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Debt Obligations | 12 Months Ended
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Dec. 31, 2023
Debt Obligations [Abstract] |
Debt Disclosure [Text Block] | DEBT OBLIGATIONS: Our debt obligations consist of the following:
| December 31, |
| 2023 |  | 2022 |
Energy Transfer Indebtedness |  |  |  |
3.45% Senior Notes due January 15, 2023(1) | — |  |  | 350 |  |
3.60% Senior Notes due February 1, 2023(1) | — |  |  | 800 |  |
4.25% Senior Notes due March 15, 2023(1) | — |  |  | 5 |  |
4.25% Senior Notes due March 15, 2023(1) | — |  |  | 995 |  |
4.20% Senior Notes due September 15, 2023(1) | — |  |  | 500 |  |
4.50% Senior Notes due November 1, 2023(1) | — |  |  | 600 |  |
5.875% Senior Notes due January 15, 2024(2)(3) | 23 |  |  | 23 |  |
5.875% Senior Notes due January 15, 2024(2)(3) | 1,127 |  |  | 1,127 |  |
7.60% Senior Notes due February 1, 2024(2)(3) | 82 |  |  | 82 |  |
4.90% Senior Notes due February 1, 2024(2)(3) | 350 |  |  | 350 |  |
7.60% Senior Notes due February 1, 2024(1) | — |  |  | 277 |  |
4.25% Senior Notes due April 1, 2024(3) | 500 |  |  | 500 |  |
4.50% Senior Notes due April 15, 2024(3) | 750 |  |  | 750 |  |
3.90% Senior Notes due May 15, 2024(3) | 600 |  |  | 600 |  |
9.00% Debentures due November 1, 2024(3) | 65 |  |  | 65 |  |
4.05% Senior Notes due March 15, 2025 | 1,000 |  |  | 1,000 |  |
5.75% Senior Notes due April 1, 2025(4) | 500 |  |  | — |  |
2.90% Senior Notes due May 15, 2025 | 1,000 |  |  | 1,000 |  |
5.95% Senior Notes due December 1, 2025 | 400 |  |  | 400 |  |
4.75% Senior Notes due January 15, 2026 | 1,000 |  |  | 1,000 |  |
3.90% Senior Notes due July 15, 2026 | 550 |  |  | 550 |  |
6.05% Senior Notes due December 1, 2026 | 1,000 |  |  | — |  |
4.40% Senior Notes due March 15, 2027 | 700 |  |  | 700 |  |
4.20% Senior Notes due April 15, 2027 | 600 |  |  | 600 |  |
6.05% Senior Notes due May 1, 2027(4) | 600 |  |  | — |  |
5.50% Senior Notes due June 1, 2027 | 44 |  |  | 44 |  |
5.50% Senior Notes due June 1, 2027 | 956 |  |  | 956 |  |
4.00% Senior Notes due October 1, 2027 | 750 |  |  | 750 |  |
5.55% Senior Notes due February 15, 2028 | 1,000 |  |  | 1,000 |  |
4.95% Senior Notes due May 15, 2028 | 800 |  |  | 800 |  |
4.95% Senior Notes due June 15, 2028 | 1,000 |  |  | 1,000 |  |
6.10% Senior Notes due December 1, 2028 | 500 |  |  | — |  |
6.00% Senior Notes due February 1, 2029(4) | 700 |  |  | — |  |
8.00% Senior Notes due April 1, 2029(4) | 450 |  |  | — |  |
5.25% Senior Notes due April 15, 2029 | 1,500 |  |  | 1,500 |  |
7.00% Senior Notes due July 15, 2029 | 66 |  |  | 66 |  |
4.15% Senior Notes due September 15, 2029 | 547 |  |  | 547 |  |
8.25% Senior Notes due November 15, 2029 | 33 |  |  | 33 |  |
8.25% Senior Notes due November 15, 2029 | 267 |  |  | 267 |  |
3.75% Senior Note due May 15, 2030 | 1,500 |  |  | 1,500 |  |
6.40% Senior Notes due December 1, 2030 | 1,000 |  |  | — |  |
7.38% Senior Notes due April 1, 2031(4) | 600 |  |  | — |  |
5.75% Senior Notes due February 15, 2033 | 1,500 |  |  | 1,500 |  |
4.05% Tax-Exempt Bonds due June 1, 2033(5) | 225 |  |  | — |  |
6.55% Senior Notes due December 1,2033 | 1,500 |  |  | — |  |
4.90% Senior Notes due March 15, 2035 | 500 |  |  | 500 |  |
6.625% Senior Notes due October 15, 2036 | 400 |  |  | 400 |  |
5.80% Senior Notes due June 15, 2038 | 500 |  |  | 500 |  |
7.50% Senior Notes due July 1, 2038 | 550 |  |  | 550 |  |
6.85% Senior Notes due February 15, 2040 | 250 |  |  | 250 |  |
6.05% Senior Notes due June 1, 2041 | 700 |  |  | 700 |  |
6.50% Senior Notes due February 1, 2042 | 1,000 |  |  | 1,000 |  |
6.10% Senior Notes due February 15, 2042 | 300 |  |  | 300 |  |
4.95% Senior Notes due January 15, 2043 | 350 |  |  | 350 |  |
5.15% Senior Notes due February 1, 2043 | 450 |  |  | 450 |  |
5.95% Senior Notes due October 1, 2043 | 450 |  |  | 450 |  |
5.30% Senior Notes due April 1, 2044 | 700 |  |  | 700 |  |
5.00% Senior Notes due May 15, 2044 | 531 |  |  | 531 |  |
5.15% Senior Notes due March 15, 2045 | 1,000 |  |  | 1,000 |  |
5.35% Senior Notes due May 15, 2045 | 800 |  |  | 800 |  |
6.125% Senior Notes due December 15, 2045 | 1,000 |  |  | 1,000 |  |
5.30% Senior Notes due April 15, 2047 | 900 |  |  | 900 |  |
5.40% Senior Notes due October 1, 2047 | 1,500 |  |  | 1,500 |  |
6.00% Senior Notes due June 15, 2048 | 1,000 |  |  | 1,000 |  |
6.25% Senior Notes due April 15, 2049 | 1,750 |  |  | 1,750 |  |
5.00% Senior Notes due May 15, 2050 | 2,000 |  |  | 2,000 |  |
Floating Rate Junior Subordinated Notes due November 1, 2066 | 600 |  |  | 600 |  |
Five-Year Credit Facility | 1,412 |  |  | 793 |  |
Unamortized premiums, discounts and fair value adjustments, net | 128 |  |  | 184 |  |
Deferred debt issuance costs | (197) |  |  | (181) |  |
| 44,359 |  |  | 40,264 |  |
Subsidiary Indebtedness |  |  |  |
Transwestern Debt |  |  |  |
5.66% Senior Notes due December 9, 2024(3) | 175 |  |  | 175 |  |
6.16% Senior Notes due May 24, 2037 | 75 |  |  | 75 |  |
| 250 |  |  | 250 |  |
Bakken Project Debt |  |  |  |
3.90% Senior Notes due April 1, 2024 | 1,000 |  |  | 1,000 |  |
4.625% Senior Notes due April 1, 2029 | 850 |  |  | 850 |  |
Unamortized premiums, discounts and fair value adjustments, net | (1) |  |  | (1) |  |
Deferred debt issuance costs | (4) |  |  | (7) |  |
| 1,845 |  |  | 1,842 |  |
Sunoco LP Debt |  |  |  |
6.00% Senior Notes Due April 15, 2027 | 600 |  |  | 600 |  |
5.875% Senior Notes Due March 15, 2028 | 400 |  |  | 400 |  |
7.00% Senior Notes due September 25, 2028 | 500 |  |  | — |  |
4.50% Senior Notes due May 15, 2029 | 800 |  |  | 800 |  |
4.50% Senior Notes due April 30, 2030 | 800 |  |  | 800 |  |
Sunoco LP Credit Facility due April 7, 2027 | 411 |  |  | 900 |  |
Lease-related obligations | 94 |  |  | 94 |  |
Deferred debt issuance costs | (25) |  |  | (23) |  |
| 3,580 |  |  | 3,571 |  |
USAC Debt |  |  |  |
6.875% Senior Notes due April 1, 2026 | 725 |  |  | 725 |  |
6.875% Senior Notes due September 1, 2027 | 750 |  |  | 750 |  |
USAC Credit Facility due December 2026(6) | 872 |  |  | 646 |  |
Deferred debt issuance costs | (11) |  |  | (14) |  |
| 2,336 |  |  | 2,107 |  |
HFOTCO Debt |  |  |  |
HFOTCO Tax Exempt Notes due 2050 (5) | — |  |  | 225 |  |
| — |  |  | 225 |  |
Other long-term debt | 18 |  |  | 3 |  |
Total debt | 52,388 |  |  | 48,262 |  |
Less: Current maturities of long-term debt | 1,008 |  |  | 2 |  |
Long-term debt, less current maturities | $ | 51,380 |  |  | $ | 48,260 |  |
(1)These notes were redeemed in 2023. (2)These notes were redeemed subsequent to December 31, 2023. (3)As of December 31, 2023, these notes were classified as long-term as management had the intent and ability to refinance the borrowings on a long-term basis. (4)These notes, totaling $2.85 billion aggregate principal amount, were assumed by the Partnership in connection with the closing of the Crestwood acquisition in November 2023. (5)In May 2023, the Partnership refinanced all of the $225 million outstanding principal amount of HFOTCO tax-exempt bonds with new 10-year tax-exempt bonds. The new bonds, which were issued through the Harris County Industrial Development Corporation and are obligations of Energy Transfer, accrue interest at a fixed rate of 4.05% and are mandatorily redeemable in 2033. Upon redemption, these tax-exempt bonds may be remarketed on different terms through final maturity of November 1, 2050. (6)The USAC Credit Facility matures in December 2026, except that if any portion of the 6.875% Senior Notes due 2026 are outstanding on December 31, 2025, the USAC Credit Facility will mature on December 31, 2025. The following table reflects future maturities of long-term debt for each of the next five years and thereafter. These amounts exclude $237 million in unamortized premiums, fair value adjustments and deferred debt issuance costs, net:
2024 | $ | 4,672 |
2025 | 2,900 |
2026 | 4,147 |
2027 | 6,823 |
2028 | 4,200 |
Thereafter | 29,756 |
Total | $ | 52,498 |
Long-term debt reflected on our consolidated balance sheets includes fair value adjustments related to interest rate swaps, which represent fair value adjustments that had been recorded in connection with fair value hedge accounting prior to the termination of the interest rate swap. Notes and Debentures Senior Notes The Energy Transfer Senior Notes are the Partnership’s senior obligations, ranking equally in right of payment with our other existing and future unsubordinated debt and senior to any of its future subordinated debt. The Energy Transfer Senior Notes are not guaranteed by any of its subsidiaries. The covenants related to the Energy Transfer Senior Notes include a limitation on liens, a limitation on transactions with affiliates, a restriction on sale-leaseback transactions and limitations on mergers and sales of all or substantially all of the Partnership’s assets. January 2024 Notes Issuance In January 2024, the Partnership issued $1.25 billion aggregate principal amount of 5.55% Senior Notes due 2034, $1.75 billion aggregate principal amount of 5.95% Senior Notes due 2054 and $800 million aggregate principal amount of 8.00% fixed-to-fixed reset rate Junior Subordinated Notes due 2054. The Partnership used the net proceeds to refinance existing indebtedness, including borrowings under its Five-Year Credit Facility (defined below), to redeem its outstanding Series C Preferred Units and Series D Preferred Units and for general partnership purposes. The Partnership also intends to use the proceeds to redeem its Series E Preferred Units in May 2024. Credit Facilities and Commercial Paper Five-Year Credit Facility The Partnership’s Five-Year Credit Facility allows for unsecured borrowings up to $5.00 billion and matures on April 11, 2027. The Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $7.00 billion under certain conditions. As of December 31, 2023, the Five-Year Credit Facility had $1.41 billion of outstanding borrowings, $1.37 billion of which consisted of commercial paper. The amount available for future borrowings was $3.56 billion, after accounting for outstanding letters of credit in the amount of $29 million. The weighted average interest rate on the total amount outstanding as of December 31, 2023 was 5.87%. Sunoco LP Credit Facility Sunoco LP maintains a $1.50 billion revolving credit facility (the “Sunoco LP Credit Facility”). As of December 31, 2023, the Sunoco LP Credit Facility had $411 million of outstanding borrowings and $5 million in standby letters of credit and matures in April 2027. The amount available for future borrowings was $1.08 billion at December 31, 2023. The weighted average interest rate on the total amount outstanding as of December 31, 2023 was 7.54%. USAC Credit Facility USAC maintains a $1.60 billion revolving credit facility (the “USAC Credit Facility”) which matures on December 8, 2026, except that if any portion of USAC’s senior notes due 2026 are outstanding on December 31, 2025, the USAC Credit Facility will mature on December 31, 2025. As of December 31, 2023, USAC had $872 million of outstanding borrowings and no outstanding letters of credit under the credit agreement. As of December 31, 2023, USAC had $728 million of remaining unused availability of which, due to restrictions related to compliance with the applicable financial covenants, $529 million was available to be drawn. The weighted average interest rate on the total amount outstanding as of December 31, 2023 was 7.98%. Covenants Related to Our Credit Agreements The agreements relating to the Senior Notes contain restrictive covenants customary for an issuer with an investment-grade rating from the rating agencies, which covenants include limitations on liens and a restriction on sale-leaseback transactions. The Five-Year Credit Facility contains covenants that limit (subject to certain exceptions) the Partnership’s and certain of the Partnership’s subsidiaries’ ability to, among other things: •incur indebtedness; •grant liens; •enter into mergers; •dispose of assets; •make certain investments; •make Distributions (as defined in the Five-Year Credit Facility) during certain Defaults (as defined in the Five-Year Credit Facility) and during any Event of Default (as defined in the Five-Year Credit Facility); •engage in business substantially different in nature than the business currently conducted by the Partnership and its subsidiaries; •engage in transactions with affiliates; and •enter into restrictive agreements. The applicable margin and rate used in connection with the interest rates and commitment fees, respectively, are based on the credit ratings assigned to our senior, unsecured, non-credit enhanced long-term debt. The applicable margin for eurodollar rate loans under the Five-Year Credit Facility ranges from 1.125% to 2.000% and the applicable margin for base rate loans ranges from 0.125% to 1.000%. The applicable rate for commitment fees under the Five-Year Credit Facility ranges from 0.125% to 0.300%. The Five-Year Credit Facility contains various covenants including limitations on the creation of indebtedness and liens and related to the operation and conduct of our business. The Five-Year Credit Facility also limits us, on a rolling four quarter basis, to a maximum Consolidated Funded Indebtedness to Consolidated EBITDA ratio, as defined in the underlying credit agreement, of 5.00 to 1.00, which can generally be increased to 5.50 to 1.00 during a Specified Acquisition Period. Our Leverage Ratio was 3.31 to 1.00 at December 31, 2023, as calculated in accordance with the credit agreement. Failure to comply with the various restrictive and affirmative covenants of our revolving credit facilities could require us to pay debt balances prior to scheduled maturity and could negatively impact the Partnership’s or our subsidiaries’ ability to incur additional debt and/or our ability to pay distributions to Unitholders. Covenants Related to Transwestern The agreements relating to the Transwestern senior notes contain certain restrictions that, among other things, limit the incurrence of additional debt, the sale of assets and the payment of dividends and specify a maximum debt to capitalization ratio. Covenants Related to Sunoco LP The Sunoco LP Credit Facility contains various customary representations, warranties, covenants and events of default, including a change of control event of default, as defined therein. Sunoco LP’s Credit Facility requires Sunoco LP to maintain a specified net leverage ratio and interest coverage ratio. Covenants Related to USAC The USAC Credit Facility contains covenants that limit (subject to certain exceptions) USAC’s ability to, among other things: •grant liens; •make certain loans or investments; •incur additional indebtedness or guarantee other indebtedness; •enter into transactions with affiliates; •merge or consolidate; •sell our assets; and •make certain acquisitions. The USAC Credit Facility is also subject to the following financial covenants, including covenants requiring USAC to maintain: •a minimum EBITDA to interest coverage ratio; •a ratio of total secured indebtedness to EBITDA within a specified range; and •a maximum funded debt to EBITDA ratio. Compliance with our Covenants Failure to comply with the various restrictive and affirmative covenants of our revolving credit facilities and note agreements could require us or our subsidiaries to pay debt balances prior to scheduled maturity and could negatively impact the subsidiaries ability to incur additional debt and/or our ability to pay distributions. We and our subsidiaries were in compliance with all requirements, tests, limitations, and covenants related to our debt agreements as of December 31, 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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