Energy Transfer reported strong first‑quarter 2026 financial and operational results on May 5, highlighting new growth opportunities and the continued strength of the Partnership’s diversified asset base.

Executives emphasized how Energy Transfer’s nationwide pipeline network, storage facilities, terminals and highly experienced optimization and operations teams enable the Partnership to respond quickly to shifting market dynamics and volatility.

“The results for the first quarter show how incredibly well-positioned our assets are across the country. Combining our extensive pipeline network, our storage facilities and our terminals with our exceptionally experienced optimization and operating teams, we are able to capitalize on quickly changing dynamics and market volatility.” – Tom Long, co-CEO, Energy Transfer

Energy Transfer delivered new operational records in the quarter, including:

• Midstream gathering volumes: up 6%
• NGL fractionation volumes: up 11%
• NGL export volumes: up 19%
• Crude oil transportation volumes: up 8%

With assets spanning every major U.S. supply basin and connecting to key demand centers – including trading hubs, power plants, data centers, industrial facilities, city gates, and international markets – Energy Transfer continues to demonstrate unmatched ability to move large volumes of energy where they are needed most.

“We are incredibly well-positioned to deliver products – ethane, propane, butane – through the international market, and there’s no question that’s going to continue to grow for many years to come.” – Mackie McCrea, co-CEO, Energy Transfer

The Partnership now expects its Adjusted EBITDA guidance for the full year of 2026 to range between $18.2 billion and $18.6 billion, compared to the previous range of between $17.45 billion and $17.85 billion. This includes a beat of approximately $500 million and the capture of its full-year optimization target in the first quarter, as well as expectations for continued outperformance for the balance of the year.

More highlights from the earnings call are below. A webcast replay of the earnings call is available here, and the Q1 earnings press release is available here.

Strategic Highlights

• Desert Southwest Expansion Project: In April, Energy Transfer hosted 15 open houses across Texas, New Mexico, and Arizona as part of its comprehensive stakeholder engagement program for the proposed pipeline expansion.

• Springerville Lateral Project: Energy Transfer approved construction of the approximately 120‑mile, 30‑inch Springerville Lateral, with a capacity of roughly 625 MMcf/d. The pipeline will extend south from the Transwestern system to serve new natural gas‑fired generation expected to replace two coal‑fired units. Backed by 20‑year agreements, the project is expected to be in service in Q4 2029 with total growth capital of approximately $600 million.
• Bayou Bridge Expansion: The Partnership approved an expansion of the Bayou Bridge joint venture pipeline, increasing capacity to approximately 600,000 Bbls/d depending on destination and product mix. The project is supported by a 10‑year term extension and increased volumes from a demand‑pull customer and is expected to be in service in Q1 2027.

Operational Highlights

• Gateway NGL Pipeline Debottlenecking: The debottlenecking project was placed into service in Q1, increasing deliveries of Delaware Basin volumes to Energy Transfer’s Mont Belvieu NGL fractionation complex.
• New Power Plant Connections in Oklahoma: Energy Transfer has added connections to serve four new power plant loads totaling approximately 300 MMcf/d of new gas supply. One connection is now in service; two more are expected online in Q3 2026, with the final connection expected in Q4 2028.
• Mustang Draw I Processing Plant: Commissioning is underway for the 275 MMcf/d Mustang Draw I plant, which is expected to be fully in service in June 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.