Energy Transfer LP Announces Cash Distribution on Series I Preferred Units
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Key Terms
preferred unitfinancial
A preferred unit is a type of ownership stake in a fund, trust or partnership that carries the same priority rights as a preferred share: it typically pays a fixed or scheduled distribution and ranks ahead of ordinary units or common equity for income and in a wind‑up. For investors, preferred units act like a steadier paycheck with less upside and limited voting power, so they matter when you want income and priority protection rather than growth exposure.
cash distributionfinancial
A cash distribution is a direct payment of money from a company, fund, or investment vehicle to its shareholders or investors, similar to receiving a portion of the profits or proceeds like a periodic paycheck. It matters to investors because it provides tangible return on their ownership, affects the value left in the business, and can signal financial health or a change in strategy—like a homeowner taking money out of a property rather than reinvesting in it.
natural gas liquidstechnical
Natural gas liquids (NGLs) are the mix of light hydrocarbon liquids—such as ethane, propane, butane and natural gasoline—extracted from natural gas or produced at oil refineries. Think of them as the different ingredients separated out from raw gas that are used for heating, cooking, plastics and fuel blending; their prices and availability affect energy company revenues, refining margins and the broader petrochemical supply chain, so investors watch NGL volumes and prices as indicators of profitability and demand.
ngl fractionationtechnical
NGL fractionation is the industrial process that separates mixed natural gas liquids (NGLs) — like ethane, propane, butane and natural gasoline — into individual, marketable products. Think of it like sorting a mixed bag of candies into separate flavors so each can be sold or used differently; for investors, fractionation affects what products a gas-processing or petrochemical company can sell, the prices it realizes, and the profit margin between raw NGL feedstock and finished components.
general partner interestsfinancial
General partner interests are the ownership stake held by the manager or managing partners of an investment partnership, giving them control over day-to-day decisions, responsibility for running the fund, and a claim on the fund’s profits beyond any capital they put in. For investors, this stake matters because it shows how the managers are paid and aligned with outside investors, affects who makes key decisions, and can influence the risk and potential return—like a shop owner who both runs the business and takes a share of its profits.
incentive distribution rightsfinancial
Incentive distribution rights are a contractual claim held by a partnership’s managing partner that gives them an increasing share of the cash distributions as the business reaches higher payout thresholds. Think of it like a sliding commission for the manager: as the partnership generates more distributable cash, the manager keeps a bigger slice and the remaining owners get less. That allocation matters to investors because it directly affects the cash yield they receive and can change incentives for growth versus steady payouts.
DALLAS--(BUSINESS WIRE)--
Energy Transfer LP (“ET”) today announced the quarterly cash distribution of $0.2111 per Series I Preferred Unit (NYSE: ETprI).
The cash distribution for the Series I unitholders will be paid on February 17, 2026 to Series I unitholders of record as of the close of business on February 4, 2026.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with approximately 140,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns the general partner interests, the incentive distribution rights and approximately 28 million common units (representing 15% of the aggregate outstanding common and Class D units) of Sunoco LP (NYSE: SUN), and the general partner interests and approximately 46 million common units (representing 32% of the outstanding common units) of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Forward Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results, including future distribution levels, are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
Qualified Notice
This release serves as qualified notice to nominees as provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d). Please note that one hundred percent (100%) of Energy Transfer LP’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of Energy Transfer LP’s distributions to foreign investors are subject to federal tax withholding at the highest applicable effective tax rate. Nominees, and not Energy Transfer LP, are treated as withholding agents responsible for withholding distributions received by them on behalf of foreign investors. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold.
The information contained in this press release is available on our website at www.energytransfer.com.
