Energy Transfer LP is a publicly traded limited partnership headquartered in Dallas, Texas, and listed on the New York Stock Exchange under the symbol ET. In project announcements made during June 2026 the partnership put its portfolio at roughly 140,000 miles of pipelines and related energy infrastructure, reaching into 44 states and every major US producing basin. Its operations pages state that more than 11,000 employees monitor and manage that network.
What the partnership operates
Energy Transfer's core operations cover natural gas midstream, intrastate and interstate transportation and storage; crude oil, natural gas liquids and refined product transportation and terminalling; and NGL fractionation. The partnership reports results across segments for intrastate transportation and storage, interstate transportation and storage, midstream, NGL and refined products transportation and services, crude oil transportation and services, plus its investments in Sunoco LP and USA Compression Partners. It notes that its asset mix is diversified enough that no single segment contributed more than one third of consolidated Adjusted EBITDA in the second quarter of 2026. The parent holds the general partner interests and incentive distribution rights of Sunoco LP, together with about 28 million common units equal to 15 per cent of Sunoco's outstanding common and Class D units, the managing member interests in SunocoCorp LLC, and the general partner interests plus roughly 46 million common units, or 32 per cent, of USA Compression Partners.
Second-quarter 2026 results
For the three months ended 30 June 2026, Energy Transfer reported net income attributable to partners of $2.09 billion, compared with $1.16 billion a year earlier, and Adjusted EBITDA of $5.07 billion against $3.87 billion, an increase of 31 per cent. Distributable cash flow attributable to partners, as adjusted, was $2.59 billion, up 32 per cent. The partnership raised its full-year 2026 Adjusted EBITDA guidance to a range of $18.8 billion to $19.1 billion and said it expected to invest $5.6 billion to $5.9 billion in growth capital during the year, after spending $1.10 billion on growth projects and $307 million on maintenance in the second quarter. Volumes set records in the quarter for NGL transportation, up 13 per cent, NGL exports, up 25 per cent, crude oil transportation, up 4 per cent, and midstream gathered volumes, up 4 per cent. In July 2026 the partnership issued $650 million of Series 2026A junior subordinated notes at 6.550 per cent and $1.10 billion of Series 2026B notes at 6.700 per cent, both due 2057, and its revolving credit facility had $3.76 billion of available capacity at the end of June. The quarterly distribution was increased for a nineteenth consecutive time on 27 July 2026.
NGL exports at Nederland and Marcus Hook
On 18 June 2026 Energy Transfer announced an expansion of the Nederland NGL export terminal on the Texas Gulf Coast, adding 240,000 barrels per day of ethane export capacity and 55,000 barrels per day of LPG capacity. All of the new ethane capacity was committed under long-term agreements running into the 2040s. The project also covers additional capacity on the Mont Belvieu-to-Nederland export pipeline and two new NGL ship docks, with staged start-up from 2028 and completion of the docks expected in mid-2029, after which refrigerated NGL export capacity at Nederland is expected to exceed 1.25 million barrels per day. Combined with the Marcus Hook facility, which is being expanded to 420,000 barrels per day by mid-2027, the partnership expects total refrigerated NGL export capacity of approximately 1.7 million barrels per day. Refrigerated storage at Nederland is being expanded to 1.2 million barrels for propane and 0.8 million barrels for butane in the first half of 2027, alongside an existing 1.3 million barrel ethane tank. Since ethane exports began at Nederland in 2021, the company says it has shipped more than 430 million barrels from the site.
Operations and emissions programmes
The partnership's operations material describes a nationwide network monitored from central control, and an emissions-reduction programme under which approximately 12,000 low-emission pneumatic devices have been installed across its pipeline systems, mainly at automated valve sites, to prevent roughly 61 tons, or 2.9 million standard cubic feet, of methane emissions per day.
Corporate structure changes in 2026
Alongside Sunoco LP, SunocoCorp LLC and USA Compression Partners, Energy Transfer redomiciled to Texas with effect from 2 July 2026. On 10 September 2026 the partnership announced it would move the listing of its common units from the New York Stock Exchange to the Texas Stock Exchange, with trading expected to begin there on 5 October 2026 under the unchanged symbol ET; its Series I preferred units are moving at the same time under the symbol ETprI. Those changes do not alter the partnership's operations or its status as a going concern.