The earnings call highlighted significant volume achievements and strategic project announcements, particularly in the Permian Basin and the launch of the Desert Southwest pipeline project. However, there were notable declines in key segments like crude oil and NGL, coupled with a revised guidance reflecting weaker than expected performance in certain areas. The sentiment reflects a careful balance between strategic growth initiatives and immediate operational challenges.

Company Guidance -

Q3 2025

During the Energy Transfer Second Quarter 2025 Earnings Conference Call, the company provided several key metrics and guidance for the fiscal year. Energy Transfer reported an adjusted EBITDA of $3.9 billion for Q2 2025, up from $3.8 billion in Q2 2024. The company highlighted several volume records in midstream gathering, crude transportation, NGL transportation, and export volumes. Distributable cash flow (DCF) attributable to partners was approximately $2 billion. For the first half of 2025, Energy Transfer spent about $2 billion on organic growth capital, excluding SUN and USA Compression CapEx. The company announced its expectation to spend around $5 billion on organic growth capital projects in 2025, with mid-teen returns anticipated for most projects. Additionally, Energy Transfer unveiled the Desert Southwest pipeline project, a significant expansion with an estimated cost of $5.3 billion, expected to be operational by Q4 2029. Despite some challenges, the company remains optimistic about its growth prospects, particularly in natural gas and NGL segments, and anticipates ongoing strong demand for its services. The company adjusted its annual guidance, expecting to be at or slightly below the lower end of its previous range of $16.1 billion to $16.5 billion due to weaker performance in certain areas.

Record-Setting Volume Metrics

Multiple volume records were set in Q2 2025, including midstream gathering, crude transportation, NGL transportation, NGL and refined products terminal, and NGL export volumes.

Permian Basin Growth

Permian Basin legacy volumes were up 10% due to processing plant upgrades and increased plant utilization, contributing to midstream adjusted EBITDA increase from $693 million in Q2 2024 to $768 million in Q2 2025.

Desert Southwest Pipeline Project Announcement

Energy Transfer announced the Desert Southwest pipeline project, a significant expansion with a 516-mile 42-inch pipeline, expected to provide 1.5 Bcf per day of transportation capacity from the Permian Basin to Arizona.

Lake Charles LNG Progress

Lake Charles LNG signed 20-year SPAs with Kyushu Electric Power Company and Chevron USA. Advanced discussions are ongoing to reach the target of 15 million metric tonnes per annum.

New Processing Facilities

Placed the Lenorah II and Badger processing plants into service, adding significant processing capacity in the Permian Basin.

Energy Transfer (ET) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ET Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.35 / -	0.32	―	―	―
Aug 06, 2025	2025 (Q2)	0.33 / 0.32	0.35	-8.57% (-0.03)
May 06, 2025	2025 (Q1)	0.36 / 0.36	0.32	12.50% (+0.04)
Feb 11, 2025	2024 (Q4)	0.37 / 0.29	0.37	-21.62% (-0.08)
Nov 06, 2024	2024 (Q3)	0.33 / 0.32	0.15	113.33% (+0.17)
Aug 07, 2024	2024 (Q2)	0.35 / 0.35	0.25	40.00% (+0.10)
May 08, 2024	2024 (Q1)	0.37 / 0.32	0.32	0.00% (0.00)
Feb 14, 2024	2023 (Q4)	0.34 / 0.37	0.34	8.82% (+0.03)
Nov 01, 2023	2023 (Q3)	0.34 / 0.15	0.29	-48.28% (-0.14)
Aug 02, 2023	2023 (Q2)	0.32 / 0.25	0.39	-35.90% (-0.14)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ET Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 06, 2025	$17.52	$17.29	-1.31%
May 06, 2025	$15.22	$16.26	+6.83%
Feb 11, 2025	$19.07	$18.92	-0.79%
Nov 06, 2024	$16.20	$16.19	-0.06%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.