Energy Transfer LP
- Open
- 21.53
- Day high
- 21.58
- Day low
- 21.42
- Prev close
- 21.54
- Volume
- 572K
- Mkt cap
- $74.0B
- P/E (TTM)
- 13.3
- EPS (TTM)
- $1.61
- P/B
- 2.1
- P/S
- 0.7
- Yield
- 6.26%
- Per share
- $1.34
- ▲Insiders net buying $21.5M over the last 3 months (3 open-market buys, 0 sales)
- 🏛Institutions accumulating (13F)
Energy Transfer LP (ET) is a Energy company listed on NYSE. The stock is up 22% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4). Drillr has 2 published research articles covering ET.
Energy Transfer LP (ET) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ET earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $0.38 | $0.59 | +55.3% | $34.3B | +23.9% |
| Jun 24, 2026 | $0.40 | $0.35 | -12.5% | $27.8B | +7.7% |
| Mar 4, 2026 | $0.37 | $0.25 | -32.9% | $22.4B | -6.7% |
| Nov 5, 2025 | $0.33 | $0.28 | -16.0% | $20.0B | -9.0% |
| Aug 6, 2025 | $0.33 | $0.32 | -2.7% | $19.2B | -14.6% |
| Feb 14, 2024 | $0.35 | $0.37 | +6.0% | $20.5B | -3.6% |
| Nov 1, 2023 | $0.29 | $0.31 | +6.9% | $20.7B | +1.7% |
| Aug 2, 2023 | $0.33 | $0.25 | -24.2% | $18.3B | -10.0% |
| May 2, 2023 | $0.37 | $0.32 | -13.5% | $19.0B | -11.4% |
| Feb 15, 2023 | $0.38 | $0.34 | -10.5% | $20.5B | -15.3% |
| Nov 1, 2022 | $0.38 | $0.29 | -23.7% | $22.9B | -7.3% |
| Aug 3, 2022 | $0.36 | $0.39 | +8.3% | $25.9B | +27.2% |
ET insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 20, 2026 | WARREN KELCY Ldirector | Buy | 352,032 | $21.27 |
| Aug 20, 2026 | WARREN KELCY Ldirector | Buy | 647,968 | $21.26 |
| Aug 10, 2026 | Perry James Richarddirector | Buy | 12,359 | $20.23 |
| May 11, 2026 | WARREN KELCY Ldirector | Grant | 1,109,279 | $19.83 |
| Jan 6, 2026 | Ramsey Matthew S.director | Grant | 7,423 | — |
| Jan 6, 2026 | MCREYNOLDS JOHN Wdirector | Grant | 7,423 | — |
| Jan 6, 2026 | Anderson Steven R.director | Grant | 7,423 | — |
| Jan 6, 2026 | Grimm Michael Kdirector | Grant | 7,423 | — |
| Jan 6, 2026 | Perry James Richarddirector | Grant | 7,423 | — |
| Dec 9, 2025 | Wright James M.officer: EVP, GC & CCO | Grant | 180,375 | — |
| Dec 9, 2025 | Bramhall Dylanofficer: EVP & Group CFO | Grant | 66,812 | — |
| Dec 9, 2025 | Sturrock Troyofficer: SVP & Controller | Grant | 18,925 | — |
| Dec 9, 2025 | Wright James M.officer: EVP, GC & CCO | Grant | 60,125 | — |
| Dec 9, 2025 | Bramhall Dylanofficer: EVP & Group CFO | Tax | 47,251 | $16.60 |
| Dec 9, 2025 | Bramhall Dylanofficer: EVP & Group CFO | Grant | 200,438 | — |
Source: ET SEC Form 4 filings, latest Aug 20, 2026. For informational purposes only — not investment advice.
See the full ET insider & 13F page →ET research & analysis
[ET] Energy Transfer Thesis 2026: NGL Pipeline Capacity Drives Permian Volume Growth
Energy Transfer LP (NYSE: ET) FY2025 revenue ~$84-90B (+0-5%) with adj. EBITDA ~$15.5-17B reflecting continued ~125,000+ miles aggregate pipeline + storage + selected various midstream infrastructure operations plus selected post-2024 NGL pipeline + fractionation capacity expansion + selected post-2024 WTG Midstream ~$3.25B acquisition closing (July 2024) + selected continued Permian Basin volume growth under continued co-CEO Tom Long + co-CEO Mackie McCrea (post-January 2024 dual-CEO operational + commercial leadership). Master limited partnership (MLP) midstream energy infrastructure operator with operations across natural gas + NGL + crude oil + refined products in major US shale + production basins including Permian + Bakken + Marcellus + Eagle Ford + Haynesville + Niobrara. Founded 1995 by Kelcy Warren as natural gas midstream operator in Dallas Texas (~30-year heritage); selected post-2002 NYSE LP unit listing; selected post-October 2012 ~$5.3B Sunoco Logistics merger; selected post-October 2017 ~$3.5B Williams Partners + selected various subsequent acquisitions; selected post-October 2017 ~$8.0B partial buyback + recombination of Energy Transfer Partners + Energy Transfer Equity into single Energy Transfer LP; selected post-2018 ~$2.4B SemGroup acquisition; selected post-2019 ~$5B Enable Midstream acquisition; selected post-July 2024 ~$3.25B WTG Midstream Permian acquisition. Headquartered in Dallas Texas; ~13,000+ employees globally with ~$84-90B revenue. Six primary reporting segments: Intrastate Transportation + Storage ~10%, Interstate Transportation + Storage ~10%, Midstream ~25% (including post-2024 WTG Midstream Permian), NGL + Refined Products Transportation + Services ~25% (Mariner East + Lone Star + Mont Belvieu fractionation), Crude Oil Transportation + Services ~20%, Investment in Sunoco LP + USA Compression Partners ~10%. NGL pipeline capacity expansion: ~1.4-1.5 mmbbl/d aggregate processing + fractionation FY2025; Mariner East 1/2/3 (~600K bbl/d Marcellus NGL) + Lone Star NGL (~330K bbl/d Permian + Eagle Ford) + Mont Belvieu fractionation (~1,180K bbl/d aggregate; selected one of largest US NGL fractionation hubs). Permian Basin midstream + WTG acquisition: post-July 2024 ~$3.25B WTG Midstream closing (~6,000 miles West Texas natural gas + crude oil gathering; ~2.7 Bcf/d gas gathering + ~150K bbl/d crude oil); ~$0.5-1B aggregate annual synergies. Capital return: ~$1.30-1.36 annual cash distribution FY2025 (~$0.325-0.34/quarter; ~10-year continuous cash distribution track post-2014 IPO); selected modest opportunistic LP unit buybacks; selected post-2024 leverage ratio ~4.0-4.2x net debt-to-EBITDA target (vs ~5.0x peak post-2017 Sunoco merger); investment-grade Baa3/BBB credit rating. FY2026 thesis: continued NGL pipeline capacity expansion + Permian Basin midstream consolidation + ~10-year cash distribution track + leverage normalization. Risks: natural gas + NGL pricing, Permian capex cycle sustainability, MLP K-1 partnership tax structure burden, FERC + state regulatory + permitting risk, Mariner East 2 environmental + spill remediation costs.
[SUN] Sunoco LP Thesis 2026: Pipeline Midstream Drives Fuel Distribution Distribution Capital Return
Sunoco LP (NYSE: SUN) FY2025 revenue ~$23.0-24.5B (+5-12%) with adj. EPS ~$5.85-6.45 reflecting continued post-2024 ~$19.5-20.5B aggregate Fuel Distribution revenue (~83%+ aggregate revenue mix; selected primary US 7,400+ aggregate dealer + commission agent + dealer-supplied) + selected continued post-2024 ~$2.50-2.75B aggregate Pipeline Systems revenue (~11% aggregate revenue mix; selected post-March 2024 ~$7.3B+ NuStar Energy acquisition) + selected continued post-2024 ~$1.0-1.25B aggregate Terminals + Other revenue (~5% aggregate revenue mix) under continued President + CEO Joe Kim since 2017 (~8-year tenure as Sunoco LP CEO). One of the largest US Fuel Distribution + Pipeline Midstream MLPs. Founded 1886 as Sun Oil Company in Pennsylvania (~139-year heritage); selected post-September 2012 NYSE IPO; selected post-January 2018 Sunoco Refining sale to 7-Eleven; selected post-March 2024 ~$7.3B+ NuStar Energy acquisition; selected post-2017 Joe Kim CEO appointment. Headquartered in Dallas Texas; ~5,000-6,000+ employees globally with ~$23.0-24.5B revenue. Three primary business segments: Fuel Distribution (~83%+ ~$19.5-20.5B), Pipeline Systems (~11% ~$2.50-2.75B), Terminals + Other (~5% ~$1.0-1.25B). Geographic mix: US ~95%+ + selected various international ~5%. Pipeline Midstream cycle (post-March 2024 NuStar acquisition): ~$2.50-2.75B Pipeline Systems revenue; ~10,000+ aggregate miles of pipelines; ~$120-150M aggregate annual cost synergies; ~+15-25% aggregate Pipeline Systems revenue growth. Fuel Distribution cycle (~10,000+ retail outlets): ~$19.5-20.5B Fuel Distribution revenue; ~10,000+ aggregate retail outlets; ~7,400+ aggregate dealer + commission agent; ~8.5-9.0B aggregate annual gallons distributed; ~10-12 CPG fuel margin. President + CEO Joe Kim since 2017 (~8-year tenure); CFO Dylan Bramhall. Capital return: ~$3.85 annual distribution FY2025 (~14-year continuous distribution track post-2012 IPO); minimal opportunistic buybacks; aggregate capital return ~$385-420M FY2025; net leverage ratio ~3.5-4.0x; investment-grade Ba1/BBB- credit rating; selected ~36%+ aggregate Energy Transfer parent ownership concentration. FY2026 thesis: Pipeline Midstream cycle + Fuel Distribution cycle + ~$3.85 annual distribution + ~14-year continuous distribution track + ~$385-440M aggregate annual capital return + selected ~36%+ Energy Transfer parent ownership concentration. Risks: Energy Transfer + Enterprise Products + Targa + ONEOK + Plains midstream competition, Casey's + Couche-Tard + Murphy USA + Wawa fuel competition, EV adoption considerations, NuStar integration.
SUN
Energy Transfer LP company profile
Overview
Energy Transfer LP (NYSE:ET) is a major American midstream energy company founded in 1996 and headquartered in Dallas, Texas. Originally known as Energy Transfer Equity, L.P., the company changed its name to Energy Transfer LP in October 2018. Energy Transfer operates one of the largest and most diversified midstream energy infrastructure networks in North America, owning and operating approximately 130,000 miles of pipelines and related facilities across multiple energy commodities including natural gas, crude oil, and natural gas liquids (NGLs).
Business
Energy Transfer operates in the oil and gas midstream sector, which serves as the critical link between upstream production (drilling and extraction) and downstream refining and marketing. The midstream industry involves the transportation, storage, processing, and marketing of energy commodities after they are extracted from the ground but before they reach end consumers. The company operates through five primary business segments: NGL and Refined Products segment generates approximately 25-30% of total EBITDA and includes the transportation, fractionation, and marketing of natural gas liquids. NGLs are valuable hydrocarbon byproducts extracted from natural gas processing, including ethane, propane, butane, and natural gasoline used in petrochemicals and heating. Energy Transfer owns approximately 5,215 miles of NGL pipelines, fractionation facilities that separate mixed NGLs into individual components, and storage facilities with about 67 million barrels of capacity. Midstream segment contributes roughly 20-25% of EBITDA and focuses on natural gas gathering, processing, and treating operations primarily in major shale plays like the Permian Basin. This segment collects raw natural gas from wellheads, removes impurities, and separates NGLs before the gas enters transportation pipelines. The company operates processing plants and treating facilities across Texas, New Mexico, Pennsylvania, Ohio, and other key production areas. Crude Oil segment represents about 20% of EBITDA and involves crude oil transportation, terminal operations, and marketing activities. This includes pipeline systems that move crude oil from production areas to refineries and export terminals, along with storage and blending facilities. Interstate Natural Gas segment generates approximately 15% of EBITDA through the operation of long-haul natural gas transmission pipelines that transport gas across state lines under federal regulation. Energy Transfer owns about 19,830 miles of interstate pipelines serving utilities, power plants, and industrial customers. Intrastate Natural Gas segment contributes roughly 10% of EBITDA and operates natural gas pipelines within individual states, primarily Texas, serving local distribution companies and industrial users with approximately 11,600 miles of pipeline infrastructure.
Revenue model
Energy Transfer generates revenue primarily through fee-based services rather than commodity price speculation, providing relatively stable cash flows. The company operates under several business models: Transportation and Pipeline Services: Energy Transfer charges tariffs and fees for moving natural gas, crude oil, and NGLs through its pipeline networks. These are typically long-term contracts with creditworthy counterparties including major oil companies, utilities, and industrial users. Interstate pipelines operate under cost-of-service regulation, providing predictable returns on invested capital. Processing and Fractionation Services: The company earns processing fees for treating raw natural gas and separating NGLs, plus fractionation fees for splitting mixed NGLs into individual products. These services generate fee income based on throughput volumes rather than commodity prices. Storage and Terminaling: Energy Transfer monetizes its extensive storage capacity by charging fees for storing crude oil, natural gas, and NGLs. Terminal operations generate revenue through loading, unloading, and blending services at export and distribution facilities. Marketing and Optimization: The company captures value through commodity marketing activities, including buying and selling energy products to optimize pipeline flows and serve customer needs. Several factors influence Energy Transfer's profitability margins. Volume growth from increased shale production, particularly in the Permian Basin, directly benefits throughput-dependent fee income. Utilization rates on existing infrastructure impact operating leverage, as fixed costs are spread across higher volumes. Commodity price volatility affects the marketing business and NGL values, though most revenue streams are fee-based. Regulatory changes can impact pipeline approval processes and environmental compliance costs. Competition from other midstream operators and alternative energy sources may pressure pricing power. Interest rates significantly affect this capital-intensive business, as Energy Transfer carries substantial debt to fund infrastructure investments. Economic conditions influence industrial demand for natural gas and petrochemical feedstocks, while weather patterns affect seasonal natural gas demand for heating and power generation.
Competitive moat
Energy Transfer possesses a moderate to strong economic moat built primarily on its extensive pipeline network and strategic asset positioning. The company's competitive advantages stem from several factors: Network Effects and Geographic Positioning: Energy Transfer's 130,000-mile pipeline system creates significant barriers to entry, as competitors would need massive capital investments and years of regulatory approvals to replicate similar coverage. The company's strategic positioning in key production basins like the Permian and major demand centers provides natural monopolistic characteristics, as customers have limited alternatives for moving energy commodities. Regulatory Barriers: Pipeline development faces substantial regulatory hurdles including environmental reviews, eminent domain proceedings, and federal/state permitting processes that can take years to complete. Existing pipeline operators benefit from grandfathered rights-of-way and established regulatory relationships. High Switching Costs: Once customers connect to Energy Transfer's infrastructure, switching to competitors involves significant costs and operational complexity. Long-term contracts (often 10-20 years) with take-or-pay provisions provide revenue stability and customer lock-in. Scale Advantages: Energy Transfer's size enables operational efficiencies, better contract negotiations with suppliers, and the ability to undertake large capital projects that smaller competitors cannot finance. However, the moat faces several challenges. Commodity cycle dependence means that prolonged downturns in oil and gas production can reduce volumes and pressure contract renewals. Environmental regulations and the energy transition toward renewables pose long-term threats to fossil fuel infrastructure demand. Alternative transportation methods like truck, rail, and competing pipeline systems can provide substitutes in certain markets. Technological disruption from renewable energy and electric vehicles may eventually reduce demand for hydrocarbons, though this transition will likely take decades given the essential role of natural gas in power generation and petrochemicals. The moat strength varies by business segment, with interstate natural gas pipelines enjoying the strongest competitive positioning due to regulatory protection and essential service characteristics, while crude oil and NGL operations face more competitive pressure.
Risks & safety
Energy Transfer demonstrates a moderate margin of safety with manageable financial risk but some leverage concerns: • Debt and Solvency: Total debt of approximately $50+ billion with debt-to-EBITDA ratio around 3.2x, which is manageable for a utility-like midstream business but elevated. Strong investment-grade credit ratings (BBB/Baa2) from major agencies provide access to capital markets. • Cash Flow Stability: Generates consistent operating cash flow of $11+ billion annually with free cash flow of $7+ billion after capital expenditures, providing substantial coverage for distributions and debt service. • Liquidity Position: Maintains modest cash balances ($300-650 million) but has access to significant revolving credit facilities and capital markets for funding needs. • Valuation Metrics: Trading at EV/EBITDA of approximately 8x, which is reasonable for a midstream operator. P/E ratio around 12-15x reflects the partnership structure and distribution requirements. • Distribution Coverage: Distributable cash flow provides solid coverage for quarterly distributions, with management targeting 3-5% annual distribution growth. • Other Considerations: Fee-based business model provides revenue stability, but commodity exposure through marketing activities and volume sensitivity to production cycles create some earnings volatility. Substantial capital expenditure requirements ($3-5 billion annually) for growth projects and maintenance.
Recent development
Energy Transfer has pursued several strategic initiatives over the past few years to capitalize on growing energy demand and infrastructure needs. The company completed the acquisition of Crestwood Equity Partners in November 2023, expanding its midstream footprint and expecting $80 million in annual cost synergies by 2026. In July 2024, Energy Transfer acquired WTG Midstream to enhance its Permian Basin operations and formed a joint venture with Sunoco LP for crude oil and produced water gathering assets. Major growth projects include the Nederland Terminal NGL export expansion, which is nearing completion and will significantly increase international NGL export capacity. The company approved construction of a ninth fractionator at Mont Belvieu with 165,000 barrels per day capacity and is advancing the Hugh Brinson Pipeline project to serve growing Permian Basin production. Multiple Permian processing plant expansions are underway to handle increasing natural gas volumes from shale drilling. Energy Transfer is aggressively pursuing opportunities in the power generation and data center markets, recognizing the massive electricity demand growth from artificial intelligence and cloud computing. The company has identified potential demand for 6 Bcf per day from approximately 45 power plants across 11 states and 10 Bcf per day from 40+ data centers in 10 states. Energy Transfer signed its first agreement with CloudBurst data centers and is constructing eight 10-megawatt natural gas-fired generation facilities to serve system reliability needs. The company continues developing the Lake Charles LNG project, having signed heads of agreement with multiple international customers including Japanese utilities and German energy companies. Management targets a final investment decision by year-end 2025, which would add significant long-term contracted cash flows. Strategic focus areas include expanding natural gas infrastructure to serve growing power demand, enhancing NGL export capabilities to capture international markets, and pursuing midstream consolidation opportunities that provide synergistic benefits across Energy Transfer's integrated value chain.
ET company profile · for informational purposes only — not investment advice.
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