Energy Transfer LP

Energy Transfer delivered a mixed second quarter for 2025, with both earnings and revenue falling short of Wall Street expectations even as the partnership set operational records across its sprawling pipeline network. GAAP diluted EPS came in at $0.32, missing the $0.33 consensus estimate by 1.78%, while revenue slid 7.2% year-over-year to $19.24 billion — a 10.19% shortfall against the $21.43 billion analysts had projected. The revenue disappointment was driven in part by lower optimization gains in NGL and Refined Products and reduced Bakken Pipeline volumes weighing on crude oil transportation, though Adjusted EBITDA actually climbed to $3.87 billion from $3.76 billion a year ago, cushioned by record midstream gathered volumes and a strong rebound in Interstate Transportation. Looking ahead, management trimmed its full-year Adjusted EBITDA outlook to at or slightly below the low end of its $16.10–$16.50 billion guidance range, even as it pressed forward on approximately $5.00 billion in growth capital, including the landmark $5.30 billion Desert Southwest Pipeline — a project that underscores why some analysts see Energy Transfer as a <a href="https://247wallst.com/investing/2026/02/17/the-deal-no-one-saw-coming-why-energy-transfer-stock-will-leave-every-other-mlp-in-the-dust/">compelling long-term MLP play</a>.