in selling, general, and administrative expenses due to higher corporate allocations;

•an increase of $26 million in operating expenses due to a $17 million increase in employee costs, a $13 million increase due to an increase in project activity, and a $3 million increase related to assets placed in service, partially offset by a $5 million decrease related to power optimization and a $5 million decrease in one-time items; and

•a decrease of $6 million in Adjusted EBITDA related to unconsolidated affiliates due to the one-time recognition of fee credits associated with a contract restructuring in the prior period.

For the nine months ended September 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 $330 million in segment margin primarily due to a $250 million increase attributable to higher gathered and processed volumes from increased processing capacity and operational efficiencies, higher NGL prices of $127 million, higher natural gas prices of $17 million, 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 $148 million in operating expenses due to a $52 million increase in employee costs, a $43 million increase in environmental reserves, a $39 million increase related to the 2025 adjustment of certain estimates, a $12 million increase related to an asset abandonment, and an $8 million increase related to assets placed in service, partially offset by a $5 million decrease in ad valorem taxes;

•an increase of $9 million in selling, general, and administrative expenses primarily due to higher corporate allocations; and

•a decrease of $7 million in Adjusted EBITDA related to unconsolidated affiliates due to the one-time recognition of fee credits associated with a contract restructuring in the prior period.

NGL and Refined Products Transportation and Services

Volumes. For the three and nine months ended September 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 September 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 $177 millionin marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $143 million increase resulting from more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods) and a $35 million increase in refined product margins as a result of higher spreads;

•an increase of$27 million in fractionators and refinery services margin primarily due to higher throughput; and

•an increase of $16 million in terminal services margin primarily due to a $12 million increase in fees from increased export volumes and rates at our Nederland and Marcus Hook terminals, and a $4 million increase from higher throughput and storage at our refined product terminals; partially offset by

•a decrease of $17 million in transportation margin due to a $22 million decrease on our Gulf Coast pipeline due primarily to an intercompany imbalance that is fully offset within our midstream segment, and a $2 million decrease due to lower refined product transportation volumes due to third-party refinery issues. These decreases were partially offset by a $7 million increase related to higher rates on our Northeast NGL pipelines;

•an increase of $19 million in operating expenses primarily due to a $15 million increase in utilities costs driven by higher utility pricing, a $9 million increase in employee costs, and an $8 million increase in office expenses. These increases were partially offset by a $15 million decrease related to investigation and remediation costs;

•a decrease of $7 million in Adjusted EBITDA related to unconsolidated affiliates due to downtime resulting from weather related issues at a joint venture facility; and

•an increase of $6 million in selling, general and administrative expenses primarily due to higher corporate allocations.

For the nine months ended September 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 $531 million in marketing margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $354 million increase resulting from more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods), a $112 million increase in refined product margins as result of higher spreads, and $65 million in hedge-related gains during the first quarter of 2026 which offset physical losses realized during the fourth quarter of 2025;

•an increase of $114 million in terminal services margin primarily due to a $92 million increase in fees from loading increased volumes at higher rates for export at our Nederland and Marcus Hook terminals and a $22 million increase from higher throughput and storage at our refined product terminals;

•an increase of $99 million in fractionators and refinery services margin primarily due to higher throughput;

•an increase of $9 million in transportation margin due to a $59 million increase primarily related to higher throughput transporting volumes from our Mont Belvieu fractionation facility to our Nederland terminal for export. This increase was partially offset by a $39 million intercompany imbalance that is completely offset within our midstream segment, a $6 million decrease from lower NGL throughput on our Mariner West system due to a third-party operational issue, and a $5 million decrease due to lower refined product transport volumes due to third-party refinery issues; and

•an increase of $19 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 $124 million in operating expenses primarily due to a $57 million increase in utilities costs driven by higher utility pricing across our system, a $28 million increase from certain one-time credits recognized in the prior period, a $22 million increase in employee costs, a $7 million increase in office expenses, and increases totaling $10 million from various other operating expenses;

•an increase of $13 million in selling, general and administrative expenses primarily due to higher legal fees and corporate allocations; and

•a decrease of $8 million in Adjusted EBITDA related to unconsolidated affiliates due to downtime resulting from weather related issues at a joint venture facility.

Crude Oil Transportation and Services

Volumes. For the three and nine months ended September 30, 2026 compared to the same periods last year, crude oil transportation volumes were higher due to higher volumes on our Texas pipeline system, Bakken gathering systems, and Mid-continent pipelines, partially offset by lower Bakken Pipeline and Bayou Bridge volumes. Crude terminal volumes were lower for the three-month period due to lower customer throughput at our Gulf Coast Terminals, but higher for the nine-month period due to higher customer throughput related to strategic petroleum reserve releases and crude export demand at our Gulf Coast terminals.

Segment Adjusted EBITDA. For the three months ended September 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 $127 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) primarily due to a $193 million increase from crude marketing activities due to more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods) and a $7 million increase from crude terminal revenue. Segment margin was also impacted by a $50 million decrease in transportation revenue and a $22 million decrease in gathering revenue; partially offset by

•an increase of $2 million in operating expenses primarily due to a $5 million increase in utilities costs driven by higher utility pricing and a $5 million increase in employee costs, partially offset by a reduction in ad valorem taxes; and

•an increase of $2 million in selling, general and administrative expenses primarily due to higher corporate allocations.

For the nine months ended September 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 $323 million in segment margin (excluding unrealized gains and losses on commodity risk management activities) due to a $365 million increase from crude marketing activities due to more favorable market conditions (which we anticipate will be partially offset with $100 million in realized derivative losses in future periods), a $30 million increase in gathering revenue, and a $7 million increase in crude terminal revenue; partially offset by a $78 million decrease in transportation revenue;

•a decrease of $34 million in selling, general and administrative expenses primarily due to an adjustment to the accrual for a litigation contingency; and

•an increase of $2 million in Adjusted EBITDA related to unconsolidated affiliates due to higher volumes and crude prices; partly offset by

•an increase of $6 million in operating expenses primarily due to a $17 million increase in employee-related expenses and a $14 million increase in utilities costs driven by higher utility pricing, partially offset by a $9 million decrease in ad valorem taxes and a $15 million decrease from maintenance project-related expenses and third-party trucking.

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 September 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 $833 million in segment margin (excluding unrealized gains and losses on commodity risk management activities and inventory valuation adjustments) primarily due to recent acquisitions; partially offset by

•an increase of $200 million in operating expenses primarily due to increased costs resulting from recently acquired businesses; and

•an increase of $96 million in selling, general and administrative expenses primarily due to increased costs resulting from recently acquired businesses.

For the nine months ended September 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 $2.42 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 first quarter of the current year; and

•an increase of $41 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 $695 million in operating expenses primarily due to increased costs resulting from recently acquired businesses; and

•an increase of $319 million in selling, general and administrative expenses primarily due to increased costs resulting from recently acquired businesses.

Investment in USAC

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

Segment Adjusted EBITDA. For the three months ended September 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 $107 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 $72 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 and increased unit-based compensation expenses.

For the nine months ended September 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 $301 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 $194 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 and increased unit-based compensation expenses.

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 September 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 $13 million due to a decrease 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; partially offset by

•a decrease of $6 million in our dual drive compression business; and

•a decrease of $6 million in our natural gas marketing business due to lower spreads and lower hedge gains.

For the nine months ended September 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 $78 million in our natural gas marketing driven by higher spreads and gains on residue gas sales; partially offset by

•a decrease of $15 million in our dual drive compression business.