Energy Transfer’s third quarter 2026 earnings call reported strong financial and operational results including record intrastate transportation volumes and midstream gathering volumes.

The Partnership also continued to benefit from the product and geographic diversity of its asset portfolio. Energy Transfer’s business segments generated balanced earnings, with no single segment contributing more than one-third of consolidated Adjusted EBITDA for the three months ended September 30, 2026.

During the call, Energy Transfer’s co-CEOs emphasized the strength, connectivity and long-term growth potential of the Partnership’s integrated asset base.

“The quality and connectivity of our assets give us a clear line of sight to growth. From the wellhead to the export dock, our integrated system lets us serve every major supply basin and every major demand center, and we believe that is a unique and stable competitive advantage.” – Tom Long, co-CEO, Energy Transfer

“It’s pretty evident when you look at our pipeline network how well-positioned we are. We have the capability to move volumes from different basins to different markets. Our vast intrastate and interstate pipeline network is going to create a lot of potential upside in the future.” – Mackie McCrea, co-CEO, Energy Transfer

Executives highlighted the recent positive final investment decision for the 215-mile South Mississippi Pipeline Project. The planned 36-inch pipeline will have a capacity of 1.2 billion cubic feet per day (Bcf/d). Energy Transfer is expected to own 51% of the project and serve as its operator, with shippers holding the remaining ownership interests. Expected to enter service in 2030, the pipeline will provide greater access to natural gas supplies from multiple basins across the Southeastern United States.

Energy Transfer also discussed the planned acquisition of Vaquero Midstream LLC, a bolt-on transaction valued at approximately $2.6 billion, including cash and equity consideration. Announced in October, the acquisition will expand and enhance Energy Transfer’s integrated natural gas gathering and processing network while adding volumes to its downstream natural gas and NGL infrastructure. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval and customary closing conditions.

Operational Highlights

Energy Transfer delivered year-over-year volume growth across several key areas during the third quarter:

• Intrastate transportation volumes were up 14%, setting a new Partnership record.
• Midstream gathered volumes were up 6%, setting a new Partnership record.
• NGL transportation volumes were up 6%.
• NGL exports were up 9%.
• NGL fractionation volumes were up 5%.

Strategic Growth Highlights

Energy Transfer also provided updates on several strategic growth projects designed to expand its asset base and help meet growing U.S. energy demand:

• Hugh Brinson Pipeline: Phase I was placed into full service ahead of schedule. Phase II remains on schedule for completion in the first quarter of 2027, and the full project is expected to come in under budget.
• Mustang Draw: The 275 MMcf/d Mustang Draw II processing plant was placed into service in the Midland Basin.
• Bear II: Energy Transfer announced plans for Bear II, a 200 MMcf/d cryogenic processing plant adjacent to the existing Bear plant in the Delaware Basin. The plant is expected to enter service in the third quarter of 2027.
• Rover Pipeline: Energy Transfer completed compression and meter facilities supporting a 15-year agreement with a Marcellus producer. The agreement added 250,000 MMBtu/d of firm transportation commitments and began November 1.
• MRT Pipeline: Energy Transfer executed two agreements totaling 150,000 MMBtu/d of firm natural gas transportation service to two Missouri power plants under construction. The agreements are expected to begin in late 2027 and mid-2028.
• Mont Belvieu: Energy Transfer announced plans to construct Frac X, its tenth fractionator at Mont Belvieu. The 200 MBbls/d facility is expected to enter service in the first half of 2029.

With record volumes and continued execution on strategic growth initiatives, Energy Transfer remains focused on expanding its integrated asset base and meeting growing demand for reliable energy in the U.S. and around the world.A webcast replay of the earnings call is available here, and the Q3 earnings press release is available here.

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 Adjusted EBITDA, and impact current projections, including capital expenditures, are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.