ET
Energy Transfer LP16.36
-0.14-0.85%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Early Hugh Brinson volumes teased
Q&A reinforced the scripted excitement over natural gas projects but teased potential early volumes on Hugh Brinson before its Q4 in-service, easing Permian egress needs. Management highlighted Desert Southwest's upsized 48-inch pipe as one of their best-return projects ever, with expansion potential amid 25-35 GW Phoenix demand growth. NGLs run 60% own production (trending higher), killing pipe conversion plans due to volume surge; data centers get firm transport backed by 230 Bcf storage for 99.99% uptime. Clean Q4 hid $90M net one-times, mostly recouping Q1. Hugh Brinson flows early. Bullish tone; watch powerplant/data center contracts.
Key Stats
Market Cap
56.17BP/E (TTM)
13.09Basic EPS (TTM)
1.25Dividend Yield
0.08%Recent Filings
10-K
FY2025 results
Energy Transfer LP's FY2025 10-K filing lacks financial statements, MD&A, or quarterly breakdowns, limiting analysis to asset descriptions and regulatory updates. No topline revenue, profitability, EPS, or Q4 metrics are disclosed, precluding y/y deltas or momentum indicators. Sunoco LP's October 2025 Parkland acquisition added international fuel distribution and the Burnaby Refinery (55 MBbls/d capacity), while USAC's J-W Power buy expanded compression to 3.9M horsepower. Lake Charles LNG export suspended in December 2025 to prioritize pipelines. Debt rose to $68.3B amid acquisitions; liquidity supported by $2.1B revolver availability. FERC rate cases on Panhandle persist. Pipeline safety risks from PHMSA rules could hit quarterly momentum.
8-K
ET Q4 EBITDA up 8%
Energy Transfer reported Q4 2025 net income of $928 million, down from $1.08 billion last year, yet Adjusted EBITDA climbed 8% to $4.18 billion on volume gains across NGLs, crude, and gas. Volumes grew: NGL terminals up 12%, crude transport up 6% to a record. Raised quarterly distribution to $0.3350 per unit; 2026 Adjusted EBITDA now $17.45-$17.85 billion. Suspended Lake Charles LNG for better pipeline returns.
8-K
ET closes $3B notes offering
Energy Transfer LP completed a $3 billion senior notes offering on January 27, 2026, issuing $1B of 4.550% notes due 2031, $1B of 5.350% notes due 2036, and $1B of 6.300% notes due 2056 under its existing indenture. The registered deal bolsters liquidity amid steady energy demand. Debt matures long-term.
8-K
Prices $3B senior notes
Energy Transfer LP priced $3 billion in senior notes on January 12, 2026: $1 billion 4.550% due 2031, $1 billion 5.350% due 2036, and $1 billion 6.300% due 2056, closing January 27. Net proceeds of ~$2.97 billion will refinance commercial paper and revolver borrowings. Debt matures long-term. Underwriters include BofA and Deutsche Bank.
8-K
2026 capex and EBITDA outlook
Energy Transfer unveiled its 2026 outlook, projecting $5.0-$5.5 billion in growth capex on natural gas network expansions backed by long-term contracts and mid-teens returns. Consolidated Adjusted EBITDA is expected at $17.3-$17.7 billion, fueled by key projects like Permian plants and data center pipelines. Growth stays disciplined. Leverage targets 4.0-4.5x EBITDA.
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