Energy Transfer Q1 Earnings Call Highlights

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Wed, May 6, 2026 astatine 6:09 AM CDT 10 min read

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Key Points

Energy Transfer reported Q1 2026 adjusted EBITDA of ~$4.9 billion and adjusted DCF of ~$2.7 billion, and raised full-year 2026 adjusted EBITDA guidance to ~$18.2–$18.6 billion portion expanding integrated maturation capex guidance to ~$5.5–$5.9 billion.
The 4th was driven by grounds volumes crossed midstream gathering, NGL fractionation and exports, and crude transportation, lifting NGL/refined-products EBITDA to astir $1.2 billion and crude EBITDA to astir $869 million.
Management highlighted large pipeline, retention and export projects — including the Desert Southwest and Springerville Lateral pipelines, Mont Belvieu ethane expansions, Permian processing plants, and extended ethane export contracts into 2041 — portion reiterating superior subject with a 3–5% yearly distribution-growth people and 4.0–4.5x leverage goal.
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Energy Transfer (NYSE:ET) reported higher first-quarter 2026 net arsenic absorption pointed to beardown operations and grounds volumes crossed aggregate parts of its midstream system, portion besides raising full-year guidance connected the backmost of what it described arsenic broad-based outperformance.

First-quarter results driven by grounds volumes and optimization

Co-CEO Thomas E. Long said the concern generated adjusted EBITDA of astir $4.9 cardinal successful the archetypal 4th of 2026, up from astir $4.1 cardinal successful the year-ago quarter. Distributable currency travel (DCF) attributable to partners, arsenic adjusted, was astir $2.7 billion, compared with astir $2.3 cardinal successful the archetypal 4th of 2025.

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Long attributed the 4th to “strong operations,” citing grounds midstream gathering volumes, NGL fractionation volumes, NGL export volumes, and crude lipid proscription volumes. Energy Transfer spent astir $1.5 cardinal connected integrated maturation superior during the quarter, chiefly successful the intrastate NGL and refined products, midstream, and interstate segments (excluding Sun and USA Compression superior spending).

Updated 2026 outlook: higher EBITDA and maturation superior

Long said Energy Transfer raised its 2026 adjusted EBITDA guidance scope to astir $18.2 cardinal to $18.6 billion. The anterior range, arsenic stated connected the call, was astir $7.45 cardinal to $17.85 billion. Long said the updated outlook reflects a astir $500 cardinal bushed versus interior expectations successful the archetypal 4th and that the concern captured its full-year optimization people successful the archetypal quarter, alongside expectations for continued outperformance.

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