Energy Transfer Raises Outlook as Profit Climbs
Second-quarter revenue rose 78% to $34.33 billion from $19.24 billion a year earlier.
Energy Transfer LP (ET), the midstream energy company, reported an 80% increase in second-quarter net income attributable to partners, which reached $2.09 billion and rose 67% from the first quarter.
Adjusted EBITDA increased 31% from a year earlier to $5.07 billion, accelerating from 20% growth in the first quarter. The measure rose about 3% sequentially, while adjusted distributable cash flow climbed 32% year over year to $2.59 billion and declined 4% from the prior quarter.
Revenue rose 78% year over year to $34.33 billion from $19.24 billion. The gain reflected acquisitions and stronger results across several businesses, even as volume growth moderated in fractionation, crude-oil transportation and midstream gathering.
The NGL and refined-products segment produced $1.31 billion of adjusted EBITDA, up 27%, as export-related activity and pricing supported results. NGL transportation volumes rose 13%, terminal volumes increased 20% and marketing margin gained $212 million, including $140 million from higher NGL sale premiums. Terminal-services margin increased $71 million, principally from loading more export volumes at higher rates.
Sunoco LP segment adjusted EBITDA more than doubled to $982 million, driven primarily by acquisitions. Midstream adjusted EBITDA rose 15% to $884 million as gathered volumes increased 4% and NGL production gained 5%, while crude-oil transportation and services adjusted EBITDA advanced 14% to $834 million on higher volumes and optimization gains.
Energy Transfer raised its full-year adjusted EBITDA guidance to $18.8 billion to $19.1 billion from $18.2 billion to $18.6 billion, following an increase in the range during the first quarter. Its 2026 growth-capital forecast is now $5.6 billion to $5.9 billion, compared with $5.5 billion to $5.9 billion previously.
The company also announced a fully subscribed expansion at Nederland that will add 240,000 barrels a day of ethane-export capacity and 55,000 barrels a day of LPG-export capacity. Energy Transfer increased its quarterly distribution more than 3% to $0.3400 per unit, its 19th consecutive quarterly increase.