ET 8-K Current Reports

Material AgreementsFinancial EventsExhibits & Filings

Energy Transfer LP 8-K Report, Financial Results (Aug 4, 2026)

Energy Transfer LP (NYSE: ET) reported second quarter 2026 results on August 4, 2026, showing strong year-over-year growth across its earnings and cash flow measures. Net income attributable to partners rose to $2.09 billion from $1.16 billion, and net income per common unit (basic) was $0.59 versus $0.32. Consolidated Adjusted EBITDA increased 31% to $5.07 billion, and Distributable Cash Flow attributable to partners, as adjusted, increased 32% to $2.59 billion. Much of the growth was driven by the Sunoco LP investment segment (Adjusted EBITDA of $982 million versus $454 million), the NGL and refined products segment ($1.31 billion versus $1.03 billion), and the midstream segment ($884 million versus $768 million), with NGL export volumes up 25% and NGL transportation volumes up 13%, both Partnership records. Management raised full-year 2026 Adjusted EBITDA guidance to $18.8–$19.1 billion from $18.2–$18.6 billion and expects growth capital spending of $5.6–$5.9 billion. Second quarter growth capital expenditures were $1.10 billion and maintenance capital expenditures were $307 million. The Partnership declared a quarterly distribution of $0.3400 per common unit ($1.36 annualized), its nineteenth consecutive increase. Management highlighted natural gas infrastructure projects, including Hugh Brinson Pipeline reaching full Phase I capacity of 1.5 Bcf/d by September 1, 2026, and an expanded Nederland export terminal adding 240,000 bpd of ethane export capacity. The balance sheet expanded, with total assets of $148.2 billion and long-term debt of $68.4 billion as of June 30, 2026. In July 2026 the Partnership issued $1.75 billion of junior subordinated notes due 2057 at 6.550% and 6.700%, and it had $3.76 billion of available revolver capacity at quarter-end. Note that the filing is furnished under Item 2.02 and is not filed, and the figures are unaudited. Investors should also weigh the rise in cost of products sold, which reflects higher revenue from the Sunoco LP and crude oil businesses, and the $46 million environmental reserve increase in the midstream segment.

Aug 4, 2026 8-K

Energy Transfer LP 8-K Report, Material Agreement (Jul 21, 2026)

Energy Transfer LP (ET) has reported the completion of a significant underwritten public offering, raising a total of $1.75 billion through the issuance of Series 2026A and Series 2026B Junior Subordinated Notes due 2057. This offering, finalized on July 20, 2026, included $650 million of Series 2026A Notes and $1.1 billion of Series 2026B Notes. The issuance was conducted under existing indenture agreements, with the new notes being governed by supplemental indentures executed on the same date. This move signifies a substantial capital raise for Energy Transfer LP, likely intended to fund ongoing operations, capital expenditures, or strategic initiatives. Investors should note the long-term maturity of these notes (2057), indicating a long-term financing strategy. The junior subordinated nature of the notes suggests they carry a higher risk profile compared to senior debt, which is typically reflected in their coupon rates and yields. The specific terms and conditions, including interest rates and covenants, are detailed in the prospectus supplement and the filed indentures.

Jul 21, 2026 8-K

Energy Transfer LP 8-K Report, Material Agreement (Jul 8, 2026)

Energy Transfer LP (NYSE: ET) disclosed in this 8-K, filed July 8, 2026, that it entered into an underwriting agreement dated July 6, 2026 for a $1.75 billion offering of junior subordinated notes due 2057, consisting of $650 million of Series 2026A notes at 6.550% and $1.10 billion of Series 2026B notes at 6.700%. Both tranches were priced at 100% of face value, and the offering is expected to close July 20, 2026, subject to customary conditions. The offering was made under an existing Form S-3 shelf registration. The primary stated use of proceeds, approximately $1.73 billion before offering expenses, is to redeem all outstanding 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units. Those units become redeemable beginning August 15, 2026, and the filing explicitly states that it is not a notice of redemption; a separate notice will be issued later. The remaining proceeds would be used to refinance existing indebtedness, including repaying commercial paper and revolver borrowings, and for general partnership purposes. For investors, the transaction is largely a refinancing that swaps perpetual preferred equity and short-term or floating debt for long-dated junior subordinated notes with a 2057 maturity. The filing notes that several underwriters and their affiliates are lenders under the revolver, may hold Series H units, and are commercial paper dealers, so they may receive part of the proceeds. The filing does not disclose the company's leverage, coverage, or earnings impact, so those effects cannot be assessed from this document alone.

Jul 8, 2026 8-K

Leadership Changes

Energy Transfer LP 8-K Report, Executive Changes (Jun 3, 2026)

Energy Transfer LP (ET) announced that Marshall S. (“Mackie”) McCrea, III, Co-Chief Executive Officer, will retire on or before December 31, 2026. Mr. McCrea will continue in his leadership role and on the Board of Directors until his retirement, and will remain on the Board thereafter. This transition will result in Thomas E. Long becoming the sole Chief Executive Officer. The company highlighted Mr. McCrea's significant contributions to its strategic vision, commercial development, and culture. In recognition of his service, the Compensation Committee has approved accelerated vesting of certain equity incentive awards as part of a separation agreement that includes restrictive covenants, a release of claims, and cooperation clauses.

Jun 3, 2026 8-K

Energy Transfer LP 8-K Report, Financial Results (May 5, 2026)

Energy Transfer LP (NYSE: ET) reported first quarter 2026 results on May 5, 2026, showing continued operational growth and a meaningful increase in its full-year outlook. Adjusted EBITDA rose 20% year over year to $4.94 billion from $4.10 billion, and Distributable Cash Flow attributable to partners, as adjusted, increased about 17% to $2.70 billion from $2.31 billion. Net income attributable to partners was $1.25 billion, slightly down from $1.32 billion a year earlier, and diluted-basis net income per common unit was $0.35 versus $0.36 (basic $0.35 vs. $0.37). The decline in GAAP earnings reflects higher interest expense, a larger noncontrolling interest share of net income, and about $536 million of unrealized commodity hedging losses, which are excluded from Adjusted EBITDA. Management raised 2026 Adjusted EBITDA guidance to $18.2–$18.6 billion from $17.45–$17.85 billion, and expects growth capital spending of $5.5–$5.9 billion. Volume growth was broad-based, with records in NGL and refined products terminal volumes, NGL exports, NGL fractionation, crude oil transportation, and midstream gathered volumes. Growth was also helped by Sunoco LP's Parkland and TanQuid acquisitions and USAC's J-W Power acquisition, though part of the segment gains reflected one-time items, including a $160 million prior-year Winter Storm Uri comparison and a $102 million one-time inventory gain at Sunoco LP. Several new projects were announced, including the Springerville Lateral (about $600 million, in service Q4 2029), a Bayou Bridge expansion to about 600,000 Bbls/d, and data-center-linked gas supply agreements. Balance sheet metrics show leverage has increased: long-term debt rose to $69.3 billion from $68.3 billion, and total assets grew to $147.5 billion. Liquidity remained solid, with $3.45 billion available under the $5.0 billion revolving credit facility as of March 31, 2026. The company completed a $3.0 billion senior notes offering in January 2026 to refinance existing debt and declared a quarterly distribution of $0.3375 per common unit, up more than 3% year over year.

May 5, 2026 8-K

Material AgreementsFinancial EventsExhibits & Filings

Energy Transfer LP 8-K Report, Financial Results (Feb 17, 2026)

Energy Transfer LP (ET) reported fourth quarter and full-year 2025 results on February 17, 2026. Q4 2025 Adjusted EBITDA rose 8% year over year to $4.18 billion (from $3.88 billion), and Distributable Cash Flow attributable to partners, as adjusted, increased to $2.04 billion (from $1.98 billion). Net income attributable to partners declined to $928 million from $1.08 billion, and basic net income per common unit was $0.25 versus $0.29, largely reflecting higher impairments, lower interest-related and other items, and the Q4 2024 timing benefit from hedge settlements. Full-year 2025 Adjusted EBITDA was $15.98 billion, up from $15.48 billion. Growth momentum was broad: NGL fractionation, crude transportation, and NGL export volumes set or approached records, and Midstream gathered volumes grew 4%. Management raised its 2026 Adjusted EBITDA guidance to $17.45–$17.85 billion from $17.3–$17.7 billion. The increase is attributed solely to USA Compression's acquisition of J-W Power Company, which closed January 12, 2026. Growth capital spending for 2026 is still expected at $5.0–$5.5 billion, primarily for natural gas network projects. Notable project activity includes the Desert Southwest pipeline expansion, now upsized to 2.3 Bcf/d at a cost of up to about $5.6 billion; two new Florida Gas Transmission projects; a 20-year Entergy Louisiana transportation agreement; and the start of natural gas deliveries to an Oracle data center in Abilene, Texas. Energy Transfer also suspended development of the Lake Charles LNG export project to focus capital on pipeline projects. Balance sheet and distribution indicators are steady. The quarterly distribution was $0.3350 per common unit ($1.34 annualized), up more than 3% year over year. Revolver availability was $2.12 billion of the $5.0 billion facility at year-end, and long-term debt rose to $68.3 billion from $59.8 billion, which investors should weigh alongside the growth plan. Roughly 40% of Adjusted EBITDA comes from natural gas-related assets, and most segment margins are fee-based.

Feb 17, 2026 8-K

Energy Transfer LP 8-K Report, Material Agreement (Jan 27, 2026)

Energy Transfer LP (ET) announced the completion of a significant underwritten public offering of senior notes totaling $3 billion. This offering comprises $1 billion of 4.550% Senior Notes due 2031, $1 billion of 5.350% Senior Notes due 2036, and $1 billion of 6.300% Senior Notes due 2056. These notes were issued under the existing Indenture dated December 14, 2022, as supplemented by a Tenth Supplemental Indenture executed on January 27, 2026. This debt issuance, registered under an effective Form S-3ASR registration statement, provides Energy Transfer with substantial capital. Investors should note the different maturity dates and coupon rates across the tranches, reflecting varying terms and market conditions. The successful completion of this offering indicates continued investor confidence in Energy Transfer's creditworthiness and its ability to access capital markets.

Jan 27, 2026 8-K

Regulation FDExhibits & Filings

Energy Transfer LP 8-K Report, Material Agreement (Jan 13, 2026)

On January 12, 2026, Energy Transfer LP (NYSE: ET) priced a $3.0 billion senior unsecured notes offering consisting of three equal $1.0 billion tranches: 4.550% notes due 2031, 5.350% notes due 2036, and 6.300% notes due 2056. The notes were priced at 99.830%, 99.933%, and 99.842% of face value respectively, and the offering is expected to settle on January 27, 2026. The offering was made under an effective Form S-3 shelf registration (File No. 333-279982) and is governed by an underwriting agreement with BofA Securities, Deutsche Bank, Mizuho, MUFG, and SMBC Nikko as joint book-running managers. The company expects net proceeds of approximately $2.97 billion before offering expenses and intends to use them to refinance existing indebtedness, including repaying commercial paper and revolving credit facility borrowings, as well as for general partnership purposes. Because the proceeds largely retire short-term and floating-rate borrowings, the transaction primarily lengthens Energy Transfer's debt maturity profile and locks in fixed-rate funding across 5-, 10-, and 30-year horizons. The filing does not disclose the company's post-offering leverage metrics or the interest cost savings, so investors should review those in subsequent filings. The transaction is a routine liability management and refinancing event rather than a change in the company's strategy or operations. Several underwriters are lenders under the revolving credit facility and dealers on the commercial paper program, so they will receive a portion of the proceeds through repayment. Investors should view this as a balance sheet management step, with the key takeaways being the fixed-rate term funding, the extended maturities, and the modest issuance discounts indicating solid demand for the company's debt.

Jan 13, 2026 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jan 6, 2026)

Energy Transfer LP (NYSE: ET) filed an 8-K on January 6, 2026 under Regulation FD to furnish its full-year 2026 outlook, issued via press release (Exhibit 99.1) ahead of management's presentations at the Goldman Sachs Energy, CleanTech & Utilities Conference. The company expects growth capital expenditures of $5.0 billion to $5.5 billion in 2026, primarily directed at expanding its natural gas network. Management says these projects carry long-term commitments with targeted returns in the mid-teens, at sub-6.0x EBITDA build multiples. Growth capital excludes affiliates Sunoco LP (SUN) and USA Compression Partners (USAC). On earnings, Energy Transfer projects consolidated Adjusted EBITDA of $17.3 billion to $17.7 billion for 2026, including SUN and USAC. The company cites several projects expected to ramp up or come online during the year, including the Nederland Flexport NGL expansion, Mustang Draw I and II Permian processing plants, the Hugh Brinson Pipeline Phase I, NGL projects on the Lone Star Express and Gateway pipelines, and natural gas pipelines serving Texas data center facilities. Management reiterated a leverage target of 4.0x to 4.5x EBITDA, as calculated by all three major rating agencies, and a long-term annual distribution growth target of 3% to 5%. For investors, the key takeaways are a sizable growth budget tied to natural gas infrastructure and data center demand, a stated commitment to returning more than 50% of annual cash flow to unitholders over the past three years, and continued financial discipline through the leverage range. The filing contains no quantitative GAAP reconciliation for the forward-looking Adjusted EBITDA figures, which the company says it cannot reliably provide, so investors should weigh these guidance numbers accordingly.

Jan 6, 2026 8-K

Energy Transfer LP 8-K Report, Financial Results (Nov 5, 2025)

Energy Transfer reported third-quarter 2025 net income attributable to partners of $1.02 billion, down from $1.18 billion a year earlier, and basic net income per common unit of $0.28 versus $0.33. Consolidated Adjusted EBITDA fell about 3% to $3.84 billion from $3.96 billion, and Distributable Cash Flow attributable to partners, as adjusted, declined to $1.90 billion from $1.99 billion. Management attributed the decline to several one-time items, including roughly $43 million tied to the resolution of a prior-period ad valorem tax obligation on the Rover system and $17 million of one-time investigation and remediation costs in the NGL business. Operating volumes grew across most segments, with record NGL terminal, NGL transportation, NGL export and Midstream gathered volumes. The more important forward-looking news is that the Partnership now expects 2025 Adjusted EBITDA to be slightly below the low end of its prior $16.1 billion to $16.5 billion guidance range. It also expects 2025 growth capital expenditures of about $4.6 billion and plans roughly $5 billion of growth capital in 2026, mostly for natural gas-directed projects. Growth is anchored by long-term contracts: multiple agreements to supply about 900 MMcf/d of natural gas to three U.S. data centers (Oracle), and a 20-year binding agreement with Entergy Louisiana for 250,000 MMBtu/d of firm transportation starting December 2028, subject to limited conditions precedent. The quarterly distribution was raised to $0.3325 per unit, an increase of more than 3% year over year, and liquidity remained solid with about $3.44 billion available under the revolver. Leverage rose modestly, with long-term debt increasing to $63.1 billion from $59.8 billion at year-end 2024. For investors, the key questions are whether the one-time charges are truly non-recurring, whether the guidance miss signals underlying pressure in the intrastate and midstream businesses, and whether the large 2026 capital program can be funded while sustaining distribution growth. Note that the press release cites $293 million of maintenance capital expenditures for the quarter, while the distributable cash flow reconciliation shows $347 million; investors should confirm the figure in the full filing materials.

Nov 5, 2025 8-K

Leadership Changes

Energy Transfer LP 8-K Report, Executive Changes (Nov 3, 2025)

Energy Transfer LP (ET) has filed an 8-K reporting a change in its board of directors. Richard D. Brannon has resigned from the board of directors of LE GP, LLC, the general partner of Energy Transfer LP, effective immediately. This resignation is in connection with his appointment as chairman of the board of directors of the managing member of SunocoCorp LLC, a company in which Energy Transfer LP holds a 100% equity interest in its managing member. While this change impacts the board composition, it's important for investors to note that Mr. Brannon's departure was not a result of any disagreements related to the Company's or Partnership's operations, practices, or policies. The filing also notes that Matthew S. Ramsey will join the audit committee of the board, replacing Mr. Brannon in that capacity.

Nov 3, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Oct 28, 2025)

Energy Transfer LP (NYSE: ET) announced on October 28, 2025 an increase in its quarterly cash distribution to $0.3325 per common unit ($1.33 annualized) for the quarter ended September 30, 2025. The distribution represents an increase of more than 3% compared with the third quarter of 2024. It will be paid on November 19, 2025 to unitholders of record as of the close of business on November 7, 2025. For investors, the key takeaway is the continued growth of the distribution, which signals management's confidence in the partnership's cash flow generation and its ability to fund payouts while maintaining its operations. The filing itself is a Regulation FD and Other Events disclosure, and it contains no financial statements, so it does not include new quarterly earnings, balance sheet, or leverage data. Those details are expected in the third-quarter 2025 earnings release scheduled for November 5, 2025, after market close, followed by a conference call at 3:30 p.m. Central Time. The filing also includes tax-related notice for nominees. Energy Transfer states that 100% of distributions to foreign investors are attributable to income effectively connected with a U.S. trade or business, meaning they are subject to federal withholding at the highest applicable effective rate. Nominees, rather than the partnership, act as withholding agents, and brokers are directed to treat 100% of distributions as in excess of cumulative net income for withholding purposes.

Oct 28, 2025 8-K

Energy Transfer LP 8-K Report, Material Agreement (Aug 25, 2025)

Energy Transfer LP (ET) announced the successful completion of a significant public offering of junior subordinated notes, raising a total of $2 billion. This offering includes $1.2 billion in Series 2025A Junior Subordinated Notes due 2056 and $800 million in Series 2025B Junior Subordinated Notes due 2056. These notes were issued under an existing indenture framework, supplemented by specific indentures for each series, and were registered under the Securities Act of 1933. The proceeds from this offering will bolster the company's financial flexibility and provide capital for its ongoing operations and strategic initiatives. Investors should view this as a positive development, indicating ET's ability to access capital markets effectively to fund its growth and manage its balance sheet.

Aug 25, 2025 8-K

Energy Transfer LP 8-K Report, Material Agreement (Aug 12, 2025)

Energy Transfer LP (NYSE: ET) priced a $2.0 billion offering of junior subordinated notes due 2056 on August 11, 2025, consisting of $1.2 billion of Series 2025A notes at a 6.500% coupon and $800 million of Series 2025B notes at a 6.750% coupon, both sold at 100% of face value. The offering is expected to settle on August 25, 2025, subject to customary closing conditions. It was made under an effective Form S-3 shelf registration (File No. 333-279982) and a prospectus supplement dated August 11, 2025. The Partnership expects net proceeds of approximately $1.980 billion before offering expenses and plans to use them to repay borrowings under its revolving credit facility and for general partnership purposes. Repaying the revolver should reduce near-term floating-rate borrowing and free up capacity, though the notes add long-dated junior subordinated debt to the capital structure. Investors should note that affiliates of each underwriter are lenders under that revolver and may receive a portion of the proceeds through the repayment. For investors, the filing is primarily a financing event rather than an operational update. It contains no new earnings, guidance, or asset-level disclosures. The key considerations are the cost of the new capital (6.50%-6.75% fixed), the junior subordinated structure of the notes, which typically ranks behind senior debt, and the balance-sheet effect of replacing revolver borrowings with long-term debt.

Aug 12, 2025 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Aug 11, 2025)

Energy Transfer LP (ET) has announced that members of its management team will be participating in informational sessions with investors and analysts at Citi's 2025 Natural Resources Conference. These sessions are scheduled to take place between August 12-14, 2025, in Las Vegas, Nevada. Management plans to provide an overview of activities across ET's various business segments and offer updates on its ongoing growth projects. Interested parties will be able to access the prepared presentation materials on the company's website prior to the meetings.

Aug 11, 2025 8-K

Energy Transfer LP 8-K Report, Financial Results (Aug 6, 2025)

Energy Transfer LP (ET) reported second-quarter 2025 results on August 6, 2025, showing a mixed picture: volumes grew across most segments, but earnings were slightly lower year over year. Net income attributable to partners was $1.16 billion ($0.32 per common unit, basic) versus $1.31 billion ($0.35) in Q2 2024. Consolidated Adjusted EBITDA rose about 3% to $3.87 billion from $3.76 billion, driven by the Midstream segment (up $75 million to $768 million) and the Investment in Sunoco LP segment (up $134 million to $454 million). Distributable Cash Flow attributable to partners, as adjusted, fell to $1.96 billion from $2.04 billion, reflecting higher interest expense ($865 million vs. $762 million) and higher maintenance capital spending ($305 million vs. $258 million). Operationally, the Partnership set several volume records, including midstream gathered volumes (up 10%), crude oil transportation (up 9%), NGL transportation, terminal volumes and NGL exports. Management also announced a 1.5 Bcf/d Transwestern Desert Southwest expansion with an estimated cost of about $5.3 billion and a target in-service date of Q4 2029, along with FID on the Hugh Brinson Phase II expansion and the Bethel storage cavern, and additional long-term LNG supply agreements for Lake Charles LNG. The most notable guidance change is that Adjusted EBITDA is now expected to land at or slightly below the low end of the $16.1 billion to $16.5 billion range, while 2025 growth capex is still expected to be about $5 billion. Investors should weigh the strong volume and project pipeline against softer distributable cash flow and the lowered EBITDA outlook. The filing is an 8-K furnished under Item 2.02, so the press release is not treated as filed for Exchange Act liability purposes.

Aug 6, 2025 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jul 24, 2025)

Energy Transfer LP (NYSE: ET) announced on July 24, 2025 an increase in its quarterly cash distribution to $0.33 per common unit ($1.32 annualized) for the quarter ended June 30, 2025. The distribution is payable August 19, 2025 to unitholders of record as of August 8, 2025, and represents an increase of more than 3% over the distribution paid for the second quarter of 2024. For investors, the key takeaway is a modest, incremental raise in the payout, which signals management's continued confidence in the partnership's cash flow generation and distribution coverage. The filing itself is limited to this distribution announcement and related logistics; it contains no quantitative financial results, guidance changes, or detail on the drivers of the increase. The release does note that second-quarter 2025 earnings will be released August 6, 2025 after market close, with a conference call the same day at 3:30 p.m. CT / 4:30 p.m. ET, which will be the primary source of information on coverage ratios, leverage, and outlook. The filing also includes tax-related disclosures for nominees: all distributions to foreign investors are attributable to income effectively connected with a U.S. trade or business and are subject to federal withholding at the highest applicable rate, with nominees acting as withholding agents. Investors, particularly non-U.S. holders, should review these withholding implications with their tax advisors. The disclosure was furnished under Regulation FD and Item 8.01 rather than filed, so the press release content is not subject to Section 18 liability.

Jul 24, 2025 8-K

Other Events

Energy Transfer LP 8-K Report, Corporate Update (Jul 2, 2025)

Energy Transfer LP (ET) has received positive news from the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce. In a letter dated July 2, 2025, BIS has rescinded its previous notification from June 3, 2025, which had imposed a license requirement for the export, reexport, or transfer of ethane (referred to as 'Covered Ethane Products') to China or Chinese military end users. This rescission is effective immediately, removing a significant regulatory hurdle for ET's operations involving these products through its marine export terminals.

Jul 2, 2025 8-K

Other Events

Energy Transfer LP 8-K Report, Corporate Update (Jun 4, 2025)

Energy Transfer LP (ET) disclosed in a June 4, 2025 Form 8-K that the U.S. Bureau of Industry and Security (BIS) notified the Partnership, by letter dated June 3, 2025, that a license is now required for exporting, reexporting, or transferring in-country ethane (Schedule B 2901.10.1010, saturated ethane) when a party to the transaction is located in China or is a Chinese "military end user" wherever located. BIS cited unacceptable risk of military end use and diversion tied to China's military-civil fusion strategy. The Partnership must now apply for a validated license before such exports, except where license exceptions apply. The restriction directly affects ET's marine export terminals, which handle natural gas liquids including ethane. Management is still evaluating which transactions are in scope and cannot say whether it will obtain the required licenses in a timely manner, or at all. The Partnership plans to request emergency authorization to keep exporting ethane to all customers, including Chinese end-users, and to apply for the specific license. If authorizations are delayed or denied, export services for covered ethane could be disrupted. For investors, the filing is notable mainly for what it leaves open. Management could not determine the financial impact on financial position, results of operations, or cash flows. Key unknowns include how alternative export markets and uses for ethane will develop, the potential effect on U.S. ethane prices (ethane is a co-product of crude oil and natural gas production and a feedstock for ethylene), and any indirect effect on U.S. crude and natural gas production and prices. The filing is a disclosure of a regulatory development and contains no quantified financial figures.

Jun 4, 2025 8-K

Energy Transfer LP 8-K Report, Financial Results (May 6, 2025)

Energy Transfer LP reported first-quarter 2025 net income attributable to partners of $1.32 billion, up from $1.24 billion a year earlier, and diluted net income per common unit of $0.36 versus $0.32. Consolidated Adjusted EBITDA rose about 6% to $4.10 billion, led by Midstream (up $229 million to $925 million, including a one-time $160 million Winter Storm Uri recognition) and Investment in Sunoco LP (up $216 million to $458 million). Revenue fell about 3% to $21.02 billion, mainly on lower crude oil and intrastate gas sales prices and optimization activity. Distributable Cash Flow attributable to partners, as adjusted, declined about 2% to $2.31 billion, partly because of higher maintenance capital spending and distributions to noncontrolling interests. Crude oil transportation and services (down $106 million to $742 million) and intrastate transportation and storage (down $94 million to $344 million) were the main decliners, as management cited lower optimization gains and weaker volatility. Volumes were generally up: interstate natural gas transportation hit a Partnership record, and crude oil transportation rose 10%. Management reaffirmed 2025 Adjusted EBITDA guidance of $16.1 to $16.5 billion and growth capex of about $5 billion, and declared a quarterly distribution of $0.3275 per common unit, up more than 3% year over year. Investors should note that a meaningful portion of the EBITDA gain came from non-recurring Winter Storm Uri revenue and acquisitions (NuStar and Zenith terminals, ET-S Permian), so the underlying growth rate is lower than the headline figure. The filing also has an internal inconsistency: the narrative cites maintenance capex of $165 million, while the reconciliation table shows $202 million. Distribution coverage remains comfortable, with DCF attributable to partners of about $2.31 billion against roughly $1.13 billion of total distributions to be paid, or about 2.0x.

May 6, 2025 8-K

Material AgreementsFinancial EventsExhibits & Filings

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Apr 23, 2025)

Energy Transfer LP (NYSE: ET) announced on April 23, 2025 a quarterly cash distribution of $0.3275 per common unit ($1.31 annualized) for the quarter ended March 31, 2025. The distribution is payable May 20, 2025 to unitholders of record as of the close of business on May 9, 2025. Management described it as an increase of more than 3% compared with the first quarter of 2024, a modest but positive signal of distribution growth for income-focused investors. The filing is a routine Regulation FD and Other Events disclosure. It contains no quantitative financial results, guidance changes, or new operational developments. The company also said it will release first-quarter 2025 earnings after market close on May 6, 2025, with a conference call at 3:30 p.m. CT / 4:30 p.m. ET. Investors should treat that earnings release as the next material catalyst for assessing whether the distribution is well covered by cash flow. The release includes a tax notice stating that 100% of distributions to foreign investors are effectively connected income subject to federal withholding at the highest applicable rate, with nominees acting as withholding agents. Foreign holders and their brokers should account for this withholding when evaluating after-tax returns. The filing also notes the partnership's portfolio of more than 130,000 miles of pipeline and its stakes in Sunoco LP (about 21%) and USA Compression Partners (about 39%).

Apr 23, 2025 8-K

Energy Transfer LP 8-K Report, Material Agreement (Mar 4, 2025)

Energy Transfer LP (ET) has announced the successful completion of a significant public offering of senior notes, raising a total of $3.0 billion. This offering includes $650 million in 5.200% Senior Notes due 2030, $1.25 billion in 5.700% Senior Notes due 2035, and $1.1 billion in 6.200% Senior Notes due 2055. These notes were issued under the existing indenture, with the new notes being formalized by a Seventh Supplemental Indenture. This capital raise is a key event for investors, providing insights into the company's financing strategy and its ability to access public markets for substantial funding.

Mar 4, 2025 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Mar 3, 2025)

Energy Transfer LP (ET) has filed an 8-K to announce that members of its management team will participate in two investor conferences this week: the TPH & Co. Gas Conference and the THRIVE Energy Conference, both held in Houston, Texas on March 4-5, 2025. These sessions will provide an overview of the Partnership's business segments and growth projects. Investors and analysts can access the prepared materials on Energy Transfer's website under the Investor Relations section prior to the meetings. The company also included a standard forward-looking statement disclaimer, directing investors to its SEC filings for a detailed discussion of risks and uncertainties.

Mar 3, 2025 8-K

Energy Transfer LP 8-K Report, Material Agreement (Feb 20, 2025)

Energy Transfer LP (NYSE: ET) priced a $3.0 billion senior notes offering on February 18, 2025, consisting of three tranches: $650 million of 5.200% notes due 2030 priced at 99.796% of face value, $1.250 billion of 5.700% notes due 2035 priced at 99.872%, and $1.100 billion of 6.200% notes due 2055 priced at 99.398%. The offering is expected to settle on March 4, 2025, subject to customary closing conditions. The filing was made under an effective Form S-3 shelf registration (File No. 333-279982) that became effective June 6, 2024. The partnership expects net proceeds of approximately $2.97 billion before offering expenses. Management intends to use these funds mainly to refinance existing indebtedness, including repaying commercial paper and borrowings under its revolving credit facility, with the remainder for general partnership purposes. For investors, this is a liability-management transaction that replaces shorter-term, floating-rate or revolver-based borrowings with longer-dated fixed-rate debt, extending the maturity profile out to 2055. The filing itself does not disclose changes to earnings, guidance, or operating results. The underwriters, led by BofA Securities, Citigroup, Deutsche Bank, Mizuho and SMBC Nikko, have affiliates that are lenders under the revolving credit facility and dealers on the commercial paper program, so they will receive a portion of the proceeds through those repayments. The weighted coupon of roughly 5.9% reflects the prevailing rate environment for investment-grade midstream issuers, and the near-par pricing indicates solid investor demand.

Feb 20, 2025 8-K

Energy Transfer LP 8-K Report, Financial Results (Feb 11, 2025)

Energy Transfer reported fourth-quarter 2024 Adjusted EBITDA of $3.88 billion, up 8% from $3.60 billion a year earlier, and net income attributable to partners of $1.08 billion, or $0.29 per common unit, down from $1.33 billion ($0.37 per unit) in Q4 2023. Q4 Distributable Cash Flow attributable to partners, as adjusted, was $1.98 billion, roughly flat with $2.03 billion a year earlier. Consolidated revenue fell about 5% to $19.5 billion, while full-year revenue rose about 5% to $82.7 billion. Full-year 2024 Adjusted EBITDA reached $15.48 billion, up 13% from $13.70 billion, and full-year net income attributable to partners rose to $4.81 billion from $3.94 billion. Results were helped by acquisitions (NuStar and Zenith terminals at Sunoco LP, WTG Midstream and other recently acquired assets in Midstream) and by Permian volume growth. The $586 million gain on the Sunoco LP West Texas asset sale boosted full-year net income, and the Q4 segment mix shows that Sunoco LP and Midstream drove most of the year-over-year EBITDA increase. Management guided 2025 Adjusted EBITDA to $16.1–16.5 billion, implying roughly 4–7% growth over 2024. Planned 2025 growth capital expenditures are about $5.0 billion and maintenance capex about $1.1 billion. The Q4 quarterly distribution of $0.3250 per common unit ($1.30 annualized) is up 3.2% year over year. Investors should note that long-term debt rose about 16% to $59.8 billion, and that the partnership's revolver had $2.21 billion of availability at year-end. Preferred unit balances fell sharply after redemptions, and noncontrolling interests grew substantially. Growth projects announced include the Hugh Brinson pipeline, the Mustang Draw processing plant, a long-term LNG sale to Chevron for Lake Charles LNG, and a conditional natural gas supply agreement with CloudBurst for AI data centers. The filing is furnished under Item 2.02 and is not deemed filed under the Exchange Act. Note that the press release text cites Q4 maintenance capex of $309 million, while the Distributable Cash Flow reconciliation shows $376 million for the same period, so investors may want to confirm this figure in the full 10-K or earnings call materials.

Feb 11, 2025 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jan 27, 2025)

Energy Transfer LP (NYSE: ET) announced on January 27, 2025 an increase in its quarterly cash distribution to $0.3250 per common unit for the quarter ended December 31, 2024, equal to $1.30 on an annualized basis. The distribution is a 3.2% increase versus the fourth quarter of 2023. It will be paid February 19, 2025 to unitholders of record as of the close of business on February 7, 2025. The filing itself is primarily a routine disclosure. The substantive news is the modest distribution increase, which signals management's continued confidence in cash flow generation and its willingness to grow payouts incrementally rather than aggressively. The release does not disclose financial results, guidance, or operating metrics; those are deferred to the fourth-quarter and full-year 2024 earnings release and conference call scheduled for February 11, 2025. Investors should note that the press release states that 100% of distributions to foreign investors are effectively connected income subject to federal withholding at the highest applicable rate, with nominees acting as withholding agents. The company also describes its portfolio as covering more than 130,000 miles of pipeline across 44 states, and it holds stakes in Sunoco LP (approximately 21% of common units) and USA Compression Partners (approximately 39% of common units), plus the Lake Charles LNG Company.

Jan 27, 2025 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Dec 6, 2024)

Energy Transfer LP (ET) has filed an 8-K report to announce that members of its management team will be participating in two investor conferences: the Mizuho Power, Energy & Infrastructure Conference (December 9-10, 2024) and the Wells Fargo Midstream, Energy & Utilities Symposium (December 10-11, 2024). During these sessions, management is expected to provide an overview of the Partnership's business segments and its ongoing growth projects. Investors and interested parties can access the presentation materials for these sessions on Energy Transfer's website under the 'Investor Relations – Presentations & Webcasts' section prior to the meetings. The company notes that while the posted information will not be updated, future updates may be provided through press releases, Form 8-K filings, and periodic SEC reports. This filing also serves as a reminder of the forward-looking nature of some of the information discussed, and directs stakeholders to the company's SEC filings for a comprehensive list of risks and uncertainties.

Dec 6, 2024 8-K

Energy Transfer LP 8-K Report, Financial Results (Nov 6, 2024)

Energy Transfer LP reported third-quarter 2024 results that show continued operational growth and a meaningful year-over-year improvement in earnings. Net income attributable to partners rose to $1.18 billion from $584 million, and basic net income per common unit was $0.33 versus $0.15. Consolidated Adjusted EBITDA increased about 12% to $3.96 billion from $3.54 billion, while Distributable Cash Flow attributable to partners, as adjusted, was roughly flat at $1.99 billion. Growth was driven largely by recent acquisitions, including WTG Midstream (closed July 2024), and by record volumes in crude oil transportation (up 25%), midstream gathering and production, NGL fractionation, and NGL transportation. The quarter's results also reflect a larger, more leveraged balance sheet. Long-term debt rose to $59.0 billion from $51.4 billion at year-end 2023, total assets grew to $124.4 billion, and interest expense increased to $828 million from $632 million. Growth capital expenditures were $724 million and maintenance capital expenditures were $359 million per the release, though the supplemental reconciliation shows maintenance capex of $392 million, so investors should note the discrepancy. Segment results were mixed: midstream, Sunoco LP, and intrastate transportation improved, while NGL and refined products services declined on lower marketing margins and interstate transportation was slightly lower. Management highlighted growing demand from power plants and data centers for natural gas, and the partnership declared a distribution of $0.3225 per common unit ($1.29 annualized). For investors, the key takeaways are strong volume growth and acquisition-driven EBITDA expansion, offset by rising debt and interest costs, with flat distributable cash flow per the reported total. The partnership's diversified, largely fee-based earnings base, with no single segment exceeding one-third of Adjusted EBITDA, supports the distribution. Note that the net income increase was partly helped by a $598 million gain on the sale of Sunoco LP West Texas assets recognized year-to-date, and that quarterly comparisons are affected by the prior-year $625 million litigation loss.

Nov 6, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Oct 28, 2024)

Energy Transfer LP (NYSE: ET) announced on October 28, 2024 an increase in its quarterly cash distribution to $0.3225 per common unit ($1.29 annualized) for the quarter ended September 30, 2024. The distribution is payable November 19, 2024 to unitholders of record as of the close of business on November 8, 2024. The increase represents a 3.2% rise compared with the third quarter of 2023, signaling management's continued confidence in the partnership's cash generation and its commitment to growing returns to unitholders. The filing is primarily a routine disclosure under Regulation FD (Item 7.01) and Other Events (Item 8.01), with the press release furnished as Exhibit 99.1 rather than filed. The release also confirms that Energy Transfer will report third quarter 2024 earnings after market close on Wednesday, November 6, 2024, followed by a conference call at 3:30 p.m. Central Time / 4:30 p.m. Eastern Time. Investors should view the earnings call as the key near-term catalyst for updated guidance and fuller context on the distribution's sustainability. The release includes tax-related notices for nominees and foreign investors. It states that 100% of distributions to foreign investors are effectively connected with a U.S. trade or business and are subject to federal withholding at the highest applicable rate, with nominees acting as withholding agents. Unitholders, particularly non-U.S. investors, should review these tax implications with their advisors. The release also describes the partnership's scale, with more than 130,000 miles of pipeline across 44 states and interests in Sunoco LP and USA Compression Partners.

Oct 28, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Aug 13, 2024)

Energy Transfer LP (ET) announced on August 13, 2024, that its management will participate in Citi's 2024 One-On-One Midstream & New Energy Infrastructure Conference. During informational sessions scheduled for August 14, 2024, management is expected to provide an update on the company's business segments and growth projects. Investors and analysts interested in these updates can access presentation materials on Energy Transfer's website under "Investor Relations – Presentations & Webcasts" prior to the meetings. The company has included standard forward-looking statement disclaimers, reminding stakeholders that actual results may differ due to various risks and uncertainties outlined in their SEC filings.

Aug 13, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Aug 12, 2024)

Energy Transfer LP (NYSE: ET) disclosed in this August 12, 2024 Form 8-K that its selling unitholders, WTG Midstream LLC and an affiliate of Stonepeak Infrastructure Partners, priced an underwritten secondary offering of 38,755,996 common units at $15.78 per unit, managed by Barclays. The offering is expected to close on or around August 12, 2024. Energy Transfer itself will not sell any units and will receive no proceeds, so the transaction does not dilute the partnership's balance sheet or fund capital projects. Cash goes entirely to the selling holders. The filing shows insider participation: certain officers and directors of the general partner, LE GP, LLC, agreed to buy 3,040,000 common units at the same price paid by the underwriter, with no underwriting discount on those shares. This signals alignment with public unitholders, though the purchase is modest relative to the total offering. The partnership, selling unitholders, and certain GP directors and officers are subject to a 30-day lock-up from the underwriting agreement date, which limits near-term additional supply from these parties. For investors, the key takeaways are that the offering is a supply event rather than a fundamental change, with no direct impact on ET's operations, distributions, or leverage. The main consideration is the potential short-term price pressure from a large block sale, partly offset by insider buying and the lock-up. The filing contains no new financial results or guidance.

Aug 12, 2024 8-K

Energy Transfer LP 8-K Report, Financial Results (Aug 7, 2024)

Energy Transfer LP reported second-quarter 2024 net income attributable to partners of $1.31 billion, or $0.35 per common unit (basic), versus $911 million in the prior-year quarter. Adjusted EBITDA rose about 20% to $3.76 billion from $3.12 billion, though it includes more than $80 million of transaction-related expenses at the Partnership and Sunoco LP. Distributable Cash Flow attributable to partners, as adjusted, increased $485 million to $2.04 billion, and the company's coverage of its $0.32 quarterly distribution (an increase of 3.2% year over year) looks comfortable. Growth capex was $549 million and maintenance capex was $223 million in the quarter. Management raised full-year 2024 Adjusted EBITDA guidance to $15.3–$15.5 billion from $15.0–$15.3 billion, reflecting the July 2024 closing of the WTG Midstream acquisition and base-business outperformance, net of more than $100 million of full-year transaction costs. Full-year growth capex guidance rose to approximately $3.1 billion, driven mainly by WTG and quicker-returning crude projects tied to the Crestwood acquisition. Volumes grew across most segments, with record crude transportation (up 23%), NGL export, NGL transportation and terminal volumes. Balance sheet and credit trends were favorable. Moody's upgraded senior unsecured debt to Baa2 in June 2024, following Fitch and S&P upgrades to BBB. The Partnership issued roughly $3.9 billion of senior notes and junior subordinated notes in June 2024, redeemed all Series A and Series E preferred units, and reported no borrowings under its $5.0 billion revolver. Investors should weigh the rise in long-term debt (to $57.4 billion from $51.4 billion at year-end 2023) and total assets (to $121.3 billion) against the strong earnings growth, as leverage has increased with acquisitions.

Aug 7, 2024 8-K

Regulation FDExhibits & Filings

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jul 25, 2024)

Energy Transfer LP (NYSE: ET) announced on July 25, 2024 a quarterly cash distribution of $0.32 per common unit ($1.28 annualized) for the quarter ended June 30, 2024. The distribution represents a 3.2% increase compared with the second quarter of 2023, signaling management's continued confidence in cash flow generation and its commitment to returning cash to unitholders. The distribution will be paid on August 19, 2024 to unitholders of record as of the close of business on August 9, 2024. Investors should note that the release also confirms second-quarter 2024 earnings will be released after market close on August 7, 2024, with a conference call the same day at 3:30 p.m. Central Time, which will provide the first detailed read on whether coverage and cash flow support the higher payout. The filing also includes a tax notice stating that 100% of distributions to foreign investors are attributable to income effectively connected with a U.S. trade or business and are subject to federal withholding at the highest applicable effective rate, with nominees acting as withholding agents. This is a material consideration for non-U.S. unitholders and should be reviewed with tax advisors.

Jul 25, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jul 16, 2024)

On July 15, 2024, Energy Transfer LP (NYSE: ET) announced the completion of its previously agreed acquisition of WTG Midstream Holdings LLC (WTG), as disclosed in this Form 8-K under Items 7.01 and 9.01. Total consideration was $2,275 million in cash plus approximately 50.8 million newly issued ET common units. The transaction was structured under a Contribution and Sale Agreement dated May 28, 2024, with ETC Midland Gas Gathering LLC acquiring WTG Midstream LLC. The filing itself is brief, and the substantive detail is in the attached press release (Exhibit 99.1), which is furnished rather than filed. Strategically, the deal expands Energy Transfer's footprint in the Midland Basin Permian with approximately 6,000 miles of complementary gas gathering pipelines, eight gas processing plants with roughly 1.3 Bcf/d of combined capacity, and two additional plants under construction. Management expects the assets to feed growing NGL and natural gas volumes into Energy Transfer's existing system, generating incremental gathering and processing revenue along with downstream transportation and fractionation fees. For unitholders, the key financial considerations are accretion and dilution. Management projects the WTG assets will add about $0.04 of Distributable Cash Flow per common unit in 2025, rising to about $0.07 per common unit in 2027. The issuance of roughly 50.8 million units dilutes existing holders, so the net benefit depends on whether the projected DCF growth and the cash outlay justify that dilution. Investors should monitor integration progress, realized synergies, and leverage following the cash payment, as these are the main risks identified in the forward-looking statements.

Jul 16, 2024 8-K

Material AgreementsExhibits & Filings

Energy Transfer LP 8-K Report, Material Agreement (Jun 21, 2024)

Energy Transfer LP (ET) announced the completion of a significant debt offering on June 21, 2024. The company successfully raised a total of $3.85 billion by issuing various senior and junior subordinated notes. This includes $1.0 billion in 5.250% Senior Notes due 2029, $1.25 billion in 5.600% Senior Notes due 2034, and $1.25 billion in 6.050% Senior Notes due 2054, along with $400 million in 7.125% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054. This substantial capital raise indicates Energy Transfer's proactive approach to managing its balance sheet and potentially funding future growth initiatives or refinancing existing debt. The diverse maturity profile of the notes, ranging from 2029 to 2054, suggests a strategy to spread out debt maturities and manage interest rate risk. Investors should monitor how this new debt is utilized and its impact on the company's leverage and cash flow.

Jun 21, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jun 17, 2024)

Energy Transfer LP (ET) has filed a Current Report (8-K) on June 16, 2024, to disclose that its management will be participating in the 2024 J.P. Morgan Energy, Power & Renewables Conference. The company's executives are scheduled to hold meetings and informational sessions with investors and analysts on June 17th, beginning at 6:30 p.m. ET. During these sessions, management is expected to provide an overview of Energy Transfer's business, including updates on its ongoing growth projects and recently announced transactions. Investors and interested parties can access the prepared presentation materials on Energy Transfer's website under the 'Investor Relations – Presentations & Webcasts' section. The company notes that while it does not undertake to update the posted information, future updates may be provided through press releases, other 8-K filings, and periodic SEC reports.

Jun 17, 2024 8-K

Securities & ListingExhibits & Filings

Energy Transfer LP 8-K Report, Material Agreement (Jun 10, 2024)

On June 6, 2024, Energy Transfer LP (NYSE: ET) priced two concurrent public debt offerings totaling $3.9 billion in gross principal. The senior notes offering raised $3.5 billion across three tranches: $1.0 billion of 5.250% notes due 2029, $1.25 billion of 5.600% notes due 2034, and $1.25 billion of 6.050% notes due 2054. The offering also included $400 million of 7.125% fixed-to-fixed reset rate junior subordinated notes due 2054. Net proceeds are estimated at about $3.463 billion from the senior notes and $396 million from the junior subordinated notes, before offering expenses. Both offerings are expected to close on June 21, 2024, and the closings are not conditioned on each other. The primary use of proceeds is to fund all or part of the cash consideration for the previously announced acquisition of WTG Midstream Holdings LLC. The partnership also plans to repay revolving credit facility borrowings and other indebtedness, and to redeem all of its outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units at $1,009.87899 per unit, which equals the $1,000 liquidation preference plus accrued distributions through the June 21 redemption date. The financing is largely a refinancing and acquisition funding exercise that replaces higher-cost preferred equity and revolver debt with longer-dated fixed-rate notes. Investors should note the mix of rates and maturities, and that the junior subordinated notes carry subordination and reset features that rank them below the senior notes. The underwriters, Barclays, J.P. Morgan, MUFG, TD Securities, and Wells Fargo Securities, will earn underwriting commissions. Affiliates of the underwriters are also lenders under the revolver and hold some of the Series A preferred units, so they will receive a share of the proceeds through those repayments and redemptions. The offerings were made under an effective Form S-3 shelf registration (File No. 333-279982) that became effective on June 5, 2024.

Jun 10, 2024 8-K

Energy Transfer LP 8-K Report, Unregistered Securities Sale (May 29, 2024)

Energy Transfer LP (ET) announced a significant development regarding its acquisition of WTG Midstream Holdings LLC (WTG). As partial consideration for this acquisition, ET will issue up to 50,827,536 of its common units to WTG or its designees. This transaction is being conducted under a private offering exemption (Section 4(a)(2) of the Securities Act of 1933), meaning these units are not registered with the SEC. The acquisition is a strategic move expected to close in the third quarter of 2024, contingent upon regulatory approvals and standard closing conditions. Investors should note that the issuance of these new common units will increase the total number of outstanding units, potentially impacting earnings per unit (EPU) depending on the contribution of the acquired assets to ET's overall financial performance. Further details on the financial impact and the specific terms of the WTG acquisition are expected as closing approaches.

May 29, 2024 8-K

Energy Transfer LP 8-K Report, Financial Results (May 8, 2024)

Energy Transfer LP reported first-quarter 2024 results on May 8, 2024, with net income attributable to partners of $1.24 billion ($0.32 per common unit, flat year over year) and consolidated Adjusted EBITDA of $3.88 billion, up roughly 13% from $3.43 billion. Distributable Cash Flow attributable to partners, as adjusted, rose to $2.36 billion from $2.01 billion, an increase of $348 million. Growth was driven mainly by the Crude Oil Transportation and Services segment, whose Adjusted EBITDA jumped to $848 million from $526 million on higher volumes (crude transportation volumes up 44%) and recent acquisitions, along with gains in Midstream and NGL segments. Interstate transportation and storage was the main weak spot, with Adjusted EBITDA falling to $483 million from $536 million, and intrastate results were pressured by lower storage optimization. Management raised full-year 2024 Adjusted EBITDA guidance to $15.0-$15.3 billion from $14.5-$14.8 billion. The update includes the impact of Sunoco LP's acquisition of NuStar Energy, which closed May 3, 2024, so part of the increase reflects acquired earnings rather than purely organic improvement. Full-year growth capital expenditures are now expected at about $2.9 billion. The Partnership also reported a Fitch upgrade of its senior unsecured debt to BBB, announced a quarterly distribution of $0.3175 per common unit (a 3.3% increase year over year), and reported no borrowings under its $5 billion revolving credit facility at quarter end. For investors, the quarter shows strong cash generation, a growing and diversified asset base, and improved balance sheet signals, though leverage rose modestly with long-term debt up to $52.3 billion from $51.4 billion at year-end. Investors should weigh the higher guidance, which partly reflects acquisitions, against rising interest expense ($728 million, up from $619 million) and the noted softness in interstate and intrastate natural gas results.

May 8, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Apr 24, 2024)

Energy Transfer LP (NYSE: ET) announced on April 24, 2024 a quarterly cash distribution of $0.3175 per common unit ($1.27 annualized) for the quarter ended March 31, 2024. The payout is described as a 3.3% increase compared with the first quarter of 2023. Unitholders of record as of the close of business on May 13, 2024 will receive the payment on May 20, 2024. The filing is largely routine from a corporate-action standpoint: it is a distribution declaration furnished under Regulation FD and Item 8.01, with no new financial results, guidance, or transaction disclosures included. The company also said it will release first-quarter 2024 earnings after market close on May 8, 2024, with a conference call at 3:30 p.m. CT / 4:30 p.m. ET that day. Investors will likely look to that earnings release for the more substantive read on cash flow coverage and the sustainability of the distribution. The press release includes a tax notice stating that 100% of distributions to foreign investors are treated as effectively connected income subject to federal withholding at the highest applicable rate, with nominees acting as withholding agents. Non-U.S. holders should factor this into their after-tax return expectations.

Apr 24, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Mar 4, 2024)

Energy Transfer LP (ET) has filed an 8-K report on March 4, 2024, to announce that members of its management team will be participating in the 2024 Morgan Stanley Energy & Power Conference. The informational sessions, scheduled for March 5th, will include an overview of the company's business and an update on its growth projects. Investors and analysts can access the prepared materials for these sessions on Energy Transfer's website under the Investor Relations section prior to the meetings. This filing serves primarily as a notification of the upcoming conference participation and the availability of presentation materials. While not providing specific financial results, it signals continued engagement with the investment community and offers insight into management's priorities, particularly regarding growth initiatives. Investors should monitor the company's website for the presentation materials to gain a deeper understanding of ET's business outlook and strategic developments.

Mar 4, 2024 8-K

Energy Transfer LP 8-K Report, Financial Results (Feb 14, 2024)

Energy Transfer LP (ET) reported fourth-quarter and full-year 2023 results on February 14, 2024, with Q4 net income attributable to partners of $1.33 billion (up $172 million year over year), Q4 Adjusted EBITDA of $3.60 billion (up $165 million), and Q4 Distributable Cash Flow attributable to partners, as adjusted, of $2.03 billion (up from $1.91 billion). Full-year 2023 Adjusted EBITDA was $13.7 billion. The most material forward-looking item is the 2024 outlook: Adjusted EBITDA guidance of $14.5 billion to $14.8 billion, implying about 7% growth at the midpoint, and growth capex of $2.4 billion to $2.6 billion plus maintenance capex of $835 million to $865 million. Results were supported by record NGL fractionation and transportation volumes, strong crude oil volume growth, and contributions from the Crestwood merger, which closed in November 2023. Investors should also note full-year 2023 net income was pressured by a $627 million non-operating litigation loss, and that segment performance was mixed: intrastate transportation and storage Adjusted EBITDA fell sharply, from $433 million to $242 million, on lower natural gas prices and reduced pipeline optimization. Balance sheet activity was active. Total assets rose to $113.7 billion, long-term debt to $51.4 billion, and goodwill to $4.0 billion, largely from the Crestwood acquisition. In January 2024 the partnership issued $3.8 billion of notes and $800 million of junior subordinated notes to refinance debt and redeem preferred units. The quarterly distribution was raised to $0.3150 per common unit, a 3.3% increase. Management states that no single segment contributed more than one-third of Adjusted EBITDA, and that most segment margins are fee-based. The filing is a furnished (not filed) 8-K under Item 2.02, and the financial data is unaudited. The reported figures are non-GAAP measures, and their definitions and reconciliations should be reviewed alongside GAAP results.

Feb 14, 2024 8-K

Material AgreementsExhibits & Filings

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jan 26, 2024)

Energy Transfer LP (NYSE: ET) announced a quarterly cash distribution of $0.3150 per common unit for the quarter ended December 31, 2023, equal to $1.26 on an annualized basis. The filing describes this as an increase of 3.3% over the distribution for the fourth quarter of 2022. The distribution is payable on February 20, 2024, to unitholders of record as of the close of business on February 7, 2024. The announcement is primarily a routine distribution declaration, filed under Items 7.01 (Regulation FD) and 8.01 (Other Events). The press release is furnished rather than filed, so it is not subject to Section 18 liability. The filing does not disclose the prior-quarter distribution amount, earnings, coverage ratio, or leverage metrics, so the increase can only be verified as a percentage relative to the fourth quarter of 2022. Investors should look to the company's fourth-quarter and full-year 2023 earnings release, scheduled for February 14, 2024 after market close, with a conference call at 3:30 p.m. Central Time, for distribution coverage, cash flow, and the company's 2024 outlook. The release also contains a tax notice stating that 100% of distributions to foreign investors are treated as effectively connected income subject to withholding at the highest applicable rate, with nominees acting as withholding agents.

Jan 26, 2024 8-K

Energy Transfer LP 8-K Report, Material Agreement (Jan 25, 2024)

Energy Transfer LP (ET) announced on January 25, 2024, the successful completion of two concurrent underwritten public offerings: one for senior notes totaling $3 billion and another for junior subordinated notes amounting to $800 million. The senior notes consist of $1.25 billion of 5.550% notes due 2034 and $1.75 billion of 5.950% notes due 2054. The junior subordinated notes are 8.000% notes due 2054. These offerings were registered under the Securities Act of 1933 and were made pursuant to effective registration statements and prospectus supplements filed with the SEC. The proceeds from these issuances are expected to strengthen ET's balance sheet and provide flexibility for future operations and growth initiatives. Investors should note the significant debt issuance, which increases the company's leverage but also provides substantial capital.

Jan 25, 2024 8-K

Regulation FDExhibits & Filings

Energy Transfer LP 8-K Report, Material Agreement (Jan 11, 2024)

On January 10, 2024, Energy Transfer LP (NYSE: ET) priced two concurrent debt offerings totaling $2.85 billion gross: $1.25 billion of 5.550% senior notes due 2034 and $1.75 billion of 5.950% senior notes due 2054 (priced at 99.660% and 99.523% of face, respectively), plus $800 million of 8.000% fixed-to-fixed reset rate junior subordinated notes due 2054 priced at par. Settlement is expected January 25, 2024, and the two offerings are not conditioned on each other's closing. The filing indicates expected net proceeds of approximately $2.964 billion from the senior notes and $792 million from the junior subordinated notes, before offering expenses. The proceeds are earmarked primarily to refinance existing indebtedness, including borrowings under the revolving credit facility, and to redeem the Series C and Series D fixed-to-floating rate preferred units, with the Series E preferred units to be redeemed once callable on May 15, 2024. Notice of redemption for Series C and D was issued, with redemption prices of $25.607454 and $25.619877 per unit, respectively, payable on February 9, 2024. Remaining proceeds would go to general partnership purposes. For investors, the transaction is a liability-management exercise: it replaces higher-cost preferred equity and revolver debt with longer-dated notes, while extending maturities and adding a long-dated junior subordinated layer. The new debt carries a 5.55% to 5.95% coupon on senior notes and an 8.00% coupon on the junior notes, so the net effect on interest expense and the cost of capital depends on the coupons on the retired preferred units and revolver borrowings, which the filing does not quantify. Underwriters and their affiliates are also lenders under the revolver and holders of the preferred units, which means they receive part of the proceeds through those repayments and redemptions.

Jan 11, 2024 8-K

Energy Transfer LP 8-K Report, Regulation FD Disclosure (Jan 10, 2024)

On January 10, 2024, Energy Transfer LP (NYSE: ET) announced its intention, subject to market and other conditions, to concurrently offer in separate registered public offerings two types of debt: senior notes due 2034 and 2054, and fixed-to-fixed reset rate junior subordinated notes due 2054. The filing is a Regulation FD disclosure furnishing a press release; it does not itself constitute an offer to sell securities or a notice of redemption. The proceeds are earmarked for a combination of liability management and general purposes. Energy Transfer plans to refinance existing indebtedness, including borrowings under its revolving credit facility, and to redeem all outstanding Series C and Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units, plus the Series E preferred units when they become redeemable on May 15, 2024. Replacing floating-rate revolver borrowings and expensive perpetual preferred equity with longer-dated fixed-rate debt is a meaningful balance sheet action, though the filing does not disclose offering sizes, coupons, or pricing. For investors, the key considerations are the shift in capital structure, the cost of the new notes once priced, and the subordinated nature of the junior notes, which rank below senior debt and carry deferral features typical of hybrid securities. The filing provides no quantitative financial results, so investors should rely on the final prospectus supplements and Energy Transfer's periodic reports for sizing, pricing, and the pro forma leverage impact.

Jan 10, 2024 8-K

Material AgreementsFinancial EventsShareholder Matters+3

Energy Transfer LP 8-K Report, Material Agreement (Nov 6, 2023)

On November 3, 2023, Energy Transfer LP (ET) completed its previously announced merger with Crestwood Equity Partners LP, with Crestwood merging into a wholly owned Energy Transfer subsidiary. Crestwood common unitholders received 2.07 ET common units for each Crestwood common unit. Crestwood preferred unitholders could elect to convert into new Energy Transfer Series I Fixed Rate Perpetual Preferred Units (41,464,187 units issued), receive $9.857484 per unit in cash plus accrued distributions, or convert into Crestwood common units at 1 common unit per 10 preferred units and then receive the common unit consideration. The combined company now operates more than 125,000 miles of pipeline across 41 states, and management expects the deal to be immediately accretive to distributable cash flow per unit and to generate at least $40 million in initial annual run-rate cost and efficiency synergies, before additional financial and commercial benefits. From a capital structure standpoint, Energy Transfer assumed approximately $2.85 billion of Crestwood senior notes (5.75% due 2025, 5.625% due 2027, 6.00% due 2029, 8.00% due 2029, and 7.375% due 2031) through supplemental indentures, and Crestwood Midstream Partners contributed substantially all of its assets to Energy Transfer. The Series I Preferred Units carry a cumulative quarterly distribution of $0.2111 per unit, paid in cash unless certain conditions apply. If that distribution is not paid in full, Energy Transfer cannot pay distributions on common units until arrears are cleared, which is a meaningful constraint for common unitholders to monitor. Holders of the preferred units may convert into ET common units at an initial ratio of 2.07 ET common units per 10 preferred units, and the General Partner has conversion rights tied to VWAP thresholds of roughly $66.14 and $44.09 per ET common unit. Investors should note that the filing is primarily a completion and structural update rather than a new operating or financial performance disclosure. Key items to track going forward include the pace of realizing the stated synergies, the integration of Crestwood's assets, the dilution from 2.07 ET units issued per Crestwood unit, the overhang and eventual conversion of the Series I preferred units, and the growth of distributable cash flow per unit relative to the increased unit count.

Nov 6, 2023 8-K