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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 June 30, 2022
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
https://cdn.kscope.io/eed92547948dc8b98d306c94668647fa-et-20220630_g1.jpg
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 July 29, 2022, the registrant had 3,086,970,948 Common Units outstanding.


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

2

Table of Contents
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 (loss)
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns FGT
Dakota AccessDakota Access, LLC, a less than wholly-owned subsidiary of Energy Transfer
EnableEnable Midstream Partners, LP, a Delaware limited partnership
Energy Transfer CanadaEnergy Transfer Canada ULC, a less than wholly-owned subsidiary of Energy Transfer
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
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 and Series H Preferred Units
ETC TigerETC Tiger Pipeline, LLC, a wholly-owned subsidiary of Energy Transfer, which owns the Tiger Pipeline
ETO
Energy Transfer Operating, L.P., formerly a less than 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
FGTFlorida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
GAAPaccounting principles generally accepted in the United States of America
General PartnerLE GP, LLC, the general partner of Energy Transfer
HFOTCOHouston Fuel Oil Terminal Company, a wholly-owned subsidiary of Energy Transfer, which owns the Houston Terminal
IFERCInside FERC’s Gas Market Report
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
MMcfmillion cubic feet
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 Energy Transfer
RoverRover Pipeline LLC, a less than wholly-owned subsidiary of Energy Transfer
SECSecurities and Exchange Commission
Series A Preferred Units6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
3

Table of Contents
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
SCOOPSouth Central Oklahoma Oil Province
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
TrunklineTrunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
USACUSA Compression Partners, LP, a publicly traded partnership, of which Energy Transfer owns the general partner interests and 46.1 million common units
White CliffsWhite Cliffs Pipeline, L.L.C.

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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
June 30,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$353 $336 
Accounts receivable, net
10,163 7,654 
Accounts receivable from related companies
122 54 
Inventories
2,216 2,014 
Income taxes receivable
86 32 
Derivative assets
57 10 
Other current assets
726 437 
Current assets held for sale1,711  
Total current assets
15,434 10,537 
Property, plant and equipment
103,724 103,991 
Accumulated depreciation and depletion
(23,856)(22,384)
Property, plant and equipment, net79,868 81,607 
Investments in unconsolidated affiliates2,924 2,947 
Lease right-of-use assets, net
822 838 
Other non-current assets, net
1,561 1,645 
Intangible assets, net
5,607 5,856 
Goodwill
2,553 2,533 
Total assets
$108,769 $105,963 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(Dollars in million)
(unaudited)
June 30,
2022
December 31,
2021
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$8,897 $6,834 
Accounts payable to related companies
17  
Derivative liabilities
13 203 
Operating lease current liabilities
44 47 
Accrued and other current liabilities
3,413 3,071 
Current maturities of long-term debt
2 680 
Current liabilities held for sale1,089  
Total current liabilities
13,475 10,835 
Long-term debt, less current maturities
48,104 49,022 
Non-current derivative liabilities
144 193 
Non-current operating lease liabilities
801 814 
Deferred income taxes
3,611 3,648 
Other non-current liabilities
1,376 1,323 
Commitments and contingencies
Redeemable noncontrolling interests
493 783 
Equity:
Limited Partners:
Preferred Unitholders6,051 6,051 
Common Unitholders26,507 25,230 
General Partner
(3)(4)
Accumulated other comprehensive income29 23 
Total partners’ capital
32,584 31,300 
Noncontrolling interests
8,181 8,045 
Total equity
40,765 39,345 
Total liabilities and equity
$108,769 $105,963 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
REVENUES:
Refined product sales
$7,950 $4,403 $13,396 $7,927 
Crude sales
6,683 3,911 11,985 6,899 
NGL sales
5,896 3,364 11,005 6,270 
Gathering, transportation and other fees
2,765 2,255 5,458 4,521 
Natural gas sales
2,429 1,007 4,182 6,131 
Other
222 161 410 348 
Total revenues
25,945 15,101 46,436 32,096 
COSTS AND EXPENSES:
Cost of products sold
21,515 11,505 37,653 22,453 
Operating expenses
1,060 867 2,009 1,687 
Depreciation, depletion and amortization
1,046 940 2,074 1,894 
Selling, general and administrative
211 184 441 385 
Impairment losses
 8 300 11 
Total costs and expenses
23,832 13,504 42,477 26,430 
OPERATING INCOME
2,113 1,597 3,959 5,666 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(578)(566)(1,137)(1,155)
Equity in earnings of unconsolidated affiliates62 65 118 120 
Losses on extinguishments of debt
 (1) (8)
Gains (losses) on interest rate derivatives129 (123)243 71 
Other, net
(18)18 3 12 
INCOME BEFORE INCOME TAX EXPENSE1,708 990 3,186 4,706 
Income tax expense86 82 77 157 
NET INCOME1,622 908 3,109 4,549 
Less: Net income attributable to noncontrolling interests284 269 489 610 
Less: Net income attributable to redeemable noncontrolling interests
12 13 25 25 
NET INCOME ATTRIBUTABLE TO PARTNERS1,326 626 2,595 3,914 
General Partner’s interest in net income1 1 2 4 
Preferred Unitholders’ interest in net income105 86 211 86 
Common Unitholders’ interest in net income $1,220 $539 $2,382 $3,824 
NET INCOME PER COMMON UNIT:
Basic
$0.40 $0.20 $0.77 $1.41 
Diluted
$0.39 $0.20 $0.77 $1.41 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Net income$1,622 $908 $3,109 $4,549 
Other comprehensive income, net of tax:
Change in value of available-for-sale securities(4)3 (9)3 
Actuarial gain related to pension and other postretirement benefit plans  7 5 
Foreign currency translation adjustments(30)12 (19)24 
Change in other comprehensive income from unconsolidated affiliates6 9 18  
(28)24 (3)32 
Comprehensive income1,594 932 3,106 4,581 
Less: Comprehensive income attributable to noncontrolling interests270 275 480 622 
Less: Comprehensive income attributable to redeemable noncontrolling interests12 13 25 25 
Comprehensive income attributable to partners$1,312 $644 $2,601 $3,934 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2021$25,230 $6,051 $(4)$23 $8,045 $39,345 
Distributions to partners(528)(80)   (608)
Distributions to noncontrolling interests    (307)(307)
Capital contributions from noncontrolling interests    373 373 
Other comprehensive income, net of tax   20 5 25 
Other, net17    10 27 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,162 106 1  205 1,474 
Balance, March 31, 202225,881 6,077 (3)43 8,331 40,329 
Distributions to partners(603)(131)(1)  (735)
Distributions to noncontrolling interests    (446)(446)
Capital contributions from noncontrolling interests    24 24 
Other comprehensive income, net of tax   (14)(14)(28)
Other, net9    2 11 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,220 105 1  284 1,610 
Balance, June 30, 2022$26,507 $6,051 $(3)$29 $8,181 $40,765 
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, net18    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, net15 (1)  2 16 
Net income, excluding amounts attributable to redeemable noncontrolling interests539 86 1  269 895 
Balance, June 30, 2021$21,579 $5,654 $(5)$26 $8,021 $35,275 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
Six Months Ended
June 30,
20222021
OPERATING ACTIVITIES:
Net income$3,109 $4,549 
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization2,074 1,894 
Deferred income taxes107 133 
Inventory valuation adjustments(121)(159)
Non-cash compensation expense61 55 
Impairment losses300 11 
Losses on extinguishments of debt 8 
Distributions on unvested awards(27)(13)
Equity in earnings of unconsolidated affiliates(118)(120)
Distributions from unconsolidated affiliates108 100 
Other non-cash(38)41 
Net change in operating assets and liabilities, net of effects of acquisitions(731)661 
Net cash provided by operating activities4,724 7,160 
INVESTING ACTIVITIES:
Cash paid for acquisition of Spindletop Assets(325) 
Cash paid for all other acquisitions(264) 
Capital expenditures, excluding allowance for equity funds used during construction(1,458)(1,429)
Contributions in aid of construction costs35 16 
Contributions to unconsolidated affiliates (4)
Distributions from unconsolidated affiliates in excess of cumulative earnings46 64 
Proceeds from sales of other assets12 24 
Net cash used in investing activities(1,954)(1,329)
FINANCING ACTIVITIES:
Proceeds from borrowings11,798 8,245 
Repayments of debt(12,819)(13,425)
Preferred Units issued for cash 889 
Capital contributions from noncontrolling interests397 63 
Distributions to partners(1,343)(898)
Distributions to noncontrolling interests(753)(760)
Distributions to redeemable noncontrolling interests(24)(24)
Debt issuance costs(9)(3)
Other, net (3)
Net cash used in financing activities(2,753)(5,916)
Increase (decrease) in cash and cash equivalents17 (85)
Cash and cash equivalents, beginning of period336 367 
Cash and cash equivalents, end of period$353 $282 
The accompanying notes are an integral part of these consolidated financial statements.
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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, 2021, filed with the SEC on February 18, 2022. 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 DIVESTITURE TRANSACTIONS
Woodford Express Acquisition
In August 2022, Energy Transfer entered into an agreement to acquire 100% of the membership interests in Woodford Express, LLC, a Mid-Continent gas gathering and processing system, for approximately $485 million in cash consideration. The system, which is located in the heart of the SCOOP play, has 450 MMcf/d of cryogenic gas processing and treating capacity and over 200 miles of gathering lines, which are connected to Energy Transfer’s pipeline network. The transaction is expected to close by the end of the third quarter, subject to customary closing conditions including Hart-Scott-Rodino Act clearance.
Energy Transfer Canada Sale
In March 2022, the Partnership announced a definitive agreement to sell its 51% interest in Energy Transfer Canada. The sale is expected to result in cash proceeds to Energy Transfer of approximately C$340 million (US$264 million at the June 30, 2022 exchange rate), subject to certain purchase price adjustments. The transaction is expected to close by the third quarter of 2022.
Energy Transfer Canada’s assets and liabilities were reflected as held for sale in the Partnership’s consolidated balance sheet as of June 30, 2022. Energy Transfer Canada’s assets and operations are included in the all other segment. Energy Transfer Canada does not meet the criteria to be reflected as discontinued operations in the Partnership’s consolidated statement of operations. Based on the anticipated proceeds of the sale, during the three months ended March 31, 2022, the Partnership recorded a write-down on Energy Transfer Canada’s assets of $300 million, of which $164 million was allocated to noncontrolling interests and $136 million was reflected in net income attributable to partners.

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The following table presents the assets and liabilities classified as held for sale in the Partnership’s consolidated balance sheet as of June 30, 2022:
June 30,
2022
Carrying amounts of assets held for sale
Cash and cash equivalents$3 
Accounts receivable, net102 
Other current assets7 
Property, plant and equipment, net1,486 
Other non-current assets, net16 
Intangible assets, net97 
Total assets held for sale$1,711 
Carrying amounts of liabilities held for sale
Accounts payable$2 
Accrued and other current liabilities