v3.25.2
Partners’ Deficit
 6 Months Ended
Jun. 30, 2025
Partners' Capital Notes [Abstract]  
Partners’ Deficit Partners’ Deficit
Common Units
The changes in common units outstanding were as follows:
 Common Units Outstanding
Number of common units outstanding, December 31, 2024117,314,783 
Vesting of phantom units265,337 
Issuance of common units under the DRIP4,706 
Exercise and conversion of Preferred Units into common units4,997,126 
Number of common units outstanding, June 30, 2025122,581,952 
As of June 30, 2025, Energy Transfer held 46,056,228 common units, including 8,000,000 common units held by the General Partner and controlled by Energy Transfer.
Cash Distributions
We have declared and paid per-unit quarterly distributions to our limited partner unitholders of record, including holders of our common, phantom, and restricted units, as follows (dollars in millions, except distribution per unit):
Payment DateDistribution per Limited Partner UnitAmount Paid to Common Unitholders
Amount Paid to Phantom and Restricted Unitholders
Total Distribution
February 2, 2024$0.525 $54.1 $1.0 $55.1 
May 3, 20240.525 61.4 1.0 62.4 
August 2, 20240.525 61.4 1.0 62.4 
November 1, 20240.525 61.5 1.0 62.5 
Total 2024 distributions
$2.100 $238.4 $4.0 $242.4 
February 7, 2025$0.525 $61.7 $0.7 $62.4 
May 9, 20250.525 61.7 0.6 62.3 
Total 2025 distributions
$1.050 $123.4 $1.3 $124.7 
Announced Quarterly Distribution
On July 17, 2025, we announced a cash distribution of $0.525 per unit on our common units. The distribution will be paid on August 8, 2025, to common unitholders of record as of the close of business on July 28, 2025.
DRIP
During the six months ended June 30, 2025, distributions of $0.1 million were reinvested under the DRIP resulting in the issuance of 4,706 common units.
Income Per Unit
The computation of income per unit is based on the weighted-average number of participating securities, which includes our common units and certain equity-based awards outstanding during the applicable period. Basic income per unit is determined by dividing net income allocated to participating securities after deducting the amount distributed on Preferred Units, by the weighted-average number of participating securities outstanding during the period. Income attributable to unitholders is allocated to participating securities based on their respective shares of the distributed and undistributed earnings for the period. To the extent cash distributions exceed net income attributable to unitholders for the period, the excess distributions are allocated to all participating securities outstanding based on their respective ownership percentages.
Diluted income per unit is computed using the treasury stock method, which considers the potential issuance of limited partner units associated with our long-term incentive plan. Unvested phantom and restricted units are not included in basic
income per unit, as they are not considered to be participating securities, but are included in the calculation of diluted income per unit to the extent they are dilutive.
For the three and six months ended June 30, 2025, approximately 500,000 and 621,000 incremental unvested phantom and restricted units, respectively, represent the difference between our basic and diluted weighted-average common units outstanding.
For the three and six months ended June 30, 2024, approximately 1,123,000 and 1,097,000 incremental unvested phantom units, respectively, represent the difference between our basic and diluted weighted-average common units outstanding.