Energy Transfer reported first-quarter 2026 net income attributable to partners of $1.25 billion, down from $1.32 billion a year earlier. Net income per common unit was $0.35.
The partnership’s adjusted EBITDA climbed to $4.94 billion from $4.10 billion in the first quarter of 2025, a 20% increase. Distributable cash flow attributable to partners, as adjusted, rose to $2.70 billion from $2.31 billion.
Energy Transfer also raised its full-year 2026 adjusted EBITDA outlook to $18.2 billion-$18.6 billion, up from its prior forecast of $17.45 billion-$17.85 billion. It expects to spend $5.5 billion-$5.9 billion on growth capital in 2026.
In the first quarter, growth capital expenditures were $1.53 billion and maintenance capital spending was $175 million.
Operational volumes increased across the network. NGL and refined products terminal volumes rose 19% to a record, NGL exports increased 19% to a record, NGL transportation volumes grew 12%, NGL fractionation volumes climbed 11% to a record, crude oil transportation volumes increased 8% to a record, and midstream gathered volumes rose 6% to a record.
The partnership brought its Gateway NGL pipeline debottlenecking project into service during the quarter, and construction began on a new 3 million-barrel ethane storage cavern at Mont Belvieu. The cavern is expected online in the second half of 2027.
Energy Transfer said it has added connections to serve four new power plant loads in Oklahoma, which are expected to deliver about 300 MMcf/d of new gas supply. One connection is already in service, two more are expected in the third quarter of 2026, and the last is slated for the fourth quarter of 2028.
Its 275 MMcf/d Mustang Draw II processing plant is being commissioned and is expected to be fully in service in June 2026.
On the distribution side, Energy Transfer declared a quarterly cash distribution of $0.3375 per common unit, or $1.35 annualized, for the quarter ended March 31, 2026, more than 3% higher than the first quarter of 2025.
In financing, the partnership completed a $3.0 billion senior notes offering in January, using the proceeds to refinance existing debt. As of March 31, it had $3.45 billion of available borrowing capacity under its revolving credit facility. As a result of these announcements, the company's shares have moved 1.4% on the market, and are now trading at a price of $20.3601. Check out the company's full 8-K submission here.
