v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity EQUITY
Energy Transfer Common Units
Changes in Energy Transfer common units during the six months ended June 30, 2025 were as follows:
Number of Units
Number of common units at December 31, 20243,431.0 
Common units issued under the distribution reinvestment plan1.1 
Common units vested under equity incentive plans and other0.5 
Number of common units at June 30, 20253,432.6 
Energy Transfer Repurchase Program
During the six months ended June 30, 2025, Energy Transfer did not repurchase any of its common units under its current buyback program. As of June 30, 2025, $880 million remained available to repurchase under the current program.
Energy Transfer Distribution Reinvestment Program
During the six months ended June 30, 2025, distributions of $21 million were reinvested under the distribution reinvestment program. As of June 30, 2025, a total of 37.8 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, 2024 were as follows:
Quarter EndedRecord DatePayment DateRate
December 31, 2024February 7, 2025February 19, 2025$0.3250 
March 31, 2025May 9, 2025May 20, 20250.3275 
June 30, 2025August 8, 2025August 19, 20250.3300 
Energy Transfer Preferred Units
As of June 30, 2025 and December 31, 2024, Energy Transfer’s outstanding preferred units included 550,000 Series B Preferred Units, 1,484,780 Series G Preferred Units, 900,000 Series H Preferred Units and 41,464,179 Series I Preferred Units. As of December 31, 2024, Energy Transfer’s outstanding preferred units also included 500,000 Series F Preferred Units, which were redeemed in May 2025.
The following table summarizes changes in the Energy Transfer Preferred Units:
Preferred Unitholders
Series BSeries FSeries GSeries HSeries ITotal
Balance, December 31, 2024$556 $496 $1,488 $893 $419 $3,852 
Distributions to partners(18)— — — (9)(27)
Net income9 8 26 15 9 67 
Balance, March 31, 2025547 504 1,514 908 419 3,892 
Distributions to partners— (16)(53)(29)(9)(107)
Redemption of preferred units— (500)— — — (500)
Other, net— 8 — — — 8 
Net income9 4 27 14 9 63 
Balance, June 30, 2025$556 $— $1,488 $893 $419 $3,356 
Preferred Unitholders
Series ASeries BSeries CSeries DSeries E Series FSeries GSeries HSeries ITotal
Balance, December 31, 2023$948 $556 $438 $435 $786 $496 $1,488 $893 $419 $6,459 
Distributions to partners(24)(18)(11)(11)(15)— — — (9)(88)
Redemption of preferred units— — (450)(445)— — — — — (895)
Other, net— — 11 10 — — — — — 21 
Net income23 9 12 11 15 8 27 15 9 129 
Balance, March 31, 2024947 547 — — 786 504 1,515 908 419 5,626 
Distributions to partners(32)— — — (15)(17)(53)(29)(9)(155)
Redemption of preferred units(950)— — — (800)— — — — (1,750)
Other, net13 — — — 20 — — — — 33 
Net income22 9 — — 9 9 26 14 9 98 
Balance, June 30, 2024$— $556 $— $— $— $496 $1,488 $893 $419 $3,852 
Cash Distributions on Energy Transfer Preferred Units
Distributions declared on the Energy Transfer Preferred Units were as follows:
Period EndedRecord DatePayment Date
Series B (1)
Series F (1)
Series G (1)
Series H (1)
Series I (2)
December 31, 2024February 1, 2025February 15, 2025$33.125 $— $— $— $0.2111 
March 31, 2025May 1, 2025May 15, 2025— 33.750 35.625 32.500 0.2111 
June 30, 2025August 1, 2025August 15, 202533.125 — — — 0.2111 
(1)Series B, 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 March 31, 2025, the cash distribution for the Series I Preferred Units was paid on May 15, 2025 to unitholders of record as of the close of business on May 2, 2025. For the period ended June 30, 2025, the cash distribution for the Series I Preferred Units will be paid on August 14, 2025 to unitholders of record as of the close of business on August 4, 2025.
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, 2024 were as follows:
Quarter EndedPayment DateRate
December 31, 2024February 19, 2025$0.8865 
March 31, 2025May 20, 20250.8976 
June 30, 2025August 19, 20250.9088 
USAC Cash Distributions
Distributions on USAC’s common units declared and/or paid by USAC subsequent to December 31, 2024 were as follows:
Quarter EndedPayment DateRate
December 31, 2024February 7, 2025$0.525 
March 31, 2025May 9, 20250.525 
June 30, 2025August 8, 20250.525 
Accumulated Other Comprehensive Income
The following table presents the components of AOCI, net of tax:
June 30,
2025		December 31,
2024
Available-for-sale securities$22 $20 
Foreign currency translation adjustment(7)(6)
Actuarial gains related to pensions and other postretirement benefits39 45 
Investments in unconsolidated affiliates, net11 14 
Total AOCI included in partners’ capital, net of tax$65 $73