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Table of Contents

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 March 31, 2023
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/e4a4cb65b606173b8a654bffb6697081-etlogoa05.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 April 28, 2023, the registrant had 3,096,774,774 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
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
Dakota AccessDakota Access, LLC, a non-wholly-owned subsidiary of Energy Transfer and/or Dakota Access Pipeline
Energy Transfer CanadaEnergy Transfer Canada ULC, a non-wholly-owned subsidiary of Energy Transfer until its sale in August 2022
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
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
HFOTCOHFOTCO LLC, 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
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 Third 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
SECSecurities and Exchange Commission
Series A Preferred Units6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
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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
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.
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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
March 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$330 $257 
Accounts receivable, net
8,269 8,466 
Accounts receivable from related companies
108 93 
Inventories
2,047 2,461 
Income taxes receivable
64 68 
Derivative assets
6 10 
Other current assets
546 726 
Total current assets
11,370 12,081 
Property, plant and equipment
106,643 105,996 
Accumulated depreciation and depletion
(26,639)(25,685)
Property, plant and equipment, net80,004 80,311 
Investments in unconsolidated affiliates2,861 2,893 
Lease right-of-use assets, net
813 819 
Other non-current assets, net
1,585 1,558 
Intangible assets, net
5,322 5,415 
Goodwill
2,566 2,566 
Total assets
$104,521 $105,643 
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)
March 31,
2023
December 31,
2022
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$6,934 $6,952 
Accounts payable to related companies
9 17 
Derivative liabilities
4 23 
Operating lease current liabilities
45 45 
Accrued and other current liabilities
3,168 3,329 
Current maturities of long-term debt
2 2 
Total current liabilities
10,162 10,368 
Long-term debt, less current maturities
47,229 48,260 
Non-current derivative liabilities
43 23 
Non-current operating lease liabilities
791 798 
Deferred income taxes
3,759 3,701 
Other non-current liabilities
1,374 1,341 
Commitments and contingencies
Redeemable noncontrolling interests
494 493 
Equity:
Limited Partners:
Preferred Unitholders6,080 6,051 
Common Unitholders27,057 26,960 
General Partner
(2)(2)
Accumulated other comprehensive income13 16 
Total partners’ capital
33,148 33,025 
Noncontrolling interests
7,521 7,634 
Total equity
40,669 40,659 
Total liabilities and equity
$104,521 $105,643 
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
March 31,
20232022
REVENUES:
Refined product sales
$5,454 $5,446 
Crude sales
5,478 5,302 
NGL sales
4,160 5,109 
Gathering, transportation and other fees
2,777 2,693 
Natural gas sales
899 1,753 
Other
227 188 
Total revenues
18,995 20,491 
COSTS AND EXPENSES:
Cost of products sold
14,610 16,138 
Operating expenses
1,025 949 
Depreciation, depletion and amortization
1,059 1,028 
Selling, general and administrative
238 230 
Impairment losses1 300 
Total costs and expenses
16,933 18,645 
OPERATING INCOME
2,062 1,846 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(619)(559)
Equity in earnings of unconsolidated affiliates88 56 
Gains (losses) on interest rate derivatives(20)114 
Other, net
7 21 
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT)1,518 1,478 
Income tax expense (benefit)71 (9)
NET INCOME1,447 1,487 
Less: Net income attributable to noncontrolling interests321 205 
Less: Net income attributable to redeemable noncontrolling interests
13 13 
NET INCOME ATTRIBUTABLE TO PARTNERS1,113 1,269 
General Partner’s interest in net income1 1 
Preferred Unitholders’ interest in net income109 106 
Common Unitholders’ interest in net income $1,003 $1,162 
NET INCOME PER COMMON UNIT:
Basic
$0.32 $0.38 
Diluted
$0.32 $0.37 
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
March 31,
20232022
Net income$1,447 $1,487 
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities1 (5)
Actuarial gain (loss) related to pension and other postretirement benefit plans(5)7 
Foreign currency translation adjustments1 11 
Change in other comprehensive income from unconsolidated affiliates 12 
(3)25 
Comprehensive income1,444 1,512 
Less: Comprehensive income attributable to noncontrolling interests321 210 
Less: Comprehensive income attributable to redeemable noncontrolling interests13 13 
Comprehensive income attributable to partners$1,110 $1,289 
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, 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 
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, 2022$25,881 $6,077 $(3)$43 $8,331 $40,329 
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)
Three Months Ended
March 31,
20232022
OPERATING ACTIVITIES:
Net income$1,447 $1,487 
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization1,059 1,028 
Deferred income taxes53 32 
Inventory valuation adjustments(29)(120)
Non-cash compensation expense37 36 
Impairment losses1 300 
Distributions on unvested awards(20)(15)
Equity in earnings of unconsolidated affiliates(88)(56)
Distributions from unconsolidated affiliates87 44 
Other non-cash2 (46)
Net change in operating assets and liabilities, net of effects of acquisitions801 (320)
Net cash provided by operating activities3,350 2,370 
INVESTING ACTIVITIES:
Cash paid for acquisitions, net of cash received (589)
Capital expenditures, excluding allowance for equity funds used during construction(853)(752)
Contributions in aid of construction costs16 20 
Distributions from unconsolidated affiliates in excess of cumulative earnings30 46 
Proceeds from sales of other assets4 4 
Net cash used in investing activities(803)(1,271)
FINANCING ACTIVITIES:
Proceeds from borrowings7,582 5,658 
Repayments of debt(8,605)(5,428)
Capital contributions from noncontrolling interests3 373 
Distributions to partners(1,001)(608)
Distributions to noncontrolling interests(441)(307)
Distributions to redeemable noncontrolling interests(12)(12)
Net cash used in financing activities(2,474)(324)
Increase in cash and cash equivalents73 775 
Cash and cash equivalents, beginning of period257 336 
Cash and cash equivalents, end of period$330 $1,111 
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, 2022, filed with the SEC on February 17, 2023. 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
Lotus Midstream Acquisition
On May 2, 2023, Energy Transfer acquired Lotus Midstream Operations, LLC (“Lotus Midstream”) for total consideration of $900 million in cash and approximately 44.5 million newly issued Energy Transfer common units. Lotus Midstream owns and operates Centurion Pipeline Company LLC, an integrated crude midstream platform located in the Permian Basin.
Sunoco LP Acquisition
On May 1, 2023, Sunoco LP completed the acquisition of 16 refined product terminals located across the East Coast and Midwest from Zenith Energy for $110 million.
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, 2023 or December 31, 2022.
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.

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The net change in operating assets and liabilities, net of effects of acquisitions, included in cash flows from operating activities is comprised as follows:
Three Months Ended
March 31,
20232022
Accounts receivable
$197 $(2,412)
Accounts receivable from related companies
(3)(17)
Inventories
429 153 
Other current assets
188 (119)
Other non-current assets, net
(4)45 
Accounts payable
(18)1,885 
Accounts payable to related companies
(11)7 
Accrued and other current liabilities
(13)230 
Other non-current liabilities
31 61 
Derivative assets and liabilities, net
5 (153)
Net change in operating assets and liabilities, net of effects of acquisitions$801 $(320)
Non-cash investing and financing activities were as follows:
Three Months Ended
March 31,
20232022
Accrued capital expenditures
$436 $475 
Lease assets obtained in exchange for new lease liabilities1 56 
Distribution reinvestment
23 12 
4.INVENTORIES
Inventories consisted of the following:
March 31,
2023
December 31,
2022
Natural gas, NGLs and refined products
$1,419 $1,802 
Crude oil184 246 
Spare parts and other444 413 
Total inventories$2,047 $2,461 
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, 2023 and December 31, 2022, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $87 million and $116 million, respectively. For the three months ended March 31, 2023 and 2022, 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, 2023 and 2022, the Partnership’s cost of products sold included favorable inventory adjustments of $29 million and $120 million, respectively, related to Sunoco LP’s LIFO inventory.
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

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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, 2023, no transfers were made between any levels within the fair value hierarchy.
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, 2023 and December 31, 2022 based on inputs used to derive their fair values:
Fair Value Measurements at
March 31, 2023
Fair Value TotalLevel 1Level 2
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$3 $3 $ 
Swing Swaps IFERC
4 4  
Fixed Swaps/Futures
31 31  
Forward Physical Contracts
6  6 
Power:
Forwards
45  45 
Futures
9 9  
Options – Calls
2 2  
NGLs – Forwards/Swaps
219 219  
Refined Products – Futures
1 1  
Crude – Forwards/Swaps
41 41  
Total commodity derivatives
361 310 51 
Other non-current assets
28 18 10 
Total assets
$389 $328 $61 
Liabilities:
Interest rate derivatives
$(43)$ $(43)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(11)(11) 
Swing Swaps IFERC
(2)(2) 
Fixed Swaps/Futures
(2)(2) 
Forward Physical Contracts
(1) (1)
Power:
Forwards
(45) (45)
Futures
(7)(7) 
Options – Calls
(1)(1) 
NGLs – Forwards/Swaps
(205)(205) 
Refined Products – Futures
(16)(16) 
Crude – Forwards/Swaps
(19)(19) 
Total commodity derivatives
(309)(263)(46)
Total liabilities
$(352)$(263)$(89)

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Fair Value Measurements at
December 31, 2022
Fair Value TotalLevel 1Level 2
Assets:
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
$60 $60 $ 
Swing Swaps IFERC
75 75  
Fixed Swaps/Futures
113 113  
Forward Physical Contracts
10  10 
Power:
Forwards
52  52 
Futures
3 3  
NGLs – Forwards/Swaps
317 317  
Refined Products – Futures
20 20  
Crude – Forwards/Swaps
38 38  
Total commodity derivatives
688 626 62 
Other non-current assets
27 18 9 
Total assets
$715 $644 $71 
Liabilities:
Interest rate derivatives
$(23)$ $(23)
Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX
(25)(25) 
Swing Swaps IFERC
(12)(12) 
Fixed Swaps/Futures
(4)(4) 
Forward Physical Contracts
(2) (2)
Power:
Forwards
(51) (51)
Futures
(3)(3) 
NGLs – Forwards/Swaps
(358)(358) 
Refined Products – Futures
(59)(59) 
Crude – Forwards/Swaps
(12)