0001276187-26-000026 | 10-Q | XBRL Viewer

Series B, Series G and Series H distributions are currently paid on a semi-annual basis. Distributions on the Series B Preferred Units will begin to be paid quarterly on February 15, 2028.

[2]

The record date and payment date shown above apply to all Energy Transfer Preferred Units, except for the Series I Preferred Units. For the period ended December 31, 2025, the cash distribution on Series I Preferred Units was paid on February 17, 2026 to unitholders of record as of the close of business on February 4, 2026. For the period ended March 31, 2026, the cash distribution on Series I Preferred Units will be paid on May 15, 2026 to unitholders of record as of the close of business on May 4, 2026.

Cash And Cash Equivalents

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

Cash and Cash Equivalents

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include all cash on hand, demand deposits and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of March 31, 2026 or December 31, 2025.

We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.

The net change in operating assets and liabilities, net of effects of acquisitions and divestitures, included in cash flows from operating activities is comprised as follows:


	Three Months Ended March 31,
	2026		2025
Accounts receivable	$	(4,360)	$	(1,111)
Accounts receivable from related companies	(47)		(44)
Inventories	578		332
Other current assets	(43)		(24)
Other non-current assets, net	95		(23)
Accounts payable	3,656		685
Accounts payable to related companies	(23)		(19)
Accrued and other current liabilities	289		131
Other non-current liabilities	13		(57)
Derivative assets and liabilities, net	58		8
Net change in operating assets and liabilities, net of effects of acquisitions	$	216	$	(122)

Non-cash investing and financing activities were as follows:


	Three Months Ended March 31,
	2026		2025
Accrued capital expenditures	$	1,162	$	795

Lease assets obtained in exchange for new lease liabilities	109		29
Distribution reinvestment	12		10



Sunoco LP common units (noncontrolling interest) issued in connection with acquisitions	—		5
USAC common units (noncontrolling interest) issued in connection with acquisitions	457		—

Acquisitions

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

ACQUISITIONS

Sunoco LP

TanQuid Acquisition

On January 16, 2026, Sunoco LP completed the previously announced acquisition of TanQuid for €206 million ($239 million) and assumed debt with a fair value of €298 million ($346 million). TanQuid owns and operates 15 fuel terminals in Germany and one fuel terminal in Poland. The transaction was funded using cash on hand and amounts available under Sunoco LP’s Credit Facility.

The acquisition was recorded using the acquisition method of accounting which requires, among other things, that assets and liabilities assumed be recognized on the balance sheet at their estimated fair values as of the date of acquisition, with

any excess purchase price over the fair value of net assets acquired recorded to goodwill. Determining the fair value of acquired assets requires management’s judgment and the utilization of a third-party valuation specialist, if applicable, and involves the use of significant estimates and assumptions. Acquired assets were valued based on a combination of the discounted cash flow, the guideline company and the reproduction and replacement methods.

As of the date these financial statements were issued, Sunoco LP’s management and the third-party valuation specialist continue to evaluate certain assumptions, which could result in a change to the allocation of the fair value among reporting units or between line items on the consolidated balance sheet, potentially impacting deferred tax balances and/or goodwill. The following table summarizes the preliminary allocation of the purchase price among assets acquired and liabilities assumed.


	As of January 16, 2026
Total current assets	$	65
Property, plant and equipment, net	639

Lease right-of-use assets, net	59

Other non-current assets, net	1


Total assets	764

Total current liabilities	9
Long-term debt	346
Non-current operating lease liabilities	66
Deferred income taxes	62
Other non-current liabilities	42
Total liabilities	525

Total consideration	239
Cash acquired	45
Total consideration, net of cash acquired	$	194

Other Acquisitions

In the first quarter of 2026, Sunoco LP completed other acquisitions for total cash considerations of approximately $50 million, plus working capital. These transactions were accounted for as asset acquisitions.

USAC

J-W Power Company Acquisition

On January 12, 2026, USAC completed the acquisition of J-W Energy Company (“J-W Energy”) and its subsidiary, J-W Power Company (“J-W Power”), a large privately-held provider of compression services in the United States. USAC purchased all of the issued and outstanding capital stock of J-W Energy from Westerman, Ltd. (the “J-W Power Acquisition”). USAC completed the acquisition for a total consideration of approximately $912 million, subject to customary purchase price adjustments, consisting of (i) approximately $455 million in cash and (ii) approximately 18.2 million newly issued USAC common units, which had a fair value on the J-W Acquisition date of approximately $457 million, subject to customary post-closing price adjustments. Upon consummation of the J-W Power Acquisition, J-W Power and J-W Energy became consolidated subsidiaries of the Partnership.

The J-W Power Acquisition added approximately 0.8 million active horsepower and 1.0 million total horsepower to USAC’s fleet across key regions including the Northeast, Mid-Con, Rockies, Gulf Coast, Bakken and Permian Basin. J‑W Power also owns and operates specialized manufacturing facilities that support its internal compression requirements and those of third‑party customers.

The acquisition was recorded using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their estimated fair values as of the date of acquisition with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Determining the fair value of acquired assets requires management’s judgment and the utilization of a third-party valuation specialist, if applicable, and involves the use of significant estimates and assumptions. Acquired assets were valued based on a combination of the discounted cash flow, the guideline company and the reproduction and replacement methods.

The following table summarizes the preliminary allocation of the purchase price among assets acquired and liabilities assumed.


	As of January 12, 2026
Total current assets	$	136
Property, plant and equipment, net	869

Lease right-of-use assets, net	5
Intangible assets, net (1)	6
Other non-current assets, net	1
Goodwill (2)	117
Total assets	1,134

Total current liabilities	33

Non-current operating lease liabilities	3
Other non-current liabilities	186
Total liabilities	222

Total consideration	912
Cash acquired	11
Total consideration, net of cash acquired	$	901

(1)Intangible assets, net is comprised of $5.4 million of trade names with a remaining useful life of approximately 3 years.

(2)Goodwill recorded is primarily related to the recognition of deferred tax liabilities arising from acquisition date fair value adjustments with the remainder related to expected commercial and operational synergies, and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes.

Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Available-for-sale securities	$ 32	$ 30
Foreign currency translation adjustment	(24)	(12)
Actuarial gain related to pensions and other postretirement benefits	54	54
AOCI attributable to equity method investments	10	10
Accumulated other comprehensive income	$ 72	$ 82

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

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+ Details

Redeemable Noncontrolling Interests

3 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

Redeemable Noncontrolling Interests

REDEEMABLE NONCONTROLLING INTERESTS

Certain redeemable noncontrolling interests in the Partnership’s subsidiaries were reflected as mezzanine equity on the consolidated balance sheets.

Redeemable noncontrolling interests consisted of the following:


	March 31, 2026		December 31, 2025

Crestwood Niobrara LLC preferred units	$	225	$	225
Other (1)	27		25
Total redeemable noncontrolling interests	$	252	$	250

(1) Relates to noncontrolling interest holders in one of the Partnership’s consolidated subsidiaries that have the option to sell their interests to the Partnership.

Fair Value Measures (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 based on inputs used to derive their fair values:


			Fair Value Measurements at March 31, 2026
	Fair Value Total		Level 1		Level 2
Assets:
Total commodity derivatives	$	920	$	858	$	62
Other non-current assets	210		210		—
Total assets	$	1,130	$	1,068	$	62
Liabilities:
Total commodity derivatives	$	(1,332)	$	(1,257)	$	(75)
Total liabilities	$	(1,332)	$	(1,257)	$	(75)


			Fair Value Measurements at December 31, 2025
	Fair Value Total		Level 1		Level 2
Assets:
Total commodity derivatives	$	618	$	531	$	87
Other non-current assets	209		209		—
Total assets	$	827	$	740	$	87
Liabilities:
Total commodity derivatives	$	(454)	$	(404)	$	(50)
Total liabilities	$	(454)	$	(404)	$	(50)

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

The following tables summarize the consolidated activity of our contract liabilities:


	Contract Liabilities
Balance, December 31, 2025	$	745
Additions	385
Revenue recognized	(391)

Balance, March 31, 2026	$	739

Balance, December 31, 2024	$	759
Additions	298
Revenue recognized	(383)

Balance, March 31, 2025	$	674

The balances of Sunoco LP’s contract assets and contract liabilities were as follows:


	March 31, 2026		December 31, 2025

Contract assets	$	575	$	480
Accounts receivable from contracts with customers	3,006		1,686
Contract liabilities	127		125

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of March 31, 2026, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations was $33.75 billion. The Partnership expects to recognize this amount as revenue within the time bands illustrated in the following table:


	Years Ending December 31,
	2026
	(remainder)		2027		2028		Thereafter		Total
Revenue expected to be recognized on contracts with customers existing as of March 31, 2026	$	6,170	$	6,665	$	5,298	$	15,621	$	33,754

Debt Obligations - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Feb. 28, 2026	Jan. 31, 2026
Debt Instrument [Line Items]
Banking Regulation, Supplementary Leverage Ratio, Actual	0.0316
Sunoco LP
Debt Instrument [Line Items]
Long-term Line of Credit	$ 0
Credit Facility due December 2027
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	5,000
Long-term Line of Credit	1,490
Line of Credit Facility, Remaining Borrowing Capacity	3,450
Letters of Credit Outstanding, Amount	$ 61
Line of Credit Facility, Interest Rate at Period End	3.95%
Credit Facility due December 2027 \| April 2029
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 4,840
Credit Facility due December 2027 \| Accordion feature
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	7,000
Sunoco LP Revolving Credit Facility due April 2027 \| Sunoco LP
Debt Instrument [Line Items]
Long-term Line of Credit	125
Line of Credit Facility, Remaining Borrowing Capacity	2,220
Letters of Credit Outstanding, Amount	$ 151
Line of Credit Facility, Interest Rate at Period End	5.52%
5.375% senior notes due 2031
Debt Instrument [Line Items]
Senior Notes	$ 600
Debt Instrument, Interest Rate, Stated Percentage	5.375%
5.625% senior notes due 2034
Debt Instrument [Line Items]
Senior Notes	$ 600
Debt Instrument, Interest Rate, Stated Percentage	5.625%
6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Senior Notes	$ 500
Debt Instrument, Interest Rate, Stated Percentage	6.00%
6.00% Senior Notes due 2027
Debt Instrument [Line Items]
Senior Notes	$ 600
Debt Instrument, Interest Rate, Stated Percentage	6.00%
4.55% senior notes due 2031
Debt Instrument [Line Items]
Senior Notes			$ 1,000
Debt Instrument, Interest Rate, Stated Percentage			4.55%
5.35% senior notes due 2036
Debt Instrument [Line Items]
Senior Notes			$ 1,000
Debt Instrument, Interest Rate, Stated Percentage			5.35%
6.30% senior notes due 2056
Debt Instrument [Line Items]
Senior Notes			$ 1,000
Debt Instrument, Interest Rate, Stated Percentage			6.30%
4.75% senior notes due January 2026
Debt Instrument [Line Items]
Senior Notes			$ 1,000
Debt Instrument, Interest Rate, Stated Percentage			4.75%
5.625% senior notes due May 2027
Debt Instrument [Line Items]
Senior Notes		$ 600
Debt Instrument, Interest Rate, Stated Percentage		5.625%
USAC Credit Facility, due 2026 \| USA Compression Partners, LP
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 498
Long-term Line of Credit	1,250
Letters of Credit Outstanding, Amount	$ 2
Line of Credit Facility, Interest Rate at Period End	5.66%

Acquisitions - Purchase Price Allocation (Details)
€ in Millions, $ in Millions

Jan. 16, 2026

USD ($)

Jan. 12, 2026

USD ($)

Mar. 31, 2026

USD ($)

Jan. 16, 2026

EUR (€)

Dec. 31, 2025

USD ($)

Business Combination [Line Items]

Goodwill

$ 5,605.0

$ 5,452.0

TanQuid

Business Combination [Line Items]

Total current assets

$ 65.0

Property, plant and equipment, net

639.0

Lease right-of-use assets, net

59.0

Other non-current assets, net

1.0

Total assets

764.0

Total current liabilities

9.0

Long-term debt

346.0

€ 298

Non-current operating lease liabilities

66.0

Deferred income taxes

62.0

Other non-current liabilities

42.0

Total liabilities

525.0

Total consideration

239.0

Cash acquired

45.0

Total consideration, net of cash acquired

$ 194.0

JW Power

Business Combination [Line Items]

Total current assets

$ 136.0

Property, plant and equipment, net

869.0

Lease right-of-use assets, net

5.0

Intangible assets, net

^[1]

6.0

Other non-current assets, net

1.0

Goodwill

^[2]

117.0

Total assets

1,134.0

Total current liabilities

33.0

Non-current operating lease liabilities

3.0

Other non-current liabilities

186.0

Total liabilities

222.0

Total consideration

912.0

Cash acquired

11.0

Total consideration, net of cash acquired

901.0

JW Power | Trade Names

Business Combination [Line Items]

Intangible assets, net

^[1]

$ 5.4

Intangible assets, useful life

3 years

[1]	Intangible assets, net is comprised of $5.4 million of trade names with a remaining useful life of approximately 3 years.
[2]	Goodwill recorded is primarily related to the recognition of deferred tax liabilities arising from acquisition date fair value adjustments with the remainder related to expected commercial and operational synergies, and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes.

Fair Value Measures - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets:
Total commodity derivatives	$ 920	$ 618
Other non-current assets	210	209
Total assets	1,130	827
Liabilities:
Total commodity derivatives	(1,332)	(454)
Total liabilities	(1,332)	(454)
Level 1
Assets:
Total commodity derivatives	858	531
Other non-current assets	210	209
Total assets	1,068	740
Liabilities:
Total commodity derivatives	(1,257)	(404)
Total liabilities	(1,257)	(404)
Level 2
Assets:
Total commodity derivatives	62	87
Other non-current assets	0	0
Total assets	62	87
Liabilities:
Total commodity derivatives	(75)	(50)
Total liabilities	$ (75)	$ (50)

Cash And Cash Equivalents - Non-Cash Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement [Line Items]
Accrued capital expenditures	$ 1,162	$ 795
Lease assets obtained in exchange for new lease liabilities	109	29
Distribution reinvestment	12	10
Sunoco LP Common Units
Statement [Line Items]
Subsidiary units issued	0	5
USAC Common Units
Statement [Line Items]
Subsidiary units issued	$ 457	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Value of stock issued during the period from a dividend reinvestment plan (DRIP). A dividend reinvestment plan allows the holder of the stock to reinvest dividends paid to them by the entity on new issues of stock by the entity.

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-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Cash And Cash Equivalents - Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]
Accounts receivable	$ (4,360)	$ (1,111)
Accounts receivable from related companies	(47)	(44)
Inventories	578	332
Other current assets	(43)	(24)
Other non-current assets, net	95	(23)
Accounts payable	3,656	685
Accounts payable to related companies	(23)	(19)
Accrued and other current liabilities	289	131
Other non-current liabilities	13	(57)
Derivative assets and liabilities, net	58	8
Net change in operating assets and liabilities, net of effects of acquisitions	$ (216)	$ 122

Inventories

3 Months Ended

Mar. 31, 2026

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
Natural gas, NGLs and refined products	$	3,067	$	3,506
Crude oil	542		286
Spare parts and other	1,036		978
Total inventories	$	4,645	$	4,770

Inventories consist principally of natural gas held in storage, NGLs and refined products, crude oil and spare parts, all of which are valued at the lower of cost or net realizable value utilizing the weighted-average cost method, except as described below.

Sunoco LP’s fuel inventories are stated at the lower of cost or market using the LIFO method. As of March 31, 2026 and December 31, 2025, Sunoco LP’s fuel inventory balance included lower of cost or market reserves of $1 million and $472 million, respectively. For the three months ended March 31, 2026 and 2025, the Partnership’s cost of products sold included favorable LIFO inventory valuation adjustments of $444 million and $61 million, respectively, which increased net income.

During the three months ended March 31, 2026, Sunoco LP reduced its overall fuel inventories, resulting in a LIFO liquidation. Based on the assumed impact to cost of sales if the liquidated inventories had been replaced, the effect of the LIFO liquidation was an increase of $102 million to pre-tax income, or $0.03 per common unit (excluding any income tax impact or any assumed changes to distributions). Interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs; consequently, these interim estimates are subject to changes during the remainder of the year that could impact the final year-end inventory levels or valuation.

Certain of Sunoco LP’s fuel inventories in the Caribbean are stated at the lower of cost or market using the first-in, first-out method, under which the cost of fuel sold consists of older acquisition costs, including transportation and storage costs. These FIFO method inventories totaled $165 million and $88 million as of March 31, 2026 and December 31, 2025, respectively.

Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2026

Statement [Line Items]

Financial Information By Segment

The following tables present financial information by segment:


	Three Months Ended March 31,
		2026		2025
Revenues:
Intrastate transportation and storage:
Revenues from external customers		$	992	$	1,147
Intersegment revenues		164		147
		1,156		1,294
Interstate transportation and storage:
Revenues from external customers		627		613
Intersegment revenues		7		8
		634		621
Midstream:
Revenues from external customers		909		884
Intersegment revenues		2,135		2,772
		3,044		3,656
NGL and refined products transportation and services:
Revenues from external customers		5,704		6,034
Intersegment revenues		969		875
		6,673		6,909
Crude oil transportation and services:
Revenues from external customers		7,751		6,205
Intersegment revenues		7		3
		7,758		6,208
Investment in Sunoco LP:
Revenues from external customers		10,689		5,177
Intersegment revenues		1		2
		10,690		5,179
Investment in USAC:
Revenues from external customers		316		230
Intersegment revenues		15		15
		331		245
All other:
Revenues from external customers		783		730
Intersegment revenues		271		265
		1,054		995
Eliminations		(3,569)		(4,087)
Total revenues		$	27,771	$	21,020


	Three Months Ended March 31,
	2026		2025
Cost of products sold:
Intrastate transportation and storage	$	710	$	964
Interstate transportation and storage	3		2
Midstream	1,674		2,260
NGL and refined products transportation and services	5,484		5,641
Crude oil transportation and services	6,792		5,214
Investment in Sunoco LP	9,001		4,526
Investment in USAC	29		38
All other	994		995
Eliminations	(3,538)		(4,069)
Total cost of products sold	$	21,149	$	15,571


	Three Months Ended March 31,
	2026		2025
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:
Intrastate transportation and storage	$	65	$	57
Interstate transportation and storage	215		189
Midstream	446		421
NGL and refined products transportation and services	298		247
Crude oil transportation and services	223		213
Investment in Sunoco LP	381		158
Investment in USAC	89		43
All other	7		1
Eliminations	(49)		(45)
Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses	$	1,675	$	1,284


	Three Months Ended March 31,
	2026		2025
Depreciation, depletion and amortization:
Intrastate transportation and storage	$	52	$	51
Interstate transportation and storage	145		142
Midstream	469		448
NGL and refined products transportation and services	260		248
Crude oil transportation and services	268		237
Investment in Sunoco LP	286		156
Investment in USAC	87		70
All other	16		15
Total depreciation, depletion and amortization	$	1,583	$	1,367


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses:
Intrastate transportation and storage	$	13	$	14
Interstate transportation and storage	30		37
Midstream	54		56
NGL and refined products transportation and services	48		48
Crude oil transportation and services	1		44
Investment in Sunoco LP	151		36
Investment in USAC	33		14
All other	4		13
Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses	$	334	$	262


	Three Months Ended March 31,
	2026		2025
Equity in earnings of unconsolidated affiliates (1) :
Intrastate transportation and storage	$	3	$	5
Interstate transportation and storage	75		63
Midstream	2		3
NGL and refined products transportation and services	19		17
Crude oil transportation and services	6		4
All other	5		—
Total equity in earnings of unconsolidated affiliates	$	110	$	92

(1)Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.


	Three Months Ended March 31,
	2026		2025
Other income (expense) (1) :
Intrastate transportation and storage	$	69	$	85
Interstate transportation and storage	133		119
Midstream	17		6
NGL and refined products transportation and services	320		5
Crude oil transportation and services	127		5
Investment in Sunoco LP	(299)		(1)
Investment in USAC	8		—
All other	6		26
Eliminations	(57)		(50)
Total other income	$	324	$	195

(1)Other income and expense include, if applicable to a segment, Adjusted EBITDA related to unconsolidated affiliates, unrealized gains and losses on commodity risk management activities and other items. For the investment in Sunoco LP segment, this also includes inventory valuation adjustments.


	Three Months Ended March 31,
	2026		2025
Additions to property, plant and equipment (1):
Intrastate transportation and storage	$	586	$	226
Interstate transportation and storage	253		46
Midstream	394		349
NGL and refined products transportation and services	317		363
Crude oil transportation and services	85		107
Investment in Sunoco LP	199		101
Investment in USAC	35		33
All other	66		29
Total additions to property, plant and equipment	$	1,935	$	1,254

(1)Amounts are presented on the accrual basis, net of contributions in aid of constructions costs. Amounts exclude acquisitions and include only the Partnership’s proportionate share of capital expenditures related to joint ventures.


	March 31, 2026		December 31, 2025
Investments in unconsolidated affiliates (1):
Intrastate transportation and storage	$	152	$	151
Interstate transportation and storage	2,388		2,353
Midstream	132		130
NGL and refined products transportation and services	379		362
Crude oil transportation and services	189		190
Investment in Sunoco LP	345		342
All other	61		61
Total investments in unconsolidated affiliates	$	3,646	$	3,589

(1)Amounts reflected above exclude Sunoco LP’s investments in the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.


	Three Months Ended March 31,
		2026		2025
Segment Adjusted EBITDA:
Intrastate transportation and storage		$	437	$	344
Interstate transportation and storage		519		512
Midstream		887		925
NGL and refined products transportation and services		1,163		978
Crude oil transportation and services		869		742
Investment in Sunoco LP		858		458
Investment in USAC		188		150
All other		16		(11)
Adjusted EBITDA (consolidated)		$	4,937	$	4,098


	Three Months Ended March 31,
		2026		2025
Reconciliation of net income to Adjusted EBITDA:
Net income		$	1,976	$	1,720
Depreciation, depletion and amortization		1,583		1,367
Interest expense, net of interest capitalized		947		809
Income tax expense		135		41
Impairment loss		—		4

Non-cash compensation expense		42		37
Unrealized losses on commodity risk management activities		536		69
Inventory valuation adjustments (Sunoco LP)		(444)		(61)
Losses on extinguishments of debt		7		2
Adjusted EBITDA related to unconsolidated affiliates		196		167
Equity in earnings of unconsolidated affiliates		(110)		(92)


Other, net		69		35
Adjusted EBITDA (consolidated)		$	4,937	$	4,098

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value Measures - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value Measurements [Abstract]
Debt obligations, fair value	$ 68,940	$ 68,550
Long-term debt	$ 69,340	$ 68,330

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 2
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+ Details

Equity - Change In Common and Preferred Units (Details) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Class of Stock [Line Items]

Number of common units, beginning

3,440.0

Common units issued under the distribution reinvestment plan

0.7

Common units vested under equity incentive plans and other

0.4

Number of common units, ending

3,441.1

Balance, Beginning of Period

$ 49,010

$ 46,017

Distributions to partners

(1,168)

(1,133)

Balance, End of Period

49,737

46,162

Series B

Class of Stock [Line Items]

Balance, Beginning of Period

556

Distributions to partners

(18)

Net income

Balance, End of Period

547

Series F

Class of Stock [Line Items]

Balance, Beginning of Period

^[1]

496

Distributions to partners

^[1]

Net income

^[1]

Balance, End of Period

^[1]

504

Series G

Class of Stock [Line Items]

Balance, Beginning of Period

1,488

Distributions to partners

Net income

Balance, End of Period

1,514

Series H

Class of Stock [Line Items]

Balance, Beginning of Period

893

Distributions to partners

Net income

Balance, End of Period

908

Series I

Class of Stock [Line Items]

Balance, Beginning of Period

419

Distributions to partners

(9)

Net income

Balance, End of Period

419

Preferred Unitholders

Class of Stock [Line Items]

Balance, Beginning of Period

3,356

3,852

Distributions to partners

(27)

Net income

Balance, End of Period

$ 3,388

$ 3,892

[1]	The Partnership’s Series F Fixed Rate Reset Cumulative Redeemable Perpetual Preferred Units were redeemed in May 2025.

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract]

Environmental Exit Costs by Cost

The following table reflects the amounts of accrued liabilities recorded in our consolidated balance sheets related to environmental matters that are considered to be probable and reasonably estimable. Currently, we are not able to estimate possible losses or a range of possible losses in excess of amounts accrued. Except for matters discussed above, we do not have any material environmental matters assessed as reasonably possible that would require disclosure in our consolidated financial statements.


	March 31, 2026		December 31, 2025
Current	$	84	$	62
Non-current	393		354
Total environmental liabilities	$	477	$	416

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory, Net [Abstract]

Schedule Of Inventory

Inventories consisted of the following:


	March 31, 2026		December 31, 2025
Natural gas, NGLs and refined products	$	3,067	$	3,506
Crude oil	542		286
Spare parts and other	1,036		978
Total inventories	$	4,645	$	4,770

Inventories - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Inventory [Line Items]
Inventory valuation adjustments	$ (444)	$ (61)
Effect of LIFO Inventory Liquidation on Income	$ 102
Effect of LIFO inventory liquidation on income, per unit	$ 0.03
Inventories	$ 4,645		$ 4,770
Caribbean
Inventory [Line Items]
Inventories	165		88
Sunoco LP
Inventory [Line Items]
Inventory, LIFO Reserve	$ 1		$ 472

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Table - Accrued Environmental Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accrued Environmental Liabilities [Abstract]
Current	$ 84	$ 62
Non-current	393	354
Total environmental liabilities	$ 477	$ 416

Revenue

3 Months Ended

Mar. 31, 2026

Revenue [Abstract]

Revenue

REVENUE

Disaggregation of Revenue

The Partnership’s consolidated financial statements reflect eight reportable segments, which also represent the level at which the Partnership aggregates revenue for disclosure purposes. Note 13 depicts the disaggregation of revenue by segment.

Contract Balances with Customers

The Partnership satisfies its obligations by transferring goods or services in exchange for consideration from customers. The timing of performance may differ from the timing the associated consideration is paid to or received from the customer, thus resulting in the recognition of a contract asset or a contract liability.

The Partnership recognizes a contract asset when making upfront consideration payments to certain customers or when providing services to customers prior to the time at which the Partnership is contractually allowed to bill for such services.

The Partnership recognizes a contract liability if the customer’s payment of consideration precedes the Partnership’s fulfillment of the performance obligations. Certain contracts contain provisions requiring customers to pay a fixed minimum fee, but allow customers to apply such fees against services to be provided at a future point in time. These amounts are reflected as deferred revenue until the customer applies the deficiency fees to services provided or becomes unable to use the fees as payment for future services due to expiration of the contractual period the fees can be applied or physical inability of the customer to utilize the fees due to capacity constraints. Additionally, Sunoco LP maintains some franchise agreements requiring dealers to make one-time upfront payments for long-term license agreements. Sunoco LP recognizes a contract liability when the upfront payment is received and recognizes revenue over the term of the license.

The following tables summarize the consolidated activity of our contract liabilities:


	Contract Liabilities
Balance, December 31, 2025	$	745
Additions	385
Revenue recognized	(391)

Balance, March 31, 2026	$	739

Balance, December 31, 2024	$	759
Additions	298
Revenue recognized	(383)

Balance, March 31, 2025	$	674

The balances of Sunoco LP’s contract assets and contract liabilities were as follows:


	March 31, 2026		December 31, 2025

Contract assets	$	575	$	480
Accounts receivable from contracts with customers	3,006		1,686
Contract liabilities	127		125

Performance Obligations

At contract inception, the Partnership assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Partnership considers all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has more than one performance obligation, the Partnership allocates the total contract consideration it expects to be entitled to, to each distinct performance obligation based on a standalone selling price basis. Revenue is recognized when (or as) the performance obligations are satisfied, that is, when the customer obtains control of the good or service. Certain of our contracts contain variable components, which, when combined with the fixed component, are considered a single performance obligation. For these types of contacts, only the fixed components of the contracts are included in the following table.


	Years Ending December 31,
	2026
	(remainder)		2027		2028		Thereafter		Total
Revenue expected to be recognized on contracts with customers existing as of March 31, 2026	$	6,170	$	6,665	$	5,298	$	15,621	$	33,754

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Redeemable Noncontrolling Interests (Details) - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

Statement [Line Items]

Redeemable noncontrolling interests

$ 252

$ 250

Noncontrolling interest holders in a Partnership consolidated subsidiary

Statement [Line Items]

Redeemable noncontrolling interests

^[1]

Crestwood Niobra Preferred Units

Statement [Line Items]

Redeemable noncontrolling interests

$ 225

[1]	Relates to noncontrolling interest holders in one of the Partnership’s consolidated subsidiaries that have the option to sell their interests to the Partnership.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Assets And Liabilities - Outstanding Commodity-Related Derivatives (Details) - Short	Mar. 31, 2026 BBtu MW MB_bls	Dec. 31, 2025 BBtu MW MB_bls
Natural Gas \| Mark-to-Market Derivatives
Statement [Line Items]
Notional Volume	(91,648)	(233,645)
Natural Gas \| Fair Value Hedging Derivatives
Statement [Line Items]
Notional Volume	(63,435)	(100,346)
Power \| Mark-to-Market Derivatives
Statement [Line Items]
Notional Volume \| MW	(712,768)	(461,896)
Crude, NGL and refined product \| Mark-to-Market Derivatives
Statement [Line Items]
Notional Volume \| MB_bls	(24,019)	(59,247)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Reportable Segments - Information by Segment (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Statement [Line Items]

Revenues

$ 27,771

$ 21,020

Cost of products sold

21,149

15,571

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

1,675

1,284

Depreciation, depletion and amortization

1,583

1,367

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

334

262

Equity in earnings of unconsolidated affiliates

^[1]

110

Total other income

^[2]

324

195

Total additions to property, plant and equipment

^[3]

1,935

1,254

Investments in unconsolidated affiliates

^[4]

3,646

$ 3,589

Segment Adjusted EBITDA

4,937

4,098

Eliminations

Statement [Line Items]

Revenues

3,569

4,087

Cost of products sold

(3,538)

(4,069)

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

(49)

(45)

Total other income

^[2]

(57)

(50)

Intrastate transportation and storage

Statement [Line Items]

Depreciation, depletion and amortization

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

Equity in earnings of unconsolidated affiliates

^[1]

Total additions to property, plant and equipment

^[3]

586

226

Investments in unconsolidated affiliates

^[4]

152

151

Segment Adjusted EBITDA

437

344

Intrastate transportation and storage | Operating Segments

Statement [Line Items]

Revenues

1,156

1,294

Cost of products sold

710

964

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

Total other income

^[2]

Intrastate transportation and storage | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

992

1,147

Intrastate transportation and storage | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

164

147

Interstate transportation and storage

Statement [Line Items]

Depreciation, depletion and amortization

145

142

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

Equity in earnings of unconsolidated affiliates

^[1]

Total additions to property, plant and equipment

^[3]

253

Investments in unconsolidated affiliates

^[4]

2,388

2,353

Segment Adjusted EBITDA

519

512

Interstate transportation and storage | Operating Segments

Statement [Line Items]

Revenues

634

621

Cost of products sold

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

215

189

Total other income

^[2]

133

119

Interstate transportation and storage | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

627

613

Interstate transportation and storage | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

Midstream

Statement [Line Items]

Depreciation, depletion and amortization

469

448

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

Equity in earnings of unconsolidated affiliates

^[1]

Total additions to property, plant and equipment

^[3]

394

349

Investments in unconsolidated affiliates

^[4]

132

130

Segment Adjusted EBITDA

887

925

Midstream | Operating Segments

Statement [Line Items]

Revenues

3,044

3,656

Cost of products sold

1,674

2,260

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

446

421

Total other income

^[2]

Midstream | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

909

884

Midstream | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

2,135

2,772

NGL and refined products transportation and services

Statement [Line Items]

Depreciation, depletion and amortization

260

248

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

Equity in earnings of unconsolidated affiliates

^[1]

Total additions to property, plant and equipment

^[3]

317

363

Investments in unconsolidated affiliates

^[4]

379

362

Segment Adjusted EBITDA

1,163

978

NGL and refined products transportation and services | Operating Segments

Statement [Line Items]

Revenues

6,673

6,909

Cost of products sold

5,484

5,641

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

298

247

Total other income

^[2]

320

NGL and refined products transportation and services | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

5,704

6,034

NGL and refined products transportation and services | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

969

875

Crude oil transportation and services

Statement [Line Items]

Depreciation, depletion and amortization

268

237

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

Equity in earnings of unconsolidated affiliates

^[1]

Total additions to property, plant and equipment

^[3]

107

Investments in unconsolidated affiliates

^[4]

189

190

Segment Adjusted EBITDA

869

742

Crude oil transportation and services | Operating Segments

Statement [Line Items]

Revenues

7,758

6,208

Cost of products sold

6,792

5,214

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

223

213

Total other income

^[2]

127

Crude oil transportation and services | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

7,751

6,205

Crude oil transportation and services | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

Investment in Sunoco LP

Statement [Line Items]

Depreciation, depletion and amortization

286

156

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

151

Total additions to property, plant and equipment

^[3]

199

101

Investments in unconsolidated affiliates

^[4]

345

342

Segment Adjusted EBITDA

858

458

Investment in Sunoco LP | Operating Segments

Statement [Line Items]

Revenues

10,690

5,179

Cost of products sold

9,001

4,526

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

381

158

Total other income

^[2]

(299)

(1)

Investment in Sunoco LP | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

10,689

5,177

Investment in Sunoco LP | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

Investment In USAC [Member]

Statement [Line Items]

Depreciation, depletion and amortization

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

Total additions to property, plant and equipment

^[3]

Segment Adjusted EBITDA

188

150

Investment In USAC [Member] | Operating Segments

Statement [Line Items]

Revenues

331

245

Cost of products sold

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

Total other income

^[2]

Investment In USAC [Member] | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

316

230

Investment In USAC [Member] | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

Investment in USAC | Operating Segments

Statement [Line Items]

Revenues

1,054

995

Investment in USAC | Operating Segments | Revenues from external customers

Statement [Line Items]

Revenues

783

730

Investment in USAC | Operating Segments | Intersegment revenues

Statement [Line Items]

Revenues

271

265

All other

Statement [Line Items]

Depreciation, depletion and amortization

Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses

Equity in earnings of unconsolidated affiliates

^[1]

Total other income

^[2]

Total additions to property, plant and equipment

^[3]

Investments in unconsolidated affiliates

^[4]

$ 61

Segment Adjusted EBITDA

(11)

All other | Operating Segments

Statement [Line Items]

Cost of products sold

994

995

Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses

$ 7

$ 1

[1]	Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
[2]	Other income and expense include, if applicable to a segment, Adjusted EBITDA related to unconsolidated affiliates, unrealized gains and losses on commodity risk management activities and other items. For the investment in Sunoco LP segment, this also includes inventory valuation adjustments.
[3]	Amounts are presented on the accrual basis, net of contributions in aid of constructions costs. Amounts exclude acquisitions and include only the Partnership’s proportionate share of capital expenditures related to joint ventures.
[4]	Amounts reflected above exclude Sunoco LP’s investments in the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.

Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Statement [Line Items]
Balance, beginning	$ 745	$ 759
Additions	385	298
Revenue recognized	(391)	(383)
Balance, ending	739	674	$ 745
Contract liabilities	739	$ 674
Sunoco LP
Statement [Line Items]
Balance, beginning	125
Balance, ending	127		125
Contract assets	575		480
Accounts receivable from contracts with customers	3,006		$ 1,686
Contract liabilities	$ 127

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities

3 Months Ended

Mar. 31, 2026

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract]

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities

REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES

FERC Proceedings

Rover – FERC – Stoneman House

In late 2016, FERC Enforcement Staff began a non-public investigation related to Rover’s purchase and removal of a potentially historic home (known as the Stoneman House) while Rover’s application for permission to construct the new 711-mile interstate natural gas pipeline and related facilities was pending. On March 18, 2021, FERC issued an Order to Show Cause and Notice of Proposed Penalty (Docket No. IN19-4-000), ordering Rover to explain why it should not pay a $20 million civil penalty for alleged violations of FERC regulations requiring certificate holders to be forthright in their submissions of information to the FERC. Rover filed its answer and denial to the order on June 21, 2021 and a surreply on September 15, 2021. FERC issued an order on January 20, 2022 setting the matter for hearing before an administrative law judge. The hearing was set to commence on March 6, 2023; as explained below, this FERC proceeding has been stayed.

On February 1, 2022, Energy Transfer and Rover filed a Complaint for Declaratory Relief in the U. S. District Court for the Northern District of Texas (the “Federal District Court”) seeking an order declaring that FERC must bring its enforcement action in federal district court (instead of before an administrative law judge). Also on February 1, 2022, Energy Transfer and Rover filed an expedited request to stay the proceedings before the FERC administrative law judge pending the outcome of the Federal District Court case. On May 24, 2022, the Federal District Court ordered a stay of the FERC’s enforcement case and the Federal District Court case pending the resolution of two cases pending before the U. S. Supreme Court. Arguments were heard in those cases on November 7, 2022. On April 14, 2023, the United States Supreme Court held against the government in both cases, finding that the federal district courts had jurisdiction to hear those suits and to resolve the parties’ constitutional challenges. The cases were remanded to the federal district courts for further proceedings.

On September 13, 2023, the Federal District Court ordered that the Federal District Court case would be stayed pending the resolution of another case pending before the U. S. Supreme Court and that the FERC enforcement case would remain stayed. On November 13, 2023, the FERC appealed the Federal District Court order to the United States Court of Appeals for the Fifth Circuit. On December 11, 2023, FERC filed a motion to withdraw that appeal, which the Fifth Circuit granted on December 12, 2023. The FERC and the Federal District Court proceedings were stayed pending resolution of the case pending before the U. S. Supreme Court. The Federal District Court set a status conference for December 16, 2025. The parties filed a motion to continue the status conference on December 10, 2025 and on January 20, 2026 to extend the status conference to mid-February 2026. At the Department of Justice’s request, the parties requested that the court extend the status conference again to March 2026 for the purposes of the parties engaging in settlement discussions. The Federal District Court subsequently extended the status conference a fourth time to April 10, 2026. Most recently, the Federal District Court extended the status conference again to May 26, 2026 to permit additional time for settlement discussions. Notwithstanding the foregoing, Energy Transfer and Rover intend to vigorously defend against this claim.

Rover – FERC – Tuscarawas

In mid-2017, FERC Enforcement Staff began a non-public investigation regarding allegations that diesel fuel may have been included in the drilling mud at the Tuscarawas River horizontal directional drilling (“HDD”) operations. Rover and the Partnership are cooperating with the investigation. In 2019, Enforcement Staff provided Rover with a notice pursuant to Section 1b.19 of the FERC regulations that Enforcement Staff intended to recommend that the FERC pursue an enforcement action against Rover and the Partnership. On December 16, 2021, FERC issued an Order to Show Cause and Notice of Proposed Penalty (Docket No. IN17-4-000), ordering Rover and Energy Transfer to show cause why they should not be found to have violated Section 7(e) of the NGA, Section 157.20 of FERC’s regulations, and the Rover Pipeline Certificate Order, and assessed civil penalties of $40 million.

Rover and Energy Transfer filed their answer to this order on March 21, 2022, and Enforcement Staff filed a reply on April 20, 2022. Rover and Energy Transfer filed their surreply to this order on May 13, 2022. FERC has taken no further action on the case since that time.

The primary contractor (and one of the subcontractors) responsible for the HDD operations of the Tuscarawas River site have agreed to indemnify Rover and the Partnership for any and all losses, including any fines and penalties from government agencies, resulting from their actions in conducting such HDD operations. Given the stage of the proceedings, the Partnership is unable at this time to provide an assessment of the potential outcome or range of potential liability, if any; however, the Partnership believes the indemnity described above will be applicable to the penalty proposed by Enforcement Staff and intends to vigorously defend itself against the subject claims.

Other FERC Proceedings

By an order issued on January 16, 2019, the FERC initiated a review of Panhandle’s then existing rates pursuant to Section 5 of the NGA to determine whether the rates charged by Panhandle are just and reasonable and set the matter for hearing. On August 30, 2019, Panhandle filed a general rate proceeding under Section 4 of the NGA. The NGA Section 5 and Section 4 proceedings were consolidated by order of the Chief Judge on October 1, 2019. The initial decision by the administrative law judge was issued on March 26, 2021, and on December 16, 2022, the FERC issued its order on the initial decision. On January 17, 2023, Panhandle and the Michigan Public Service Commission each filed a request for rehearing of FERC’s order on the initial decision, which were denied by operation of law as of February 17, 2023. On March 23, 2023, Panhandle appealed these orders to the D. C. Circuit, and the Michigan Public Service Commission also subsequently appealed these orders. On April 25, 2023, the D. C. Circuit consolidated Panhandle’s and Michigan Public Service Commission’s appeals and stayed the consolidated appeal proceeding while the FERC further considered the requests for rehearing of its December 16, 2022 order. On September 25, 2023, the FERC issued its order addressing arguments raised on rehearing and compliance, which denied our requests for rehearing. Panhandle filed its Petition for Review with the D. C. Circuit regarding the September 25, 2023 order. On October 25, 2023, Panhandle filed a limited request for rehearing of the September 25 order addressing arguments raised on rehearing and compliance, which was subsequently denied by operation of law on November 27, 2023. On November 17, 2023, Panhandle provided refunds to shippers and on November 30, 2023, Panhandle submitted a refund report regarding the consolidated rate proceedings, which was protested by several parties. On January 5, 2024, the FERC issued a second order addressing arguments raised on rehearing in which it modified certain discussion from its September 25, 2023 order and sustained its prior conclusions. Panhandle has timely filed its Petition for Review with the D. C. Circuit regarding the January 5, 2024 order. On May 28, 2024, the FERC issued an order rejecting Panhandle’s refund report. On June 27, 2024, Panhandle filed a revised refund report in compliance with the FERC’s May 28, 2024 order rejecting Panhandle’s refund report and a request for rehearing of the FERC’s May 28, 2024 order rejecting Panhandle’s refund report, and provided revised refunds to shippers, or in the case of shippers whose revised refunds are less than the original amounts refunded, notices of upcoming debits. One party protested Panhandle’s revised refund report, and Panhandle submitted a response to the protest on July 24, 2024. By notice issued July 29, 2024, Panhandle’s rehearing request was deemed denied. In an order issued September 9, 2024, FERC addressed arguments raised on rehearing, modified the discussion in the May 28, 2024 order and continued to reach the same result. On September 18, 2024, Panhandle petitioned the D. C. Circuit for review of the September 9, 2024, July 29, 2024, and May 28, 2024 orders. On December 5, 2024, the FERC issued an order rejecting Panhandle’s June 27, 2024, refund report, ordering a corrected refund report and directing the issuance of additional refunds. On January 3, 2025, Panhandle submitted an adjusted refund report as well as a request for rehearing of the FERC’s December 5, 2024 order. The FERC approved the adjusted refund report by letter order dated January 23, 2025. On February 3, 2025, the FERC issued a Notice of Denial of Rehearing by Operation of Law and Providing for Further Consideration. On March 24, 2025, Panhandle petitioned the D. C. Circuit for review of the December 5, 2024 and February 3, 2025 orders. On April 4, 2025, the FERC issued an Order on Rehearing and Clarification. On May 16, 2025, Panhandle petitioned the D.C. Circuit for review of the April 4, 2025 order. On May 19, 2025, the D.C. Circuit consolidated all cases before it and placed the consolidated cases in abeyance pending further order of the D.C. Circuit. On August 12, 2025, the D.C. Circuit issued an order returning all cases to the court’s active docket and issued a briefing schedule. Panhandle filed its initial brief on November 10, 2025, FERC filed its brief on February 9, 2026, intervenors filed their brief on February 23, 2026, and Panhandle filed its reply brief on March 16, 2026.

Commitments

In the normal course of business, Energy Transfer purchases, processes and sells natural gas pursuant to long-term contracts and enters into long-term transportation and storage agreements. Such contracts contain terms that are customary in the industry. Energy Transfer believes that the terms of these agreements are commercially reasonable and will not have a material adverse effect on the Partnership’s financial position or results of operations.

Our joint venture agreements require that we fund our proportionate share of capital contributions to our unconsolidated affiliates. Such contributions will depend upon the unconsolidated affiliates’ capital requirements, such as for funding capital projects or repayment of long-term obligations.

We have certain non-cancelable rights-of-way (“ROW”) commitments which require fixed payments and either expire upon our chosen abandonment or at various dates in the future. During the three months ended March 31, 2026 and 2025, the Partnership recorded $15 million and $16 million, respectively, of ROW expense, which are included in operating expenses in the consolidated statements of operations.

Litigation and Contingencies

We may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business. Due to the flammable and combustible nature of natural gas and crude oil, the potential exists for personal injury and/or property damage to occur in connection with their transportation, storage or use. In the ordinary course of business, we are sometimes threatened with or named as a defendant in various lawsuits seeking actual and punitive damages for product liability, personal injury and property damage. We maintain liability insurance with insurers in amounts and with coverage and deductibles management believes are reasonable and prudent, and which are generally accepted in the industry. However, there can be no assurance that the levels of insurance protection currently in effect will continue to be available at reasonable prices or that such levels will remain adequate to protect us from material expenses related to product liability, personal injury or property damage in the future.

We or our subsidiaries are parties to various legal proceedings, arbitrations and/or regulatory proceedings incidental to our businesses. For each of these matters, we evaluate the merits of the case, our exposure to the matter, possible legal or settlement strategies, the likelihood of an unfavorable outcome and the availability of insurance coverage. If we determine that an unfavorable outcome of a particular matter is probable and can be estimated, we accrue the contingent obligation, as well as any expected insurance recoverable amounts related to the contingency. As new information becomes available, our estimates may change. The impact of these changes may have a significant effect on our results of operations in a single period.

As of March 31, 2026 and December 31, 2025, accruals of approximately $268 million and $324 million, respectively, were reflected on our consolidated balance sheets related to contingent obligations that met both the probable and reasonably estimable criteria. In addition, we may recognize additional contingent losses in the future related to (i) contingent matters for which a loss is currently considered reasonably possible but not probable and/or (ii) losses in excess of amounts that have already been accrued for such contingent matters. In some of these cases, we are not able to estimate possible losses or a range of possible losses in excess of amounts accrued. For such matters where additional contingent losses can be reasonably estimated, the range of additional losses is estimated to be up to approximately $58 million.

The outcome of these matters cannot be predicted with certainty and there can be no assurance that the outcome of a particular matter will not result in the payment of amounts that have not been accrued for the matter. Furthermore, we may revise accrual amounts or our estimates of reasonably possible losses prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome.

The following sections include descriptions of certain matters that could impact the Partnership’s financial position, results of operations and/or cash flows in future periods. The following sections also include updates to certain matters that have previously been disclosed, even if those matters are not anticipated to have a potentially significant impact on future periods. In addition to the matters disclosed in the following sections, the Partnership is also involved in multiple other matters that could impact future periods, including other lawsuits and arbitration related to the Partnership’s commercial agreements. With respect to such matters, contingencies that met both the probable and reasonably estimable criteria have been included in the accruals disclosed above, and the range of additional losses disclosed above also reflects any relevant amounts for such matters.

Dakota Access Pipeline

On July 27, 2016, the Standing Rock Sioux Tribe (“SRST”) filed a lawsuit in the U. S. District Court for the District of Columbia (“District Court”) challenging permits issued by the United States Army Corps of Engineers (“USACE”) that allowed Dakota Access to cross the Missouri River at Lake Oahe in North Dakota. The case was subsequently amended to challenge an easement issued by the USACE that allowed the pipeline to cross land owned by the USACE adjacent to the Missouri River. Dakota Access and the Cheyenne River Sioux Tribe (“CRST”) intervened. Separate lawsuits filed by the Oglala Sioux Tribe (“OST”) and the Yankton Sioux Tribe (“YST”) were consolidated with this action and several individual tribal members intervened (collectively, with SRST and CRST, the “Tribes”). On March 25, 2020, the D. C. District Court remanded the case back to the USACE for preparation of an Environment Impact Statement (“EIS”). On July 6, 2020, the D. C. District Court vacated the easement and ordered the Dakota Access Pipeline to be shut down and emptied of oil by August 5, 2020. Dakota Access and the USACE appealed to the D. C. Circuit which granted an

administrative stay of the District Court’s July 6 order and ordered further briefing on whether to fully stay the July 6 order. On August 5, 2020, the D. C. Circuit (1) granted a stay of the portion of the D. C. District Court order that required Dakota Access to shut the pipeline down and empty it of oil, (2) denied a motion to stay the March 25 order pending a decision on the merits by the D. C. Circuit as to whether the USACE would be required to prepare an EIS and (3) denied a motion to stay the D. C. District Court’s order to vacate the easement during this appeal process. The August 5 order also states that the D. C. Circuit expected the USACE to clarify its position with respect to whether the USACE intended to allow the continued operation of the pipeline notwithstanding the vacatur of the easement and that the D. C. District Court may consider additional relief, if necessary.

On August 10, 2020, the D. C. District Court ordered the USACE to submit a status report by August 31, 2020, clarifying its position with regard to its decision-making process with respect to the continued operation of the pipeline. On August 31, 2020, the USACE submitted a status report that indicated that it considered the presence of the pipeline at the Lake Oahe crossing without an easement to constitute an encroachment on federal land, and that it was still considering whether to exercise its enforcement discretion regarding this encroachment. The Tribes subsequently filed a motion seeking an injunction to stop the operation of the pipeline and both the USACE and Dakota Access filed briefs in opposition of the motion for injunction. The motion for injunction was fully briefed as of January 8, 2021.

On January 26, 2021, the D. C. Circuit affirmed the D. C. District Court’s March 25, 2020 order requiring an EIS and its July 6, 2020 order vacating the easement. In this same January 26 order, the D. C. Circuit also overturned the D. C. District Court’s July 6, 2020 order that the pipeline shut down and be emptied of oil. Dakota Access filed for rehearing en banc on April 12, 2021, which the D. C. Circuit denied. On September 20, 2021, Dakota Access filed a petition with the U.S. Supreme Court to hear the case. Oppositions were filed by the Solicitor General on December 17, 2021 and the Tribes (December 16, 2021). Dakota Access filed their reply on January 4, 2022. On February 22, 2022, the U.S. Supreme Court declined to hear the case.

The D. C. District Court scheduled a status conference for February 10, 2021 to discuss the effects of the D. C. Circuit’s January 26, 2021 order on the pending motion for injunctive relief, as well as the USACE’s expectations as to how it will proceed regarding its enforcement discretion regarding the easement. On May 3, 2021, the USACE advised the D. C. District Court that it had not changed its position with respect to its opposition to the Tribes’ motion for injunction. On May 21, 2021, the D. C. District Court denied the plaintiffs’ request for an injunction. On June 22, 2021, the D. C. District Court terminated the consolidated lawsuits and dismissed all remaining outstanding counts without prejudice.

On September 8, 2023, the USACE published the Draft EIS. Comments on the Draft EIS were due on December 13, 2023. In December 2025, the USACE issued a Final EIS concluding that the USACE’s preferred alternative is that the USACE reissue its easement to DAPL subject to additional easement conditions. The USACE has not yet issued a Record of Decision with DAPL’s easement but is expected to issue in 2026. The pipeline continues to operate. Energy Transfer cannot determine when or how future lawsuits will be resolved or the impact they may have on the Bakken Pipeline; however, Energy Transfer expects that after the law and complete record are fully considered, any such proceeding will be resolved in a manner that will allow the pipeline to continue to operate.

In addition, lawsuits and/or regulatory proceedings or actions of this or a similar nature could result in interruptions to construction or operations of current or future projects, delays in completing those projects and/or increased project costs, all of which could have an adverse effect on our business and results of operations.

Standing Rock Sioux Tribe in Federal Court in District of Columbia

Dakota Access is the subject of litigation in the D. C. District Court. The Standing Rock Sioux Tribe (“SRST”) sued the United States Army Corps of Engineers (“USACE”) arguing that the USACE’s alleged failure to stop Dakota Access from operating violates numerous laws, including the Mineral Leasing Act, the Government Acquisition and Streamlining Act, NEPA, the Clean Water Act, the National Historic Preservation Act, the Administrative Procedure Act as well as the 1868 Fort Laramie Treaty. The SRST requests a permanent injunction or writ of mandamus that would compel the USACE to shut Dakota Access down pending the completion of the USACE’s Environmental Impact Statement (“EIS”) and decision on whether to grant Dakota Access an easement under the Mineral Leasing Act.

On October 15, 2024, the SRST filed the above referenced complaint. A summons to the USACE was issued on October 17, 2024. Dakota Access, the state of North Dakota and numerous other states have intervened in the lawsuit in support of the USACE.

On January 17, 2025, the USACE, Dakota Access and state intervenors (including North Dakota and thirteen other states) each filed a motion to dismiss all of the claims in the new SRST litigation. Also, on January 17, 2025, the SRST filed a motion for partial summary judgment on certain of their claims. Briefing on the motions to dismiss is complete. The D. C. District Court has held briefing on the motion for partial summary judgment in abeyance pending the D. C. District Court’s decision on the motions to dismiss. On March 28, 2025, the D. C. District Court granted the motions to dismiss. On May

27, 2025, the SRST appealed the dismissal to the D.C. Circuit. Briefing at the D.C. Circuit is currently underway. Dakota Access intends to vigorously defend against this claim.

Williams Antitrust Litigation

On June 28, 2024, Louisiana Energy Gateway LLC, The Williams Companies, Inc., and Williams Fields Services Group, LLC (collectively, “Williams”) filed a Petition for Damages against Energy Transfer and Gulf Run Transmission, LLC (“Gulf Run”) in the 42nd Judicial District Court, Parish of DeSoto, State of Louisiana (“District Court”), alleging that Energy Transfer and/or Gulf Run have monopolized, conspired to monopolize, and/or attempted to monopolize the relevant product and geographic market for the movement of natural gas from the Haynesville Shale in northwestern Louisiana south to natural gas facilities in the Louisiana Gulf Coast (the “Relevant Market”), engaged in acquisitions that have directly enabled and incentivized to substantially lessen competition, and engaged in unfair methods of competition and unfair trade practices.

On September 16, 2024, Energy Transfer and Gulf Run removed the case to the U.S. District Court for the Western District of Louisiana (“Federal Court”). On October 4, 2024, Williams filed a Motion to Remand with the Federal Court, seeking to remand the case back to the District Court. On October 21, 2024, Energy Transfer and Gulf Run filed a consent to remand based on a subsequent change in circumstances. After the case was remanded, on November 18, 2024, Energy Transfer and Gulf Run filed a Peremptory Exception of No Cause, asserting that Williams failed to state a cause of action. The Peremptory Exception was heard on February 10, 2025 and denied. The District Court initially set the case for trial on September 14, 2026, but indicated that trial will be continued to 2027.

Mont Belvieu Incident

On June 26, 2016, a hydrocarbon storage well located on another operator’s facility adjacent to Lone Star NGL Mont Belvieu LP’s (“Lone Star,” now known as Energy Transfer Mont Belvieu NGLs LP) facilities in Mont Belvieu, Texas experienced an over-pressurization resulting in a subsurface release. The subsurface release caused a fire at Lone Star’s South Terminal and damage to Lone Star’s storage well operations at its South and North Terminals. Normal operations resumed at the facilities in the fall of 2016, with the exception of one of Lone Star’s storage wells at the North Terminal that has not been returned to service. Lone Star has obtained payment for most of the losses it has submitted to the adjacent operator. Lone Star continues to quantify and seek reimbursement for outstanding losses.

MTBE Litigation

ETC Sunoco and Energy Transfer R&M (collectively, “Sunoco Defendants”) are defendants in lawsuits alleging methyl tertiary butyl ether (“MTBE”) contamination of groundwater. The plaintiffs, state-level governmental entities, assert product liability, nuisance, trespass, negligence, violation of environmental laws and/or deceptive business practices claims. The plaintiffs seek to recover compensatory damages, and in some cases also seek natural resource damages, injunctive relief, punitive damages and attorneys’ fees.

As of March 31, 2026, Sunoco Defendants are defendants in two cases: one case initiated by the State of Maryland and one by the Commonwealth of Pennsylvania. The actions brought also named ETO, ETP Holdco Corporation and Sunoco Partners Marketing & Terminals L.P., now known as Energy Transfer Marketing & Terminals L.P, as defendants. ETP Holdco Corporation and Energy Transfer Marketing & Terminals L.P. are wholly owned subsidiaries of Energy Transfer.

It is reasonably possible that a loss may be realized in the remaining cases; however, we are unable to estimate the possible loss or range of loss in excess of amounts accrued. An adverse determination with respect to one or more of the MTBE cases could have a significant impact on results of operations during the period in which any such adverse determination occurs, but such an adverse determination likely would not have a material adverse effect on the Partnership’s consolidated financial position.

Unitholder Litigation Regarding Pipeline Construction

Various purported unitholders of Energy Transfer have filed derivative actions against various past and current officers and members of Energy Transfer’s Board of Directors, LE GP, LLC, and Energy Transfer, as a nominal defendant that assert claims for breach of fiduciary duties, unjust enrichment, waste of corporate assets, breach of Energy Transfer’s Partnership Agreement, tortious interference, abuse of control and gross mismanagement related primarily to matters involving the construction of pipelines in Pennsylvania and Ohio. They also seek damages and changes to Energy Transfer’s corporate governance structure. See Bettiol v. LE GP, Case No. 3:19-cv-02890-X (N.D. Tex.); Davidson v. Kelcy L. Warren, Cause No. DC-20-02322 (44th Judicial District of Dallas County, Texas); Harris v. Kelcy L. Warren, Case No. 2:20-cv-00364-GAM (E.D. Pa.); Barry King v. LE GP, Case No. 3:20-cv-00719-X (N.D. Tex.); Inter-Marketing Group USA, Inc. v. LE GP, et al., Case No. 2022-0139-SG (Del. Ch.); Elliot v. LE GP LLC, Case No. 3:22-cv-01527-B (N.D. Tex.); Chapa v. Kelcy L. Warren, et al., Index No. 611307/2022 (N.Y. Sup. Ct.); Elliott v. LE GP et al, Cause No. DC-22-14194 (Dallas County, Tex.); and Charles King v. LE GP, LLC et al, Cause No. DC-22-14159 (Dallas County, Texas). The Barry King

action that was filed in the U. S. District Court for the Northern District of Texas (Case No. 3:20-cv-00719-X) has been consolidated with the Bettiol action. On August 9, 2022, the Elliot action that was filed in the U. S. District Court for the Northern District of Texas (Case No. 3:22-cv-01527-B) was voluntarily dismissed.

On June 3, 2022, another purported unitholder of Energy Transfer, Mike Vega, filed suit, purportedly on behalf of a class, against Energy Transfer and Messrs. Warren, Long, McCrea and Whitehurst. See Vega v. Energy Transfer LP et al., Case No. 1:22-cv-4614 (S.D.N.Y.). The action asserts claims for violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder related primarily to statements made in connection with the construction of Rover. On August 10, 2022, the court appointed the New Mexico State Investment Council and Public Employees Retirement Association of New Mexico (the “New Mexico Funds”) as lead plaintiffs. New Mexico Funds filed an amended complaint on September 30, 2022 and added as additional defendants Energy Transfer directors John W. McReynolds and Matthew S. Ramsey. On November 7, 2022, the court granted the defendants’ motion to transfer and transferred this action to the U. S. District Court for the Northern District of Texas. On January 27, 2023, the defendants filed their motion to dismiss the New Mexico Funds’ amended complaint.

The defendants cannot predict the outcome of these lawsuits or any lawsuits that might be filed subsequent to the date of this filing, nor can the defendants predict the amount of time and expense that will be required to resolve these lawsuits. However, the defendants believe that the claims are without merit and intend to vigorously contest them.

Cline Class Action

On July 7, 2017, Perry Cline filed a class action complaint in the Eastern District of Oklahoma (the “Eastern District Court”) against Sunoco, Inc. (R&M), LLC (now known as Energy Transfer R&M) and Energy Transfer Marketing & Terminals L.P. (collectively, “ETMT”) that alleged ETMT failed to make timely payments of oil and gas proceeds from Oklahoma wells and to pay statutory interest for those untimely payments. On October 3, 2019, the Eastern District Court certified a class to include all persons who received untimely payments from Oklahoma wells on or after July 7, 2012, and who have not already been paid statutory interest on the untimely payments (the “Class”). Excluded from the Class are those entitled to payments of proceeds that qualify as “minimum pay,” prior period adjustments and pass through payments, as well as governmental agencies and publicly traded oil and gas companies.

After a bench trial, on August 17, 2020, Judge John Gibney (sitting from the Eastern District of Virginia) issued an opinion that awarded the Class actual damages of $75 million for late payment interest for identified and unidentified royalty owners and interest-on-interest. This amount was later amended to $81 million to account for interest accrued from trial (the “Order”). Judge Gibney also awarded punitive damages in the amount of $75 million. The Class is also seeking attorneys’ fees.

On August 27, 2020, ETMT filed its Notice of Appeal with the 10th Circuit Court of Appeals (“10th Circuit”) and appealed the entirety of the Order. The matter was fully briefed, and oral argument was set for November 15, 2021. However, on November 1, 2021, the 10th Circuit dismissed the appeal due to jurisdictional concerns with finality of the Order. En banc rehearing of this decision was denied on November 29, 2021. On December 1, 2021, ETMT filed a Petition for Writ of Mandamus to the 10th Circuit to correct the jurisdictional problems and secure final judgment. On February 2, 2022, the 10th Circuit denied the Petition for Writ of Mandamus, citing that there are other avenues for ETMT to obtain adequate relief. On February 10, 2022, ETMT filed a Motion to Modify the Plan of Allocation Order and Issue a Rule 58 Judgment with the trial court, requesting the Eastern District Court to enter a final judgment in compliance with the Rules. ETMT also filed an injunction with the trial court to enjoin all efforts by plaintiffs to execute on any non-final judgment. On March 31, 2022, Judge Gibney denied the Motion to Modify the Plan of Allocation, reiterating his thoughts that the order constitutes a final judgment. Judge Gibney granted the injunction in part (placing a hold on enforcement efforts for 60 days) and denied the injunction in part. The injunction has since been lifted.

Despite the fact that ETMT has taken the position that the judgment is not final and not subject to execution, the Class engaged in asset discovery and actively tried to collect on the judgment through garnishment proceedings from ETMT’s customers. ETMT unsuccessfully tried to deposit the funds into the Eastern District Court’s Registry. Accordingly, to stop the garnishment proceedings, on December 2, 2022, ETMT wired approximately $161 million to the plaintiff’s approved Plan Administrator, which represented at the time the full amount of the judgment with attorneys’ fees and post-judgment interest. ETMT did so without waiving its ability to pursue its pending appeal or its right to appeal the merits of the judgment. Plaintiff has since dismissed the garnishment actions.

ETMT appealed the denial of the Motion to Modify to the 10th Circuit in an attempt to get a decision on finality. The appeal was fully briefed, and oral argument was held on March 21, 2023. On August 3, 2023, the 10th Circuit ruled in favor of ETMT and found that the Eastern District Court’s plan of allocation (which was part of the final judgment) did not satisfy all finality requirements. The 10th Circuit held that the district court abused its discretion in denying ETMT’s Rule 60(b)(6) Motion to Modify and reversed and remanded for further proceedings. The case was sent back to the trial court so

that the Eastern District Court could fix the finality requirements with the judgment. Further, ETMT sought and recovered a return of funds deposited with the Plan Administrator; Class Counsel did not oppose this motion.

At a status hearing on September 28, 2023, Class Counsel indicated that it would seek additional interest up until the date that the final judgment is entered. The Eastern District Court asked for briefing on the issue of additional interest and held a hearing on October 17, 2023 to address this issue further and enter a ruling as to whether additional interest should be added to the judgment total. During the hearing, the Eastern District Court ruled that additional interest should be awarded at the 12% statutory rate from the date of the prior improper judgment up until October 17, 2023. However, the Judge tolled the running of interest for the time period during which the Plan Administrator was in possession of ETMT’s funds (between November 2, 2022 and October 10, 2023). Based on this ruling, the Class calculated that approximately $23 million in additional interest should be added to the final judgment. On October 19, 2023, the District Court entered the new final judgment with a corrected Plan of Allocation. Both parties agree that this newly entered judgment fixes the finality concerns and will allow an appeal to the 10th Circuit on the merits. With the inclusion of additional interest, the total amount awarded to the Class is approximately $104 million in actual damages and $75 million in punitive damages. ETMT appealed the entirety of the judgment to the 10th Circuit. Oral argument took place on November 20, 2024. On November 17, 2025, the Tenth Circuit issued its opinion, reversing the issue of punitive damages and affirming the remainder of the district court’s findings and rulings. Specifically, the Tenth Circuit affirmed the district court’s orders granting class certification and denying post-trial class decertification, along with the orders determining the actual damages awarded to the Class, including pre-judgment interest. The Tenth Circuit, however, vacated the $75 million punitive damages award and remanded to the district court to amend the judgment consistent with this opinion.

On February 23, 2026, the District Court judge entered an amended Rule 58 Judgment Order, which removed punitive damages from the judgment. The Amended Judgment awarded plaintiffs $104 million in actual damages. Post judgment interest will also accrue from the date of the prior October 19, 2023 judgment. The parties have also stipulated that attorneys’ fees for class counsel would total $5 million if the judgment is ultimately affirmed on appeal.

ETMT appealed the February 23, 2026 final judgment to the Tenth Circuit, seeking summary affirmance. The Tenth Circuit granted summary affirmance on March 30, 2026. ETMT intends to appeal this decision to the United States Supreme Court. ETMT cannot predict the outcome of the case, nor can ETMT predict the amount of time and expense that will be required to resolve the appeal.

Massachusetts Attorney General v. New England Gas Company

On July 7, 2011, the Massachusetts Attorney General (the “MA AG”) filed a regulatory complaint with the Massachusetts Department of Public Utilities (“DPU”) against New England Gas Company (“NEG”) with respect to certain environmental cost recoveries. NEG was an operating division of Southern Union Company (“SUG”), and the NEG assets were acquired in connection with the merger transaction with Energy Transfer in March 2012. Subsequent to the merger, in 2013, SUG sold the NEG assets to Liberty Utilities (“Liberty,” and together with NEG and SUG, “Respondents”) and retained certain potential liabilities, including the environmental cost recoveries with respect to the pending complaint before the DPU. Specifically, the MA AG seeks a refund to NEG’s ratepayers for approximately $18 million in legal fees associated with SUG environmental response activities. The MA AG requests that the DPU initiate an investigation into NEG’s collection and reconciliation of recoverable environmental costs, namely: (1) the legal fees charged by the Kasowitz, Benson, Torres & Friedman firm and passed through the recovery mechanism since 2005; (2) the legal fees charged by the Bishop, London & Dodds firm and passed through the recovery mechanisms since 2005; and (3) the legal fees passed through the recovery mechanism that the MA AG contends only qualify for a lesser (i.e., 50%) level of recovery. Respondents maintain that, by tariff, these costs are recoverable through rates charged to NEG customers pursuant to the environmental remediation adjustment clause program. After the Respondents answered the complaint and filed a motion to dismiss in 2011, the Hearing Officer deferred decision on the motion to dismiss and issued a stay of discovery pending resolution of a discovery dispute, which it later lifted on June 24, 2013, permitting the case to resume. However, the MA AG failed to take any further steps to prosecute its claims for nearly seven years. The case remained largely dormant until February 2022, when the Hearing Officer denied the motion to dismiss. After receiving input from the parties, the Hearing Officer entered a procedural schedule on March 16, 2022 (which was amended slightly on August 22, 2022). The parties engaged in discovery and the preparation of pre-filed testimony. Respondents submitted their pre-filed testimony on July 11, 2022. The MA AG served three sets of discovery requests on Respondents on September 9, September 12, and September 20, 2022, to which Respondents timely responded. On October 5, 2022, the MA AG requested that the DPU issue a ruling on whether the information that Respondents redacted in their attorneys’ fees invoices is protected by the attorney-client privilege. On the same day, the MA AG also filed a Motion to Stay the Procedural Schedule pending a ruling on the privilege issue. On October 6, 2022, without even affording Respondents the opportunity to respond, the DPU granted the MA AG’s request to stay the procedural schedule. Accordingly, all previous deadlines (including the MA AG’s October 7, 2022, deadline to submit direct pre-filed testimony) are presently stayed. On October 18, 2023, the DPU issued an Order on Attorney General’s Motion to Compel, ruling on issues originally raised in

a motion to compel that the MA AG filed in 2013. The October 18, 2023 Order directed NEG to review its redactions again and, to the extent any invoices are completely redacted or heavily redacted, to provide more lightly redacted versions within 30 days. The October 18, 2023 Order also stated that the DPU will set a new procedural schedule in this matter sometime after NEG complies with the directives in the order, which Respondents have completed as of January 17, 2024. On January 6, 2026, the Hearing Officer issued a memo requesting substantive briefing on the merits of the matter. That schedule required the MA AG to submit its initial brief by March 24, 2026, and that the Respondents submit their initial brief by April 7, 2026, with all briefing to be concluded by April 29, 2026. On March 20, 2026, the Hearing Officer granted an assented motion to extend the briefing schedule setting April 23, 2026 as the deadline for the MA AG’s initial brief, May 22, 2026 as the deadline for the Respondents’ initial brief, and concluding all briefing by July 13, 2026.

Twin Oaks Pipeline Litigation

On March 27, 2025, Daniel and Katherine La Hart filed a Class Action Complaint against SPLP, Energy Transfer, and Energy Transfer R&M in the Court of Common Pleas of Philadelphia County, captioned Daniel La Hart and Katherine La Hart v. Sunoco Pipeline L.P., Energy Transfer, and Energy Transfer R&M; Case No. 250303655. The action is related to the release of jet fuel (the “Release”) from the 14-inch Twin-Oaks to Newark Pipeline (the “Pipeline”) in Upper Makefield Township, Bucks County, Pennsylvania. Seven individual actions have also been filed in the Court of Common Pleas of Philadelphia County related to the Release. Plaintiffs in these cases assert causes of action for negligence, gross negligence, negligence per se, strict liability/abnormally dangerous/ultrahazardous activity, strict liability failure to warn, public nuisance, private nuisance, trespass, negligent infliction of emotional distress and medical monitoring. Plaintiffs seek compensatory damages, punitive damages, declaratory and injunctive relief, and medical monitoring for their alleged exposure to petroleum constituents at their properties and in groundwater. The putative class is comprised of homeowners in the surrounding area from September 1, 2023 to present.

On June 25, 2025, Defendants filed their preliminary objections to Plaintiffs’ Amended Complaints which included an objection based on improper venue, and on June 27, 2025, Defendants filed a Motion to Transfer the cases to the Court of Common Pleas of Bucks County, Pennsylvania on the grounds of forum non conveniens. On July 9, 2025, Plaintiffs filed a Motion for Preliminary Injunction in the class action, seeking inter alia, to enjoin the operation of the Pipeline, which Defendants opposed on July 21, 2025. In connection with the venue issues raised by these filings, the Court of Common Pleas ordered certain discovery, followed by amended pleadings and/or supplemental briefing. Following this discovery, Plaintiffs filed the current operative complaints on January 15, 2026, which add multiple additional defendants, including Energy Transfer Marketing & Terminals L.P. as well as other defendants who were allegedly shippers of product on the Pipeline and contractors who allegedly worked on the Pipeline. Plaintiffs in the individual actions filed third amended complaints on March 5, 2026, further amending the inclusion of certain contractor and shipper defendants. The Court of Common Pleas has ordered a schedule which provides for additional venue-related discovery and a determination of venue.

Shortly after the original class action complaint was filed, SPLP, Energy Transfer, and Energy Transfer R&M removed the class action to the U.S. District Court for the Eastern District of Pennsylvania (the “E.D. Pa.”) on April 24, 2025. On June 13, 2025, the E.D. Pa. granted Plaintiffs’ motion to remand the case to the Court of Common Pleas of Philadelphia County. Defendants have appealed the remand decision. Following the filing of the second amended class action complaint, the newly-added defendants (including Energy Transfer Marketing & Terminals L.P.) removed the class action to E.D. Pa. on February 20, 2026. Plaintiffs moved to remand on March 23, 2026.

SPLP, Energy Transfer, Energy Transfer R&M and Energy Transfer Marketing & Terminals intend to vigorously defend these claims.

State of Oklahoma Attorney General – Winter Storm Uri

On April 10, 2024, the State of Oklahoma, through Attorney General Gentner Drummond, filed a petition on behalf of Grand River Dam Authority against defendants ET Gathering & Processing, LLC, successor by merger to Enable Midstream Partners, LP, Enable Oklahoma Intrastate Transmission, LLC, Enable Gas Transmission, LLC and Enable Energy Resources, LLC arising out of Winter Storm Uri in February 2021. Specifically, plaintiff alleges that defendants violated the Oklahoma Antitrust Reform Act (79 O.S. §201, et. seq.) by acting individually and in concert with each other to unreasonably restrain trade in the natural gas market in Oklahoma during the storm. Plaintiff also alleges causes of action for breach of contract, unjust enrichment, fraud, bad faith, conspiracy and negligence. Plaintiff’s petition seeks actual damages, punitive damages, treble damages and attorneys’ fees and costs. However, the actual amount sought was not specified.

On June 3, 2024, defendants filed a Motion to Dismiss and a Motion to Transfer Venue, along with a Brief in Support. In its Motion to Dismiss, defendants argued that plaintiff’s petition fails to state a claim upon which relief can be granted and also that such claims should be dismissed because collateral estoppel bars plaintiff from bringing allegations inconsistent with earlier agency and judicial findings that the extreme cold weather—not defendants’ conduct—caused the natural gas shortage and resulting high prices during Winter Storm Uri. Defendants also argued that plaintiff’s suit should be dismissed

for filing suit in the wrong forum or, alternatively, should be transferred to the correct county of venue (Oklahoma County). Plaintiff filed its response brief on July 12, 2024. A hearing on both motions was held on October 15, 2024. On January 16, 2025, the Judge denied all motions, noting (1) that venue is proper in Osage County, Oklahoma; (2) collateral estoppel does not bar recovery; (3) the plaintiffs can plead inconsistent theories of recovery; and (4) the recovery is public in nature and not foreclosed by statute of limitations. The case then proceeded into the discovery phase.

On February 9, 2026, after significant document discovery was conducted between the parties and the deadline for adding new claims passed in the Court’s scheduling order, Plaintiff filed a motion to consolidate this action with two other pending actions, including State of Oklahoma ex rel. Gentner Drummond, Attorney General of Oklahoma vs. Symmetry Energy Solutions, LLC (Case No. CJ-2024-78) and State of Oklahoma ex rel. Gentner Drummond, Attorney General of Oklahoma vs. Symmetry Energy Solutions, LLC, ETC Marketing Ltd., et. al. (Case No. CJ-2025-06) (discussed below), both also pending in the District Court of Osage County, but which are in vastly different procedural stages with different parties and claims. Plaintiff also filed a motion for leave to amend its petition to assert new causes of action against Enable in the pending suit with the aim to consolidate the new claims with the two other pending actions. Enable opposed both the motion for consolidation and motion for leave to amend.

On March 19, 2026, the Court granted the State of Oklahoma’s Motion to Consolidate the three pending actions. The Court also granted the State’s Motion to Amend its Petition in part, allowing the State the opportunity to amend to add claims under the Oklahoma Antitrust Reform Act, unjust enrichment, and civil conspiracy. However, the Court denied the State the ability to amend to add a claim under the Oklahoma Consumer Protection Act. The Court ruled that the Enable case will now move at the pace of the slower docket control order in the other cases. Defendants cannot predict the ultimate outcome of this litigation but will vigorously defend against these claims.

In a separate matter filed on January 9, 2025, the State of Oklahoma through Gentner Drummond, Attorney General of Oklahoma (“Plaintiff”), filed a petition against ETC Marketing Ltd. and ETC Marketing Inc. (collectively, “ETCM”) and other natural gas marketers in Case No. CJ-25-06 in the District Court of Osage County, Oklahoma, arising out of Winter Storm Uri in February 2021. The Oklahoma Attorney General brought this action on behalf of its state agencies, political subdivisions and the people of the State of Oklahoma. Specifically, Plaintiff alleges that the defendants violated the Oklahoma Antitrust Reform Act (79 O.S. §201, et. seq.) by acting individually and in concert with each other to unreasonably restrain trade in the natural gas market in Oklahoma during the storm. Plaintiff also alleges causes of action for unjust enrichment and violation of the Oklahoma Consumer Protection Act. Plaintiff’s petition seeks damages in excess of $75,000, including actual damages, punitive damages, treble damages, and attorneys’ fees and costs. However, the actual amount sought was not specified.

On March 17, 2025, all defendants (including ETCM) jointly filed a motion to dismiss and brief in support. In the joint motion to dismiss, defendants asserted that FERC’s exclusive jurisdiction preempts all the Attorney General’s state-law claims and, alternatively, that the petition does not state a claim under Oklahoma antitrust law. Further, the motion argues that the Oklahoma Consumer Protection Act claims are time-barred and inconsistent with the statute, and that the unjust enrichment claims are barred by Oklahoma law. Finally, the motion alleges that the Attorney General’s unjust enrichment claims fail as a matter of law because defendants sold natural gas pursuant to valid contracts and the individual consumers were not direct purchasers of natural gas from defendants. On August 19, 2025, the court denied the motion without holding oral argument. The case will now proceed into the discovery phase. The above-referenced Enable case filed by the Oklahoma Attorney General will now be consolidated into this action.

Defendants cannot predict the ultimate outcome of this litigation but will vigorously defend against these claims.

Tax Contingencies

Rover Ad Valorem Taxes

Rover appealed the Ohio Department of Taxation (the “Department”)’s final determination of the 2019 Ohio true value of the Rover pipeline to the Ohio Board of Tax Appeals (the “BTA”) on September 11, 2020. On March 7, 2024, the BTA remanded the matter to the Department to redetermine the Ohio true value of the Rover pipeline consistent with the opinion of the appraiser the Department engaged for purposes of the BTA hearing. Rover appealed the BTA’s order to the Ohio Supreme Court on April 5, 2024, and the court affirmed the BTA’s order on August 13, 2025.

Rover timely petitioned the Department's preliminary assessments of its 2020, 2021, 2022, 2023, 2024, and 2025 Ohio true values, and these petitions remain pending. If it becomes probable that the Ohio Tax Commissioner’s preliminary assessments for tax years 2020 through 2025 are ultimately upheld, then Rover would recognize an additional Ohio public utility personal property tax liability for tax years 2020 through 2025 up to approximately $345 million, including interest. Rover intends to pursue all available legal remedies for the 2020 through 2025 tax years, and Rover cannot predict the outcome of these matters at this time.

On November 10, 2025, Rover filed a complaint against the Ohio Tax Commissioner in the Court of Common Pleas, Franklin County, Ohio. Rover is seeking a declaration that the Tax Commissioner’s 2019 valuation approach, if applied to Rover’s subsequent tax years, would violate certain protections afforded to Rover under the U.S. Constitution and the Ohio Constitution. The Tax Commissioner filed a motion to dismiss on December 8, 2025, and the motion was denied on March 24, 2026. This matter remains pending, and Rover cannot predict the outcome of this matter at this time.

Sunoco LP New York Motor Fuel Excise Tax Audit

New York State issued a motor fuel excise tax assessment to Sunoco, LLC, a wholly owned subsidiary of Sunoco LP, in the amount of approximately $20 million, exclusive of penalties and interest, for the periods of March 2017 through May 2020. Sunoco, LLC filed an appeal with the New York State Division of Tax Appeals challenging the assessment. Sunoco, LLC cannot predict the outcome of this matter at this time.

USAC Federal Income Tax Audit

On April 13, 2026, USAC settled and closed the IRS’ examination of its U.S. federal income tax returns for the years 2019 and 2020.

Environmental Matters

Our operations are subject to extensive federal, tribal, state and local environmental and safety laws and regulations that require expenditures to ensure compliance, including related to air emissions and wastewater discharges, at operating facilities and for remediation at current and former facilities as well as waste disposal sites. Historically, our environmental compliance costs have not had a material adverse effect on our results of operations but there can be no assurance that such costs will not be material in the future or that such future compliance with existing, amended or new legal requirements will not have a material adverse effect on our business and operating results. Costs of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of investigatory, remedial and corrective action obligations, natural resource damages, the issuance of injunctions in affected areas and the filing of federally authorized citizen suits. Contingent losses related to all significant known environmental matters have been accrued and/or separately disclosed. However, we may revise accrual amounts prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome.

Environmental exposures and liabilities are difficult to assess and estimate due to unknown factors such as the magnitude of possible contamination, the timing and extent of remediation, the determination of our liability in proportion to other parties, improvements in cleanup technologies and the extent to which environmental laws and regulations may change in the future. Although environmental costs may have a significant impact on our results of operations for any single period, we believe that such costs will not have a material adverse effect on our financial position.

Based on information available at this time and reviews undertaken to identify potential exposure, we believe the amount reserved for environmental matters is adequate to cover the potential exposure for cleanup costs.

Environmental Remediation

Our subsidiaries are responsible for environmental remediation at certain sites, including the following:

•Certain of our interstate pipelines conduct soil and groundwater remediation related to contamination from past uses of polychlorinated biphenyls (“PCBs”). PCB assessments are ongoing and, in some cases, our subsidiaries could be contractually responsible for contamination caused by other parties.

•Certain gathering and processing systems are responsible for soil and groundwater remediation related to releases of hydrocarbons.

•Legacy sites related to Sunoco, Inc. that are subject to environmental assessments, including formerly owned terminals and other logistics assets, retail sites that the Partnership no longer operates, closed and/or sold refineries and other formerly owned sites.

•The Partnership is potentially subject to joint and several liability for the costs of remediation at sites at which it has been identified as a potentially responsible party (“PRP”). As of March 31, 2026, the Partnership had been named as a PRP at approximately 31 identified or potentially identifiable “Superfund” sites under federal and/or comparable state law. The Partnership is usually one of a number of companies identified as a PRP at a site. The Partnership has reviewed the nature and extent of its involvement at each site and other relevant circumstances and, based upon the Partnership’s purported nexus to the sites, believes that its potential liability associated with such sites will not be significant.

To the extent estimable, expected remediation costs are included in the amounts recorded for environmental matters in our consolidated balance sheets. In some circumstances, future costs cannot be reasonably estimated because remediation activities are undertaken as claims are made by customers and former customers. To the extent that an environmental remediation obligation is recorded by a subsidiary that applies regulatory accounting policies, amounts that are expected to be recoverable through tariffs or rates are recorded as regulatory assets on our consolidated balance sheets.


	March 31, 2026		December 31, 2025
Current	$	84	$	62
Non-current	393		354
Total environmental liabilities	$	477	$	416

We have established a wholly owned captive insurance company to bear certain risks associated with environmental obligations related to certain sites that are no longer operating. The premiums paid to the captive insurance company include estimates for environmental claims that have been incurred but not reported, based on an actuarially determined fully developed claims expense estimate. In such cases, we accrue losses attributable to unasserted claims based on the discounted estimates that are used to develop the premiums paid to the captive insurance company.

During the three months ended March 31, 2026 and 2025, the Partnership recorded $6 million and $2 million, respectively, of expenditures related to environmental cleanup programs.

Our pipeline operations are subject to regulation by the United States Department of Transportation under PHMSA, pursuant to which PHMSA has established requirements relating to the design, installation, testing, construction, operation, replacement and management of pipeline facilities. Moreover, PHMSA, through the Office of Pipeline Safety, has promulgated a rule requiring pipeline operators to develop integrity management programs to comprehensively evaluate their pipelines, and take measures to protect pipeline segments located in what the rule refers to as “high consequence areas.” Activities under these integrity management programs involve the performance of internal pipeline inspections, pressure testing or other effective means to assess the integrity of these regulated pipeline segments, and the regulations require prompt action to address integrity issues raised by the assessment and analysis. Integrity testing and assessment of all of these assets will continue, and the results of such testing and assessment could cause us to incur future capital and operating expenditures for repairs or upgrades deemed necessary to ensure the continued safe and reliable operation of our pipelines; however, no estimate can be made at this time of the likely range of such expenditures.

Our operations are also subject to the requirements of the Federal Occupational Safety and Health Act (“OSHA”) and comparable state laws that regulate the protection of the health and safety of employees. In addition, the Occupational Safety and Health Administration’s hazardous communication standard requires that information be maintained about hazardous materials used or produced in our operations and that this information be provided to employees, state and local government authorities and citizens. We believe that our past costs for OSHA required activities, including general industry standards, record keeping requirements and monitoring of occupational exposure to regulated substances have not had a material adverse effect on our results of operations; however, there is no assurance that such costs will not be material in the future.

DEI Document - shares	3 Months Ended
DEI Document - shares	Mar. 31, 2026	May 01, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-32740
Entity Registrant Name	ENERGY TRANSFER LP
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0001276187
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		3,441,159,277
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Tax Identification Number	30-0108820
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	8111 Westchester Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
City Area Code	214
Local Phone Number	981-0700
Common Units
Document Information [Line Items]
Trading Symbol	ET
Security Exchange Name	NYSE
Title of 12(b) Security	Common Units
ETprI
Document Information [Line Items]
Trading Symbol	ETprI
Security Exchange Name	NYSE
Title of 12(b) Security	9.250% Series I Fixed Rate Perpetual Preferred Units

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Narrative (Details)											3 Months Ended
	Feb. 23, 2026 USD ($)	Nov. 17, 2025 USD ($)	Jan. 09, 2025 USD ($)	Oct. 17, 2023 USD ($) Rate	Dec. 02, 2022 USD ($)	Dec. 16, 2021 USD ($)	Mar. 18, 2021 USD ($)	Aug. 17, 2020 USD ($)	Aug. 01, 2020 USD ($)	Jul. 07, 2011 USD ($)	Mar. 31, 2026 USD ($) claim sites	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Statement [Line Items]
Accrual for Environmental Loss Contingencies											$ 477,000,000		$ 416,000,000
Loss Contingency, Estimate of Possible Loss											58,000,000
Litigation Settlement, Expense					$ 161,000,000
Payments for Environmental Liabilities											6,000,000	$ 2,000,000
ROW Expense											15,000,000	$ 16,000,000
New York Motor Fuel Excise Tax Audit
Statement [Line Items]
Loss Contingency, Damages Sought, Value											20,000,000
Proposed Civil Penalty
Statement [Line Items]
Payments for Legal Settlements							$ 20,000,000
Litigation Settlement, Expense						$ 40,000,000
Related To Deductibles
Statement [Line Items]
Loss Contingency Accrual, at Carrying Value											$ 268,000,000		$ 324,000,000
Sunoco, Inc.
Statement [Line Items]
Loss Contingency, Pending Claims, Number \| claim											2
Sunoco
Statement [Line Items]
Site Contingency, Number of Sites Needing Remediation \| sites											31
Rover \| Ohio Department of Taxation
Statement [Line Items]
Loss Contingency, Estimate of Possible Loss											$ 345,000,000
Cline Class Action
Statement [Line Items]
Litigation Settlement, Expense	$ 5,000,000
Interest Statutory Rate \| Rate				12.00%
Cline Class Action \| Additional Interest
Statement [Line Items]
Litigation Settlement Interest				$ 23,000,000
Cline Class Action \| Actual Damages
Statement [Line Items]
Litigation Settlement, Amount Awarded to Other Party	$ 104,000,000			104,000,000
Cline Class Action \| punitive damages
Statement [Line Items]
Litigation Settlement, Amount Awarded to Other Party				$ 75,000,000
Litigation Settlement, Amount Vacated		$ 75,000,000
Cline Class Action \| Actual Damages
Statement [Line Items]
Payments for Legal Settlements								$ 81,000,000	$ 75,000,000
Cline Class Action \| punitive damages
Statement [Line Items]
Payments for Legal Settlements								$ 75,000,000
Massachusetts Attorney General
Statement [Line Items]
Legal Fees										$ 18,000,000
State of Oklahoma Matter
Statement [Line Items]
Loss Contingency, Damages Sought, Value			$ 75,000

Reportable Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Reportable Segments

REPORTABLE SEGMENTS

Our reportable segments, which conduct their business primarily in the United States, are as follows:

•intrastate transportation and storage;

•interstate transportation and storage;

•midstream;

•NGL and refined products transportation and services;

•crude oil transportation and services;

•investment in Sunoco LP;

•investment in USAC; and

•all other.

Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.

Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our

crude oil transportation and services segment are primarily reflected in crude sales. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales and, subsequent to Sunoco LP’s acquisition of NuStar in May 2024, also in gathering, transportation and other fees. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales.

We report Segment Adjusted EBITDA (defined below) as the measure of segment performance reviewed by our chief operating decision maker (“CODM”). The role of the CODM is held by the Partnership’s co-chief executive officers (“co-CEOs”). Both of the co-CEOs fulfill specific functions that impact the allocation of resources and assessment of performance among our reportable segments, including the approval of budgets and the evaluation of growth projects and acquisitions. The Partnership’s co-CEOs receive and review the same information with respect to the Partnership’s segment operating results.

The co-CEOs use Segment Adjusted EBITDA to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The co-CEOs also use Segment Adjusted EBITDA to assess the performance for each segment and in the compensation of certain employees. The co-CEOs consider forecast-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Assets by segment are not a measure used to assess our performance by the co-CEOs and thus are not reported in our disclosures.

We define Segment Adjusted EBITDA as total Partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt, certain foreign currency transaction gains and losses and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at LIFO. These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.

Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.

The following tables present financial information by segment:


	Three Months Ended March 31,
		2026		2025
Revenues:
Intrastate transportation and storage:
Revenues from external customers		$	992	$	1,147
Intersegment revenues		164		147
		1,156		1,294
Interstate transportation and storage:
Revenues from external customers		627		613
Intersegment revenues		7		8
		634		621
Midstream:
Revenues from external customers		909		884
Intersegment revenues		2,135		2,772
		3,044		3,656
NGL and refined products transportation and services:
Revenues from external customers		5,704		6,034
Intersegment revenues		969		875
		6,673		6,909
Crude oil transportation and services:
Revenues from external customers		7,751		6,205
Intersegment revenues		7		3
		7,758		6,208
Investment in Sunoco LP:
Revenues from external customers		10,689		5,177
Intersegment revenues		1		2
		10,690		5,179
Investment in USAC:
Revenues from external customers		316		230
Intersegment revenues		15		15
		331		245
All other:
Revenues from external customers		783		730
Intersegment revenues		271		265
		1,054		995
Eliminations		(3,569)		(4,087)
Total revenues		$	27,771	$	21,020


	Three Months Ended March 31,
	2026		2025
Cost of products sold:
Intrastate transportation and storage	$	710	$	964
Interstate transportation and storage	3		2
Midstream	1,674		2,260
NGL and refined products transportation and services	5,484		5,641
Crude oil transportation and services	6,792		5,214
Investment in Sunoco LP	9,001		4,526
Investment in USAC	29		38
All other	994		995
Eliminations	(3,538)		(4,069)
Total cost of products sold	$	21,149	$	15,571


	Three Months Ended March 31,
	2026		2025
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses:
Intrastate transportation and storage	$	65	$	57
Interstate transportation and storage	215		189
Midstream	446		421
NGL and refined products transportation and services	298		247
Crude oil transportation and services	223		213
Investment in Sunoco LP	381		158
Investment in USAC	89		43
All other	7		1
Eliminations	(49)		(45)
Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses	$	1,675	$	1,284


	Three Months Ended March 31,
	2026		2025
Depreciation, depletion and amortization:
Intrastate transportation and storage	$	52	$	51
Interstate transportation and storage	145		142
Midstream	469		448
NGL and refined products transportation and services	260		248
Crude oil transportation and services	268		237
Investment in Sunoco LP	286		156
Investment in USAC	87		70
All other	16		15
Total depreciation, depletion and amortization	$	1,583	$	1,367


	Three Months Ended March 31,
	2026		2025
Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses:
Intrastate transportation and storage	$	13	$	14
Interstate transportation and storage	30		37
Midstream	54		56
NGL and refined products transportation and services	48		48
Crude oil transportation and services	1		44
Investment in Sunoco LP	151		36
Investment in USAC	33		14
All other	4		13
Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses	$	334	$	262


	Three Months Ended March 31,
	2026		2025
Equity in earnings of unconsolidated affiliates (1) :
Intrastate transportation and storage	$	3	$	5
Interstate transportation and storage	75		63
Midstream	2		3
NGL and refined products transportation and services	19		17
Crude oil transportation and services	6		4
All other	5		—
Total equity in earnings of unconsolidated affiliates	$	110	$	92

(1)Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.


	Three Months Ended March 31,
	2026		2025
Other income (expense) (1) :
Intrastate transportation and storage	$	69	$	85
Interstate transportation and storage	133		119
Midstream	17		6
NGL and refined products transportation and services	320		5
Crude oil transportation and services	127		5
Investment in Sunoco LP	(299)		(1)
Investment in USAC	8		—
All other	6		26
Eliminations	(57)		(50)
Total other income	$	324	$	195


	Three Months Ended March 31,
	2026		2025
Additions to property, plant and equipment (1):
Intrastate transportation and storage	$	586	$	226
Interstate transportation and storage	253		46
Midstream	394		349
NGL and refined products transportation and services	317		363
Crude oil transportation and services	85		107
Investment in Sunoco LP	199		101
Investment in USAC	35		33
All other	66		29
Total additions to property, plant and equipment	$	1,935	$	1,254


	March 31, 2026		December 31, 2025
Investments in unconsolidated affiliates (1):
Intrastate transportation and storage	$	152	$	151
Interstate transportation and storage	2,388		2,353
Midstream	132		130
NGL and refined products transportation and services	379		362
Crude oil transportation and services	189		190
Investment in Sunoco LP	345		342
All other	61		61
Total investments in unconsolidated affiliates	$	3,646	$	3,589

(1)Amounts reflected above exclude Sunoco LP’s investments in the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.


	Three Months Ended March 31,
		2026		2025
Segment Adjusted EBITDA:
Intrastate transportation and storage		$	437	$	344
Interstate transportation and storage		519		512
Midstream		887		925
NGL and refined products transportation and services		1,163		978
Crude oil transportation and services		869		742
Investment in Sunoco LP		858		458
Investment in USAC		188		150
All other		16		(11)
Adjusted EBITDA (consolidated)		$	4,937	$	4,098


	Three Months Ended March 31,
		2026		2025
Reconciliation of net income to Adjusted EBITDA:
Net income		$	1,976	$	1,720
Depreciation, depletion and amortization		1,583		1,367
Interest expense, net of interest capitalized		947		809
Income tax expense		135		41
Impairment loss		—		4

Non-cash compensation expense		42		37
Unrealized losses on commodity risk management activities		536		69
Inventory valuation adjustments (Sunoco LP)		(444)		(61)
Losses on extinguishments of debt		7		2
Adjusted EBITDA related to unconsolidated affiliates		196		167
Equity in earnings of unconsolidated affiliates		(110)		(92)


Other, net		69		35
Adjusted EBITDA (consolidated)		$	4,937	$	4,098

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) segment
Revenue [Abstract]
Number of reportable segments \| segment	8
Unsatisfied performance obligations \| $	$ 33,754

Cash And Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2026

Supplemental Cash Flow Information [Abstract]

Cash Flow, Operating Capital [Table Text Block]

The net change in operating assets and liabilities, net of effects of acquisitions and divestitures, included in cash flows from operating activities is comprised as follows:


	Three Months Ended March 31,
	2026		2025
Accounts receivable	$	(4,360)	$	(1,111)
Accounts receivable from related companies	(47)		(44)
Inventories	578		332
Other current assets	(43)		(24)
Other non-current assets, net	95		(23)
Accounts payable	3,656		685
Accounts payable to related companies	(23)		(19)
Accrued and other current liabilities	289		131
Other non-current liabilities	13		(57)
Derivative assets and liabilities, net	58		8
Net change in operating assets and liabilities, net of effects of acquisitions	$	216	$	(122)

Schedule Of Non-Cash Investing and Non-Cash Financing Activities

Non-cash investing and financing activities were as follows:


	Three Months Ended March 31,
	2026		2025
Accrued capital expenditures	$	1,162	$	795

Lease assets obtained in exchange for new lease liabilities	109		29
Distribution reinvestment	12		10



Sunoco LP common units (noncontrolling interest) issued in connection with acquisitions	—		5
USAC common units (noncontrolling interest) issued in connection with acquisitions	457		—

Net Income Per Common Unit - Income Reconciliation (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Earnings Per Share [Abstract]

Net income

$ 1,976

$ 1,720

Less: Net income attributable to noncontrolling interests

715

384

Less: Net income attributable to redeemable noncontrolling interests

NET INCOME ATTRIBUTABLE TO PARTNERS

1,254

1,323

Less: General Partner’s interest in net income

Less: Preferred Unitholders’ interest in net income

Common Unitholders’ interest in net income

$ 1,194

$ 1,255

Basic Income per Limited Partner Unit

Weighted average common units

3,440,600,000

3,431,400,000

Basic income per common unit (in dollars per unit)

$ 0.35

$ 0.37

Diluted Income per Limited Partner Unit:

Dilutive effect of equity-based compensation of subsidiaries

^[1]

$ 0

Diluted income attributable to Common Unitholders

$ 1,194

$ 1,255

Dilutive effect of unvested restricted unit awards

^[1]

16,800,000

21,500,000

Weighted average common units, assuming dilutive effect of unvested restricted unit awards

3,457,400,000

3,452,900,000

Diluted income per common unit (in dollars per unit)

$ 0.35

$ 0.36

[1]	Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.

Equity - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Equity - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Schedule of Partners Capital [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 880
Distribution reinvestment	$ 12	$ 10
Common Units Remaining Available to be Issued Under Distribution Reinvestment Plan	35,700,000
Series B
Schedule of Partners Capital [Line Items]
Preferred Stock, Shares Outstanding	550,000		550,000
Series G
Schedule of Partners Capital [Line Items]
Preferred Stock, Shares Outstanding	1,484,780		1,484,780
Series H
Schedule of Partners Capital [Line Items]
Preferred Stock, Shares Outstanding	900,000		900,000
Series I
Schedule of Partners Capital [Line Items]
Preferred Stock, Shares Outstanding	41,464,179		41,464,179

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivative Assets And Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Derivatives, Offsetting Fair Value Amounts [Table Text Block]

The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:


		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Derivatives in offsetting agreements:
OTC contracts	Derivative assets (liabilities)	$	139	$	102	$	(157)	$	(60)
Broker cleared derivative contracts	Other current assets (liabilities)	781		516		(1,175)		(394)
Total gross derivatives		920		618		(1,332)		(454)
Offsetting agreements:
Counterparty netting	Derivative assets (liabilities)	(119)		(50)		119		50
Counterparty netting	Other current assets (liabilities)	(744)		(384)		744		384
Total net derivatives		$	57	$	184	$	(469)	$	(20)

We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or long-term depending on the anticipated settlement date.

The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:


	Location of Gain (Loss) Recognized on Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended March 31,
			2026		2025
Derivatives not designated as hedging instruments:


Commodity derivatives	Cost of products sold		$	(392)	$	(12)


Total			$	(392)	$	(12)

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:


	Location of Gain (Loss) Recognized on Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended March 31,
			2026		2025
Derivatives not designated as hedging instruments:


Commodity derivatives	Cost of products sold		$	(392)	$	(12)


Total			$	(392)	$	(12)

Schedule of Derivative Instruments [Table Text Block]

The following table details our outstanding commodity-related derivatives:


	March 31, 2026		December 31, 2025
	Notional Volume	Maturity	Notional Volume	Maturity
Mark-to-Market Derivatives
Natural Gas (BBtu)	(91,648)	2026-2028	(233,645)	2026-2028
Power (Megawatt)	(712,768)	2026-2029	(461,896)	2026-2029
Crude, NGL and refined products (MBbls)	(24,019)	2026-2029	(59,247)	2026-2029
Other	various	2026-2042	various	2026-2042
Fair Value Hedging Derivatives
Natural Gas (BBtu)	(63,435)	2026	(100,346)	2026

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table provides a summary of our derivative assets and liabilities:


	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits	$	30	$	31	$	(22)	$	(2)
	30		31		(22)		(2)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits	751		485		(1,153)		(392)
Commodity derivatives	139		102		(157)		(60)
	890		587		(1,310)		(452)
Total derivatives	$	920	$	618	$	(1,332)	$	(454)

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References + Details

Net Income Per Common Unit

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Common Unit

NET INCOME PER COMMON UNIT

A reconciliation of income or loss and weighted average units used in computing basic and diluted income per common unit is as follows:


	Three Months Ended March 31,
		2026		2025
Net income		$	1,976	$	1,720
Less: Net income attributable to noncontrolling interests		715		384
Less: Net income attributable to redeemable noncontrolling interests		7		13
Net income, net of noncontrolling interests		1,254		1,323
Less: General Partner’s interest in net income		1		1
Less: Preferred Unitholders’ interest in net income		59		67

Common Unitholders’ interest in net income		$	1,194	$	1,255
Basic Income per Common Unit:
Weighted average common units		3,440.6		3,431.4
Basic income per common unit		$	0.35	$	0.37

Diluted Income per Common Unit:
Common Unitholders’ interest in net income		$	1,194	$	1,255
Dilutive effect of equity-based compensation of subsidiaries (1)		—		—
Diluted income attributable to Common Unitholders		$	1,194	$	1,255
Weighted average common units		3,440.6		3,431.4
Dilutive effect of unvested restricted unit awards (1)		16.8		21.5
Weighted average common units, assuming dilutive effect of unvested restricted unit awards		3,457.4		3,452.9
Diluted income per common unit		$	0.35	$	0.36

(1)Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.

Revenue, Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized on contracts with customers	$ 33,754
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized on contracts with customers	$ 6,170
Revenue expected to be recognized on contracts with customers, timing, year	2026
Revenue expected to be recognized on contracts with customers, timing, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized on contracts with customers	$ 6,665
Revenue expected to be recognized on contracts with customers, timing, year	2027
Revenue expected to be recognized on contracts with customers, timing, period	1 year 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized on contracts with customers	$ 5,298
Revenue expected to be recognized on contracts with customers, timing, year	2028
Revenue expected to be recognized on contracts with customers, timing, period	2 years 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized on contracts with customers	$ 15,621
Revenue expected to be recognized on contracts with customers, timing, period	3 years 9 months

Derivative Assets And Liabilities - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement [Line Items]
Total derivatives assets	$ 920	$ 618
Total derivatives liabilities	(1,332)	(454)
Derivatives designated as hedging instruments:
Statement [Line Items]
Total derivatives assets	30	31
Total derivatives liabilities	(22)	(2)
Derivatives not designated as hedging instruments:
Statement [Line Items]
Total derivatives assets	890	587
Total derivatives liabilities	(1,310)	(452)
Commodity derivatives – margin deposits \| Derivatives designated as hedging instruments:
Statement [Line Items]
Total derivatives assets	30	31
Total derivatives liabilities	(22)	(2)
Commodity derivatives – margin deposits \| Derivatives not designated as hedging instruments:
Statement [Line Items]
Total derivatives assets	751	485
Total derivatives liabilities	(1,153)	(392)
Commodity derivatives \| Derivatives not designated as hedging instruments:
Statement [Line Items]
Total derivatives assets	139	102
Total derivatives liabilities	$ (157)	$ (60)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Assets And Liabilities - Gross FV and Netting Offset (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Total gross derivatives, assets	$ 920	$ 618
Total gross derivatives, liabilities	(1,332)	(454)
Counterparty netting	(119)	(50)
Counterparty netting	(744)	(384)
Counterparty netting	119	50
Counterparty netting	744	384
Total net derivatives, assets	57	184
Total net derivatives, liabilities	(469)	(20)
OTC contracts
Derivatives, Fair Value [Line Items]
Total gross derivatives, assets	139	102
Total gross derivatives, liabilities	(157)	(60)
Broker cleared derivative contracts
Derivatives, Fair Value [Line Items]
Total gross derivatives, assets	781	516
Total gross derivatives, liabilities	$ (1,175)	$ (394)

Consolidated Balance Sheets - USD ($)
$ in Millions

Mar. 31, 2026

Dec. 31, 2025

ASSETS

Cash and cash equivalents

$ 951

$ 1,272

Accounts receivable, net

15,686

11,275

Inventories

4,645

4,770

Income taxes receivable

Derivative assets

Other current assets

757

688

Total current assets

22,263

18,233

Property, plant and equipment

144,675

141,283

Accumulated depreciation and depletion

(40,633)

(39,141)

Property, plant and equipment, net

104,042

102,142

Investments in unconsolidated affiliates

^[1]

3,646

3,589

Lease right-of-use assets, net

1,943

1,841

Other non-current assets, net

2,689

2,591

Intangible assets, net

7,294

7,438

Goodwill

5,605

5,452

Total assets

147,482

141,286

LIABILITIES AND EQUITY

Derivative liabilities

Operating lease current liabilities

201

245

Accrued and other current liabilities

5,635

5,165

Current maturities of long-term debt

Total current liabilities

19,043

14,955

Long-term debt, less current maturities

69,317

68,308

Non-current operating lease liabilities

1,569

1,515

Deferred income taxes

5,591

5,307

Other non-current liabilities

1,973

1,941

Commitments and contingencies

Redeemable noncontrolling interests

252

250

Limited Partners:

Preferred Unitholders

3,388

3,356

Common Unitholders

31,004

30,930

General Partner

(2)

Accumulated other comprehensive income

Total partners’ capital

34,462

34,366

Noncontrolling interests

15,275

14,644

Total equity

49,737

49,010

Total liabilities and equity

147,482

141,286

Nonrelated Party

LIABILITIES AND EQUITY

Accounts payable

13,135

9,469

Related Party

ASSETS

Accounts receivable from related companies

166

119

LIABILITIES AND EQUITY

Accounts payable

$ 17

$ 41

[1]	Amounts reflected above exclude Sunoco LP’s investments in the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.

Reportable Segments - Reconciliation of Net Income to Adjusted EBITDA (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Reportable Segments [Abstract]

Net income

$ 1,976

$ 1,720

Depreciation, depletion and amortization

1,583

1,367

Interest Expense

947

809

Income tax expense

135

Impairment loss

Non-cash compensation expense

Unrealized losses on commodity risk management activities

536

Inventory valuation adjustments

(444)

(61)

Losses on extinguishments of debt

Adjusted EBITDA related to unconsolidated affiliates

196

167

Equity in earnings of unconsolidated affiliates

^[1]

(110)

(92)

Other, net

Adjusted EBITDA (consolidated)

$ 4,937

$ 4,098

[1]	Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income	$ 1,976	$ 1,720
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities	2	2
Actuarial loss related to pension and other postretirement benefit plans	0	(4)
Foreign currency translation adjustments	(12)	1
Change in other comprehensive income from unconsolidated affiliates	0	(2)
Other comprehensive income (loss), net of tax	(10)	(3)
Comprehensive income	1,966	1,717
Less: Comprehensive income attributable to noncontrolling interests	715	384
Less: Comprehensive income attributable to redeemable noncontrolling interests	7	13
Comprehensive income attributable to partners	$ 1,244	$ 1,320

Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

EQUITY

Energy Transfer Common Units

Changes in Energy Transfer common units during the three months ended March 31, 2026 were as follows:


			Number of Units
Number of common units at December 31, 2025			3,440.0
Common units issued under the distribution reinvestment plan			0.7
Common units vested under equity incentive plans and other			0.4
Number of common units at March 31, 2026			3,441.1

Energy Transfer Repurchase Program

During the three months ended March 31, 2026, Energy Transfer did not repurchase any of its common units under its current buyback program. As of March 31, 2026, $880 million remained available to repurchase under the current program.

Energy Transfer Distribution Reinvestment Program

During the three months ended March 31, 2026, distributions of $12 million were reinvested under the distribution reinvestment program. As of March 31, 2026, a total of 35.7 million Energy Transfer common units remained available to be issued under currently effective registration statements in connection with the distribution reinvestment program.

Cash Distributions on Energy Transfer Common Units

Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2025 were as follows:

Quarter Ended

Record Date

Payment Date

Rate

December 31, 2025

February 6, 2026

February 19, 2026

0.3350

March 31, 2026

May 8, 2026

May 20, 2026

0.3375

Energy Transfer Preferred Units

As of March 31, 2026 and December 31, 2025, Energy Transfer’s outstanding preferred units included 550,000 Series B Preferred Units, 1,484,780 Series G Preferred Units, 900,000 Series H Preferred Units and 41,464,179 Series I Preferred Units.

The following table summarizes changes in the Energy Transfer Preferred Units:


	Preferred Unitholders
	Series B		Series G		Series H		Series I		Total
Balance, December 31, 2025	$	556	$	1,488	$	893	$	419	$	3,356
Distributions to partners	(18)		—		—		(9)		(27)



Net income	9		26		15		9		59
Balance, March 31, 2026	$	547	$	1,514	$	908	$	419	$	3,388


	Preferred Unitholders
	Series B		Series F (1)		Series G		Series H		Series I		Total
Balance, December 31, 2024	$	556	$	496	$	1,488	$	893	$	419	$	3,852
Distributions to partners	(18)		—		—		—		(9)		(27)



Net income	9		8		26		15		9		67
Balance, March 31, 2025	$	547	$	504	$	1,514	$	908	$	419	$	3,892

(1)The Partnership’s Series F Fixed Rate Reset Cumulative Redeemable Perpetual Preferred Units were redeemed in May 2025.

Cash Distributions on Energy Transfer Preferred Units

Distributions declared on the Energy Transfer Preferred Units were as follows:


Period Ended	Record Date	Payment Date	Series B (2)		Series G (2)		Series H (2)		Series I (1)
December 31, 2025	February 1, 2026	February 15, 2026	$	33.125	$	—	$	—	$	0.2111
March 31, 2026	May 1, 2026	May 15, 2026	—		35.630		32.500		0.2111

(1)The record date and payment date shown above apply to all Energy Transfer Preferred Units, except for the Series I Preferred Units. For the period ended December 31, 2025, the cash distribution on Series I Preferred Units was paid on February 17, 2026 to unitholders of record as of the close of business on February 4, 2026. For the period ended March 31, 2026, the cash distribution on Series I Preferred Units will be paid on May 15, 2026 to unitholders of record as of the close of business on May 4, 2026.

(2)Series B, Series G and Series H distributions are currently paid on a semi-annual basis. Distributions on the Series B Preferred Units will begin to be paid quarterly on February 15, 2028.

Noncontrolling Interests

The Partnership’s consolidated financial statements include noncontrolling interests in SunocoCorp, Sunoco LP and USAC, as well as other non-wholly owned consolidated joint ventures. The following sections describe cash distributions made by our publicly traded subsidiaries, SunocoCorp, Sunoco LP and USAC, all of which are required to distribute all cash on hand (less appropriate reserves determined by the boards of directors of their respective general partners) subsequent to the end of each quarter.

SunocoCorp Cash Distributions

Distributions on SunocoCorp’s common units declared and/or paid by SunocoCorp subsequent to December 31, 2025 were as follows:

Quarter Ended

Payment Date

Rate

December 31, 2025

February 19, 2026

0.9317

March 31, 2026

May 20, 2026

0.9899

Sunoco LP Cash Distributions

Distributions on Sunoco LP’s common units and Class D Units declared and/or paid by Sunoco LP subsequent to December 31, 2025 were as follows:

Quarter Ended

Payment Date

Rate

December 31, 2025

February 19, 2026

0.9317

March 31, 2026

May 20, 2026

0.9899

Distributions on Sunoco LP’s Series A Preferred Units were as follows:

Record Date

Payment Date

Rate

March 2, 2026

March 18, 2026

39.3800

USAC Cash Distributions

Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2025 were as follows:

Quarter Ended

Payment Date

Rate

December 31, 2025

February 6, 2026

0.525

March 31, 2026

May 8, 2026

0.525

Accumulated Other Comprehensive Income

The following table presents the components of AOCI, net of tax:


	March 31, 2026		December 31, 2025
Available-for-sale securities	$	32	$	30
Foreign currency translation adjustment	(24)		(12)
Actuarial gains related to pensions and other postretirement benefits	54		54
Investments in unconsolidated affiliates, net	10		10



Total AOCI included in partners’ capital, net of tax	$	72	$	82

Debt Obligations	3 Months Ended
Debt Obligations	Mar. 31, 2026
Debt Obligations [Abstract]
Debt Obligations	DEBT OBLIGATIONS Recent Transactions Energy Transfer Notes Issuances and Redemptions In January 2026, the Partnership issued $1.00 billion aggregate principal amount of 4.55% senior notes due 2031, $1.00 billion aggregate principal amount of 5.35% senior notes due 2036 and $1.00 billion aggregate principal amount of 6.30% senior notes due 2056. The Partnership used the net proceeds to refinance existing indebtedness, including to repay commercial paper and borrowings under its Five-Year Credit Facility. In January 2026, the Partnership redeemed its $1.00 billion aggregate principal amount of 4.75% senior notes due January 2026 using cash on hand and commercial paper borrowings. In February 2026, the Partnership redeemed its $600 million aggregate principal amount of 5.625% senior notes due May 2027 using cash on hand and commercial paper borrowings. Sunoco LP Senior Notes Issuances and Redemption In March 2026, Sunoco LP issued $600 million aggregate principal amount of 5.375% senior notes due 2031 and $600 million aggregate principal amount of 5.625% senior notes due 2034. These notes will mature on July 15, 2031 and July 15, 2034, respectively, and interest is payable semi-annually on January 15 and July 15 of each year, commencing on July 15, 2026. Sunoco LP used a portion of the net proceeds from this private offering to redeem in full its $500 million aggregate principal amount of 6.000% senior notes due 2026 and its $600 million aggregate principal amount of 6.000% senior notes due 2027. In March 2026, Sunoco LP redeemed Parkland’s remaining senior notes. Credit Facilities and Commercial Paper Five-Year Credit Facility The Partnership’s revolving credit facility (the “Five-Year Credit Facility”) allows for unsecured borrowings up to $5.00 billion until April 11, 2027, and up to $4.84 billion until April 11, 2029. The Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $7.00 billion under certain conditions. As of March 31, 2026, the Five-Year Credit Facility had $1.49 billion of outstanding borrowings, all of which consisted of commercial paper. The amount available for future borrowings was $3.45 billion, after accounting for outstanding letters of credit in the amount of $61 million. The weighted average interest rate on the total amount outstanding as of March 31, 2026 was 3.95%. Sunoco LP Credit Facility As of March 31, 2026, Sunoco LP’s credit facility, which matures in June 2030, had $125 million of outstanding borrowings and $151 million in standby letters of credit. The unused availability on Sunoco LP’s revolving credit facility as of March 31, 2026 was $2.22 billion. The weighted average interest rate on the total amount outstanding as of March 31, 2026 was 5.52%. Sunoco LP Receivables Financing Agreement Upon the closing of Sunoco LP’s acquisition of NuStar, the commitments under NuStar’s receivables financing agreement were reduced to zero during a suspension period, for which the period end has not been determined. As of March 31, 2026 this facility had no outstanding borrowings. USAC Credit Facility As of March 31, 2026, USAC’s credit facility, which matures in August 2030, had $1.25 billion of outstanding borrowings and $2 million outstanding letters of credit. As of March 31, 2026, USAC’s credit facility had $498 million of remaining unused availability. The weighted average interest rate on the total amount outstanding as of March 31, 2026 was 5.66%. Compliance with our Covenants We and our subsidiaries were in compliance with all requirements, tests, limitations and covenants related to our debt agreements as of March 31, 2026. For the quarter ended March 31, 2026, the Partnership’s leverage ratio, as calculated pursuant to the covenant related to its Five-Year Credit Facility, was 3.16x.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination [Line Items]

Business Combination, Recognized Asset Acquired and Liability Assumed


	As of January 16, 2026
Total current assets	$	65
Property, plant and equipment, net	639

Lease right-of-use assets, net	59

Other non-current assets, net	1


Total assets	764

Total current liabilities	9
Long-term debt	346
Non-current operating lease liabilities	66
Deferred income taxes	62
Other non-current liabilities	42
Total liabilities	525

Total consideration	239
Cash acquired	45
Total consideration, net of cash acquired	$	194

JW Power

Business Combination [Line Items]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the preliminary allocation of the purchase price among assets acquired and liabilities assumed.


	As of January 12, 2026
Total current assets	$	136
Property, plant and equipment, net	869

Lease right-of-use assets, net	5
Intangible assets, net (1)	6
Other non-current assets, net	1
Goodwill (2)	117
Total assets	1,134

Total current liabilities	33

Non-current operating lease liabilities	3
Other non-current liabilities	186
Total liabilities	222

Total consideration	912
Cash acquired	11
Total consideration, net of cash acquired	$	901

(1)Intangible assets, net is comprised of $5.4 million of trade names with a remaining useful life of approximately 3 years.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Inventories - Inventory Balances (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory, Net [Abstract]
Natural gas, NGLs and refined products	$ 3,067	$ 3,506
Crude oil	542	286
Spare parts and other	1,036	978
Total inventories	$ 4,645	$ 4,770

Acquisitions - Narrative (Details) € in Millions, shares in Millions, $ in Millions				3 Months Ended
	Jan. 16, 2026 USD ($)	Jan. 16, 2026 EUR (€)	Jan. 12, 2026 USD ($) shares	Mar. 31, 2026 USD ($) fuel_terminal	Jan. 16, 2026 EUR (€)
TanQuid
Business Combination [Line Items]
Payments to acquire business	$ 239	€ 206
Long-term debt	346				€ 298
Total consideration	$ 239
TanQuid \| Germany
Business Combination [Line Items]
Fuel terminals \| fuel_terminal				15
TanQuid \| Poland
Business Combination [Line Items]
Fuel terminals \| fuel_terminal				1
Other acquisitions
Business Combination [Line Items]
Payments to acquire business				$ 50
JW Power
Business Combination [Line Items]
Payments to acquire business			$ 455
Total consideration			$ 912
Acquisitions, units \| shares			18.2
Units issued, value			$ 457

Fair Value Measures

3 Months Ended

Mar. 31, 2026

Fair Value Measurements [Abstract]

Fair Value Measures

FAIR VALUE MEASURES

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value.

Commodity derivatives, excluding those designated as normal purchases or normal sales, are recognized as assets or liabilities at fair value on our consolidated balance sheets. Fair value is determined using the highest level of observable inputs available, in accordance with the fair value hierarchy.

Exchange-traded contracts, such as futures, swaps and options, are valued using quoted market prices from exchanges including the New York Mercantile Exchange, Intercontinental Exchange or similar platforms. These are classified as Level 1.

Over-the-counter (OTC) swaps, options and physical forward contracts that are comparable to actively traded instruments are valued using third-party broker quotes, pricing services or relevant exchange data. This category also includes OTC options valued using an option pricing model based on observable market inputs. These instruments are classified as Level 2.

Less liquid instruments, including non-standard term OTC swaps and options, as well as long-dated contracts, are valued using internally developed models based on historical industry practices. These models incorporate forward price curves, volatility assumptions, time value and other relevant economic factors. These are classified as Level 3.


			Fair Value Measurements at March 31, 2026
	Fair Value Total		Level 1		Level 2
Assets:
Total commodity derivatives	$	920	$	858	$	62
Other non-current assets	210		210		—
Total assets	$	1,130	$	1,068	$	62
Liabilities:
Total commodity derivatives	$	(1,332)	$	(1,257)	$	(75)
Total liabilities	$	(1,332)	$	(1,257)	$	(75)


			Fair Value Measurements at December 31, 2025
	Fair Value Total		Level 1		Level 2
Assets:
Total commodity derivatives	$	618	$	531	$	87
Other non-current assets	209		209		—
Total assets	$	827	$	740	$	87
Liabilities:
Total commodity derivatives	$	(454)	$	(404)	$	(50)
Total liabilities	$	(454)	$	(404)	$	(50)

The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of March 31, 2026 were $68.94 billion and $69.34 billion, respectively. As of December 31, 2025, the aggregate fair value and carrying amount of our consolidated debt obligations were $68.55 billion and $68.33 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs for similar liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Organization The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “Energy Transfer”). Basis of Presentation The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. The Partnership owns a controlling interest in Sunoco LP. As of March 31, 2026, our interest in Sunoco LP consisted of 100% of the general partner and incentive distribution rights, as well as and 28.5 million common units. In addition, the Partnership controls SunocoCorp Management LLC, which controls SunocoCorp. SunocoCorp’s only cash-generating assets are Sunoco LP’s Class D units. The Partnership owns a controlling interest in USAC. As of March 31, 2026, our interest in USAC consisted of 100% of the general partner interests and 46.1 million common units of USAC. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity. Use of Estimates The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates. Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 is to be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact, if any, of ASU 2024-03 on our consolidated financial statements and related disclosures.

Consolidated Statements Of Cash Flows - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

OPERATING ACTIVITIES:

Net income

$ 1,976

$ 1,720

Reconciliation of net income to net cash provided by operating activities:

Depreciation, depletion and amortization

1,583

1,367

Deferred income tax expense (benefit)

(16)

Inventory valuation adjustments

(444)

(61)

Non-cash compensation expense

Impairment loss

Other non-cash

(11)

Equity in earnings of unconsolidated affiliates

^[1]

(110)

(92)

Losses on extinguishments of debt

Distributions from unconsolidated affiliates

Distributions on unvested awards

(13)

Net change in operating assets and liabilities, net of effects of acquisitions

216

(122)

Net cash provided by operating activities

3,378

2,917

INVESTING ACTIVITIES:

Capital expenditures, excluding allowance for equity funds used during construction

(1,916)

(1,224)

Contributions in aid of construction costs

Contributions to unconsolidated affiliates

(22)

(1)

Distributions from unconsolidated affiliates in excess of cumulative earnings

Other, net

Net cash used in investing activities

(2,534)

(1,198)

FINANCING ACTIVITIES:

Proceeds from borrowings

12,216

10,592

Repayments of debt

(11,616)

(10,520)

Capital contributions from noncontrolling interests

Capital contributions from redeemable noncontrolling interests

Distributions to partners

(1,168)

(1,133)

Distributions to noncontrolling interests

(545)

(455)

Distributions to redeemable noncontrolling interests

(7)

(13)

Debt issuance costs

(48)

(51)

Net cash used in financing activities

(1,165)

(1,578)

Net change in cash and cash equivalents

(321)

141

Cash and cash equivalents, beginning of period

1,272

312

Cash and cash equivalents, end of period

951

453

JW Power

INVESTING ACTIVITIES:

Cash paid for acquisition, net of cash received

(445)

TanQuid

INVESTING ACTIVITIES:

Cash paid for acquisition, net of cash received

(194)

Other acquisitions

INVESTING ACTIVITIES:

Cash paid for acquisition, net of cash received

$ (50)

$ (12)

[1]	Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.

Consolidated Statements Of Operations - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

REVENUES:

Total revenues

$ 27,771

$ 21,020

COSTS AND EXPENSES:

Cost of products sold

21,149

15,571

Operating expenses

1,695

1,299

Depreciation, depletion and amortization

1,583

1,367

Selling, general and administrative

361

288

Impairment loss

Total costs and expenses

24,788

18,529

OPERATING INCOME

2,983

2,491

OTHER INCOME (EXPENSE):

Interest expense, net of interest capitalized

(947)

(809)

Equity in earnings of unconsolidated affiliates

^[1]

110

Losses on extinguishments of debt

(7)

(2)

Other, net

(28)

(11)

INCOME BEFORE INCOME TAX EXPENSE

2,111

1,761

Income tax expense

135

Net income

1,976

1,720

Less: Net income attributable to noncontrolling interests

715

384

Less: Net income attributable to redeemable noncontrolling interests

NET INCOME ATTRIBUTABLE TO PARTNERS

1,254

1,323

Less: General Partner’s interest in net income

Less: Preferred Unitholders’ interest in net income

Common Unitholders’ interest in net income

$ 1,194

$ 1,255

NET INCOME PER COMMON UNIT:

Basic (in dollars per unit)

$ 0.35

$ 0.37

Diluted (in dollars per unit)

$ 0.35

$ 0.36

Refined product sales

REVENUES:

Total revenues

$ 10,272

$ 4,963

Crude sales

REVENUES:

Total revenues

6,994

5,449

NGL sales

REVENUES:

Total revenues

5,128

5,642

Gathering, transportation and other fees

REVENUES:

Total revenues

3,261

3,005

Natural gas sales

REVENUES:

Total revenues

1,478

1,581

Other

REVENUES:

Total revenues

$ 638

$ 380

[1]	Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.

Equity (Tables)

3 Months Ended

Mar. 31, 2026

Statement [Line Items]

Schedule of Capital Units [Table Text Block]

Changes in Energy Transfer common units during the three months ended March 31, 2026 were as follows:


			Number of Units
Number of common units at December 31, 2025			3,440.0
Common units issued under the distribution reinvestment plan			0.7
Common units vested under equity incentive plans and other			0.4
Number of common units at March 31, 2026			3,441.1

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Cash Distributions on Energy Transfer Preferred Units

Distributions declared on the Energy Transfer Preferred Units were as follows:


Period Ended	Record Date	Payment Date	Series B (2)		Series G (2)		Series H (2)		Series I (1)
December 31, 2025	February 1, 2026	February 15, 2026	$	33.125	$	—	$	—	$	0.2111
March 31, 2026	May 1, 2026	May 15, 2026	—		35.630		32.500		0.2111

(2)Series B, Series G and Series H distributions are currently paid on a semi-annual basis. Distributions on the Series B Preferred Units will begin to be paid quarterly on February 15, 2028.

Schedule of Preferred Units [Table Text Block]

The following table summarizes changes in the Energy Transfer Preferred Units:


	Preferred Unitholders
	Series B		Series G		Series H		Series I		Total
Balance, December 31, 2025	$	556	$	1,488	$	893	$	419	$	3,356
Distributions to partners	(18)		—		—		(9)		(27)



Net income	9		26		15		9		59
Balance, March 31, 2026	$	547	$	1,514	$	908	$	419	$	3,388


	Preferred Unitholders
	Series B		Series F (1)		Series G		Series H		Series I		Total
Balance, December 31, 2024	$	556	$	496	$	1,488	$	893	$	419	$	3,852
Distributions to partners	(18)		—		—		—		(9)		(27)



Net income	9		8		26		15		9		67
Balance, March 31, 2025	$	547	$	504	$	1,514	$	908	$	419	$	3,892

(1)The Partnership’s Series F Fixed Rate Reset Cumulative Redeemable Perpetual Preferred Units were redeemed in May 2025.

Comprehensive Income (Loss)

The following table presents the components of AOCI, net of tax:


	March 31, 2026		December 31, 2025
Available-for-sale securities	$	32	$	30
Foreign currency translation adjustment	(24)		(12)
Actuarial gains related to pensions and other postretirement benefits	54		54
Investments in unconsolidated affiliates, net	10		10



Total AOCI included in partners’ capital, net of tax	$	72	$	82

Parent Company [Member]

Statement [Line Items]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2025 were as follows:

Quarter Ended

Record Date

Payment Date

Rate

December 31, 2025

February 6, 2026

February 19, 2026

0.3350

March 31, 2026

May 8, 2026

May 20, 2026

0.3375

Sunoco LP | Sunoco Series A Preferred

Statement [Line Items]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions on Sunoco LP’s Series A Preferred Units were as follows:

Record Date

Payment Date

Rate

March 2, 2026

March 18, 2026

39.3800

Sunoco LP | Sunoco Class D and Common

Statement [Line Items]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions on Sunoco LP’s common units and Class D Units declared and/or paid by Sunoco LP subsequent to December 31, 2025 were as follows:

Quarter Ended

Payment Date

Rate

December 31, 2025

February 19, 2026

0.9317

March 31, 2026

May 20, 2026

0.9899

USA Compression Partners, LP

Statement [Line Items]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2025 were as follows:

Quarter Ended

Payment Date

Rate

December 31, 2025

February 6, 2026

0.525

March 31, 2026

May 8, 2026

0.525

SunocoCorp

Statement [Line Items]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions on SunocoCorp’s common units declared and/or paid by SunocoCorp subsequent to December 31, 2025 were as follows:

Quarter Ended

Payment Date

Rate

December 31, 2025

February 19, 2026

0.9317

March 31, 2026

May 20, 2026

0.9899

Net Income Per Common Unit (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Reconciliation Of Net Income And Weighted Average Units

A reconciliation of income or loss and weighted average units used in computing basic and diluted income per common unit is as follows:


	Three Months Ended March 31,
		2026		2025
Net income		$	1,976	$	1,720
Less: Net income attributable to noncontrolling interests		715		384
Less: Net income attributable to redeemable noncontrolling interests		7		13
Net income, net of noncontrolling interests		1,254		1,323
Less: General Partner’s interest in net income		1		1
Less: Preferred Unitholders’ interest in net income		59		67

Common Unitholders’ interest in net income		$	1,194	$	1,255
Basic Income per Common Unit:
Weighted average common units		3,440.6		3,431.4
Basic income per common unit		$	0.35	$	0.37

Diluted Income per Common Unit:
Common Unitholders’ interest in net income		$	1,194	$	1,255
Dilutive effect of equity-based compensation of subsidiaries (1)		—		—
Diluted income attributable to Common Unitholders		$	1,194	$	1,255
Weighted average common units		3,440.6		3,431.4
Dilutive effect of unvested restricted unit awards (1)		16.8		21.5
Weighted average common units, assuming dilutive effect of unvested restricted unit awards		3,457.4		3,452.9
Diluted income per common unit		$	0.35	$	0.36

(1)Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.

Derivative Assets And Liabilities

3 Months Ended

Mar. 31, 2026

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Derivative Assets And Liabilities

DERIVATIVE ASSETS AND LIABILITIES

Commodity Price Risk

We are exposed to market risks related to the volatility of commodity prices. To manage the impact of volatility from these prices, we utilize various exchange-traded and OTC commodity financial instrument contracts. These contracts consist primarily of futures, swaps and options and are recorded at fair value in our consolidated balance sheets.

We use futures and basis swaps, designated as fair value hedges, to hedge our natural gas inventory stored in our Bammel storage facility. At hedge inception, we lock in a margin by purchasing gas in the spot market or off-peak season and entering into a financial contract. Changes in the spreads between the forward natural gas prices and the physical inventory spot price result in unrealized gains or losses until the underlying physical gas is withdrawn and the related designated derivatives are settled. Once the gas is withdrawn and the designated derivatives are settled, the previously unrealized gains or losses associated with these positions are realized.

We use futures, swaps and options to hedge the sales price of natural gas we retain for fees in our intrastate transportation and storage segment and operational gas sales in our interstate transportation and storage segment. These contracts are not designated as hedges for accounting purposes.

We use NGL and crude derivative swap contracts to hedge forecasted sales of NGL and condensate equity volumes we retain for fees in our midstream segment whereby our subsidiaries generally gather and process natural gas on behalf of producers, sell the resulting residue gas and NGL volumes at market prices and remit to producers an agreed upon percentage of the proceeds based on an index price for the residue gas and NGL. These contracts are not designated as hedges for accounting purposes.

We utilize swaps, futures and other derivative instruments to mitigate the risk associated with market movements in the price of natural gas, refined products and NGLs to manage our storage facilities and the purchase and sale of purity NGL. These contracts are not designated as hedges for accounting purposes.

We use futures and swaps to achieve ratable pricing of crude oil purchases, to convert certain expected refined product sales to fixed or floating prices, to lock in margins for certain refined products and to lock in the price of a portion of natural gas purchases or sales. These contracts are not designated as hedges for accounting purposes.

We use financial commodity derivatives to take advantage of market opportunities in our trading activities which complement our intrastate transportation and storage segment’s operations and are netted in cost of products sold in our consolidated statements of operations. We also have trading and marketing activities related to power and natural gas in our all other segment which are also netted in cost of products sold. As a result of our trading activities and the use of derivative financial instruments in our intrastate transportation and storage segment, the degree of earnings volatility that can occur may be significant, favorably or unfavorably, from period to period. We attempt to manage this volatility through the use of daily position and profit and loss reports provided to our risk oversight committee, which includes members of senior management, and the limits and authorizations set forth in our commodity risk management policy.

The following table details our outstanding commodity-related derivatives:


	March 31, 2026		December 31, 2025
	Notional Volume	Maturity	Notional Volume	Maturity
Mark-to-Market Derivatives
Natural Gas (BBtu)	(91,648)	2026-2028	(233,645)	2026-2028
Power (Megawatt)	(712,768)	2026-2029	(461,896)	2026-2029
Crude, NGL and refined products (MBbls)	(24,019)	2026-2029	(59,247)	2026-2029
Other	various	2026-2042	various	2026-2042
Fair Value Hedging Derivatives
Natural Gas (BBtu)	(63,435)	2026	(100,346)	2026

Credit Risk

Credit risk refers to the risk that a counterparty may default on its contractual obligations, resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the

risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk, as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties.

Our natural gas transportation and midstream revenues are derived significantly from companies that engage in exploration and production activities. In addition to oil and gas producers, the Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and industrial end-users, municipalities, gas and electric utilities, midstream companies and independent power generators. Our overall exposure may be affected positively or negatively by macroeconomic or regulatory changes that impact our counterparties to one extent or another. Currently, management does not anticipate a material adverse effect in our financial position or results of operations as a consequence of counterparty non-performance.

The Partnership has maintenance margin deposits with certain counterparties in the OTC market, primarily with independent system operators and with clearing brokers. Payments on margin deposits are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us on or about the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions. Since the margin calls are made daily with the exchange brokers, the fair value of the financial derivative instruments is deemed current and netted in deposits paid to vendors within other current assets in the consolidated balance sheets.

For financial instruments, failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated balance sheets and recognized in net income or other comprehensive income.

Derivative Summary

The following table provides a summary of our derivative assets and liabilities:


	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits	$	30	$	31	$	(22)	$	(2)
	30		31		(22)		(2)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits	751		485		(1,153)		(392)
Commodity derivatives	139		102		(157)		(60)
	890		587		(1,310)		(452)
Total derivatives	$	920	$	618	$	(1,332)	$	(454)


		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Derivatives in offsetting agreements:
OTC contracts	Derivative assets (liabilities)	$	139	$	102	$	(157)	$	(60)
Broker cleared derivative contracts	Other current assets (liabilities)	781		516		(1,175)		(394)
Total gross derivatives		920		618		(1,332)		(454)
Offsetting agreements:
Counterparty netting	Derivative assets (liabilities)	(119)		(50)		119		50
Counterparty netting	Other current assets (liabilities)	(744)		(384)		744		384
Total net derivatives		$	57	$	184	$	(469)	$	(20)

The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:


	Location of Gain (Loss) Recognized on Income on Derivatives		Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended March 31,
			2026		2025
Derivatives not designated as hedging instruments:


Commodity derivatives	Cost of products sold		$	(392)	$	(12)


Total			$	(392)	$	(12)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Redeemable Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

Redeemable Noncontrolling Interest

Redeemable noncontrolling interests consisted of the following:


	March 31, 2026		December 31, 2025

Crestwood Niobrara LLC preferred units	$	225	$	225
Other (1)	27		25
Total redeemable noncontrolling interests	$	252	$	250

(1) Relates to noncontrolling interest holders in one of the Partnership’s consolidated subsidiaries that have the option to sell their interests to the Partnership.

Consolidated Statements Of Equity - USD ($) $ in Millions	Total	Common Unitholders	Preferred Unitholders	General Partner	AOCI	Noncontrolling Interests
Balance, Beginning of Period at Dec. 31, 2024	$ 46,017	$ 31,195	$ 3,852	$ (2)	$ 73	$ 10,899
Statement [Line Items]
Distributions to partners	(1,133)	(1,105)	(27)	(1)	0	0
Distributions to noncontrolling interests	(455)	0	0	0	0	(455)
Capital contributions from noncontrolling interests	(2)	0	0	0	0	(2)
Other comprehensive loss, net of tax	(3)	0	0	0	(3)	0
Other, net	27	19	0	0	(6)	14
Net income, excluding amounts attributable to redeemable noncontrolling interests	1,707	1,255	67	1	0	384
Balance, End of Period at Mar. 31, 2025	46,162	31,364	3,892	(2)	64	10,844
Balance, Beginning of Period at Dec. 31, 2025	49,010	30,930	3,356	(2)	82	14,644
Statement [Line Items]
Distributions to partners	(1,168)	(1,140)	(27)	(1)	0	0
Distributions to noncontrolling interests	(545)	0	0	0	0	(545)
Capital contributions from noncontrolling interests	(1)	0	0	0	0	(1)
USAC equity issued for acquisition	457	0	0	0	0	457
Other comprehensive loss, net of tax	(10)	0	0	0	(10)	0
Other, net	23	20	0	0	0	3
Net income, excluding amounts attributable to redeemable noncontrolling interests	1,969	1,194	59	1	0	715
Balance, End of Period at Mar. 31, 2026	$ 49,737	$ 31,004	$ 3,388	$ (2)	$ 72	$ 15,275

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Organization and Basis of Presentation - Narrative (Details) - Owned by Energy Transfer shares in Millions	3 Months Ended
	Mar. 31, 2026 shares
Sunoco LP general partner interest
Statement [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	100.00%
USAC
Statement [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Ownership Structure	The Partnership owns a controlling interest in USAC. As of March 31, 2026, our interest in USAC consisted of 100% of the general partner interests and 46.1 million common units of USAC.
Other Ownership Interests, Units Outstanding	46.1
Sunoco LP
Statement [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Ownership Structure	The Partnership owns a controlling interest in Sunoco LP. As of March 31, 2026, our interest in Sunoco LP consisted of 100% of the general partner and incentive distribution rights, as well as and 28.5 million common units. In addition, the Partnership controls SunocoCorp Management LLC, which controls SunocoCorp. SunocoCorp’s only cash-generating assets are Sunoco LP’s Class D units.
Other Ownership Interests, Units Outstanding	28.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Derivative Assets And Liabilities - Partnership's Derivative Assets and Liabilities Amount of Gain (Loss) Recognized (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement [Line Items]
Amount of Gain/(Loss) Recognized in Income on Derivatives	$ (392)	$ (12)
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Statement [Line Items]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (392)	$ (12)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Organization and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.

The Partnership owns a controlling interest in Sunoco LP. As of March 31, 2026, our interest in Sunoco LP consisted of 100% of the general partner and incentive distribution rights, as well as and 28.5 million common units. In addition, the Partnership controls SunocoCorp Management LLC, which controls SunocoCorp. SunocoCorp’s only cash-generating assets are Sunoco LP’s Class D units.

The Partnership owns a controlling interest in USAC. As of March 31, 2026, our interest in USAC consisted of 100% of the general partner interests and 46.1 million common units of USAC.

The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements.

Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.

Use of Estimates

The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disclosure of specified information about certain costs and expenses in the notes to the consolidated financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, with early adoption permitted. ASU 2024-03 is to be applied on a prospective basis, with retrospective application permitted. We are currently evaluating the impact, if any, of ASU 2024-03 on our consolidated financial statements and related disclosures.

Cash and Cash Equivalents

Inventory

Fair Value Measurement

The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate their fair value.

Environmental Costs

Regulatory Environmental Costs

Environmental Matters

Revenue

Disaggregation of Revenue

Revenue Recognition, Deferred Revenue

Contract Balances with Customers

The following tables summarize the consolidated activity of our contract liabilities:


	Contract Liabilities
Balance, December 31, 2025	$	745
Additions	385
Revenue recognized	(391)

Balance, March 31, 2026	$	739

Balance, December 31, 2024	$	759
Additions	298
Revenue recognized	(383)

Balance, March 31, 2025	$	674

Performance Obligations

Concentration Risk, Credit Risk

Credit Risk

Derivatives

Commodity Price Risk