Energy Transfer has reported net income of $928m attributable to partners for the fourth quarter of 2025 (Q4 2025), a 14.07% decrease compared to $1.08bn in the same period in 2024.
The net income per common unit of the US-based midstream energy company stood at $0.25 for the reported quarter, which ended 31 December 2025.
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Energy Transfer’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q4 rose by 8% to $4.18bn from $3.88bn the previous year.
Distributable cash flow attributed to partners amounted to $2.04bn, compared to $1.98bn during the same time frame last year.
Operationally, Energy Transfer witnessed growth in various segments. Natural gas liquid (NGL) and refined product terminals volumes increased by 12% year-over-year.
NGL transportation and fractionation volumes rose by 5% and 3%, respectively.
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By GlobalDataCrude oil transportation and midstream gathered volumes grew by 6% and 4%, respectively, whereas interstate and intrastate natural gas transportation volumes saw increases of 4% and 3%.
Construction of the Mustang Draw II processing plant, with a capacity of 275,000 cubic feet per day (mcf/d), is progressing in the Midland Basin and is expected to become operational in late 2026.
Last month, Energy Transfer began delivering natural gas to Oracle’s data centre near Abilene, Texas. Under long-term agreements, the company will provide up to 900mcf/d of gas to three Oracle data centres.
Also in January, the Energy Transfer-operated Florida Gas Transmission held an open season on two pipeline projects in Florida aimed at meeting rising demand, backed by long-term commitments from key customers.
During the reported quarter, Energy Transfer increased the capacity of its Desert Southwest expansion project on the Transwestern Pipeline in December 2025.
The project’s pipeline diameter was expanded from 42in to 48in, enhancing capacity to up to 2.3 billion cubic feet per day at a revised cost of around $5.6bn.
Meanwhile, development of the Lake Charles LNG export project was suspended in December as focus shifted towards other natural gas pipeline infrastructure projects.
Furthermore, in November 2025, a 20-year firm transportation agreement was signed by Energy Transfer with Entergy Louisiana to expand the Tiger Pipeline to support economic growth in north Louisiana.
This project involves constructing a 19.3km lateral with a capacity of 250,000 million British thermal units per day.
