# Energy Transfer LP

Summary updated: 2026-10-03T21:51:13.689349Z
Canonical: https://finbar.com/research/companies/energy-transfer-lp

## Overview

Energy Transfer LP is a U.S. midstream energy partnership that owns and operates infrastructure for the gathering, processing, transportation, storage and terminaling of natural gas, crude oil, natural gas liquids (NGLs) and refined products. Its services also include NGL fractionation and marketing, and LNG regasification. [1](https://app.finbar.com/go?id=P86162231)[2](https://app.finbar.com/go?id=P78356068)[3](https://app.finbar.com/go?id=P104807244)[4](https://app.finbar.com/go?id=P21182319)[5](https://app.finbar.com/go?id=P23449046) Its infrastructure spans approximately 140,000 pipeline miles and associated facilities across 44 states, according to company materials. [6](https://www.energytransfer.com/wp-content/uploads/2025/10/ET-Stats-and-Facts-9-29-25.pdf)

Energy Transfer describes its priority as delivering America’s energy safely and responsibly. [7](https://www.energytransfer.com/about/prioritizing-safety/) The company began in 1996 and has grown to more than 12,000 employees. [6](https://www.energytransfer.com/wp-content/uploads/2025/10/ET-Stats-and-Facts-9-29-25.pdf) For the year ended December 31, 2025, it reported total revenue of $85.536 billion. [8](https://app.finbar.com/go?id=T2432946)
[1](https://app.finbar.com/go?id=P86162231)[2](https://app.finbar.com/go?id=P78356068)[3](https://app.finbar.com/go?id=P104807244)[4](https://app.finbar.com/go?id=P21182319)[5](https://app.finbar.com/go?id=P23449046)[8](https://app.finbar.com/go?id=T2432946)[6](https://www.energytransfer.com/wp-content/uploads/2025/10/ET-Stats-and-Facts-9-29-25.pdf)[7](https://www.energytransfer.com/about/prioritizing-safety/)

## Products & services

Energy Transfer provides natural-gas gathering, compression, treating, processing, transportation, storage and marketing. Its natural-gas system includes nearly 107,000 miles of pipeline, 235 Bcf of working storage and more than 70 processing and treating facilities; processing separates pipeline-quality residue gas from natural gas liquids (NGLs). [9](https://app.finbar.com/go?id=P13967491)[10](https://www.energytransfer.com/natural-gas)

Its NGL services include transportation, fractionation, storage, terminaling, blending, export and marketing. The company reports about 5,750 pipeline miles, eight Mont Belvieu fractionators, around 100 million barrels of working storage and nearly 1.4 million barrels per day of export capacity. Its Mont Belvieu-to-Nederland system is listed at about 1,140 MBbl/d throughput, with 1,150 MBbl/d of Mont Belvieu fractionation and processing capacity. [11](https://app.finbar.com/go?id=P17772805)[12](https://app.finbar.com/go?id=P96804352)[13](https://app.finbar.com/go?id=T2707856)[14](https://www.energytransfer.com/natural-gas-liquids/)

For crude oil, the company offers pipeline and truck transportation, gathering, terminaling, storage, acquisition and marketing; its disclosures describe more than 18,000 miles of crude trunk and gathering pipelines and approximately 73 million barrels of terminal storage. Refined-product services include transportation, terminaling, acquisition and marketing of gasoline and middle distillates such as heating oil, diesel and jet fuel. Disclosed refined-product assets include approximately 3,760 pipeline miles, 35 active marketing terminals and about 8 million barrels of storage. [15](https://app.finbar.com/go?id=P15050201)[16](https://app.finbar.com/go?id=P20377057)[17](https://app.finbar.com/go?id=P81469180)[18](https://www.energytransfer.com/crude-oil/)[19](https://www.energytransfer.com/refined-products/)

For the six months ended June 30, 2026, reported sales revenue was $24.114 billion for refined products, $17.297 billion for crude oil, $10.867 billion for NGLs and $1.878 billion for natural gas, out of $62.105 billion total revenue. These equal approximately 38.8%, 27.8%, 17.5% and 3.0% of total revenue, respectively; these are calculated revenue shares, not disclosed product-specific profit or performance percentages. [20](https://app.finbar.com/go?id=T17206535)
[9](https://app.finbar.com/go?id=P13967491)[11](https://app.finbar.com/go?id=P17772805)[12](https://app.finbar.com/go?id=P96804352)[13](https://app.finbar.com/go?id=T2707856)[15](https://app.finbar.com/go?id=P15050201)[16](https://app.finbar.com/go?id=P20377057)[17](https://app.finbar.com/go?id=P81469180)[20](https://app.finbar.com/go?id=T17206535)[20](https://app.finbar.com/go?id=T17206535)[20](https://app.finbar.com/go?id=T17206535)[20](https://app.finbar.com/go?id=T17206535)[20](https://app.finbar.com/go?id=T17206535)[10](https://www.energytransfer.com/natural-gas)[14](https://www.energytransfer.com/natural-gas-liquids/)[18](https://www.energytransfer.com/crude-oil/)[19](https://www.energytransfer.com/refined-products/)

## Geographic presence

Energy Transfer’s operating footprint is primarily in the United States, with approximately 140,000 miles of pipelines and associated infrastructure across 44 states. Its interstate natural gas network spans from Florida to California and Texas to Michigan, serving the Gulf Coast, Southeast, Southwest, Midwest and Northeast; the network can also reach customers in Canada. Some Texas assets connect to the U.S.–Mexico border, and certain Northeast NGL pipelines reach the Canadian border. These are cross-border connections rather than evidence of a comparable foreign operating footprint. [21](https://app.finbar.com/go?id=P83024574)[22](https://app.finbar.com/go?id=P49739677)[23](https://app.finbar.com/go?id=P35925620)[11](https://app.finbar.com/go?id=P17772805)[2](https://app.finbar.com/go?id=P78356068)

Midstream activities are concentrated in Texas, New Mexico, West Virginia, Pennsylvania, Ohio, Oklahoma, Arkansas, Kansas, Louisiana, North Dakota and Wyoming. The company also operates substantial pipeline and terminal networks across the Southwest, Midcontinent, Midwest, Northeast and Gulf Coast, including export terminals at Nederland, Texas, and Marcus Hook, Pennsylvania. Its principal executive office is in Dallas, Texas. Energy Transfer reported 22,311 employees across the company and consolidated subsidiaries at year-end 2025, but does not provide their geographic distribution; its reported financial results do not provide a geographic revenue breakdown. [15](https://app.finbar.com/go?id=P15050201)[17](https://app.finbar.com/go?id=P81469180)[24](https://app.finbar.com/go?id=P109188272)[25](https://app.finbar.com/go?id=P110617289)[26](https://app.finbar.com/go?id=P43297058)[2](https://app.finbar.com/go?id=P78356068)
[21](https://app.finbar.com/go?id=P83024574)[22](https://app.finbar.com/go?id=P49739677)[23](https://app.finbar.com/go?id=P35925620)[11](https://app.finbar.com/go?id=P17772805)[2](https://app.finbar.com/go?id=P78356068)[15](https://app.finbar.com/go?id=P15050201)[17](https://app.finbar.com/go?id=P81469180)[24](https://app.finbar.com/go?id=P109188272)[25](https://app.finbar.com/go?id=P110617289)[26](https://app.finbar.com/go?id=P43297058)

## Business segments

Energy Transfer reports eight business segments. The approximate shares below are each segment’s FY2025 Segment Adjusted EBITDA as a percentage of consolidated Adjusted EBITDA of $15,984 million; they are not revenue shares. Intrastate transportation and storage focuses on natural-gas transportation and storage in Texas and Oklahoma (7.6%) [27](https://app.finbar.com/go?id=P1495504)[28](https://app.finbar.com/go?id=P81633380)[29](https://app.finbar.com/go?id=T5992931). Interstate transportation and storage provides interstate natural-gas pipeline transportation and storage (12.1%) [30](https://app.finbar.com/go?id=P26860598)[31](https://app.finbar.com/go?id=P7271871)[29](https://app.finbar.com/go?id=T5992931). Midstream gathers, compresses, treats, blends and processes natural gas (19.8%) [22](https://app.finbar.com/go?id=P49739677)[29](https://app.finbar.com/go?id=T5992931). NGL and refined products transportation and services handles transportation, storage, blending, acquisition and marketing of NGLs and refined products (25.9%) [32](https://app.finbar.com/go?id=P63557508)[17](https://app.finbar.com/go?id=P81469180)[29](https://app.finbar.com/go?id=T5992931).

Crude oil transportation and services covers crude-oil transportation, terminalling, acquisition and marketing (18.4%) [15](https://app.finbar.com/go?id=P15050201)[29](https://app.finbar.com/go?id=T5992931). Investment in Sunoco LP reflects its fuel-distribution and energy-infrastructure businesses (12.8%) [33](https://app.finbar.com/go?id=P114215964)[34](https://app.finbar.com/go?id=P58045520)[35](https://app.finbar.com/go?id=P67884648)[29](https://app.finbar.com/go?id=T5992931), while Investment in USAC reflects natural-gas compression services (3.8%) [36](https://app.finbar.com/go?id=P43985989)[29](https://app.finbar.com/go?id=T5992931). All Other includes gas marketing, wholesale power trading and natural-gas compression-equipment operations; its FY2025 contribution was negative 0.5% [37](https://app.finbar.com/go?id=P53116106)[38](https://app.finbar.com/go?id=P80874006)[39](https://app.finbar.com/go?id=P90848131)[40](https://app.finbar.com/go?id=P39299325)[29](https://app.finbar.com/go?id=T5992931). FY2025 is the latest full-year report available as of 2026-10-03 [41](https://app.finbar.com/go?id=D278349)[42](https://app.finbar.com/go?id=D313112)[43](https://app.finbar.com/go?id=D359059).
[27](https://app.finbar.com/go?id=P1495504)[28](https://app.finbar.com/go?id=P81633380)[29](https://app.finbar.com/go?id=T5992931)[30](https://app.finbar.com/go?id=P26860598)[31](https://app.finbar.com/go?id=P7271871)[29](https://app.finbar.com/go?id=T5992931)[22](https://app.finbar.com/go?id=P49739677)[29](https://app.finbar.com/go?id=T5992931)[32](https://app.finbar.com/go?id=P63557508)[17](https://app.finbar.com/go?id=P81469180)[29](https://app.finbar.com/go?id=T5992931)[15](https://app.finbar.com/go?id=P15050201)[29](https://app.finbar.com/go?id=T5992931)[33](https://app.finbar.com/go?id=P114215964)[34](https://app.finbar.com/go?id=P58045520)[35](https://app.finbar.com/go?id=P67884648)[29](https://app.finbar.com/go?id=T5992931)[36](https://app.finbar.com/go?id=P43985989)[29](https://app.finbar.com/go?id=T5992931)[37](https://app.finbar.com/go?id=P53116106)[38](https://app.finbar.com/go?id=P80874006)[39](https://app.finbar.com/go?id=P90848131)[40](https://app.finbar.com/go?id=P39299325)[29](https://app.finbar.com/go?id=T5992931)[41](https://app.finbar.com/go?id=D278349)[42](https://app.finbar.com/go?id=D313112)[43](https://app.finbar.com/go?id=D359059)

## Company history

Energy Transfer was founded in East Texas on April 17, 1996, by Kelcy Warren and Ray Davis, beginning with about 200 miles of pipeline. In 2004, it entered the public markets as a master limited partnership through a reverse merger with Heritage Propane Partners. It expanded its interstate pipeline holdings in 2006, acquiring an interest in CCE Holdings and full ownership of Transwestern Pipeline. [44](https://www.energytransfer.com/wp-content/uploads/2022/12/ET-2021-CRR-V13.pdf) [45](https://cms.energytransfer.com/wp-content/uploads/2020/11/ET-Comm-Engage-Rpt-2019-FN-for-Website-Spreads.pdf) [46](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-partners-lp-completes-first-step-acquisition/) [47](https://www.sec.gov/Archives/edgar/data/1012569/000119312506246760/dex991.htm)

A series of major mergers reshaped the company in the 2010s: Energy Transfer Equity completed its merger with Southern Union in 2012, and Energy Transfer Partners acquired Sunoco that year. In 2017, Sunoco Logistics and Energy Transfer Partners combined; in 2018, Energy Transfer Equity merged with Energy Transfer Partners and adopted the name Energy Transfer LP. The company acquired SemGroup in 2019 and Enable Midstream in 2021. In 2021, co-CEOs Thomas Long and Marshall “Mackie” McCrea succeeded Warren in the CEO role, with Warren becoming executive chairman. Later expansion included the acquisition of Crestwood in 2023 and WTG Midstream in 2024. [48](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-equity-and-southern-union-announce-successful) [49](https://ir.energytransfer.com/static-files/ca9c9b8d-6f2b-4ca8-8f2f-4a48078dbe63) [50](https://ir.energytransfer.com/news-releases/news-release-details/sunoco-logistics-partners-and-energy-transfer-partners-announce) [51](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-equity-lp-and-energy-transfer-partners-lp/) [52](https://ir.energytransfer.com/tax-information-related-mergers-acquisitions/) [53](https://www.sec.gov/Archives/edgar/data/1276187/000119312521347992/d199682dex991.htm) [54](https://www.businesswire.com/news/home/20201008006061/en/Energy-Transfer-Announces-Executive-Management-Changes) [55](https://app.finbar.com/go?id=P44755067) [56](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-completes-acquisition-wtg-midstream/)
[55](https://app.finbar.com/go?id=P44755067)[44](https://www.energytransfer.com/wp-content/uploads/2022/12/ET-2021-CRR-V13.pdf)[45](https://cms.energytransfer.com/wp-content/uploads/2020/11/ET-Comm-Engage-Rpt-2019-FN-for-Website-Spreads.pdf)[46](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-partners-lp-completes-first-step-acquisition/)[47](https://www.sec.gov/Archives/edgar/data/1012569/000119312506246760/dex991.htm)[48](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-equity-and-southern-union-announce-successful)[49](https://ir.energytransfer.com/static-files/ca9c9b8d-6f2b-4ca8-8f2f-4a48078dbe63)[50](https://ir.energytransfer.com/news-releases/news-release-details/sunoco-logistics-partners-and-energy-transfer-partners-announce)[51](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-equity-lp-and-energy-transfer-partners-lp/)[52](https://ir.energytransfer.com/tax-information-related-mergers-acquisitions/)[53](https://www.sec.gov/Archives/edgar/data/1276187/000119312521347992/d199682dex991.htm)[54](https://www.businesswire.com/news/home/20201008006061/en/Energy-Transfer-Announces-Executive-Management-Changes)[56](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-completes-acquisition-wtg-midstream/)

## Sources

1. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P86162231)
2. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P78356068)
3. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P104807244)
4. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P21182319)
5. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P23449046)
6. [www.energytransfer.com](https://www.energytransfer.com/wp-content/uploads/2025/10/ET-Stats-and-Facts-9-29-25.pdf)
7. [www.energytransfer.com](https://www.energytransfer.com/about/prioritizing-safety/)
8. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T2432946)
9. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P13967491)
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11. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P17772805)
12. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P96804352)
13. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T2707856)
14. [www.energytransfer.com](https://www.energytransfer.com/natural-gas-liquids/)
15. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P15050201)
16. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P20377057)
17. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P81469180)
18. [www.energytransfer.com](https://www.energytransfer.com/crude-oil/)
19. [www.energytransfer.com](https://www.energytransfer.com/refined-products/)
20. [Energy Transfer LP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T17206535)
21. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P83024574)
22. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P49739677)
23. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P35925620)
24. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P109188272)
25. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P110617289)
26. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P43297058)
27. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P1495504)
28. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P81633380)
29. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T5992931)
30. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P26860598)
31. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P7271871)
32. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P63557508)
33. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P114215964)
34. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P58045520)
35. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P67884648)
36. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P43985989)
37. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P53116106)
38. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P80874006)
39. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P90848131)
40. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P39299325)
41. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=D278349)
42. [Energy Transfer LP — Full financial report (2026 Q 1)](https://app.finbar.com/go?id=D313112)
43. [Energy Transfer LP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=D359059)
44. [www.energytransfer.com](https://www.energytransfer.com/wp-content/uploads/2022/12/ET-2021-CRR-V13.pdf)
45. [cms.energytransfer.com](https://cms.energytransfer.com/wp-content/uploads/2020/11/ET-Comm-Engage-Rpt-2019-FN-for-Website-Spreads.pdf)
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47. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1012569/000119312506246760/dex991.htm)
48. [ir.energytransfer.com](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-equity-and-southern-union-announce-successful)
49. [ir.energytransfer.com](https://ir.energytransfer.com/static-files/ca9c9b8d-6f2b-4ca8-8f2f-4a48078dbe63)
50. [ir.energytransfer.com](https://ir.energytransfer.com/news-releases/news-release-details/sunoco-logistics-partners-and-energy-transfer-partners-announce)
51. [ir.energytransfer.com](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-equity-lp-and-energy-transfer-partners-lp/)
52. [ir.energytransfer.com](https://ir.energytransfer.com/tax-information-related-mergers-acquisitions/)
53. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1276187/000119312521347992/d199682dex991.htm)
54. [www.businesswire.com](https://www.businesswire.com/news/home/20201008006061/en/Energy-Transfer-Announces-Executive-Management-Changes)
55. [Energy Transfer LP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P44755067)
56. [ir.energytransfer.com](https://ir.energytransfer.com/news-releases/news-release-details/energy-transfer-completes-acquisition-wtg-midstream/)

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