0001276187-24-000108 | 10-Q | XBRL Viewer

Equity

9 Months Ended

Sep. 30, 2024

EQUITY

Energy Transfer Common Units

Changes in Energy Transfer common units during the nine months ended September 30, 2024 were as follows:


			Number of Units
Number of common units at December 31, 2023			3,367.5
Common units issued under the distribution reinvestment plan			4.3
Common units vested under equity incentive plans and other			1.1
Common units issued in connection with acquisition of WTG Midstream			50.8
Number of common units at September 30, 2024			3,423.7

Energy Transfer Repurchase Program

During the nine months ended September 30, 2024, Energy Transfer did not repurchase any of its common units under its current buyback program. As of September 30, 2024, $880 million remained available to repurchase under the current program.

Energy Transfer Distribution Reinvestment Program

During the nine months ended September 30, 2024, distributions of $66 million were reinvested under the distribution reinvestment program. As of September 30, 2024, a total of 40 million Energy Transfer common units remained available to be issued under currently effective registration statements in connection with the distribution reinvestment program.

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 Ended

Record Date

Payment Date

Rate

December 31, 2023

February 7, 2024

February 20, 2024

0.3150

March 31, 2024

May 13, 2024

May 20, 2024

0.3175

June 30, 2024

August 9, 2024

August 19, 2024

0.3200

September 30, 2024

November 8, 2024

November 19, 2024

0.3225

Energy Transfer Preferred Units

As of September 30, 2024, Energy Transfer’s outstanding preferred units included 550,000 Series B 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 the Series A Preferred Units, Series C Preferred Units, Series D Preferred Units and Series E Preferred Units, all of which were redeemed in 2024.

The following table summarizes changes in the Energy Transfer Preferred Units:


	Preferred Unitholders
	Series A		Series B		Series C		Series D		Series E		Series F		Series G		Series H		Series I		Total
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 income	23		9		12		11		15		8		27		15		9		129
Balance, March 31, 2024	947		547		—		—		786		504		1,515		908		419		5,626

Distributions to partners	(32)		—		—		—		(15)		(17)		(53)		(29)		(9)		(155)
Redemption of preferred units	(950)		—		—		—		(800)		—		—		—		—		(1,750)
Other, net	13		—		—		—		20		—		—		—		—		33
Net income	22		9		—		—		9		9		26		14		9		98
Balance, June 30, 2024	—		556		—		—		—		496		1,488		893		419		3,852
Distributions to partners	—		(18)		—		—		—		—		—		—		(9)		(27)

Net income	—		9		—		—		—		8		26		15		9		67
Balance, September 30, 2024	$	—	$	547	$	—	$	—	$	—	$	504	$	1,514	$	908	$	419	$	3,892


	Preferred Unitholders
	Series A		Series B		Series C		Series D		Series E		Series F		Series G		Series H		Total
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 income	18		9		8		9		15		8		27		15		109
Balance, March 31, 2023	946		547		440		434		786		504		1,515		908		6,080

Distributions to partners	(21)		—		(8)		(9)		(15)		(16)		(53)		(29)		(151)

Net income	22		9		9		9		15		8		26		15		113
Balance, June 30, 2023	947		556		441		434		786		496		1,488		894		6,042
Distributions to partners	(22)		(20)		(12)		(8)		(15)		—		—		—		(77)

Net income	23		10		11		10		15		8		27		14		118
Balance, September 30, 2023	$	948	$	546	$	440	$	436	$	786	$	504	$	1,515	$	908	$	6,083

Cash Distributions on Energy Transfer Preferred Units

Distributions declared on the Energy Transfer Preferred Units were as follows:


Period Ended	Record Date	Payment Date	Series A		Series B (1)		Series C		Series D		Series E		Series F (1)		Series G (1)		Series H (1)		Series I (2)
December 31, 2023	February 1, 2024	February 15, 2024	$	24.710	$	33.125	$	0.6075	$	0.6199	$	0.475	$	—	$	—	$	—	$	0.2111
March 31, 2024	May 1, 2024	May 15, 2024	23.992		—		—		—		0.475		33.750		35.630		32.500		0.2111
June 30, 2024	August 1, 2024	August 15, 2024	9.879		33.125		—		—		—		—		—		—		0.2111
September 30, 2024	November 1, 2024	November 15, 2024	—		—		—		—		—		33.750		35.630		32.500		0.2111

(1)Series B, Series F, Series G and Series H distributions are currently paid on a semi-annual basis. Distributions on the Series B Preferred Units will begin to be paid quarterly on February 15, 2028.

(2)For the period ended September 30, 2024, the cash distribution for the Series I Preferred Units will be paid on November 14, 2024 to unitholders of record as of the close of business on November 4, 2024. For the period ended June 30, 2024, the cash distribution for the Series I Preferred Units was paid on August 14, 2024 to unitholders of record as of the close of business on August 2, 2024.

Noncontrolling Interests

The Partnership’s consolidated financial statements also include noncontrolling interests in Sunoco LP and USAC, both of which are master limited partnerships, as well as other non-wholly owned consolidated joint ventures. The following sections describe cash distributions made by our publicly traded subsidiaries, Sunoco LP and USAC, both of which are required by their respective partnership agreements to distribute all cash on hand (less appropriate reserves determined by the boards of directors of their respective general partners) subsequent to the end of each quarter.

Sunoco LP Cash Distributions

Distributions on Sunoco LP’s common units declared and/or paid by Sunoco LP subsequent to December 31, 2023 were as follows:

Quarter Ended

Record Date

Payment Date

Rate

December 31, 2023

February 7, 2024

February 20, 2024

0.8420

March 31, 2024

May 13, 2024

May 20, 2024

0.8756

June 30, 2024

August 9, 2024

August 19, 2024

0.8756

September 30, 2024

November 8, 2024

November 19, 2024

0.8756

USAC Cash Distributions

Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2023 were as follows:

Quarter Ended

Record Date

Payment Date

Rate

December 31, 2023

January 22, 2024

February 2, 2024

0.525

March 31, 2024

April 22, 2024

May 3, 2024

0.525

June 30, 2024

July 22, 2024

August 2, 2024

0.525

September 30, 2024

October 21, 2024

November 1, 2024

0.525

Accumulated Other Comprehensive Income

The following table presents the components of AOCI, net of tax:


	September 30, 2024		December 31, 2023
Available-for-sale securities	$	20	$	13
Foreign currency translation adjustment	(11)		(5)
Actuarial gains related to pensions and other postretirement benefits	22		6
Investments in unconsolidated affiliates, net	11		14



Total AOCI included in partners’ capital, net of tax	$	42	$	28

Inventories Inventories (Policies)	9 Months Ended
Inventories Inventories (Policies)	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory, Policy [Policy Text Block]	Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of September 30, 2024 and December 31, 2023, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $329 million and $230 million, respectively. For the three and nine months ended September 30, 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 September 30, 2024 and 2023, the Partnership’s cost of products sold included unfavorable inventory valuation adjustments of $197 million and favorable inventory adjustments of $141 million, respectively, related to Sunoco LP’s LIFO inventory. For the nine months ended September 30, 2024 and 2023, the Partnership’s cost of products sold included unfavorable inventory adjustments of $99 million and favorable inventory adjustments of $113 million, respectively, related to Sunoco LP’s LIFO inventory.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Narrative (Details)		1 Months Ended		3 Months Ended	6 Months Ended	9 Months Ended
	Aug. 01, 2020 USD ($)	Jun. 30, 2022 USD ($)	Nov. 30, 2017 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($) sites Rate	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Payments for Legal Settlements		$ 21,200,000
Accrual for Environmental Loss Contingencies						$ 272,000,000		$ 277,000,000
Loss Contingency, Estimate of Possible Loss						125,000,000
Litigation Settlement, Expense						161,000,000
Payments for Environmental Liabilities						$ 7,000,000	$ 23,000,000
Interest Statutory Rate \| Rate						12.00%
State of Ohio and Ohio Environmental Protection Agency
Loss Contingency, Damages Sought, Value			$ 2,600,000
Proposed Civil Penalty
Payments for Legal Settlements						$ 20,000,000
Litigation Settlement, Expense						40,000,000
Related To Deductibles
Loss Contingency Accrual, at Carrying Value						$ 259,000,000		$ 285,000,000
Sunoco, Inc. [Member]
Loss Contingency, Pending Claims, Number						2
Sunoco [Member]
Site Contingency, Number of Sites Needing Remediation \| sites						32
Culberson
Loss Contingency, Damages Sought, Value						$ 93,000,000
USAC [Member] \| Internal Revenue Service (IRS)
Loss Contingency, Estimate of Possible Loss						28,000,000
USAC [Member] \| Oklahoma Tax Commission
Loss Contingency, Estimate of Possible Loss						30,000,000
Crestwood \| pre-judgement interest award
Litigation Settlement, Amount Awarded to Other Party				$ 20,700,000
Crestwood \| attorney fees
Litigation Settlement, Amount Awarded to Other Party				17,700,000
Crestwood \| other costs
Litigation Settlement, Amount Awarded to Other Party				$ 4,700,000
Cline Class Action \| Additional Interest
Litigation Settlement Interest						23,000,000
Cline Class Action \| Actual Damages
Litigation Settlement Interest						104,000,000
Cline Class Action \| punitive damages
Litigation Settlement Interest						75,000,000
Cline Class Action \| Actual Damages
Payments for Legal Settlements	$ 74,800,000				$ 80,700,000
Cline Class Action \| punitive damages
Payments for Legal Settlements					$ 75,000,000
Massachusetts Attorney General
Legal Fees						$ 18,000,000

Derivative Assets And Liabilities Table - Outstanding Commodity-Related Derivatives (Details)	Sep. 30, 2024 MMbtu Megawatt	Dec. 31, 2023 MMbtu Megawatt
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Basis Swaps IFERC/NYMEX [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount		(46,975)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Basis Swaps IFERC/NYMEX [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	(83,845)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Swing Swaps IFERC [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount		(97,728)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Swing Swaps IFERC [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	(36,503)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Fixed Swaps/Futures [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	(1,820)	(5,247)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Options - Puts [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	0
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Call Option [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	(500)	(250)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Forward Physical Contracts [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount		(1,751)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Forward Physical Contracts [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	(2,138)
Natural Gas [Member] \| Mark-To-Market Derivatives [Member] \| Put Option [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount		(1,900)
Natural Gas [Member] \| Fair Value Hedging [Member] \| Basis Swaps IFERC/NYMEX [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount	(49,858)	(39,013)
Natural Gas [Member] \| Fair Value Hedging [Member] \| Fixed Swaps/Futures [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount	(49,858)	(39,013)
Natural Gas [Member] \| Fair Value Hedging [Member] \| Hedged Item - Inventory (MMBtu) [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	(49,858)	(39,013)
Power [Member] \| Mark-To-Market Derivatives [Member] \| Options - Puts [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount \| Megawatt	0
Power [Member] \| Mark-To-Market Derivatives [Member] \| Call Option [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount \| Megawatt	(33,600)
Power [Member] \| Mark-To-Market Derivatives [Member] \| Call Option [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount \| Megawatt		0
Power [Member] \| Mark-To-Market Derivatives [Member] \| Forwards Swaps [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount \| Megawatt	(101,440)	(155,600)
Power [Member] \| Mark-To-Market Derivatives [Member] \| Future [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount \| Megawatt		(464,897)
Power [Member] \| Mark-To-Market Derivatives [Member] \| Future [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount \| Megawatt	(27,323)
Power [Member] \| Mark-To-Market Derivatives [Member] \| Put Option [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount \| Megawatt		(136,000)
Crude Oil [Member] \| Mark-To-Market Derivatives [Member] \| Call Option [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount		(20)
Crude Oil [Member] \| Mark-To-Market Derivatives [Member] \| Call Option [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	0
Crude Oil [Member] \| Mark-To-Market Derivatives [Member] \| Put Option [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount		(15)
Crude Oil [Member] \| Mark-To-Market Derivatives [Member] \| Put Option [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount	0
Crude Oil [Member] \| Mark-To-Market Derivatives [Member] \| Forward Swaps [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount	(856)	(2,674)
NGL/Refined product \| Mark-To-Market Derivatives [Member] \| Call Option [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount	(21)	(43)
NGL/Refined product \| Mark-To-Market Derivatives [Member] \| Future [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount	(3,528)	(4,548)
NGL/Refined product \| Mark-To-Market Derivatives [Member] \| Put Option [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount	(12)
NGL/Refined product \| Mark-To-Market Derivatives [Member] \| Put Option [Member] \| Long [Member]
Derivative, Nonmonetary Notional Amount		(121)
NGL/Refined product \| Mark-To-Market Derivatives [Member] \| Forward Swaps [Member] \| Short [Member]
Derivative, Nonmonetary Notional Amount	(15,745)	(13,870)

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 5,118	$ 3,727
Reconciliation of net income to net cash provided by operating activities:
Depreciation, depletion and amortization	3,791	3,227
Deferred income taxes	165	187
Inventory valuation adjustments	99	(113)
Non-cash compensation expense	113	99
Impairment losses	50	12
Loss on extinguishment of debt	11	0
Gain (Loss) on Disposition of Assets	(598)	0
Distributions on unvested awards	(40)	(47)
Equity in earnings of unconsolidated affiliates	(285)	(286)
Distributions from unconsolidated affiliates	263	286
Other non-cash	39	(15)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures	190	1,182
Net Cash Provided by (Used in) Operating Activities, Continuing Operations	8,916	8,259
INVESTING ACTIVITIES:
Capital expenditures, excluding allowance for equity funds used during construction	(2,692)	(2,430)
Payments for Advance to Affiliate	(205)	(5)
Contributions in aid of construction costs	57	38
Distributions from unconsolidated affiliates in excess of cumulative earnings	60	45
Proceeds from Divestiture of Businesses	990	0
Proceeds from Sale of Other Assets, Investing Activities	8	31
Payments for (Proceeds from) Other Investing Activities	6	1
Net Cash Provided by (Used in) Investing Activities, Continuing Operations	(4,435)	(3,361)
FINANCING ACTIVITIES:
Proceeds from borrowings	26,583	22,912
Repayments of debt	(22,345)	(23,095)
Repayments of Senior Debt	(749)	0
Capital contributions from noncontrolling interest	637	3
Proceeds from (Payments to) Noncontrolling Interests	2	0
Distributions to partners	(3,433)	(3,124)
Distributions to noncontrolling interests	(1,379)	(1,290)
Preferred Units, Cumulative Cash Distributions	(51)	(37)
Payments of Debt Issuance Costs	(142)	(12)
Other, net	0	2
Net cash used in financing activities	(4,343)	(4,641)
Increase in cash and cash equivalents	138	257
Cash and cash equivalents, beginning of period	161	257
Cash and cash equivalents, end of period	299	514
Series C and D Preferred Units
FINANCING ACTIVITIES:
Payments for Repurchase of Preferred Stock and Preference Stock	(2,645)	0
Crestwood Niobrara LLC Preferred Units
FINANCING ACTIVITIES:
Payments for Repurchase of Preferred Stock and Preference Stock	(37)	0
Sunoco LP Redemption of NuStar preferred units
FINANCING ACTIVITIES:
Payments for Repurchase of Preferred Stock and Preference Stock	(784)	0
Edwards Lime Gathering
INVESTING ACTIVITIES:
Cash paid for acquisitions	(84)	0
other acquisitions
INVESTING ACTIVITIES:
Cash paid for acquisitions	(219)	(111)
Lotus Midstream acquisition
INVESTING ACTIVITIES:
Cash paid for acquisitions	0	(930)
Nustar Acquisition
INVESTING ACTIVITIES:
Cash Acquired from Acquisition	27	0
Sunoco LP [Member]
INVESTING ACTIVITIES:
Cash paid for acquisitions	(209)	0
WTG Midstream
INVESTING ACTIVITIES:
Cash paid for acquisitions	$ (2,174)	$ 0

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Table - Accrued Environmental Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Environmental Exit Cost [Line Items]
Current	$ 51	$ 42
Non-current	221	235
Total environmental liabilities	$ 272	$ 277

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Capital Units [Table Text Block]

Changes in Energy Transfer common units during the nine months ended September 30, 2024 were as follows:


			Number of Units
Number of common units at December 31, 2023			3,367.5
Common units issued under the distribution reinvestment plan			4.3
Common units vested under equity incentive plans and other			1.1
Common units issued in connection with acquisition of WTG Midstream			50.8
Number of common units at September 30, 2024			3,423.7

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Cash Distributions on Energy Transfer Preferred Units

Distributions declared on the Energy Transfer Preferred Units were as follows:


Period Ended	Record Date	Payment Date	Series A		Series B (1)		Series C		Series D		Series E		Series F (1)		Series G (1)		Series H (1)		Series I (2)
December 31, 2023	February 1, 2024	February 15, 2024	$	24.710	$	33.125	$	0.6075	$	0.6199	$	0.475	$	—	$	—	$	—	$	0.2111
March 31, 2024	May 1, 2024	May 15, 2024	23.992		—		—		—		0.475		33.750		35.630		32.500		0.2111
June 30, 2024	August 1, 2024	August 15, 2024	9.879		33.125		—		—		—		—		—		—		0.2111
September 30, 2024	November 1, 2024	November 15, 2024	—		—		—		—		—		33.750		35.630		32.500		0.2111

Schedule of Preferred Units [Table Text Block]

The following table summarizes changes in the Energy Transfer Preferred Units:


	Preferred Unitholders
	Series A		Series B		Series C		Series D		Series E		Series F		Series G		Series H		Series I		Total
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 income	23		9		12		11		15		8		27		15		9		129
Balance, March 31, 2024	947		547		—		—		786		504		1,515		908		419		5,626

Distributions to partners	(32)		—		—		—		(15)		(17)		(53)		(29)		(9)		(155)
Redemption of preferred units	(950)		—		—		—		(800)		—		—		—		—		(1,750)
Other, net	13		—		—		—		20		—		—		—		—		33
Net income	22		9		—		—		9		9		26		14		9		98
Balance, June 30, 2024	—		556		—		—		—		496		1,488		893		419		3,852
Distributions to partners	—		(18)		—		—		—		—		—		—		(9)		(27)

Net income	—		9		—		—		—		8		26		15		9		67
Balance, September 30, 2024	$	—	$	547	$	—	$	—	$	—	$	504	$	1,514	$	908	$	419	$	3,892


	Preferred Unitholders
	Series A		Series B		Series C		Series D		Series E		Series F		Series G		Series H		Total
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 income	18		9		8		9		15		8		27		15		109
Balance, March 31, 2023	946		547		440		434		786		504		1,515		908		6,080

Distributions to partners	(21)		—		(8)		(9)		(15)		(16)		(53)		(29)		(151)

Net income	22		9		9		9		15		8		26		15		113
Balance, June 30, 2023	947		556		441		434		786		496		1,488		894		6,042
Distributions to partners	(22)		(20)		(12)		(8)		(15)		—		—		—		(77)

Net income	23		10		11		10		15		8		27		14		118
Balance, September 30, 2023	$	948	$	546	$	440	$	436	$	786	$	504	$	1,515	$	908	$	6,083

Comprehensive Income (Loss)

The following table presents the components of AOCI, net of tax:


	September 30, 2024		December 31, 2023
Available-for-sale securities	$	20	$	13
Foreign currency translation adjustment	(11)		(5)
Actuarial gains related to pensions and other postretirement benefits	22		6
Investments in unconsolidated affiliates, net	11		14



Total AOCI included in partners’ capital, net of tax	$	42	$	28

Parent Company [Member]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions declared and/or paid with respect to Energy Transfer common units subsequent to December 31, 2023 were as follows:

Quarter Ended

Record Date

Payment Date

Rate

December 31, 2023

February 7, 2024

February 20, 2024

0.3150

March 31, 2024

May 13, 2024

May 20, 2024

0.3175

June 30, 2024

August 9, 2024

August 19, 2024

0.3200

September 30, 2024

November 8, 2024

November 19, 2024

0.3225

Sunoco LP [Member]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions on Sunoco LP’s common units declared and/or paid by Sunoco LP subsequent to December 31, 2023 were as follows:

Quarter Ended

Record Date

Payment Date

Rate

December 31, 2023

February 7, 2024

February 20, 2024

0.8420

March 31, 2024

May 13, 2024

May 20, 2024

0.8756

June 30, 2024

August 9, 2024

August 19, 2024

0.8756

September 30, 2024

November 8, 2024

November 19, 2024

0.8756

USA Compression Partners, LP [Member]

Distributions Made to Limited Partner, by Distribution [Table Text Block]

Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2023 were as follows:

Quarter Ended

Record Date

Payment Date

Rate

December 31, 2023

January 22, 2024

February 2, 2024

0.525

March 31, 2024

April 22, 2024

May 3, 2024

0.525

June 30, 2024

July 22, 2024

August 2, 2024

0.525

September 30, 2024

October 21, 2024

November 1, 2024

0.525

Derivative Assets And Liabilities Table - Partnership's Derivative Assets and Liabilities Amount of Gain (Loss) Recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amount of Gain/(Loss) Recognized in Income on Derivatives	$ 157	$ (130)	$ 154	$ (65)
Gain (loss) on interest rate derivatives	(6)	32	6	47
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 163	$ (162)	$ 148	$ (112)

Derivative Assets And Liabilities

9 Months Ended

Sep. 30, 2024

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Derivative Assets And Liabilities

DERIVATIVE ASSETS AND LIABILITIES

Commodity Price Risk

We are exposed to market risks related to the volatility of commodity prices. To manage the impact of volatility from these prices, we utilize various exchange-traded and OTC commodity financial instrument contracts. These contracts consist primarily of futures, swaps and options and are recorded at fair value in our consolidated balance sheets.

We use futures and basis swaps, designated as fair value hedges, to hedge our natural gas inventory stored in our Bammel storage facility. At hedge inception, we lock in a margin by purchasing gas in the spot market or off-peak season and entering into a financial contract. Changes in the spreads between the forward natural gas prices and the physical inventory spot price result in unrealized gains or losses until the underlying physical gas is withdrawn and the related designated derivatives are settled. Once the gas is withdrawn and the designated derivatives are settled, the previously unrealized gains or losses associated with these positions are realized.

We use futures, swaps and options to hedge the sales price of natural gas we retain for fees in our intrastate transportation and storage segment and operational gas sales in our interstate transportation and storage segment. These contracts are not designated as hedges for accounting purposes.

We use NGL and crude derivative swap contracts to hedge forecasted sales of NGL and condensate equity volumes we retain for fees in our midstream segment whereby our subsidiaries generally gather and process natural gas on behalf of producers, sell the resulting residue gas and NGL volumes at market prices and remit to producers an agreed upon percentage of the proceeds based on an index price for the residue gas and NGL. These contracts are not designated as hedges for accounting purposes.

We utilize swaps, futures and other derivative instruments to mitigate the risk associated with market movements in the price of natural gas, refined products and NGLs to manage our storage facilities and the purchase and sale of purity NGL. These contracts are not designated as hedges for accounting purposes.

We use futures and swaps to achieve ratable pricing of crude oil purchases, to convert certain expected refined product sales to fixed or floating prices, to lock in margins for certain refined products and to lock in the price of a portion of natural gas purchases or sales. These contracts are not designated as hedges for accounting purposes.

We use financial commodity derivatives to take advantage of market opportunities in our trading activities which complement our intrastate transportation and storage segment’s operations and are netted in cost of products sold in our consolidated statements of operations. We also have trading and marketing activities related to power and natural gas in our all other segment which are also netted in cost of products sold. As a result of our trading activities and the use of derivative financial instruments in our intrastate transportation and storage segment, the degree of earnings volatility that can occur may be significant, favorably or unfavorably, from period to period. We attempt to manage this volatility through the use of daily position and profit and loss reports provided to our risk oversight committee, which includes members of senior management, and the limits and authorizations set forth in our commodity risk management policy.

The following table details our outstanding commodity-related derivatives:


	September 30, 2024		December 31, 2023
	Notional Volume	Maturity	Notional Volume	Maturity
Mark-to-Market Derivatives
Natural Gas (BBtu):
Fixed Swaps/Futures	1,820	2024-2026	5,247	2024-2026
Basis Swaps IFERC/NYMEX	83,845	2024-2027	(46,975)	2024-2025
Swing Swaps	36,503	2024-2025	(97,728)	2024-2025
Options – Puts	—	2024	1,900	2024
Options – Calls	500	2024	250	2024
Forward Physical Contracts	2,138	2024-2026	(1,751)	2024-2026
Power (Megawatt):
Forwards	101,440	2024-2029	155,600	2024-2029
Futures	27,323	2024-2026	(464,897)	2024
Options – Puts	—	2024-2025	136,000	2024
Options – Calls	(33,600)	2024-2025	—	—

Crude (MBbls):
Forwards/Swaps	(856)	2024-2026	(2,674)	2024-2025
Options – Puts	—	—	(15)	2024
Options – Calls	—	—	(20)	2024
NGL/Refined Products (MBbls):
Forward/Swaps	(15,745)	2024-2027	(13,870)	2024-2027
Options – Puts	(12)	2024-2026	121	2024-2026
Options – Calls	(21)	2024-2026	(43)	2024-2026
Futures	(3,528)	2024-2026	(4,548)	2024-2025
Fair Value Hedging Derivatives
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX	(49,858)	2024-2025	(39,013)	2024
Fixed Swaps/Futures	(49,858)	2024-2025	(39,013)	2024
Hedged Item – Inventory	49,858	2024-2025	39,013	2024

Interest Rate Risk

We are exposed to market risk for changes in interest rates. To maintain a cost effective capital structure, we borrow funds using a mix of fixed rate debt and variable rate debt. We also manage our interest rate exposure by utilizing interest rate swaps to achieve a desired mix of fixed and variable rate debt. We also utilize forward starting interest rate swaps to lock in the rate on a portion of our anticipated debt issuances.

The following table summarizes USAC’s interest rate swap which is no longer outstanding as of September 30, 2024, and which was not designated as a hedge for accounting purposes:

Term

Type

Notional Amount Outstanding

September 30,
2024

December 31,
2023

December 2025 (1)

Pay a fixed rate of 3.9725% and receive a floating rate based on SOFR

—

700

(1)In August 2024, USAC elected to terminate the outstanding interest rate swap.

Credit Risk

Credit risk refers to the risk that a counterparty may default on its contractual obligations, resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties

with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties.

Our natural gas transportation and midstream revenues are derived significantly from companies that engage in exploration and production activities. In addition to oil and gas producers, the Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and industrial end-users, municipalities, gas and electric utilities, midstream companies and independent power generators. Our overall exposure may be affected positively or negatively by macroeconomic or regulatory changes that impact our counterparties to one extent or another. Currently, management does not anticipate a material adverse effect in our financial position or results of operations as a consequence of counterparty non-performance.

The Partnership has maintenance margin deposits with certain counterparties in the OTC market, primarily with independent system operators and with clearing brokers. Payments on margin deposits are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us on or about the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions. Since the margin calls are made daily with the exchange brokers, the fair value of the financial derivative instruments is deemed current and netted in deposits paid to vendors within other current assets in the consolidated balance sheets.

For financial instruments, failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated balance sheets and recognized in net income or other comprehensive income.

Derivative Summary

The following table provides a summary of our derivative assets and liabilities:


	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits	$	6	$	51	$	(7)	$	(6)
	6		51		(7)		(6)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits	281		427		(251)		(374)
Commodity derivatives	79		132		(60)		(80)
Interest rate derivatives	—		6		—		(4)
	360		565		(311)		(458)
Total derivatives	$	366	$	616	$	(318)	$	(464)

The following table presents the fair value of our recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets that are subject to enforceable master netting arrangements or similar arrangements:


		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives without offsetting agreements	Derivative assets (liabilities)	$	—	$	6	$	—	$	(4)
Derivatives in offsetting agreements:
OTC contracts	Derivative assets (liabilities)	79		132		(60)		(80)
Broker cleared derivative contracts	Other current assets (liabilities)	287		478		(258)		(380)
Total gross derivatives		366		616		(318)		(464)
Offsetting agreements:

Counterparty netting	Derivative assets (liabilities)	(53)		(72)		53		72
Counterparty netting	Other current assets (liabilities)	(237)		(368)		237		368
Total net derivatives		$	76	$	176	$	(28)	$	(24)

We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or long-term depending on the anticipated settlement date.

The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:


	Location	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
Derivatives not designated as hedging instruments:


Commodity derivatives	Cost of products sold	$	163	$	(162)	$	148	$	(112)

Interest rate derivatives	Gain on interest rate derivatives	(6)		32		6		47

Total		$	157	$	(130)	$	154	$	(65)

Cash And Cash Equivalents Net Change in Operating Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts receivable	$ (415)	$ (1,125)
Accounts receivable from related companies	(44)	(8)
Inventories	(177)	(3)
Other current assets	82	208
Other non-current assets, net	(99)	(135)
Accounts payable	224	1,076
Accounts payable to related companies	1	(12)
Accrued and other current liabilities	711	562
Other non-current liabilities	(128)	669
Derivative assets and liabilities, net	35	(50)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures	$ (190)	$ (1,182)

Reportable Segments Table - Revenues (External and Intersegment) by Investments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ (20,772)	$ (20,739)	$ (63,130)	$ (58,054)
Intersegment Eliminations [Member]
Revenues	(2,771)	(3,112)	(8,600)	(9,391)
Intrastate Transportation And Storage [Member] \| Operating Segments [Member]
Revenues	(678)	(973)	(2,233)	(3,070)
Intrastate Transportation And Storage [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(622)	(880)	(2,010)	(2,424)
Intrastate Transportation And Storage [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	(56)	(93)	(223)	(646)
Investment In Sunoco LP [Member] \| Operating Segments [Member]
Revenues	(5,751)	(6,320)	(17,424)	(17,427)
Investment In Sunoco LP [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(5,738)	(6,317)	(17,406)	(17,395)
Investment In Sunoco LP [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	(13)	(3)	(18)	(32)
Investment In USAC [Member] \| Operating Segments [Member]
Revenues	(240)	(217)	(705)	(621)
Investment In USAC [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(227)	(212)	(680)	(605)
Investment In USAC [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	(13)	(5)	(25)	(16)
Interstate Transportation and Storage [Member] \| Operating Segments [Member]
Revenues	(575)	(571)	(1,696)	(1,755)
Interstate Transportation and Storage [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(568)	(562)	(1,676)	(1,720)
Interstate Transportation and Storage [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	(7)	(9)	(20)	(35)
Midstream [Member] \| Operating Segments [Member]
Revenues	(2,758)	(2,777)	(8,039)	(7,999)
Midstream [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(1,064)	(775)	(2,646)	(2,370)
Midstream [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	(1,694)	(2,002)	(5,393)	(5,629)
NGL and refined products transportation and services [Member] \| Operating Segments [Member]
Revenues	(5,853)	(5,260)	(18,174)	(15,864)
NGL and refined products transportation and services [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(5,017)	(4,369)	(15,598)	(13,210)
NGL and refined products transportation and services [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	(836)	(891)	(2,576)	(2,654)
Crude oil transportation and services [Member] \| Operating Segments [Member]
Revenues	(7,309)	(7,289)	(22,319)	(19,322)
Crude oil transportation and services [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(7,294)	(7,289)	(22,294)	(19,321)
Crude oil transportation and services [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	(15)	0	(25)	(1)
Other Segments [Member] \| Operating Segments [Member]
Revenues	(379)	(444)	(1,140)	(1,387)
Other Segments [Member] \| Operating Segments [Member] \| External Customers [Member]
Revenues	(242)	(335)	(820)	(1,009)
Other Segments [Member] \| Operating Segments [Member] \| Intersegment [Member]
Revenues	$ (137)	$ (109)	$ (320)	$ (378)

Redeemable Noncontrolling Interest	9 Months Ended
Redeemable Noncontrolling Interest	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
Redeemable Noncontrolling Interest [Text Block]	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 September 30, 2024 and December 31, 2023 included a balance of $169 million and $476 million, respectively, related to the USAC Series A preferred units; $225 million and $280 million, respectively, related to Crestwood Niobrara LLC preferred units; and $24 million and $22 million, respectively, 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.

Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	6 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Available-for-sale securities		$ 20	$ 13
Foreign currency translation adjustment	$ (5)	(11)
Actuarial gain related to pensions and other postretirement benefits	$ 6	22
AOCI attributable to equity method investments		11	14
Accumulated other comprehensive income		$ 42	$ 28

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Cash And Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Information [Abstract]

Cash Flow, Operating Capital [Table Text Block]

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:


	Nine Months Ended September 30,
	2024		2023
Accounts receivable	$	(415)	$	(1,125)
Accounts receivable from related companies	(44)		(8)
Inventories	(177)		(3)
Other current assets	82		208
Other non-current assets, net	(99)		(135)
Accounts payable	224		1,076
Accounts payable to related companies	1		(12)
Accrued and other current liabilities	711		562
Other non-current liabilities	(128)		669
Derivative assets and liabilities, net	35		(50)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures	$	190	$	1,182

Schedule Of Non-Cash Investing and Non-Cash Financing Activities

Non-cash investing and financing activities were as follows:


	Nine Months Ended September 30,
	2024		2023
Accrued capital expenditures	$	585	$	354

Lease assets obtained in exchange for new lease liabilities	36		26
Distribution reinvestment	66		70
USAC exercise and conversion of preferred units into common units	301		—
USAC government securities transferred in connection with the legal defeasance of USAC senior notes due 2026	749		—
Legal defeasance of USAC senior notes due 2026	725		—
Sunoco LP common units (noncontrolling interest) issued in connection with the NuStar acquisition	2,850		—

Revenue Revenue (Policies)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue [Policy Text Block]

Disaggregation of Revenue

The Partnership’s consolidated financial statements reflect eight reportable segments, which also represent the level at which the Partnership aggregates revenue for disclosure purposes. Note 13 depicts the disaggregation of revenue by segment.

Revenue Recognition, Deferred Revenue [Policy Text Block]

Contract Balances with Customers

The Partnership satisfies its obligations by transferring goods or services in exchange for consideration from customers. The timing of performance may differ from the timing the associated consideration is paid to or received from the customer, thus resulting in the recognition of a contract asset or a contract liability.

The Partnership recognizes a contract asset when making upfront consideration payments to certain customers or when providing services to customers prior to the time at which the Partnership is contractually allowed to bill for such services.

The Partnership recognizes a contract liability if the customer’s payment of consideration precedes the Partnership’s fulfillment of the performance obligations. Certain contracts contain provisions requiring customers to pay a fixed

minimum fee, but allow customers to apply such fees against services to be provided at a future point in time. These amounts are reflected as deferred revenue until the customer applies the deficiency fees to services provided or becomes unable to use the fees as payment for future services due to expiration of the contractual period the fees can be applied or physical inability of the customer to utilize the fees due to capacity constraints. Additionally, Sunoco LP maintains some franchise agreements requiring dealers to make one-time upfront payments for long-term license agreements. Sunoco LP recognizes a contract liability when the upfront payment is received and recognizes revenue over the term of the license.

The following table summarizes the consolidated activity of our contract liabilities:


	Contract Liabilities
Balance, December 31, 2023	$	749
Additions	902
Revenue recognized	(932)

Balance, September 30, 2024	$	719

Balance, December 31, 2022	$	615
Additions	794
Revenue recognized	(836)

Balance, September 30, 2023	$	573

Performance Obligations

At contract inception, the Partnership assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promise to transfer a good or service (or bundle of goods or services) that is distinct. To identify the performance obligations, the Partnership considers all the goods or services promised in the contract, whether explicitly stated or implied based on customary business practices. For a contract that has more than one performance obligation, the Partnership allocates the total contract consideration it expects to be entitled to, to each distinct performance obligation based on a standalone selling price basis. Revenue is recognized when (or as) the performance obligations are satisfied, that is, when the customer obtains control of the good or service. Certain of our contracts contain variable components, which, when combined with the fixed component, are considered a single performance obligation. For these types of contacts, only the fixed components of the contracts are included in the following table.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Cash And Cash Equivalents

9 Months Ended

Sep. 30, 2024

Supplemental Cash Flow Information [Abstract]

Cash and Cash Equivalents Disclosure

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 September 30, 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:


	Nine Months Ended September 30,
	2024		2023
Accounts receivable	$	(415)	$	(1,125)
Accounts receivable from related companies	(44)		(8)
Inventories	(177)		(3)
Other current assets	82		208
Other non-current assets, net	(99)		(135)
Accounts payable	224		1,076
Accounts payable to related companies	1		(12)
Accrued and other current liabilities	711		562
Other non-current liabilities	(128)		669
Derivative assets and liabilities, net	35		(50)
Net change in operating assets and liabilities, net of effects of acquisitions and divestitures	$	190	$	1,182

Non-cash investing and financing activities were as follows:


	Nine Months Ended September 30,
	2024		2023
Accrued capital expenditures	$	585	$	354

Lease assets obtained in exchange for new lease liabilities	36		26
Distribution reinvestment	66		70
USAC exercise and conversion of preferred units into common units	301		—
USAC government securities transferred in connection with the legal defeasance of USAC senior notes due 2026	749		—
Legal defeasance of USAC senior notes due 2026	725		—
Sunoco LP common units (noncontrolling interest) issued in connection with the NuStar acquisition	2,850		—

Inventories Inventory Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory [Line Items]
Inventory valuation adjustments	$ 197	$ (141)	$ 99	$ (113)
Sunoco LP [Member]
Inventory [Line Items]
Inventory, LIFO Reserve	$ 329		$ 329		$ 230

Derivative Assets And Liabilities Table - Interest Rate Swaps Outstanding (Details) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Discussion of Interest Rate Derivative Risk Management Policy

Interest Rate RiskWe are exposed to market risk for changes in interest rates. To maintain a cost effective capital structure, we borrow funds using a mix of fixed rate debt and variable rate debt. We also manage our interest rate exposure by utilizing interest rate swaps to achieve a desired mix of fixed and variable rate debt. We also utilize forward starting interest rate swaps to lock in the rate on a portion of our anticipated debt issuances.

April 2025 | USAC [Member]

Description of Interest Rate Derivative Activities

^[1]

Pay a fixed rate of 3.9725% and receive a floating rate based on SOFR

Derivative, Notional Amount

^[1]

$ 0

$ 700

[1]	In August 2024, USAC elected to terminate the outstanding interest rate swap.

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Environmental Exit Costs by Cost

The following table reflects the amounts of accrued liabilities recorded in our consolidated balance sheets related to environmental matters that are considered to be probable and reasonably estimable. Currently, we are not able to estimate possible losses or a range of possible losses in excess of amounts accrued. Except for matters discussed above, we do not have any material environmental matters assessed as reasonably possible that would require disclosure in our consolidated financial statements.


	September 30, 2024		December 31, 2023
Current	$	51	$	42
Non-current	221		235
Total environmental liabilities	$	272	$	277

Right Of Way [Member]

Lease, Cost

We have certain non-cancelable rights-of-way (“ROW”) commitments which require fixed payments and either expire upon our chosen abandonment or at various dates in the future. The following table reflects ROW expense included in operating expenses in the accompanying consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
ROW expense	$	23	$	20	$	50	$	46

Cash And Cash Equivalents Non-Cash Activities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accrued capital expenditures	$ 585	$ 354
Right-of-Use Assets Obtained in Exchange for Liabilities	36	26
Stock Issued During Period, Value, Dividend Reinvestment Plan	66	70
Repayments of Senior Debt	749	0
Nustar Acquisition
Subsidiary units issued	2,850	0
USAC [Member]
Convertible Preferred Stock Converted to Other Securities	301	0
USAC [Member] \| goverment securities transferred in connection with the leagal defeasance of senior notes due 2026
Repayments of Senior Debt	749	0
USAC [Member] \| legal defeasance of senior notes due 2026
Repayments of Senior Debt	$ 725	$ 0

Derivative Assets And Liabilities Derivative Assets and Liabilities (Policies)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Credit Risk Credit risk refers to the risk that a counterparty may default on its contractual obligations, resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties. Our natural gas transportation and midstream revenues are derived significantly from companies that engage in exploration and production activities. In addition to oil and gas producers, the Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and industrial end-users, municipalities, gas and electric utilities, midstream companies and independent power generators. Our overall exposure may be affected positively or negatively by macroeconomic or regulatory changes that impact our counterparties to one extent or another. Currently, management does not anticipate a material adverse effect in our financial position or results of operations as a consequence of counterparty non-performance. The Partnership has maintenance margin deposits with certain counterparties in the OTC market, primarily with independent system operators and with clearing brokers. Payments on margin deposits are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us on or about the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions. Since the margin calls are made daily with the exchange brokers, the fair value of the financial derivative instruments is deemed current and netted in deposits paid to vendors within other current assets in the consolidated balance sheets. For financial instruments, failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated balance sheets and recognized in net income or other comprehensive income.
Derivatives, Policy [Policy Text Block]	Commodity Price Risk We are exposed to market risks related to the volatility of commodity prices. To manage the impact of volatility from these prices, we utilize various exchange-traded and OTC commodity financial instrument contracts. These contracts consist primarily of futures, swaps and options and are recorded at fair value in our consolidated balance sheets. We use futures and basis swaps, designated as fair value hedges, to hedge our natural gas inventory stored in our Bammel storage facility. At hedge inception, we lock in a margin by purchasing gas in the spot market or off-peak season and entering into a financial contract. Changes in the spreads between the forward natural gas prices and the physical inventory spot price result in unrealized gains or losses until the underlying physical gas is withdrawn and the related designated derivatives are settled. Once the gas is withdrawn and the designated derivatives are settled, the previously unrealized gains or losses associated with these positions are realized. We use futures, swaps and options to hedge the sales price of natural gas we retain for fees in our intrastate transportation and storage segment and operational gas sales in our interstate transportation and storage segment. These contracts are not designated as hedges for accounting purposes. We use NGL and crude derivative swap contracts to hedge forecasted sales of NGL and condensate equity volumes we retain for fees in our midstream segment whereby our subsidiaries generally gather and process natural gas on behalf of producers, sell the resulting residue gas and NGL volumes at market prices and remit to producers an agreed upon percentage of the proceeds based on an index price for the residue gas and NGL. These contracts are not designated as hedges for accounting purposes. We utilize swaps, futures and other derivative instruments to mitigate the risk associated with market movements in the price of natural gas, refined products and NGLs to manage our storage facilities and the purchase and sale of purity NGL. These contracts are not designated as hedges for accounting purposes. We use futures and swaps to achieve ratable pricing of crude oil purchases, to convert certain expected refined product sales to fixed or floating prices, to lock in margins for certain refined products and to lock in the price of a portion of natural gas purchases or sales. These contracts are not designated as hedges for accounting purposes. We use financial commodity derivatives to take advantage of market opportunities in our trading activities which complement our intrastate transportation and storage segment’s operations and are netted in cost of products sold in our consolidated statements of operations. We also have trading and marketing activities related to power and natural gas in our all other segment which are also netted in cost of products sold. As a result of our trading activities and the use of derivative financial instruments in our intrastate transportation and storage segment, the degree of earnings volatility that can occur may be significant, favorably or unfavorably, from period to period. We attempt to manage this volatility through the use of daily position and profit and loss reports provided to our risk oversight committee, which includes members of senior management, and the limits and authorizations set forth in our commodity risk management policy. We disclose the non-exchange traded financial derivative instruments as derivative assets and liabilities on our consolidated balance sheets at fair value with amounts classified as either current or long-term depending on the anticipated settlement date.

Net Income per Limited Partner Unit

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income Per Limited Partner Unit

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	1,434	$	1,047	$	5,118	$	3,727
Less: Net income attributable to noncontrolling interests	238		451		1,337		1,080
Less: Net income attributable to redeemable noncontrolling interests	13		12		44		39
Net income, net of noncontrolling interests	1,183		584		3,737		2,608
Less: General Partner’s interest in net income	1		—		3		2
Less: Preferred Unitholders’ interest in net income	67		118		294		340
Less: Loss on redemption of preferred units	—		—		54		—
Common Unitholders’ interest in net income	$	1,115	$	466	$	3,386	$	2,266
Basic Income per Common Unit:
Weighted average common units	3,415.2		3,144.0		3,384.9		3,122.3
Basic income per common unit	$	0.33	$	0.15	$	1.00	$	0.73

Diluted Income per Common Unit:
Common Unitholders’ interest in net income	$	1,115	$	466	$	3,386	$	2,266
Dilutive effect of equity-based compensation of subsidiaries (1)	—		1		1		2
Diluted income attributable to Common Unitholders	$	1,115	$	465	$	3,385	$	2,264
Weighted average common units	3,415.2		3,144.0		3,384.9		3,122.3
Dilutive effect of unvested restricted unit awards (1)	26.0		23.7		25.8		23.6
Weighted average common units, assuming dilutive effect of unvested restricted unit awards	3,441.2		3,167.7		3,410.7		3,145.9
Diluted income per common unit	$	0.32	$	0.15	$	0.99	$	0.72

(1)Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Schedule Of Inventory

Inventories consisted of the following:


	September 30, 2024		December 31, 2023
Natural gas, NGLs and refined products	$	1,779	$	1,642
Crude oil	65		258
Spare parts and other	658		578
Total inventories	$	2,502	$	2,478

Debt Obligations Narrative (Details) - USD ($) $ in Millions		2 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 31, 2024
Debt Instrument [Line Items]
Banking Regulation, Supplementary Leverage Ratio, Actual			0.0321		0.0321
Repayments of Senior Debt					$ 749	$ 0
Loss on extinguishment of debt			$ 0	$ 0	11	0
Cash paid for acquisitions	$ 637
USAC [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt					5
USAC [Member] \| goverment securities transferred in connection with the leagal defeasance of senior notes due 2026
Debt Instrument [Line Items]
Repayments of Senior Debt					749	$ 0
Nustar
Debt Instrument [Line Items]
Long-term Line of Credit			0		0
Repayments of Senior Debt		$ 403	403
Repayments of Lines of Credit		$ 455	455
Credit Facility due December 2027 [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity			5,000		5,000
Long-term Line of Credit			1,630		1,630
Letters of Credit Outstanding, Amount			31		31
Line of Credit Facility, Remaining Borrowing Capacity			3,340		3,340
Commercial Paper			$ 1,580		$ 1,580
Credit Facility due December 2027 [Member] \| Sunoco LP [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End			5.04%		5.04%
Credit Facility due December 2027 [Member] \| Accordion feature [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 7,000		$ 7,000
Sunoco LP Revolving Credit Facility due April 2027 [Member] \| Sunoco LP [Member]
Debt Instrument [Line Items]
Long-term Line of Credit			50		50
Letters of Credit Outstanding, Amount			$ 28		$ 28
Line of Credit Facility, Interest Rate at Period End			7.30%		7.30%
Line of Credit Facility, Remaining Borrowing Capacity			$ 1,420		$ 1,420
USAC Credit Facility, due 2026 [Member] \| USA Compression Partners, LP [Member]
Debt Instrument [Line Items]
Long-term Line of Credit			803		803
Letters of Credit Outstanding, Amount			$ 1		$ 1
Line of Credit Facility, Interest Rate at Period End			7.50%		7.50%
Line of Credit Facility, Maximum Borrowing Capacity			$ 796		$ 796
Line of Credit Facility, Remaining Borrowing Capacity			642		642
4.25% Senior Notes due April 2024
Debt Instrument [Line Items]
Senior Notes	$ 500
Debt Instrument, Interest Rate, Stated Percentage	4.25%
4.55% Senior Notes due April 2024
Debt Instrument [Line Items]
Senior Notes	$ 750
Debt Instrument, Interest Rate, Stated Percentage	4.50%
8.00% Senior Notes due April 2029
Debt Instrument [Line Items]
Senior Notes	$ 450
Debt Instrument, Interest Rate, Stated Percentage	8.00%
3.90% Senior Notes due April2024 \| Bakken Pipeline
Debt Instrument [Line Items]
Senior Notes	$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	3.90%
5.875% Senior Notes due January 2024
Debt Instrument [Line Items]
Senior Notes			$ 1,150		$ 1,150
Debt Instrument, Interest Rate, Stated Percentage			5.875%		5.875%
4.90% Senior Notes due February 2024
Debt Instrument [Line Items]
Senior Notes			$ 350		$ 350
Debt Instrument, Interest Rate, Stated Percentage			4.90%		4.90%
7.60% Senior Notes due February 2024
Debt Instrument [Line Items]
Senior Notes			$ 82		$ 82
Debt Instrument, Interest Rate, Stated Percentage			7.60%		7.60%
Senior Notes due 2029 \| Sunoco LP [Member]
Debt Instrument [Line Items]
Senior Notes	$ 750
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Senior Notes due 2029 \| USAC [Member]
Debt Instrument [Line Items]
Senior Notes			$ 1,000		$ 1,000
Debt Instrument, Interest Rate, Stated Percentage			7.125%		7.125%
Senior Notes due 2026 \| USAC [Member]
Debt Instrument [Line Items]
Senior Notes			$ 725		$ 725
Debt Instrument, Interest Rate, Stated Percentage			6.875%		6.875%
Senior Notes due 2032 \| Sunoco LP [Member]
Debt Instrument [Line Items]
Senior Notes	$ 750
Debt Instrument, Interest Rate, Stated Percentage	7.25%
Senior Notes due 2034
Debt Instrument [Line Items]
Senior Notes							$ 1,250
Debt Instrument, Interest Rate, Stated Percentage							5.55%
Senior Notes due 2054
Debt Instrument [Line Items]
Senior Notes							$ 1,750
Debt Instrument, Interest Rate, Stated Percentage							5.95%
Senior Notes due December 2024 \| Transwestern
Debt Instrument [Line Items]
Senior Notes			$ 175		$ 175
Debt Instrument, Interest Rate, Stated Percentage			5.66%		5.66%
Junior Subordinated Notes due 2054
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							8.00%
Junior Subordinated Notes							$ 800
3.9% Senior Notes due May 2024
Debt Instrument [Line Items]
Senior Notes	$ 600
Debt Instrument, Interest Rate, Stated Percentage	3.90%
5.25% Senior Notes Due 2029
Debt Instrument [Line Items]
Senior Notes			$ 1,000		$ 1,000
Debt Instrument, Interest Rate, Stated Percentage			5.25%		5.25%
5.60% Senior Notes due 2034
Debt Instrument [Line Items]
Senior Notes			$ 1,250		$ 1,250
Debt Instrument, Interest Rate, Stated Percentage			5.60%		5.60%
6.05% Senior Notes due 2054
Debt Instrument [Line Items]
Senior Notes			$ 1,250		$ 1,250
Debt Instrument, Interest Rate, Stated Percentage			6.05%		6.05%
7.125% Fixed-to-Fixed Reset Rate Junior Subordinated Notes Due 2054
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			7.125%		7.125%
Junior Subordinated Notes			$ 400		$ 400
Series 2011 GoZone Bonds \| Sunoco LP [Member]
Debt Instrument [Line Items]
Senior Notes			$ 75		$ 75

Revenue, Remaining performance obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 38,536
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 2,086
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 7,189
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6,644
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Year	2026
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	2 years 3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 22,617
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years 3 months

Operations And Organization Accounting policy (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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.
Use of Estimates, Policy [Policy Text Block]	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.

Consolidated Statements Of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES:
Total revenues	$ 20,772	$ 20,739	$ 63,130	$ 58,054
COSTS AND EXPENSES:
Cost of products sold	15,612	16,059	47,818	44,761
Operating expenses	1,358	1,105	3,723	3,224
Depreciation, depletion and amortization	1,324	1,107	3,791	3,227
Selling, general and administrative	297	234	889	700
Impairment losses	0	1	50	12
Total costs and expenses	18,591	18,506	56,271	51,924
OPERATING INCOME	2,181	2,233	6,859	6,130
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized	(828)	(632)	(2,318)	(1,892)
Equity in earnings of unconsolidated affiliates	102	103	285	286
Loss on extinguishment of debt	0	0	(11)	0
Gain (loss) on interest rate derivatives	(6)	32	6	47
Gain on sale of Sunoco LP West Texas assets	0	0	598	0
Other, net	74	13	104	37
INCOME BEFORE INCOME TAX EXPENSE	1,523	1,124	5,523	3,983
Income tax expense	89	77	405	256
Net income	1,434	1,047	5,118	3,727
Less: Net income attributable to noncontrolling interests	238	451	1,337	1,080
Less: Net income attributable to redeemable noncontrolling interests	13	12	44	39
NET INCOME ATTRIBUTABLE TO PARTNERS	1,183	584	3,737	2,608
Less: General Partner’s interest in net income	1	0	3	2
Preferred Unitholders’ interest in net income	67	118	294	340
Preferred Stock Redemption Premium	0	0	54	0
Common Unitholders’ interest in net income	$ 1,115	$ 466	$ 3,386	$ 2,266
NET INCOME PER COMMON UNIT:
Basic	$ 0.33	$ 0.15	$ 1.00	$ 0.73
Diluted	$ 0.32	$ 0.15	$ 0.99	$ 0.72
Gain (Loss) Related to Litigation Settlement	$ 0	$ (625)	$ 0	$ (625)
Refined product sales
REVENUES:
Total revenues	5,566	6,403	17,066	17,691
NGL sales
REVENUES:
Total revenues	4,707	3,760	14,336	11,409
Natural gas sales
REVENUES:
Total revenues	505	878	1,820	2,462
Other
REVENUES:
Total revenues	413	287	1,005	782
Crude sales
REVENUES:
Total revenues	6,476	6,587	19,872	17,298
Gathering, transportation and other fees
REVENUES:
Total revenues	$ 3,105	$ 2,824	$ 9,031	$ 8,412

Equity - Change In Common Units (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Limited Partners' Capital Account, Units Outstanding	3,423,700,000						3,423,700,000	3,367,500,000
Stock Issued During Period, Shares, Dividend Reinvestment Plan							4,300,000
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units							1,100,000
Stock Issued During Period, Shares, Acquisitions							50,800,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 46,180	$ 45,472	$ 43,793	$ 40,561	$ 40,962	$ 40,669	$ 46,180	$ 43,939	$ 40,659
Distributions to partners	(1,100)	(1,205)	(1,128)	(1,029)	(1,094)	(1,001)
Partners' Capital Account, Redemptions			(895)
Series H Preferred Units
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	908	893	908	908	894	908	$ 908	893	893
Distributions to partners	0	(29)	0	0	(29)	0
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	$ 15	14	15	14	15	15
Preferred Stock, Shares Outstanding	900,000						900,000
Partners' Capital Account, Redemptions		0	0
Stockholders' Equity, Other		0	0
Series A Preferred Units [Member]
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 0	0	947	948	947	946	$ 0	948	958
Distributions to partners	0	(32)	(24)	(22)	(21)	(30)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	0	22	23	23	22	18
Partners' Capital Account, Redemptions		(950)	0
Stockholders' Equity, Other		13	0
Series C Preferred Units [Member]
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	0	0	0	440	441	440	0	438	440
Distributions to partners	0	0	(11)	(12)	(8)	(8)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	0	0	12	11	9	8
Partners' Capital Account, Redemptions		0	(450)
Stockholders' Equity, Other		0	11
Series B Preferred Units [Member]
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	547	556	547	546	556	547	$ 547	556	556
Distributions to partners	(18)	0	(18)	(20)	0	(18)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	$ 9	9	9	10	9	9
Preferred Stock, Shares Outstanding	550,000						550,000
Partners' Capital Account, Redemptions		0	0
Stockholders' Equity, Other		0	0
Series D Preferred Units [Member]
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 0	0	0	436	434	434	$ 0	435	434
Distributions to partners	0	0	(11)	(8)	(9)	(9)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	0	0	11	10	9	9
Partners' Capital Account, Redemptions		0	(445)
Stockholders' Equity, Other		0	10
Series E Preferred Units [Member]
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	0	0	786	786	786	786	0	786	786
Distributions to partners	0	(15)	(15)	(15)	(15)	(15)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	0	9	15	15	15	15
Partners' Capital Account, Redemptions		(800)	0
Stockholders' Equity, Other		20	0
Series F Preferred Units [Member]
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	504	496	504	504	496	504	$ 504	496	496
Distributions to partners	0	(17)	0	0	(16)	0
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	$ 8	9	8	8	8	8
Preferred Stock, Shares Outstanding	500,000						500,000
Partners' Capital Account, Redemptions		0	0
Stockholders' Equity, Other		0	0
Series G Preferred Units [Member]
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,514	1,488	1,515	1,515	1,488	1,515	$ 1,514	1,488	1,488
Distributions to partners	0	(53)	0	0	(53)	0
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	$ 26	26	27	27	26	27
Preferred Stock, Shares Outstanding	1,484,780						1,484,780
Partners' Capital Account, Redemptions		0	0
Stockholders' Equity, Other		0	0
Series I Preferred Units
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 419	419	419				$ 419	419
Distributions to partners	(9)	(9)	(9)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	$ 9	9	9
Preferred Stock, Shares Outstanding	41,464,179						41,464,179
Partners' Capital Account, Redemptions		0	0
Stockholders' Equity, Other			0
Preferred Unitholders
Class of Stock [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 3,892	3,852	5,626	6,083	6,042	6,080	$ 3,892	$ 6,459	$ 6,051
Distributions to partners	(27)	(155)	(88)	(77)	(151)	(80)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	$ 67	98	129	$ 118	$ 113	$ 109
Partners' Capital Account, Redemptions		(1,750)	(895)
Stockholders' Equity, Other		$ 33	$ 21

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 1,434	$ 1,047	$ 5,118	$ 3,727
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities	4	2	7	2
Actuarial gain related to pension and other postretirement benefit plans	0	0	8	0
Foreign currency translation adjustments	(5)	0	(6)	(5)
Change in other comprehensive income from unconsolidated affiliates	(5)	3	(3)	6
Other comprehensive income (loss), net of tax	(6)	5	6	3
Comprehensive income	1,428	1,052	5,124	3,730
Less: Comprehensive income attributable to noncontrolling interests	238	451	1,337	1,080
Less: Net income attributable to redeemable noncontrolling interests	13	12	44	39
Comprehensive income attributable to partners	$ 1,177	$ 589	$ 3,743	$ 2,611

Net Income per Limited Partner Unit Table - Income Reconciliation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Earnings Per Share [Abstract]

Net income

$ 1,434

$ 1,047

$ 5,118

$ 3,727

Less: Net income attributable to noncontrolling interests

238

451

1,337

1,080

Less: Net income attributable to redeemable noncontrolling interests

NET INCOME ATTRIBUTABLE TO PARTNERS

1,183

584

3,737

2,608

General Partner’s interest in net income

Common Unitholders’ interest in net income

$ 1,115

$ 466

$ 3,386

$ 2,266

Basic Income per Limited Partner Unit

Weighted average common units

3,415.2

3,144.0

3,384.9

3,122.3

Basic

$ 0.33

$ 0.15

$ 1.00

$ 0.73

Diluted Income per Limited Partner Unit:

Net Income (Loss) Available to Common Stockholders, Diluted

$ 1,115

$ 465

$ 3,385

$ 2,264

Weighted average common units, assuming dilutive effect of unvested restricted unit awards

3,441.2

3,167.7

3,410.7

3,145.9

Diluted

$ 0.32

$ 0.15

$ 0.99

$ 0.72

Dilutive effect of equity-based compensation of subsidiaries (1)

^[1]

$ 0

$ 1

$ 2

Dilutive effect of unvested restricted unit awards (1)

26.0

^[1]

23.7

^[1]

25.8

23.6

Preferred Unitholders’ interest in net income

$ 67

$ 118

$ 294

$ 340

Preferred Stock Redemption Premium

$ 0

$ 54

$ 0

[1]	Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]

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 September 30, 2024 and December 31, 2023 based on inputs used to derive their fair values:


			Fair Value Measurements at September 30, 2024
	Fair Value Total		Level 1		Level 2
Assets:

Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	$	5	$	5	$	—
Swing Swaps IFERC	6		6		—
Fixed Swaps/Futures	11		11		—


Forward Physical Contracts	6		—		6
Power:
Forwards	45		45		—
Futures	10		10		—


NGLs – Forwards/Swaps	259		259		—
Refined Products – Futures	5		5		—
Crude – Forwards/Swaps	19		19		—

Total commodity derivatives	366		360		6
Other non-current assets	34		23		11
Total assets	$	400	$	383	$	17
Liabilities:

Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	$	(10)	$	(10)	$	—
Swing Swaps IFERC	(4)		(4)		—
Fixed Swaps/Futures	(6)		(6)		—


Forward Physical Contracts	(3)		—		(3)
Power:
Forwards	(44)		(44)		—
Futures	(8)		(8)		—



NGLs – Forwards/Swaps	(206)		(206)		—
Refined Products – Futures	(6)		(6)		—
Crude – Forwards/Swaps	(31)		(31)		—
Total commodity derivatives	(318)		(315)		(3)
Total liabilities	$	(318)	$	(315)	$	(3)


			Fair Value Measurements at December 31, 2023
	Fair Value Total		Level 1		Level 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)

Derivative Assets And Liabilities Table - Gross FV and Netting Offset (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 366	$ 616
Derivative Liability, Fair Value, Gross Liability	(318)	(464)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	76	176
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	28	24
Derivative assets (liabilities)
Derivatives, Fair Value [Line Items]
Counterparty netting	(53)	(72)
Counterparty netting	53	72
Other current assets (liabilities)
Derivatives, Fair Value [Line Items]
Counterparty netting	(237)	(368)
Counterparty netting	237	368
Without offsetting agreements [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	6
Derivative Liability, Fair Value, Gross Liability	0	(4)
OTC Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	79	132
Derivative Liability, Fair Value, Gross Liability	(60)	(80)
Broker cleared derivative contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	287	478
Derivative Liability, Fair Value, Gross Liability	$ (258)	$ (380)

Derivative Assets And Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Outstanding Commodity-Related Derivatives

The following table details our outstanding commodity-related derivatives:


	September 30, 2024		December 31, 2023
	Notional Volume	Maturity	Notional Volume	Maturity
Mark-to-Market Derivatives
Natural Gas (BBtu):
Fixed Swaps/Futures	1,820	2024-2026	5,247	2024-2026
Basis Swaps IFERC/NYMEX	83,845	2024-2027	(46,975)	2024-2025
Swing Swaps	36,503	2024-2025	(97,728)	2024-2025
Options – Puts	—	2024	1,900	2024
Options – Calls	500	2024	250	2024
Forward Physical Contracts	2,138	2024-2026	(1,751)	2024-2026
Power (Megawatt):
Forwards	101,440	2024-2029	155,600	2024-2029
Futures	27,323	2024-2026	(464,897)	2024
Options – Puts	—	2024-2025	136,000	2024
Options – Calls	(33,600)	2024-2025	—	—

Crude (MBbls):
Forwards/Swaps	(856)	2024-2026	(2,674)	2024-2025
Options – Puts	—	—	(15)	2024
Options – Calls	—	—	(20)	2024
NGL/Refined Products (MBbls):
Forward/Swaps	(15,745)	2024-2027	(13,870)	2024-2027
Options – Puts	(12)	2024-2026	121	2024-2026
Options – Calls	(21)	2024-2026	(43)	2024-2026
Futures	(3,528)	2024-2026	(4,548)	2024-2025
Fair Value Hedging Derivatives
Natural Gas (BBtu):
Basis Swaps IFERC/NYMEX	(49,858)	2024-2025	(39,013)	2024
Fixed Swaps/Futures	(49,858)	2024-2025	(39,013)	2024
Hedged Item – Inventory	49,858	2024-2025	39,013	2024

Interest Rate Swaps Outstanding

The following table summarizes USAC’s interest rate swap which is no longer outstanding as of September 30, 2024, and which was not designated as a hedge for accounting purposes:

Term

Type

Notional Amount Outstanding

September 30,
2024

December 31,
2023

December 2025 (1)

Pay a fixed rate of 3.9725% and receive a floating rate based on SOFR

—

700

(1)In August 2024, USAC elected to terminate the outstanding interest rate swap.

Fair Value Of Derivative Instruments

The following table provides a summary of our derivative assets and liabilities:


	Fair Value of Derivative Instruments
	Asset Derivatives				Liability Derivatives
	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives designated as hedging instruments:
Commodity derivatives – margin deposits	$	6	$	51	$	(7)	$	(6)
	6		51		(7)		(6)
Derivatives not designated as hedging instruments:
Commodity derivatives – margin deposits	281		427		(251)		(374)
Commodity derivatives	79		132		(60)		(80)
Interest rate derivatives	—		6		—		(4)
	360		565		(311)		(458)
Total derivatives	$	366	$	616	$	(318)	$	(464)

Derivatives, Offsetting Fair Value Amounts [Table Text Block]


		Asset Derivatives				Liability Derivatives
	Balance Sheet Location	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Derivatives without offsetting agreements	Derivative assets (liabilities)	$	—	$	6	$	—	$	(4)
Derivatives in offsetting agreements:
OTC contracts	Derivative assets (liabilities)	79		132		(60)		(80)
Broker cleared derivative contracts	Other current assets (liabilities)	287		478		(258)		(380)
Total gross derivatives		366		616		(318)		(464)
Offsetting agreements:

Counterparty netting	Derivative assets (liabilities)	(53)		(72)		53		72
Counterparty netting	Other current assets (liabilities)	(237)		(368)		237		368
Total net derivatives		$	76	$	176	$	(28)	$	(24)

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following table summarizes the location and amounts recognized in our consolidated statements of operations with respect to our derivative financial instruments:


	Location	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
Derivatives not designated as hedging instruments:


Commodity derivatives	Cost of products sold	$	163	$	(162)	$	148	$	(112)

Interest rate derivatives	Gain on interest rate derivatives	(6)		32		6		47

Total		$	157	$	(130)	$	154	$	(65)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Equity Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Equity Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 880
Stock Issued During Period, Value, Dividend Reinvestment Plan	$ 66	$ 70
Stock Issued During Period, Shares, Dividend Reinvestment Plan	4,300,000
Common Units Remaining Available to be Issued Under Distribution Reinvestment Plan	40,000,000
Series F Preferred Units [Member]
Preferred Stock, Shares Outstanding	500,000
Series G Preferred Units [Member]
Preferred Stock, Shares Outstanding	1,484,780
Series B Preferred Units [Member]
Preferred Stock, Shares Outstanding	550,000
Series H Preferred Units
Preferred Stock, Shares Outstanding	900,000
Series I Preferred Units
Preferred Stock, Shares Outstanding	41,464,179

DEI Document - shares	9 Months Ended
DEI Document - shares	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	1-32740
Entity Registrant Name	ENERGY TRANSFER LP
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Central Index Key	0001276187
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		3,423,916,517
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Tax Identification Number	30-0108820
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	8111 Westchester Drive
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
City Area Code	214
Local Phone Number	981-0700
Document Quarterly Report	true
Common Units
Document Information [Line Items]
Trading Symbol	ET
Security Exchange Name	NYSE
Title of 12(b) Security	Common Units
ETprI
Document Information [Line Items]
Trading Symbol	ETprI
Security Exchange Name	NYSE
Title of 12(b) Security	9.250% Series I Fixed Rate Perpetual Preferred Units

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
NET INCOME ATTRIBUTABLE TO PARTNERS	$ 1,183	$ 584	$ 3,737	$ 2,608

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 323
-Name Accounting Standards Codification
-Section 65
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-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities

9 Months Ended

Sep. 30, 2024

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities [Abstract]

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities

REGULATORY MATTERS, COMMITMENTS, CONTINGENCIES AND ENVIRONMENTAL LIABILITIES

FERC Proceedings

Rover – FERC – Stoneman House

In late 2016, FERC Enforcement Staff began a non-public investigation related to Rover’s purchase and removal of a potentially historic home (known as the Stoneman House) while Rover’s application for permission to construct the new 711-mile interstate natural gas pipeline and related facilities was pending. On March 18, 2021, FERC issued an Order to Show Cause and Notice of Proposed Penalty (Docket No. IN19-4-000), ordering Rover to explain why it should not pay a $20 million civil penalty for alleged violations of FERC regulations requiring certificate holders to be forthright in their submissions of information to the FERC. Rover filed its answer and denial to the order on June 21, 2021 and a surreply on September 15, 2021. FERC issued an order on January 20, 2022 setting the matter for hearing before an administrative law judge. The hearing was set to commence on March 6, 2023; as explained below, this FERC proceeding has been stayed.

On February 1, 2022, Energy Transfer and Rover filed a Complaint for Declaratory Relief in the United States District Court for the Northern District of Texas (the “Federal District Court”) seeking an order declaring that FERC must bring its

enforcement action in federal district court (instead of before an administrative law judge). Also on February 1, 2022, Energy Transfer and Rover filed an expedited request to stay the proceedings before the FERC administrative law judge pending the outcome of the Federal District Court case. On May 24, 2022, the Federal District Court ordered a stay of the FERC’s enforcement case and the District Court case pending the resolution of two cases pending before the United States Supreme Court. Arguments were heard in those cases on November 7, 2022. On April 14, 2023, the United States Supreme Court held against the government in both cases, finding that the federal district courts had jurisdiction to hear those suits and to resolve the parties’ constitutional challenges. The cases were remanded to the federal district courts for further proceedings.

On September 13, 2023, the Federal District Court ordered that the Federal District Court case would be stayed pending the resolution of another case pending before the United States Supreme Court and that the FERC enforcement case would remain stayed. On November 13, 2023, the FERC appealed the Federal District Court order to the United States Court of Appeals for the Fifth Circuit. On December 11, 2023, FERC filed a motion to withdraw that appeal, which the Fifth Circuit granted on December 12, 2023. The FERC and the Federal District Court proceedings were stayed pending resolution of the case pending before the United States Supreme Court. The Supreme Court issued a decision in that case on June 27, 2024. The FERC and District Court proceedings remain stayed at this time. Energy Transfer and Rover intend to vigorously defend this claim.

Rover – FERC – Tuscarawas

In mid-2017, FERC Enforcement Staff began a non-public investigation regarding allegations that diesel fuel may have been included in the drilling mud at the Tuscarawas River horizontal directional drilling (“HDD”) operations. Rover and the Partnership are cooperating with the investigation. In 2019, Enforcement Staff provided Rover with a notice pursuant to Section 1b.19 of the FERC regulations that Enforcement Staff intended to recommend that the FERC pursue an enforcement action against Rover and the Partnership. On December 16, 2021, FERC issued an Order to Show Cause and Notice of Proposed Penalty (Docket No. IN17-4-000), ordering Rover and Energy Transfer to show cause why they should not be found to have violated Section 7(e) of the Natural Gas Act, Section 157.20 of FERC’s regulations, and the Rover Pipeline Certificate Order, and assessed civil penalties of $40 million.

Rover and Energy Transfer filed their answer to this order on March 21, 2022, and Enforcement Staff filed a reply on April 20, 2022. Rover and Energy Transfer filed their surreply to this order on May 13, 2022. FERC has taken no further action on the case since that time.

The primary contractor (and one of the subcontractors) responsible for the HDD operations of the Tuscarawas River site have agreed to indemnify Rover and the Partnership for any and all losses, including any fines and penalties from government agencies, resulting from their actions in conducting such HDD operations. Given the stage of the proceedings, the Partnership is unable at this time to provide an assessment of the potential outcome or range of potential liability, if any; however, the Partnership believes the indemnity described above will be applicable to the penalty proposed by Enforcement Staff and intends to vigorously defend itself against the subject claims.

Other FERC Proceedings

By an order issued on January 16, 2019, the FERC initiated a review of Panhandle’s then existing rates pursuant to Section 5 of the Natural Gas Act to determine whether the rates charged by Panhandle are just and reasonable and set the matter for hearing. On August 30, 2019, Panhandle filed a general rate proceeding under Section 4 of the Natural Gas Act. The Natural Gas Act Section 5 and Section 4 proceedings were consolidated by order of the Chief Judge on October 1, 2019. The initial decision by the administrative law judge was issued on March 26, 2021, and on December 16, 2022, the FERC issued its order on the initial decision. On January 17, 2023, Panhandle and the Michigan Public Service Commission each filed a request for rehearing of FERC’s order on the initial decision, which were denied by operation of law as of February 17, 2023. On March 23, 2023, Panhandle appealed these orders to the United States Court of Appeals for the District of Columbia Circuit (“Court of Appeals”), and the Michigan Public Service Commission also subsequently appealed these orders. On April 25, 2023, the Court of Appeals consolidated Panhandle’s and Michigan Public Service Commission’s appeals and stayed the consolidated appeal proceeding while the FERC further considered the requests for rehearing of its December 16, 2022 order. On September 25, 2023, the FERC issued its order addressing arguments raised on rehearing and compliance, which denied our requests for rehearing. Panhandle filed its Petition for Review with the Court of Appeals regarding the September 25, 2023 order. On October 25, 2023, Panhandle filed a limited request for rehearing of the September 25 order addressing arguments raised on rehearing and compliance, which was subsequently denied by operation of law on November 27, 2023. On November 17, 2023, Panhandle provided refunds to shippers and on November 30, 2023, Panhandle submitted a refund report regarding the consolidated rate proceedings, which was protested by several parties. On January 5, 2024, the FERC issued a second order addressing arguments raised on rehearing in which

it modified certain discussion from its September 25, 2023 order and sustained its prior conclusions. Panhandle has timely filed its Petition for Review with the Court of Appeals regarding the January 5, 2024 order. On May 28, 2024, the FERC issued an order rejecting Panhandle’s refund report. On June 27, 2024, Panhandle filed a revised refund report in compliance with the FERC’s May 28, 2024 order rejecting Panhandle’s refund report, a request for rehearing of the FERC’s May 28, 2024 order rejecting Panhandle’s refund report, and provided revised refunds to shippers, or in the case of shippers whose revised refunds are less than the original amounts refunded, notices of upcoming debits. One party protested Panhandle’s revised refund report, and Panhandle submitted a response to the protest on July 24, 2024. By notice issued July 29, 2024, Panhandle’s rehearing request was deemed denied. In an ordered issued September 9, 2024, FERC addressed arguments raised on rehearing, modified the discussion in the May 28, 2024 order and continued to reach the same result. On September 18, 2024, Panhandle petitioned the United States Court of Appeals for the District of Columbia for review of the September 9, 2024, July 29, 2024, and May 28, 2024 orders.

On December 1, 2022, Sea Robin filed a rate case pursuant to Section 4 of the Natural Gas Act. By order dated June 29, 2023, a revised procedural schedule was adopted in this proceeding setting the commencement of the hearing for January 9, 2024, with an initial decision anticipated by May 21, 2024. Subsequently, by Order of the Acting Chief Administrative Law Judge, deadlines in the procedural schedule were extended, including revised hearing commencement and initial decisions deadlines to March 26, 2024 and August 8, 2024, respectively. On November 29, 2023, the parties reached a settlement in principle. The settlement was filed with the FERC on December 29, 2023 and approved by letter order on February 21, 2024. Among other things, the settlement required Sea Robin to submit a refund report detailing the amount of refunds due to Sea Robin’s shippers as a result of the proceeding. In compliance with the settlement, Sea Robin issued refunds and filed its refund report on June 7, 2024. The refund report was accepted by the FERC via a letter order issued on July 2, 2024. Moreover, the settlement established a rate case moratorium prohibiting Sea Robin or any party to the proceeding from seeking or soliciting a change or challenge to Sea Robin’s rates prior to December 1, 2026.

Commitments

In the normal course of business, Energy Transfer purchases, processes and sells natural gas pursuant to long-term contracts and enters into long-term transportation and storage agreements. Such contracts contain terms that are customary in the industry. Energy Transfer believes that the terms of these agreements are commercially reasonable and will not have a material adverse effect on the Partnership’s financial position or results of operations.

Our joint venture agreements require that we fund our proportionate share of capital contributions to our unconsolidated affiliates. Such contributions will depend upon the unconsolidated affiliates’ capital requirements, such as for funding capital projects or repayment of long-term obligations.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
ROW expense	$	23	$	20	$	50	$	46

Litigation and Contingencies

We may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business. Due to the flammable and combustible nature of natural gas and crude oil, the potential exists for personal injury and/or property damage to occur in connection with their transportation, storage or use. In the ordinary course of business, we are sometimes threatened with or named as a defendant in various lawsuits seeking actual and punitive damages for product liability, personal injury and property damage. We maintain liability insurance with insurers in amounts and with coverage and deductibles management believes are reasonable and prudent, and which are generally accepted in the industry. However, there can be no assurance that the levels of insurance protection currently in effect will continue to be available at reasonable prices or that such levels will remain adequate to protect us from material expenses related to product liability, personal injury or property damage in the future.

We or our subsidiaries are parties to various legal proceedings, arbitrations and/or regulatory proceedings incidental to our businesses. For each of these matters, we evaluate the merits of the case, our exposure to the matter, possible legal or settlement strategies, the likelihood of an unfavorable outcome and the availability of insurance coverage. If we determine that an unfavorable outcome of a particular matter is probable and can be estimated, we accrue the contingent obligation, as

well as any expected insurance recoverable amounts related to the contingency. As new information becomes available, our estimates may change. The impact of these changes may have a significant effect on our results of operations in a single period.

As of September 30, 2024 and December 31, 2023, accruals of approximately $259 million and $285 million, respectively, were reflected on our consolidated balance sheets related to contingent obligations that met both the probable and reasonably estimable criteria. In addition, we may recognize additional contingent losses in the future related to (i) contingent matters for which a loss is currently considered reasonably possible but not probable and/or (ii) losses in excess of amounts that have already been accrued for such contingent matters. In some of these cases, we are not able to estimate possible losses or a range of possible losses in excess of amounts accrued. For such matters where additional contingent losses can be reasonably estimated, the range of additional losses is estimated to be up to approximately $125 million.

The outcome of these matters cannot be predicted with certainty and there can be no assurance that the outcome of a particular matter will not result in the payment of amounts that have not been accrued for the matter. Furthermore, we may revise accrual amounts or our estimates of reasonably possible losses prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome.

The following sections include descriptions of certain matters that could impact the Partnership’s financial position, results of operations and/or cash flows in future periods. The following sections also include updates to certain matters that have previously been disclosed, even if those matters are not anticipated to have a potentially significant impact on future periods. In addition to the matters disclosed in the following sections, the Partnership is also involved in multiple other matters that could impact future periods, including other lawsuits and arbitration related to the Partnership’s commercial agreements. With respect to such matters, contingencies that met both the probable and reasonably estimable criteria have been included in the accruals disclosed above, and the range of additional losses disclosed above also reflects any relevant amounts for such matters.

Dakota Access Pipeline

On July 27, 2016, the Standing Rock Sioux Tribe (“SRST”) filed a lawsuit in the United States District Court for the District of Columbia (“District Court”) challenging permits issued by the United States Army Corps of Engineers (“USACE”) that allowed Dakota Access to cross the Missouri River at Lake Oahe in North Dakota. The case was subsequently amended to challenge an easement issued by the USACE that allowed the pipeline to cross land owned by the USACE adjacent to the Missouri River. Dakota Access and the Cheyenne River Sioux Tribe (“CRST”) intervened. Separate lawsuits filed by the Oglala Sioux Tribe (“OST”) and the Yankton Sioux Tribe (“YST”) were consolidated with this action and several individual tribal members intervened (collectively, with SRST and CRST, the “Tribes”). On March 25, 2020, the District Court remanded the case back to the USACE for preparation of an Environment Impact Statement (“EIS”). On July 6, 2020, the District Court vacated the easement and ordered the Dakota Access Pipeline to be shut down and emptied of oil by August 5, 2020. Dakota Access and the USACE appealed to the Court of Appeals which granted an administrative stay of the District Court’s July 6 order and ordered further briefing on whether to fully stay the July 6 order. On August 5, 2020, the Court of Appeals (1) granted a stay of the portion of the District Court order that required Dakota Access to shut the pipeline down and empty it of oil, (2) denied a motion to stay the March 25 order pending a decision on the merits by the Court of Appeals as to whether the USACE would be required to prepare an EIS and (3) denied a motion to stay the District Court’s order to vacate the easement during this appeal process. The August 5 order also states that the Court of Appeals expected the USACE to clarify its position with respect to whether USACE intended to allow the continued operation of the pipeline notwithstanding the vacatur of the easement and that the District Court may consider additional relief, if necessary.

On August 10, 2020, the District Court ordered the USACE to submit a status report by August 31, 2020, clarifying its position with regard to its decision-making process with respect to the continued operation of the pipeline. On August 31, 2020, the USACE submitted a status report that indicated that it considered the presence of the pipeline at the Lake Oahe crossing without an easement to constitute an encroachment on federal land, and that it was still considering whether to exercise its enforcement discretion regarding this encroachment. The Tribes subsequently filed a motion seeking an injunction to stop the operation of the pipeline and both USACE and Dakota Access filed briefs in opposition of the motion for injunction. The motion for injunction was fully briefed as of January 8, 2021.

On January 26, 2021, the Court of Appeals affirmed the District Court’s March 25, 2020 order requiring an EIS and its July 6, 2020 order vacating the easement. In this same January 26 order, the Court of Appeals also overturned the District Court’s July 6, 2020 order that the pipeline shut down and be emptied of oil. Dakota Access filed for rehearing en banc on April 12, 2021, which the Court of Appeals denied. On September 20, 2021, Dakota Access filed a petition with the U.S. Supreme Court to hear the case. Oppositions were filed by the Solicitor General (December 17, 2021) and the Tribes

(December 16, 2021). Dakota Access filed their reply on January 4, 2022. On February 22, 2022, the U.S. Supreme Court declined to hear the case.

The District Court scheduled a status conference for February 10, 2021 to discuss the effects of the Court of Appeals’ January 26, 2021 order on the pending motion for injunctive relief, as well as USACE’s expectations as to how it will proceed regarding its enforcement discretion regarding the easement. On May 3, 2021, USACE advised the District Court that it had not changed its position with respect to its opposition to the Tribes’ motion for injunction. On May 21, 2021, the District Court denied the plaintiffs’ request for an injunction. On June 22, 2021, the District Court terminated the consolidated lawsuits and dismissed all remaining outstanding counts without prejudice.

On September 8, 2023, the USACE published the Draft EIS. Comments on the Draft EIS were due on December 13, 2023. The USACE anticipates that a Final EIS will be issued in December 2025 and a Record of Decision will be issued in early 2026. The pipeline continues to operate pending completion of the EIS. Energy Transfer cannot determine when or how future lawsuits will be resolved or the impact they may have on the Bakken Pipeline; however, Energy Transfer expects that after the law and complete record are fully considered, any such proceeding will be resolved in a manner that will allow the pipeline to continue to operate.

In addition, lawsuits and/or regulatory proceedings or actions of this or a similar nature could result in interruptions to construction or operations of current or future projects, delays in completing those projects and/or increased project costs, all of which could have an adverse effect on our business and results of operations.

Standing Rock Sioux Tribe in Federal Court in District of Columbia

Dakota Access is the subject of litigation in the U.S. District Court for the District of Columbia. The Standing Rock Sioux Tribe (“SRST”) sued the United States Army Corps of Engineers (“USACE”) arguing that the USACE’s alleged failure to stop Dakota Access from operating violates numerous laws, including the Mineral Leasing Act, the Government Acquisition and Streamlining Act, NEPA, the Clean Water Act, the National Historic Preservation Act, the Administrative Procedure Act as well as the 1868 Fort Laramie Treaty. The SRST requests a permanent injunction or writ of mandamus that would compel the USACE to shut Dakota Access down pending the completion of the USACE’s Environmental Impact Statement (“EIS”) and decision on whether to grant Dakota Access an easement under the Mineral Leasing Act.

On October 15, 2024, the SRST filed the above referenced complaint. A summons to the USACE was issued on October 17, 2024. As of this date, no further substantive activity has occurred in the new case. Dakota Access intends to intervene in that lawsuit at the appropriate time.

Louisiana Dispute with New Generation Gas Gathering LLC

On August 31, 2023, Energy Transfer and ETC Texas Pipeline, LTD amended the next day to be ETC Texas Pipeline, Ltd, Gulf Run Transmission, LLC, Enable Midstream Partners, LP and ETC Tiger Pipeline, LLC (collectively “Energy Transfer”), filed a petition for declaratory judgment against New Generation Gas Gathering LLC (“NG3”) in the 42nd Judicial District Court of DeSoto Parish, Louisiana. In relation to seven specific servitudes in DeSoto Parish, Louisiana underlying Energy Transfer natural gas pipelines, Energy Transfer requested declarations from the Court that, pursuant to Louisiana Civil Code Article 720, NG3 must obtain Energy Transfer’s permission to install NG3’s proposed pipelines across the Energy Transfer servitudes so that Energy Transfer may determine if NG3’s proposed installation of its proposed pipelines would interfere with Energy Transfer’s use of its existing servitudes.

On November 13, 2023, NG3 filed its answer and reconventional demand (a Louisiana term for counterclaim) asserting six claims against the entities asserting the claim, as well as against Energy Transfer. In Count I, NG3 seeks declaratory judgment that Energy Transfer lacks the right to object to its proposed crossings of Energy Transfer’s natural gas pipelines that adversely affect Energy Transfer. In Counts II–VI, NG3 asserts five causes of action alleging that Energy Transfer’s objection and lawsuit seeking court determination that it has the right to object to NG3’s request to cross Energy Transfer’s pipelines more than one hundred times constitutes tortious conduct, an abuse of Energy Transfer’s rights, an unfair trade practice, and a violation of Louisiana Monopolies Act sections prohibiting conspiracies, monopolies and attempted monopolies.

On December 7, 2023, the trial court set the deadline for Energy Transfer to respond to NG3’s reconventional demand as February 9, 2024, set a hearing on any exceptions for March 25, 2024, and set a trial date for September 9, 2024. The parties have begun written discovery.

On February 7, 2024, the Attorney General for the State of Louisiana, Public Protection Division (the “AG”) gave notice of a complaint filed by NG3. NG3 asserts that Energy Transfer violated Louisiana Revised Statutes 51:1401, et seq., the

Unfair Trade Practices and Consumer Protection Law. The AG has not investigated this matter and it makes no determination as to the merits of matter.

On March 25, 2024, the trial court denied Energy Transfer’s motion to strike NG3’s Counts II-VI, Energy Transfer’s exceptions, and NG3’s exceptions. Energy Transfer filed an appeal of the trial court’s orders denying its exceptions and motion to strike. The appeal was heard on an expedited basis and denied.

On June 4, 2024, a Joint Motion to Dismiss with Prejudice was filed ending the litigation.

Williams Antitrust Litigation

On June 28, 2024, Louisiana Energy Gateway LLC, The Williams Companies, Inc., and Williams Fields Services Group, LLC (“Williams”) filed a Petition for Damages against Energy Transfer and Gulf Run Transmission, LLC (“Gulf Run”) in the 42nd Judicial District Court, Parish of DeSoto, State of Louisiana, alleging that Energy Transfer and/or Gulf Run have monopolized, conspired to monopolize, and/or attempted to monopolize the relevant product and geographic market for the movement of natural gas from the Haynesville Shale in northwestern Louisiana south to natural gas facilities in the Louisiana Gulf Coast (the “Relevant Market”), engaged in acquisitions that have directly enabled and incentivized to substantially lessen competition, and engaged in unfair methods of competition and unfair trade practices.

On September 16, 2024, Energy Transfer and Gulf Run removed the case to the U.S. District Court for the Western District of Louisiana. On October 4, 2024, Williams filed a Motion to Remand, seeking to remand the case back to the 42nd Judicial District Court. On October 21, 2024, Energy Transfer and Gulf Run filed a consent to remand based on a subsequent change in circumstances. The federal court has not yet remanded the case to the 42nd Judicial District Court. Energy Transfer and Gulf Run’s responsive pleading will be due after the case is remanded. In addition, discovery has not commenced, and the case has not yet been set for trial.

Mont Belvieu Incident

On June 26, 2016, a hydrocarbon storage well located on another operator’s facility adjacent to Lone Star NGL Mont Belvieu LP’s (“Lone Star,” now known as Energy Transfer Mont Belvieu NGLs LP) facilities in Mont Belvieu, Texas experienced an over-pressurization resulting in a subsurface release. The subsurface release caused a fire at Lone Star’s South Terminal and damage to Lone Star’s storage well operations at its South and North Terminals. Normal operations resumed at the facilities in the fall of 2016, with the exception of one of Lone Star’s storage wells at the North Terminal that has not been returned to service. Lone Star has obtained payment for most of the losses it has submitted to the adjacent operator. Lone Star continues to quantify and seek reimbursement for outstanding losses.

MTBE Litigation

ETC Sunoco and Energy Transfer R&M (collectively, “Sunoco Defendants”) are defendants in lawsuits alleging methyl tertiary butyl ether (“MTBE”) contamination of groundwater. The plaintiffs, state-level governmental entities, assert product liability, nuisance, trespass, negligence, violation of environmental laws and/or deceptive business practices claims. The plaintiffs seek to recover compensatory damages, and in some cases also seek natural resource damages, injunctive relief, punitive damages and attorneys’ fees.

As of September 30, 2024, Sunoco Defendants are defendants in two cases: one case initiated by the State of Maryland and one by the Commonwealth of Pennsylvania. The actions brought also named as defendants ETO, ETP Holdco Corporation and Sunoco Partners Marketing & Terminals L.P., now known as Energy Transfer Marketing & Terminals L.P. ETP Holdco Corporation and Energy Transfer Marketing & Terminals L.P. are wholly owned subsidiaries of Energy Transfer.

It is reasonably possible that a loss may be realized in the remaining cases; however, we are unable to estimate the possible loss or range of loss in excess of amounts accrued. An adverse determination with respect to one or more of the MTBE cases could have a significant impact on results of operations during the period in which any such adverse determination occurs, but such an adverse determination likely would not have a material adverse effect on the Partnership’s consolidated financial position.

Rover – State of Ohio

On November 3, 2017, the State of Ohio and the Ohio Environmental Protection Agency (“Ohio EPA”) filed suit against Rover and other defendants (collectively, the “Defendants”) seeking to recover approximately $2.6 million in civil penalties allegedly owed and certain injunctive relief related to permit compliance. The Defendants filed several motions to dismiss, which were granted on all counts. The Ohio EPA appealed, and on December 9, 2019, the Fifth District Court of Appeals entered a unanimous judgment affirming the trial court. The Ohio EPA sought review from the Ohio Supreme

Court. On April 22, 2020, the Ohio Supreme Court granted the review. On March 17, 2022, the Ohio Supreme Court reversed in part and remanded to the Ohio trial court. The Ohio Supreme Court agreed with Rover that the State of Ohio had waived its rights under Section 401 of the Clean Water Act but remanded to the trial court to determine whether any of the allegations fell outside the scope of the waiver.

On remand, the Ohio EPA voluntarily dismissed four of the other five defendants and dismissed one of its counts against Rover. In its Fourth Amended Complaint, the Ohio EPA removed all paragraphs that alleged violations by the four dismissed defendants, including those where the dismissed defendants were alleged to have acted jointly with Rover or others. At a June 2, 2022, status conference, the trial judge set a schedule for Rover and the other remaining defendant to file motions to dismiss the Fourth Amended Complaint. On August 1, 2022, Rover and the other remaining defendant each filed their respective motions. Briefing on those motions was completed on November 4, 2022. By order issued on October 20, 2023, the trial judge dismissed the Ohio EPA’s Fourth Amended Complaint.

On November 17, 2023, the State of Ohio appealed the trial judge’s decision to Ohio’s Fifth District Court of Appeals. The State filed its initial brief on January 8, 2024. Energy Transfer and Rover filed a responsive brief on February 20, 2024. The State filed a reply brief on February 26, 2024. Oral argument on the appeal was held on August 27, 2024. On October 1, 2024, Ohio’s Fifth District Court of Appeals affirmed the trial judge’s decision. The State of Ohio has the right to appeal this decision to the Ohio State Supreme Court. Energy Transfer and Rover intend to vigorously defend this claim.

Unitholder Litigation Regarding Pipeline Construction

Various purported unitholders of Energy Transfer have filed derivative actions against various past and current officers and members of Energy Transfer’s Board of Directors, LE GP, LLC, and Energy Transfer, as a nominal defendant that assert claims for breach of fiduciary duties, unjust enrichment, waste of corporate assets, breach of Energy Transfer’s Partnership Agreement, tortious interference, abuse of control and gross mismanagement related primarily to matters involving the construction of pipelines in Pennsylvania and Ohio. They also seek damages and changes to Energy Transfer’s corporate governance structure. See Bettiol v. LE GP, Case No. 3:19-cv-02890-X (N.D. Tex.); Davidson v. Kelcy L. Warren, Cause No. DC-20-02322 (44th Judicial District of Dallas County, Texas); Harris v. Kelcy L. Warren, Case No. 2:20-cv-00364-GAM (E.D. Pa.); Barry King v. LE GP, Case No. 3:20-cv-00719-X (N.D. Tex.); Inter-Marketing Group USA, Inc. v. LE GP, et al., Case No. 2022-0139-SG (Del. Ch.); Elliot v. LE GP LLC, Case No. 3:22-cv-01527-B (N.D. Tex.); Chapa v. Kelcy L. Warren, et al., Index No. 611307/2022 (N.Y. Sup. Ct.); Elliott v. LE GP et al, Cause No. DC-22-14194 (Dallas County, Tex.); and Charles King v. LE GP, LLC et al, Cause No. DC-22-14159 (Dallas County, Texas). The Barry King action that was filed in the United States District Court for the Northern District of Texas (Case No. 3:20-cv-00719-X) has been consolidated with the Bettiol action. On August 9, 2022, the Elliot action that was filed in the United States District Court for the Northern District of Texas (Case No. 3:22-cv-01527-B) was voluntarily dismissed.

Another purported unitholder of Energy Transfer, Allegheny County Employees’ Retirement System (“ACERS”), individually and on behalf of all others similarly situated, filed a suit under the federal securities laws purportedly on behalf of a class, against Energy Transfer and three of Energy Transfer’s directors: Kelcy L. Warren, John W. McReynolds and Thomas E. Long. See Allegheny County Emps.’ Ret. Sys. v. Energy Transfer LP, Case No. 2:20-00200-GAM (E.D. Pa.). On June 15, 2020, ACERS filed an amended complaint and added as additional defendants Energy Transfer directors Marshall S. McCrea and Matthew S. Ramsey, as well as Michael J. Hennigan and Joseph McGinn. The amended complaint asserts claims for violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder related primarily to matters involving the construction of pipelines in Pennsylvania. On August 14, 2020, the defendants filed a motion to dismiss ACERS’ amended complaint. On April 6, 2021, the court granted in part and denied in part the defendants’ motion to dismiss. The court held that ACERS could proceed with its claims regarding certain statements put at issue by the amended complaint while also dismissing claims based on other statements. The court also dismissed without prejudice the claims against defendants McReynolds, McGinn and Hennigan. On August 23, 2022, the court granted in part and denied in part ACERS’ motion for class certification. The court certified a class consisting of those who purchased or otherwise acquired common units of Energy Transfer between February 25, 2017 and November 11, 2019. On January 19, 2024, the defendants filed a motion for summary judgment on all of the claims asserted in ACERS’ amended complaint, and ACERS filed a motion for partial summary judgment. The Court heard oral argument on the parties’ motions for summary judgment on July 15, 2024. On August 8, 2024, the Court ruled on the parties’ cross motions for summary judgment. The Court granted defendants’ motion in part, entering judgment for defendants on loss causation for two categories of challenged statements, thereby significantly reducing the class period and potential damages. The Court also granted plaintiffs’ motion for partial summary judgment in part, entering judgment for plaintiffs on the elements of falsity and the scienter of certain individuals as to four of the challenged statements.

On June 3, 2022, another purported unitholder of Energy Transfer, Mike Vega, filed suit, purportedly on behalf of a class, against Energy Transfer and Messrs. Warren, Long, McCrea and Whitehurst. See Vega v. Energy Transfer LP et al., Case

No. 1:22-cv-4614 (S.D.N.Y.). The action asserts claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder related primarily to statements made in connection with the construction of Rover. On August 10, 2022, the court appointed the New Mexico State Investment Council and Public Employees Retirement Association of New Mexico (the “New Mexico Funds”) as lead plaintiffs. New Mexico Funds filed an amended complaint on September 30, 2022 and added as additional defendants Energy Transfer directors John W. McReynolds and Matthew S. Ramsey. On November 7, 2022, the court granted the defendants’ motion to transfer and transferred this action to the United States District Court for the Northern District of Texas. On January 27, 2023, the defendants filed their motion to dismiss the New Mexico Funds’ amended complaint.

The defendants cannot predict the outcome of these lawsuits or any lawsuits that might be filed subsequent to the date of this filing, nor can the defendants predict the amount of time and expense that will be required to resolve these lawsuits. However, the defendants believe that the claims are without merit and intend to vigorously contest them.

Cline Class Action

On July 7, 2017, Perry Cline filed a class action complaint in the Eastern District of Oklahoma against Sunoco, Inc. (R&M), LLC (now known as Energy Transfer R&M) and Energy Transfer Marketing & Terminals L.P. (collectively, “ETMT”) that alleged ETMT failed to make timely payments of oil and gas proceeds from Oklahoma wells and to pay statutory interest for those untimely payments. On October 3, 2019, the District Court certified a class to include all persons who received untimely payments from Oklahoma wells on or after July 7, 2012, and who have not already been paid statutory interest on the untimely payments (the “Class”). Excluded from the Class are those entitled to payments of proceeds that qualify as “minimum pay,” prior period adjustments and pass through payments, as well as governmental agencies and publicly traded oil and gas companies.

After a bench trial, on August 17, 2020, Judge John Gibney (sitting from the Eastern District of Virginia) issued an opinion that awarded the Class actual damages of $74.8 million for late payment interest for identified and unidentified royalty owners and interest-on-interest. This amount was later amended to $80.7 million to account for interest accrued from trial (the “Order”). Judge Gibney also awarded punitive damages in the amount of $75 million. The Class is also seeking attorneys’ fees.

On August 27, 2020, ETMT filed its Notice of Appeal with the 10th Circuit Court of Appeals (“10th Circuit”) and appealed the entirety of the Order. The matter was fully briefed, and oral argument was set for November 15, 2021. However, on November 1, 2021, the 10th Circuit dismissed the appeal due to jurisdictional concerns with finality of the Order. En banc rehearing of this decision was denied on November 29, 2021. On December 1, 2021, ETMT filed a Petition for Writ of Mandamus to the 10th Circuit to correct the jurisdictional problems and secure final judgment. On February 2, 2022, the 10th Circuit denied the Petition for Writ of Mandamus, citing that there are other avenues for ETMT to obtain adequate relief. On February 10, 2022, ETMT filed a Motion to Modify the Plan of Allocation Order and Issue a Rule 58 Judgment with the trial court, requesting the District Court to enter a final judgment in compliance with the Rules. ETMT also filed an injunction with the trial court to enjoin all efforts by plaintiffs to execute on any non-final judgment. On March 31, 2022, Judge Gibney denied the Motion to Modify the Plan of Allocation, reiterating his thoughts that the order constitutes a final judgment. Judge Gibney granted the injunction in part (placing a hold on enforcement efforts for 60 days) and denied the injunction in part. The injunction has since been lifted.

Despite the fact that ETMT has taken the position that the judgment is not final and not subject to execution, the Class engaged in asset discovery and actively tried to collect on the judgment through garnishment proceedings from ETMT’s customers. ETMT unsuccessfully tried to deposit the funds into the District Court’s Registry. Accordingly, to stop the garnishment proceedings, on December 2, 2022, ETMT wired approximately $161 million to the Plaintiff’s approved Plan Administrator, which represented at the time the full amount of the judgment with attorney’s fees and post-judgment interest. ETMT did so without waiving its ability to pursue its pending appeal or its right to appeal the merits of the judgment. Plaintiff has since dismissed the garnishment actions.

ETMT cannot predict the outcome of the case, nor can ETMT predict the amount of time and expense that will be required to resolve the appeal. ETMT has been vigorous and diligent in its appeals relating to the finality issues underlying the Order and appealed the denial of the Motion to Modify to the 10th Circuit in an attempt to get a decision on finality. The appeal was fully briefed, and oral argument was held on March 21, 2023. On August 3, 2023, the 10th Circuit ruled in favor of ETMT and found that the district court’s plan of allocation (which was part of the final judgment) did not satisfy all finality requirements. The Court held that the district court abused its discretion in denying ETMT’s Rule 60(b)(6) Motion to Modify and reversed and remanded for further proceedings. The case was sent back to the trial court so that the district court could fix the finality requirements with the judgment. Further, ETMT sought and recovered a return of funds deposited with the Plan Administrator; Class Counsel did not oppose this motion.

At a status hearing on September 28, 2023, Class Counsel indicated that it would seek additional interest up until the date that the final judgment is entered. The District Court asked for briefing on the issue of additional interest and held a hearing on October 17, 2023 to address this issue further and enter a ruling as to whether additional interest should be added to the judgment total. During the hearing, the District Court ruled that additional interest should be awarded at the 12% statutory rate from the date of the prior improper judgment up until October 17, 2023. However, the Judge tolled the running of interest for the time period during which the Plan Administrator was in possession of ETMT’s funds (between November 2, 2022 and October 10, 2023). Based on this ruling, the Class calculated that approximately $23 million in additional interest should be added to the final judgment. On October 19, 2023, the District Court entered the new final judgment with a corrected Plan of Allocation. Both parties agree that this newly entered judgment fixes the finality concerns and will allow an appeal to the 10th Circuit on the merits. With the inclusion of additional interest, the total amount awarded to the Plaintiffs is approximately $104 million in actual damages and $75 million in punitive damages. ETMT has appealed the entirety of the judgment to the Tenth Circuit. Oral argument will take place at the Tenth Circuit on November 20, 2024.

Energy Transfer LP and ETC Texas Pipeline, Ltd. v. Culberson Midstream LLC, et al.

On April 8, 2022, Energy Transfer and ETC Texas Pipeline, Ltd. (“ETC,” and together with Energy Transfer, “Plaintiffs”) filed suit against Culberson Midstream LLC (“Culberson”), Culberson Midstream Equity, LLC (“Culberson Equity”), and Moontower Resources Gathering, LLC (“Moontower”). On October 1, 2018, ETC and Culberson entered into a Gas Gathering and Processing Agreement (the “Bypass GGPA”) under which Culberson was to gather gas from its dedicated acreage and deliver all committed gas exclusively to ETC. In connection with the Bypass GGPA, on October 18, 2018, Energy Transfer and Culberson Equity also entered into an Option Agreement. Under the Option Agreement, Culberson Equity and Moontower had the right (but not the obligation) to require Energy Transfer to purchase their respective interests in Culberson by way of a put option. Notably, the Option Agreement is only enforceable so long as the parties comply with the Bypass GGPA. In late March 2022, Culberson Equity and Moontower submitted a put notice to Energy Transfer seeking to require Energy Transfer to purchase their respective interests in Culberson for approximately $93 million. On April 8, 2022, Plaintiffs filed suit against Culberson, Culberson Equity and Moontower asserting claims for declaratory judgment and breach of contract, contending that they materially breached the Bypass GGPA by sending some committed gas to third parties and also by failing to send any gas to Plaintiffs since March 2020, and thus that Culberson Equity’s and Moontower’s put notice is void. Culberson, Culberson Equity, and Moontower have answered the lawsuit. Additionally, Culberson filed a counterclaim against ETC for breach of the Bypass GGPA, seeking the recovery of damages and attorneys’ fees. Culberson Equity and Moontower also filed a counterclaim against Energy Transfer for (1) breach of the Option Agreement, and (2) a declaratory judgment concerning Energy Transfer’s alleged obligation to purchase the Culberson interests. The lawsuit is pending in the 193rd Judicial District Court (“the Court”) in Dallas County, Texas. On April 27, 2022, Culberson filed an application for a temporary restraining order, temporary injunction, and permanent injunction, and Culberson Equity and Moontower joined in that request. The Court held a hearing on the application on April 28 and denied the injunction. In early May, Culberson filed a motion to enforce the appraisal process and confirm the validity of their put price calculation, to which Plaintiffs objected. On July 11, 2022, the Court held a hearing on the motion, and on July 19, 2022, the Court ordered the parties to engage in an appraisal process regarding the put price. An independent appraiser was appointed and issued his decision on October 15, 2022, concluding that the put price totals $93 million. Plaintiffs have consistently reiterated their objection to the appraisal process and conclusion.

On October 6, 2022, Culberson, Culberson Equity and Moontower filed a motion for summary judgment, but the Court postponed considering it until after further document discovery and depositions. On December 7, 2022, Plaintiffs amended their petition to add Moontower Resources Operating, LLC and Moontower Resources WI, LLC as Defendants, and to assert a claim against all Defendants for fraudulent inducement.

Defendants refiled updated motions for summary judgment on May 5, 2023, seeking summary judgment on: (1) Plaintiffs’ breach of contract and declaratory judgment claims on a no-evidence basis; (2) Plaintiffs’ fraud and alter ego claims on a no-evidence basis; and (3) Plaintiffs’ fraud claim on a traditional basis. Plaintiffs responded on June 6, 2023. Defendants submitted their replies in support of summary judgment on June 12, 2023.

On June 5, 2023, counsel for Defendants informed the Court via a letter that Defendants were continuing the submission date of the no-evidence motion regarding Plaintiffs’ breach of contract and declaratory judgment claims, noting that such submission would be rescheduled along with a traditional summary judgment motion regarding the same subject matter. To that end, on July 17, 2023, Defendant Culberson Midstream, LLC filed a Traditional Motion for Summary Judgment on Plaintiffs’ Breach of Contract and Declaratory Judgment Claims, while Defendants Culberson Midstream Equity, LLC and Moontower Resources Gathering filed a Motion for Partial Summary Judgment Regarding the Breach of the Option Agreement. Further, on July 25, 2023, Defendants filed a Traditional and No-Evidence Motion for Summary Judgment Regarding Damages and Recission. On July 28, 2023, in turn, Plaintiff ETC Texas Pipeline, Ltd. filed a Traditional Motion for Partial Summary Judgment on Breach of Contract and Declaratory Judgment.

On September 20, 2023, the Court held oral argument on the various Motions for Summary Judgment. Following oral argument, on September 26, 2023, the Court ruled on each of the Motions. The Court denied Defendants’ Traditional Motion for Partial Summary Judgment Regarding Fraud, Defendants’ No Evidence Motion for Summary Judgment Regarding Plaintiffs’ Fraud and Alter Ego Claims, Defendants’ Traditional and No Evidence Motion for Partial Summary Judgment Regarding Damages and Rescission, and Plaintiff ETC Texas Pipeline, Ltd.’s Traditional Motion for Partial Summary Judgment on Breach of Contract and Declaratory Judgment. The Court granted Culberson Midstream, LLC’s Traditional Motion for Partial Summary Judgment Seeking Dismissal of Plaintiffs’ Breach of Contract and Declaratory Judgment Claims and Culberson Midstream Equity, LLC and Moontower Resources Gathering, LLC’s Motion for Partial Summary Judgment Regarding Breach of the Option Agreement. On June 26, 2024, the Fifth Court of Appeals (Dallas) denied Defendants’ motion seeking permission to allow an interlocutory appeal of the order denying their Traditional Motion for Partial Summary Judgment Regarding Fraud. Subsequently, Culberson Midstream Equity, LLC and Moontower Resources Gathering, LLC moved for reconsideration of their Motion for Summary Judgment on Fraud in the trial court, and a hearing on that motion was held on July 25, 2024. That motion remains pending. Culberson Midstream Equity, LLC and Moontower Resources Gathering, LLC additionally have appealed the Court of Appeals’ denial of their permissive interlocutory appeal to the Texas Supreme Court. At the Texas Supreme Court’s request, Energy Transfer filed briefing on this matter on October 14, 2024. That appeal remains pending.

Discovery has closed in this matter. On October 1, 2024, Plaintiff Energy Transfer filed a notice of removal of the lawsuit to the Dallas division of the Texas Business Court. After briefing from both parties regarding the propriety of such removal, the Business Court remanded the case to state court in Dallas County on October 31, 2024. Trial on Plaintiff Energy Transfer LP’s fraud claim remains set for trial in the 193rd District Court for January 21, 2025. Plaintiffs cannot predict the ultimate outcome of this litigation or the amount of time and expense that will be required to resolve it.

Massachusetts Attorney General v. New England Gas Company

On July 7, 2011, the Massachusetts Attorney General (the “MA AG”) filed a regulatory complaint with the Massachusetts Department of Public Utilities (“DPU”) against New England Gas Company (“NEG”) with respect to certain environmental cost recoveries. NEG was an operating division of Southern Union Company (“SUG”), and the NEG assets were acquired in connection with the merger transaction with Energy Transfer in March 2012. Subsequent to the merger, in 2013, SUG sold the NEG assets to Liberty Utilities (“Liberty,” and together with NEG and SUG, “Respondents”) and retained certain potential liabilities, including the environmental cost recoveries with respect to the pending complaint before the DPU. Specifically, the MA AG seeks a refund to NEG’s ratepayers for approximately $18 million in legal fees associated with SUG environmental response activities. The MA AG requests that the DPU initiate an investigation into NEG’s collection and reconciliation of recoverable environmental costs, namely: (1) the legal fees charged by the Kasowitz, Benson, Torres & Friedman firm and passed through the recovery mechanism since 2005; (2) the legal fees charged by the Bishop, London & Dodds firm and passed through the recovery mechanisms since 2005; and (3) the legal fees passed through the recovery mechanism that the MA AG contends only qualify for a lesser (i.e., 50%) level of recovery. Respondents maintain that, by tariff, these costs are recoverable through rates charged to NEG customers pursuant to the environmental remediation adjustment clause program. After the Respondents answered the complaint and filed a motion to dismiss in 2011, the Hearing Officer deferred decision on the motion to dismiss and issued a stay of discovery pending resolution of a discovery dispute, which it later lifted on June 24, 2013, permitting the case to resume. However, the MA AG failed to take any further steps to prosecute its claims for nearly seven years. The case remained largely dormant until February 2022, when the Hearing Officer denied the motion to dismiss. After receiving input from the parties, the Hearing Officer entered a procedural schedule on March 16, 2022 (which was amended slightly on August 22, 2022). The parties engaged in discovery and the preparation of pre-filed testimony. Respondents submitted their pre-filed testimony on July 11, 2022. The MA AG served three sets of discovery requests on Respondents on September 9, September 12, and September 20, respectively, to which Respondents timely responded. On October 5, 2022, the MA AG requested that the DPU issue a ruling on whether the information that Respondents redacted in their attorneys’ fees invoices is protected by the attorney-client privilege. On the same day, the MA AG also filed a Motion to Stay the Procedural Schedule pending a ruling on the privilege issue. On October 6, 2022, without even affording Respondents the opportunity to respond, the DPU granted the MA AG’s request to stay the procedural schedule. Accordingly, all previous deadlines (including the MA AG’s October 7, 2022, deadline to submit direct pre-filed testimony) are presently stayed. On October 18, 2023, the DPU issued an Order on Attorney General’s Motion to Compel, ruling on issues originally raised in a motion to compel that the MA AG filed in 2013. The October 18, 2023 Order directed NEG to review its redactions again and, to the extent any invoices are completely redacted or heavily redacted, to provide more lightly redacted versions within 30 days. The October 18, 2023 Order also stated that the DPU will set a new procedural schedule in this matter sometime after NEG complies with the directives in the order, which the Company has completed as of January 17, 2024. The matter remains stayed until the DPU sets a new procedural schedule.

Crestwood Midstream Partners, LP – Linde Litigation

On December 23, 2019, Linde Engineering North America Inc. (“Linde”) filed a lawsuit in the District Court of Harris County, Texas alleging that Arrow Field Services, LLC, our consolidated subsidiary, and Crestwood Midstream Partners, LP (collectively, “Crestwood”) breached a contract entered into in March 2018 under which Linde was to provide engineering, procurement and construction services to Crestwood related to the completion of the construction of the Bear Den II cryogenic processing plant.

Trial was held in June 2022, and a final judgment was entered on October 24, 2022. The final judgment includes an award of damages of approximately $20.7 million, a pre-judgment interest award of approximately $17.7 million and attorney fees and other costs of approximately $4.7 million. Crestwood has insurance coverage related to certain pre-judgment interest awards but has not recorded a receivable related to any potential insurance recovery on June 30, 2023. On January 9, 2023, Crestwood paid approximately $21.2 million to the Court Registry under protest to mitigate the impact of post-judgment interest. Crestwood filed a Notice of Appeal on January 13, 2023, and filed its Appellate Brief on September 29, 2023. Linde’s response was filed on February 8, 2024. Oral argument was held on September 26, 2024 and an opinion is expected in early 2025. Crestwood is unable to predict the ultimate outcome on the appeal related to this matter.

State of Oklahoma Attorney General – Winter Storm Uri

On April 10, 2024, the State of Oklahoma, through Attorney General Gentner Drummond, filed a petition on behalf of Grand River Dam Authority against Defendants ET Gathering & Processing, LLC, successor by merger to Enable Midstream Partners, LP, Enable Oklahoma Intrastate Transmission, LLC, Enable Gas Transmission, LLC and Enable Energy Resources, LLC arising out of Winter Storm Uri in February 2021. Specifically, plaintiff alleges that defendants violated the Oklahoma Antitrust Reform Act (79 O.S. §201, et. seq.) by acting individually and in concert with each other to unreasonably restrain trade in the natural gas market in Oklahoma during the storm. Plaintiff also alleges causes of action for breach of contract, unjust enrichment, fraud, bad faith, conspiracy and negligence. Plaintiff’s petition seeks actual damages, punitive damages, treble damages and attorney’s fees and costs. However, the actual amount sought was not specified.

On June 3, 2024, defendants filed a Motion to Dismiss and, alternatively, a Motion to Transfer Venue, along with a Brief in Support. In its Motion to Dismiss, defendants argued that plaintiff’s petition fails to state a claim upon which relief can be granted and also that such claims should be dismissed because collateral estoppel bars plaintiff from bringing allegations inconsistent with earlier agency and judicial findings that the extreme cold weather—not defendants’ conduct—caused the natural gas shortage and resulting high prices during Winter Storm Uri. Defendants also argued that plaintiff’s suit should be dismissed for filing suit in the wrong forum or, alternatively, should be transferred to the correct county of venue (Oklahoma County). Plaintiff filed its response brief on July 12, 2024. A hearing on both motions was held on October 15, 2024, and the parties are currently awaiting the Judge’s ruling on the motions.

Defendants cannot predict the ultimate outcome of this litigation but will vigorously defend against these claims.

Tax Contingencies

Internal Revenue Service Audits

The Partnership’s 2020 U.S. Federal income tax return is currently under examination by the Internal Revenue Service (“IRS”). In general, Energy Transfer and its subsidiaries are no longer subject to examination by the IRS, and most state tax authorities, for the 2019 and prior tax years.

USAC is currently under examination by the IRS for years 2019 and 2020. The IRS has issued preliminary partnership examination changes, along with imputed underpayment computations. Based on discussions with the IRS, USAC has estimated a potential range of loss up to $28 million, including interest. Once a final partnership imputed underpayment, if any, is determined, USAC’s general partner may either elect to pay the imputed underpayment (including any applicable penalties and interest) directly to the IRS or, if eligible, issue a revised information statement to each USAC unitholder, and former USAC unitholder, as applicable, with respect to an audited and adjusted return.

New York Motor Fuel Excise Tax Audits

ETMT, Sunoco LLC and Sunoco Retail LLC are currently under motor fuel excise tax audits in the state of New York for the periods of March 2017 through May 2020. These audits are currently ongoing and no assessments have been made. We cannot predict the outcome of these audits; however, to the extent material assessments may be issued, we would expect to use all appropriate administrative and legal measures to defend our positions.

USAC – Oklahoma Tax Commission

USAC is currently protesting certain assessments made by the Oklahoma Tax Commission (“OTC”). In August 2024, the administrative law judge (“ALJ”) assigned by the OTC accepted USAC’s position that the transactions are not taxable. The OTC subsequently requested a motion for reconsideration, which was denied by the ALJ. The OTC has requested an “en banc” hearing from the OTC Commissioners, which request is pending. The OTC also has other legal options to challenge this decision; accordingly, a final resolution remains pending. If USAC ultimately loses the current and all subsequent legal challenges, USAC estimates that the range of losses it could incur is up to $30 million, including penalties and interest.

Environmental Matters

Our operations are subject to extensive federal, tribal, state and local environmental and safety laws and regulations that require expenditures to ensure compliance, including related to air emissions and wastewater discharges, at operating facilities and for remediation at current and former facilities as well as waste disposal sites. Historically, our environmental compliance costs have not had a material adverse effect on our results of operations but there can be no assurance that such costs will not be material in the future or that such future compliance with existing, amended or new legal requirements will not have a material adverse effect on our business and operating results. Costs of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of investigatory, remedial and corrective action obligations, natural resource damages, the issuance of injunctions in affected areas and the filing of federally authorized citizen suits. Contingent losses related to all significant known environmental matters have been accrued and/or separately disclosed. However, we may revise accrual amounts prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome.

Environmental exposures and liabilities are difficult to assess and estimate due to unknown factors such as the magnitude of possible contamination, the timing and extent of remediation, the determination of our liability in proportion to other parties, improvements in cleanup technologies and the extent to which environmental laws and regulations may change in the future. Although environmental costs may have a significant impact on our results of operations for any single period, we believe that such costs will not have a material adverse effect on our financial position.

Based on information available at this time and reviews undertaken to identify potential exposure, we believe the amount reserved for environmental matters is adequate to cover the potential exposure for cleanup costs.

Environmental Remediation

Our subsidiaries are responsible for environmental remediation at certain sites, including the following:

•Certain of our interstate pipelines conduct soil and groundwater remediation related to contamination from past uses of polychlorinated biphenyls (“PCBs”). PCB assessments are ongoing and, in some cases, our subsidiaries could be contractually responsible for contamination caused by other parties.

•Certain gathering and processing systems are responsible for soil and groundwater remediation related to releases of hydrocarbons.

•Legacy sites related to Sunoco, Inc. that are subject to environmental assessments, including formerly owned terminals and other logistics assets, retail sites that the Partnership no longer operates, closed and/or sold refineries and other formerly owned sites.

•The Partnership is potentially subject to joint and several liability for the costs of remediation at sites at which it has been identified as a potentially responsible party (“PRP”). As of September 30, 2024, the Partnership had been named as a PRP at approximately 32 identified or potentially identifiable “Superfund” sites under federal and/or comparable state law. The Partnership is usually one of a number of companies identified as a PRP at a site. The Partnership has reviewed the nature and extent of its involvement at each site and other relevant circumstances and, based upon the Partnership’s purported nexus to the sites, believes that its potential liability associated with such sites will not be significant.

To the extent estimable, expected remediation costs are included in the amounts recorded for environmental matters in our consolidated balance sheets. In some circumstances, future costs cannot be reasonably estimated because remediation activities are undertaken as claims are made by customers and former customers. To the extent that an environmental remediation obligation is recorded by a subsidiary that applies regulatory accounting policies, amounts that are expected to be recoverable through tariffs or rates are recorded as regulatory assets on our consolidated balance sheets.


	September 30, 2024		December 31, 2023
Current	$	51	$	42
Non-current	221		235
Total environmental liabilities	$	272	$	277

We have established a wholly owned captive insurance company to bear certain risks associated with environmental obligations related to certain sites that are no longer operating. The premiums paid to the captive insurance company include estimates for environmental claims that have been incurred but not reported, based on an actuarially determined fully developed claims expense estimate. In such cases, we accrue losses attributable to unasserted claims based on the discounted estimates that are used to develop the premiums paid to the captive insurance company.

During the nine months ended September 30, 2024 and 2023, the Partnership recorded $7 million and $23 million, respectively, of expenditures related to environmental cleanup programs.

Our pipeline operations are subject to regulation by the United States Department of Transportation under PHMSA, pursuant to which PHMSA has established requirements relating to the design, installation, testing, construction, operation, replacement and management of pipeline facilities. Moreover, PHMSA, through the Office of Pipeline Safety, has promulgated a rule requiring pipeline operators to develop integrity management programs to comprehensively evaluate their pipelines, and take measures to protect pipeline segments located in what the rule refers to as “high consequence areas.” Activities under these integrity management programs involve the performance of internal pipeline inspections, pressure testing or other effective means to assess the integrity of these regulated pipeline segments, and the regulations require prompt action to address integrity issues raised by the assessment and analysis. Integrity testing and assessment of all of these assets will continue, and the results of such testing and assessment could cause us to incur future capital and operating expenditures for repairs or upgrades deemed necessary to ensure the continued safe and reliable operation of our pipelines; however, no estimate can be made at this time of the likely range of such expenditures.

Our operations are also subject to the requirements of the Federal Occupational Safety and Health Act (“OSHA”) and comparable state laws that regulate the protection of the health and safety of employees. In addition, the Occupational Safety and Health Administration’s hazardous communication standard requires that information be maintained about hazardous materials used or produced in our operations and that this information be provided to employees, state and local government authorities and citizens. We believe that our past costs for OSHA required activities, including general industry standards, record keeping requirements and monitoring of occupational exposure to regulated substances have not had a material adverse effect on our results of operations; however, there is no assurance that such costs will not be material in the future.

Cash And Cash Equivalents Cash and Cash Equivalents (Policies)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block]	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 September 30, 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.

Regulatory Matters, Commitments, Contingencies And Environmental Liabilities Schedule of Right of Way Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
ROW Expense	$ 23	$ 20	$ 50	$ 46

Reportable Segments Table - Segment Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ 3,959	$ 3,541	$ 11,599	$ 10,096
Depreciation, depletion and amortization	1,324	1,107	3,791	3,227
Interest Expense	828	632	2,318	1,892
Impairment losses	0	1	50	12
Gain (loss) on interest rate derivatives	6	(32)	(6)	(47)
Non-cash compensation expense	37	35	113	99
Unrealized (gain) loss on commodity risk management activities	(53)	107	50	182
Equity in earnings of unconsolidated affiliates	(102)	(103)	(285)	(286)
Income tax expense	89	77	405	256
Net income	1,434	1,047	5,118	3,727
Inventory valuation adjustments	197	(141)	99	(113)
Loss on extinguishment of debt	0	0	11	0
Adjusted EBITDA attributable to unconsolidated affiliates	181	182	522	514
Gain (Loss) on Disposition of Assets	0	0	(598)	0
Other, net	18	4	11	8
Gain (Loss) Related to Litigation Settlement	0	625	0	625
Intrastate Transportation And Storage [Member]
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	329	244	1,095	869
Investment In Sunoco LP [Member]
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	456	257	1,018	728
Investment In USAC [Member]
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	146	130	429	373
Interstate Transportation and Storage [Member]
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	460	491	1,335	1,468
Midstream [Member]
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	816	631	2,205	1,851
NGL and refined products transportation and services [Member]
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	1,012	1,076	3,071	2,852
Crude oil transportation and services [Member]
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	768	706	2,417	1,906
All Other Segment
Segment Reporting Information [Line Items]
Segment Adjusted EBITDA	$ (28)	$ 6	$ 29	$ 49

Operations And Organization	9 Months Ended
Operations And Organization	Sep. 30, 2024
Operations And Organization [Abstract]
Operations And Organization	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. The operations of certain pipelines and terminals in which we own an undivided interest are proportionately consolidated in the accompanying consolidated financial statements. 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.

Redeemable Noncontrolling Interest (Details) - USD ($)		1 Months Ended		3 Months Ended
Redeemable Noncontrolling Interest (Details) - USD ($)	Apr. 01, 2024	Feb. 29, 2024	Jan. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Jan. 12, 2024	Dec. 31, 2023
Redeemable noncontrolling interests				$ 418,000,000			$ 778,000,000
USAC [Member]
Stock Issued During Period, Shares, Conversion of Units	13,991,954		1,998,850
Preferred Units, Outstanding	280,000					40,000
Distribution Made to Limited Partner, Distributions Declared, Per Unit				$ 0.525	$ 0.525
Preferred Units, Cumulative Cash Distributions	$ 24.375					$ 24.375
Crestwood Niobrara LLC
Proceeds from (Repurchase of) Redeemable Preferred Stock		$ 37,000,000
USAC Preferred Units
Redeemable noncontrolling interests				$ 169,000,000			476,000,000
Noncontrolling Interests
Redeemable noncontrolling interests				24,000,000			22,000,000
Crestwood Niobra Preferred Units
Redeemable noncontrolling interests				$ 225,000,000			$ 280,000,000

Revenue (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Amount	$ 38,536
Contract with Customer, Liability	719	$ 749	$ 573	$ 615
Sunoco LP [Member]
Contract with Customer, Liability	$ 44	$ 0

Fair Value Measurements Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurements [Abstract]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net	$ 0
Debt obligations, fair value	60,230	$ 51,930
Long-term Debt	$ 59,260	$ 52,390

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

The following table summarizes the consolidated activity of our contract liabilities:


	Contract Liabilities
Balance, December 31, 2023	$	749
Additions	902
Revenue recognized	(932)

Balance, September 30, 2024	$	719

Balance, December 31, 2022	$	615
Additions	794
Revenue recognized	(836)

Balance, September 30, 2023	$	573

The balances of Sunoco LP’s contract assets and contract liabilities were as follows:


	September 30, 2024		December 31, 2023

Contract assets	$	284	$	256
Accounts receivable from contracts with customers	775		809
Contract liabilities	44		—

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction

As of September 30, 2024, the aggregate amount of transaction price allocated to unsatisfied (or partially satisfied) performance obligations was $38.54 billion. The Partnership expects to recognize this amount as revenue within the time bands illustrated in the following table:


	Years Ending December 31,
	2024
	(remainder)		2025		2026		Thereafter		Total
Revenue expected to be recognized on contracts with customers existing as of September 30, 2024	$	2,086	$	7,189	$	6,644	$	22,617	$	38,536

Net Income per Limited Partner Unit (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Reconciliation Of Net Income And Weighted Average Units

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	1,434	$	1,047	$	5,118	$	3,727
Less: Net income attributable to noncontrolling interests	238		451		1,337		1,080
Less: Net income attributable to redeemable noncontrolling interests	13		12		44		39
Net income, net of noncontrolling interests	1,183		584		3,737		2,608
Less: General Partner’s interest in net income	1		—		3		2
Less: Preferred Unitholders’ interest in net income	67		118		294		340
Less: Loss on redemption of preferred units	—		—		54		—
Common Unitholders’ interest in net income	$	1,115	$	466	$	3,386	$	2,266
Basic Income per Common Unit:
Weighted average common units	3,415.2		3,144.0		3,384.9		3,122.3
Basic income per common unit	$	0.33	$	0.15	$	1.00	$	0.73

Diluted Income per Common Unit:
Common Unitholders’ interest in net income	$	1,115	$	466	$	3,386	$	2,266
Dilutive effect of equity-based compensation of subsidiaries (1)	—		1		1		2
Diluted income attributable to Common Unitholders	$	1,115	$	465	$	3,385	$	2,264
Weighted average common units	3,415.2		3,144.0		3,384.9		3,122.3
Dilutive effect of unvested restricted unit awards (1)	26.0		23.7		25.8		23.6
Weighted average common units, assuming dilutive effect of unvested restricted unit awards	3,441.2		3,167.7		3,410.7		3,145.9
Diluted income per common unit	$	0.32	$	0.15	$	0.99	$	0.72

(1)Dilutive effects are excluded from the calculation for periods where the impact would have been antidilutive.

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 299	$ 161
Accounts receivable, net	9,831	9,047
Inventories	2,502	2,478
Income taxes receivable	58	67
Derivative assets	26	66
Other current assets	475	513
Total current assets	13,336	12,433
Property, plant and equipment	127,804	114,932
Accumulated depreciation and depletion	(32,792)	(29,581)
Property, Plant and Equipment, Net	95,012	85,351
Investments in unconsolidated affiliates	3,268	3,097
Lease right-of-use assets, net	836	826
Other non-current assets, net	1,965	1,733
Intangible assets, net	6,102	6,239
Goodwill	3,910	4,019
Total assets	124,429	113,698
LIABILITIES AND EQUITY
Accounts payable	7,327	6,663
Derivative liabilities	7	8
Operating lease current liabilities	65	56
Accrued and other current liabilities	4,654	3,521
Current maturities of long-term debt	263	1,008
Total current liabilities	12,371	11,277
Long-term debt, less current maturities	58,995	51,380
Non-current derivative liabilities	0	4
Non-current operating lease liabilities	742	778
Deferred income taxes	4,110	3,931
Other non-current liabilities	1,613	1,611
Commitments and contingencies
Redeemable noncontrolling interests	418	778
Preferred Unitholders	3,892	6,459
Limited Partners:
Common Unitholders	31,308	30,197
General Partner	(2)	(2)
Accumulated other comprehensive income	42	28
Total partners’ capital	35,240	36,682
Noncontrolling interests	10,940	7,257
Total equity	46,180	43,939
Total liabilities and equity	124,429	113,698
Related Party
ASSETS
Accounts receivable from related companies	145	101
LIABILITIES AND EQUITY
Accounts payable	$ 55	$ 21

Inventories Table - Inventory Balances (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Natural gas, NGLs and refined products	$ 1,779	$ 1,642
Crude oil	65	258
Spare parts and other	658	578
Total inventories	$ 2,502	$ 2,478

Reportable Segments (Tables)

9 Months Ended

Sep. 30, 2024

Financial Information By Segment

The following tables present financial information by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues:
Intrastate transportation and storage:
Revenues from external customers	$	622	$	880	$	2,010	$	2,424
Intersegment revenues	56		93		223		646
	678		973		2,233		3,070
Interstate transportation and storage:
Revenues from external customers	568		562		1,676		1,720
Intersegment revenues	7		9		20		35
	575		571		1,696		1,755
Midstream:
Revenues from external customers	1,064		775		2,646		2,370
Intersegment revenues	1,694		2,002		5,393		5,629
	2,758		2,777		8,039		7,999
NGL and refined products transportation and services:
Revenues from external customers	5,017		4,369		15,598		13,210
Intersegment revenues	836		891		2,576		2,654
	5,853		5,260		18,174		15,864
Crude oil transportation and services:
Revenues from external customers	7,294		7,289		22,294		19,321
Intersegment revenues	15		—		25		1
	7,309		7,289		22,319		19,322
Investment in Sunoco LP:
Revenues from external customers	5,738		6,317		17,406		17,395
Intersegment revenues	13		3		18		32
	5,751		6,320		17,424		17,427
Investment in USAC:
Revenues from external customers	227		212		680		605
Intersegment revenues	13		5		25		16
	240		217		705		621
All other:
Revenues from external customers	242		335		820		1,009
Intersegment revenues	137		109		320		378
	379		444		1,140		1,387
Eliminations	(2,771)		(3,112)		(8,600)		(9,391)
Total revenues	$	20,772	$	20,739	$	63,130	$	58,054


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment Adjusted EBITDA:
Intrastate transportation and storage	$	329	$	244	$	1,095	$	869
Interstate transportation and storage	460		491		1,335		1,468
Midstream	816		631		2,205		1,851
NGL and refined products transportation and services	1,012		1,076		3,071		2,852
Crude oil transportation and services	768		706		2,417		1,906
Investment in Sunoco LP	456		257		1,018		728
Investment in USAC	146		130		429		373
All other	(28)		6		29		49
Adjusted EBITDA (consolidated)	$	3,959	$	3,541	$	11,599	$	10,096


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of net income to Adjusted EBITDA:
Net income	$	1,434	$	1,047	$	5,118	$	3,727
Depreciation, depletion and amortization	1,324		1,107		3,791		3,227
Interest expense, net of interest capitalized	828		632		2,318		1,892
Income tax expense	89		77		405		256
Impairment losses	—		1		50		12
(Gain) loss on interest rate derivatives	6		(32)		(6)		(47)
Non-cash compensation expense	37		35		113		99
Unrealized (gain) loss on commodity risk management activities	(53)		107		50		182
Inventory valuation adjustments (Sunoco LP)	197		(141)		99		(113)
Loss on extinguishment of debt	—		—		11		—
Adjusted EBITDA related to unconsolidated affiliates	181		182		522		514
Equity in earnings of unconsolidated affiliates	(102)		(103)		(285)		(286)
Non-operating litigation-related loss	—		625		—		625
Gain on sale of West Texas assets (Sunoco LP)	—		—		(598)		—
Other, net	18		4		11		8
Adjusted EBITDA (consolidated)	$	3,959	$	3,541	$	11,599	$	10,096

Fair Value Measurements Table - Fair Value of Financial Assets and Liabilities (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Price Risk Derivative Assets, at Fair Value	$ 366	$ 610
Other Assets, Fair Value Disclosure	34	31
Assets, Fair Value Disclosure	400	647
Interest Rate Derivative Liabilities, at Fair Value		(4)
Price Risk Derivative Liabilities, at Fair Value	(318)	(460)
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(318)	(464)
Interest Rate Derivative Assets, at Fair Value		6
Level 1
Price Risk Derivative Assets, at Fair Value	360	602
Other Assets, Fair Value Disclosure	23	20
Assets, Fair Value Disclosure	383	622
Interest Rate Derivative Liabilities, at Fair Value		0
Price Risk Derivative Liabilities, at Fair Value	(315)	(460)
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(315)	(460)
Interest Rate Derivative Assets, at Fair Value		0
Level 2
Price Risk Derivative Assets, at Fair Value	6	8
Other Assets, Fair Value Disclosure	11	11
Assets, Fair Value Disclosure	17	25
Interest Rate Derivative Liabilities, at Fair Value		(4)
Price Risk Derivative Liabilities, at Fair Value	(3)	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	(3)	(4)
Interest Rate Derivative Assets, at Fair Value		6
Commodity Derivatives - Natural Gas [Member] \| Basis Swaps IFERC/NYMEX [Member]
Price Risk Derivative Assets, at Fair Value	5	24
Price Risk Derivative Liabilities, at Fair Value	(10)	(3)
Commodity Derivatives - Natural Gas [Member] \| Swing Swaps IFERC [Member]
Price Risk Derivative Assets, at Fair Value	6	20
Price Risk Derivative Liabilities, at Fair Value	(4)	(2)
Commodity Derivatives - Natural Gas [Member] \| Fixed Swaps/Futures [Member]
Price Risk Derivative Assets, at Fair Value	11	77
Price Risk Derivative Liabilities, at Fair Value	(6)	(16)
Commodity Derivatives - Natural Gas [Member] \| Forward Physical Contracts [Member]
Price Risk Derivative Assets, at Fair Value	6	8
Price Risk Derivative Liabilities, at Fair Value	(3)
Commodity Derivatives - Natural Gas [Member] \| Put Option [Member]
Price Risk Derivative Liabilities, at Fair Value		(2)
Commodity Derivatives - Natural Gas [Member] \| Level 1 \| Basis Swaps IFERC/NYMEX [Member]
Price Risk Derivative Assets, at Fair Value	5	24
Price Risk Derivative Liabilities, at Fair Value	(10)	(3)
Commodity Derivatives - Natural Gas [Member] \| Level 1 \| Swing Swaps IFERC [Member]
Price Risk Derivative Assets, at Fair Value	6	20
Price Risk Derivative Liabilities, at Fair Value	(4)	(2)
Commodity Derivatives - Natural Gas [Member] \| Level 1 \| Fixed Swaps/Futures [Member]
Price Risk Derivative Assets, at Fair Value	11	77
Price Risk Derivative Liabilities, at Fair Value	(6)	(16)
Commodity Derivatives - Natural Gas [Member] \| Level 1 \| Forward Physical Contracts [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0
Commodity Derivatives - Natural Gas [Member] \| Level 1 \| Put Option [Member]
Price Risk Derivative Liabilities, at Fair Value		(2)
Commodity Derivatives - Natural Gas [Member] \| Level 2 \| Basis Swaps IFERC/NYMEX [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0	0
Commodity Derivatives - Natural Gas [Member] \| Level 2 \| Swing Swaps IFERC [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0	0
Commodity Derivatives - Natural Gas [Member] \| Level 2 \| Fixed Swaps/Futures [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0	0
Commodity Derivatives - Natural Gas [Member] \| Level 2 \| Forward Physical Contracts [Member]
Price Risk Derivative Assets, at Fair Value	6	8
Price Risk Derivative Liabilities, at Fair Value	(3)
Commodity Derivatives - Natural Gas [Member] \| Level 2 \| Put Option [Member]
Price Risk Derivative Liabilities, at Fair Value		0
Commodity Derivatives - Refined Products [Member] \| Future [Member]
Price Risk Derivative Assets, at Fair Value	5	35
Price Risk Derivative Liabilities, at Fair Value	(6)	(18)
Commodity Derivatives - Refined Products [Member] \| Level 1 \| Future [Member]
Price Risk Derivative Assets, at Fair Value	5	35
Price Risk Derivative Liabilities, at Fair Value	(6)	(18)
Commodity Derivatives - Refined Products [Member] \| Level 2 \| Future [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0	0
Commodity Derivatives - Crude [Member] \| Forward Swaps [Member]
Price Risk Derivative Assets, at Fair Value	19	45
Price Risk Derivative Liabilities, at Fair Value	(31)	(37)
Commodity Derivatives - Crude [Member] \| Level 1 \| Forward Swaps [Member]
Price Risk Derivative Assets, at Fair Value	19	45
Price Risk Derivative Liabilities, at Fair Value	(31)	(37)
Commodity Derivatives - Crude [Member] \| Level 2 \| Forward Swaps [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0	0
Commodity Derivatives - Power [Member] \| Future [Member]
Price Risk Derivative Assets, at Fair Value	10	8
Price Risk Derivative Liabilities, at Fair Value	(8)	(8)
Commodity Derivatives - Power [Member] \| Forward Contracts
Price Risk Derivative Assets, at Fair Value	45	57
Price Risk Derivative Liabilities, at Fair Value	(44)	(56)
Commodity Derivatives - Power [Member] \| Level 1 \| Future [Member]
Price Risk Derivative Assets, at Fair Value	10	8
Price Risk Derivative Liabilities, at Fair Value	(8)	(8)
Commodity Derivatives - Power [Member] \| Level 1 \| Forward Contracts
Price Risk Derivative Assets, at Fair Value	45	57
Price Risk Derivative Liabilities, at Fair Value	(44)	(56)
Commodity Derivatives - Power [Member] \| Level 2 \| Future [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0	0
Commodity Derivatives - Power [Member] \| Level 2 \| Forward Contracts
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	0	0
Commodity Derivatives - NGLs [Member] \| Forward Swaps [Member]
Price Risk Derivative Assets, at Fair Value	259	336
Price Risk Derivative Liabilities, at Fair Value	(206)	(316)
Commodity Derivatives - NGLs [Member] \| Put Option [Member]
Price Risk Derivative Liabilities, at Fair Value		(1)
Commodity Derivatives - NGLs [Member] \| Call Option [Member]
Price Risk Derivative Liabilities, at Fair Value		(1)
Commodity Derivatives - NGLs [Member] \| Level 1 \| Forward Swaps [Member]
Price Risk Derivative Assets, at Fair Value	259	336
Price Risk Derivative Liabilities, at Fair Value	(206)	(316)
Commodity Derivatives - NGLs [Member] \| Level 1 \| Put Option [Member]
Price Risk Derivative Liabilities, at Fair Value		(1)
Commodity Derivatives - NGLs [Member] \| Level 1 \| Call Option [Member]
Price Risk Derivative Liabilities, at Fair Value		(1)
Commodity Derivatives - NGLs [Member] \| Level 2 \| Forward Swaps [Member]
Price Risk Derivative Assets, at Fair Value	0	0
Price Risk Derivative Liabilities, at Fair Value	$ 0	0
Commodity Derivatives - NGLs [Member] \| Level 2 \| Put Option [Member]
Price Risk Derivative Liabilities, at Fair Value		0
Commodity Derivatives - NGLs [Member] \| Level 2 \| Call Option [Member]
Price Risk Derivative Liabilities, at Fair Value		$ 0

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 2024
Debt Obligations [Abstract]
Debt Obligations	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. During the second quarter of 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, $450 million aggregate principal amount of 8.00% senior notes due April 2029 and $600 million aggregate principal amount of 3.90% senior notes due May 2024 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, which included $637 million reflected as capital contributions from noncontrolling interests recorded in the Partnership’s consolidated financial statements. 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 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, redeem its outstanding Series C Preferred Units, Series D Preferred Units and Series E Preferred Units and for general partnership purposes. Energy Transfer June 2024 Notes Issuance In June 2024, the Partnership issued $1.00 billion aggregate principal amount of 5.25% senior notes due 2029, $1.25 billion aggregate principal amount of 5.60% senior notes due 2034, $1.25 billion aggregate principal amount of 6.05% senior notes due 2054 and $400 million aggregate principal amount of 7.125% fixed-to-fixed reset rate junior subordinated notes due 2054. The Partnership used part of the net proceeds to redeem its outstanding Series A Preferred Units. It also used the net proceeds to fund a portion of its previously announced acquisition of WTG Midstream, refinance existing indebtedness, including borrowings under its Five-Year Credit Facility, and for general partnership purposes. 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 repay certain outstanding indebtedness of NuStar in connection with the merger between Sunoco LP and NuStar, to fund the redemption of NuStar's preferred units in connection with the merger and to pay offering fees and expenses. NuStar Subordinated Note Redemption and Credit Facility Termination During the second quarter of 2024, subsequent to the closing of the NuStar acquisition, Sunoco LP redeemed NuStar's subordinated notes totaling $403 million and repaid and terminated NuStar's credit facility totaling $455 million. 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 September 30, 2024, current maturities of long-term debt reflected on the Partnership’s consolidated balance sheet included $175 million aggregate principal amount of Transwestern’s 5.66% senior notes due December 2024 and Sunoco LP’s $75 million aggregate principal amount of Series 2011 GoZone Bonds with a mandatory purchase date of June 1, 2025. 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 September 30, 2024, the Five-Year Credit Facility had $1.63 billion of outstanding borrowings, $1.58 billion of which consisted of commercial paper. The amount available for future borrowings was $3.34 billion, after accounting for outstanding letters of credit in the amount of $31 million. The weighted average interest rate on the total amount outstanding as of September 30, 2024 was 5.04%. Sunoco LP Facilities As of September 30, 2024, Sunoco LP’s credit facility had $50 million of outstanding borrowings and $28 million in standby letters of credit and matures in May 2029 (as amended in May 2024). The amount available for future borrowings at September 30, 2024 was $1.42 billion. The weighted average interest rate on the total amount outstanding as of September 30, 2024 was 7.30%. Upon the closing of the NuStar acquisition, the commitments under NuStar’s receivables financing agreement were reduced to zero during a suspension period, for which the period end has not been determined. As of September 30, 2024, this facility had no outstanding borrowings. USAC Credit Facility As of September 30, 2024, USAC’s credit facility, which matures in December 2026, had $803 million of outstanding borrowings and $1 million outstanding letters of credit. As of September 30, 2024, USAC’s credit facility had $796 million of remaining unused availability of which, due to restrictions related to compliance with the applicable financial covenants, $642 million was available to be drawn. The weighted average interest rate on the total amount outstanding as of September 30, 2024 was 7.50%. 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 September 30, 2024. For the quarter ended September 30, 2024, our leverage ratio, as calculated pursuant to the covenant related to our Five-Year Credit Facility, was 3.21x.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Equity - Quarterly Distributions of Available Cash (Details) - $ / shares

3 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Distribution Made to Limited Partner, Distributions Paid, Per Unit

$ 0.3225

$ 0.3200

$ 0.3175

$ 0.3150

Series A Preferred Units [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

9.879

23.992

24.710

Series B Preferred Units [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

^[1]

33.125

Series C Preferred Units [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

0.6075

Series D Preferred Units [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

0.6199

Series E Preferred Units [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

0.475

Series F Preferred Units [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

^[1]

33.750

Series G Preferred Units [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

^[1]

35.630

Series H Preferred Units

Distribution Made to Limited Partner, Distributions Paid, Per Unit

^[1]

32.500

Series I Preferred Units

Distribution Made to Limited Partner, Distributions Paid, Per Unit

^[2]

0.2111

USAC [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

0.525

Sunoco LP [Member]

Distribution Made to Limited Partner, Distributions Paid, Per Unit

$ 0.8756

$ 0.8420

[1]	Series B, Series F, Series G and Series H distributions are currently paid on a semi-annual basis. Distributions on the Series B Preferred Units will begin to be paid quarterly on February 15, 2028.
[2]	For the period ended September 30, 2024, the cash distribution for the Series I Preferred Units will be paid on November 14, 2024 to unitholders of record as of the close of business on November 4, 2024. For the period ended June 30, 2024, the cash distribution for the Series I Preferred Units was paid on August 14, 2024 to unitholders of record as of the close of business on August 2, 2024.

Revenue Revenue Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability	$ 719	$ 573	$ 749	$ 615
Additions	902	794
Revenue Recognized	(932)	$ (836)
Sunoco LP [Member]
Contract assets	284		256
Accounts receivable from contracts with customers	775		809
Contract with Customer, Liability	$ 44		$ 0

Commitment and Contingencies (Policies)	9 Months Ended
Commitment and Contingencies (Policies)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Environmental Costs, Capitalization Policy	To the extent estimable, expected remediation costs are included in the amounts recorded for environmental matters in our consolidated balance sheets. In some circumstances, future costs cannot be reasonably estimated because remediation activities are undertaken as claims are made by customers and former customers. To the extent that an environmental remediation obligation is recorded by a subsidiary that applies regulatory accounting policies, amounts that are expected to be recoverable through tariffs or rates are recorded as regulatory assets on our consolidated balance sheets. We have established a wholly owned captive insurance company to bear certain risks associated with environmental obligations related to certain sites that are no longer operating. The premiums paid to the captive insurance company include estimates for environmental claims that have been incurred but not reported, based on an actuarially determined fully developed claims expense estimate. In such cases, we accrue losses attributable to unasserted claims based on the discounted estimates that are used to develop the premiums paid to the captive insurance company.
Regulatory Environmental Costs, Policy	Environmental Matters Our operations are subject to extensive federal, tribal, state and local environmental and safety laws and regulations that require expenditures to ensure compliance, including related to air emissions and wastewater discharges, at operating facilities and for remediation at current and former facilities as well as waste disposal sites. Historically, our environmental compliance costs have not had a material adverse effect on our results of operations but there can be no assurance that such costs will not be material in the future or that such future compliance with existing, amended or new legal requirements will not have a material adverse effect on our business and operating results. Costs of planning, designing, constructing and operating pipelines, plants and other facilities must incorporate compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of investigatory, remedial and corrective action obligations, natural resource damages, the issuance of injunctions in affected areas and the filing of federally authorized citizen suits. Contingent losses related to all significant known environmental matters have been accrued and/or separately disclosed. However, we may revise accrual amounts prior to resolution of a particular contingency based on changes in facts and circumstances or changes in the expected outcome. Environmental exposures and liabilities are difficult to assess and estimate due to unknown factors such as the magnitude of possible contamination, the timing and extent of remediation, the determination of our liability in proportion to other parties, improvements in cleanup technologies and the extent to which environmental laws and regulations may change in the future. Although environmental costs may have a significant impact on our results of operations for any single period, we believe that such costs will not have a material adverse effect on our financial position. Based on information available at this time and reviews undertaken to identify potential exposure, we believe the amount reserved for environmental matters is adequate to cover the potential exposure for cleanup costs.

Operations And Organization Narrative (Details) shares in Millions	Sep. 30, 2024 shares
USAC [Member]
Number of common units of a subsidiary partnership that are held by a wholly-owned subsidiary of the Parent.	46.1
Sunoco LP [Member]
Number of common units of a subsidiary partnership that are held by a wholly-owned subsidiary of the Parent.	28.5

Acquisitions and Divestitures (Details)
€ in Millions, $ in Millions

2 Months Ended

3 Months Ended

9 Months Ended

Aug. 30, 2024

USD ($)

Jul. 16, 2024

Rate

Jul. 15, 2024

USD ($)

May 03, 2024

USD ($)

conversionRatioOfUnitsInAcquisition

terminal

Apr. 30, 2024

USD ($)

Apr. 16, 2024

USD ($)

convenienceStore

Mar. 13, 2024

USD ($)

Mar. 13, 2024

EUR (€)

Jun. 30, 2024

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Sep. 30, 2024

USD ($)

Sep. 30, 2023

USD ($)

Dec. 31, 2023

USD ($)

Business Acquisition [Line Items]

Non-current operating lease liabilities

$ 742

$ 778

Gain on sale of Sunoco LP West Texas assets

$ 0

598

$ 0

Income tax expense

$ 77

405

256

Cash paid for acquisitions

$ 637

Permian Joint Venture

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | Rate

67.50%

Sunoco LP [Member] | Permian Joint Venture

Business Acquisition [Line Items]

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | Rate

32.50%

Sunoco LP [Member] | 7-Eleven

Business Acquisition [Line Items]

Business Combination, Consideration Transferred

$ 1,000

Number of Units in Real Estate Property | convenienceStore

204

Nustar

Business Acquisition [Line Items]

Proceeds from (Repurchase of) Redeemable Preferred Stock

$ 784

Repayments of Lines of Credit

$ 455

Sunoco [Member] | 7-Eleven

Business Acquisition [Line Items]

Income tax expense

178

Deferred Federal Income Tax Expense (Benefit)

(31)

Sunoco [Member] | 7-Eleven | Net of current tax expense

Business Acquisition [Line Items]

Gain on sale of Sunoco LP West Texas assets

451

Zenith Energy | Sunoco LP [Member]

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other

$ 6

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

Goodwill, Acquired During Period

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets

Business Combination, Consideration Transferred

185

€ 170

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment [Abstract]

$ 204

Nustar Acquisition

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities

$ 245

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

3,967

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities

^[1]

801

Goodwill, Acquired During Period

^[2]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt

^[1]

3,500

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets

127

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

7,618

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets

186

Operating Lease, Right-of-Use Asset

136

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

^[2]

195

Non-current operating lease liabilities

136

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net

2,850

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents

Business Combination, Consideration Transferred

2,823

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment [Abstract]

6,958

Impairment of Real Estate

Finite-Lived Customer Relationships, Gross

Finite-Lived Contractual Rights, Gross

$ 151

Nustar Acquisition | Contractual Rights

Business Acquisition [Line Items]

Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life

7 years

Nustar Acquisition | Customer Relationships

Business Acquisition [Line Items]

Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life

15 years

Nustar Acquisition | Sunoco LP [Member]

Business Acquisition [Line Items]

Business Acquisition, Equity Interest Issued or Issuable, Value Assigned

$ 2,850

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt

$ 3,500

Business Acquisition, Equity Interest Issued or Issuable, Conversion Ratio of Shares | conversionRatioOfUnitsInAcquisition

0.400

Proceeds from (Repurchase of) Redeemable Preferred Stock

$ (800)

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares

51,500,000

Finance Lease, Liability

$ 56

Nustar Acquisition | Miles of pipeline | Sunoco LP [Member]

Business Acquisition [Line Items]

Number of Units in Real Estate Property | mi

9,500

Nustar Acquisition | Terminal and storage facilities | Sunoco LP [Member]

Business Acquisition [Line Items]

Number of Units in Real Estate Property | terminal

WTG Midstream

Business Acquisition [Line Items]

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities

$ 394

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities

419

Business Acquisition, Equity Interest Issued or Issuable, Value Assigned

833

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets

3,471

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets

334

Operating Lease, Right-of-Use Asset

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill

Non-current operating lease liabilities

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net

3,052

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents

Business Combination, Consideration Transferred

3,007

Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment [Abstract]

$ 3,109

Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares

50,800,000

Payments to Acquire Businesses, Gross

$ 2,280

Business Combination, Reason for Business Combination

The acquired assets include approximately 6,000 miles of complementary gas gathering pipelines that extended Energy Transfer’s network in the Midland Basin. Also, as part of the transaction, the Partnership added eight gas processing plants with a total capacity of approximately 1.3 Bcf/d, and two additional processing plants that were under construction at closing. Since closing the transaction, one of these 200 MMcf/d processing plants was placed into service.

Cash paid for acquisitions

$ 2,174

Permian Joint Venture

Business Acquisition [Line Items]

Business Combination, Reason for Business Combination

The joint venture operates more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 million barrels.

Sunoco LP [Member]

Business Acquisition [Line Items]

Cash paid for acquisitions

$ 24

$ 209

$ 0

[1]	Subsequent to the closing of the NuStar acquisition, Sunoco LP redeemed all outstanding NuStar preferred units totaling $784 million, redeemed NuStar’s subordinated notes totaling $403 million and repaid the outstanding balance on the NuStar credit facility totaling $455 million.
[2]	Intangible assets, net comprised of $151 million of favorable contracts, with a remaining weighted average life of approximately 7 years, and $44 million of customer relationships, with a remaining weighted average life of approximately 15 years.

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Mergers, Acquisitions and Dispositions Disclosures

ACQUISITIONS, DIVESTITURES AND OTHER TRANSACTIONS

Energy Transfer’s Acquisition

WTG Midstream

On July 15, 2024, Energy Transfer completed the previously announced acquisition of 100% of the membership interest in WTG Midstream Holdings LLC (“WTG Midstream”). Consideration for the transaction was comprised of $2.28 billion in cash and approximately 50.8 million newly issued Energy Transfer common units, which had a fair value of approximately $833 million.

The WTG Midstream acquisition was recorded using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their estimated fair values on the date of acquisition with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Determining the fair value of acquired assets requires management’s judgment and the utilization of a third-party valuation specialist, if applicable, and involves the use of significant estimates and assumptions. Acquired assets were valued based on a combination of the discounted cash flow, the guideline company and the reproduction and replacement methods.

The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:


	At July 15, 2024
Total current assets	$	334
Property, plant and equipment, net	3,109
Lease right-of-use assets, net	8

Intangible assets, net	20

Total assets	3,471

Total current liabilities	394

Non-current operating lease liabilities	5

Other non-current liabilities	20
Total liabilities	419

Total consideration	3,052
Cash received	45
Total consideration, net of cash received	$	3,007

Sunoco LP’s Acquisitions

NuStar

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 51.5 million common units, which had a fair value of approximately $2.85 billion, assumed debt totaling approximately $3.5 billion including approximately $56 million of lease related financing obligations 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.

The NuStar acquisition was recorded using the acquisition method of accounting, which requires, among other things, that assets acquired and liabilities assumed be recognized on the balance sheet at their estimated fair values on the date of acquisition with any excess purchase price over the fair value of net assets acquired recorded to goodwill. Determining the fair value of acquired assets requires management’s judgment and the utilization of a third-party valuation specialist, if applicable, and involves the use of significant estimates and assumptions. Acquired assets were valued based on a combination of the discounted cash flow, the guideline company and the reproduction and replacement methods.

The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:


	At May 3, 2024
Total current assets	$	186
Property, plant and equipment, net	6,958
Lease right-of-use assets, net	136
Goodwill (1)	16
Intangible assets, net (2)	195
Other non-current assets	127
Total assets	7,618

Total current liabilities	245
Long-term debt, less current maturities (3)	3,500
Non-current operating lease liabilities	136
Deferred income taxes	4
Other non-current liabilities	82
Total liabilities	3,967

Preferred units (3)	801

Total consideration	2,850
Cash received	27
Total consideration, net of cash received	$	2,823

(1)Goodwill primarily represents expected commercial and operational synergies and is subject to change based on final purchase price allocations. None of the goodwill recorded as a result of this transaction is deductible for tax purposes.

(2)Intangible assets, net comprised of $151 million of favorable contracts, with a remaining weighted average life of approximately 7 years, and $44 million of customer relationships, with a remaining weighted average life of approximately 15 years.

(3)Subsequent to the closing of the NuStar acquisition, Sunoco LP redeemed all outstanding NuStar preferred units totaling $784 million, redeemed NuStar’s subordinated notes totaling $403 million and repaid the outstanding balance on the NuStar credit facility totaling $455 million.

Subsequent to the NuStar acquisition, Sunoco LP purchased a property previously leased by NuStar and cancelled the lease, resulting in an impairment of $50 million based on the value of comparable real property.

Zenith European Terminals

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.

Other Acquisition

On August 30, 2024, Sunoco LP acquired a terminal in Portland, Maine for approximately $24 million, including working capital. The purchase price was primarily allocated to property, plant and equipment.

Sunoco LP’s Divestiture

West Texas Sale

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. As a result of the sale, Sunoco LP recorded a $598 million gain ($451 million, net of current tax expense of $178 million and deferred tax benefit of $31 million).

Joint Venture Transaction

Permian Joint Venture

Effective July 1, 2024, Energy Transfer and Sunoco LP formed a joint venture combining their respective crude oil and produced water gathering assets in the Permian Basin. Pursuant to the contribution agreement by and among Sunoco LP, SUN Pipeline Holdings LLC, NuStar Permian Transportation and Storage LLC, NuStar Permian Crude Logistics LLC, NuStar Permian Holdings LLC, NuStar Logistics, L.P., ET-S Permian Holdings Company LP, ET-S Permian Pipeline Company LLC, ET-S Permian Marketing Company LLC, Energy Transfer and Energy Transfer Crude Marketing, LLC dated July 14, 2024, in a cashless transaction, Sunoco LP contributed all of its Permian crude oil gathering assets and operations to the joint venture. Additionally, Energy Transfer contributed its Permian crude oil and produced water gathering assets and operations to the joint venture. Energy Transfer’s long-haul crude pipeline network that provides transportation of crude oil out of the Permian Basin to Nederland, Houston and Cushing is excluded from the joint venture.

The joint venture operates more than 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity in excess of 11 million barrels.

Energy Transfer holds a 67.5% interest with Sunoco LP holding the remaining 32.5% interest in the joint venture.

Derivative Assets And Liabilities Table - Fair Value of Derivative Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Total derivatives assets	$ 366	$ 616
Total derivatives liabilities	(318)	(464)
Designated as Hedging Instrument [Member]
Total derivatives assets	6	51
Total derivatives liabilities	(7)	(6)
Not Designated as Hedging Instrument [Member]
Total derivatives assets	360	565
Total derivatives liabilities	(311)	(458)
Commodity Derivatives [Member] \| Not Designated as Hedging Instrument [Member]
Total derivatives assets	79	132
Total derivatives liabilities	(60)	(80)
Commodity Derivatives (Margin Deposits) [Member] \| Designated as Hedging Instrument [Member]
Total derivatives assets	6	51
Total derivatives liabilities	(7)	(6)
Commodity Derivatives (Margin Deposits) [Member] \| Not Designated as Hedging Instrument [Member]
Total derivatives assets	281	427
Total derivatives liabilities	(251)	(374)
Interest Rate Derivatives [Member] \| Not Designated as Hedging Instrument [Member]
Total derivatives assets	0	6
Total derivatives liabilities	$ 0	$ (4)

Fair Value Measurements Fair Value Measurements (Policies)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy [Policy Text Block]	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 nine months ended September 30, 2024, no transfers were made between any levels within the fair value hierarchy.

Reportable Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Reportable Segments

REPORTABLE SEGMENTS

Our reportable segments, which conduct their business primarily in the United States, are as follows:

•intrastate transportation and storage;

•interstate transportation and storage;

•midstream;

•NGL and refined products transportation and services;

•crude oil transportation and services;

•investment in Sunoco LP;

•investment in USAC; and

•all other.

Consolidated revenues and expenses reflect the elimination of all material intercompany transactions.

Revenues from our intrastate transportation and storage segment are primarily reflected in natural gas sales and gathering, transportation and other fees. Revenues from our interstate transportation and storage segment are primarily reflected in gathering, transportation and other fees. Revenues from our midstream segment are primarily reflected in natural gas sales, NGL sales and gathering, transportation and other fees. Revenues from our NGL and refined products transportation and services segment are primarily reflected in NGL sales and gathering, transportation and other fees. Revenues from our crude oil transportation and services segment are primarily reflected in crude sales. Revenues from our investment in Sunoco LP segment are primarily reflected in refined product sales and, subsequent to Sunoco LP’s acquisition of NuStar in May 2024, also in gathering, transportation and other fees. Revenues from our investment in USAC segment are primarily reflected in gathering, transportation and other fees. Revenues from our all other segment are primarily reflected in natural gas sales and gathering, transportation and other fees.

We report Segment Adjusted EBITDA and consolidated Adjusted EBITDA as measures of segment performance. We define Segment Adjusted EBITDA and consolidated Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt and other non-operating income or expense items, as well as certain non-recurring gains and losses. Inventory valuation adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at LIFO. These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period.

Segment Adjusted EBITDA and consolidated Adjusted EBITDA reflect amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Segment Adjusted EBITDA and consolidated Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Segment Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly.

The following tables present financial information by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues:
Intrastate transportation and storage:
Revenues from external customers	$	622	$	880	$	2,010	$	2,424
Intersegment revenues	56		93		223		646
	678		973		2,233		3,070
Interstate transportation and storage:
Revenues from external customers	568		562		1,676		1,720
Intersegment revenues	7		9		20		35
	575		571		1,696		1,755
Midstream:
Revenues from external customers	1,064		775		2,646		2,370
Intersegment revenues	1,694		2,002		5,393		5,629
	2,758		2,777		8,039		7,999
NGL and refined products transportation and services:
Revenues from external customers	5,017		4,369		15,598		13,210
Intersegment revenues	836		891		2,576		2,654
	5,853		5,260		18,174		15,864
Crude oil transportation and services:
Revenues from external customers	7,294		7,289		22,294		19,321
Intersegment revenues	15		—		25		1
	7,309		7,289		22,319		19,322
Investment in Sunoco LP:
Revenues from external customers	5,738		6,317		17,406		17,395
Intersegment revenues	13		3		18		32
	5,751		6,320		17,424		17,427
Investment in USAC:
Revenues from external customers	227		212		680		605
Intersegment revenues	13		5		25		16
	240		217		705		621
All other:
Revenues from external customers	242		335		820		1,009
Intersegment revenues	137		109		320		378
	379		444		1,140		1,387
Eliminations	(2,771)		(3,112)		(8,600)		(9,391)
Total revenues	$	20,772	$	20,739	$	63,130	$	58,054


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Segment Adjusted EBITDA:
Intrastate transportation and storage	$	329	$	244	$	1,095	$	869
Interstate transportation and storage	460		491		1,335		1,468
Midstream	816		631		2,205		1,851
NGL and refined products transportation and services	1,012		1,076		3,071		2,852
Crude oil transportation and services	768		706		2,417		1,906
Investment in Sunoco LP	456		257		1,018		728
Investment in USAC	146		130		429		373
All other	(28)		6		29		49
Adjusted EBITDA (consolidated)	$	3,959	$	3,541	$	11,599	$	10,096


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Reconciliation of net income to Adjusted EBITDA:
Net income	$	1,434	$	1,047	$	5,118	$	3,727
Depreciation, depletion and amortization	1,324		1,107		3,791		3,227
Interest expense, net of interest capitalized	828		632		2,318		1,892
Income tax expense	89		77		405		256
Impairment losses	—		1		50		12
(Gain) loss on interest rate derivatives	6		(32)		(6)		(47)
Non-cash compensation expense	37		35		113		99
Unrealized (gain) loss on commodity risk management activities	(53)		107		50		182
Inventory valuation adjustments (Sunoco LP)	197		(141)		99		(113)
Loss on extinguishment of debt	—		—		11		—
Adjusted EBITDA related to unconsolidated affiliates	181		182		522		514
Equity in earnings of unconsolidated affiliates	(102)		(103)		(285)		(286)
Non-operating litigation-related loss	—		625		—		625
Gain on sale of West Texas assets (Sunoco LP)	—		—		(598)		—
Other, net	18		4		11		8
Adjusted EBITDA (consolidated)	$	3,959	$	3,541	$	11,599	$	10,096

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2024

Nustar Acquisition

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:


	At May 3, 2024
Total current assets	$	186
Property, plant and equipment, net	6,958
Lease right-of-use assets, net	136
Goodwill (1)	16
Intangible assets, net (2)	195
Other non-current assets	127
Total assets	7,618

Total current liabilities	245
Long-term debt, less current maturities (3)	3,500
Non-current operating lease liabilities	136
Deferred income taxes	4
Other non-current liabilities	82
Total liabilities	3,967

Preferred units (3)	801

Total consideration	2,850
Cash received	27
Total consideration, net of cash received	$	2,823

WTG Midstream

Business Acquisition [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the assumed allocation of the purchase price among the assets acquired and liabilities assumed:


	At July 15, 2024
Total current assets	$	334
Property, plant and equipment, net	3,109
Lease right-of-use assets, net	8

Intangible assets, net	20

Total assets	3,471

Total current liabilities	394

Non-current operating lease liabilities	5

Other non-current liabilities	20
Total liabilities	419

Total consideration	3,052
Cash received	45
Total consideration, net of cash received	$	3,007

Consolidated Statement Of Equity - USD ($) $ in Millions	Total	Series A and Series E Preferred Units	Sunoco LP Redemption of NuStar preferred units	Common Unitholders	Common Unitholders Series A and Series E Preferred Units	Common Unitholders Sunoco LP Redemption of NuStar preferred units	Preferred Unitholders	Preferred Unitholders Series A and Series E Preferred Units	Preferred Unitholders Sunoco LP Redemption of NuStar preferred units	General Partner	General Partner Series A and Series E Preferred Units	General Partner Sunoco LP Redemption of NuStar preferred units	AOCI	AOCI Series A and Series E Preferred Units	AOCI Sunoco LP Redemption of NuStar preferred units	Noncontrolling Interests	Noncontrolling Interests Series A and Series E Preferred Units	Noncontrolling Interests Sunoco LP Redemption of NuStar preferred units
Balance, Beginning of Period at Dec. 31, 2022	$ 40,659			$ 26,960			$ 6,051			$ (2)			$ 16			$ 7,634
Partners' Capital Account, Distributions	(1,001)			(920)			(80)			(1)			0			0
Distributions to noncontrolling interests	441			0			0			0			0			441
Capital contributions from noncontrolling interests	(3)			0			0			0			0			(3)
Other comprehensive income, net of tax	(3)			0			0			0			(3)			0
Other, net	18			14			0			0			0			4
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest	1,434			1,003			109			1			0			321
Balance, End of Period at Mar. 31, 2023	40,669			27,057			6,080			(2)			13			7,521
Balance, Beginning of Period at Dec. 31, 2022	40,659			26,960			6,051			(2)			16			7,634
Other comprehensive income, net of tax	3
Net income	3,727
Balance, End of Period at Sep. 30, 2023	40,561			27,014			6,083			(2)			29			7,437
Balance, Beginning of Period at Mar. 31, 2023	40,669			27,057			6,080			(2)			13			7,521
Partners' Capital Account, Distributions	(1,094)			(942)			(151)			(1)			0			0
Distributions to noncontrolling interests	421			0			0			0			0			421
Other comprehensive income, net of tax	1			0			0			0			1			0
Partners' Capital Account, Acquisitions	574			574			0			0			0			0
Other, net	14			1			0			0			10			3
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest	1,219			797			113			1			0			308
Balance, End of Period at Jun. 30, 2023	40,962			27,487			6,042			(2)			24			7,411
Partners' Capital Account, Distributions	(1,029)			(952)			(77)			0			0			0
Distributions to noncontrolling interests	428			0			0			0			0			428
Other comprehensive income, net of tax	5			0			0			0			5			0
Other, net	16			13			0			0			0			3
Net income	1,047
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest	1,035			466			118			0			0			451
Balance, End of Period at Sep. 30, 2023	40,561			27,014			6,083			(2)			29			7,437
Balance, Beginning of Period at Dec. 31, 2023	43,939			30,197			6,459			(2)			28			7,257
Partners' Capital Account, Distributions	(1,128)			(1,039)			(88)			(1)			0			0
Distributions to noncontrolling interests	421			0			0			0			0			421
Capital contributions from noncontrolling interests	(637)			0			0			0			0			(637)
Other comprehensive income, net of tax	13			0			0			0			13			0
Partners' Capital Account, Redemptions	(895)			0			(895)			0			0			0
Partners' Capital Account, Exchanges and Conversions	38			0			0			0			0			38
Other, net	(66)			0			21			0			0			(87)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest	1,676			1,110			129			1			0			436
Balance, End of Period at Mar. 31, 2024	43,793			30,268			5,626			(2)			41			7,860
Balance, Beginning of Period at Dec. 31, 2023	43,939			30,197			6,459			(2)			28			7,257
Other comprehensive income, net of tax	6
Net income	5,118
Balance, End of Period at Sep. 30, 2024	46,180			31,308			3,892			(2)			42			10,940
Balance, Beginning of Period at Mar. 31, 2024	43,793			30,268			5,626			(2)			41			7,860
Partners' Capital Account, Distributions	(1,205)			(1,049)			(155)			(1)			0			0
Distributions to noncontrolling interests	496			0			0			0			0			496
Other comprehensive income, net of tax	(1)			0			0			0			(1)			0
Partners' Capital Account, Acquisitions	3,651			0			0			0			0			3,651
Partners' Capital Account, Redemptions		$ (1,750)	$ (784)		$ 0	$ 0	(1,750)	$ (1,750)	$ 0		$ 0	$ 0		$ 0	$ 0		$ 0	$ (784)
Partners' Capital Account, Exchanges and Conversions	263			0			0			0			0			263
Other, net	24			(20)			33			0			8			3
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest	1,977			1,215			98			1			0			663
Balance, End of Period at Jun. 30, 2024	45,472			30,414			3,852			(2)			48			11,160
Partners' Capital Account, Distributions	(1,100)			(1,072)			(27)			(1)			0			0
Distributions to noncontrolling interests	462			0			0			0			0			462
Other comprehensive income, net of tax	(6)			0			0			0			(6)			0
Partners' Capital Account, Acquisitions	833			833			0			0			0			0
Other, net	22			18			0			0			0			4
Net income	1,434
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Excluding Portion Attributable to Redeemable Noncontrolling Interest	1,421			1,115			67			1			0			238
Balance, End of Period at Sep. 30, 2024	$ 46,180			$ 31,308			$ 3,892			$ (2)			$ 42			$ 10,940

Inventories

9 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:


	September 30, 2024		December 31, 2023
Natural gas, NGLs and refined products	$	1,779	$	1,642
Crude oil	65		258
Spare parts and other	658		578
Total inventories	$	2,502	$	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 September 30, 2024 and December 31, 2023, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $329 million and $230 million, respectively. For the three and nine months ended September 30, 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 September 30, 2024 and 2023, the Partnership’s cost of products sold included unfavorable inventory valuation adjustments of $197 million and favorable inventory adjustments of $141 million, respectively, related to Sunoco LP’s LIFO inventory. For the nine months ended September 30, 2024 and 2023, the Partnership’s cost of products sold included unfavorable inventory adjustments of $99 million and favorable inventory adjustments of $113 million, respectively, related to Sunoco LP’s LIFO inventory.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

Disaggregation of Revenue

Contract Balances with Customers

The following table summarizes the consolidated activity of our contract liabilities:


	Contract Liabilities
Balance, December 31, 2023	$	749
Additions	902
Revenue recognized	(932)

Balance, September 30, 2024	$	719

Balance, December 31, 2022	$	615
Additions	794
Revenue recognized	(836)

Balance, September 30, 2023	$	573

The balances of Sunoco LP’s contract assets and contract liabilities were as follows:


	September 30, 2024		December 31, 2023

Contract assets	$	284	$	256
Accounts receivable from contracts with customers	775		809
Contract liabilities	44		—

Performance Obligations


	Years Ending December 31,
	2024
	(remainder)		2025		2026		Thereafter		Total
Revenue expected to be recognized on contracts with customers existing as of September 30, 2024	$	2,086	$	7,189	$	6,644	$	22,617	$	38,536

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Measurements [Abstract]

Fair Value Measurements

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 nine months ended September 30, 2024, no transfers were made between any levels within the fair value hierarchy.


			Fair Value Measurements at September 30, 2024
	Fair Value Total		Level 1		Level 2
Assets:

Commodity derivatives:

Natural Gas:
Basis Swaps IFERC/NYMEX	$	5	$	5	$	—
Swing Swaps IFERC	6		6		—
Fixed Swaps/Futures	11		11		—


Forward Physical Contracts	6		—		6
Power:
Forwards	45		45		—
Futures	10		10		—


NGLs – Forwards/Swaps	259		259		—
Refined Products – Futures	5		5		—
Crude – Forwards/Swaps	19		19		—

Total commodity derivatives	366		360		6
Other non-current assets	34		23		11
Total assets	$	400	$	383	$	17
Liabilities:

Commodity derivatives:
Natural Gas:
Basis Swaps IFERC/NYMEX	$	(10)	$	(10)	$	—
Swing Swaps IFERC	(4)		(4)		—
Fixed Swaps/Futures	(6)		(6)		—


Forward Physical Contracts	(3)		—		(3)
Power:
Forwards	(44)		(44)		—
Futures	(8)		(8)		—



NGLs – Forwards/Swaps	(206)		(206)		—
Refined Products – Futures	(6)		(6)		—
Crude – Forwards/Swaps	(31)		(31)		—
Total commodity derivatives	(318)		(315)		(3)
Total liabilities	$	(318)	$	(315)	$	(3)


			Fair Value Measurements at December 31, 2023
	Fair Value Total		Level 1		Level 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 September 30, 2024 were $60.23 billion and $59.26 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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