Energy Transfer Q2 Earnings Beat Estimates on NGL Growth, View Up

• NGL transportation volumes hit a record 2.64 million barrels per day (up 13%), while crude oil volumes reached 7.34 million barrels per day (up 4%), driven by stronger Permian and export activity
• Adjusted EBITDA increased 31% to $5.07 billion, with distributable cash flow up 32% to $2.59 billion; growth capex is projected at $5.6-$5.9 billion for 2026
• The Hugh Brinson Pipeline entered commercial service and is expected to reach full Phase I capacity of 1.5 Bcf per day by September 1, 2026

Energy Transfer Q2 2026 Earnings Summary

Key Financial Performance

Energy Transfer LP (ET) reported strong second-quarter 2026 results, with earnings of $0.59 per unit beating the Zacks Consensus Estimate of $0.39 by 51.28% and surging 84.4% year-over-year from $0.32. Revenues reached $34.33 billion, exceeding estimates by 10.42% and climbing 78.4% annually.

Operational Highlights

Record Volumes Across Key Segments:

• NGL transportation hit a record 2.64 million barrels per day (up 13%)
• Crude oil transportation reached 7.34 million barrels per day (up 4%)
• Midstream gathered volumes rose 4% to 22.14 million BBtu per day

Segment Performance:

• NGL and refined products revenues increased 29.9% to $7.72 billion, with adjusted EBITDA up 26.6% to $1.31 billion
• Crude oil segment revenues surged 92.3% to $11.05 billion, with EBITDA growing 13.9% to $834 million
• Midstream adjusted EBITDA increased 15.1% to $884 million despite a 10% revenue decline

Financial Strength

Adjusted EBITDA jumped 31% to $5.07 billion, while distributable cash flow rose 32% to $2.59 billion. The company maintained strong liquidity with $3.76 billion in available borrowing capacity.

Upgraded Guidance

Energy Transfer raised its 2026 adjusted EBITDA guidance to $18.8-$19.1 billion from the prior range of $18.2-$18.6 billion. Growth capital expenditures are projected at $5.6-$5.9 billion.

Market Implications

The earnings beat was driven by record-setting Permian Basin activity, stronger export volumes, and successful recent acquisitions. The Hugh Brinson Pipeline entered commercial service and is expected to reach full Phase I capacity of 1.5 Bcf per day