On August 6, Energy Transfer reported its financial results for the second quarter 2025 with an earnings call hosted by co-CEOs Tom Long and Mackie McCrea.

The Partnership saw several record volumes in the second quarter of 2025. This includes midstream gathering (up 10%), crude oil transportation (up 9%), NGL transportation (up 4%), NGL and refined products terminal volumes (up 3%) and NGL export volumes (up 5%).

Strong NGL volumes were also reported for NGL fractionators (up 5%), interstate natural gas pipelines (up 11%) and intrastate natural gas pipelines (up 8%).

In addition, Energy Transfer provided several exciting updates on the natural gas side of its business that were shared on the earnings call, including the announcement of the Desert Southwest Pipeline Project, a 1.5 Bcf/d expansion of the Transwestern Pipeline that will provide new and existing natural gas demand across the southwest region.

“Given the substantial growth in demand for energy resources over the next several years, driven by natural gas and NGLs, we believe that Energy Transfer is the best positioned company in the industry to help meet this demand. We own one of the largest natural gas pipeline networks in the United States with physical assets in every major U.S. producing basin. We have more than 105,000 miles of natural gas pipeline that is coupled with significant gas storage and we move approximately 30 percent of U.S. natural gas production.” – Tom Long, co-CEO, Energy Transfer

Desert Southwest Pipeline Project

“I’ve never been as excited about where we sit and where the future is for our industry – but even more importantly, for our partnership. We’re very excited about what we anticipate announcing over these coming quarters.” – Mackie McCrea, co-CEO, Energy Transfer

More highlights from the earnings call are below. A webcast replay can be found here, and the Q2 earnings press release can be found here.

Q2 2025 Strategic Highlights

• Announced on August 6, Transwestern’s Desert Southwest Pipeline expansion will include a 516-mile, 42-inch natural gas pipeline connecting the Permian Basin with markets in Arizona, New Mexico, and Texas. The pipeline is expected to be in service by the fourth quarter of 2029.
• Phase I of the Hugh Brinson Pipelineis expected to provide approximately 1.5 Bcf per day of natural gas takeaway from the Permian Basin upon being placed into service, which is expected to be no later than the fourth quarter of 2026. In addition, a positive final investment decision on Phase II of the pipeline project was announced, which will include the addition of compression.
• In July, an open season on the Oasis Pipeline was announced, which offers an efficient option for shippers to sign up for future long-term natural gas transportation capacity out of the Permian Basin as it becomes available on the pipeline.
• Approved construction of a new storage cavern at our Bethel natural gas storage facility, which is expected to double our working gas storage capacity at the facility to over 12 Bcf.
• Also approved an expansion on the SESH pipeline to serve growing power generation needs in the southeastern U.S.

Q2 2025 Operational Highlights

• In the second quarter of 2025, Energy Transfer placed its 200 MMcf/d Lenorah II Processing plant in the Midland Basin into service. The plant is currently running at full capacity.
• Energy Transfer recently placed its Nederland Flexport NGL Export Expansion Project into ethane and propane service and expects to begin ethylene service in the fourth quarter of this year. The project is expected to add up to 250,000 Bbls/d of total NGL export capacity at the Partnership’s Nederland terminal.
• Energy Transfer recently placed the 200 MMcf/d Badger Processing Plant into service. This project involved the relocation of a previously idle plant to the Delaware Basin.
• Energy Transfer also recently commissioned the second of eight, 10-megawatt natural gas-fired electric generation facilities in West Texas. Two more of these facilities are expected to be placed into service in 2025, with the remainder expected in service in 2026.

Forward-Looking Statements

This post may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results, including factors that may impact Energy Transfer’s operations, capital projects and future growth, are discussed in its Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. Energy Transfer undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.