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About Energy Transfer
From its filings with the US Securities and Exchange Commission
Energy Transfer is based in Dallas, Texas and is incorporated in Oklahoma. Its shares trade on TXSE under the ticker ET. The SEC classifies its business as natural gas transmission. In the fiscal year to 31 December 2025, it reported revenue of $85.54bn and net income of $4.43bn. At that date it held total assets of $141.29bn and shareholders' equity of $49.01bn. By business, Refined product sales brought in 28.3% of revenue, followed by Crude sales at 27.5% and NGL sales at 22.3%.
Energy Transfer derives cash flows from distributions related to its investment in its subsidiaries, including Sunoco LP and USAC. The amount of cash that our subsidiaries distribute to us is based on earnings from their respective business activities and the amount of available cash. Energy Transfer’s primary cash requirements are for distributions to its partners, capital expenditures, general and administrative expenses and debt service requirements. Energy Transfer distributes its available cash remaining after satisfaction of the aforementioned cash requirements to its Unitholders on a quarterly basis.
We expect our subsidiaries to utilize their resources, along with cash from their operations, to fund their announced growth capital expenditures and working capital needs; however, Energy Transfer may issue debt or equity securities from time to time as we deem prudent to provide liquidity for new capital projects of our subsidiaries or for other partnership purposes.
The following chart summarizes our organizational structure as of February 13, 2026. For simplicity, certain entities and ownership interests have not been depicted.
Quoted from its 10-K, filed 19 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Energy
- Industry
- Oil, Gas & Consumable Fuels
- Listed since
- 3 Feb 2006
- Employees
- 22,311
- Website
- energytransfer.com ↗
- Head office
- 8111 WESTCHESTER DRIVE, DALLAS, TX, 75225
- Incorporated in
- OK
- Classification
- Natural Gas Transmission
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. Kelcy WarrenExecutive Chairman of the Board of LE GP, LLC, since 2006$6,392
- Mr. Thomas LongCo-Chief Executive Officer, Director of LE GP, LLC, since 2016$20.2m
- Mr. Marshall McCreaCo-Chief Executive Officer, Director of LE GP, LLC, since 2009$20.2m
- Mr. Dylan BramhallGroup Chief Financial Officer, Executive Vice President$5.4m
- Mr. James WrightExecutive Vice President, General Counsel, Chief Compliance Officer of LE GP, LLC$5.1m
- Mr. Gregory McilwainExecutive Vice President - Operations$4.1m
- Mr. Aden SturrockGroup Senior Vice President, Controller, Principal Accounting Officer of LE GP, LLC$2.0m
- Mr. John McreynoldsDirector of LE GP, LLC, since 2005$252,950
- Mr. Matthew RamseyDirector of LE GP, LLC, since 2012$252,950
- Mr. Steven AndersonIndependent Director of LE GP LLC$275,450
- Mr. Michael GrimmIndependent Director of LE GP LLC$332,950
- Mr. James PerryIndependent Director of LE GP, LLC$252,950
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 41
- Environment
- 46
- Social
- 50
- Governance
- 26
- Women in the workforce
- 13.5%
- Carbon reduction policy
- No
- Human rights policy
- Yes
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- Energy Transfer LP possesses a well-diversified and integrated portfolio of assets, including pipelines, storage facilities, and terminals across different regions. This diversity reduces operational risk and provides the company with a competitive advantage in serving various market segments.
- Energy Transfer LP is one of the largest and most established midstream energy companies. Its significant market presence allows the company to negotiate favorable contracts with customers and gain strategic advantages in terms of pricing power and market share.
- With an extensive network of pipelines and related infrastructure, Energy Transfer LP is well-positioned to transport and store various energy commodities such as natural gas, crude oil, and refined products. This infrastructure network provides the company with a competitive edge in meeting customer demand.
Weaknesses
- As a midstream energy company, Energy Transfer LP is exposed to fluctuations in commodity prices. Any significant decline in energy prices can impact the company's revenues and profitability, as it may result in reduced demand for transportation and storage services.
- Energy Transfer LP carries a substantial amount of debt, which increases its financial risk. High debt levels can limit the company's flexibility in pursuing growth opportunities, and it may also increase its vulnerability to changes in interest rates and the overall economic environment.
Opportunities
- The increasing demand for natural gas as a cleaner energy source presents an opportunity for Energy Transfer LP to expand its transportation and storage services. The company can capitalize on this trend by investing in pipeline infrastructure to connect new production areas to major markets.
- The shift towards renewable energy sources opens avenues for Energy Transfer LP to diversify its operations. By investing in renewable energy infrastructure, such as pipelines for transporting hydrogen or renewable fuels, the company can adapt to changing market dynamics and tap into the emerging green energy sector.
Threats
- Energy Transfer LP operates in a highly regulated industry, and evolving regulations can pose challenges for the company. Changes in environmental policies, permitting requirements, or restrictions on infrastructure development could impact the company's operations, increase compliance costs, and hinder growth prospects.
- The midstream energy sector is highly competitive, with numerous players vying for market share. Energy Transfer LP faces competition from both established companies and new entrants, which may exert pricing pressure and restrict the company's ability to secure long-term contracts or expand its customer base.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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