ET

MKT CAP $69.3BP/E —DIV YIELD —FCF YIELD 7.53%REV TTM $107.4B +33.3%NET INCOME $5.3B +11.4%NET DEBT $67.4B52W 16.21 – 21.73SEC XBRL · TTM TO Invalid Date

How ET rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

63%

of sentences unchanged

Added

452

new sentences

Dropped

418

sentences removed

Length

+376

words, now 69,642

New in FY2025

BUSINESS Overview Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol “ET.” Unless the context requires otherwise, references to “we,” “us,” “our,” the “Partnership” and “Energy Transfer” mean Energy Transfer LP and its consolidated subsidiaries, which include SunocoCorp, Sunoco LP and USAC.
In addition, we own investments in other businesses, including Sunoco LP and USAC, both of which are master limited partnerships, and we own the managing member of SunocoCorp, a publicly traded limited liability company.
Index to Financial Statements The following chart summarizes our organizational structure as of February 13, 2026.
Index to Financial Statements Energy Transfer operates one of the largest intrastate pipeline systems in the United States, which provides energy logistics to major trading hubs and industrial consumption areas throughout the country.
In Texas, our intrastate transportation and storage segment provides transportation of natural gas to major markets from various prolific natural gas producing areas in Texas and Louisiana (Permian Basin and Barnett, Haynesville and Eagle Ford shales) through our Oasis Pipeline, Katy Pipeline, Lobo Pipeline, RIGS and Pelico Pipeline as well as our two natural gas pipeline and storage systems: ET Fuel and HPL.
Through our interstate transportation and storage segment, we directly own and operate approximately 20,090 miles of interstate natural gas pipelines with approximately 20.1 Bcf/d of transportation capacity and another approximately 7,080 miles and 12.7 Bcf/d of transportation capacity through joint venture interests.
Our pipelines have the capability to transport natural gas from nearly all Lower 48 onshore and offshore supply basins to customers in the Gulf Coast, Southeast, Southwest, Midwest and Northeast United States as well as Canada.
Lake Charles LNG Export, our wholly owned subsidiary, was previously developing a natural gas liquefaction project at the site of our Lake Charles LNG import terminal and regasification facility.
The project was expected to utilize existing dock and storage facilities owned by Lake Charles LNG located on the Lake Charles site.
From 2022 through 2025, Lake Charles LNG Export executed several LNG offtake agreements, which allowed either party to terminate the agreement if Lake Charles LNG Export did not satisfy specified conditions by a specified date.
One of those conditions related to Lake Charles LNG Export making a “final investment decision” to proceed with the construction of the liquefaction project.
We were previously in discussions with several other parties for potential long-term LNG offtake and potential equity investments in the project.
In December 2025, we announced the suspension of development of the Lake Charles LNG project in order to focus on allocating capital to our significant backlog of natural gas pipeline infrastructure projects that we believe provides superior risk/return profiles.
Our management has determined that continued development of the project by Energy Index to Financial Statements Transfer is not warranted but we remain open to discussions with third parties who may have an interest in developing the project.
In the event that a third party assumes the development of the project, it is unlikely that Energy Transfer would commit capital to the project; however, Energy Transfer would be interested in providing natural gas pipeline transportation capacity to a third party under a long term agreement to facilitate natural gas supply to the project.
As a result of Energy Transfer’s announcement, several LNG offtake agreements have been terminated based on the nonsatisfaction of the condition related to making a final investment decision by the date specified in the applicable LNG offtake agreement.
Other LNG offtake agreements that have not been terminated could be assumed by a third party which continues the development of the project.
Through our midstream segment, we own and operate (through wholly owned subsidiaries or joint venture interests) natural gas gathering pipelines, natural gas processing plants, natural gas treating facilities and natural gas conditioning facilities with an aggregate processing capacity of approximately 13.5 Bcf/d.
NGL and Refined Products Transportation and Services Segment Our NGL and refined products operations transport, store and execute acquisition and marketing activities utilizing a complementary network of pipelines, storage and blending facilities as well as strategic offtake locations that provide access to multiple markets.
Our NGL and refined products transportation and services segment includes: • approximately 5,750 miles of NGL pipelines; • our Nederland Terminal and connecting pipelines which provide transportation of ethane, propane, butane, natural gasoline and ethylene from our Mont Belvieu NGL Complex to our Nederland Terminal, where these products can be exported; • our Marcus Hook Terminal which includes fractionation, storage and exporting assets.
This facility is connected to our Mariner East Pipeline System, which provides for the transportation of ethane and liquefied petroleum gas (“LPG”) products from western Pennsylvania, West Virginia and eastern Ohio to our Marcus Hook Terminal where these component products can be exported, processed or locally distributed; • NGL fractionation facilities at our Mont Belvieu NGL Complex with an aggregate capacity of 1.15 MMBbls/d; • NGL storage facilities at our Mont Belvieu NGL Complex with a working storage capacity of approximately 63 MMBbls; and • other NGL storage assets with an aggregate storage capacity of approximately 37 MMBbls.
Index to Financial Statements Our NGL pipelines primarily transport NGLs from the Permian Basin, the Barnett and Eagle Ford shales to Mont Belvieu, Texas.
Through our crude oil transportation and services segment, we own and operate (through wholly owned subsidiaries or joint venture interests) more than 18,000 miles of crude oil trunk and gathering pipelines in the Southwest, Midcontinent and Midwest United States.
Our crude oil terminalling services operate with an aggregate storage capacity of approximately 73 MMBbls, including over 30 MMBbls at our Gulf Coast terminal in Nederland, Texas, approximately 18.2 MMBbls at our Gulf Coast terminal on the Houston Ship Channel and approximately 9.5 MMBbls at our Cushing Terminal in Cushing, Oklahoma, among others.
This segment also includes the ET-S Permian joint venture, which owns more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 MMBbls.
Index to Financial Statements Investment in Sunoco LP Sunoco LP is primarily engaged in energy infrastructure and distribution of motor fuels across 32 countries and territories in North America, the Greater Caribbean and Europe.
Sunoco LP’s midstream operations include an extensive network of over 14,000 miles of pipeline and over 160 terminals.
Sunoco LP’s fuel distribution operations distribute over 15 billion gallons annually to approximately 11,000 Sunoco and partner branded locations, as well as independent dealers and commercial customers.
On October 31, 2025, Sunoco LP acquired Parkland, a leading international fuel distributor, marketer and convenience retailer with operations in 26 countries across the Americas.
Parkland’s functional currency is the Canadian dollar, and its consolidated structure includes subsidiaries with multiple other functional currencies.
Sunoco LP’s fuel distribution business distributes motor fuels and other petroleum products which we supply to third-party dealers and distributors, to independent operators of commission agent locations, other commercial consumers of motor fuel and to its retail locations.
Sunoco LP is the exclusive wholesale supplier of the Sunoco and EcoMaxx-branded motor fuels, supplying an extensive distribution network of company and third-party operated locations throughout North America, Europe and the Greater Caribbean.
In addition to distributing motor fuels, Sunoco LP also distributes other petroleum products, such as propane and lubricating oil, and receives lease income from real estate that it leases or subleases.
Sunoco LP’s pipeline systems business includes an integrated pipeline and terminal network comprised of refined product pipeline, crude oil pipeline, ammonia pipeline and related terminals.
Through its terminals business, Sunoco LP operates transmix processing facilities and terminals.
Transmix is the mixture of various off-specification refined products created in the supply chain (primarily in pipelines and terminals) when various products interface with each other.
Transmix processing plants separate this mixture and return it to merchantable products of gasoline and distillates.
Sunoco LP’s terminals provide storage and distribution services to support its fuel distribution business and other third-party customers.
Subsequent to the Parkland Acquisition in 2025, Sunoco LP also owns the Burnaby Refinery and a 29% interest in SARA, which is a refinery based in Martinique with operations to sell refined crude oil in Guadeloupe, French Guiana and Martinique.
As of December 31, 2025, USAC had 3.9 million horsepower in its fleet.

and 412 more.

Gone since FY2024

BUSINESS Overview Energy Transfer LP is a Delaware limited partnership with common units publicly traded on the NYSE under the ticker symbol “ET.” Unless the context requires otherwise, references to “we,” “us,” “our,” the “Partnership” and “Energy Transfer” mean Energy Transfer LP and its consolidated subsidiaries, which include Sunoco LP and USAC.
In addition, we own investments in other businesses, including Sunoco LP and USAC, both of which are master limited partnerships.
Index to Financial Statements The following chart summarizes our organizational structure as of February 7, 2025.
Index to Financial Statements Significant Achievements in 2024 • In July, Energy Transfer completed the acquisition of WTG Midstream, which owns approximately 6,000 miles of complementary gas gathering pipelines that extend Energy Transfer’s network into the Midland Basin.
WTG Midstream also owns eight gas processing plants and two more under construction, one of which was placed in service in 2024. • In July, Energy Transfer and Sunoco LP formed ET-S Permian, a joint venture combining their respective crude oil and produced water gathering assets in the Permian Basin.
ET-S Permian operates more than 5,000 miles of crude oil and water gathering pipelines and has crude oil storage capacity in excess of 11 million barrels.
Energy Transfer operates one of the largest intrastate pipeline systems in the United States, which provides energy logistics to major trading hubs and industrial consumption areas throughout the country.
In Texas, our intrastate transportation and storage segment provides transportation of natural gas to major markets from various prolific natural gas producing areas in Texas and Louisiana (Permian Basin and Barnett, Haynesville and Eagle Ford shales) through our Oasis Pipeline, ETC Katy Pipeline, Lobo Pipeline, RIGS and Pelico Pipeline as well as our two natural gas pipeline and storage systems: ET Fuel and HPL.
Through our interstate transportation and storage segment, we directly own and operate approximately 20,090 miles of interstate natural gas pipelines with approximately 20.1 Bcf/d of transportation capacity and another approximately 7,085 miles and 12.4 Bcf/d of transportation capacity through joint venture interests.
Our pipelines have the capability to transport natural gas from nearly all Index to Financial Statements Lower 48 onshore and offshore supply basins to customers in the Gulf Coast, Southeast, Southwest, Midwest and Northeast United States as well as Canada.
Lake Charles LNG Export, our wholly owned subsidiary, is developing a natural gas liquefaction project at the site of our Lake Charles LNG import terminal and regasification facility.
The project would utilize existing dock and storage facilities owned by Lake Charles LNG located on the Lake Charles site.
Lake Charles LNG Export entered into a prior development agreement with Shell in March 2019; however, Shell withdrew from the project in March 2020 due to adverse market factors affecting Shell’s business following the onset of the COVID-19 pandemic.
The project will benefit from the infrastructure related to the existing regasification facility at the same site, including four LNG storage tanks, two deep water docks and other assets.
During 2022, Lake Charles LNG Export executed six LNG offtake agreements, for an aggregate of nearly 8 million tonnes per annum, including a 20-year LNG agreement with Shell NA LNG LLC.
During 2024, Lake Charles LNG Export executed two additional 20-year LNG offtake agreements, including an LNG agreement with Chevron U.S.A.
Inc (“Chevron”) for 2.0 million tonnes per annum.
The agreements allow either party to terminate each agreement if Lake Charles LNG Export has not satisfied specified conditions by a specified date.
One of those conditions relates to Lake Charles LNG Export making a “final investment decision” to proceed with the construction of the liquefaction facility.
To date, none of these agreements have been terminated.
We are currently in discussions with several parties for potential long-term LNG offtake and potential equity investments in the project.
Through our midstream segment, we own and operate (through wholly owned subsidiaries or joint venture interests) natural gas gathering pipelines, natural gas processing plants, natural gas treating facilities and natural gas conditioning facilities with an aggregate processing capacity of approximately 12.9 Bcf/d.
Index to Financial Statements NGL and Refined Products Transportation and Services Segment Our NGL and refined products operations transport, store and execute acquisition and marketing activities utilizing a complementary network of pipelines, storage and blending facilities as well as strategic offtake locations that provide access to multiple markets.
Our NGL and refined products transportation and services segment includes: • approximately 5,700 miles of NGL pipelines; • our Nederland Terminal and connecting pipelines which provide transportation of ethane, propane, butane and natural gasoline from our Mont Belvieu NGL Complex to our Nederland Terminal, where these products can be exported; • our Marcus Hook Terminal which includes fractionation, storage and exporting assets.
This facility is connected to our Mariner East Pipeline System, which provides for the transportation of ethane and liquefied petroleum gas (“LPG”) products from western Pennsylvania, West Virginia and eastern Ohio to our Marcus Hook Terminal where these component products can be exported, processed or locally distributed; • NGL fractionation facilities at our Mont Belvieu NGL Complex with an aggregate capacity of 1.15 MMBbls/d; • NGL storage facilities at our Mont Belvieu NGL Complex with a working storage capacity of approximately 62 MMBbls; and • other NGL storage assets with an aggregate storage capacity of approximately 35 MMBbls.
Our NGL pipelines primarily transport NGLs from the Permian Basin, the Barnett and Eagle Ford shales to Mont Belvieu, Texas.
Through our crude oil transportation and services segment, we own and operate (through wholly owned subsidiaries or joint venture interests) approximately 17,950 miles of crude oil trunk and gathering pipelines in the Southwest, Midcontinent and Midwest United States.
Our crude oil terminalling services operate with an aggregate storage capacity of approximately 73 MMBbls, including approximately 30 MMBbls at our Gulf Coast terminal in Nederland, Texas, approximately 18.2 MMBbls at our Gulf Coast terminal on the Houston Ship Channel and approximately 9.5 MMBbls at our Cushing Terminal in Cushing, Oklahoma, among others.
Index to Financial Statements This segment also includes the ET-S Permian joint venture.
The joint venture was formed in 2024, with Energy Transfer and Sunoco LP combining their respective crude oil and produced water gathering assets in the Permian Basin.
The ET-S Permian joint venture includes more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 MMBbls.
Investment in Sunoco LP Sunoco LP is primarily engaged in energy infrastructure and distribution of motor fuels in over 40 U.S. states, Puerto Rico, Europe and Mexico.
Sunoco LP’s midstream operations include an extensive network of over 14,000 miles of pipeline and over 100 terminals.
Sunoco LP’s fuel distribution operations serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers.
Through its fuel distribution operations, Sunoco LP is a distributor of motor fuels and other petroleum products which it supplies to third-party dealers and distributors, to independent operators of commission agent locations, other commercial consumers of motor fuel and to our retail locations.
Sunoco LP is also the exclusive wholesale supplier of the Sunoco LP and EcoMaxx-branded motor fuels, supplying an extensive distribution network of approximately 5,619 company and third-party operated locations throughout the United States and Puerto Rico.
In addition, Sunoco LP receives lease income from real estate that it leases or subleases.
As of December 31, 2024, USAC had 3.9 million horsepower in its fleet.
USAC operates a fleet of compression units, with an average age of approximately 12 years and a useful life that could potentially extend decades when properly maintained.
USAC is not directly exposed to commodity price risk because it does not take title to the natural gas or crude oil Index to Financial Statements involved in its services and because the natural gas used as fuel by its compression units is supplied by its customers without cost to USAC.

and 378 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch ET. Know when insiders buy.

One email the day a filing lands. Free.