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Energy Transfer (ET) has suspended its Lake Charles LNG project to prioritize natural gas pipeline infrastructure, including 900 MMcf/d deliveries to Oracle data centers.
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Energy Transfer raised 2026 EBITDA guidance to $17.45B to $17.85B and plans $5.0B to $5.5B in growth capex focused on natural gas expansion.
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The company upsized its Desert Southwest pipeline expansion to 2.3 Bcf/d capacity at a $5.6B cost.
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Energy Transfer (NYSE: ET) delivered a mixed fourth quarter 2025 performance, posting $25.32 billion in revenue while net income declined to $928 million, down from $1.08 billion year-over-year. The midstream giant reported $0.25 EPS and adjusted EBITDA of $4.18 billion, representing an 8% increase from the prior year quarter.
Despite the earnings decline, Energy Transfer achieved multiple operational records. Crude oil transportation volumes rose 6%, while NGL fractionation increased 3% and NGL exports jumped 12%. Terminal volumes surged 12%, demonstrating robust throughput across the company’s 140,000-mile pipeline network spanning 44 states.
The company raised its quarterly distribution to $0.3350 per unit, a 3% increase versus Q4 2024, bringing the annualized payout to $1.34. This marks continued distribution growth supported by strong cash generation.
Energy Transfer made a significant strategic announcement, reiterating the suspension of its Lake Charles LNG project to prioritize pipeline infrastructure investments. The company commenced 900 MMcf/d natural gas deliveries to Oracle data centers, capitalizing on surging AI-driven energy demand. Management also upsized its Desert Southwest expansion to 2.3 Bcf/d capacity at a $5.6 billion cost.
The company raised its 2026 adjusted EBITDA guidance to $17.45 billion to $17.85 billion from a prior range of $17.3 billion to $17.7 billion, reflecting the J-W Power acquisition by USA Compression. Growth capital expenditures are projected at $5.0 billion to $5.5 billion, focused heavily on natural gas network expansion.
ET shares had gained 11.8% year-to-date as of February 17, outpacing the broader midstream MLP sector, which posted an 11.3% YTD gain as measured by the Alerian MLP ETF.
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