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Equity
 12 Months Ended
Dec. 31, 2023
Partners' Capital Notes [Abstract]  
Equity EQUITY:
Limited Partners
Limited partner interests in the Partnership are represented by Common Units that entitle the holders thereof to the rights and privileges specified in the Partnership Agreement. The Partnership’s Common Units are registered under the Securities Exchange Act of 1934 (as amended) and are listed for trading on the NYSE. Each holder of a Common Unit is entitled to one vote per unit on all matters presented to the Limited Partners for a vote. In addition, if at any time any person or group (other than the Partnership’s General Partner and its affiliates) owns beneficially 20% or more of all Common Units, any Common Units owned by that person or group may not be voted on any matter and are not considered to be outstanding when sending notices of a meeting of Unitholders (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under the Partnership Agreement. The Common Units are entitled to distributions of Available Cash as described at “Quarterly Distributions of Available Cash.”
Our Partnership Agreement contains specific provisions for the allocation of net earnings and losses to the partners for purposes of maintaining the partner capital accounts. For any fiscal year that the Partnership has net profits, such net profits are first allocated to the General Partner (which currently holds an approximately 0.1% general partner interest) until the aggregate amount of net profits for the current and all prior fiscal years equals the aggregate amount of net losses allocated to the General Partner for the current and all prior fiscal years. Second, such net profits shall be allocated to the Limited Partners pro rata in accordance with their respective sharing ratios. For any fiscal year in which the Partnership has net losses, such net losses shall be first allocated to the Limited Partners in proportion to their respective adjusted capital account balances, as defined by the Partnership Agreement, (before taking into account such net losses) until their adjusted capital account balances have been reduced to zero. Second, all remaining net losses shall be allocated to the General Partner. The General Partner may distribute to the Limited Partners funds of the Partnership that the General Partner reasonably determines are not needed for the payment of existing or foreseeable Partnership obligations and expenditures.
Common Units
The change in Energy Transfer Common Units during the years ended December 31, 2024, 2023 and 2022 was as follows:
 Years Ended December 31,
 202420232022
Number of Common Units, beginning of period3,367.5 3,094.4 3,082.5 
Common Units issued in mergers and acquisitions (1)
50.8 260.2 — 
Issuance of Common Units (2)
12.7 12.9 11.9 
Number of Common Units, end of period3,431.0 3,367.5 3,094.4 
(1)Includes common units issued related to our acquisitions of WTG Midstream in 2024 and of Crestwood and Lotus Midstream in 2023.
(2)Includes common units issued in connection with the distribution reinvestment program and restricted unit vestings.
Energy Transfer Class A Units
As of December 31, 2024, the Partnership had outstanding 847,443,096 Class A units (“Energy Transfer Class A Units”) representing limited partner interests in the Partnership to the General Partner. The Energy Transfer Class A Units are entitled to vote together with the Partnership’s common units, as a single class, except as required by law. Additionally, Energy Transfer’s Partnership Agreement provides that, under certain circumstances, upon the issuance by the Partnership of additional common units or any securities that have voting rights that are pari passu with the Partnership common units, the Partnership will issue to any holder of Energy Transfer Class A Units additional Energy Transfer Class A Units such that the holder maintains a voting interest in the Partnership that is identical to its voting interest in the Partnership prior to such issuance. The Energy Transfer Class A Units are not entitled to distributions and otherwise have no economic attributes.
Energy Transfer Repurchase Program
In February 2015, the Partnership announced a common unit repurchase program, whereby the Partnership may repurchase up to $2 billion of Energy Transfer Common Units in the open market at the Partnership’s discretion, subject to market
conditions and other factors, and in accordance with applicable regulatory requirements. The Partnership did not repurchase any Energy Transfer Common Units under this program in 2024 or 2023. As of December 31, 2024, $880 million remained available to repurchase under the current program.
Energy Transfer Distribution Reinvestment Program
During the year ended December 31, 2024, distributions of $89 million were reinvested under the distribution reinvestment program. As of December 31, 2024, a total of 38.9 million Energy Transfer common units remained available to be issued under currently effective registration statements in connection with the distribution reinvestment program.
Energy Transfer Preferred Units
As of December 31, 2024, Energy Transfer’s outstanding preferred units included 550,000 Series B Preferred Units, 500,000 Series F Preferred Units, 1,484,780 Series G Preferred Units, 900,000 Series H Preferred Units and 41,464,179 Series I Preferred Units. As of December 31, 2023, Energy Transfer’s outstanding preferred units also included the Series A Preferred Units, Series C Preferred Units, Series D Preferred Units and Series E Preferred Units, all of which were redeemed in 2024.
The following table summarizes changes in the Energy Transfer Preferred Units:
Preferred Unitholders
Series ASeries BSeries CSeries DSeries ESeries FSeries GSeries HSeries ITotal
Balance, December 31, 2021$958 $556 $440 $434 $786 $496 $1,488 $893 $— $6,051 
Distributions to partners(59)(36)(33)(34)(61)(34)(106)(59)— (422)
Net income59 36 33 34 61 34 106 59 — 422 
Balance, December 31, 2022958 556 440 434 786 496 1,488 893 — 6,051 
Distributions to partners(96)(36)(40)(36)(61)(34)(106)(59)— (468)
Units issued in Crestwood acquisition— — — — — — — — 413 413 
Net income86 36 38 37 61 34 106 59 6 463 
Balance, December 31, 2023948 556 438 435 786 496 1,488 893 419 6,459 
Distributions to partners(56)(36)(11)(11)(30)(34)(106)(59)(35)(378)
Redemption of Preferred Units(950)— (450)(445)(800)— — — — (2,645)
Other, net13 — 11 10 20 — — — — 54 
Net Income45 36 12 11 24 34 106 59 35 362 
Balance, December 31, 2024.$— $556 $— $— $— $496 $1,488 $893 $419 $3,852 
Series A Preferred Units
Prior to February 15, 2023, distributions on the Series A Preferred Units accrued at a fixed rate of 6.250% per annum of the liquidation preference of $1,000. Beginning February 15, 2023 to, but excluding, August 15, 2023, the Series A Preferred Units accrued a floating distribution rate set each quarterly distribution period at a percentage of the $1,000 liquidation preference equal to the then-current three-month LIBOR plus a spread of 4.028% per annum. On and after August 15, 2023, the floating distribution rate on the Series A Preferred Units is based on the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.028% per annum. Distributions on the Series A Preferred Units were previously payable semiannually in arrears until February 15, 2023, and, after February 15, 2023, quarterly in arrears, when, as, and if declared by our General Partner out of legally available funds for such purpose. The Partnership redeemed the Series A Preferred Units in 2024.
Series B Preferred Units
Distributions on the Series B Preferred Units will accrue and be cumulative from and including the date of original issue to, but excluding, February 15, 2028, at a rate of 6.625% per annum of the stated liquidation preference of $1,000. On and after February 15, 2028, distributions on the Series B Preferred Units will accumulate at a percentage of the $1,000 liquidation preference equal to an annual floating rate based on the three-month SOFR, plus a tenor spread
adjustment of 0.26161%, plus a spread of 4.155% per annum. The Series B Preferred Units are redeemable at Energy Transfer’s option on or after February 15, 2028 at a redemption price of $1,000 per Series B Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption.
Series C Preferred Units
Prior to May 15, 2023, distributions on the Series C Preferred Units accrued at a fixed rate of 7.375% per annum of the liquidation preference of $25. Beginning May 15, 2023 to, but excluding, August 15, 2023, the Series C Preferred Units accrued a floating distribution rate set each quarterly distribution period at a percentage of the $25 liquidation preference equal to the then-current three-month LIBOR plus a spread of 4.530% per annum. On and after August 15, 2023, the floating distribution rate on the Series C Preferred Units was based on the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.530% per annum. The Partnership redeemed the Series C Preferred Units in 2024.
Series D Preferred Units
Prior to August 15, 2023, distributions on the Series D Preferred Units accrued at a fixed rate of 7.625% per annum of the liquidation preference of $25. On and after August 15, 2023, the Series D Preferred Units accrued a floating distribution rate set each quarterly distribution period at a percentage of the $25 liquidation preference equal to the three-month SOFR, plus a tenor spread adjustment of 0.26161%, plus 4.738% per annum. The Partnership redeemed the Series D Preferred Units in 2024.
Series E Preferred Units
Distributions on the Series E Preferred Units accrued at a rate of 7.600% per annum of the stated liquidation preference of $25. The Partnership redeemed the Series E Preferred Units in 2024.
Series F Preferred Units
Distributions on the Series F Preferred Units are cumulative from and including the original issue date and will be payable semi-annually in arrears on the 15th day of May and November of each year, commencing on May 15, 2020 to, but excluding, May 15, 2025, at a rate equal to 6.750% per annum of the $1,000 liquidation preference. On and after May 15, 2025, the distribution rate on the Series F Preferred Units will equal a percentage of the $1,000 liquidation preference equal to the five-year U.S. treasury rate plus a spread of 5.134% per annum. The Series F Preferred Units are redeemable at Energy Transfer’s option on or after May 15, 2025 at a redemption price of $1,000 per Series F Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption.
Series G Preferred Units
Distributions on the Series G Preferred Units are cumulative from and including the original issue date and will be payable semi-annually in arrears on the 15th day of May and November of each year, commencing on May 15, 2020 to, but excluding, May 15, 2030, at a rate equal to 7.125% per annum of the $1,000 liquidation preference. On and after May 15, 2030, the distribution rate on the Series G Preferred Units will equal a percentage of the $1,000 liquidation preference equal to the five-year U.S. treasury rate plus a spread of 5.306% per annum. The Series G Preferred Units are redeemable at Energy Transfer’s option on or after May 15, 2030 at a redemption price of $1,000 per Series G Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption.
Series H Preferred Units
Distributions on the Series H Preferred Units will accrue and be cumulative to, but excluding, November 15, 2026, at a rate equal to 6.500% per annum of the $1,000 liquidation preference. On and after November 15, 2026 and each fifth anniversary thereafter, the distribution rate on the Series H Preferred Units will reset to be a percentage of the $1,000 liquidation preference equal to the five-year U.S. treasury rate plus a spread of 5.694% per annum. Distributions on the Series H Preferred Units will be payable semi-annually in arrears on the 15th day of May and November of each year. The Series H Preferred Units are redeemable at Energy Transfer’s option during the three-month period prior to, and including, each distribution reset date at a redemption price of $1,000 per Series H Preferred Unit, plus an amount equal to all accumulated and unpaid distributions thereon to, but excluding, the date of redemption.
Series I Preferred Units
On November 3, 2023, Energy Transfer, in connection with its acquisition of Crestwood, issued 41,464,179 of its Series I Preferred Units in exchange for a commensurate number of Crestwood preferred units. Subject to certain conditions, the holders of the Series I Preferred Units will have the right to convert preferred units into (i) common units on a 10-for-2.07
basis, or (ii) a number of common units determined pursuant to a conversion ratio set forth in the Partnership Agreement upon the occurrence of certain events, such as a change in control. The Series I Preferred Units, on an as converted basis, have voting rights that are identical to the voting rights of the common units and will vote with the common units as a single class, except that the preferred units are entitled to vote as a separate class on any matter on which all unitholders are entitled to vote that adversely affects the rights, powers, privileges or preferences of the preferred units in relation to Energy Transfer’s other securities outstanding
The holders of the Series I Preferred Units are entitled to receive fixed quarterly distributions of $0.2111 per unit. Distributions on the preferred units are paid in cash unless, subject to certain exceptions, (i) there is no distribution being paid on our common units; and (ii) our available cash (as defined in our Partnership Agreement) is insufficient to make a cash distribution to Series I Preferred Unitholders.
Sale of Common Units by Subsidiaries
Energy Transfer on a stand-alone basis (the “Parent Company”) accounts for the difference between the carrying amount of its investment in subsidiaries and the underlying book value arising from issuance of units by subsidiaries (excluding unit issuances to the Parent Company) as a capital transaction. If a subsidiary issues units at a price less than the Parent Company’s carrying value per unit, the Parent Company assesses whether the investment has been impaired, in which case a provision would be reflected in our statement of operations. The Parent Company did not recognize any impairment related to the issuances of subsidiary common units during the periods presented.
Subsidiary Equity Transactions
USAC’s Distribution Reinvestment Program
During the years ended December 31, 2024, 2023 and 2022, USAC issued 65,352, 87,808 and 124,255 USAC common units, respectively, under the USAC distribution reinvestment program.
USAC’s Warrants
In April 2022, USAC issued 534,308 of its common units in connection with the exercise of outstanding warrants. In October 2023, the remainder of USAC’s outstanding warrants were exercised in full and net settled for 2,360,488 USAC common units. No warrants remained outstanding subsequent to the exercise on October 27, 2023.
Energy Transfer Common Unit Distributions
Our distribution policy is consistent with the terms of our Partnership Agreement, which requires that we distribute all of our available cash quarterly.
Our distributions declared and paid with respect to our common units were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2021February 8, 2022February 18, 2022$0.1750 
March 31, 2022May 9, 2022May 19, 20220.2000 
June 30, 2022August 8, 2022August 19, 20220.2300 
September 30, 2022November 4, 2022November 21, 20220.2650 
December 31, 2022February 7, 2023February 21, 20230.3050 
March 31, 2023May 8, 2023May 22, 20230.3075 
June 30, 2023August 14, 2023August 21, 20230.3100 
September 30, 2023October 30, 2023November 20, 20230.3125 
December 31, 2023February 7, 2024February 20, 20240.3150 
March 31, 2024May 13, 2024May 20, 20240.3175 
June 30, 2024August 9, 2024August 19, 20240.3200 
September 30, 2024November 8, 2024November 19, 20240.3225 
December 31, 2024February 7, 2025February 19, 20250.3250 
Energy Transfer Preferred Unit Distributions
Distributions on Energy Transfer’s preferred units declared and/or paid by Energy Transfer were as follows:
Period EndedRecord DatePayment DateSeries A
Series B (1)
Series CSeries DSeries E
Series F (1)
Series G (1)
Series H (1)
Series I
December 31, 2021February 1, 2022February 15, 2022$31.25 $33.125 $0.4609 $0.4766 $0.4750 $— $— $— $— 
March 31, 2022May 2, 2022May 16, 2022— — 0.4609 0.4766 0.4750 33.7500 35.63 32.50 — 
June 30, 2022August 1, 2022August 15, 202231.25 33.125 0.4609 0.4766 0.4750 — — — — 
September 30, 2022November 1, 2022November 15, 2022— — 0.4609 0.4766 0.4750 33.7500 35.63 32.50 — 
December 31, 2022February 1, 2023February 15, 202331.25 33.125 0.4609 0.4766 0.4750 — — — — 
March 31, 2023May 1, 2023May 15, 202321.98 — 0.4609 0.4766 0.4750 33.7500 35.63 32.50 — 
June 30, 2023August 1, 2023August 15, 202323.89 33.125 0.6294 0.4766 0.4750 — — — — 
September 30, 2023November 1, 2023November 15, 202324.67 — 0.6489 0.6622 0.4750 33.7500 35.63 32.50 — 
December 31, 2023February 1, 2024February 15, 202424.71 33.125 0.6075 0.6199 0.4750 — — — 0.2111 
March 31, 2024May 1, 2024May 15, 202423.99 — — — 0.4750 33.7500 35.63 32.50 0.2111 
June 30, 2024August 1, 2024August 15, 20249.88 33.125 — — — — — — 0.2111 
(2)
September 30, 2024November 1, 2024November 15, 2024— — — — — 33.7500 35.63 32.50 0.2111 
(2)
December 31, 2024February 1, 2025February 15, 2024— 33.125 — — — — — — 0.2111 
(2)
(1)Series B, Series F, Series G and Series H distributions are currently paid on a semi-annual basis. Distributions on the Series B Preferred Units will begin to be paid quarterly on February 15, 2028.
(2)For the period ended December 31, 2024, the cash distribution for the Series I Preferred Units was paid on February 14, 2025 to unitholders of record as of the close of business on February 4, 2025. For the period ended September 30, 2024, the cash distribution for the Series I Preferred Units was paid on November 14, 2024 to unitholders of record as of the close of business on November 4, 2024. For the period ended June 30, 2024, the cash distribution for the Series I Preferred Units was paid on August 14, 2024 to unitholders of record as of the close of business on August 2, 2024.
Sunoco LP Cash Distributions
Energy Transfer owns approximately 28.5 million Sunoco LP common units and all of Sunoco LP’s IDRs. As of December 31, 2024, Sunoco LP had approximately 136.2 million common units outstanding.
The following table illustrates the percentage allocations of available cash from operating surplus between Sunoco LP’s common unitholders and the holder of its IDRs based on the specified target distribution levels, after the payment of distributions to Class C unitholders. The amounts set forth under “marginal percentage interest in distributions” are the percentage interests of the IDR holder and the common unitholders in any available cash from operating surplus which Sunoco LP distributes up to and including the corresponding amount in the column “total quarterly distribution per unit target amount.” The percentage interests shown for common unitholders and IDR holder for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution.
Marginal Percentage Interest in Distributions
Total Quarterly Distribution Target AmountCommon UnitholdersHolder of IDRs
Minimum Quarterly Distribution $0.4375100%—%
First Target Distribution$0.4375 to $0.503125100%—%
Second Target Distribution$0.503125 to $0.54687585%15%
Third Target Distribution$0.546875 to $0.65625075%25%
ThereafterAbove $0.65625050%50%
Distributions on Sunoco LP’s units declared and/or paid by Sunoco LP were as follows:
Quarter EndedPayment DateRate
December 31, 2021February 18, 2022$0.8255 
March 31, 2022May 19, 20220.8255 
June 30, 2022August 19, 20220.8255 
September 30, 2022November 18, 20220.8255 
December 31, 2022February 21, 20230.8255 
March 31, 2023May 22, 20230.8420 
June 30, 2023August 21, 20230.8420 
September 30, 2023November 20, 20230.8420 
December 31, 2023February 20, 20240.8420 
March 31, 2024May 20, 20240.8756 
June 30, 2024August 19, 20240.8756 
September 30, 2024November 19, 20240.8756 
December 31, 2024February 19, 20250.8865 
USAC Cash Distributions
Energy Transfer owns approximately 46.1 million USAC common units. As of December 31, 2024, USAC had approximately 117 million common units outstanding. USAC currently has a non-economic general partner interest and no outstanding IDRs.
Distributions on USAC’s units declared and/or paid by USAC were as follows:
Quarter EndedPayment DateRate
December 31, 2021February 4, 2022$0.5250 
March 31, 2022May 6, 20220.5250 
June 30, 2022August 5, 20220.5250 
September 30, 2022November 4, 20220.5250 
December 31, 2022February 3, 20230.5250 
March 31, 2023May 5, 20230.5250 
June 30, 2023August 4, 20230.5250 
September 30, 2023November 3, 20230.5250 
December 31, 2023February 2, 20240.5250 
March 31, 2024May 3, 20240.5250 
June 30, 2024August 2, 20240.5250 
September 30, 2024November 1, 20240.5250 
December 31, 2024February 7, 20250.5250 
Accumulated Other Comprehensive Income
The following table presents the components of AOCI, net of tax:
 December 31,
 20242023
Available-for-sale securities$20 $13 
Foreign currency translation adjustment(6)(5)
Actuarial gain related to pensions and other postretirement benefits45 6 
Investments in unconsolidated affiliates, net14 14 
Total AOCI, net of tax$73 $28 
The following table sets forth the tax amounts included in the respective components of other comprehensive income:
 December 31,
 20242023
Available-for-sale securities$(3)$(3)
Foreign currency translation adjustment2 6 
Total$(1)$3