v3.25.1
Partners’ Deficit
 3 Months Ended
Mar. 31, 2025
Partners' Capital Notes [Abstract]  
Partners’ Deficit Partners’ Deficit
Common Units
The change in common units outstanding were as follows:
 Common Units Outstanding
Number of common units outstanding, December 31, 2024117,314,783 
Vesting of phantom units223,761 
Issuance of common units under the DRIP2,244 
Number of common units outstanding, March 31, 2025117,540,788 
As of March 31, 2025, Energy Transfer held 46,056,228 common units, including 8,000,000 common units held by the General Partner and controlled by Energy Transfer.
Cash Distributions
We have declared and paid per-unit quarterly distributions to our limited partner unitholders of record, including holders of our common and phantom units, as follows (dollars in millions, except distribution per unit):
Payment DateDistribution per Limited Partner UnitAmount Paid to Common UnitholdersAmount Paid to Phantom UnitholdersTotal Distribution
February 2, 2024$0.525 $54.1 $1.0 $55.1 
May 3, 20240.525 61.4 1.0 62.4 
August 2, 20240.525 61.4 1.0 62.4 
November 1, 20240.525 61.5 1.0 62.5 
Total 2024 distributions
$2.10 $238.4 $4.0 $242.4 
February 7, 2025$0.525 $61.7 $0.7 $62.4 
Announced Quarterly Distribution
On April 17, 2025, we announced a cash distribution of $0.525 per unit on our common units. The distribution will be paid on May 9, 2025, to common unitholders of record as of the close of business on April 28, 2025.
DRIP
During the three months ended March 31, 2025, distributions of $0.1 million were reinvested under the DRIP resulting in the issuance of 2,244 common units.
Income Per Unit
The computation of income per unit is based on the weighted-average number of participating securities, which includes our common units and certain equity-based awards outstanding during the applicable period. Basic income per unit is determined by dividing net income allocated to participating securities after deducting the amount distributed on Preferred Units, by the weighted-average number of participating securities outstanding during the period. Income attributable to unitholders is allocated to participating securities based on their respective shares of the distributed and undistributed earnings for the period. To the extent cash distributions exceed net income attributable to unitholders for the period, the excess distributions are allocated to all participating securities outstanding based on their respective ownership percentages.
Diluted income per unit is computed using the treasury stock method, which considers the potential issuance of limited partner units associated with our long-term incentive plan. Unvested phantom and restricted units are not included in basic income per unit, as they are not considered to be participating securities, but are included in the calculation of diluted income per unit to the extent they are dilutive.
For the three months ended March 31, 2025, approximately 741,000 incremental unvested phantom and restricted units represent the difference between our basic and diluted weighted-average common units outstanding.
For the three months ended March 31, 2024, approximately 1,071,000 incremental unvested phantom units represent the difference between our basic and diluted weighted-average common units outstanding.