Energy Transfer LP (Texas)

energytransfer.com

What Do They Do?

Transports and stores natural gas and liquid fuels, gathers and processes natural gas, and markets fuel to utilities, industrial users and commercial customers.

How Do They Make Money?

For refined-product sales, Energy Transfer uses acquisition and marketing activities; pipeline customers pay monthly for reserved capacity and charges tied to volumes transported, while storage, terminal, export and processing services also earn fees.

revenue

Segment	Share	Revenue
Refined product sales	28% FY2022: 29%
Crude sales	27% FY2022: 26%
Natural gas sales	5.4% FY2022: 9.5%
Gathering, transportation and other fees	15% FY2022: 12%
NGL sales	22% FY2022: 22%
Other	2.0% FY2022: 0.9%

Who Are Their Customers?

Energy users and other pipeline companies contract for transportation and storage; Sunoco distributes motor fuel to branded locations, independent dealers and commercial customers.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

11% of revenue

▼ −1% vs FY2024 ($9.1B, 11%)

Net income, FY2025

5% of revenue

▼ −8% vs FY2024 ($4.8B, 6%)

Free cash flow, FY2025

4% of revenue

▼ −48% vs FY2024 ($7.3B, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +78%; vs $19.2B in Q2 FY2025
Net income: ▲ +80%; vs $1.2B in Q2 FY2025

Sep 3, 2026 Transfers unit listings from NYSE to Texas Stock Exchange NYSE trading is expected to end at market close on October 2, 2026, with trading on the Texas Stock Exchange beginning October 5, 2026.
Aug 4, 2026 Raises full-year adjusted EBITDA guidance The 2026 range increased to $18.8 billion to $19.1 billion from $18.2 billion to $18.6 billion.
Jun 3, 2026 Co-chief executive Mackie McCrea plans to retire Thomas E. Long is to become sole chief executive; McCrea will remain on the board.

Growing. Revenue grew 27% in 4 years, from $67.4B in FY2021 to $85.5B in FY2025, about 6% a year.

Liquefied natural gas export project The older report described a liquefied natural gas export project under development with long-term purchase contracts; the latest says development is suspended, some contracts have ended, and it remains open to third-party development.

Revenue over time

Refined product sales Crude sales Natural gas sales Gathering, transportation and other fees NGL sales Other

$100B$50B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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