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Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Equity | EQUITY Energy Transfer Common Units Changes in Energy Transfer common units during the six months ended June 30, 2025 were as follows:
| Number of Units
Number of common units at December 31, 2024 | 3,431.0 |
Common units issued under the distribution reinvestment plan | 1.1 |
Common units vested under equity incentive plans and other | 0.5 |
Number of common units at June 30, 2025 | 3,432.6 |
Energy Transfer Repurchase Program During the six months ended June 30, 2025, Energy Transfer did not repurchase any of its common units under its current buyback program. As of June 30, 2025, $880 million remained available to repurchase under the current program. Energy Transfer Distribution Reinvestment Program During the six months ended June 30, 2025, distributions of $21 million were reinvested under the distribution reinvestment program. As of June 30, 2025, a total of 37.8 million Energy Transfer common units remained available to be issued under currently effective registration statements in connection with the distribution reinvestment program. Cash Distributions on Energy Transfer Common Units Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2024 were as follows:
Quarter Ended |  | Record Date |  | Payment Date |  | Rate
December 31, 2024 |  | February 7, 2025 |  | February 19, 2025 |  | $ | 0.3250 |
March 31, 2025 |  | May 9, 2025 |  | May 20, 2025 |  | 0.3275 |
June 30, 2025 |  | August 8, 2025 |  | August 19, 2025 |  | 0.3300 |
Energy Transfer Preferred Units As of June 30, 2025 and December 31, 2024, Energy Transfer’s outstanding preferred units included 550,000 Series B 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, 2024, Energy Transfer’s outstanding preferred units also included 500,000 Series F Preferred Units, which were redeemed in May 2025. The following table summarizes changes in the Energy Transfer Preferred Units:
| Preferred Unitholders |  |
| Series B |  | Series F |  | Series G |  | Series H |  | Series I |  | Total
Balance, December 31, 2024 | $ | 556 |  |  | $ | 496 |  |  | $ | 1,488 |  |  | $ | 893 |  |  | $ | 419 |  |  | $ | 3,852 |
Distributions to partners | (18) |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | (27) |
Net income | 9 |  |  | 8 |  |  | 26 |  |  | 15 |  |  | 9 |  |  | 67 |
Balance, March 31, 2025 | 547 |  |  | 504 |  |  | 1,514 |  |  | 908 |  |  | 419 |  |  | 3,892 |
Distributions to partners | — |  |  | (16) |  |  | (53) |  |  | (29) |  |  | (9) |  |  | (107) |
Redemption of preferred units | — |  |  | (500) |  |  | — |  |  | — |  |  | — |  |  | (500) |
Other, net | — |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |
Net income | 9 |  |  | 4 |  |  | 27 |  |  | 14 |  |  | 9 |  |  | 63 |
Balance, June 30, 2025 | $ | 556 |  |  | $ | — |  |  | $ | 1,488 |  |  | $ | 893 |  |  | $ | 419 |  |  | $ | 3,356 |
| Preferred Unitholders |  |
| Series A |  | Series B |  | Series C |  | Series D |  | Series E |  | Series F |  | Series G |  | Series H |  | Series I |  | Total
Balance, December 31, 2023 | $ | 948 |  |  | $ | 556 |  |  | $ | 438 |  |  | $ | 435 |  |  | $ | 786 |  |  | $ | 496 |  |  | $ | 1,488 |  |  | $ | 893 |  |  | $ | 419 |  |  | $ | 6,459 |
Distributions to partners | (24) |  |  | (18) |  |  | (11) |  |  | (11) |  |  | (15) |  |  | — |  |  | — |  |  | — |  |  | (9) |  |  | (88) |
Redemption of preferred units | — |  |  | — |  |  | (450) |  |  | (445) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (895) |
Other, net | — |  |  | — |  |  | 11 |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |
Net income | 23 |  |  | 9 |  |  | 12 |  |  | 11 |  |  | 15 |  |  | 8 |  |  | 27 |  |  | 15 |  |  | 9 |  |  | 129 |
Balance, March 31, 2024 | 947 |  |  | 547 |  |  | — |  |  | — |  |  | 786 |  |  | 504 |  |  | 1,515 |  |  | 908 |  |  | 419 |  |  | 5,626 |
Distributions to partners | (32) |  |  | — |  |  | — |  |  | — |  |  | (15) |  |  | (17) |  |  | (53) |  |  | (29) |  |  | (9) |  |  | (155) |
Redemption of preferred units | (950) |  |  | — |  |  | — |  |  | — |  |  | (800) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,750) |
Other, net | 13 |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33 |
Net income | 22 |  |  | 9 |  |  | — |  |  | — |  |  | 9 |  |  | 9 |  |  | 26 |  |  | 14 |  |  | 9 |  |  | 98 |
Balance, June 30, 2024 | $ | — |  |  | $ | 556 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 496 |  |  | $ | 1,488 |  |  | $ | 893 |  |  | $ | 419 |  |  | $ | 3,852 |
Cash Distributions on Energy Transfer Preferred Units Distributions declared on the Energy Transfer Preferred Units were as follows:
Period Ended |  | Record Date |  | Payment Date |  | Series B (1) |  | Series F (1) |  | Series G (1) |  | Series H (1) |  | Series I (2) |
December 31, 2024 |  | February 1, 2025 |  | February 15, 2025 |  | $ | 33.125 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2111 |  |
March 31, 2025 |  | May 1, 2025 |  | May 15, 2025 |  | — |  |  | 33.750 |  |  | 35.625 |  |  | 32.500 |  |  | 0.2111 |  |
June 30, 2025 |  | August 1, 2025 |  | August 15, 2025 |  | 33.125 |  |  | — |  |  | — |  |  | — |  |  | 0.2111 |  |
(1)Series B, 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 March 31, 2025, the cash distribution for the Series I Preferred Units was paid on May 15, 2025 to unitholders of record as of the close of business on May 2, 2025. For the period ended June 30, 2025, the cash distribution for the Series I Preferred Units will be paid on August 14, 2025 to unitholders of record as of the close of business on August 4, 2025. Noncontrolling Interests The Partnership’s consolidated financial statements also include noncontrolling interests in Sunoco LP and USAC, both of which are master limited partnerships, as well as other non-wholly owned consolidated joint ventures. The following sections describe cash distributions made by our publicly traded subsidiaries, Sunoco LP and USAC, both of which are required by their respective partnership agreements to distribute all cash on hand (less appropriate reserves determined by the boards of directors of their respective general partners) subsequent to the end of each quarter. Sunoco LP Cash Distributions Distributions on Sunoco LP’s common units declared and/or paid by Sunoco LP subsequent to December 31, 2024 were as follows:
Quarter Ended |  |  |  | Payment Date |  | Rate
December 31, 2024 |  |  |  | February 19, 2025 |  | $ | 0.8865 |
March 31, 2025 |  |  |  | May 20, 2025 |  | 0.8976 |
June 30, 2025 |  |  |  | August 19, 2025 |  | 0.9088 |
USAC Cash Distributions Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2024 were as follows:
Quarter Ended |  |  |  | Payment Date |  | Rate
December 31, 2024 |  |  |  | February 7, 2025 |  | $ | 0.525 |
March 31, 2025 |  |  |  | May 9, 2025 |  | 0.525 |
June 30, 2025 |  |  |  | August 8, 2025 |  | 0.525 |
Accumulated Other Comprehensive Income The following table presents the components of AOCI, net of tax:
| June 30, 2025 |  | December 31, 2024
Available-for-sale securities | $ | 22 |  |  | $ | 20 |
Foreign currency translation adjustment | (7) |  |  | (6) |
Actuarial gains related to pensions and other postretirement benefits | 39 |  |  | 45 |
Investments in unconsolidated affiliates, net | 11 |  |  | 14 |
Total AOCI included in partners’ capital, net of tax | $ | 65 |  |  | $ | 73 |

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- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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