Energy Transfer LP raised its 2026 adjusted EBITDA forecast after third-quarter profit and transportation volumes increased, setting a higher earnings target alongside plans for further pipeline investment.
The partnership now expects full-year adjusted EBITDA of $19.7 billion to $19.9 billion, up from its previous forecast of $18.8 billion to $19.1 billion. Adjusted EBITDA is a measure calculated outside generally accepted accounting principles.
For the three months ended Sept. 30, adjusted EBITDA climbed 31% from a year earlier, reaching $5.03 billion compared with $3.84 billion. Energy Transfer announced the results in a press release furnished as Exhibit 99.1 to a Form 8-K it filed Tuesday with the U.S. Securities and Exchange Commission.
Net income attributable to partners rose to $1.21 billion from $1.02 billion. Distributable Cash Flow attributable to partners, as adjusted, increased 33% to $2.52 billion from $1.90 billion.
The partnership reported records for two measures of gas activity: intrastate transportation volumes increased 14%, while midstream gathering volumes grew 6%. Natural gas liquids transportation rose 6%, exports increased 9% and fractionation volumes climbed 5%.
Energy Transfer expects growth capital investment of $5.4 billion to $5.6 billion in 2026 and about $7 billion in 2027. It spent $1.30 billion on growth projects and $284 million on maintenance in the third quarter.
The company has made a final investment decision on the planned 215-mile South Mississippi Pipeline Project, which it estimates will cost about $1.6 billion. Its current design calls for a 36-inch pipeline able to carry 1.2 billion cubic feet of gas per day.
Energy Transfer said it is likely to own and operate 51% of the project, with shippers holding the remainder. It is seeking additional customer commitments through an open season and will set the pipeline’s final capacity after that process. The company expects the pipeline to enter service in 2030.
