Energy Transfer Equity 8-K

Summary

Q3 2026 results with raised FY2026 Adjusted EBITDA guidance. Record intrastate transportation and midstream gathering volumes, recent Sunoco acquisitions and stronger commodity-marketing margins contributed to a 31% Y/Y increase in Adjusted EBITDA.

FY2026 Adjusted EBITDA guidance was raised to $19.7B-$19.9B from $18.8B-$19.1B. Energy Transfer expects growth capital spending of $5.4B-$5.6B in 2026 and ≈$7B in 2027.

Key Figures

• The Sunoco segment’s Adjusted EBITDA increased $560M, primarily from recent acquisitions. More favorable market conditions lifted NGL and crude marketing margins by $143M and $193M, respectively; the partnership expects each increase to be partially offset by $100M of realized derivative losses in future periods.
• Intrastate transportation volumes rose 14% and midstream gathered volumes rose 6%, both setting partnership records; NGL exports increased 9%. The South Mississippi Pipeline Project has long-term, demand-based transportation agreements supporting a planned 215-mile, 1.2 Bcf/d pipeline, expected to cost ≈$1.6B and enter service in 2030; Energy Transfer expects to own and operate 51%.
• The planned Vaquero Midstream acquisition is a ≈$2.6B bolt-on, with cash and equity consideration, expected to close in Q4 2026 subject to regulatory approval and customary conditions. The quarterly distribution was set at $0.3425 per common unit ($1.37 annualized), up more than 3% Y/Y and the partnership’s 20th consecutive increase.

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Adjusted EBITDA, non-GAAP	FY2026	$18.8B-$19.1B	$19.7B-$19.9B	raised
Growth capital	FY2026	$5.6B-$5.9B	$5.4B-$5.6B	lowered

Investor Takeaways

• Track intrastate transportation and midstream gathering volumes as new and upgraded capacity ramps; continued growth from Q3’s record levels would support the partnership’s throughput-driven earnings gains.
• Watch realized NGL and crude marketing margins as the anticipated derivative losses are recognized, and follow customer commitments from the South Mississippi Pipeline open season as final pipeline capacity is determined.