Energy Transfer LP (NYSE: ET) is a midstream energy partnership that owns and operates one of the largest networks of natural gas, natural gas liquids, crude oil, and refined products pipelines and related infrastructure in the United States. It makes money primarily through fee-based transportation, storage, gathering, processing, and terminalling services charged to producers, utilities, and industrial customers for moving and handling hydrocarbons across its pipeline and facility network. The partnership is structured as a master limited partnership (MLP) and files as a limited partnership, with common units representing limited partner interests. Based on its 10-K filed February 19, 2026 (accession 0001276187-26-000013), Energy Transfer operates infrastructure including the Dakota Access pipeline through subsidiary Dakota Access, LLC, and a 50/50 joint venture called Citrus, LLC, which owns the Florida Gas Transmission (FGT) pipeline system. The scale and interconnected nature of its pipeline network create meaningful barriers to entry through right-of-way ownership, regulatory permitting requirements, and long-term customer contracts.

Revenue model

Fee-based revenues from pipeline transportation, natural gas gathering and processing, storage, and terminalling services. Revenue is largely volume-driven and contracted, reducing direct commodity price exposure, though some segments retain commodity price sensitivity through processing and marketing activities.

Products and services

Natural gas pipelines and transportation; natural gas liquids (NGL) pipelines and fractionation; crude oil pipelines; refined products pipelines; natural gas gathering and processing; storage facilities; terminalling services; Florida Gas Transmission (FGT) system via Citrus LLC joint venture; Dakota Access crude oil pipeline.

Customers and end markets

Producers, utilities, industrial end-users, and marketers of natural gas, NGLs, crude oil, and refined products. End markets include power generation, petrochemical feedstocks, refined fuel distribution, and LNG export.

Value-chain role

Midstream infrastructure operator. Sits between upstream producers and downstream refiners, utilities, and industrial consumers. Provides gathering, processing, transportation, storage, and terminalling across the hydrocarbon value chain.

Geographic exposure

United States, with pipeline and terminal infrastructure concentrated across major producing and consuming regions including the Permian Basin, Midcontinent, Gulf Coast, and Florida (via FGT).

Source: SEC 10-K, filed 2026-02-19

Industry: Natural Gas Transmission Peers: Cheniere Energy Inc Cheniere Energy Partners LP Enterprise Products Partners L.P Kinder Morgan Inc Magellan Midstream Partners, L.P. MPLX LP ONEOK Inc Targa Resources Corp Williams Companies Inc