Energy Transfer LP

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,292	1,458	1,720	1,447	1,434	1,992
Net Income
Depreciation & Amortization	1,440	1,384	1,367	1,374	1,324	1,213
Depreciation, Depletion and Amortization
Amortization Included in Interest Expense
Stock Based Compensation	40	33	37	38	37	30
Non-Cash Compensation Expense
Other Adjustments	-14	62	-85	117	316.5	-512
Income from Discontinued Operations
Deferred Income Tax Expense
Amortization Included in Interest Expense
Inventory Valuation Adjustments
Impairment Losses
Impairment of Investment in Unconsolidated Affiliates
Gains on Acquisitions
Other Non-Cash
Equity in Earnings of Unconsolidated Affiliates
Gain on Sale of Sunoco LP West Texas Assets
Losses on Extinguishments of Debt
Distributions from Unconsolidated Affiliates
Distributions on Unvested Awards
Changes in Other Operating Activities	-186	-175	-122	-386	-230	-453
Net Change in Operating Assets and Liabilities, Net of Effects of Acquisitions and Divestitures
Operating Activities
Cash from Operating Activities	2,572	2,762	2,917	2,590	2,874	2,270
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-1,296	-1,649	-1,208	-1,456	-1,079	-786
Capital Expenditures, Excluding Allowance for Equity Funds Used During Construction
Contributions in Aid of Construction Costs
Proceeds from Sale of Property, Plant & Equipment	—	-2	2	21	10.5	988
Proceeds from the Sale of Other Assets
Proceeds from Sales of Other Assets
Proceeds from the Sale of Assets
Proceeds from Sale of Sunoco LP West Texas Assets
Purchases of Investments	-1	-3	-1	-1	-0.5	-203
Contributions to Unconsolidated Affiliates
Proceeds from Sale of Investments	21	36	20	15	-18	55
Distributions from Unconsolidated Affiliates in Excess of Cumulative Earnings
Payments for Business Acquisitions	-261	-92	-12	-1,081	-2,325.5	-54
Cash Paid for All Other Acquisitions, Net of Cash Received
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 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
Cash Paid by Sunoco LP for Acquisitions, Net of Cash Received
Cash Paid for Lotus Midstream Acquisition
Proceeds from Business Divestments	—	—	—	24	12	990
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 Sale of Noncontrolling Interest in Rover Pipeline LLC to AE-Midco Rover, LLC
Cash Proceeds from Sale of Bakken Pipeline Interest
Proceeds from Sale of Sunoco LP West Texas Assets
Cash Received by Sunoco LP from NuStar Acquisition
Other Investing Activities	30	52	36	55	13	-120
Contributions in Aid of Construction Costs
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	-1,528	-1,701	-1,198	-1,469	-3,284	45
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	10,729	5,554	10,592	7,567	6,398	12,044
Proceeds from Borrowings
Cash Received from Affiliate Notes
Cash Received on Affiliate Notes
Repayments of Long-Term Debt	-8,341	-4,606	-10,520	-7,064	-4,764	-11,698.5
Repayments of Debt
Cash Paid on Affiliate Notes
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	2,388	948	72	503	1,634	345.5
Issuance of Common Shares	22	3	2	1	0.5	320.5
Units Issued for Cash
Subsidiary Units Issued for Cash
Capital Contributions from Noncontrolling Interests
Capital Contributions from Redeemable Noncontrolling Interests
Repurchases of Common Shares	—	—	—	—	—	—
Common Units Repurchased Under Buyback Program
Subsidiary Units Repurchased
Net Issuance / (Repurchases) of Common Shares	22	3	2	1	0.5	320.5
Issuance of Preferred Shares	1,473	—	—	—	—	—
Preferred Units Issued for Cash
Sunoco LP Series a Preferred Units Issuance
Repurchases of Preferred Shares	—	-500	—	—	—	-2,552.5
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	1,473	-500	—	—	—	-2,552.5
Common Share Dividends Paid	-1,537	-1,721	-1,601	-1,607	-1,575	-1,717
Distributions to Partners
Distributions to Noncontrolling Interests
Distributions to Redeemable Noncontrolling Interest
Distributions to Redeemable Noncontrolling Interests
Other Financing Activities	-423	-499	-517	-421	-477	-648
Cash Received from Affiliate Notes
Cash Paid on Affiliate Notes
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 Interest
Distributions to Redeemable Noncontrolling Interests
Cash from Financing Activities	2,288	-1,272	-1,578	-1,108	59	-3,611
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	1,276	1,113	1,709	1,134	1,795	1,484
NOPAT	2,015.3	2,190.3	2,433	2,083.2	2,053.5	2,062.9
Levered Free Cash Flow	4,324	2,762	2,687	2,120	3,947	2,815.5
Unlevered Free Cash Flow	1,973.3	1,750.3	2,470	1,615.2	2,068.5	2,036.9
Net Change in Cash	3,332	-211	141	13	-351	-1,296