Energy Transfer Q4 Net Income Falls to $928m as EBITDA Climbs 8%
Energy Transfer’s Q4 net income fell 14.07% to $928m from $1.08bn, with net income per unit at $0.25, while adjusted EBITDA rose 8% to $4.18bn and distributable cash flow reached $2.04bn. The company advanced its Mustang Draw II 275,000 mcf/d plant and expanded Transwestern Pipeline to 2.3 bcf/d capacity at $5.6bn.
1. Q4 2025 Financial Results
Energy Transfer reported Q4 net income of $928m, down 14.07% year-over-year, with net income per common unit at $0.25. Adjusted EBITDA rose 8% to $4.18bn while distributable cash flow climbed to $2.04bn from $1.98bn.
2. Operational Growth Across Segments
Natural gas liquid and refined product terminal volumes increased 12% year-over-year, with NGL transportation and fractionation volumes up 5% and 3%, respectively. Crude oil transportation and midstream gathering volumes grew 6% and 4%, and interstate/intrastate natural gas transportation rose 4% and 3%.
3. Major Infrastructure Projects
Construction of the Mustang Draw II processing plant (275,000 mcf/d) in the Midland Basin is on track for late 2026. The Desert Southwest expansion boosted Transwestern Pipeline capacity to 2.3 bcf/d after upsizing to 48 in diameter at a $5.6bn cost, while Lake Charles LNG export development was suspended.
4. Long-Term Agreements and Open Season
Energy Transfer began delivering up to 900 mcf/d of gas to Oracle data centers near Abilene under long-term contracts. Florida Gas Transmission held an open season on two Florida pipeline projects backed by key customers, and a 20-year firm transportation agreement was signed to expand the Tiger Pipeline with a 19.3 km lateral at 250,000 MMBtu/d capacity.