Energy Transfer Raises 2026 Outlook as Permian, NGL Volumes Hit Records
Energy Transfer raised its 2026 EBITDA outlook after posting record crude oil, NGL and export volumes, while advancing major pipeline and power-generation projects.
(P&GJ) — Energy Transfer raised its full-year 2026 EBITDA guidance after reporting record first-quarter volumes across several key segments, including crude oil transportation, NGL exports and terminal operations.
The Dallas-based midstream operator now expects 2026 adjusted EBITDA between $18.2 billion and $18.6 billion, up from its prior forecast of $17.45 billion to $17.85 billion. First-quarter adjusted EBITDA rose 20% year over year to $4.94 billion.
Energy Transfer said crude oil transportation volumes increased 8% during the quarter, while NGL transportation volumes climbed 12%. NGL exports and terminal volumes both rose 19%, each setting company records.
The company also continues expanding infrastructure tied to growing natural gas demand from power generation and data centers. Energy Transfer recently signed agreements to provide firm transportation service for the Nexus Hubbard Campus in Texas, an AI-focused hyperscale development powered by natural gas generation.
Among its major growth projects, the company approved the Springerville Lateral Project, a 120-mile, 30-inch natural gas pipeline designed to supply new gas-fired power generation in the Southwest. The project is backed by 20-year agreements and is expected to enter service in late 2029.
Energy Transfer also continues advancing expansion work across its system, including the Desert Southwest pipeline expansion, additional Mont Belvieu fractionation infrastructure and increased export capacity at Nederland. The company said construction is underway on a new 3-million-barrel ethane storage cavern that will support future export growth.
During the quarter, Energy Transfer placed its Gateway NGL Pipeline debottlenecking project into service, increasing deliveries from the Delaware Basin to the company’s Mont Belvieu fractionation complex.
The partnership expects to invest between $5.5 billion and $5.9 billion in growth capital during 2026 as it continues expanding pipeline, storage and export infrastructure across its system.