Partners’ Deficit

3 Months Ended

Mar. 31, 2026

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.