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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
etlogoa05.jpg
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 March 31, 2024
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
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprENew York Stock Exchange
9.250% Series I Fixed Rate Perpetual Preferred UnitsETprINew 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 May 3, 2024, the registrant had 3,370,023,318 Common Units outstanding.


FORM 10-Q
ENERGY TRANSFER LP AND SUBSIDIARIES
TABLE OF CONTENTS
2

Definitions
References to the “Partnership” or “Energy Transfer” 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
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns Florida Gas Transmission Company, LLC, which owns the Florida Gas Transmission Pipeline
CrestwoodCrestwood Equity Partners LP, which was acquired by Energy Transfer in November 2023
Dakota AccessDakota Access, LLC, a non-wholly owned subsidiary of Energy Transfer and/or Dakota Access Pipeline
Energy Transfer 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, Series G Preferred Units, Series H Preferred Units and Series I Preferred Units
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
ETC SunocoETC Sunoco Holdings LLC (formerly Sunoco, Inc.), a wholly owned subsidiary of Energy Transfer
ETO
Energy Transfer Operating, L.P., formerly a non-wholly owned subsidiary of Energy Transfer until its merger into the Partnership in April 2021
Exchange ActSecurities Exchange Act of 1934, as amended
ExplorerExplorer Pipeline Company
FERCFederal Energy Regulatory Commission
GAAPaccounting principles generally accepted in the United States of America
General PartnerLE GP, LLC, the general partner of Energy Transfer
IFERCInside FERC’s Gas Market Report
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
NGLnatural gas liquid, such as propane, butane and natural gasoline
NYMEXNew York Mercantile Exchange
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP, a wholly owned subsidiary of Energy Transfer and/or Panhandle Eastern Pipe Line
Partnership AgreementEnergy Transfer’s Fourth Amended and Restated Agreement of Limited Partnership, as amended to date
PHMSAPipeline and Hazardous Materials Safety Administration
RoverRover Pipeline LLC, a non-wholly owned subsidiary of Energy Transfer and/or Rover Pipeline
Sea RobinSea Robin Pipeline Company, LLC, a wholly owned subsidiary of Energy Transfer
SECSecurities and Exchange Commission
Series A Preferred UnitsSeries A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series B Preferred UnitsSeries B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series C Preferred UnitsSeries C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series D Preferred UnitsSeries D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series E Preferred UnitsSeries E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series F Preferred UnitsSeries F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series G Preferred UnitsSeries G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series H Preferred UnitsSeries H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series I Preferred UnitsSeries I Fixed-Rate Perpetual Preferred Units
SOFRSecured overnight financing rate
SPLPSunoco Pipeline L.P., a wholly owned subsidiary of Energy Transfer
TranswesternTranswestern Pipeline Company, LLC, a wholly owned subsidiary of Energy Transfer and/or Transwestern Pipeline
USACUSA Compression Partners, LP, a publicly traded partnership and consolidated subsidiary of Energy Transfer
White CliffsWhite Cliffs Pipeline, L.L.C.
3

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
March 31,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$1,946 $161 
Accounts receivable, net9,643 9,047 
Accounts receivable from related companies119 101 
Inventories2,267 2,478 
Income taxes receivable58 67 
Derivative assets27 66 
Other current assets447 513 
Assets held for sale511  
Total current assets15,018 12,433 
Property, plant and equipment115,631 114,932 
Accumulated depreciation and depletion(30,459)(29,581)
Property, plant and equipment, net85,172 85,351 
Investments in unconsolidated affiliates3,093 3,097 
Lease right-of-use assets, net734 826 
Other non-current assets, net1,774 1,733 
Intangible assets, net6,111 6,239 
Goodwill3,887 4,019 
Total assets$115,789 $113,698 
The accompanying notes are an integral part of these consolidated financial statements.
4

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(Dollars in million)
(unaudited)
March 31,
2024
December 31,
2023
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$7,535 $6,663 
Accounts payable to related companies29 21 
Derivative liabilities18 8 
Operating lease current liabilities55 56 
Accrued and other current liabilities3,771 3,521 
Current maturities of long-term debt1,181 1,008 
Liabilities associated with held for sale130  
Total current liabilities12,719 11,277 
Long-term debt, less current maturities52,295 51,380 
Non-current derivative liabilities 4 
Non-current operating lease liabilities696 778 
Deferred income taxes4,009 3,931 
Other non-current liabilities1,604 1,611 
Commitments and contingencies
Redeemable noncontrolling interests673 778 
Equity:
Limited Partners:
Preferred Unitholders5,626 6,459 
Common Unitholders30,268 30,197 
General Partner(2)(2)
Accumulated other comprehensive income41 28 
Total partners’ capital35,933 36,682 
Noncontrolling interests7,860 7,257 
Total equity43,793 43,939 
Total liabilities and equity$115,789 $113,698 
The accompanying notes are an integral part of these consolidated financial statements.
5

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
Three Months Ended
March 31,
20242023
REVENUES:
Refined product sales$5,513 $5,454 
Crude sales6,844 5,478 
NGL sales5,251 4,160 
Gathering, transportation and other fees2,901 2,777 
Natural gas sales855 899 
Other265 227 
Total revenues21,629 18,995 
COSTS AND EXPENSES:
Cost of products sold16,597 14,610 
Operating expenses1,138 1,025 
Depreciation, depletion and amortization1,254 1,059 
Selling, general and administrative260 238 
Impairment losses 1 
Total costs and expenses19,249 16,933 
OPERATING INCOME2,380 2,062 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized(728)(619)
Equity in earnings of unconsolidated affiliates98 88 
Loss on extinguishment of debt(5) 
Gains (losses) on interest rate derivatives9 (20)
Other, net27 7 
INCOME BEFORE INCOME TAX EXPENSE1,781 1,518 
Income tax expense89 71 
NET INCOME1,692 1,447 
Less: Net income attributable to noncontrolling interests436 321 
Less: Net income attributable to redeemable noncontrolling interests16 13 
NET INCOME ATTRIBUTABLE TO PARTNERS1,240 1,113 
General Partner’s interest in net income1 1 
Preferred Unitholders’ interest in net income129 109 
Loss on redemption of Series C and Series D Preferred Units21  
Common Unitholders’ interest in net income $1,089 $1,003 
NET INCOME PER COMMON UNIT:
Basic$0.32 $0.32 
Diluted$0.32 $0.32 
The accompanying notes are an integral part of these consolidated financial statements.
6

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)
Three Months Ended
March 31,
20242023
Net income$1,692 $1,447 
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities2 1 
Actuarial gain (loss) related to pension and other postretirement benefit plans9 (5)
Foreign currency translation adjustments 1 
Change in other comprehensive income from unconsolidated affiliates2  
13 (3)
Comprehensive income1,705 1,444 
Less: Comprehensive income attributable to noncontrolling interests436 321 
Less: Comprehensive income attributable to redeemable noncontrolling interests16 13 
Comprehensive income attributable to partners$1,253 $1,110 
The accompanying notes are an integral part of these consolidated financial statements.
7

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2023$30,197 $6,459 $(2)$28 $7,257 $43,939 
Distributions to partners(1,039)(88)(1)  (1,128)
Distributions to noncontrolling interests    (421)(421)
Capital contributions from noncontrolling interests    637 637 
Other comprehensive income, net of tax   13  13 
Redemption of Series C and Series D Preferred Units (895)   (895)
Other, net 21   (49)(28)
Net income, excluding amounts attributable to redeemable noncontrolling interests1,110 129 1  436 1,676 
Balance, March 31, 2024$30,268 $5,626 $(2)$41 $7,860 $43,793 

Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2022$26,960 $6,051 $(2)$16 $7,634 $40,659 
Distributions to partners(920)(80)(1)  (1,001)
Distributions to noncontrolling interests    (441)(441)
Capital contributions from noncontrolling interests    3 3 
Other comprehensive loss, net of tax   (3) (3)
Other, net14    4 18 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,003 109 1  321 1,434 
Balance, March 31, 2023$27,057 $6,080 $(2)$13 $7,521 $40,669 
The accompanying notes are an integral part of these consolidated financial statements.
8

ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
Three Months Ended
March 31,
20242023
OPERATING ACTIVITIES:
Net income$1,692 $1,447 
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization1,254 1,059 
Deferred income taxes67 53 
Inventory valuation adjustments(130)(29)
Non-cash compensation expense46 37 
Impairment losses 1 
Loss on extinguishment of debt5  
Distributions on unvested awards(14)(20)
Equity in earnings of unconsolidated affiliates(98)(88)
Distributions from unconsolidated affiliates84 87 
Other non-cash(7)2 
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures873 801 
Net cash provided by operating activities3,772 3,350 
INVESTING ACTIVITIES:
Cash paid by Sunoco LP for Zenith Energy terminals acquisition, net of cash received(185) 
Cash paid for Edwards Lime Gathering, LLC noncontrolling interest(84) 
Cash paid for other acquisitions, net of cash received(180) 
Capital expenditures, excluding allowance for equity funds used during construction(795)(853)
Contributions in aid of construction costs25 16 
Contributions to unconsolidated affiliates(2) 
Distributions from unconsolidated affiliates in excess of cumulative earnings23 30 
Proceeds from sales of other assets2 4 
Net cash used in investing activities(1,196)(803)
FINANCING ACTIVITIES:
Proceeds from borrowings8,141 7,582 
Repayments of debt(6,257)(8,605)
USAC investments in government securities in connection with the legal defeasance of senior notes(749) 
Redemption of Series C and Series D Preferred Units(895) 
Redemption of Crestwood Niobrara LLC preferred units(37) 
Capital contributions from noncontrolling interests637 3 
Distributions to partners(1,128)(1,001)
Distributions to noncontrolling interests(421)(441)
Distributions to redeemable noncontrolling interests(22)(12)
Debt issuance costs(60) 
Net cash used in financing activities(791)(2,474)
Increase in cash and cash equivalents1,785 73 
Cash and cash equivalents, beginning of period161 257 
Cash and cash equivalents, end of period$1,946 $330 
The accompanying notes are an integral part of these consolidated financial statements.
9

ENERGY TRANSFER LP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollar and unit amounts, except per unit data, are in millions)
(unaudited)
1.ORGANIZATION AND BASIS OF PRESENTATION
Organization
The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “Energy Transfer”).
Basis of Presentation
The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 16, 2024. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.
The consolidated financial statements of the Partnership presented herein include the results of operations of our controlled subsidiaries, including Sunoco LP and USAC. The Partnership owns the general partner interest, incentive distribution rights and 28.5 million common units of Sunoco LP, and the general partner interests and 46.1 million common units of USAC.
Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.
Use of Estimates
The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.
2.ACQUISITIONS AND DIVESTITURES
Sunoco LP’s Acquisitions
On May 3, 2024, Sunoco LP completed the previously announced acquisition of all of the common units of NuStar Energy L.P. (“NuStar”). Under the terms of the merger agreement, NuStar common unitholders received 0.400 Sunoco LP common units for each NuStar common unit. In connection with the acquisition, Sunoco LP issued approximately 50.6 million common units, which had a fair value of approximately $2.8 billion, assumed debt totaling approximately $3.4 billion and assumed preferred units with a fair value of approximately $800 million. NuStar has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. Beginning May 2024, our consolidated financial statements will reflect NuStar as a consolidated subsidiary. At the time our consolidated financial statements were issued, the initial accounting for this business combination was incomplete due to the timing of the close of the acquisition; therefore, certain required disclosures have not been included herein.
On March 13, 2024, Sunoco LP completed the previously announced acquisition of liquid fuels terminals in Amsterdam, Netherlands and Bantry Bay, Ireland from Zenith Energy for approximately €170 million ($185 million), which was allocated $6 million to other current assets, $204 million to property, plant and equipment, $36 million to other non-current assets and $7 million to goodwill. In connection with this transaction, Sunoco LP also assumed $14 million in current liabilities, $11 million in deferred income taxes and $43 million in other non-current liabilities.

10

Sunoco LP’s Divestiture
On April 16, 2024, Sunoco LP completed the previously announced sale of 204 convenience stores located in West Texas, New Mexico and Oklahoma to 7-Eleven, Inc. for approximately $1.00 billion, including customary adjustments for fuel and merchandise inventory. As part of the sale, Sunoco LP also amended its existing take-or-pay fuel supply agreement with 7-Eleven, Inc. to incorporate additional fuel gross profit.
The following table presents the aggregate carrying amount of assets and liabilities that were classified as held for sale:
March 31, 2024
Carrying amount of assets held for sale:
Accounts receivable, net$18 
Inventories14 
Other current assets3 
Property, plant and equipment, net171 
Goodwill145 
Intangibles12 
Other non-current assets148 
Total assets held for sale$511 
Carrying amount of liabilities held for sale:
Current liabilities$14 
Other non-current liabilities116 
Total liabilities associated with assets held for sale$130 
3.CASH AND CASH EQUIVALENTS
Cash and cash equivalents include all cash on hand, demand deposits and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of March 31, 2024 or December 31, 2023.
We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.
The net change in operating assets and liabilities, net of effects of acquisitions and divestitures, included in cash flows from operating activities is comprised as follows:
Three Months Ended
March 31,
20242023
Accounts receivable
$(614)$197 
Accounts receivable from related companies
(246)(3)
Inventories
311 429 
Other current assets
79 188 
Other non-current assets, net
(76)(4)
Accounts payable
883 (18)
Accounts payable to related companies
251 (11)
Accrued and other current liabilities
274 (13)
Other non-current liabilities
(34)31 
Derivative assets and liabilities, net
45 5 
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures$873 $801 

11

Non-cash investing and financing activities were as follows:
Three Months Ended
March 31,
20242023
Accrued capital expenditures$421 $436 
Lease assets obtained in exchange for new lease liabilities30 1 
Distribution reinvestment22 23 
USAC government securities transferred in connection with the legal defeasance of USAC senior notes due 2026749  
Legal defeasance of USAC senior notes due 2026 725  
4.INVENTORIES
Inventories consisted of the following:
March 31,
2024
December 31,
2023
Natural gas, NGLs and refined products
$1,502 $1,658 
Crude oil196 258 
Spare parts and other569 562 
Total inventories$2,267 $2,478 
Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of March 31, 2024 and December 31, 2023, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $100 million and $230 million, respectively. For the three months ended March 31, 2024 and 2023, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of Sunoco LP’s LIFO fuel inventory. For the three months ended March 31, 2024 and 2023, the Partnership’s cost of products sold included favorable inventory valuation adjustments of $130 million and $29 million, respectively, related to Sunoco LP’s LIFO inventory, which increased net income.
5.FAIR VALUE MEASURES
We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider options transacted through a clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. The valuation methodologies employed for our interest rate derivatives do not necessitate material judgment, and the inputs are observed from actively quoted public markets and therefore are categorized in Level 2. Level 3 inputs are unobservable. During the three months ended March 31, 2024, no transfers were made between any levels within the fair value hierarchy.

12

The following tables summarize the gross fair value of our financial assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 based on inputs used to derive their fair values:
Fair Value Measurements at
March 31, 2024
Fair Value TotalLevel 1Level 2
Assets:
Interest rate derivatives
$8 $ $8 
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
2 2  
Swing Swaps IFERC
2 2  
Fixed Swaps/Futures
27 27  
Forward Physical Contracts
9  9 
Power:
Forwards
69 69  
Futures
15 15  
NGLs – Forwards/Swaps
466 466  
Refined Products – Futures
3 3  
Crude – Forwards/Swaps
50 50  
Total commodity derivatives
643 634 9 
Other non-current assets
32 21 11 
Total assets
$683 $655 $28 
Liabilities:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$(8)$(8)$ 
Swing Swaps IFERC
(2)(2) 
Fixed Swaps/Futures
(13)(13) 
Power:
Forwards
(68)(68) 
Futures
(12)(12) 
NGLs – Forwards/Swaps
(448)(448) 
Refined Products – Futures
(19)(19) 
Crude – Forwards/Swaps
(60)(60) 
Total commodity derivatives
(630)(630) 
Total liabilities
$(630)$(630)$ 

13

Fair Value Measurements at
December 31, 2023
Fair Value TotalLevel 1Level 2
Assets:
Interest rate derivatives
$6 $ $6 
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
24 24  
Swing Swaps IFERC
20 20  
Fixed Swaps/Futures
77 77  
Forward Physical Contracts
8  8 
Power:
Forwards
57 57  
Futures
8 8  
NGLs – Forwards/Swaps
336 336  
Refined Products – Futures
35 35  
Crude – Forwards/Swaps
45 45  
Total commodity derivatives
610 602 8 
Other non-current assets
31 20 11 
Total assets
$647 $622 $25 
Liabilities:
Interest rate derivatives
$(4)$ $(4)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(3)(3) 
Swing Swaps IFERC
(2)(2) 
Fixed Swaps/Futures
(16)(16) 
Options – Puts
(2)(2) 
Power:
Forwards
(56)(56) 
Futures
(8)(8) 
NGL/Refined Products Option - Puts(1)(1) 
NGL/Refined Products Option - Calls(1)(1) 
NGLs – Forwards/Swaps
(316)(316) 
Refined Products – Futures
(18)(18) 
Crude – Forwards/Swaps
(37)(37) 
Total commodity derivatives
(460)(460) 
Total liabilities
$(464)$(460)$(4)
The aggregate estimated fair value and carrying amount of our consolidated debt obligations as of March 31, 2024 were $52.85 billion and $53.48 billion, respectively. As of December 31, 2023, the aggregate fair value and carrying amount of our consolidated debt obligations were $51.93 billion and $52.39 billion, respectively. The fair value of our consolidated debt obligations is a Level 2 valuation based on the respective debt obligations’ observable inputs for similar liabilities.

14

6.NET INCOME PER COMMON UNIT
A reconciliation of income or loss and weighted average units used in computing basic and diluted income per common unit is as follows:
Three Months Ended
March 31,
20242023
Net income $1,692 $1,447 
Less: Net income attributable to noncontrolling interests436 321 
Less: Net income attributable to redeemable noncontrolling interests
16 13 
Net income, net of noncontrolling interests1,240 1,113 
Less: General Partner’s interest in net income1 1 
Less: Preferred Unitholders’ interest in net income129 109 
Less: Loss on redemption of Series C and Series D Preferred Units21  
Common Unitholders’ interest in net income$1,089 $1,003 
Basic Income per Common Unit:
Weighted average common units3,368.6 3,095.5 
Basic income per common unit$0.32 $0.32 
Diluted Income per Common Unit:
Common Unitholders’ interest in net income$1,089 $1,003 
Dilutive effect of equity-based compensation of subsidiaries (1)
1  
Diluted income attributable to Common Unitholders$1,088 $1,003 
Weighted average common units3,368.6 3,095.5 
Dilutive effect of unvested restricted unit awards (1)
21.5 19.9 
Weighted average common units, assuming dilutive effect of unvested restricted unit awards3,390.1 3,115.4 
Diluted income per common unit$0.32 $0.32 
(1)Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.
7.DEBT OBLIGATIONS
Recent Transactions
Energy Transfer Senior Notes Redemptions
During the first quarter of 2024, the Partnership redeemed its $1.15 billion aggregate principal amount of 5.875% Senior Notes due January 2024, $350 million aggregate principal amount of 4.90% Senior Notes due February 2024 and $82 million aggregate principal amount of 7.60% Senior Notes due February 2024 using proceeds from its January 2024 notes issuance described below.
In April 2024, the Partnership redeemed its $500 million aggregate principal amount of 4.25% Senior Notes due April 2024, $750 million aggregate principal amount of 4.50% Senior Notes due April 2024 and $450 million aggregate principal amount of 8.00% Senior Notes due April 2029 using cash on hand and proceeds from its Five-Year Credit Facility (defined below).
Bakken Project Debt Redemption
In April 2024, the Bakken Pipeline entities redeemed $1.00 billion aggregate principal amount of 3.90% Senior Notes due April 2024 using proceeds from member contributions. The Partnership indirectly owns 36.4% of the ownership interests in the Bakken Pipeline entities.
Energy Transfer January 2024 Notes Issuance
In January 2024, the Partnership issued $1.25 billion aggregate principal amount of 5.55% Senior Notes due 2034, $1.75 billion aggregate principal amount of 5.95% Senior Notes due 2054 and $800 million aggregate principal amount of

15

8.00% fixed-to-fixed reset rate Junior Subordinated Notes due 2054. The Partnership used the net proceeds to refinance existing indebtedness, including borrowings under its Five-Year Credit Facility, to redeem its outstanding Series C Preferred Units and Series D Preferred Units and for general partnership purposes. The Partnership will also use the net proceeds to redeem its outstanding Series E Preferred Units in May 2024.
Sunoco LP April 2024 Notes Issuance
On April 30, 2024, Sunoco LP issued $750 million of 7.000% senior notes due 2029 and $750 million of 7.250% senior notes due 2032 in a private offering. Sunoco LP used the net proceeds from the offering to (i) repay certain outstanding indebtedness of NuStar, in connection with the merger between Sunoco LP and NuStar, (ii) fund the redemption of NuStar's preferred units in connection with the merger and (iii) pay offering fees and expenses.
USAC March 2024 Notes Issuance
In March 2024, USAC issued $1.00 billion aggregate principal amount of 7.125% Senior Notes due 2029. The net proceeds from this issuance were used to repay a portion of existing borrowings under USAC’s revolving credit facility, to redeem its $725 million aggregate principal amount of 6.875% senior notes due 2026, which constituted a legal defeasance under GAAP (the “Defeasance”), and for general partnership purposes.
The Defeasance required a cash outlay in the net amount of $749 million, which was used to purchase U.S. government securities. These securities generated sufficient cash upon maturity to fund interest payments on the senior notes due 2026 occurring between the effective date of the Defeasance through April 4, 2024, when the senior notes due 2026 were redeemed at par, as well as fund the redemption of the senior notes due 2026 in full. As a result of the Defeasance, USAC recognized a loss on early extinguishment of debt of $5 million for the three months ended March 31, 2024.
Current Maturities of Long-Term Debt
As of March 31, 2024, current maturities of long-term debt reflected on the Partnership’s consolidated balance sheet included $1.00 billion of senior notes issued by the Bakken Pipeline entities, which were repaid in April 2024 as discussed above under “Recent Transactions.” Current maturities of long-term debt also reflected $175 million aggregate principal amount of Transwestern’s 5.66% senior notes due December 2024.
Credit Facilities and Commercial Paper
Five-Year Credit Facility
The Partnership’s revolving credit facility (the “Five-Year Credit Facility”) allows for unsecured borrowings up to $5.00 billion and matures in April 2027. The Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $7.00 billion under certain conditions.
As of March 31, 2024, the Five-Year Credit Facility had no outstanding borrowings and no outstanding commercial paper. The amount available for future borrowings was $4.97 billion, after accounting for outstanding letters of credit in the amount of $29 million.
Sunoco LP Credit Facility
As of March 31, 2024, Sunoco LP’s credit facility had $625 million of outstanding borrowings and $5 million in standby letters of credit and matures in May 2029 (as amended in May 2024). The amount available for future borrowings at March 31, 2024 was $870 million. The weighted average interest rate on the total amount outstanding as of March 31, 2024 was 7.18%.
USAC Credit Facility
As of March 31, 2024, USAC’s credit facility, which matures in December 2026, had $736 million of outstanding borrowings and $1 million outstanding letters of credit. As of March 31, 2024, USAC’s credit facility had $863 million of remaining unused availability of which, due to restrictions related to compliance with the applicable financial covenants, $429 million was available to be drawn. The weighted average interest rate on the total amount outstanding as of March 31, 2024 was 8.00%.

16

Compliance with our Covenants
We and our subsidiaries were in compliance with all requirements, tests, limitations and covenants related to our debt agreements as of March 31, 2024. For the quarter ended March 31, 2024, our leverage ratio, as calculated pursuant to the covenant related to our Five-Year Credit Facility, was 3.27x.
8.REDEEMABLE NONCONTROLLING INTERESTS
Certain redeemable noncontrolling interests in the Partnership’s subsidiaries were reflected as mezzanine equity on the consolidated balance sheets. Redeemable noncontrolling interests as of March 31, 2024 and December 31, 2023 included a balance of $431 million and $476 million, respectively, related to the USAC Series A preferred units; $220 million and $280 million, respectively, related to Crestwood Niobrara LLC preferred units; and $22 million related to noncontrolling interest holders in one of the Partnership’s consolidated subsidiaries that have the option to sell their interests to the Partnership.
USAC Preferred Unit Conversions
On January 12, 2024, the holders of USAC preferred units elected to convert 40,000 preferred units into 1,998,850 common units. These preferred units were converted into common units and, for USAC’s fourth-quarter 2023 distribution, the holders received the common unit distribution of $0.525 on the 1,998,850 common units in lieu of the preferred unit distribution of $24.375 on the converted 40,000 preferred units.
On April 1, 2024, the holders of USAC preferred units elected to convert 280,000 preferred units into 13,991,954 common units. These preferred units were converted into common units and, for USAC’s first-quarter 2024 distribution, the holders received the common unit distribution of $0.525 on the 13,991,954 common units in lieu of the preferred unit distribution of $24.375 on the converted 280,000 preferred units.
Niobrara Preferred Unit Redemption
On February 23, 2024, the Partnership paid approximately $37 million in cash to redeem a portion of the outstanding Crestwood Niobrara LLC preferred units.
9.EQUITY
Energy Transfer Common Units
Changes in Energy Transfer common units during the three months ended March 31, 2024 were as follows:
Number of Units
Number of common units at December 31, 20233,367.5 
Common units issued under the distribution reinvestment plan1.6 
Common units vested under equity incentive plans and other0.8 
Number of common units at March 31, 20243,369.9 
Energy Transfer Repurchase Program
During the three months ended March 31, 2024, Energy Transfer did not repurchase any of its common units under its current buyback program. As of March 31, 2024, $880 million remained available to repurchase under the current program.
Energy Transfer Distribution Reinvestment Program
During the three months ended March 31, 2024, distributions of $22 million were reinvested under the distribution reinvestment program. As of March 31, 2024, a total of 43 million Energy Transfer common units remained available to be issued under currently effective registration statements in connection with the distribution reinvestment program.

17

Cash Distributions on Energy Transfer Common Units
Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2023 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2023February 7, 2024February 20, 2024$0.3150 
March 31, 2024May 13, 2024May 20, 20240.3175 
Energy Transfer Preferred Units
As of March 31, 2024, Energy Transfer’s outstanding preferred units included 950,000 Series A Preferred Units, 550,000 Series B Preferred Units, 32,000,000 Series E Preferred Units, 500,000 Series F Preferred Units, 1,484,780 Series G Preferred Units, 900,000 Series H Preferred Units and 41,464,179 Series I Preferred Units. In addition, as of December 31, 2023, Energy Transfer’s outstanding preferred units also included 18,000,000 Series C Preferred Units and 17,800,000 Series D Preferred Units, both of which were redeemed in February 2024. In March 2024, the Partnership issued a notice to redeem all of its outstanding Series E Preferred Units on May 15, 2024.
The following table summarizes changes in the Energy Transfer Preferred Units:
Preferred Unitholders
Series ASeries BSeries CSeries DSeries E Series FSeries GSeries HSeries ITotal
Balance, December 31, 2023$948 $556 $438 $435 $786 $496 $1,488 $893 $419 $6,459 
Distributions to partners(24)(18)(11)(11)(15)   (9)(88)
Redemption of preferred units  (450)(445)     (895)
Other, net  11 10      21 
Net income23 9 12 11 15 8 27 15 9 129 
Balance, March 31, 2024$947 $547 $ $ $786 $504 $1,515 $908 $419 $5,626 
Preferred Unitholders
Series ASeries BSeries CSeries DSeries E Series FSeries GSeries HTotal
Balance, December 31, 2022$958 $556 $440 $434 $786 $496 $1,488 $893 $6,051 
Distributions to partners(30)(18)(8)(9)(15)   (80)
Net income18 9 8 9 15 8 27 15 109 
Balance, March 31, 2023$946 $547 $440 $434 $786 $504 $1,515 $908 $6,080 
Cash Distributions on Energy Transfer Preferred Units
Distributions declared on the Energy Transfer Preferred Units were as follows:
Period EndedRecord DatePayment DateSeries A
Series B (1)
Series C Series DSeries E
Series F (1)
Series G (1)
Series H (1)
Series I
December 31, 2023February 1, 2024February 15, 2024$24.710 $33.125 $0.6075 $0.6199 $0.475 $ $ $ $0.2111 
March 31, 2024May 1, 2024