ET — Energy Transfer LP
Energy · Oil & Gas Midstream
About Energy Transfer LP
Energy Transfer LP, together with its subsidiaries, provides energy-related services in the United States. It operates through Intrastate Transportation and Storage; Interstate Transportation and Storage; Midstream; Natural Gas Liquid (NGL) and Refined Products Transportation and Services; Crude Oil Transportation and Services; Investment in Sunoco LP; Investment in USA Compression Partners, LP (USAC); and All Other segments. The company owns and operates natural gas transportation pipelines and storage facilities; and approximately 12,200 miles of intrastate natural gas transportation pipelines and 20,090 miles of interstate natural gas pipelines. It also sells natural gas to electric utilities, independent power plants, local distribution and other marketing companies, and industrial end-users. In addition, the company owns and operates natural gas gathering pipelines, processing plants, and treating and conditioning facilities; and natural gas gathering, compression, treating, dehydration and processing, oil pipeline facilities. Further, it owns 5,700 miles of NGL pipelines; NGL fractionation and storage facilities; and other NGL storage assets and terminals. Additionally, the company provides crude oil transportation, terminalling, trucking, acquisition, and marketing activities; owns and operates approximately 18,000 miles of crude oil trunk and gathering pipelines; and sells and distributes motor fuels and other petroleum products under the Sunoco and EcoMaxx brands. It also offers natural gas compression; wholesale power trading; and carbon dioxide and hydrogen sulfide removal services, as well as management of coal and natural resources properties; sells standing timber; leases coal-related infrastructure facilities; and collects oil and gas royalties. The company was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. Energy Transfer LP was founded in 1996 and is headquartered in Dallas, Texas.
The midstream & LNG industry
Midstream companies own the infrastructure between the wellhead and the customer — pipelines, gathering and processing plants, storage, and export terminals. Most earn fees on volumes moved under long-term contracts, so their cash flow is steadier than the producers they serve, and much of it is paid out as high dividends or distributions (several names here are partnerships with special tax treatment). Cheniere (LNG) is the standout business model: it liquefies US natural gas and ships it abroad under decade-long contracts — a toll road on the global gas trade. The read here is contract quality and payout coverage, not the daily oil price: these are income vehicles first, commodity plays second. Energy Transfer is a sprawling pipeline partnership with a high distribution yield and ambitions in LNG and data-center supply.
Key data · delayed ~15 min, as of 1 August 2026
| Ticker | ET |
| Company | Energy Transfer LP |
| Price | $20.36 |
| Market cap | $70.1B |
| Sector / industry | Energy / Oil & Gas Midstream |
| Analyst mean target | $24 (21 analysts, strong_buy) |
Valuation read
What the price implies: the market is pricing in roughly ~0%/yr earnings growth (modest), on a reverse-DCF of forward earnings ($1.53). Run your own assumptions in the fair-value calculator.
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