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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 June 30, 2021
or
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-32740
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 July 30, 2021, the registrant had 2,704,869,892 Common Units outstanding.


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

2

Table of Contents
Definitions
References to the “Partnership” or “ET” 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 (loss)
BBtubillion British thermal units
CitrusCitrus, LLC, a 50/50 joint venture which owns FGT
Dakota AccessDakota Access, LLC
DOJUnited States Department of Justice
EnableEnable Midstream Partners, LP, a Delaware limited partnership
Energy Transfer CanadaEnergy Transfer Canada ULC, a less than wholly-owned subsidiary of ET
Energy Transfer R&MEnergy Transfer (R&M), LLC (formerly Sunoco (R&M), LLC)
EPAUnited States Environmental Protection Agency
ET 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 and Series G Preferred Units (all originally issued by ETO and exchanged for preferred units issued by ET on April 1, 2021), as well as the Series H Preferred Units issued by ET in June 2021
ETC TigerETC Tiger Pipeline, LLC, a wholly-owned subsidiary of ET, which owns the Tiger Pipeline
ETOEnergy Transfer Operating, L.P.
Exchange ActSecurities Exchange Act of 1934
FEPFayetteville Express Pipeline LLC
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
HFOTCOHouston Fuel Oil Terminal Company, a wholly-owned subsidiary of ET, which owns the Houston Terminal
LE GPLE GP, LLC, the general partner of ET
LIBORLondon Interbank Offered Rate
MBblsthousand barrels
MEPMidcontinent Express Pipeline LLC
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 ET
RegencyRegency Energy Partners LP
RoverRover Pipeline LLC
SECSecurities and Exchange Commission
3

Table of Contents
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
Sunoco Logistics Operations
Sunoco Logistics Partners Operations L.P, a wholly-owned subsidiary of ET
TranswesternTranswestern Pipeline Company, LLC, a wholly-owned subsidiary of ET
TrunklineTrunkline Gas Company, LLC, a wholly-owned subsidiary of Panhandle
USACUSA Compression Partners, LP, a subsidiary of ET
USAC Preferred UnitsUSAC Series A preferred units
White CliffsWhite Cliffs Pipeline, L.L.C.

4

Table of Contents
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(unaudited)
June 30,
2021
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents
$282 $367 
Accounts receivable, net
5,821 3,875 
Accounts receivable from related companies
120 79 
Inventories
1,664 1,739 
Income taxes receivable
35 35 
Derivative assets
32 9 
Other current assets
254 213 
Total current assets
8,208 6,317 
Property, plant and equipment
95,228 94,115 
Accumulated depreciation and depletion
(20,677)(19,008)
74,551 75,107 
Investments in unconsolidated affiliates3,025 3,060 
Lease right-of-use assets, net
841 866 
Other non-current assets, net
1,664 1,657 
Intangible assets, net
5,562 5,746 
Goodwill
2,391 2,391 
Total assets
$96,242 $95,144 
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
(Dollars in million)
(unaudited)
June 30,
2021
December 31,
2020
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$5,016 $2,809 
Accounts payable to related companies
7 27 
Derivative liabilities
 238 
Operating lease current liabilities
49 53 
Accrued and other current liabilities
2,801 2,775 
Current maturities of long-term debt
674 21 
Total current liabilities
8,547 5,923 
Long-term debt, less current maturities
45,612 51,417 
Non-current derivative liabilities
378 237 
Non-current operating lease liabilities
812 837 
Deferred income taxes
3,618 3,428 
Other non-current liabilities
1,224 1,152 
Commitments and contingencies
Redeemable noncontrolling interests
776 762 
Equity:
Limited Partners:
Preferred Unitholders5,654  
Common Unitholders21,579 18,531 
General Partner
(5)(8)
Accumulated other comprehensive income26 6 
Total partners’ capital
27,254 18,529 
Noncontrolling interests
8,021 12,859 
Total equity
35,275 31,388 
Total liabilities and equity
$96,242 $95,144 
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
June 30,
Six Months Ended
June 30,
2021202020212020
REVENUES:
Refined product sales
$4,403 $2,000 $7,927 $5,232 
Crude sales
3,911 1,329 6,899 4,872 
NGL sales
3,364 1,254 6,270 2,943 
Gathering, transportation and other fees
2,255 2,137 4,521 4,522 
Natural gas sales
1,007 514 6,131 1,102 
Other
161 104 348 294 
Total revenues
15,101 7,338 32,096 18,965 
COSTS AND EXPENSES:
Cost of products sold
11,505 4,117 22,453 12,408 
Operating expenses
867 770 1,687 1,649 
Depreciation, depletion and amortization
940 936 1,894 1,803 
Selling, general and administrative
184 175 385 379 
Impairment losses
8 4 11 1,329 
Total costs and expenses
13,504 6,002 26,430 17,568 
OPERATING INCOME
1,597 1,336 5,666 1,397 
OTHER INCOME (EXPENSE):
Interest expense, net of interest capitalized
(566)(579)(1,155)(1,181)
Equity in earnings of unconsolidated affiliates65 85 120 78 
Losses on extinguishments of debt
(1) (8)(62)
Gains (losses) on interest rate derivatives(123)(3)71 (332)
Other, net
18 (68)12 (65)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE
990 771 4,706 (165)
Income tax expense
82 99 157 127 
NET INCOME (LOSS)
908 672 4,549 (292)
Less: Net income attributable to noncontrolling interests269 306 610 185 
Less: Net income attributable to redeemable noncontrolling interests
13 13 25 25 
NET INCOME (LOSS) ATTRIBUTABLE TO PARTNERS
626 353 3,914 (502)
General Partner’s interest in net income (loss)1  4 (1)
Preferred Unitholders’ interest in net income86  86  
Limited Partners’ interest in net income (loss)$539 $353 $3,824 $(501)
NET INCOME (LOSS) PER LIMITED PARTNER UNIT:
Basic
$0.20 $0.13 $1.41 $(0.19)
Diluted
$0.20 $0.13 $1.41 $(0.19)
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Net income (loss)$908 $672 $4,549 $(292)
Other comprehensive income (loss), net of tax:
Change in value of available-for-sale securities3 9 3  
Actuarial gain related to pension and other postretirement benefit plans 8 5 11 
Foreign currency translation adjustments
12 30 24 (34)
Change in other comprehensive income (loss) from unconsolidated affiliates9   (16)
24 47 32 (39)
Comprehensive income (loss)932 719 4,581 (331)
Less: Comprehensive income attributable to noncontrolling interests275 315 622 156 
Less: Comprehensive income attributable to redeemable noncontrolling interests
13 13 25 25 
Comprehensive income (loss) attributable to partners$644 $391 $3,934 $(512)
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(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, net
18    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, net
15 (1)  2 16 
Net income, excluding amounts attributable to redeemable noncontrolling interests
539 86 1  269 895 
Balance, June 30, 2021$21,579 $5,654 $(5)$26 $8,021 $35,275 

Common UnitholdersGeneral PartnerAOCINoncontrolling InterestsTotal
Balance, December 31, 2019$21,935 $(4)$(11)$12,018 $33,938 
Distributions to partners(1,591)(1)  (1,592)
Distributions to noncontrolling interests
   (444)(444)
Subsidiary units issued   1,580 1,580 
Capital contributions from noncontrolling interests
   95 95 
Other comprehensive loss, net of tax  (48)(38)(86)
Other, net
22   (7)15 
Net loss, excluding amounts attributable to redeemable noncontrolling interests(854)(1) (121)(976)
Balance, March 31, 202019,512 (6)(59)13,083 32,530 
Distributions to partners9 (1)  8 
Distributions to noncontrolling interests
   (408)(408)
Capital contributions from noncontrolling interests
   83 83 
Other comprehensive income, net of tax
  38 9 47 
Other, net(31)  4 (27)
Net income, excluding amounts attributable to redeemable noncontrolling interests
353   306 659 
Balance, June 30, 2020$19,843 $(7)$(21)$13,077 $32,892 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
(unaudited)
Six Months Ended
June 30,
20212020
OPERATING ACTIVITIES:
Net income (loss)$4,549 $(292)
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization
1,894 1,803 
Deferred income taxes
133 125 
Inventory valuation adjustments(159)137 
Non-cash compensation expense
55 63 
Impairment losses
11 1,329 
Losses on extinguishments of debt
8 62 
Distributions on unvested awards
(13)(21)
Equity in earnings of unconsolidated affiliates(120)(78)
Distributions from unconsolidated affiliates
100 125 
Other non-cash
41 (53)
Net change in operating assets and liabilities, net of effects of acquisitions
661 (41)
Net cash provided by operating activities
7,160 3,159 
INVESTING ACTIVITIES:
Capital expenditures, excluding allowance for equity funds used during construction
(1,429)(2,892)
Contributions in aid of construction costs
16 47 
Contributions to unconsolidated affiliates
(4)(16)
Distributions from unconsolidated affiliates in excess of cumulative earnings
64 97 
Proceeds from sales of other assets24 6 
Other
 (5)
Net cash used in investing activities
(1,329)(2,763)
FINANCING ACTIVITIES:
Proceeds from borrowings
8,245 16,975 
Repayments of debt
(13,425)(16,769)
Preferred Units issued for cash889  
Subsidiary units issued for cash
 1,580 
Capital contributions from noncontrolling interests
63 178 
Distributions to partners
(898)(1,584)
Distributions to noncontrolling interests
(760)(852)
Distributions to redeemable noncontrolling interest(24)(24)
Debt issuance costs
(3)(50)
Other, net
(3)14 
Net cash used in financing activities
(5,916)(532)
Decrease in cash and cash equivalents(85)(136)
Cash and cash equivalents, beginning of period367 291 
Cash and cash equivalents, end of period$282 $155 
The accompanying notes are an integral part of these consolidated financial statements.
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ENERGY TRANSFER LP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollar and unit amounts, except per unit data, are in millions)
(unaudited)
1.ORGANIZATION AND BASIS OF PRESENTATION
Organization
The consolidated financial statements presented herein contain the results of Energy Transfer LP and its subsidiaries (the “Partnership,” “we,” “us,” “our” or “ET”).
On April 1, 2021, ET, ETO and certain of ETO’s subsidiaries consummated several internal reorganization transactions (the “Rollup Mergers”). In connection with the Rollup Mergers, Sunoco Logistics Operations and its general partner merged with and into ETO, with ETO surviving, and immediately thereafter, ETO merged with and into ET, with ET surviving. The impacts of the Rollup Mergers also included the following:
All of ETO’s long-term debt was assumed by ET, as more fully described in Note 7.
Each issued and outstanding ETO preferred unit was converted into the right to receive one newly created ET preferred unit. A description of the ET Preferred Units is included in Note 9.
Each of ETO’s issued and outstanding Class K, Class L, Class M and Class N units, all of which were held by ETP Holdco Corporation, a wholly-owned subsidiary of ETO, were converted into an aggregate 675,625,000 newly created Class B Units representing limited partner interests in ET.
Basis of Presentation
The unaudited financial information included in this Form 10-Q has been prepared on the same basis as the audited consolidated financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 19, 2021. In the opinion of the Partnership’s management, such financial information reflects all adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. All intercompany items and transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC.
The consolidated financial statements of the Partnership presented herein include the results of operations of our controlled subsidiaries, including Sunoco LP and USAC.
Our subsidiaries also own varying undivided interests in certain pipelines. Ownership of these pipelines has been structured as ownership of an undivided interest in assets, not as an ownership interest in a partnership, limited liability company, joint venture or other forms of entities. Each owner controls marketing and invoices separately, and each owner is responsible for any loss, damage or injury that may occur to their own customers. As a result, we apply proportionate consolidation for our interests in these entities.
Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net income or total equity.
Use of Estimates
The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.
2.ACQUISITIONS AND RELATED TRANSACTIONS
Pending Enable Acquisition
On February 16, 2021, the Partnership entered into a definitive merger agreement to acquire Enable. Under the terms of the merger agreement, Enable’s common unitholders will receive 0.8595 of an ET common unit in exchange for each Enable common unit. In addition, each outstanding Enable preferred unit will be exchanged for 0.0265 of a Series G Preferred
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Unit, and ET will make a $10 million cash payment for Enable’s general partner. In May 2021, the Enable common unitholders voted to approve the merger. The transaction is subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino Act (“HSR”) clearance.
The Federal Trade Commission (“FTC”) has issued requests for additional information and documentary material (the “Second Request”). The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after the Partnership and Enable have certified substantial compliance with the Second Request, unless that period is extended voluntarily or terminated sooner by the FTC. We continue to believe that the FTC will grant unconditional clearance of the transaction, and we remain fully committed to closing the Enable merger under the terms of the merger agreement. We expect to close the transaction in the second half of 2021.
3.CASH AND CASH EQUIVALENTS
Cash and cash equivalents include all cash on hand, demand deposits, and investments with original maturities of three months or less. We consider cash equivalents to include short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. The Partnership’s consolidated balance sheets did not include any material amounts of restricted cash as of June 30, 2021 or December 31, 2020.
We place our cash deposits and temporary cash investments with high credit quality financial institutions. At times, our cash and cash equivalents may be uninsured or in deposit accounts that exceed the Federal Deposit Insurance Corporation insurance limit.
The net change in operating assets and liabilities, net of effects of acquisitions, included in cash flows from operating activities is comprised as follows:
Six Months Ended
June 30,
20212020
Accounts receivable
$(1,946)$2,084 
Accounts receivable from related companies
(40)111 
Inventories
234 (180)
Other current assets
(48)146 
Other non-current assets, net
(12)(226)
Accounts payable
2,207 (2,108)
Accounts payable to related companies
(24)(8)
Accrued and other current liabilities
326 (116)
Other non-current liabilities
84 66 
Derivative assets and liabilities, net
(120)190 
Net change in operating assets and liabilities, net of effects of acquisitions
$661 $(41)
Non-cash activities were as follows:
Six Months Ended
June 30,
20212020
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures
$396 $742 
Lease assets obtained in exchange for new lease liabilities10 125 
Distribution reinvestment
15 62 
4.INVENTORIES
Inventories consist principally of natural gas held in storage, NGLs and refined products, crude oil and spare parts, all of which are valued at the lower of cost or net realizable value utilizing the weighted-average cost method.
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Sunoco LP’s fuel inventories are stated at the lower of cost or market using the last-in, first-out (“LIFO”) method. As of June 30, 2021 and December 31, 2020, the carrying value of Sunoco LP’s fuel inventory included lower of cost or market reserves of $152 million and $311 million, respectively, and the inventory carrying value equaled or exceeded its replacement cost. For the three and six months ended June 30, 2021 and 2020, the Partnership’s consolidated income statements did not include any material amounts of income from the liquidation of LIFO fuel inventory.
June 30,
2021
December 31,
2020
Natural gas, NGLs and refined products(1)
$1,034 $1,013 
Crude oil205 287 
Spare parts and other425 439 
Total inventories$1,664 $1,739 
(1)Due to changes in fuel prices, Sunoco LP recorded an inventory adjustment on the value of its fuel inventory of $159 million for the six months ended June 30, 2021.
We utilize commodity derivatives to manage price volatility associated with our natural gas inventory. Changes in fair value of designated hedged inventory are recorded in inventory on our consolidated balance sheets and cost of products sold in our consolidated statements of operations.
5.FAIR VALUE MEASURES
We have commodity derivatives and interest rate derivatives that are accounted for as assets and liabilities at fair value in our consolidated balance sheets. We determine the fair value of our assets and liabilities subject to fair value measurement by using the highest possible “level” of inputs. Level 1 inputs are observable quotes in an active market for identical assets and liabilities. We consider the valuation of marketable securities and commodity derivatives transacted through a clearing broker with a published price from the appropriate exchange as a Level 1 valuation. Level 2 inputs are inputs observable for similar assets and liabilities. We consider OTC commodity derivatives entered into directly with third parties as a Level 2 valuation since the values of these derivatives are quoted on an exchange for similar transactions. Additionally, we consider our options transacted through our clearing broker as having Level 2 inputs due to the level of activity of these contracts on the exchange in which they trade. We consider the valuation of our interest rate derivatives as Level 2 as the primary input, the LIBOR curve, is based on