Description

Energy Transfer & The NGL Surge—Is Infrastructure Expansion Solving the Permian’s Biggest Bottlenecks?

Energy Transfer’s recent financial results showcased a solid performance, with specific milestones and challenges impacting the overall financial health of the company. For the full year of 2025, Energy Transfer reported an adjusted EBITDA of nearly $16 billion, marking a 3% increase from the previous year and reaching a record high for the partnership. This reflects the effective management of the company’s diversified assets, enabling record volumes across its interstate midstream natural gas liquids (NGL), crude segments, and export operations. In the fourth quarter of 2025, Energy Transfer generated an adjusted EBITDA of approximately $4.2 billion, up from $3.9 billion in the same period the previous year. Distributable Cash Flow (DCF), as adjusted, was consistent with 2024 at approximately $2 billion. The quarter was marked by record throughput in several segments, including NGL fractionation and crude transportation.