Energy Transfer LP (ET) raised its full-year 2026 Adjusted EBITDA outlook to a range of $19.7 billion to $19.9 billion after a third quarter in which volumes set Partnership records across several midstream systems.

The energy-infrastructure partnership had previously guided 2026 Adjusted EBITDA at $18.8 billion to $19.1 billion. It now expects to invest $5.4 billion to $5.6 billion in growth capital for 2026, a lower band than the $5.6 billion to $5.9 billion it had given after the second quarter, and about $7 billion for 2027.

Adjusted EBITDA for the three months ended September 30, 2026 was $5.03 billion, up 31% from $3.84 billion a year earlier, matching the year-over-year pace of the second quarter. Distributable cash flow attributable to partners, as adjusted, was $2.52 billion, up 33% from $1.90 billion a year earlier. Net income attributable to partners was $1.21 billion, or $0.33 a unit, versus $1.02 billion a year earlier.

Growth capital expenditures in the third quarter were $1.30 billion; maintenance capital expenditures were $284 million.

Intrastate transportation volumes were up 14% from the year-earlier quarter, a Partnership record. Intrastate Segment Adjusted EBITDA rose to $346 million from $230 million. The company said transported volumes on its Texas intrastate pipelines increased primarily due to new third-party transportation contracts tied to the Hugh Brinson Pipeline and its downstream assets. Phase I of that pipeline was placed into full service on September 1, 2026, ahead of schedule; Phase II remains on schedule for the first quarter of 2027. Segment Adjusted EBITDA in intrastate transportation and storage included an $82 million increase in realized natural gas sales and other, primarily from early volumes during the Hugh Brinson capacity ramp-up, and a $36 million increase in transportation fees from those new contracts.

Midstream gathered volumes were up 6% year over year, another Partnership record. Midstream Segment Adjusted EBITDA was $864 million, compared with $751 million a year earlier. Gathering and processing volumes increased in most regions, the company said, primarily from new and upgraded plants in the Permian and dry gas gathering in the Northeast and Ark-La-Tex. NGL production rose primarily on increased Permian plant utilization.

NGL transportation volumes were up 6%, NGL exports up 9%, and NGL fractionation volumes up 5%. NGL and refined products transportation and services Segment Adjusted EBITDA was $1,224 million, versus $1,054 million a year earlier. The company attributed the increase in part to a $177 million rise in marketing margin excluding unrealized commodity-risk items, including a $143 million increase from more favorable market conditions it said it anticipates will be partially offset with $100 million in realized derivative losses in future periods.

Interstate transportation and storage Segment Adjusted EBITDA was $500 million, versus $431 million a year earlier, with natural gas transported at 17,990 BBtu/d versus 17,694 BBtu/d. Crude oil transportation and services Segment Adjusted EBITDA was $871 million, versus $746 million. Investment in Sunoco LP contributed $1,049 million of Segment Adjusted EBITDA, versus $489 million a year earlier; investment in USAC contributed $198 million, versus $160 million. No single segment contributed more than one-third of consolidated Adjusted EBITDA.

In October 2026 the partnership announced the acquisition of Vaquero Midstream LLC in a bolt-on transaction for approximately $2.6 billion, including cash and equity consideration, expected to close in the fourth quarter of 2026 subject to regulatory approval. It also placed the 275 MMcf/d Mustang Draw II processing plant into service in the Midland Basin in October. In November 2026, it announced a planned 200 MMcf/d Bear II cryogenic plant in the Delaware Basin expected in service in the third quarter of 2027, and reached a positive final investment decision on the 215-mile South Mississippi Pipeline Project, an expected $1.6 billion 36-inch line with 1.2 Bcf/d capacity projected to enter service in 2030.

The partnership announced a quarterly cash distribution of $0.3425 per common unit, or $1.37 annualized, an increase of more than 3% versus the third quarter of 2025 and its twentieth consecutive increase. As of September 30, 2026, its revolving credit facility had $4.41 billion of available borrowing capacity.