Energy Transfer operates in the most reliable segment of the energy sector, but how boring is this high yielder? The big draw with Energy Transfer (ET 0.52%) is likely to be the master limited partnership's (MLP's) huge 7.4% distribution yield. That's completely reasonable, noting that the S&P 500 index (^GSPC 0.32%) has a miserly yield of just 1.2% and the average energy stock's yield is just 3.3%. Before you jump aboard what looks like a boring stock, you'll want to know a little of the history backing th ...

Industry Overview - The Zacks Oil and Gas - Pipeline MLP industry consists of master limited partnerships (MLPs) that primarily transport oil, natural gas, refined petroleum products, and natural gas liquids (NGL) in North America, providing midstream services and generating stable fee-based revenues [3] - The industry is capital-intensive, with a debt-to-capitalization ratio of 55%, which can limit financial flexibility for midstream energy companies [4] Current Challenges - The outlook for the industry remains uncertain due to conservative capital spending by upstream players, which may lead to lower utilization of midstream assets [1][6] - A significant debt burden continues to hinder midstream energy companies' ability to fund new projects and withstand economic downturns [1][4] - There is a gradual shift from fossil fuels to renewable energy, which may reduce demand for pipeline and storage networks for oil and natural gas [5] Competitive Position - Pipeline players are in a stronger position compared to upstream and downstream firms, benefiting from steady, fee-based income through long-term contracts with shippers [2] - Leading companies in the sector include Enterprise Products Partners LP (EPD), Energy Transfer LP (ET), and Plains All American Pipeline LP (PAA) [2] Industry Performance - The Zacks Oil and Gas - Pipeline MLP industry has outperformed the broader Zacks Oil - Energy sector, with an 11.9% increase over the past year, compared to a 3% gain for the sector and a 21.6% improvement for the S&P 500 [10] Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 10.97X, lower than the S&P 500's 17.45X but significantly above the sector's 4.76X [14] - Over the past five years, the industry has traded between 7.48X and 12.57X, with a median of 10.11X [14] Notable Companies - Enterprise Products Partners LP (EPD) has a diversified asset portfolio with over 50,000 miles of pipelines and a storage capacity of 300 million barrels, generating stable fee-based revenues [17] - Energy Transfer LP (ET) operates a vast pipeline network across 125,000 miles, with a projected earnings growth of 9.4% for the year [21][22] - Plains All American Pipeline (PAA) relies on its oil and natural gas pipeline network and is expected to see marginal top-line growth of 1% in 2025 [25]

Core Viewpoint - Energy Transfer is positioned for significant growth due to a series of new expansion projects that will enhance its cash flow and distribution capabilities over the next several years [1][2][10] Growth Projects - The company has a robust pipeline of organic expansion projects expected to enter commercial service by the end of next year, contributing to cash-flow growth in 2026 and 2027 [1][3] - The most significant project is the Desert Southwest pipeline expansion, which will transport 1.5 billion cubic feet of gas per day and requires an investment of $5.3 billion, anticipated for completion by the end of 2029 [4][5] - Additional projects include the Lake Charles LNG facility, which has secured a 30% equity partner and long-term sales contracts, and is in advanced discussions for further capacity commitments [6][7] Future Cash Flow and Distribution - The expansion projects are expected to provide substantial incremental cash flow, enhancing the company's growth visibility through the end of the decade [5] - Energy Transfer anticipates increasing its distribution payout by 3% to 5% annually, supported by its strong financial position and growing cash flows [8][10] Additional Developments - The company is advancing several other projects, including a natural gas pipeline expansion that will increase capacity from 1.5 Bcf/d to 2.2 Bcf/d, and a Delaware Basin NGL Pipe Looping project expected to be completed by 2027 [9] - The Bethel Storage Expansion will double the gas storage capacity by late 2028, further contributing to the company's growth strategy [9]

Core Viewpoint - Energy Transfer is a strong long-term investment opportunity despite its past market-beating performance, driven by its resilient business model, high yield, robust cash flow, and attractive valuation relative to growth potential [2][3][12]. Group 1: Business Resilience and Growth - Energy Transfer operates over 135,000 miles of pipeline across 44 states, providing services for natural gas, natural gas liquids, crude oil, and refined products, and has expanded through acquisitions [3][5]. - The company's revenue model is resilient to volatile oil and gas prices, generating income as long as resources flow through its pipelines, making it appealing for investors seeking stability in the energy sector [4][5]. - Future plans include expanding pipeline operations in the Permian Basin and growing liquefied natural gas exports, which are expected to enhance long-term earnings and cash flow [5]. Group 2: High Yield and Interest Rate Environment - Energy Transfer offers a forward yield of 7.4%, significantly higher than the 10-Year Treasury yield of 4.3%, making it attractive to income investors as interest rates decline [6]. - Lower interest rates may weaken the U.S. dollar, potentially increasing demand for oil and gas, which could benefit Energy Transfer's upstream and downstream customers [7]. Group 3: Cash Flow and Distributions - As a master limited partnership (MLP), Energy Transfer's distributions include a return of capital and are supported by its distributable cash flow (DCF) [8]. - Historical data shows that Energy Transfer's adjusted EBITDA and DCF rebounded post-pandemic, with DCF consistently covering annual distributions [9][10]. Group 4: Valuation and Growth Potential - Analysts project a steady CAGR of 5% for Energy Transfer's adjusted EBITDA from 2024 to 2027, with an enterprise value of $121.8 billion, indicating it is undervalued at less than 8 times this year's adjusted EBITDA [12]. - Insider buying activity suggests confidence in the company's future performance, with insiders purchasing more than six times as many shares as they sold in the past year [12].

Core Insights - Energy Transfer (ET) has reported its Q2 earnings, highlighting its status as a significant and long-standing investment for the author, who expresses a strong affinity for the company [1] Company Analysis - Energy Transfer is characterized as an undervalued company within the energy sector, particularly in Oil & Gas, with strong fundamentals and good cash flows [1] - The company has been identified as a long-term value investment, appealing to investors looking for substantial returns in sectors that are often overlooked [1] Investment Strategy - The author emphasizes a focus on long-term value investing while also exploring potential deal arbitrage opportunities in various sectors [1] - There is a clear preference for investing in companies with understandable business models, avoiding high-tech and certain consumer goods sectors [1]

Core Viewpoint - Energy Transfer is entering a new growth phase with a significant backlog of attractive projects, which is expected to drive solid growth in the coming years [2][10]. Growth Projects - The company announced a new $5.3 billion natural gas pipeline project, the Desert Southwest pipeline, which will transport 1.5 billion cubic feet per day (Bcf/d) from the Permian to Arizona and New Mexico, expected to be completed by the end of 2029 [3]. - Phase 1 of the Hugh Brinson Pipeline, also with a capacity of 1.5 Bcf/d, is anticipated to come online by the end of 2026, with Phase 2 allowing for 2.2 Bcf/d transport from west to east and 1 Bcf/d from east to west [4]. - The company is making progress on the Lake Charles LNG project, having found a partner in MidOcean Energy and signed several offtake agreements, with plans to own about 25% of the project [4]. Financial Performance - In Q2, Energy Transfer's adjusted EBITDA grew by 3% year over year to $3.87 billion, while distributable cash flow (DCF) to partners fell by 1% to $1.96 billion [6]. - The company experienced volume increases across its systems, including an 11% rise in interstate natural gas volumes and a 10% increase in midstream gathered volumes [7]. Future Outlook - The company expects its full-year EBITDA to be at or slightly below the low end of its guidance range of $16.1 billion to $16.5 billion [8]. - Energy Transfer anticipates a mid-teens return on its growth projects, which are expected to provide a strong runway for growth in the coming years [10]. Distribution and Valuation - The company has a robust coverage ratio of 1.7 times for its Q2 distribution, with plans to grow its distribution by 3% to 5% annually [11]. - Approximately 90% of its 2025 EBITDA is expected to come from fee-based operations, contributing to a stable business model [12]. - The stock trades at a forward enterprise value (EV)-to-EBITDA multiple of 8.1 times, which is low compared to its MLP peers and historical averages [12].

Group 1 - The Retirement Forum aims to provide actionable ideas, a high-yield safe retirement portfolio, and macroeconomic outlooks to help maximize capital and income [1] - Energy Transfer (NYSE: ET) stock has outperformed the S&P 500 by 50% over the past two years, driven by its strong dividend yield [2] - The Value Portfolio employs a fact-based research strategy, including extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations to identify investment opportunities [2] Group 2 - The analyst has a beneficial long position in Energy Transfer shares, indicating confidence in the stock's performance [3] - Seeking Alpha emphasizes that past performance does not guarantee future results, highlighting the importance of thorough research before making investment decisions [4]

Core Viewpoint - Energy Transfer reported solid second-quarter results, with strong midstream operations despite some headwinds, indicating potential for future growth [1][15]. Financial Performance - The company generated nearly $3.9 billion in adjusted EBITDA, a 3% increase year-over-year [3]. - Distributable cash flow (DCF) decreased by 4% to nearly $2 billion, reflecting a slowdown compared to last year's growth rates of 13% in EBITDA and 10% in DCF [3]. Segment Performance - The interstate transportation and storage segments, along with midstream operations, contributed positively to earnings, while crude oil, NGL, and intrastate segments faced challenges due to lower commodity prices and higher expenses [6]. - New partnership records were set in midstream volumes, crude oil transportation (up 9%), NGL transportation (up 4%), and NGL exports (up 5%) [11]. Future Outlook - The company anticipates adjusted EBITDA to be at or slightly below the lower end of its 2025 guidance range of $16.1 billion to $16.5 billion, implying about 4% growth from last year [8]. - Several expansion projects, including the Lenorah II and Badger processing plants, are expected to provide incremental earnings in the coming quarters [9]. - Additional projects planned for 2026 and beyond, such as the Mustang Draw gas processing plant and the Hugh Brinson gas pipeline, are expected to enhance earnings growth momentum [10]. Expansion Projects - Energy Transfer has secured new expansion projects that extend its growth outlook through the end of the decade, including the Hugh Brinson Phase II and the $5.3 billion Transwestern Pipeline [12]. - Proposed projects like the Lake Charles LNG export terminal and the CloudBurst AI data center gas supply project are under development, which could further enhance long-term growth [13]. Strategic Acquisitions - The company has financial flexibility to pursue strategic acquisitions, which could bolster its growth profile [14].

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The unaudited consolidated financial statements for the six months ended June 30, 2025, show total revenues of **$40.26 billion**, a decrease from **$42.36 billion** in the prior year period. Net income attributable to partners was **$2.49 billion**, slightly down from **$2.55 billion** year-over-year. Total assets stood at **$125.02 billion**, with total liabilities at **$79.17 billion**. The statements reflect the ongoing operations, recent acquisitions, and financial position of the Partnership [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Energy Transfer's total assets were **$125.02 billion**, a slight decrease from **$125.38 billion** at year-end 2024. The change was primarily driven by a decrease in current assets, offset by an increase in net property, plant, and equipment. Total liabilities increased to **$79.17 billion** from **$78.63 billion**, mainly due to a rise in long-term debt Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $13,671 | $14,202 | | **Property, Plant and Equipment, Net** | $95,531 | $95,212 | | **Total Assets** | **$125,022** | **$125,380** | | **Total Current Liabilities** | $11,849 | $12,656 | | **Long-term Debt, less current maturities** | $60,749 | $59,752 | | **Total Liabilities** | $79,165 | $78,633 | | **Total Equity** | $45,534 | $46,017 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, revenues were **$19.24 billion**, down from **$20.73 billion** in Q2 2024, primarily due to lower refined product and crude sales. Net income attributable to partners was **$1.16 billion**, compared to **$1.31 billion** in the prior-year quarter. For the six-month period, revenues decreased to **$40.26 billion** from **$42.36 billion**, while net income attributable to partners slightly decreased to **$2.49 billion** from **$2.55 billion** Key Operating Results (in millions, except per unit data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $19,242 | $20,729 | $40,262 | $42,358 | | **Operating Income** | $2,309 | $2,298 | $4,800 | $4,678 | | **Net Income** | $1,458 | $1,992 | $3,178 | $3,684 | | **Net Income Attributable to Partners** | $1,163 | $1,314 | $2,486 | $2,554 | | **Basic Net Income per Common Unit** | $0.32 | $0.35 | $0.68 | $0.67 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was **$5.68 billion**, a decrease from **$6.04 billion** in the prior year period. Net cash used in investing activities increased significantly to **$2.90 billion** from **$1.15 billion**, driven by higher capital expenditures. Net cash used in financing activities was **$2.85 billion**, primarily for distributions to partners and debt management Cash Flow Summary - Six Months Ended June 30 (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $5,679 | $6,042 | | **Net Cash Used in Investing Activities** | $(2,899) | $(1,151) | | **Net Cash Used in Financing Activities** | $(2,850) | $(4,402) | | **Decrease in Cash and Cash Equivalents** | $(70) | $489 | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on the Partnership's accounting policies and financial activities. Key highlights include significant acquisition activity by subsidiary Sunoco LP, details on debt obligations and recent refinancing activities, equity transactions including preferred unit redemptions and common unit distributions, and extensive disclosures on regulatory matters, legal contingencies, and environmental liabilities. The notes also disaggregate revenue and provide segment-level financial data - Sunoco LP, a consolidated subsidiary, announced a definitive agreement to acquire Parkland Corporation for approximately **$9.1 billion** and entered an agreement to acquire TanQuid GmbH & Co. KG for approximately **€500 million**[31](index=31&type=chunk)[34](index=34&type=chunk) - The Partnership issued **$3.0 billion** in new senior notes in March 2025 to refinance existing debt and redeemed **$2.0 billion** of senior notes due in March and May 2025[50](index=50&type=chunk)[51](index=51&type=chunk) - Quarterly cash distributions on common units increased sequentially, reaching **$0.3300 per unit** for the quarter ended June 30, 2025[65](index=65&type=chunk) - As of June 30, 2025, the Partnership had accrued approximately **$305 million** for contingent obligations deemed probable and reasonably estimable, with a potential range of additional losses up to **$42 million** for matters considered reasonably possible[86](index=86&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=41&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management's discussion provides an analysis of the financial results for the three and six months ended June 30, 2025. Consolidated Adjusted EBITDA increased to **$3.87 billion** for the quarter and **$7.96 billion** for the six-month period, driven by strong performance in the Midstream and Investment in Sunoco LP segments. The discussion details segment-level performance, recent acquisitions by Sunoco LP, regulatory updates, liquidity position, capital expenditure plans for 2025, and cash distribution policies Consolidated Adjusted EBITDA (in millions) | Period | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30** | $3,866 | $3,760 | $106 | | **Six Months Ended June 30** | $7,964 | $7,640 | $324 | - The increase in Adjusted EBITDA was primarily driven by higher segment margin in the Midstream segment and the Investment in Sunoco LP segment[204](index=204&type=chunk) - The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, permanently reinstates **100% bonus depreciation**, which is expected to defer a significant portion of U.S. federal income taxes for the Partnership's corporate subsidiaries in future periods[185](index=185&type=chunk) [Recent Developments](index=41&type=section&id=Recent%20Developments) Key recent developments include significant acquisition activities by subsidiary Sunoco LP, which agreed to acquire Parkland Corporation for ~**$9.1 billion** and TanQuid for ~**€500 million**. Energy Transfer also announced an increased quarterly cash distribution of **$0.33 per common unit**. Additionally, the report notes the enactment of the One Big Beautiful Bill Act (OBBBA), which reinstates **100% bonus depreciation** and is expected to defer future federal income tax payments - Sunoco LP announced a definitive agreement to acquire Parkland Corporation in a cash and equity transaction valued at approximately **$9.1 billion**, expected to close in Q4 2025[178](index=178&type=chunk) - Sunoco LP also agreed to acquire TanQuid GmbH & Co. KG, which operates fuel terminals in Germany and Poland, for approximately **€500 million**, including assumed debt[181](index=181&type=chunk) - Energy Transfer announced a quarterly distribution of **$0.33 per common unit** (**$1.32 annualized**) for the quarter ended June 30, 2025[184](index=184&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) For Q2 2025, consolidated Adjusted EBITDA increased by **$106 million** YoY to **$3.87 billion**. The Midstream segment's Adjusted EBITDA grew by **$75 million** due to acquired assets and higher Permian volumes. The Investment in Sunoco LP segment saw a **$134 million** increase, largely from the NuStar acquisition. These gains were partially offset by decreases in the Intrastate, NGL & Refined Products, and Crude Oil segments. For the six-month period, Adjusted EBITDA rose **$324 million** to **$7.96 billion**, with the Midstream and Sunoco LP segments again being the primary drivers of growth Segment Adjusted EBITDA - Q2 2025 vs Q2 2024 (in millions) | Segment | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Intrastate transportation and storage | $284 | $328 | $(44) | | Interstate transportation and storage | $470 | $392 | $78 | | Midstream | $768 | $693 | $75 | | NGL and refined products transportation | $1,033 | $1,070 | $(37) | | Crude oil transportation and services | $732 | $801 | $(69) | | Investment in Sunoco LP | $454 | $320 | $134 | | Investment in USAC | $149 | $144 | $5 | | **Total Adjusted EBITDA** | **$3,866** | **$3,760** | **$106** | - The Midstream segment's performance was boosted by recently acquired assets and higher volumes in the Permian region, which increased segment margin by **$176 million** YoY[227](index=227&type=chunk) - The Investment in Sunoco LP segment benefited from the NuStar acquisition (acquired May 2024), contributing to a **$12 million** increase in segment margin and a **$48 million** increase in Adjusted EBITDA from unconsolidated affiliates (ET-S Permian)[235](index=235&type=chunk) [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) The Partnership maintains a strong liquidity position, funding capital expenditures and distributions primarily with cash from operations. For 2025, total planned capital expenditures are approximately **$6.1 billion**, with **$5.0 billion** allocated to growth projects and **$1.1 billion** for maintenance. As of June 30, 2025, the Partnership had **$2.51 billion** available for future borrowings under its **$5.0 billion** Five-Year Credit Facility. Total consolidated debt stood at **$60.76 billion** 2025 Expected Capital Expenditures (in millions) | Category | Growth | Maintenance | Total | | :--- | :--- | :--- | :--- | | Intrastate transportation and storage | $1,400 | $85 | $1,485 | | Interstate transportation and storage | $170 | $205 | $375 | | Midstream | $1,525 | $375 | $1,900 | | NGL and refined products | $1,375 | $150 | $1,525 | | Crude oil transportation and services | $295 | $180 | $475 | | All other | $235 | $105 | $340 | | **Total** | **$5,000** | **$1,100** | **$6,100** | - As of June 30, 2025, the Partnership's Five-Year Credit Facility had **$2.47 billion** of outstanding borrowings and **$2.51 billion** available for future borrowings[265](index=265&type=chunk) - Total consolidated debt was **$60.76 billion** as of June 30, 2025, up from **$59.76 billion** at year-end 2024[258](index=258&type=chunk) [Cash Distributions](index=62&type=section&id=Cash%20Distributions) Energy Transfer follows a policy of distributing all available cash quarterly. For the quarter ended June 30, 2025, the distribution on common units was set at **$0.3300 per unit**. The report also details distributions for various series of preferred units. Consolidated subsidiaries Sunoco LP and USAC also continued their regular quarterly distributions to their respective unitholders Energy Transfer Common Unit Distributions Declared in 2025 | Quarter Ended | Rate per Unit | | :--- | :--- | | December 31, 2024 | $0.3250 | | March 31, 2025 | $0.3275 | | June 30, 2025 | $0.3300 | [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The Partnership is exposed to market risks from commodity price volatility and interest rate changes. Commodity price risk is managed using various derivative instruments. A hypothetical **10%** change in commodity prices would have a varied impact on the fair value of its derivative portfolio. For interest rate risk, the company had **$4.05 billion** of floating-rate debt outstanding as of June 30, 2025, where a **100-basis-point** change would alter annual interest expense by approximately **$40 million**. There have been no material changes to market risk exposures since year-end 2024 - The company manages commodity price volatility through exchange-traded and OTC financial instruments, including futures, swaps, and options[281](index=281&type=chunk) - As of June 30, 2025, the Partnership had **$4.05 billion** of floating-rate debt. A **100-basis-point** change in interest rates would result in an estimated **$40 million** annual change in interest expense[283](index=283&type=chunk) [Controls and Procedures](index=66&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the Co-Chief Executive Officers and Chief Financial Officer, evaluated the Partnership's disclosure controls and procedures and concluded they were effective as of June 30, 2025. There were no material changes in the company's internal control over financial reporting during the second quarter of 2025 - Based on an evaluation, the Co-Principal Executive Officers and Principal Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2025[286](index=286&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[287](index=287&type=chunk) [PART II – OTHER INFORMATION](index=67&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=67&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The Partnership is involved in various legal and environmental proceedings. Notable updates include an investigation by the Pennsylvania Attorney General's Office into a refined products release from an SPLP pipeline in January 2025. Additionally, a lawsuit by the State of New Mexico regarding PCB contamination is proceeding to trial, with the state seeking damages of **$50-$60 million** from Transwestern. A consent decree related to a 2014 crude oil release in Ohio was terminated after payments of approximately **$3 million** were made - A January 2025 refined products release from the Twin-Oaks to Newark Pipeline in Pennsylvania is under investigation by the Pennsylvania Attorney General's Office, Environmental Crimes Unit. Potential charges and penalties are unknown[292](index=292&type=chunk) - In a lawsuit concerning PCB contamination, the State of New Mexico is seeking damages of **$50 million** to **$60 million** from subsidiary Transwestern, with a trial tentatively set for October 2025[293](index=293&type=chunk) - A consent decree related to a 2014 crude oil release in Ohio was terminated in May 2025 after SPLP and Mid Valley made total payments of approximately **$3 million** for civil penalties and natural resource damages[294](index=294&type=chunk) [Risk Factors](index=68&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 - No material changes have been identified from the risk factors described in the 2024 Form 10-K and the Q1 2025 Form 10-Q[298](index=298&type=chunk) [Exhibits](index=69&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed or furnished as part of the quarterly report, including corporate governance documents, certifications by executive officers as required by the Sarbanes-Oxley Act, and interactive data files

Key Takeaways Energy Transfer (ET) reported second-quarter 2025 adjusted earnings of 32 cents per unit, in line with the Zacks Consensus Estimate. The bottom line decreased 8.6% from the year-ago figure of 35 cents. Total Revenues of ET Revenues of $19.24 billion missed the Zacks Consensus Estimate of $25.26 billion by 23.8%. Total revenues also decreased 7.2% from the year-ago figure of $20.73 billion. Highlights of ET's Q2 Results Total costs and expenses were $16.93 billion, down 8.1% year over year. Thi ...