Energy Transfer — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to partners for the three months ended September 30, 2026, was $1.21 billion, compared to $1.02 billion in the same period in 2025.
• Net income per common unit (basic) was $0.33 for the quarter ended September 30, 2026.
• Adjusted EBITDA for the quarter was $5.03 billion, an increase of 31% from $3.84 billion in the prior year period.
• Distributable Cash Flow attributable to partners, as adjusted, was $2.52 billion, a 33% increase from $1.90 billion in the prior year period.
• Revenues for the quarter were $37.103 billion, up from $19.954 billion in the prior year period.
• Operating income for the quarter was $2.781 billion, compared to $2.151 billion in the prior year period.
• Growth capital expenditures were $1.30 billion; maintenance capital expenditures were $284 million.
• Total assets as of September 30, 2026, were $149.386 billion, compared to $141.286 billion as of December 31, 2025.
• Long-term debt, less current maturities, was $68.838 billion as of September 30, 2026.
• The partnership's revolving credit facility had $4.41 billion of available borrowing capacity as of September 30, 2026.

Guidance and Future Outlook:

• Full-year 2026 Adjusted EBITDA guidance was raised to a range of $19.7 billion to $19.9 billion, compared to the previous range of $18.8 billion to $19.1 billion.
• The partnership expects to invest $5.4 billion to $5.6 billion in growth capital for 2026.
• The partnership expects to invest approximately $7 billion in growth capital for 2027.
• Phase II of the Hugh Brinson Pipeline is scheduled for completion in the first quarter of 2027.
• The Bear II cryogenic processing plant is expected to be in service in the third quarter of 2027.
• The South Mississippi Pipeline Project is projected to enter service in 2030.
• The tenth fractionator at Mont Belvieu (Frac X) is expected to be in service in the first half of 2029.
• MRT Pipeline agreements with two Missouri power plants are expected to become effective in late 2027 and mid-2028.

Business Segments and Product Lines:

• Intrastate transportation volumes increased 14% year-over-year, setting a new partnership record.
• Midstream gathered volumes increased 6% year-over-year, setting a new partnership record.
• NGL transportation volumes increased 6% year-over-year.
• NGL exports increased 9% year-over-year.
• NGL fractionation volumes increased 5% year-over-year.
• Segment Adjusted EBITDA for Intrastate Transportation and Storage was $346 million, up from $230 million in the prior year.
• Segment Adjusted EBITDA for Interstate Transportation and Storage was $500 million, up from $431 million in the prior year.
• Segment Adjusted EBITDA for Midstream was $864 million, up from $751 million in the prior year.
• Segment Adjusted EBITDA for NGL and Refined Products Transportation and Services was $1.224 billion, up from $1.054 billion in the prior year.
• Segment Adjusted EBITDA for Crude Oil Transportation and Services was $871 million, up from $746 million in the prior year.
• Segment Adjusted EBITDA for Investment in Sunoco LP was $1.049 billion, up from $489 million in the prior year.
• Segment Adjusted EBITDA for Investment in USAC was $198 million, up from $160 million in the prior year.
• Phase I of the Hugh Brinson Pipeline was placed into full service on September 1, 2026.
• The 275 MMcf/d Mustang Draw II processing plant was placed into service in the Midland Basin in October 2026.
• A 215-mile South Mississippi Pipeline Project received a positive final investment decision in November 2026, with a capacity of 1.2 Bcf/d and an expected cost of $1.6 billion.
• A 15-year transportation agreement with a Marcellus producer added 250,000 MMBtu/d of firm transportation commitments to the Rover Pipeline system, effective November 1, 2026.
• Two agreements were executed to provide 150,000 MMBtu/d of firm natural gas transportation service from the MRT Pipeline to two power plants in Missouri.

Market and Competitive Landscape:

• The partnership's portfolio includes assets in all major U.S. production basins and spans 44 states.
• The partnership owns approximately 140,000 miles of pipeline and associated energy infrastructure.
• The partnership holds general partner interests and approximately 28 million common units (15% of aggregate outstanding units) of Sunoco LP.
• The partnership holds general partner interests and approximately 46 million common units (32% of outstanding units) of USA Compression Partners, LP.
• The partnership's multiple segments generate high-quality, balanced earnings with no single business segment contributing more than one-third of consolidated Adjusted EBITDA for the quarter.

Risks and Challenges:

• Forward-looking statements regarding future results, including Adjusted EBITDA and capital expenditures, are subject to known and unknown risks, uncertainties, and factors beyond management's control.
• Unrealized gains and losses on commodity risk management activities can impact financial results.
• Inventory valuation adjustments on Sunoco LP's fuel volumes can affect Adjusted EBITDA.
• Weather-related issues at joint venture facilities can cause downtime and reduce Adjusted EBITDA.
• Third-party refinery issues can lead to lower refined product transportation volumes.
• Resolution of prior period tax obligations can cause fluctuations in operating expenses.

Management Commentary and Tone:

• Management highlighted that volumes continued to grow during the third quarter of 2026 compared to the third quarter of 2025.
• The partnership noted that the Hugh Brinson Pipeline Phase I came in under budget and ahead of schedule.
• Management indicated that favorable market conditions contributed to increased marketing margins, though they anticipate partial offset by realized derivative losses in future periods.
• The partnership announced the acquisition of Vaquero Midstream LLC to expand its integrated natural gas gathering and processing network.

Other Key Points:

• In October 2026, the partnership announced a quarterly cash distribution of $0.3425 per common unit ($1.37 annualized), representing an increase of more than 3% compared to the third quarter of 2025. This marks the twentieth consecutive increase to the quarterly cash distribution.
• In August 2026, the partnership redeemed $900 million aggregate principal amount of 6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units using proceeds from a junior subordinated notes offering.
• The acquisition of Vaquero Midstream LLC for approximately $2.6 billion (including cash and equity consideration) is expected to close in the fourth quarter of 2026, subject to regulatory approval.
• The South Mississippi Pipeline Project will be a 51% owned and operated project by Energy Transfer, with the remaining ownership coming from shippers.
• A binding open season is currently underway for the South Mississippi Pipeline Project to solicit additional customer commitments.
• The partnership's consolidated Adjusted EBITDA for the nine months ended September 30, 2026, was $15.034 billion, compared to $11.802 billion in the prior year period.
• Distributable Cash Flow attributable to partners, as adjusted, for the nine months ended September 30, 2026, was $7.813 billion, compared to $6.161 billion in the prior year period.