Energy Transfer LPET
Energy Transfer LP Segments Disclosure
REPORTABLE SEGMENTS:
Our reportable segments currently reflect the following segments, which conduct their business primarily in the United States:
•intrastate transportation and storage;
•interstate transportation and storage;
•midstream;
•NGL and refined products transportation and services;
•crude oil transportation and services;
•investment in Sunoco LP;
•investment in USAC; and
•all other.
Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.
Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our crude oil transportation and services segment are reflected in crude sales and gathering, transportation and other fees. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales.
We report Segment Adjusted EBITDA (defined below) as the measure of segment performance reviewed by our chief operating decision maker (“CODM”). The role of the CODM is held by the Partnership’s co-chief executive officers (“co-
CEOs”). Both of the co-CEOs fulfill specific functions that impact the allocation of resources and assessment of performance among our reportable segments, including the approval of budgets and the evaluation of growth projects and acquisitions. The Partnership’s co-CEOs receive and review the same information with respect to the Partnership’s segment operating results.
The co-CEOs use Segment Adjusted EBITDA to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The co-CEOs also use Segment Adjusted EBITDA to assess the performance for each segment and in the compensation of certain employees. The co-CEOs consider forecast-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Assets by segment are not a measure used to assess our performance by the co-CEOs and thus are not reported in our disclosures.
We define Segment Adjusted EBITDA as total Partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt, certain foreign currency transaction gains and losses and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at LIFO. These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period. Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.
The following tables present financial information by segment:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
| Intrastate transportation and storage: | |||||||||||||||||
| Revenues from external customers | $ | 3,544 | $ | 2,750 | $ | 3,222 | |||||||||||
| Intersegment revenues | 452 | 303 | 740 | ||||||||||||||
| 3,996 | 3,053 | 3,962 | |||||||||||||||
| Interstate transportation and storage: | |||||||||||||||||
| Revenues from external customers | 2,416 | 2,270 | 2,328 | ||||||||||||||
| Intersegment revenues | 29 | 26 | 47 | ||||||||||||||
| 2,445 | 2,296 | 2,375 | |||||||||||||||
| Midstream: | |||||||||||||||||
| Revenues from external customers | 3,356 | 3,283 | 2,911 | ||||||||||||||
| Intersegment revenues | 9,147 | 7,916 | 7,495 | ||||||||||||||
| 12,503 | 11,199 | 10,406 | |||||||||||||||
| NGL and refined products transportation and services: | |||||||||||||||||
| Revenues from external customers | 21,183 | 20,981 | 18,413 | ||||||||||||||
| Intersegment revenues | 3,670 | 3,549 | 3,490 | ||||||||||||||
| 24,853 | 24,530 | 21,903 | |||||||||||||||
| Crude oil transportation and services: | |||||||||||||||||
| Revenues from external customers | 26,479 | 28,528 | 26,534 | ||||||||||||||
| Intersegment revenues | (1) | 11 | 2 | ||||||||||||||
| 26,478 | 28,539 | 26,536 | |||||||||||||||
| Investment in Sunoco LP: | |||||||||||||||||
| Revenues from external customers | 25,178 | 22,666 | 23,026 | ||||||||||||||
| Intersegment revenues | 23 | 27 | 42 | ||||||||||||||
| 25,201 | 22,693 | 23,068 | |||||||||||||||
| Investment in USAC: | |||||||||||||||||
| Revenues from external customers | 933 | 909 | 824 | ||||||||||||||
| Intersegment revenues | 65 | 41 | 22 | ||||||||||||||
| 998 | 950 | 846 | |||||||||||||||
| All other: | |||||||||||||||||
| Revenues from external customers | 2,447 | 1,284 | 1,328 | ||||||||||||||
| Intersegment revenues | 1,462 | 463 | 470 | ||||||||||||||
| 3,909 | 1,747 | 1,798 | |||||||||||||||
| Eliminations | (14,847) | (12,336) | (12,308) | ||||||||||||||
| Total revenues | $ | 85,536 | $ | 82,671 | $ | 78,586 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Cost of products sold: | |||||||||||||||||
| Intrastate transportation and storage | $ | 2,525 | $ | 1,390 | $ | 2,616 | |||||||||||
| Interstate transportation and storage | 9 | 9 | 6 | ||||||||||||||
| Midstream | 7,391 | 6,637 | 6,503 | ||||||||||||||
| NGL and refined products transportation and services | 19,505 | 19,406 | 17,049 | ||||||||||||||
| Crude oil transportation and services | 22,465 | 24,407 | 23,071 | ||||||||||||||
| Investment in Sunoco LP | 22,409 | 20,595 | 21,703 | ||||||||||||||
| Investment in USAC | 148 | 146 | 137 | ||||||||||||||
| All other | 3,821 | 1,709 | 1,740 | ||||||||||||||
| Eliminations | (14,778) | (12,324) | (12,284) | ||||||||||||||
| Total cost of products sold | $ | 63,495 | $ | 61,975 | $ | 60,541 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses: | |||||||||||||||||
| Intrastate transportation and storage | $ | 257 | $ | 246 | $ | 279 | |||||||||||
| Interstate transportation and storage | 887 | 807 | 746 | ||||||||||||||
| Midstream | 1,784 | 1,550 | 1,204 | ||||||||||||||
| NGL and refined products transportation and services | 1,066 | 957 | 892 | ||||||||||||||
| Crude oil transportation and services | 927 | 852 | 699 | ||||||||||||||
| Investment in Sunoco LP | 873 | 611 | 420 | ||||||||||||||
| Investment in USAC | 180 | 166 | 147 | ||||||||||||||
| All other | 32 | 20 | 40 | ||||||||||||||
| Eliminations | (208) | (112) | (112) | ||||||||||||||
| Total operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses | $ | 5,798 | $ | 5,097 | $ | 4,315 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation, depletion and amortization: | |||||||||||||||||
| Intrastate transportation and storage | $ | 205 | $ | 216 | $ | 214 | |||||||||||
| Interstate transportation and storage | 572 | 575 | 563 | ||||||||||||||
| Midstream | 1,826 | 1,719 | 1,451 | ||||||||||||||
| NGL and refined products transportation and services | 1,029 | 1,026 | 915 | ||||||||||||||
| Crude oil transportation and services | 1,014 | 965 | 740 | ||||||||||||||
| Investment in Sunoco LP | 688 | 368 | 187 | ||||||||||||||
| Investment in USAC | 285 | 265 | 246 | ||||||||||||||
| All other | 63 | 31 | 69 | ||||||||||||||
| Total depreciation, depletion and amortization | $ | 5,682 | $ | 5,165 | $ | 4,385 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Selling, general and administrative expenses, excluding non-cash compensation and accretion expenses: | |||||||||||||||||
| Intrastate transportation and storage | $ | 46 | $ | 50 | $ | 51 | |||||||||||
| Interstate transportation and storage | 121 | 129 | 115 | ||||||||||||||
| Midstream | 193 | 199 | 199 | ||||||||||||||
| NGL and refined products transportation and services | 172 | 160 | 157 | ||||||||||||||
| Crude oil transportation and services | 152 | 149 | 120 | ||||||||||||||
| Investment in Sunoco LP | 283 | 266 | 113 | ||||||||||||||
| Investment in USAC | 56 | 54 | 51 | ||||||||||||||
| All other | 53 | 62 | 85 | ||||||||||||||
| Total selling, general and administrative expenses, excluding non-cash compensation and accretion expenses | $ | 1,076 | $ | 1,069 | $ | 891 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Equity in earnings of unconsolidated affiliates (1) : | |||||||||||||||||
| Intrastate transportation and storage | $ | 18 | $ | 16 | $ | 17 | |||||||||||
| Interstate transportation and storage | 280 | 241 | 260 | ||||||||||||||
| Midstream | 15 | 13 | 15 | ||||||||||||||
| NGL and refined products transportation and services | 77 | 83 | 76 | ||||||||||||||
| Crude oil transportation and services | 23 | 21 | 11 | ||||||||||||||
| Investment in Sunoco LP | 2 | — | — | ||||||||||||||
| All other | 4 | 5 | 4 | ||||||||||||||
| Total equity in earnings of unconsolidated affiliates | $ | 419 | $ | 379 | $ | 383 | |||||||||||
(1)Amounts reflected above exclude Sunoco LP’s earnings from the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Other income (expense) (1) : | |||||||||||||||||
| Intrastate transportation and storage | $ | 45 | $ | (9) | $ | 95 | |||||||||||
| Interstate transportation and storage | 508 | 477 | 501 | ||||||||||||||
| Midstream | 29 | 97 | 25 | ||||||||||||||
| NGL and refined products transportation and services | 33 | 172 | 89 | ||||||||||||||
| Crude oil transportation and services | 8 | 46 | 35 | ||||||||||||||
| Investment in Sunoco LP | 411 | 236 | 132 | ||||||||||||||
| Investment in USAC | — | — | 1 | ||||||||||||||
| All other | (3) | 35 | (8) | ||||||||||||||
| Eliminations | (214) | (101) | (11) | ||||||||||||||
| Total other income (expense) | $ | 817 | $ | 953 | $ | 859 | |||||||||||
(1)Other income and expense include, if applicable to a segment, Adjusted EBITDA related to unconsolidated affiliates, unrealized gains and losses on commodity risk management activities and other items. For the investment in Sunoco LP segment, this also includes inventory valuation adjustments.
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Additions to property, plant and equipment (1): | |||||||||||||||||
| Intrastate transportation and storage | $ | 1,572 | $ | 118 | $ | 93 | |||||||||||
| Interstate transportation and storage | 359 | 332 | 383 | ||||||||||||||
| Midstream | 1,616 | 1,323 | 832 | ||||||||||||||
| NGL and refined products transportation and services | 1,723 | 1,424 | 679 | ||||||||||||||
| Crude oil transportation and services | 90 | 423 | 266 | ||||||||||||||
| Investment in Sunoco LP | 651 | 344 | 215 | ||||||||||||||
| Investment in USAC | 157 | 276 | 300 | ||||||||||||||
| All other | 244 | 342 | 100 | ||||||||||||||
| Total additions to property, plant and equipment | $ | 6,412 | $ | 4,582 | $ | 2,868 | |||||||||||
(1)Amounts are presented on the accrual basis, net of contributions in aid of constructions costs. Amounts exclude acquisitions and include only the Partnership’s proportionate share of capital expenditures related to joint ventures.
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Investments in unconsolidated affiliates (1): | |||||||||||||||||
| Intrastate transportation and storage | $ | 151 | $ | 150 | $ | 144 | |||||||||||
| Interstate transportation and storage | 2,353 | 2,350 | 2,179 | ||||||||||||||
| Midstream | 130 | 132 | 141 | ||||||||||||||
| NGL and refined products transportation and services | 362 | 383 | 390 | ||||||||||||||
| Crude oil transportation and services | 190 | 193 | 187 | ||||||||||||||
| Investment in Sunoco LP | 342 | — | — | ||||||||||||||
| All other | 61 | 58 | 56 | ||||||||||||||
| Total investments in unconsolidated affiliates | $ | 3,589 | $ | 3,266 | $ | 3,097 | |||||||||||
(1)Amounts reflected above exclude Sunoco LP’s investments in the ET-S Permian and J.C. Nolan joint ventures, which are eliminated in consolidation.
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Segment Adjusted EBITDA: | |||||||||||||||||
| Intrastate transportation and storage | $ | 1,213 | $ | 1,358 | $ | 1,111 | |||||||||||
| Interstate transportation and storage | 1,936 | 1,828 | 2,009 | ||||||||||||||
| Midstream | 3,164 | 2,910 | 2,525 | ||||||||||||||
| NGL and refined products transportation and services | 4,143 | 4,179 | 3,894 | ||||||||||||||
| Crude oil transportation and services | 2,942 | 3,177 | 2,681 | ||||||||||||||
| Investment in Sunoco LP | 2,047 | 1,457 | 964 | ||||||||||||||
| Investment in USAC | 614 | 584 | 512 | ||||||||||||||
| All Other | (75) | (10) | 2 | ||||||||||||||
| Adjusted EBITDA (consolidated) | $ | 15,984 | $ | 15,483 | $ | 13,698 | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Reconciliation of net income to Adjusted EBITDA: | |||||||||||||||||
| Net income | $ | 5,708 | $ | 6,565 | $ | 5,294 | |||||||||||
| Depreciation, depletion and amortization | 5,682 | 5,165 | 4,385 | ||||||||||||||
| Interest expense, net of interest capitalized | 3,474 | 3,125 | 2,578 | ||||||||||||||
| Income tax expense | 350 | 541 | 303 | ||||||||||||||
| Impairment losses and other | 285 | 52 | 12 | ||||||||||||||
| Non-cash compensation expense | 148 | 151 | 130 | ||||||||||||||
| Unrealized (gains) losses on commodity risk management activities | (130) | 56 | (3) | ||||||||||||||
| Inventory valuation adjustments (Sunoco LP) | 156 | 86 | 114 | ||||||||||||||
| (Gains) losses on extinguishments of debt | 34 | 12 | (2) | ||||||||||||||
| Adjusted EBITDA related to unconsolidated affiliates | 726 | 692 | 691 | ||||||||||||||
| Equity in earnings of unconsolidated affiliates | (419) | (379) | (383) | ||||||||||||||
| Non-operating litigation-related loss | — | — | 627 | ||||||||||||||
| Gain on sale of West Texas assets (Sunoco LP) | — | (586) | — | ||||||||||||||
| Other, net | (30) | 3 | (48) | ||||||||||||||
| Adjusted EBITDA (consolidated) | $ | 15,984 | $ | 15,483 | $ | 13,698 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.