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Partners’ Deficit | 3 Months Ended
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Mar. 31, 2026
Partners' Capital Notes [Abstract] |
Partners’ Deficit | Partners’ Capital (Deficit) Common Units The changes in common units outstanding were as follows:
| Common Units Outstanding
Number of common units outstanding, December 31, 2025 | 126,795,135 |
J-W Power Acquisition | 18,175,323 |
Issuance of common units under the DRIP | 1,900 |
Number of common units outstanding, March 31, 2026 | 144,972,358 |
As of March 31, 2026, 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 DER payments to holders of our phantom and restricted units, as follows (dollars in millions, except distribution per unit):
Payment Date |  | Distribution per Limited Partner Unit |  | Amount Paid to Common Unitholders |  | Amount Paid to Phantom and Restricted Unitholders |  | Total Distribution
February 7, 2025 |  | $ | 0.525 |  |  | $ | 61.7 |  |  | $ | 0.7 |  |  | $ | 62.4 |
May 9, 2025 |  | 0.525 |  |  | 61.7 |  |  | 0.6 |  |  | 62.3 |
August 8, 2025 |  | 0.525 |  |  | 64.4 |  |  | 0.4 |  |  | 64.8 |
November 7, 2025 |  | 0.525 |  |  | 64.4 |  |  | 0.4 |  |  | 64.8 |
Total 2025 distributions |  | $ | 2.100 |  |  | $ | 252.2 |  |  | $ | 2.1 |  |  | $ | 254.3 |
February 6, 2026 |  | $ | 0.525 |  |  | $ | 66.6 |  |  | $ | 0.5 |  |  | $ | 67.1 |
Total 2026 distributions |  | $ | 0.525 |  |  | $ | 66.6 |  |  | $ | 0.5 |  |  | $ | 67.1 |
Announced Quarterly Distribution On April 16, 2026, we announced a cash distribution of $0.525 per unit on our common units. The distribution will be paid on May 8, 2026, to common unitholders of record as of the close of business on April 27, 2026. DRIP During the three months ended March 31, 2026, distributions of $48 thousand were reinvested under the DRIP resulting in the issuance of 1,900 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, 2026, approximately 381,000 incremental unvested phantom and restricted units, respectively, represent the difference between our basic and diluted weighted-average common units outstanding. 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.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 4.F) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480100/505-10-S45-8 + Details
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