Energy Transfer Raises 2026 Adjusted EBITDA Outlook, Expects $7B in 2027 Growth Spending

Energy Transfer LP raised its 2026 Adjusted EBITDA outlook to $19.7 billion-$19.9 billion and forecast about $7 billion in growth capital spending next year, lifting its earnings target as it plans a larger investment budget for 2027. The partnership released the updated guidance with its third-quarter results on Nov. 3; the release was issued at 7:30 a.m. ET (12:30 UTC).

The new 2026 range is up from $18.8 billion-$19.1 billion. Energy Transfer expects $5.4 billion-$5.6 billion in growth capital spending this year, followed by approximately $7 billion in 2027. Its August increase to the 2026 outlook moved the previous range to $18.8 billion-$19.1 billion from $18.2 billion-$18.6 billion.

Adjusted EBITDA, a non-GAAP measure based on earnings before interest, taxes, depreciation and amortization with specified adjustments, reached $5.031 billion for the three months ended Sept. 30, 2026. That was 31% higher than the $3.838 billion recorded in the year-earlier quarter. The measure is presented alongside GAAP results, and similarly named measures may not be comparable across companies.

Net income attributable to partners was $1.207 billion, compared with $1.019 billion a year earlier. Adjusted distributable cash flow attributable to partners rose 33% to $2.52 billion from $1.90 billion. Third-quarter growth capital expenditures were $1.30 billion, while maintenance capital expenditures were $284 million.

The partnership made a positive final investment decision for a planned 215-mile natural gas pipeline in South Mississippi. The project is expected to cost about $1.6 billion and carry 1.2 billion cubic feet of gas per day. Its final size and capacity will depend on a binding open season.

The partnership transports and stores natural gas, crude oil, natural gas liquids and refined products. Its pipeline and related infrastructure spans about 140,000 miles across 44 states.