Energy Transfer LP Reports Q3 2026 Results and Raises Full-Year EBITDA Guidance

Overview

On November 3, 2026, Energy Transfer LP filed a Form 8-K under Item 2.02 announcing its financial and operating results for the third quarter ended September 30, 2026.

Q3 2026 Financial Highlights

• Net Income Attributable to Partners: $1.21 billion ($0.33 per common unit, basic), compared to $1.02 billion in Q3 2025.
• Adjusted EBITDA: $5.03 billion, up 31% from $3.84 billion in Q3 2025.
• Distributable Cash Flow (Adjusted): $2.52 billion, an increase of 33% from $1.90 billion in Q3 2025.
• Capital Expenditures: Growth CapEx of $1.30 billion and maintenance CapEx of $284 million during the quarter.
• Distribution: Quarterly cash distribution of $0.3425 per common unit ($1.37 annualized), representing a >3% YoY increase.

Updated Guidance

• Full-Year 2026 Adjusted EBITDA: Raised to a range of $19.7 billion to $19.9 billion (previously $18.8 billion to $19.1 billion).
• Growth Capital Expenditures: Estimated at $5.4 billion to $5.6 billion for 2026 and approximately $7.0 billion for 2027.

Operational & Strategic Highlights

• Record Volumes: Intrastate transportation volumes rose 14% YoY and Midstream gathered volumes grew 6% YoY, both setting new partnership records.
• Vaquero Midstream Acquisition: Announced a ~$2.6 billion bolt-on transaction in October 2026 to expand natural gas gathering and processing assets; closing expected in Q4 2026.
• Project Development:
  • Phase I of the Hugh Brinson Pipeline commenced service ahead of schedule on September 1, 2026.
  • Mustang Draw II processing plant (275 MMcf/d) placed in service in October 2026.
  • Reached positive final investment decision (FID) on the 215-mile South Mississippi Pipeline Project (1.2 Bcf/d capacity, ~$1.6 billion projected cost, targeted service in 2030).
  • Announced plans for the Bear II cryogenic plant (200 MMcf/d) in the Delaware Basin and Frac X (200 MBbls/d) at Mont Belvieu.