Energy Transfer (ET)
Connects U.S. production basins to processing, storage, terminals, and export outlets.
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Energy Transfer is a vast network that gathers oil and gas, separates useful fuels, moves them across the country and hands them off to refineries, power plants, fuel sellers and export docks. Headline sales are dominated by crude oil, fuel distribution and the fuels separated from raw natural gas, while steadier usage fees drive most earnings. It is expanding through fuel-distribution acquisitions and new gas links for power-hungry computing sites.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 9 more below
Crude Oil Transportation and Services
The largest sales line moves, stores, exports and resells crude oil. It produced $26.48B of sales in FY2025; refinery and export demand keep the pipes busy, while Dakota Access still depends on an unresolved easement.
Competes with Cactus II / Plains Oryx Permian (Plains All American) · Crude Oil Pipelines & Services (Enterprise Products)
In plain English
Picture a privately owned road system for crude oil. Producers send oil into more than 18,000 miles of pipe; Energy Transfer moves it toward refineries and export docks and can hold it in large tanks until a buyer needs it.
Customers pay for each trip and for storage or dock space. Energy Transfer also buys and resells some oil, which creates large sales totals but less profit per dollar than simply charging for network use. The business works best when wells keep producing, refineries keep running and the pipes stay legally and physically open.
NGL and Refined Products Transportation and Services
This chain separates, moves, stores and exports natural-gas liquids and also carries finished fuels. FY2025 sales were $21.18B; rising exports and fully subscribed additions at Nederland make dock capacity and on-time construction the watchpoints.
Competes with Grand Prix / Mont Belvieu / Galena Park (Targa) · NGL Pipelines & Services (Enterprise Products)
In plain English
Raw natural gas carries liquids that become cooking fuel, heating fuel and ingredients for plastics. Energy Transfer separates those liquids into useful products, moves them through pipes, stores them and loads them onto ships; it also handles finished fuels such as gasoline.
Think of a sorting depot connected directly to a seaport. Producers and processors pay to move material in, chemical makers and overseas buyers pull products out, and customers pay again for separating, storage and dock service. Long customer commitments support the Nederland expansion, but the new capacity earns nothing until construction finishes and ships can use it.
Midstream
The field-side system gathers raw gas, cleans it and removes valuable liquids. External FY2025 sales were $3.36B; new Permian plants add capacity, but earnings still depend on drilling, connected wells and the deal struck with each producer.
Competes with Permian Midland G&P (Targa) · Natural Gas and NGL Services (MPLX)
In plain English
Before raw gas can enter a long-distance pipe, someone has to collect it from scattered wells, squeeze it forward, clean it and pull out the valuable liquids mixed inside. That is this business.
Producers connect their wells to Energy Transfer's local web and pay processing fees or share part of the value of the gas and liquids. The separated liquids can then enter another Energy Transfer system, letting one stream earn money more than once. New Mustang Draw plants make room for more Permian gas; their payoff depends on producers drilling enough wells and connecting them on schedule.
Intrastate Transportation and Storage
Texas and Oklahoma gas pipes connect supply, storage and nearby buyers. FY2025 sales were $3.54B; Hugh Brinson is opening a larger route from West Texas toward northern Texas demand, including new computing sites.
Competes with Kinder Morgan Texas Pipeline (Kinder Morgan) · Whistler Pipeline (MPLX)
In plain English
Texas gas does not earn money merely by existing; it has to reach the place that needs it at the right hour. Energy Transfer's in-state pipes and storage sites connect West Texas supply with utilities, power plants, trading hubs and other local buyers.
A customer can reserve space in advance, pay for the amount moved, or pay to hold gas for later. Energy Transfer can also benefit when gas is cheap in one place or time and dearer in another. Hugh Brinson adds a wide new path north, but its value arrives only as customers start drawing gas through it.
Interstate Transportation and Storage
Long-distance gas lines sell dependable access between producing regions and distant markets. About 95% of revenue comes from reserved space, making this a steady earner; permits, customer credit and long construction schedules govern growth.
Competes with Tennessee Gas Pipeline (Kinder Morgan) · Transco (Williams)
In plain English
Here the customer often pays for a seat whether every mile is used or not. Utilities, gas sellers and large plants reserve space on Energy Transfer's long-distance pipelines so fuel will be available when demand jumps.
Those reservations provide most of this business's revenue, while occasional shipments and storage add more. Rates and new routes need government approval, so growth moves slowly: a customer may commit first, then wait years for the pipe. Once operating, however, the reserved-space model makes cash less sensitive to the daily price of gas.
Natural Gas | Announced Growth Projects
Long-term customers are pulling new pipes toward computing campuses, power plants and export docks. At June 2026, the companywide work already promised also included fuel supply; delivery timing and final customer go-aheads decide how quickly it becomes cash.
Competes with Kinder Morgan Texas Pipeline (Kinder Morgan) · Transco Wharton West Expansion (Williams)
In plain English
The growth slate starts with a signed need. A computing campus or power plant agrees that it will need gas; Energy Transfer then builds the short connecting pipe or expands the larger route behind it. Oracle, Nexus Hubbard, Crusoe and Entergy are named customers, while several others remain unnamed.
The customer pays for dependable access over many years, giving Energy Transfer a reason to spend before the gas starts flowing. Some projects are already running, others are under construction, and CloudBurst still depends on the customer's final approval. The opportunity is real, but the dates do not all arrive together.
Sunoco LP
Sunoco buys finished fuel and resells it to dealers, distributors, businesses and its own sites. FY2025 sales were $25.18B, with only two months of Parkland included; scale is rising even as gasoline demand trends lower.
Competes with Wholesale / GDSO (Global Partners) · Wholesale motor-fuel distribution (CrossAmerica Partners)
In plain English
This is the storefront-facing branch of the family. Sunoco buys gasoline and other finished fuels from refiners, moves them through terminals and trucks, then supplies branded dealers, distributors, commercial fleets and company-run locations.
The model resembles a grocery wholesaler: enormous volumes pass through, but only the gap between buying and selling prices becomes profit, alongside terminal and property income. Parkland greatly widened the footprint late in the year, so the last full-year sales figure captures only a small slice of the acquired business. Vehicle activity and reliable fuel supply keep the machine turning.
USA Compression Partners
USA Compression owns and maintains machines that keep gas moving as pressure fades. FY2025 sales were $933M; fixed monthly charges steady the income, while the J-W Power purchase expands a fleet that still requires heavy upkeep.
Competes with Contract Operations (Archrock) · Contract Services (Kodiak)
In plain English
Gas loses pressure as it travels, much as air weakens along a long hose. USA Compression places large engine-driven machines beside wells and pipelines to squeeze the gas forward, then maintains those machines for the customer.
Operators pay a monthly charge based mainly on the power installed, usually under contracts lasting months or years. That makes revenue steadier than billing only for gas volume, although fees can fall when little gas moves. Buying J-W Power added more machines and customer agreements; keeping the fleet available demands parts, skilled maintenance and continued gas production.
Crude Oil Transportation and ServicesThe largest sales line moves, stores, exports and resells crude oil. It produced $26.48B of sales in FY2025; refinery and export demand keep the pipes busy, while Dakota Access still depends on an unresolved easement.The largest sales line moves, stores, exports and resells crude oil. It produced $26.48B of sales in FY2025; refinery and export demand keep the pipes busy, while Dakota Access still depends on an unresolved easement.
In plain English
Picture a privately owned road system for crude oil. Producers send oil into more than 18,000 miles of pipe; Energy Transfer moves it toward refineries and export docks and can hold it in large tanks until a buyer needs it.
Customers pay for each trip and for storage or dock space. Energy Transfer also buys and resells some oil, which creates large sales totals but less profit per dollar than simply charging for network use. The business works best when wells keep producing, refineries keep running and the pipes stay legally and physically open.
Competes with Cactus II / Plains Oryx Permian (Plains All American) · Crude Oil Pipelines & Services (Enterprise Products)
NGL and Refined Products Transportation and ServicesThis chain separates, moves, stores and exports natural-gas liquids and also carries finished fuels. FY2025 sales were $21.18B; rising exports and fully subscribed additions at Nederland make dock capacity and on-time construction the watchpoints.This chain separates, moves, stores and exports natural-gas liquids and also carries finished fuels. FY2025 sales were $21.18B; rising exports and fully subscribed additions at Nederland make dock capacity and on-time construction the watchpoints.
In plain English
Raw natural gas carries liquids that become cooking fuel, heating fuel and ingredients for plastics. Energy Transfer separates those liquids into useful products, moves them through pipes, stores them and loads them onto ships; it also handles finished fuels such as gasoline.
Think of a sorting depot connected directly to a seaport. Producers and processors pay to move material in, chemical makers and overseas buyers pull products out, and customers pay again for separating, storage and dock service. Long customer commitments support the Nederland expansion, but the new capacity earns nothing until construction finishes and ships can use it.
Competes with Grand Prix / Mont Belvieu / Galena Park (Targa) · NGL Pipelines & Services (Enterprise Products)
MidstreamThe field-side system gathers raw gas, cleans it and removes valuable liquids. External FY2025 sales were $3.36B; new Permian plants add capacity, but earnings still depend on drilling, connected wells and the deal struck with each producer.The field-side system gathers raw gas, cleans it and removes valuable liquids. External FY2025 sales were $3.36B; new Permian plants add capacity, but earnings still depend on drilling, connected wells and the deal struck with each producer.
In plain English
Before raw gas can enter a long-distance pipe, someone has to collect it from scattered wells, squeeze it forward, clean it and pull out the valuable liquids mixed inside. That is this business.
Producers connect their wells to Energy Transfer's local web and pay processing fees or share part of the value of the gas and liquids. The separated liquids can then enter another Energy Transfer system, letting one stream earn money more than once. New Mustang Draw plants make room for more Permian gas; their payoff depends on producers drilling enough wells and connecting them on schedule.
Competes with Permian Midland G&P (Targa) · Natural Gas and NGL Services (MPLX)
Intrastate Transportation and StorageTexas and Oklahoma gas pipes connect supply, storage and nearby buyers. FY2025 sales were $3.54B; Hugh Brinson is opening a larger route from West Texas toward northern Texas demand, including new computing sites.Texas and Oklahoma gas pipes connect supply, storage and nearby buyers. FY2025 sales were $3.54B; Hugh Brinson is opening a larger route from West Texas toward northern Texas demand, including new computing sites.
In plain English
Texas gas does not earn money merely by existing; it has to reach the place that needs it at the right hour. Energy Transfer's in-state pipes and storage sites connect West Texas supply with utilities, power plants, trading hubs and other local buyers.
A customer can reserve space in advance, pay for the amount moved, or pay to hold gas for later. Energy Transfer can also benefit when gas is cheap in one place or time and dearer in another. Hugh Brinson adds a wide new path north, but its value arrives only as customers start drawing gas through it.
Competes with Kinder Morgan Texas Pipeline (Kinder Morgan) · Whistler Pipeline (MPLX)
Interstate Transportation and StorageLong-distance gas lines sell dependable access between producing regions and distant markets. About 95% of revenue comes from reserved space, making this a steady earner; permits, customer credit and long construction schedules govern growth.Long-distance gas lines sell dependable access between producing regions and distant markets. About 95% of revenue comes from reserved space, making this a steady earner; permits, customer credit and long construction schedules govern growth.
In plain English
Here the customer often pays for a seat whether every mile is used or not. Utilities, gas sellers and large plants reserve space on Energy Transfer's long-distance pipelines so fuel will be available when demand jumps.
Those reservations provide most of this business's revenue, while occasional shipments and storage add more. Rates and new routes need government approval, so growth moves slowly: a customer may commit first, then wait years for the pipe. Once operating, however, the reserved-space model makes cash less sensitive to the daily price of gas.
Competes with Tennessee Gas Pipeline (Kinder Morgan) · Transco (Williams)
Natural Gas | Announced Growth ProjectsLong-term customers are pulling new pipes toward computing campuses, power plants and export docks. At June 2026, the companywide work already promised also included fuel supply; delivery timing and final customer go-aheads decide how quickly it becomes cash.Long-term customers are pulling new pipes toward computing campuses, power plants and export docks. At June 2026, the companywide work already promised also included fuel supply; delivery timing and final customer go-aheads decide how quickly it becomes cash.
In plain English
The growth slate starts with a signed need. A computing campus or power plant agrees that it will need gas; Energy Transfer then builds the short connecting pipe or expands the larger route behind it. Oracle, Nexus Hubbard, Crusoe and Entergy are named customers, while several others remain unnamed.
The customer pays for dependable access over many years, giving Energy Transfer a reason to spend before the gas starts flowing. Some projects are already running, others are under construction, and CloudBurst still depends on the customer's final approval. The opportunity is real, but the dates do not all arrive together.
Competes with Kinder Morgan Texas Pipeline (Kinder Morgan) · Transco Wharton West Expansion (Williams)
Sunoco LPSunoco buys finished fuel and resells it to dealers, distributors, businesses and its own sites. FY2025 sales were $25.18B, with only two months of Parkland included; scale is rising even as gasoline demand trends lower.Sunoco buys finished fuel and resells it to dealers, distributors, businesses and its own sites. FY2025 sales were $25.18B, with only two months of Parkland included; scale is rising even as gasoline demand trends lower.
In plain English
This is the storefront-facing branch of the family. Sunoco buys gasoline and other finished fuels from refiners, moves them through terminals and trucks, then supplies branded dealers, distributors, commercial fleets and company-run locations.
The model resembles a grocery wholesaler: enormous volumes pass through, but only the gap between buying and selling prices becomes profit, alongside terminal and property income. Parkland greatly widened the footprint late in the year, so the last full-year sales figure captures only a small slice of the acquired business. Vehicle activity and reliable fuel supply keep the machine turning.
Competes with Wholesale / GDSO (Global Partners) · Wholesale motor-fuel distribution (CrossAmerica Partners)
USA Compression PartnersUSA Compression owns and maintains machines that keep gas moving as pressure fades. FY2025 sales were $933M; fixed monthly charges steady the income, while the J-W Power purchase expands a fleet that still requires heavy upkeep.USA Compression owns and maintains machines that keep gas moving as pressure fades. FY2025 sales were $933M; fixed monthly charges steady the income, while the J-W Power purchase expands a fleet that still requires heavy upkeep.
In plain English
Gas loses pressure as it travels, much as air weakens along a long hose. USA Compression places large engine-driven machines beside wells and pipelines to squeeze the gas forward, then maintains those machines for the customer.
Operators pay a monthly charge based mainly on the power installed, usually under contracts lasting months or years. That makes revenue steadier than billing only for gas volume, although fees can fall when little gas moves. Buying J-W Power added more machines and customer agreements; keeping the fleet available demands parts, skilled maintenance and continued gas production.
Competes with Contract Operations (Archrock) · Contract Services (Kodiak)
Named in filings, launches and programs
- All OtherSegmentGas trading, power generation, mineral royalties, real estate, captive insurance and compression-equipment work make up the remaining 2.9% of FY2025 sales.
- Hugh Brinson PipelineEcosystem · RampingA roughly 400-mile two-way gas route from West Texas to northern Texas; its first stage entered service in 2026.
- Desert Southwest ExpansionEcosystem · AnnouncedA proposed 520-mile Transwestern gas expansion aimed at late 2029, still dependent on federal approval.
- Mustang Draw I and IIEcosystem · RampingTwin Permian gas-processing plants; the first opened in June 2026 and the fully contracted second was due later that year.
- Nederland NGL Export Terminal ExpansionEcosystem · AnnouncedFully subscribed additions for exporting natural-gas liquids are scheduled to open in stages from 2028 through mid-2029.
- Lake Charles LNGEcosystemThe import, storage and gas-return terminal remains active, with all of its fixed-fee revenue coming from Shell.
- ET-S PermianBrandA joint venture with Sunoco holding more than 5,000 miles of Permian crude and water-gathering pipes plus storage.
- SunocoCorp LLCBrandThe controlled company formed around the Parkland purchase, managed through Sunoco.
- Dual Drive TechnologiesServiceBuilds and services gas-compression equipment inside All Other; separate sales are not disclosed.
All OtherSegment
Gas trading, power generation, mineral royalties, real estate, captive insurance and compression-equipment work make up the remaining 2.9% of FY2025 sales.
Hugh Brinson PipelineEcosystem · Ramping
A roughly 400-mile two-way gas route from West Texas to northern Texas; its first stage entered service in 2026.
Desert Southwest ExpansionEcosystem · Announced
A proposed 520-mile Transwestern gas expansion aimed at late 2029, still dependent on federal approval.
Mustang Draw I and IIEcosystem · Ramping
Twin Permian gas-processing plants; the first opened in June 2026 and the fully contracted second was due later that year.
Nederland NGL Export Terminal ExpansionEcosystem · Announced
Fully subscribed additions for exporting natural-gas liquids are scheduled to open in stages from 2028 through mid-2029.
Lake Charles LNGEcosystem
The import, storage and gas-return terminal remains active, with all of its fixed-fee revenue coming from Shell.
ET-S PermianBrand
A joint venture with Sunoco holding more than 5,000 miles of Permian crude and water-gathering pipes plus storage.
SunocoCorp LLCBrand
The controlled company formed around the Parkland purchase, managed through Sunoco.
Dual Drive TechnologiesService
Builds and services gas-compression equipment inside All Other; separate sales are not disclosed.