Core Insights - Energy Transfer (ET) reported third-quarter 2025 adjusted earnings of 28 cents per unit, missing the Zacks Consensus Estimate of 33 cents by 15.2% and decreasing 12.5% from the previous year's figure of 32 cents [1][9] - Total revenues for ET were $19.95 billion, falling short of the Zacks Consensus Estimate of $22.91 billion by 12.9% and down 3.9% from the year-ago figure of $20.77 billion [2][9] Financial Performance - Total costs and expenses were $17.80 billion, a decrease of 4.2% year over year, attributed to lower product costs and reduced selling, general, and administrative expenses [3] - Operating income totaled $2.15 billion, down 1.4% year over year [3] - Interest expenses, net of interest capitalized, amounted to $890 million, which is 7.5% higher than the prior-year level [3] Development Projects - Energy Transfer is commissioning the third of eight 10-megawatt natural-gas-fired electric generation units in West Texas [4] - In August 2025, ET announced plans to construct a new natural gas storage cavern at its Bethel storage facility, expected to double the site's working gas storage capacity to over 12 billion cubic feet (BCF) by late 2028 [4] - In September 2025, ET signed agreements to expand its Price River Terminal in Utah, which will double the terminal's export capacity for American Premium Uinta oil [5] - In November 2025, ET announced plans to build Mustang Draw II, a new natural gas processing plant in the Midland Basin with a capacity of 250 million cubic feet of gas per day (MMcf/d), expected to enter service in Q4 2026 [6] Financial Position - As of September 30, 2025, ET had current assets of $17.44 billion, up from $14.20 billion as of December 31, 2024 [7] - Long-term debt, less current maturities, was $63.1 billion as of September 30, 2025, compared to $59.75 billion as of December 31, 2024 [7] - ET's revolving credit facility had an aggregate $3.44 billion of available borrowing capacity as of September 30, 2025 [7] Capital Expenditures - Growth capital expenditures in Q3 2025 totaled $1.14 billion, while maintenance capital expenditures amounted to $293 million [8] - For 2025, ET anticipates growth capital expenditures to be nearly $4.6 billion and expects to invest nearly $5 billion in growth capital in 2026 [10]