10-Q 1 et-20210930.htm 10-Q et-20210930
000127618712/312021Q3false0.251.252.253.250 million2700012761872021-01-012021-09-300001276187et:CommonUnitsMember2021-01-012021-09-300001276187et:ETprCMember2021-01-012021-09-300001276187et:ETprDMember2021-01-012021-09-300001276187et:ETprEMember2021-01-012021-09-30xbrli:shares00012761872021-10-29iso4217:USD00012761872021-09-3000012761872020-12-310001276187et:RefinedProductsMember2021-07-012021-09-300001276187et:RefinedProductsMember2020-07-012020-09-300001276187et:RefinedProductsMember2021-01-012021-09-300001276187et:RefinedProductsMember2020-01-012020-09-300001276187us-gaap:OilAndGasMember2021-07-012021-09-300001276187us-gaap:OilAndGasMember2020-07-012020-09-300001276187us-gaap:OilAndGasMember2021-01-012021-09-300001276187us-gaap:OilAndGasMember2020-01-012020-09-300001276187et:NGLsalesMember2021-07-012021-09-300001276187et:NGLsalesMember2020-07-012020-09-300001276187et:NGLsalesMember2021-01-012021-09-300001276187et:NGLsalesMember2020-01-012020-09-300001276187us-gaap:NaturalGasMidstreamMember2021-07-012021-09-300001276187us-gaap:NaturalGasMidstreamMember2020-07-012020-09-300001276187us-gaap:NaturalGasMidstreamMember2021-01-012021-09-300001276187us-gaap:NaturalGasMidstreamMember2020-01-012020-09-300001276187us-gaap:OilAndGasRefiningAndMarketingMember2021-07-012021-09-300001276187us-gaap:OilAndGasRefiningAndMarketingMember2020-07-012020-09-300001276187us-gaap:OilAndGasRefiningAndMarketingMember2021-01-012021-09-300001276187us-gaap:OilAndGasRefiningAndMarketingMember2020-01-012020-09-300001276187us-gaap:ProductAndServiceOtherMember2021-07-012021-09-300001276187us-gaap:ProductAndServiceOtherMember2020-07-012020-09-300001276187us-gaap:ProductAndServiceOtherMember2021-01-012021-09-300001276187us-gaap:ProductAndServiceOtherMember2020-01-012020-09-3000012761872021-07-012021-09-3000012761872020-07-012020-09-3000012761872020-01-012020-09-30iso4217:USDxbrli:shares0001276187et:CommonunitholdersMember2020-12-310001276187et:PreferredUnitholdersMember2020-12-310001276187us-gaap:GeneralPartnerMember2020-12-310001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001276187et:NoncontrollingInterestsMember2020-12-310001276187et:CommonunitholdersMember2021-01-012021-03-310001276187et:PreferredUnitholdersMember2021-01-012021-03-310001276187us-gaap:GeneralPartnerMember2021-01-012021-03-310001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001276187et:NoncontrollingInterestsMember2021-01-012021-03-3100012761872021-01-012021-03-310001276187et:CommonunitholdersMember2021-03-310001276187et:PreferredUnitholdersMember2021-03-310001276187us-gaap:GeneralPartnerMember2021-03-310001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001276187et:NoncontrollingInterestsMember2021-03-3100012761872021-03-310001276187et:CommonunitholdersMember2021-04-012021-06-300001276187et:PreferredUnitholdersMember2021-04-012021-06-300001276187us-gaap:GeneralPartnerMember2021-04-012021-06-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001276187et:NoncontrollingInterestsMember2021-04-012021-06-3000012761872021-04-012021-06-300001276187et:CommonunitholdersMember2021-06-300001276187et:PreferredUnitholdersMember2021-06-300001276187us-gaap:GeneralPartnerMember2021-06-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001276187et:NoncontrollingInterestsMember2021-06-3000012761872021-06-300001276187et:CommonunitholdersMember2021-07-012021-09-300001276187et:PreferredUnitholdersMember2021-07-012021-09-300001276187us-gaap:GeneralPartnerMember2021-07-012021-09-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001276187et:NoncontrollingInterestsMember2021-07-012021-09-300001276187et:CommonunitholdersMember2021-09-300001276187et:PreferredUnitholdersMember2021-09-300001276187us-gaap:GeneralPartnerMember2021-09-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001276187et:NoncontrollingInterestsMember2021-09-300001276187et:CommonunitholdersMember2019-12-310001276187us-gaap:GeneralPartnerMember2019-12-310001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001276187et:NoncontrollingInterestsMember2019-12-3100012761872019-12-310001276187et:CommonunitholdersMember2020-01-012020-03-310001276187us-gaap:GeneralPartnerMember2020-01-012020-03-310001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001276187et:NoncontrollingInterestsMember2020-01-012020-03-3100012761872020-01-012020-03-310001276187et:CommonunitholdersMember2020-03-310001276187us-gaap:GeneralPartnerMember2020-03-310001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001276187et:NoncontrollingInterestsMember2020-03-3100012761872020-03-310001276187et:CommonunitholdersMember2020-04-012020-06-300001276187us-gaap:GeneralPartnerMember2020-04-012020-06-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001276187et:NoncontrollingInterestsMember2020-04-012020-06-3000012761872020-04-012020-06-300001276187et:CommonunitholdersMember2020-06-300001276187us-gaap:GeneralPartnerMember2020-06-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001276187et:NoncontrollingInterestsMember2020-06-3000012761872020-06-300001276187et:CommonunitholdersMember2020-07-012020-09-300001276187us-gaap:GeneralPartnerMember2020-07-012020-09-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001276187et:NoncontrollingInterestsMember2020-07-012020-09-300001276187et:CommonunitholdersMember2020-09-300001276187us-gaap:GeneralPartnerMember2020-09-300001276187us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001276187et:NoncontrollingInterestsMember2020-09-3000012761872020-09-300001276187et:ClassBUnitsMember2021-04-010001276187et:EnableMember2021-02-012021-02-280001276187et:EnableMemberet:SeriesGPreferredUnitsMember2021-02-012021-02-280001276187et:SunocoLPMember2021-09-300001276187et:SunocoLPMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:BasisSwapsIfercNymexMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:BasisSwapsIfercNymexMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberet:BasisSwapsIfercNymexMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberet:SwingSwapsIfercMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberet:SwingSwapsIfercMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187et:CommodityDerivativesNaturalGasMemberet:SwingSwapsIfercMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:FixedSwapsFuturesMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:FixedSwapsFuturesMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberet:FixedSwapsFuturesMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:ForwardPhysicalSwapsMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:ForwardPhysicalSwapsMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberet:ForwardPhysicalSwapsMember2021-09-300001276187et:CommodityDerivativesPowerMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesPowerMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesPowerMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesPowerMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesPowerMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesPowerMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesPowerMemberus-gaap:CallOptionMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesPowerMemberus-gaap:CallOptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesPowerMemberus-gaap:CallOptionMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesNGLsMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesNGLsMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesNGLsMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187us-gaap:FutureMemberet:CommodityDerivativesRefinedProductsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187us-gaap:FutureMemberet:CommodityDerivativesRefinedProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187us-gaap:FairValueInputsLevel2Memberus-gaap:FutureMemberet:CommodityDerivativesRefinedProductsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesCrudeMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesCrudeMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187et:CommodityDerivativesCrudeMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187us-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-09-300001276187us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:BasisSwapsIfercNymexMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:BasisSwapsIfercNymexMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberet:BasisSwapsIfercNymexMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberet:SwingSwapsIfercMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberet:SwingSwapsIfercMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187et:CommodityDerivativesNaturalGasMemberet:SwingSwapsIfercMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:FixedSwapsFuturesMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:FixedSwapsFuturesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberet:FixedSwapsFuturesMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:ForwardPhysicalSwapsMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueMeasurementsRecurringMemberet:ForwardPhysicalSwapsMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberet:ForwardPhysicalSwapsMember2020-12-310001276187et:CommodityDerivativesPowerMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesPowerMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesPowerMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesPowerMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesPowerMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesPowerMemberus-gaap:FutureMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesPowerMemberus-gaap:CallOptionMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesPowerMemberus-gaap:CallOptionMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesPowerMemberus-gaap:CallOptionMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesNGLsMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesNGLsMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187us-gaap:FairValueInputsLevel2Memberet:CommodityDerivativesNGLsMemberet:ForwardSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187us-gaap:FutureMemberet:CommodityDerivativesRefinedProductsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187us-gaap:FutureMemberet:CommodityDerivativesRefinedProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187us-gaap:FairValueInputsLevel2Memberus-gaap:FutureMemberet:CommodityDerivativesRefinedProductsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187us-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberet:ForwardPhysicalContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:CommodityDerivativesNaturalGasMemberet:ForwardPhysicalContractsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-12-310001276187et:CommodityDerivativesNaturalGasMemberus-gaap:FairValueInputsLevel2Memberet:ForwardPhysicalContractsMemberus-gaap:FairValueMeasurementsRecurringMember2020-12-310001276187et:ETOMemberet:A440SeniorNotesDueApril2021Member2021-01-012021-09-30xbrli:pure0001276187et:ETOMemberet:A440SeniorNotesDueApril2021Member2021-09-300001276187et:ETOMemberet:A465SeniorNotesDueJune2021Member2021-01-012021-09-300001276187et:ETOMemberet:A465SeniorNotesDueJune2021Member2021-09-300001276187et:A52SeniorNotesDue2022Member2021-01-012021-09-300001276187et:A52SeniorNotesDue2022Member2021-09-300001276187et:A5875SeniorNotesDue2022Member2021-01-012021-09-300001276187et:A5875SeniorNotesDue2022Member2021-09-300001276187et:A450SeniorNotesDue2030Member2021-01-012021-09-300001276187et:A45SeniorNotesDue2030Member2021-09-300001276187et:TermLoanMember2021-09-300001276187et:TermLoanMember2021-04-012021-06-300001276187et:TermLoanMember2021-07-012021-09-300001276187et:CreditFacilityDueDecember2024Member2021-09-300001276187et:AccordionfeatureMemberet:CreditFacilityDueDecember2024Member2021-09-300001276187et:A364DayCreditFacilityDueNovember2021Member2021-09-300001276187et:SunocoLP1.5billionRevolvingCreditFacilitydueJuly2023Memberet:SunocoLPMember2021-09-300001276187et:SunocoLP1.5billionRevolvingCreditFacilitydueJuly2023Memberet:SunocoLPMember2021-01-012021-09-300001276187et:USACMemberet:USACCreditFacilitydue2023Member2021-09-300001276187currency:CADet:SemCAMSMemberet:SemCAMSC350millionseniorsecuredtermloanfacilityMember2021-09-300001276187et:SemCAMSMemberet:SemCAMSC350millionseniorsecuredtermloanfacilityMember2021-09-300001276187currency:CADet:SemCAMSMemberet:SemCAMSC525millionseniorsecuredrevolvingcreditfacilityMember2021-09-300001276187et:SemCAMSMemberet:SemCAMSC525millionseniorsecuredrevolvingcreditfacilityMember2021-09-300001276187et:SemCAMSC300millionseniorsecuredconstructionloanfacilityMembercurrency:CADet:SemCAMSMember2021-09-300001276187et:SemCAMSC300millionseniorsecuredconstructionloanfacilityMemberet:SemCAMSMember2021-09-300001276187currency:CADet:SemCAMSMemberet:KAPSFacilityMember2021-09-300001276187et:SemCAMSMemberet:KAPSFacilityMember2021-09-300001276187et:USACMember2021-09-300001276187et:ETOMember2021-09-300001276187et:SemCAMSMember2021-09-300001276187et:USACMemberet:PreferredUnitsMember2021-09-300001276187et:USACMemberet:PreferredUnitsMember2021-07-012021-09-300001276187currency:CAD2021-09-300001276187et:SemCAMSMemberet:PreferredUnitsMember2021-09-300001276187currency:CAD2021-07-012021-09-300001276187srt:ParentCompanyMember2021-01-012021-09-3000012761872020-10-012020-12-310001276187et:SeriesAPreferredUnitsMember2021-09-300001276187et:SeriesBPreferredUnitsMember2021-09-300001276187et:SeriesCPreferredUnitsMember2021-09-300001276187et:SeriesDPreferredUnitsMember2021-09-300001276187et:SeriesEPreferredUnitsMember2021-09-300001276187et:SeriesFPreferredUnitsMember2021-09-300001276187et:SeriesGPreferredUnitsMember2021-09-300001276187et:SeriesHPreferredUnitsMember2021-09-300001276187et:SeriesAPreferredUnitsMember2021-03-310001276187et:SeriesBPreferredUnitsMember2021-03-310001276187et:SeriesCPreferredUnitsMember2021-03-310001276187et:SeriesDPreferredUnitsMember2021-03-310001276187et:SeriesEPreferredUnitsMember2021-03-310001276187et:SeriesFPreferredUnitsMember2021-03-310001276187et:SeriesGPreferredUnitsMember2021-03-310001276187et:SeriesHPreferredUnitsMember2021-03-310001276187et:SeriesAPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesBPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesCPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesDPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesEPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesFPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesGPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesHPreferredUnitsMember2021-04-012021-06-300001276187et:SeriesAPreferredUnitsMember2021-06-300001276187et:SeriesBPreferredUnitsMember2021-06-300001276187et:SeriesCPreferredUnitsMember2021-06-300001276187et:SeriesDPreferredUnitsMember2021-06-300001276187et:SeriesEPreferredUnitsMember2021-06-300001276187et:SeriesFPreferredUnitsMember2021-06-300001276187et:SeriesGPreferredUnitsMember2021-06-300001276187et:SeriesHPreferredUnitsMember2021-06-300001276187et:SeriesAPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesBPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesCPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesDPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesEPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesFPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesGPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesHPreferredUnitsMember2021-07-012021-09-300001276187et:SeriesAPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesBPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesCPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesDPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesEPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesFPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesGPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesHPreferredUnitsMember2021-01-012021-03-310001276187et:SeriesAPreferredUnitsMember2021-01-012021-09-300001276187et:SeriesBPreferredUnitsMember2021-01-012021-09-300001276187et:SeriesCPreferredUnitsMember2021-01-012021-09-300001276187et:SeriesDPreferredUnitsMember2021-01-012021-09-300001276187et:SeriesEPreferredUnitsMember2021-01-012021-09-300001276187et:SeriesFPreferredUnitsMember2021-01-012021-09-300001276187et:SeriesFPreferredUnitsMember2021-09-300001276187et:SeriesGPreferredUnitsMember2021-01-012021-09-300001276187et:SeriesGPreferredUnitsMember2021-09-300001276187et:SeriesHPreferredUnitsMember2021-09-300001276187et:SeriesHPreferredUnitsMember2021-01-012021-09-300001276187et:SunocoLPMember2021-01-012021-09-300001276187et:SunocoLPMember2020-10-012020-12-310001276187et:SunocoLPMember2021-01-012021-03-310001276187et:SunocoLPMember2021-04-012021-06-300001276187et:SunocoLPMember2021-07-012021-09-300001276187et:USACompressionPartnersLPMember2021-01-012021-09-300001276187et:USACMember2020-10-012020-12-310001276187et:USACMember2021-01-012021-03-310001276187et:USACMember2021-04-012021-06-300001276187et:USACMember2021-07-012021-09-3000012761872020-01-012020-12-310001276187et:RightOfWayMember2021-01-012021-09-300001276187et:RelatedToDeductiblesMember2021-09-300001276187et:RelatedToDeductiblesMember2020-12-310001276187et:SunocoInc.Member2021-09-300001276187et:WilliamsMember2021-01-012021-09-300001276187et:ClineClassActionMemberet:ActualDamagesMember2020-08-012020-08-010001276187et:ClineClassActionMemberet:ActualDamagesMember2021-01-012021-06-300001276187et:PunitiveDamagesMemberet:ClineClassActionMember2021-01-012021-06-300001276187et:SunocoMember2021-09-3000012761872021-12-312021-09-3000012761872022-01-012021-09-3000012761872023-01-012021-09-3000012761872024-01-012021-09-30et:MMbtu0001276187us-gaap:ShortMemberet:MarkToMarketDerivativesMemberet:TradingMemberet:BasisSwapsIfercNymexMemberet:NaturalGasMember2021-09-300001276187us-gaap:ShortMemberet:MarkToMarketDerivativesMemberet:TradingMemberet:BasisSwapsIfercNymexMemberet:NaturalGasMember2020-12-310001276187us-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMemberet:FixedSwapsFuturesMemberet:NaturalGasMember2021-09-300001276187us-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMemberet:FixedSwapsFuturesMemberet:NaturalGasMember2020-12-31et:Megawatt0001276187et:PowerMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMemberet:ForwardsSwapsMember2021-09-300001276187et:PowerMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMemberet:ForwardsSwapsMember2020-12-310001276187us-gaap:FutureMemberus-gaap:ShortMemberet:PowerMemberet:MarkToMarketDerivativesMemberet:TradingMember2021-09-300001276187us-gaap:FutureMemberet:PowerMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMember2020-12-310001276187et:PowerMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMemberet:OptionsPutsMember2021-09-300001276187us-gaap:PutOptionMemberet:PowerMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMember2020-12-310001276187us-gaap:CallOptionMemberet:PowerMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMember2021-09-300001276187us-gaap:CallOptionMemberet:PowerMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:TradingMember2020-12-310001276187us-gaap:ShortMemberet:NonTradingMemberet:MarkToMarketDerivativesMemberet:BasisSwapsIfercNymexMemberet:NaturalGasMember2021-09-300001276187us-gaap:ShortMemberet:NonTradingMemberet:MarkToMarketDerivativesMemberet:BasisSwapsIfercNymexMemberet:NaturalGasMember2020-12-310001276187us-gaap:ShortMemberet:NonTradingMemberet:MarkToMarketDerivativesMemberet:SwingSwapsIfercMemberet:NaturalGasMember2021-09-300001276187et:NonTradingMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:SwingSwapsIfercMemberet:NaturalGasMember2020-12-310001276187us-gaap:ShortMemberet:NonTradingMemberet:MarkToMarketDerivativesMemberet:FixedSwapsFuturesMemberet:NaturalGasMember2021-09-300001276187us-gaap:ShortMemberet:NonTradingMemberet:MarkToMarketDerivativesMemberet:FixedSwapsFuturesMemberet:NaturalGasMember2020-12-310001276187us-gaap:ShortMemberet:NonTradingMemberet:ForwardPhysicalContractsMemberet:MarkToMarketDerivativesMemberet:NaturalGasMember2021-09-300001276187us-gaap:ShortMemberet:NonTradingMemberet:ForwardPhysicalContractsMemberet:MarkToMarketDerivativesMemberet:NaturalGasMember2020-12-31et:bbl0001276187et:NonTradingMemberet:NaturalGasLiquidsMemberus-gaap:LongMemberet:MarkToMarketDerivativesMemberet:ForwardsSwapsMember2021-09-300001276187us-gaap:ShortMemberet:NonTradingMemberet:NaturalGasLiquidsMemberet:MarkToMarketDerivativesMemberet:ForwardsSwapsMember2020-12-31et:barrels0001276187us-gaap:FutureMemberus-gaap:ShortMemberet:NonTradingMemberet:MarkToMarketDerivativesMemberet:RefinedProductsMember2021-09-300001276187us-gaap:FutureMemberus-gaap:ShortMemberet:NonTradingMemberet:MarkToMarketDerivativesMemberet:RefinedProductsMember2020-12-310001276187et:NonTradingMemberus-gaap:LongMemberet:MarkToMarketDerivativesMembersrt:CrudeOilMemberet:ForwardsSwapsMember2021-09-300001276187et:NonTradingMemberus-gaap:LongMemberet:MarkToMarketDerivativesMembersrt:CrudeOilMemberet:ForwardsSwapsMember2020-12-310001276187us-gaap:ShortMemberet:NonTradingMemberus-gaap:FairValueHedgingMemberet:BasisSwapsIfercNymexMemberet:NaturalGasMember2021-09-300001276187us-gaap:ShortMemberet:NonTradingMemberus-gaap:FairValueHedgingMemberet:BasisSwapsIfercNymexMemberet:NaturalGasMember2020-12-310001276187us-gaap:ShortMemberet:NonTradingMemberet:FixedSwapsFuturesMemberus-gaap:FairValueHedgingMemberet:NaturalGasMember2021-09-300001276187us-gaap:ShortMemberet:NonTradingMemberet:FixedSwapsFuturesMemberus-gaap:FairValueHedgingMemberet:NaturalGasMember2020-12-310001276187et:HedgedItemInventoryMmbtuMemberet:NonTradingMemberus-gaap:LongMemberus-gaap:FairValueHedgingMemberet:NaturalGasMember2021-09-300001276187et:HedgedItemInventoryMmbtuMemberet:NonTradingMemberus-gaap:LongMemberus-gaap:FairValueHedgingMemberet:NaturalGasMember2020-12-310001276187et:July2021Member2021-01-012021-09-300001276187et:July2021Member2021-09-300001276187et:July2021Member2020-12-310001276187et:July2022Member2021-01-012021-09-300001276187et:July2022Member2021-09-300001276187et:July2022Member2020-12-310001276187et:July2023Member2021-01-012021-09-300001276187et:July2023Member2021-09-300001276187et:July2023Member2020-12-310001276187et:July2024Member2021-01-012021-09-300001276187et:July2024Member2021-09-300001276187et:July2024Member2020-12-310001276187us-gaap:DesignatedAsHedgingInstrumentMemberet:CommodityDerivativesMarginDepositsMember2021-09-300001276187us-gaap:DesignatedAsHedgingInstrumentMemberet:CommodityDerivativesMarginDepositsMember2020-12-310001276187us-gaap:DesignatedAsHedgingInstrumentMember2021-09-300001276187us-gaap:DesignatedAsHedgingInstrumentMember2020-12-310001276187us-gaap:NondesignatedMemberet:CommodityDerivativesMarginDepositsMember2021-09-300001276187us-gaap:NondesignatedMemberet:CommodityDerivativesMarginDepositsMember2020-12-310001276187et:CommodityDerivativesMemberus-gaap:NondesignatedMember2021-09-300001276187et:CommodityDerivativesMemberus-gaap:NondesignatedMember2020-12-310001276187et:InterestRateDerivativesMemberus-gaap:NondesignatedMember2021-09-300001276187et:InterestRateDerivativesMemberus-gaap:NondesignatedMember2020-12-310001276187us-gaap:NondesignatedMember2021-09-300001276187us-gaap:NondesignatedMember2020-12-310001276187et:WithoutoffsettingagreementsMember2021-09-300001276187et:WithoutoffsettingagreementsMember2020-12-310001276187et:OTCContractsMember2021-09-300001276187et:OTCContractsMember2020-12-310001276187et:BrokerClearedDerivativeContractsMember2021-09-300001276187et:BrokerClearedDerivativeContractsMember2020-12-310001276187et:CommodityDerivativesTradingMember2021-07-012021-09-300001276187et:CommodityDerivativesTradingMember2020-07-012020-09-300001276187et:CommodityDerivativesTradingMember2021-01-012021-09-300001276187et:CommodityDerivativesTradingMember2020-01-012020-09-300001276187et:CommodityDerivativesMember2021-07-012021-09-300001276187et:CommodityDerivativesMember2020-07-012020-09-300001276187et:CommodityDerivativesMember2021-01-012021-09-300001276187et:CommodityDerivativesMember2020-01-012020-09-300001276187et:IntrastateTransportationAndStorageMemberet:ExternalCustomersMember2021-07-012021-09-300001276187et:IntrastateTransportationAndStorageMemberet:ExternalCustomersMember2020-07-012020-09-300001276187et:IntrastateTransportationAndStorageMemberet:ExternalCustomersMember2021-01-012021-09-300001276187et:IntrastateTransportationAndStorageMemberet:ExternalCustomersMember2020-01-012020-09-300001276187et:IntrastateTransportationAndStorageMemberet:IntersegmentMember2021-07-012021-09-300001276187et:IntrastateTransportationAndStorageMemberet:IntersegmentMember2020-07-012020-09-300001276187et:IntrastateTransportationAndStorageMemberet:IntersegmentMember2021-01-012021-09-300001276187et:IntrastateTransportationAndStorageMemberet:IntersegmentMember2020-01-012020-09-300001276187et:IntrastateTransportationAndStorageMember2021-07-012021-09-300001276187et:IntrastateTransportationAndStorageMember2020-07-012020-09-300001276187et:IntrastateTransportationAndStorageMember2021-01-012021-09-300001276187et:IntrastateTransportationAndStorageMember2020-01-012020-09-300001276187et:InterstateTransportationAndStorageMemberet:ExternalCustomersMember2021-07-012021-09-300001276187et:InterstateTransportationAndStorageMemberet:ExternalCustomersMember2020-07-012020-09-300001276187et:InterstateTransportationAndStorageMemberet:ExternalCustomersMember2021-01-012021-09-300001276187et:InterstateTransportationAndStorageMemberet:ExternalCustomersMember2020-01-012020-09-300001276187et:InterstateTransportationAndStorageMemberet:IntersegmentMember2021-07-012021-09-300001276187et:InterstateTransportationAndStorageMemberet:IntersegmentMember2020-07-012020-09-300001276187et:InterstateTransportationAndStorageMemberet:IntersegmentMember2021-01-012021-09-300001276187et:InterstateTransportationAndStorageMemberet:IntersegmentMember2020-01-012020-09-300001276187et:InterstateTransportationAndStorageMember2021-07-012021-09-300001276187et:InterstateTransportationAndStorageMember2020-07-012020-09-300001276187et:InterstateTransportationAndStorageMember2021-01-012021-09-300001276187et:InterstateTransportationAndStorageMember2020-01-012020-09-300001276187et:MidstreamMemberet:ExternalCustomersMember2021-07-012021-09-300001276187et:MidstreamMemberet:ExternalCustomersMember2020-07-012020-09-300001276187et:MidstreamMemberet:ExternalCustomersMember2021-01-012021-09-300001276187et:MidstreamMemberet:ExternalCustomersMember2020-01-012020-09-300001276187et:MidstreamMemberet:IntersegmentMember2021-07-012021-09-300001276187et:MidstreamMemberet:IntersegmentMember2020-07-012020-09-300001276187et:MidstreamMemberet:IntersegmentMember2021-01-012021-09-300001276187et:MidstreamMemberet:IntersegmentMember2020-01-012020-09-300001276187et:MidstreamMember2021-07-012021-09-300001276187et:MidstreamMember2020-07-012020-09-300001276187et:MidstreamMember2021-01-012021-09-300001276187et:MidstreamMember2020-01-012020-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:ExternalCustomersMember2021-07-012021-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:ExternalCustomersMember2020-07-012020-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:ExternalCustomersMember2021-01-012021-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:ExternalCustomersMember2020-01-012020-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:IntersegmentMember2021-07-012021-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:IntersegmentMember2020-07-012020-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:IntersegmentMember2021-01-012021-09-300001276187et:NGLandrefinedproductstransportationandservicesMemberet:IntersegmentMember2020-01-012020-09-300001276187et:NGLandrefinedproductstransportationandservicesMember2021-07-012021-09-300001276187et:NGLandrefinedproductstransportationandservicesMember2020-07-012020-09-300001276187et:NGLandrefinedproductstransportationandservicesMember2021-01-012021-09-300001276187et:NGLandrefinedproductstransportationandservicesMember2020-01-012020-09-300001276187et:ExternalCustomersMemberet:CrudeoiltransportationandservicesMember2021-07-012021-09-300001276187et:ExternalCustomersMemberet:CrudeoiltransportationandservicesMember2020-07-012020-09-300001276187et:ExternalCustomersMemberet:CrudeoiltransportationandservicesMember2021-01-012021-09-300001276187et:ExternalCustomersMemberet:CrudeoiltransportationandservicesMember2020-01-012020-09-300001276187et:IntersegmentMemberet:CrudeoiltransportationandservicesMember2021-07-012021-09-300001276187et:IntersegmentMemberet:CrudeoiltransportationandservicesMember2020-07-012020-09-300001276187et:IntersegmentMemberet:CrudeoiltransportationandservicesMember2021-01-012021-09-300001276187et:IntersegmentMemberet:CrudeoiltransportationandservicesMember2020-01-012020-09-300001276187et:CrudeoiltransportationandservicesMember2021-07-012021-09-300001276187et:CrudeoiltransportationandservicesMember2020-07-012020-09-300001276187et:CrudeoiltransportationandservicesMember2021-01-012021-09-300001276187et:CrudeoiltransportationandservicesMember2020-01-012020-09-300001276187et:InvestmentInSunocoLPMemberet:ExternalCustomersMember2021-07-012021-09-300001276187et:InvestmentInSunocoLPMemberet:ExternalCustomersMember2020-07-012020-09-300001276187et:InvestmentInSunocoLPMemberet:ExternalCustomersMember2021-01-012021-09-300001276187et:InvestmentInSunocoLPMemberet:ExternalCustomersMember2020-01-012020-09-300001276187et:InvestmentInSunocoLPMemberet:IntersegmentMember2021-07-012021-09-300001276187et:InvestmentInSunocoLPMemberet:IntersegmentMember2020-07-012020-09-300001276187et:InvestmentInSunocoLPMemberet:IntersegmentMember2021-01-012021-09-300001276187et:InvestmentInSunocoLPMemberet:IntersegmentMember2020-01-012020-09-300001276187et:InvestmentInSunocoLPMember2021-07-012021-09-300001276187et:InvestmentInSunocoLPMember2020-07-012020-09-300001276187et:InvestmentInSunocoLPMember2021-01-012021-09-300001276187et:InvestmentInSunocoLPMember2020-01-012020-09-300001276187et:InvestmentInUSACMemberet:ExternalCustomersMember2021-07-012021-09-300001276187et:InvestmentInUSACMemberet:ExternalCustomersMember2020-07-012020-09-300001276187et:InvestmentInUSACMemberet:ExternalCustomersMember2021-01-012021-09-300001276187et:InvestmentInUSACMemberet:ExternalCustomersMember2020-01-012020-09-300001276187et:InvestmentInUSACMemberet:IntersegmentMember2021-07-012021-09-300001276187et:InvestmentInUSACMemberet:IntersegmentMember2020-07-012020-09-300001276187et:InvestmentInUSACMemberet:IntersegmentMember2021-01-012021-09-300001276187et:InvestmentInUSACMemberet:IntersegmentMember2020-01-012020-09-300001276187et:InvestmentInUSACMember2021-07-012021-09-300001276187et:InvestmentInUSACMember2020-07-012020-09-300001276187et:InvestmentInUSACMember2021-01-012021-09-300001276187et:InvestmentInUSACMember2020-01-012020-09-300001276187us-gaap:AllOtherSegmentsMemberet:ExternalCustomersMember2021-07-012021-09-300001276187us-gaap:AllOtherSegmentsMemberet:ExternalCustomersMember2020-07-012020-09-300001276187us-gaap:AllOtherSegmentsMemberet:ExternalCustomersMember2021-01-012021-09-300001276187us-gaap:AllOtherSegmentsMemberet:ExternalCustomersMember2020-01-012020-09-300001276187us-gaap:AllOtherSegmentsMemberet:IntersegmentMember2021-07-012021-09-300001276187us-gaap:AllOtherSegmentsMemberet:IntersegmentMember2020-07-012020-09-300001276187us-gaap:AllOtherSegmentsMemberet:IntersegmentMember2021-01-012021-09-300001276187us-gaap:AllOtherSegmentsMemberet:IntersegmentMember2020-01-012020-09-300001276187us-gaap:AllOtherSegmentsMember2021-07-012021-09-300001276187us-gaap:AllOtherSegmentsMember2020-07-012020-09-300001276187us-gaap:AllOtherSegmentsMember2021-01-012021-09-300001276187us-gaap:AllOtherSegmentsMember2020-01-012020-09-300001276187us-gaap:IntersegmentEliminationMember2021-07-012021-09-300001276187us-gaap:IntersegmentEliminationMember2020-07-012020-09-300001276187us-gaap:IntersegmentEliminationMember2021-01-012021-09-300001276187us-gaap:IntersegmentEliminationMember2020-01-012020-09-300001276187et:AllOtherSegmentMember2021-07-012021-09-300001276187et:AllOtherSegmentMember2020-07-012020-09-300001276187et:AllOtherSegmentMember2021-01-012021-09-300001276187et:AllOtherSegmentMember2020-01-012020-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
ENERGY TRANSFER LP
(Exact name of registrant as specified in its charter)
Delaware 30-0108820
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
(214) 981-0700
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsETNew York Stock Exchange
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprCNew York Stock Exchange
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprDNew York Stock Exchange
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ý
At October 29, 2021, the registrant had 2,705,855,172 Common Units outstanding.


FORM 10-Q
ENERGY TRANSFER LP AND SUBSIDIARIES
TABLE OF CONTENTS

2

Definitions
References to the “Partnership” or “ET” refer to Energy Transfer LP. In addition, the following is a list of certain acronyms and terms used throughout this document:
/dper day
AOCIaccumulated other comprehensive income (loss)
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns FGT
Dakota AccessDakota Access, LLC
EnableEnable Midstream Partners, LP, a Delaware limited partnership
Energy Transfer CanadaEnergy Transfer Canada ULC, a less than wholly-owned subsidiary of ET
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
ET Preferred UnitsCollectively, the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units and Series G Preferred Units (all originally issued by ETO and exchanged for preferred units issued by ET on April 1, 2021), as well as the Series H Preferred Units issued by ET in June 2021
ETC TigerETC Tiger Pipeline, LLC, a wholly-owned subsidiary of ET, which owns the Tiger Pipeline
ETOEnergy Transfer Operating, L.P.
Exchange ActSecurities Exchange Act of 1934
FEPFayetteville Express Pipeline LLC
FERCFederal Energy Regulatory Commission
FGTFlorida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
GAAPaccounting principles generally accepted in the United States of America
HFOTCOHouston Fuel Oil Terminal Company, a wholly-owned subsidiary of ET, which owns the Houston Terminal
LE GPLE GP, LLC, the general partner of ET
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
MTBEmethyl tertiary butyl ether
NGLnatural gas liquid, such as propane, butane and natural gasoline
NYMEXNew York Mercantile Exchange
OSHAFederal Occupational Safety and Health Act
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP, a wholly-owned subsidiary of ET
RegencyRegency Energy Partners LP
RoverRover Pipeline LLC
SECSecurities and Exchange Commission
Series A Preferred Units6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
3

Series B Preferred Units6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series C Preferred Units7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series D Preferred Units7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series E Preferred Units7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series F Preferred Units6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series G Preferred Units7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series H Preferred Units6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Sunoco Logistics Operations
Sunoco Logistics Partners Operations L.P, a wholly-owned subsidiary of ET
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of ET
TrunklineTrunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
USACUSA Compression Partners, LP, a subsidiary of ET
USAC Preferred UnitsUSAC Series A preferred units
White CliffsWhite Cliffs Pipeline, L.L.C.

4

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
September 30,
2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents
$313 $367 
Accounts receivable, net
6,437 3,875 
Accounts receivable from related companies
63 79 
Inventories
1,811 1,739 
Income taxes receivable
42 35 
Derivative assets
57 9 
Other current assets
326 213 
Total current assets
9,049 6,317 
Property, plant and equipment
95,775 94,115 
Accumulated depreciation and depletion
(21,504)(19,008)
74,271 75,107 
Investments in unconsolidated affiliates2,958 3,060 
Lease right-of-use assets, net
829 866 
Other non-current assets, net
1,722 1,657 
Intangible assets, net
5,474 5,746 
Goodwill
2,395 2,391 
Total assets
$96,698 $95,144 
The accompanying notes are an integral part of these consolidated financial statements.
5

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(Dollars in million)
(unaudited)
September 30,
2021
December 31,
2020
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$5,707 $2,809 
Accounts payable to related companies
 27 
Derivative liabilities
205 238 
Operating lease current liabilities
46 53 
Accrued and other current liabilities
3,198 2,775 
Current maturities of long-term debt
678 21 
Total current liabilities
9,834 5,923 
Long-term debt, less current maturities
44,793 51,417 
Non-current derivative liabilities
187 237 
Non-current operating lease liabilities
799 837 
Deferred income taxes
3,683 3,428 
Other non-current liabilities
1,270 1,152 
Commitments and contingencies
Redeemable noncontrolling interests
783 762 
Equity:
Limited Partners:
Preferred Unitholders5,671  
Common Unitholders21,726 18,531 
General Partner
(5)(8)
Accumulated other comprehensive income19 6 
Total partners’ capital
27,411 18,529 
Noncontrolling interests
7,938 12,859 
Total equity
35,349 31,388 
Total liabilities and equity
$96,698 $95,144 
The accompanying notes are an integral part of these consolidated financial statements.
6

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
REVENUES:
Refined product sales
$4,810 $2,720 $12,737 $7,952 
Crude sales
4,021 2,298 10,920 7,170 
NGL sales
4,005 1,808 10,275 4,751 
Gathering, transportation and other fees
2,276 2,283 6,797 6,805 
Natural gas sales
1,376 681 7,507 1,783 
Other
176 165 524 459 
Total revenues
16,664 9,955 48,760 28,920 
COSTS AND EXPENSES:
Cost of products sold
13,188 6,376 35,641 18,784 
Operating expenses
898 773 2,585 2,422 
Depreciation, depletion and amortization
943 912 2,837 2,715 
Selling, general and administrative
198 176 583 555 
Impairment losses
 1,474 11 2,803 
Total costs and expenses
15,227 9,711 41,657 27,279 
OPERATING INCOME
1,437 244 7,103 1,641 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(558)(569)(1,713)(1,750)
Equity in earnings (losses) of unconsolidated affiliates71 (32)191 46 
Impairment of investment in an unconsolidated affiliate (129) (129)
Losses on extinguishments of debt
  (8)(62)
Gains (losses) on interest rate derivatives1 55 72 (277)
Other, net
33 71 45 6 
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
984 (360)5,690 (525)
Income tax expense
77 41 234 168 
NET INCOME (LOSS)
907 (401)5,456 (693)
Less: Net income attributable to noncontrolling interests260 242 870 427 
Less: Net income attributable to redeemable noncontrolling interests
12 12 37 37 
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
635 (655)4,549 (1,157)
General Partner’s interest in net income (loss)1  5 (1)
Preferred Unitholders’ interest in net income99  185  
Limited Partners’ interest in net income (loss)$535 $(655)$4,359 $(1,156)
NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
Basic
$0.20 $(0.24)$1.61 $(0.43)
Diluted
$0.20 $(0.24)$1.60 $(0.43)
The accompanying notes are an integral part of these consolidated financial statements.
7

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income (loss)$907 $(401)$5,456 $(693)
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities2 3 5 3 
Actuarial gain related to pension and other postretirement benefit plans1 4 6 15 
Foreign currency translation adjustments
(21)18 3 (16)
Change in other comprehensive income (loss) from unconsolidated affiliates1 1 1 (15)
(17)26 15 (13)
Comprehensive income (loss)890 (375)5,471 (706)
Less: Comprehensive income attributable to noncontrolling interests250 251 872 407 
Less: Comprehensive income attributable to redeemable noncontrolling interests
12 12 37 37 
Comprehensive income (loss) attributable to partners$628 $(638)$4,562 $(1,150)
The accompanying notes are an integral part of these consolidated financial statements.
8

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2020$18,531 $ $(8)$6 $12,859 $31,388 
Distributions to partners(406)    (406)
Distributions to noncontrolling interests
    (406)(406)
Capital contributions from noncontrolling interests
    20 20 
Other comprehensive income, net of tax   2 6 8 
Other, net
18    3 21 
Net income, excluding amounts attributable to redeemable noncontrolling interests3,285  3  341 3,629 
Balance, March 31, 202121,428  (5)8 12,823 34,254 
Preferred units converted in Rollup Mergers 4,768   (4,768) 
Distributions to partners
(403)(88)(1)  (492)
Distributions to noncontrolling interests
    (354)(354)
Units issued
 889    889 
Capital contributions from noncontrolling interests
    43 43 
Other comprehensive income, net of tax
   18 6 24 
Other, net
15 (1)  2 16 
Net income, excluding amounts attributable to redeemable noncontrolling interests
539 86 1  269 895 
Balance, June 30, 202121,579 5,654 (5)26 8,021 35,275 
Distributions to partners
(404)(80)(1)  (485)
Distributions to noncontrolling interests
   (389)(389)
Capital contributions from noncontrolling interests
    51 51 
Other comprehensive loss, net of tax
   (7)(10)(17)
Other, net
16 (2)  5 19 
Net income, excluding amounts attributable to redeemable noncontrolling interests535 99 1  260 895 
Balance, September 30, 2021$21,726 $5,671 $(5)$19 $7,938 $35,349 









The accompanying notes are an integral part of these consolidated financial statements.
9

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(Dollars in millions)
(unaudited)
Common UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2019$21,935 $(4)$(11)$12,018 $33,938 
Distributions to partners(1,591)(1)  (1,592)
Distributions to noncontrolling interests
   (444)(444)
Subsidiary units issued   1,580 1,580 
Capital contributions from noncontrolling interests
   95 95 
Other comprehensive loss, net of tax  (48)(38)(86)
Other, net
22   (7)15 
Net loss, excluding amounts attributable to redeemable noncontrolling interests(854)(1) (121)(976)
Balance, March 31, 202019,512 (6)(59)13,083 32,530 
Distributions to partners9 (1)  8 
Distributions to noncontrolling interests
   (408)(408)
Capital contributions from noncontrolling interests
   83 83 
Other comprehensive income, net of tax
  38 9 47 
Other, net(31)  4 (27)
Net income, excluding amounts attributable to redeemable noncontrolling interests
353   306 659 
Balance, June 30, 202019,843 (7)(21)13,077 32,892 
Distributions to partners
(812)(1)  (813)
Distributions to noncontrolling interests
   (430)(430)
Capital contributions from noncontrolling interests
   25 25 
Other comprehensive income, net of tax  17 9 26 
Other, net
47   (43)4 
Net income (loss), excluding amounts attributable to redeemable noncontrolling interests(655)  242 (413)
Balance, September 30, 2020$18,423 $(8)$(4)$12,880 $31,291 
The accompanying notes are an integral part of these consolidated financial statements.
10

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
Nine Months Ended
September 30,
20212020
OPERATING ACTIVITIES:
Net income (loss)$5,456 $(693)
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization
2,837 2,715 
Deferred income taxes
199 159 
Inventory valuation adjustments(168)126 
Non-cash compensation expense
81 93 
Impairment losses
11 2,803 
Impairment of investment in an unconsolidated affiliate 129 
Losses on extinguishments of debt
8 62 
Distributions on unvested awards
(19)(33)
Equity in earnings of unconsolidated affiliates(191)(46)
Distributions from unconsolidated affiliates
226 176 
Other non-cash
13 (130)
Net change in operating assets and liabilities, net of effects of acquisitions
970 94 
Net cash provided by operating activities
9,423