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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
https://cdn.kscope.io/90e5afb18ba1220e5d4987cdc42b806e-et-20220930_g1.jpg
ENERGY TRANSFER LP
(Exact name of registrant as specified in its charter)
Delaware 30-0108820
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
8111 Westchester Drive, Suite 600, Dallas, Texas 75225
(Address of principal executive offices) (zip code)
(214) 981-0700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common UnitsETNew York Stock Exchange
7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprCNew York Stock Exchange
7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprDNew York Stock Exchange
7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred UnitsETprENew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filer
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No  ý
At October 28, 2022, the registrant had 3,088,475,132 Common Units outstanding.


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

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Table of Contents
Definitions
References to the “Partnership” or “Energy Transfer” refer to Energy Transfer LP. In addition, the following is a list of certain acronyms and terms used throughout this document:
/dper day
AOCIaccumulated other comprehensive income
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns FGT
Dakota AccessDakota Access, LLC, a non-wholly-owned subsidiary of Energy Transfer
EnableEnable Midstream Partners, LP, a Delaware limited partnership
Energy Transfer CanadaEnergy Transfer Canada ULC, a non-wholly-owned subsidiary of Energy Transfer until its sale in August 2022
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
Energy Transfer Preferred UnitsCollectively, the Series A Preferred Units, Series B Preferred Units, Series C Preferred Units, Series D Preferred Units, Series E Preferred Units, Series F Preferred Units, Series G Preferred Units and Series H Preferred Units
ETC TigerETC Tiger Pipeline, LLC, a wholly-owned subsidiary of Energy Transfer, which owns the Tiger Pipeline
ETC SunocoETC Sunoco Holdings LLC (formerly Sunoco, Inc.), a wholly-owned subsidiary of Energy Transfer
ETO
Energy Transfer Operating, L.P., formerly a non-wholly-owned subsidiary of Energy Transfer until its merger into the Partnership in April 2021
Exchange ActSecurities Exchange Act of 1934, as amended
ExplorerExplorer Pipeline Company
FERCFederal Energy Regulatory Commission
FGTFlorida Gas Transmission Company, LLC, a wholly-owned subsidiary of Citrus
GAAPaccounting principles generally accepted in the United States of America
General PartnerLE GP, LLC, the general partner of Energy Transfer
HFOTCOHouston Fuel Oil Terminal Company, a wholly-owned subsidiary of Energy Transfer, which owns the Houston Terminal
IFERCInside FERC’s Gas Market Report
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
MMcfmillion cubic feet
MTBEmethyl tertiary butyl ether
NGLnatural gas liquid, such as propane, butane and natural gasoline
NYMEXNew York Mercantile Exchange
OSHAFederal Occupational Safety and Health Act
OTCover-the-counter
PanhandlePanhandle Eastern Pipe Line Company, LP, a wholly-owned subsidiary of Energy Transfer
RoverRover Pipeline LLC, a non-wholly-owned subsidiary of Energy Transfer
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Table of Contents
SECSecurities and Exchange Commission
Series A Preferred Units6.250% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series B Preferred Units6.625% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series C Preferred Units7.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series D Preferred Units7.625% Series D Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series E Preferred Units7.600% Series E Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
Series F Preferred Units6.750% Series F Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series G Preferred Units7.125% Series G Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
Series H Preferred Units6.500% Series H Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Units
SCOOPSouth Central Oklahoma Oil Province
SOFRSecured overnight financing rate
SPLPSunoco Pipeline L.P., a wholly-owned subsidiary of Energy Transfer
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of Energy Transfer
TrunklineTrunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
USACUSA Compression Partners, LP, a publicly traded partnership and consolidated subsidiary of Energy Transfer
White CliffsWhite Cliffs Pipeline, L.L.C.

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Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
September 30,
2022
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$326 $336 
Accounts receivable, net
8,587 7,654 
Accounts receivable from related companies
92 54 
Inventories
2,490 2,014 
Income taxes receivable
65 32 
Derivative assets
19 10 
Other current assets
580 437 
Total current assets
12,159 10,537 
Property, plant and equipment
105,040 103,991 
Accumulated depreciation and depletion
(24,779)(22,384)
Property, plant and equipment, net80,261 81,607 
Investments in unconsolidated affiliates2,869 2,947 
Lease right-of-use assets, net
815 838 
Other non-current assets, net
1,573 1,645 
Intangible assets, net
5,505 5,856 
Goodwill
2,553 2,533 
Total assets
$105,735 $105,963 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(Dollars in million)
(unaudited)
September 30,
2022
December 31,
2021
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$7,514 $6,834 
Accounts payable to related companies
9  
Derivative liabilities
60 203 
Operating lease current liabilities
43 47 
Accrued and other current liabilities
3,615 3,071 
Current maturities of long-term debt
2 680 
Total current liabilities
11,243 10,835 
Long-term debt, less current maturities
47,413 49,022 
Non-current derivative liabilities
33 193 
Non-current operating lease liabilities
794 814 
Deferred income taxes
3,661 3,648 
Other non-current liabilities
1,530 1,323 
Commitments and contingencies
Redeemable noncontrolling interests
493 783 
Equity:
Limited Partners:
Preferred Unitholders6,077 6,051 
Common Unitholders26,725 25,230 
General Partner
(3)(4)
Accumulated other comprehensive income32 23 
Total partners’ capital
32,831 31,300 
Noncontrolling interests
7,737 8,045 
Total equity
40,568 39,345 
Total liabilities and equity
$105,735 $105,963 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per unit data)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
REVENUES:
Refined product sales
$6,647 $4,810 $20,043 $12,737 
Crude sales
5,773 4,021 17,758 10,920 
NGL sales
4,823 4,005 15,828 10,275 
Gathering, transportation and other fees
2,830 2,276 8,288 6,797 
Natural gas sales
2,648 1,376 6,830 7,507 
Other
218 176 628 524 
Total revenues
22,939 16,664 69,375 48,760 
COSTS AND EXPENSES:
Cost of products sold
18,516 13,188 56,169 35,641 
Operating expenses
973 898 2,982 2,585 
Depreciation, depletion and amortization
1,030 943 3,104 2,837 
Selling, general and administrative
361 198 802 583 
Impairment losses and other86  386 11 
Total costs and expenses
20,966 15,227 63,443 41,657 
OPERATING INCOME
1,973 1,437 5,932 7,103 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(577)(558)(1,714)(1,713)
Equity in earnings of unconsolidated affiliates68 71 186 191 
Losses on extinguishments of debt
   (8)
Gains on interest rate derivatives60 1 303 72 
Other, net
(120)33 (117)45 
INCOME BEFORE INCOME TAX EXPENSE1,404 984 4,590 5,690 
Income tax expense82 77 159 234 
NET INCOME1,322 907 4,431 5,456 
Less: Net income attributable to noncontrolling interests304 260 793 870 
Less: Net income attributable to redeemable noncontrolling interests
12 12 37 37 
NET INCOME ATTRIBUTABLE TO PARTNERS1,006 635 3,601 4,549 
General Partner’s interest in net income1 1 3 5 
Preferred Unitholders’ interest in net income106 99 317 185 
Common Unitholders’ interest in net income $899 $535 $3,281 $4,359 
NET INCOME PER COMMON UNIT:
Basic
$0.29 $0.20 $1.06 $1.61 
Diluted
$0.29 $0.20 $1.06 $1.60 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in millions)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$1,322 $907 $4,431 $5,456 
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities(4)2 (13)5 
Actuarial gain related to pension and other postretirement benefit plans 1 7 6 
Foreign currency translation adjustments13 (21)(6)3 
Change in other comprehensive income from unconsolidated affiliates6 1 24 1 
15 (17)12 15 
Comprehensive income1,337 890 4,443 5,471 
Less: Comprehensive income attributable to noncontrolling interests307 250 787 872 
Less: Comprehensive income attributable to redeemable noncontrolling interests12 12 37 37 
Comprehensive income attributable to partners$1,018 $628 $3,619 $4,562 
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in millions)
(unaudited)
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2021$25,230 $6,051 $(4)$23 $8,045 $39,345 
Distributions to partners(528)(80)   (608)
Distributions to noncontrolling interests    (307)(307)
Capital contributions from noncontrolling interests    373 373 
Other comprehensive income, net of tax   20 5 25 
Other, net17    10 27 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,162 106 1  205 1,474 
Balance, March 31, 202225,881 6,077 (3)43 8,331 40,329 
Distributions to partners(603)(131)(1)  (735)
Distributions to noncontrolling interests    (446)(446)
Capital contributions from noncontrolling interests    24 24 
Other comprehensive loss, net of tax   (14)(14)(28)
Other, net9    2 11 
Net income, excluding amounts attributable to redeemable noncontrolling interests1,220 105 1  284 1,610 
Balance, June 30, 202226,507 6,051 (3)29 8,181 40,765 
Distributions to partners(694)(80)(1)  (775)
Distributions to noncontrolling interests   (424)(424)
Capital contributions from noncontrolling interests    7 7 
Energy Transfer Canada sale   (9)(337)(346)
Other comprehensive income, net of tax   12 3 15 
Other, net13    3 16 
Net income, excluding amounts attributable to redeemable noncontrolling interests899 106 1  304 1,310 
Balance, September 30, 2022$26,725 $6,077 $(3)$32 $7,737 $40,568 










The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(Dollars in millions)
(unaudited)
Common UnitholdersPreferred UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2020$18,531 $ $(8)$6 $12,859 $31,388 
Distributions to partners(406)    (406)
Distributions to noncontrolling interests    (406)(406)
Capital contributions from noncontrolling interests    20 20 
Other comprehensive income, net of tax   2 6 8 
Other, net18    3 21 
Net income, excluding amounts attributable to redeemable noncontrolling interests3,285  3  341 3,629 
Balance, March 31, 202121,428  (5)8 12,823 34,254 
Preferred units converted in Rollup Mergers 4,768   (4,768) 
Distributions to partners(403)(88)(1)  (492)
Distributions to noncontrolling interests    (354)(354)
Units issued  889    889 
Capital contributions from noncontrolling interests    43 43 
Other comprehensive income, net of tax   18 6 24 
Other, net15 (1)  2 16 
Net income, excluding amounts attributable to redeemable noncontrolling interests539 86 1  269 895 
Balance, June 30, 202121,579 5,654 (5)26 8,021 35,275 
Distributions to partners(404)(80)(1)  (485)
Distributions to noncontrolling interests    (389)(389)
Capital contributions from noncontrolling interests    51 51 
Other comprehensive loss, net of tax   (7)(10)