Energy Transfer LP ET

What this company does

Energy Transfer transports and stores natural gas, crude oil, NGLs and refined products in the United States, and also provides terminalling services, acquisition and marketing activities, NGL storage and fractionation, and LNG regasification. As of December 31, 2025 the partnership and its consolidated subsidiaries employed an aggregate of 22,311 employees, 1,362 of them represented by labor unions. Its intrastate transportation and storage segment owns and operates approximately 12,200 miles of intrastate natural gas transportation pipelines with approximately 24 Bcf/d of transportation capacity, three natural gas storage facilities in Texas and two in Oklahoma. The interstate transportation and storage segment directly owns and operates approximately 20,090 miles of interstate natural gas pipelines with approximately 20.1 Bcf/d of transportation capacity, and a further 7,080 miles and 12.7 Bcf/d of capacity through joint venture interests. The midstream segment owns and operates natural gas gathering pipelines, processing plants, treating facilities and conditioning facilities with an aggregate processing capacity of approximately 13.5 Bcf/d. The NGL and refined products transportation and services segment includes approximately 5,750 miles of NGL pipelines. The crude oil transportation and services segment owns and operates more than 18,000 miles of crude oil trunk and gathering pipelines in the Southwest, Midcontinent and Midwest United States. It also holds investments in other businesses, including the master limited partnerships Sunoco LP and USAC, and owns the managing member of SunocoCorp, a publicly traded limited liability company.

Written from the business description in Energy Transfer LP's annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.