Energy Transfer Reports Record Volumes for 2025; Outlines 2026 Growth Strategy

Media Statements

Energy Transfer Reports Record Volumes for 2025; Outlines 2026 Growth Strategy

Energy Transfer’s 2025 business and financial results, released on February 17, were characterized by co-CEO Mackie McCrea as a year defined by operational excellence and significant infrastructure expansion.

“We are very excited about the assets we have built, about our footprint and the incredible position we’re in, and we couldn’t be more elated about where we’re going to be over the next 10 or 15 years.” – Mackie McCrea, co-CEO, Energy Transfer

During its Q4 and full year 2025 earnings call, Energy Transfer announced a record $16 billion in adjusted EBITDA for the full year – a 3% increase over the $15.5 billion achieved in 2024.

Operationally, Energy Transfer moved record volumes across its interstate, midstream, NGL and crude segments in 2025. The Partnership also exported a record amount of total NGLs out of its Nederland and Marcus Hook Terminals in 2025.

For the fourth quarter of 2025, Energy Transfer saw sustained volume growth across the board compared to the fourth quarter of 2024:

  • NGL Exports: Up 12%
  • NGL & Refined Product Terminals: Up 12%
  • Crude Oil Transportation: Up 6% (New Partnership Record)
  • NGL Fractionation: Up 3% (New Partnership Record)
  • NGL Transportation: Up 5%
  • Midstream gathered volumes Up 4%
  • Interstate natural gas transportation volumes Up 4%
  • Intrastate natural gas transportation volumes Up 3%

Energy Transfer leadership also detailed a roadmap for continued growth in 2026 driven largely by the ramp-up of its Flexport NGL export expansion, new Permian processing plants and other projects. This includes projects that will help address the need for reliable natural gas solutions to support power plant and data center growth plans, as well as the rising international demand for natural gas liquids.

“We continue to see new growth opportunities across all aspects of our business and are extremely well positioned to help meet the substantial growth in demand for energy resources over the next several years.” – Tom Long, co-CEO, Energy Transfer

More highlights from the earnings call are below. A webcast replay can be found here, and a more thorough discussion of the results in the Q4 earnings press release can be found here.

Operational Highlights

  • For full year 2025, the Partnership spent approximately $4.5 billion on organic growth capital, primarily in the NGL & Refined Products, Midstream and Intrastate segments, excluding SUN and USA Compression capex.
  • At the Nederland Terminal, volumes on the Flexport NGL Export expansion project have continued to ramp up, with Energy Transfer exporting its first two ethylene cargos in December 2025. This contributed to record exports out of Nederland for the fourth quarter of 2025.
  • Construction is underway on Mustang Draw II, a new 275 MMcf/d processing plant and related facilities in the Midland Basin. The plant is fully contracted and is expected to be in service in the fourth quarter of 2026.
  • In January 2026, Energy Transfer commenced natural gas deliveries to Oracle’s data center near Abilene, Texas under the first of multiple long-term agreements to supply an aggregate of approximately 900 MMcf/d of natural gas to three Oracle data centers, two of which are located in Texas.

Strategic Highlights

  • In January 2026, Florida Gas Transmission, a joint venture pipeline which Energy Transfer operates, held an Open Season on two projects to meet growing demand across Florida. Both projects are supported by long-term, binding agreements from anchor customers.
    • The FGT Phase IX Project is designed to expand capacity to multiple locations across FGT’s market area for existing customers. The project includes the construction of up to 82 miles of pipeline looping, along with new and upgraded compression station facilities. Energy Transfer’s share of the project costs, excluding AFUDC, is expected to be up to $535 million. The project is expected to be in service in the fourth quarter of 2028.
    • The South Florida Project includes the construction of a new 37-mile pipeline lateral and related facilities which are designed to enhance system reliability and efficiency in South Florida. Energy Transfer’s share of the project costs, excluding AFUDC, is expected to be $110 million. The project is expected to be in-service in the first quarter of 2030.
  • In December 2025, Energy Transfer increased the transportation capacity of Transwestern Pipeline’s planned Desert Southwest expansion project to meet additional customer demand. The project’s main line pipeline diameter will be upsized from 42 inches to 48 inches, which increases the project’s capacity to up to 2.3 Bcf/d and the cost up to approximately $5.6 billion. The project is supported by long-term contracts to serve continued population growth and positive economic momentum throughout Arizona and New Mexico. Natural gas for this project will be sourced from Energy Transfer’s premier asset base in the prolific Permian Basin.
  • In November 2025, Energy Transfer signed a 20-year natural gas firm transportation agreement with Entergy Louisiana for natural gas capacity to support new economic development in North Louisiana. The project includes expanding Energy Transfer’s Tiger Pipeline with the construction of a 12-mile lateral, which is expected to have a capacity of 250,000 MMBtu/d. Natural gas supply for this project will be sourced from Energy Transfer’s extensive pipeline network, which is connected to all the major producing basins in the U.S.

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.