Energy Transfer (ET) Company Report

Energy Transfer reported Adjusted EBITDA of $3.84 billion for Q3 2025 and $11.8 billion year-to-date, with distributable cash flow (DCF) attributable to partners of approximately $1.9 billion for the quarter.
The company updated its organic growth capital guidance, now expecting to expend approximately $4.6 billion in 2025 (down from $5 billion) and projecting $5 billion in 2026. Full-year guidance is expected to be slightly below the lower end of the $16.1 billion-$16.5 billion range.
Key projects are progressing, including the fully contracted Desert Southwest Pipeline, the Hugh Brinson Pipeline (phase one expected in service by Q4 2026), and the approved Bethel natural gas storage expansion to over 12 Bcf by late 2028.
Energy Transfer secured multiple long-term agreements to supply natural gas to data centers, including with Oracle and Fermi America, totaling approximately 1.2 million Mcf per day. The company is also evaluating converting an NGL pipeline to natural gas service, which could potentially generate twice the revenue compared to NGL service.

Nov 5, 2025, 9:30 PM

Transcript

Energy Transfer Reports Q3 2025 Results, Updates Guidance, and Highlights Growth Projects

Earnings

Guidance Update

New Projects/Investments

Energy Transfer reported Q3 2025 adjusted EBITDA of $3.84 billion, a decrease from $3.96 billion in Q3 2024, but noted it was flat year-over-year excluding non-recurring items. Year-to-date 2025 adjusted EBITDA increased to $11.8 billion from $11.6 billion in the same period of 2024.
The company updated its 2025 organic growth capital guidance to approximately $4.6 billion (down from a previous guidance of $5 billion) and expects 2026 growth capital to be around $5 billion. Full-year 2025 adjusted EBITDA is now anticipated to be slightly below the lower end of the prior $16.1 billion-$16.5 billion guidance range.
Significant long-term contracts were secured, including agreements to supply natural gas to Oracle's three U.S. data centers (approximately 900,000 Mcf per day) and a 10-year agreement with Fermi America for its HyperGrid campus (approximately 300,000 MMBtu per day). In total, over 6 Bcf per day of pipeline capacity has been contracted with demand pull customers in the last year, projected to generate over $25 billion in revenue from firm transportation fees with a weighted average life exceeding 18 years.
Major projects are advancing, with the Desert Southwest pipeline fully contracted for 1.5 Bcf per day and Phase I of the Hugh Brinson Pipeline expected in service by Q4 2026. The company is also considering converting an NGL pipeline to natural gas service, which could potentially double revenue compared to NGL service.

Nov 5, 2025, 9:30 PM

Transcript

Energy Transfer Reports Q3 2025 Results, Updates Guidance, and Details Strategic Growth Projects

Earnings

Guidance Update

New Projects/Investments

Energy Transfer reported $3.84 billion in Adjusted EBITDA for Q3 2025 and $11.8 billion year-to-date 2025. The company updated its 2025 Adjusted EBITDA guidance to be slightly below the lower end of the $16.1 billion-$16.5 billion range and reduced 2025 organic growth capital guidance to $4.6 billion.
The company secured significant long-term natural gas supply agreements for data centers, including multiple deals with Oracle totaling approximately 900,000 Mcf per day and a 10-year agreement with Fermi America for 300,000 MMBtu per day. Over the last year, Energy Transfer has contracted more than 6 Bcf per day of pipeline capacity, projected to generate over $25 billion in revenue.
Key infrastructure projects are advancing, including the fully contracted Desert Southwest Pipeline and the Hugh Brinson Pipeline, with Phase 1 expected in service by Q4 2026. Energy Transfer is also considering converting an NGL pipeline in the Permian Basin to natural gas service for potentially higher revenue and approved a new storage cavern at the Bethel natural gas storage facility to double capacity to over 12 Bcf by late 2028.

Nov 5, 2025, 9:30 PM

Transcript

Energy Transfer Reports Q3 2025 Results and Updates Guidance

Earnings

Guidance Update

New Projects/Investments

Energy Transfer LP reported net income attributable to partners of $1.02 billion and Adjusted EBITDA of $3.84 billion for the third quarter of 2025, with net income per common unit (basic) at $0.28. These figures decreased compared to Q3 2024, primarily due to one-time items.
The Partnership achieved record volumes in NGL and refined products terminal (up 10%), NGL transportation (up 11%), NGL exports (up 13%), and midstream gathered volumes (up 3%) in Q3 2025 compared to Q3 2024.
Energy Transfer announced plans for approximately $4.6 billion in growth capital expenditures for 2025 and $5 billion for 2026, with the majority expected for natural gas-directed projects. Strategic initiatives include new agreements to supply natural gas to Oracle's data centers and a 20-year agreement with Entergy Louisiana.
The company declared a quarterly cash distribution of $0.3325 per common unit for Q3 2025, representing an increase of more than 3% compared to Q3 2024. Energy Transfer also updated its 2025 Adjusted EBITDA guidance, expecting to be slightly below the lower end of its $16.1 billion to $16.5 billion range.

Nov 5, 2025, 9:20 PM

8-K

Energy Transfer LP Announces Increase in Quarterly Cash Distribution

Dividends

Energy Transfer LP announced an increase in its quarterly cash distribution to $0.3325 per common unit for the third quarter ended September 30, 2025, which is $1.33 on an annualized basis.
This distribution reflects an increase of more than 3 percent compared to the third quarter of 2024.
The cash distribution will be paid on November 19, 2025, to unitholders of record as of November 7, 2025.
The company is scheduled to release its third-quarter 2025 earnings on November 5, 2025.

Oct 28, 2025, 9:07 PM

8-K

Energy Transfer Offers High Yield and Low Valuation

Dividends

Energy Transfer provides a high dividend yield of approximately 7.9%, supported by stable cash flows where about 90% of earnings are fee-based revenues.
The company maintains a strong financial position, with leverage in the lower half of its target range.
Energy Transfer trades at a low enterprise value to EBITDA ratio (under 9x), which is significantly cheaper than its peers (average around 12x).

Oct 26, 2025, 12:07 PM

CNBC

Energy Transfer and FourPoint Resources Announce Price River Terminal Expansion

New Projects/Investments

Energy Transfer LP has entered into a strategic agreement with FourPoint Resources, LLC to expand the Price River Terminal in Wellington, Utah.
The expansion is designed to double the terminal's export capacity and improve the delivery of American Premium Uinta (APU) crude to refineries.
Enhancements include a new railcar load rack capable of loading 140,000 barrels of oil per day and a new heated storage tank with approximately 140,000 barrels of shell capacity.
The project is expected to be completed by the fourth quarter of 2026, subject to necessary third-party and government approvals.

Oct 9, 2025, 11:00 AM

Press Release

Energy Transfer LP Completes Junior Subordinated Notes Offering

Debt Issuance

Energy Transfer LP completed an underwritten public offering on August 25, 2025, issuing $2,000,000,000 in aggregate principal amount of junior subordinated notes.
The offering included $1,200,000,000 of Series 2025A Notes and $800,000,000 of Series 2025B Notes, both maturing on February 15, 2056.
The Series 2025A Notes bear interest at 6.500% per annum, and the Series 2025B Notes bear interest at 6.750% per annum, both until February 15, 2031.

Aug 25, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Energy Transfer.

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