Energy Transfer Lp Stock Earnings Reports

Energy Transfer reported a strong Q1 2026: adjusted EBITDA of ~$4.9B (vs. ~$4.1B YoY) and adjusted distributable cash flow (DCF) attributable to partners of ~$2.7B (vs. ~$2.3B). Management raised 2026 adjusted EBITDA guidance to $18.2B–$18.6B (up ~ $0.75B at the midpoint) and increased 2026 organic growth capital guidance to $5.5B–$5.9B (ex SUN and USAC) primarily to fund multiple new and accelerated projects. Key operational highlights included record midstream gathering, NGL fractionation and export volumes, and crude oil transportation volumes. Segment performance: NGL & refined products EBITDA ~$1.2B (higher throughput, fractionation and export gains), midstream ~$887M (Permian growth offset by lower commodity prices), crude ~$869M (volume growth and favorable inventory valuation), interstate gas ~$519M and intrastate gas ~$437M (benefiting from Winter Storm Burn). Major growth projects and pipeline developments: Desert Southwest Pipeline (FERC prefiling, in-service targeted Q4 2029), Springerville Lateral (~120 miles, 625 MMcf/d, 20-year agreements, ~$600M), Hugh Brinson pipeline (Phase 1 near completion, some flows possible early Q3; full Phase 1 in service expected Q4 2026; Phase 2 Q1 2027), FGT Phase 9 and South Florida projects (service 2028 and 2030; Energy Transfer share ~$565M and ~$110M), Bethel storage cavern expansion, Mustang Draw Permian processing plants, Mont Belvieu fractionation and new ethane storage cavern, Flexport NGL export ramp-up and extended Nederland ethane export contracts into 2041, Bayou Bridge expansion (to ~600k bpd, in service Q1 2027), and ongoing work with Enbridge on increased light Canadian crude capacity (expected FID mid-2026). Management emphasized the company’s asset breadth, optimization capability (captured full-year optimization target in Q1), long-term contracted growth projects targeting mid-teens returns, capital discipline (target distribution growth 3–5% and leverage 4.0–4.5x), and positioning to capture sustained incremental demand driven by global re-routing to U.S. supply amid geopolitical disruptions.