Energy Transfer LP

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	5,917	6,565	5,294	5,868	6,687	140	4,825	3,420	2,366	—	1,061
Net Income
Depreciation & Amortization	5,565	5,165	4,385	4,164	3,817	3,678	3,147	2,859	2,554	2,216	1,930
Depreciation, Depletion and Amortization
Amortization Included in Interest Expense
Stock Based Compensation	148	151	130	115	111	121	113	105	99	70	91
Non-Cash Unit-Based Compensation Expense
Non-Cash Executive Compensation Expense
Non-Cash Compensation Expense
Other Adjustments	68	-179	197	406	32	3,375	362	888	-398	1,215	748
Income from Discontinued Operations
Deferred Income Tax Expense
Undistributed Minority Interests
Minority Interests and Other Non-Cash
Subsidiary Distributions to Minority Unitholders
Amortization Included in Interest Expense
Provision for Loss on Accounts Receivable
Bridge Loan Related Fees
Inventory Valuation Adjustments
Undistributed Earnings of Affiliates, Net
Impairment Losses
Impairment of Investment in Unconsolidated Affiliates
Payment for Termination of Parent Company Interest Rate Derivatives
Proceeds from Termination of ETP Interest Rate Derivatives
Gains on Acquisitions
Gain on Sale of AmeriGas Common Units
Gain on Deconsolidation of Propane Business
Gain on Curtailment of Other Postretirement Benefit Plans
Other Non-Cash
Equity in Earnings of Unconsolidated Affiliates
Gain on Sale of Sunoco LP West Texas Assets
Gain on Retirement of Limited Partner Interests
Gain on Sale of Discontinued Operations Before Income Tax Expense
Distribution in Excess of Earnings of Affiliates, Net
Losses on Extinguishments of Debt
Distributions from Unconsolidated Affiliates
Distributions on Unvested Awards
Changes in Other Operating Activities	-869	-196	-451	-1,502	515	47	-391	-250	-56	-86	-782
Net Change in Operating Assets and Liabilities, Net of Effects of Acquisitions and Divestitures
Operating Activities
Cash from Operating Activities	10,841	11,506	9,555	9,051	11,162	7,361	8,056	7,506	4,429	3,322	2,979
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-5,609	-4,091	-3,094	-3,325	-2,779	-5,063	-5,880	-7,298	-8,413	-7,700	-8,993
Capital Expenditures, Excluding Allowance for Equity Funds Used During Construction
Contributions in Aid of Construction Costs
Proceeds from Sale of Property, Plant & Equipment	—	1,011	38	380	45	19	54	87	48	35	14
Proceeds from the Sale of Other Assets
Proceeds from Sales of Other Assets
Proceeds from the Sale of Assets
Proceeds from the Sale of Discontinued Operations
Proceeds from Sale of Sunoco LP West Texas Assets
Purchases of Investments	-6	-206	-6	—	-4	-38	-523	-26	-268	-68	-45
Advances to and Investment in Affiliates
Contributions to Unconsolidated Affiliates
Proceeds from Sale of Investments	92	75	63	62	167	187	98	69	135	135	128
Proceeds from Sale of Investment in Affiliates
Distributions from Unconsolidated Affiliates in Excess of Cumulative Earnings
Payments for Business Acquisitions	-1,008	-2,732	-1,329	-1,141	-205	—	-794	32	-583	-1,398	-906
Cash Received in USAC Acquisition, Net of Cash Paid
Cash Paid for SemGroup Acquisition, Net of Cash Received
Cash Paid for Acquisition of PennTex Noncontrolling Interest
Cash Paid for Vitol Acquisition, Net of Cash Received
Cash Paid for PennTex Acquisition, Net of Cash Received
Cash Paid for All Other Acquisitions
Cash Paid for WTG Midstream Acquisition, Net of Cash Received
Cash Received from All Other Acquisitions
Cash Paid for Acquisition of a Noncontrolling Interest
Cash Paid for Edwards Lime Gathering, LLC Noncontrolling Interest
Cash Paid for Lotus Midstream Acquisition, Net of Cash Received
Cash Paid for Crestwood Acquisition, Net of Cash Received
Cash Paid for Other Acquisitions, Net of Cash Received
Cash Paid by Sunoco LP for Acquisitions of Terminals and Other Assets, Net of Cash Received
Proceeds from Business Divestments	—	1,014	—	—	—	—	93	—	3,478	—	64
Cash Proceeds from Sale of Noncontrolling Interest in Subsidiary
Cash Proceeds from Bakken Pipeline Transaction
Cash Proceeds from Rover Pipeline Transaction
Proceeds from Sale of Noncontrolling Interest
Cash Proceeds from Contribution and Sale of Propane Operations
Proceeds from the Sale of Discontinued Operations
Proceeds from Sale of Sunoco LP West Texas Assets
Cash Received by Sunoco LP from NuStar Acquisition
Other Investing Activities	146	-19	100	120	207	213	-327	3,420	-143	-331	-194
Contributions in Aid of Construction Costs
Advances to and Investment in Affiliates
Contributions to Unconsolidated Affiliates
Distributions from Unconsolidated Affiliates in Excess of Cumulative Earnings
Change in Restricted Cash
Cash Received by Sunoco LP from NuStar Acquisition
Other, Net
Investing Activities
Cash from Investing Activities	-5,896	-5,904	-4,325	-4,022	-2,775	-4,898	-6,934	-7,075	-5,606	-8,982	-9,735
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	34,442	34,150	32,130	28,838	21,267	24,440	22,583	29,001	31,608	26,051	26,455
Proceeds from Borrowings
Cash Received on Affiliate Notes
Repayments of Long-Term Debt	-30,531	-30,158	-31,416	-29,681	-27,318	-24,133	-20,101	-28,948	-31,523	-19,076	-19,828
Repayments of Debt
Repayments of Notes Payable to Related Party
USAC Investments in Government Securities in Connection with the Legal Defeasance of Senior Notes
Net Issuance / (Repayments) of Long-Term Debt	3,911	3,992	714	-843	-6,051	307	2,482	53	85	6,975	6,627
Issuance of Common Shares	28	640	3	405	226	222	1,128	2,051	5,017	2,795	4,730
Units Issued for Cash
Subsidiary Units Issued for Cash
Capital Contributions from Noncontrolling Interests
Capital Contributions from Redeemable Noncontrolling Interests
Repurchases of Common Shares	—	—	—	—	-31	—	-25	-24	—	—	-1,064
Common Units Repurchased Under Buyback Program
Repurchase of Common Units
Subsidiary Units Repurchased
Retirement of Employee Incentive Units
Net Issuance / (Repurchases) of Common Shares	28	640	3	405	195	222	1,103	2,027	5,017	2,795	3,666
Issuance of Preferred Shares	—	—	—	—	889	1,580	—	—	—	—	—
Preferred Units Issued for Cash
Repurchases of Preferred Shares	—	-3,466	—	—	—	—	—	—	-53	—	-75
Redemption of Energy Transfer Preferred Units
Sunoco LP Redemption of NuStar Preferred Units
Redemption of Crestwood Niobrara LLC Preferred Units
Net Issuance / (Repurchases) of Preferred Shares	—	-3,466	—	—	889	1,580	—	—	-53	—	-75
Common Share Dividends Paid	-6,466	-6,470	-5,998	-4,643	-3,434	-4,502	-4,704	-4,825	-3,971	-3,788	-3,425
Distributions to Partners
Distributions to Noncontrolling Interests
Distributions to Redeemable Noncontrolling Interests
Other Financing Activities	-1,860	-2,103	-1,792	-1,218	-1,327	-1,472	-653	-1,451	1,108	240	2,387
Cash Received on Affiliate Notes
Repayments of Notes Payable to Related Party
USAC Investments in Government Securities in Connection with the Legal Defeasance of Senior Notes
Debt Issuance Costs
Other
Other, Net
Subsidiary Units Issued for Cash
Subsidiary Units Repurchased
Capital Contributions from Noncontrolling Interests
Capital Contributions from Redeemable Noncontrolling Interests
Distributions to Noncontrolling Interests
Distributions to Redeemable Noncontrolling Interests
Cash from Financing Activities	-1,670	-5,451	-5,326	-5,108	-8,418	-2,387	-1,250	-3,082	953	5,927	6,785
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	5,232	7,415	6,461	5,726	8,383	2,298	2,176	208	-3,984	-4,378	-6,014
NOPAT	8,724.3	8,442.3	7,845.9	7,478	8,556.6	1,106.6	6,923.2	5,397.1	9,745.8	4,192	2,599.6
Levered Free Cash Flow	11,893	14,078	8,958	7,580	6,151	-2,326	6,390	-1,174	-3,961	3,383	1,154
Unlevered Free Cash Flow	7,811.3	9,320.3	8,685.9	6,815	10,109.6	-231.4	3,799.2	708.1	3,830.8	-1,378	-5,245.4
Net Change in Cash	3,275	151	-96	-79	-31	76	-128	-2,651	-224	267	29