Energy Transfer raises annual EBITDA guidance on record volumes
The midstream company reported first-quarter adjusted EBITDA of $4.94 billion, a 20% increase over the prior year.
Energy Transfer (ET), the energy infrastructure company, reported a significant increase in adjusted EBITDA for the first quarter of 2026.
The results were driven by record operational volumes across several key metrics, prompting the company to raise its full-year financial outlook.
Adjusted EBITDA for the first quarter rose 20% to $4.94 billion, up from $4.10 billion in the same period last year. Distributable cash flow attributable to partners, as adjusted, increased to $2.70 billion from $2.31 billion. Net income attributable to partners decreased to $1.25 billion from $1.32 billion.
Growth was supported by partnership records in NGL and refined products terminal volumes and NGL exports, both of which rose 19%. NGL fractionation volumes increased 11%, while crude oil transportation and midstream gathered volumes rose 8% and 6%, respectively.
Segment performance diverged as the investment in Sunoco LP saw Adjusted EBITDA grow to $858 million from $458 million. The company attributed this growth to acquisitions including Parkland and TanQuid. Midstream Segment Adjusted EBITDA decreased to $887 million from $925 million, as the prior-year period included a $160 million non-recurring recognition related to Winter Storm Uri.
Energy Transfer raised its full-year 2026 Adjusted EBITDA guidance to a range of $18.2 billion to $18.6 billion, up from the previous range of $17.45 billion to $17.85 billion. The company also increased its 2026 growth capital expenditure expectations to between $5.5 billion and $5.9 billion, compared to the prior guidance of $5.0 billion to $5.5 billion.
The company increased its quarterly cash distribution to $0.3375 per common unit, a rise of more than 3% compared to the first quarter of 2025.
To manage its balance sheet, Energy Transfer priced $1.75 billion of junior subordinated notes to refinance existing indebtedness and redeem Series H Preferred Units.