Energy Transfer LP - Unit

Strong Q1 results + big guidance raise - Adjusted EBITDA: ~$4.9B vs ~$4.1B in Q1’25 (+~$0.8B). - DCF to partners (adjusted): ~$2.7B vs ~$2.3B (+$0.4B). - Organic growth capex (excluding SUN & USAC): ~$1.5B in Q1. - 2026 adjusted EBITDA outlook raised to: ~$18.2B–$18.6B (prior range referenced as ~$17.45B–$17.85B), citing ~$500M beat and capturing the full-year optimization target early.

What’s driving the outperformance (and what may be “one-time”) - Management says the raise is supported by continued outperformance across most segments: volumes, rates, and spreads. - Optimization: from the ~$500M beat, about ~$300M is characterized as “onetime” (though management notes similar upside has happened often in prior years). - Macro tailwind: ongoing Middle East conflict is described as increasing demand for reliable U.S. supply, supporting higher flows and margins.

Segment highlights (Q1) - NGL & refined products: EBITDA ~$1.2B vs ~$978M (+~$220M); drivers include higher Gulf Coast throughput, record Mont Belvieu fractionation, and record Nederland exports; also noted effects from hedge timing (+$65M) and propane/butane premium impacts (~+$50M). - Crude oil: EBITDA ~$869M vs ~$742M (+~$127M); includes ~$60M benefit from crude inventory value as prices rose, expected to be mostly offset by hedge losses in Q2. - Midstream: EBITDA ~$887M vs ~$925M (down, with cited impacts like lower prices/+$/- items), but management stresses Permian growth (volumes up 8% tied to new/upgraded processing).