On November 5, Energy Transfer reported its financial results for the third quarter 2025 with an earnings call hosted by co-CEOs Tom Long and Mackie McCrea.

The Partnership saw several volume records during the quarter, including NGL exports (up 13%), NGL transportation (up 11%), NGL and refined products terminal volumes (up 10%) and midstream gathering volumes (up 3%). It also reported strong volumes through its natural gas interstate and intrastate pipelines (up 8% and 5%, respectively).

“Looking ahead, Energy Transfer is one of the best-positioned companies in the industry to help meet the substantial growth in demand for energy resources over the next several years. We are leveraging our strong relationships to develop new projects backed by high-quality counterparties on both the supply and demand side, and we see growth opportunities across all aspects of our business.” – Tom Long, co-CEO, Energy Transfer

Energy Transfer also shared several exciting business updates, including multiple agreements with Oracle to supply natural gas to three U.S. data centers, and a 20-year natural gas firm transportation agreement with Entergy Louisiana.

The Oracle data center agreements follow a recently signed 10-year agreement with Fermi America for Energy Transfer to deliver approximately 300 thousand MMBtu per day to Fermi’s HyperGrid campus located outside of Amarillo, Texas.

“We couldn’t be more upbeat about where we sit today with data centers throughout the country, but especially in Texas, because of our ability to perform and provide reliable gas service. We’re very excited for the future and we expect data centers and power plants to be part of our growth for many years.” – Mackie McCrea, co-CEO, Energy Transfer

Highlights from the earnings call are below. A webcast replay can be found here, and the Q3 earnings press release can be found here.

Strategic Highlights

• Energy Transfer has now executed multiple agreements with Oracle, including previously announced agreements, to supply approximately 900 MMcf per day of natural gas to three U.S. data centers, two of which are in Texas. Supply for these agreements is expected to be sourced from Energy Transfer’s extensive intrastate pipeline network, and construction of a new pipeline lateral from Hugh Brinson and our North Texas pipeline is already underway.

• Energy Transfer entered into a 20-year agreement with Entergy Louisiana to provide 250 thousand MMBtu per day of firm transportation service to fuel their facilities in Richland Parish, Louisiana, subject to limited conditions precedent. The agreement would begin in December 2028 and includes an option for Entergy to expand the capacity in the future.

• Energy Transfer announced in August the approval to construct a new storage cavern at its Bethel natural gas storage facility located near Dallas-Fort Worth. The project will double the facility’s natural gas working storage capacity to more than 12 Bcf and is expected to be in service in late 2028.

• Energy Transfer is currently commissioning the third of eight, 10-megawatt natural gas-fired electric generation facilities in West Texas.

Operational Highlights

• In November 2025, Energy Transfer announced plans to construct a new 250 MMcf/d processing plant and related facilities in the Midland Basin. Mustang Draw II is expected to be in service in the fourth quarter of 2026.
• In September 2025, Energy Transfer executed agreements to expand its Price River Terminal in Utah, which will double its export capacity of American Premium Uinta oil. The project includes new railcar loading facilities, a new heated storage tank with approximately 120,000 barrels of capacity and two additional 6,000-foot storage unit tracks.

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.