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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Energy Transfer (ET) investor relations material
Energy Transfer Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Adjusted EBITDA for Q3 2025 was $3.84 billion, down from $3.96 billion year-over-year, with flat results excluding non-recurring items; distributable cash flow attributable to partners was $1.90 billion.
Record operational volumes achieved in NGL exports (up 13%), NGL transportation (up 11%), terminal volumes (up 10%), and midstream gathering.
Major growth projects and infrastructure expansions are underway in natural gas, NGL, and crude segments, with significant demand from data centers and power plants.
Multiple long-term contracts signed, including with Oracle, Entergy, and Fermi America, supporting over 6 Bcf/d of pipeline capacity.
Completed the acquisition of Parkland by Sunoco LP, expanding international fuel distribution; TanQuid acquisition expected to close in Q4 2025.
Financial highlights
Q3 2025 revenue was $19.95 billion, down from $20.77 billion year-over-year; nine-month revenue was $60.22 billion.
Year-to-date adjusted EBITDA reached $11.8 billion, up from $11.6 billion in 2024.
Distributable Cash Flow attributable to partners for Q3 was $1.90 billion.
Organic growth capital spend for the first nine months was $3.1 billion, with $711 million for maintenance.
Quarterly cash distribution of $0.3325 per unit declared for Q3 2025, up over 3% year-over-year.
Outlook and guidance
2025 organic growth capital guidance reduced to $4.6 billion from $5 billion, with $5 billion expected for 2026, mostly for natural gas projects.
2025 adjusted EBITDA expected to be slightly below the lower end of the $16.1–$16.5 billion guidance range, excluding Parkland acquisition.
Expect interstate pipeline segment percentage to increase as new projects are constructed.
Growth project backlog expected to generate mid-teen returns, with major earnings impact in 2026–2027.
Sunoco LP and USAC expect combined maintenance and growth capital of at least $703 million in 2025.
Detail Q3 2025 one-time items impacting EBITDA/DCF
Reconcile lowered 2025 EBITDA guidance with growth
Impact of Intrastate shift to long-term contracts
NGL pipeline conversion: What's the revenue upside?
Lake Charles LNG: Key remaining FID requirements?
Permian gas supply: Are end-users locking up volumes?
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Next Energy Transfer earnings date
Q4 202511 Feb, 2026
Next Energy Transfer earnings date
Q4 202511 Feb, 2026
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Frequently asked questions
Transferring Energy
Energy Transfer is an American company that specializes in the transportation of propane, crude oil, and natural gas through a vast network of pipelines across the US. Besides the transportation side of its business, the company also provides storage for the aforementioned products. The company owns and operates pipelines and related infrastructure that stretches for more than 125,000 miles across North America, and Energy Transfer owns a controlling stake in SUNOCO. The company is headquartered in Dallas, Texas, and its shares are traded on the NYSE.
Starting With 200 Miles of Pipelines and 20 Employees
The company was formed in 1996 and initially operated as a small outfit operating out of eastern Texas. However, expansion was rapid, and initially focused solely on natural gas. Over the years, Energy Transfer expanded its portfolio to include extensive assets in pipelines, storage, and transportation, becoming a key figure in the midstream segment of the industry. A significant milestone in its history was the acquisition of Sunoco in 2012, which marked its entry into liquids transportation and retail marketing. Further diversification came with the acquisition of the Lake Charles LNG project in 2014.
SUNOCO
The acquisition of Sunoco in 2012 was a transformative move for Energy Transfer, significantly diversifying its asset portfolio and business operations. It not only provided access to Sunoco's extensive retail network and branded outlets but also enhanced Energy Transfer's logistics capabilities with additional crude oil and refined products pipelines.
The Operations
Energy Transfer operates extensively in the midstream sector of the energy industry, primarily focusing on the transport, storage, and processing of energy resources. The company's operations are diverse, encompassing a vast network of natural gas and crude oil pipelines, stretching across the United States. These pipelines facilitate the efficient and safe transportation of these resources from production sites to refineries, storage facilities, and end markets.
Additionally, Energy Transfer is involved in the storage of natural gas and liquid hydrocarbons, ensuring a stable supply and mitigating market fluctuations. The company also engages in the processing of natural gas, which involves separating valuable components like ethane and propane, used in various industrial and commercial applications. Some companies with a similar focus to Energy Transfer are Kinder Morgan, Plains All American, and The Williams Companies.
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