Energy Transfer
40 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.
Customers
Intrastate transportation and storage key customers
concentrated in · approximately 29% of our intrastate transportation and storage revenuesnamed as a riskDuring 2025, two customers accounted for approximately 29% of our intrastate transportation and storage revenues.Risk factors (Item 1A)
Interstate transportation and storage key customers
concentrated in · 27% of our interstate transportation and storage revenuesnamed as a riskDuring 2025, four customers collectively accounted for 27% of our interstate transportation and storage revenues.Risk factors (Item 1A)
Citrus (Florida Gas Transmission) top customers
concentrated in · 57% of its 2025 revenuenamed as a riskCitrus has long-term agreements with its top two customers which accounted for 57% of its 2025 revenue.Risk factors (Item 1A)
USAC month-to-month contracts
earns from · approximately 19% of USAC’s compression services on a revenue basisnamed as a riskFor the year ended December 31, 2025, approximately 19% of USAC’s compression services on a revenue basis were provided on a month-to-month basis to customers who continue to utilize its services following expiration of the primary term of their contracts.Risk factors (Item 1A)
Suppliers
Caterpillar Inc.
depends on · 87.6% of its total fleet horsepowerUSAC’s standardized compression unit fleet is powered primarily by the Caterpillar, Inc.’s 3400, 3500 and 3600 engine classes, which range from 400 to 5,000 horsepower per unit.Business (Item 1)
Trans Mountain Pipeline
depends onnamed as a riskInterruptions or apportionment on the TMPL’s pipeline system can result in Sunoco LP temporarily ceasing or decreasing processing operations at the Burnaby Refinery and may materially affect our business, financial condition and results of operations.Risk factors (Item 1A)
Partners and platforms
Kinder Morgan, Inc.
50/50 joint ventureFGT is owned by Citrus, a 50/50 joint venture with Kinder Morgan, Inc.Business (Item 1)
Other companies
Floating rate debt
exposed to its price · $4.25 billionnamed as a riskA hypothetical change of 100 basis points would result in a maximum potential change to interest expense of $43 million annually; however, our actual change in interest expense may be less in a given period due to interest rate floors included in our variable rate debt instruments.Market risk (Item 7A)
Burnaby Refinery
operates in · approximately 55,000 barrels per daynamed as a riskFollowing its acquisition of Parkland, Sunoco LP also operates the Burnaby Refinery in British Colombia, which has approximately 55,000 barrels per day of operational capacity.Business (Item 1)
Sunoco LP incentive distribution rights
earns from · 50%named as a riskEnergy Transfer currently receives its pro rata share of cash distributions from Sunoco LP based on the highest sharing level of 50% in respect of the Sunoco LP IDRs.Risk factors (Item 1A)
Mariner East 2 pipeline
subject to · $10 millionnamed as a riskFor example, following a state grand jury investigation and the filing of charges alleging criminal misconduct involving the construction and related activities of the Mariner East 2 pipeline (“Mariner 2”), in August 2022 we entered into a plea of no contest with the Pennsylvania Attorney General’s Office that requires us to pay fines to the Commonwealth, pay for independent evaluations of potential water quality impacts to residential water supplies and compensate any affected homeowners, and to also pay $10 million to support water quality improvement projects.Risk factors (Item 1A)
Dakota Access Pipeline
subject tonamed as a riskLegal or regulatory actions related to the Dakota Access Pipeline could cause an interruption to current or future operations, which could have an adverse effect on our business and results of operations.Risk factors (Item 1A)
Places
Florida
earns from · approximately 60% of the natural gas consumed in the stateFGT is the principal transporter of natural gas to the Florida energy market, delivering approximately 60% of the natural gas consumed in the state.Business (Item 1)
Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more
Permian Basin
concentrated in · 5,495 MMcf/dThe Permian Basin Gathering System includes 22 processing facilities (Waha, Red Bluff, Halley, Keystone, Tippet, Panther, Rebel, Grey Wolf, Bear, Arrowhead, Carlsbad, Orla I, Orla II, Martin County, Red Lake, Lenorah, Sale Ranch, Benedum, Sonora, St. Lawrence, Jameson and Badger) with an aggregate processing capacity of 5.5 Bcf/d and one natural gas conditioning facility with an aggregate capacity of 200 MMcf/d.Business (Item 1)
Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more
Mexico
operates innamed as a riskAny deterioration of social, political, labor or economic conditions, including the increasing threat of terrorist organizations and drug cartels in Mexico, or affecting a customer with whom Sunoco LP does business, as well as difficulties in staffing, obtaining necessary equipment and supplies and managing foreign operations, may adversely affect Sunoco LP’s operations or financial results.Risk factors (Item 1A)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
British Columbia
operates innamed as a riskFurther, as discussed above, with Sunoco LP’s acquisition of the Burnaby Refinery located in British Columbia, we are subject to a number of additional regulatory and environmental requirements in Canada, which may increase our costs of compliance and, in turn, have a material adverse impact on our results of operations.Risk factors (Item 1A)
Houston Ship Channel
operates innamed as a riskIncreasing congestion in the Port of Houston, which is currently the busiest port in the U.S. by waterborne tonnage and which has increased volumes in the last few years, could cause our customers or potential customers to divert their business to smaller ports in the Gulf of America, which could result in lower utilization of our facilities.Risk factors (Item 1A)
Muscogee (Creek) Nation reservation (McGirt v. Oklahoma)
subject tonamed as a riskOur operations may be impacted to the extent these tribal governments are found to have and choose to act upon such jurisdiction over lands where we operate.Business (Item 1)
Texas
concentrated inEnergy Transfer operates one of the largest intrastate pipeline systems in the United States, which provides energy logistics to major trading hubs and industrial consumption areas throughout the country.Business (Item 1)
Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more
Hazards
MTBE groundwater litigation
named as a riskAlong with other refiners, manufacturers and sellers of gasoline, ETC Sunoco is a defendant in numerous lawsuits that allege MTBE contamination in groundwater.Risk factors (Item 1A)
Commodities and inputs
Motor fuel
earns from · approximately 92% of Sunoco LP’s total revenuesnamed as a riskFor the year ended December 31, 2025, sales of refined motor fuels accounted for approximately 92% of Sunoco LP’s total revenues.Risk factors (Item 1A)
Crude oil, NGL and refined products
exposed to its price · $131 million effect of hypothetical 10% changenamed as a riskThe following tables summarize commodity-related financial derivative instruments, fair values and the effect of an assumed hypothetical 10% change in the underlying price of the commodity as of December 31, 2025 and 2024 for the Partnership and its consolidated subsidiaries.Market risk (Item 7A)
Steel
depends onnamed as a riskWe own and operate pipelines and terminals and, like others in our industry, we use significant amounts of steel in our projects and rely on our ability to obtain that steel in an affordable way to maintain our operating margins.Risk factors (Item 1A)
Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskAs discussed further herein, our interstate transportation and storage segment’s operations are regulated by the FERC, which has broad regulatory authority over the business and operations of interstate natural gas pipelines.Business (Item 1)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Federal Motor Carrier Safety Administration
subject tonamed as a riskOur fleet currently has a “satisfactory” safety rating; however, if our safety rating were downgraded to “unsatisfactory,” our business and results of operations could be adversely affected.Risk factors (Item 1A)
Also named by CASY, CVLG, FDXF, HTLD, IOT, JBHT, LSTR, R and 5 more
Texas Railroad Commission (TRRC)
subject tonamed as a riskOur intrastate natural gas operations are also subject to regulation by various agencies in Texas, principally the TRRC.Business (Item 1)
Also named by ARLP, CRGY, FANG, L, LB, VNOM, WES, WMB and 1 more
U.S. Army Corps of Engineers (USACE)
subject tonamed as a riskIn December 2025, the USACE issued a Final EIS concluding that the USACE’s preferred alternative is that the USACE reissue its easement to DAPL subject to additional easement conditions.Risk factors (Item 1A)
PHMSA
subject tonamed as a riskOur pipeline operations are subject to regulation by the DOT, through PHMSA, pursuant to the Natural Gas Pipeline Safety Act of 1968, as amended (“NGPSA”), with respect to natural gas and the Hazardous Liquids Pipeline Safety Act of 1979, as amended (“HLPSA”), with respect to crude oil, NGLs and condensates.Business (Item 1)
Laws and programs
U.S. Section 232 steel tariffs
exposed to its price · 50%named as a riskOn March 12, 2025 the U.S government imposed a 25% tariff on steel imports, which was increased to 50% on June 4, 2025, and on April 2, 2025, the U.S government announced a 10% tariff on product imports from almost all countries and individualized higher tariffs on certain other countries.Risk factors (Item 1A)
Also named by AESI, ARLP, CLF, JBI, NUE, RBC, SUN, SUNC and 2 more
FERC Oil Pipeline Index
subject to · PPI-FG minus 1.42%named as a riskAlso on November 20, 2025, the FERC issued a Notice of Proposed Rulemaking for the Five-Year Review of the Oil Pipeline Index proposing an index level of Producer Price Index for Finished Goods (PPI-FG) minus 1.42% for the period from July 1, 2026 to June 30, 2031.Business (Item 1)
Renewable Fuel Standard
subject tonamed as a riskIf the obligation was shifted from the importer/refiner to the blender/distributor, the Partnership would potentially have to utilize the RINs it obtains through its blending activities to satisfy a new obligation and would be unable to sell RINs to other obligated parties, which may cause an impact on the fuel margins associated with Sunoco LP’s sale of gasoline.Risk factors (Item 1A)
Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more
Natural Gas Policy Act Section 311
subject tonamed as a riskShould the FERC determine not to authorize rates equal to or greater than our currently approved Section 311 rates, our business may be adversely affected.Business (Item 1)
EPA OOOOb/OOOOc methane rules
subject tonamed as a riskMethane emission standards imposed on the oil and gas sector could result in increased costs to our operations or those of our customers as well as result in delays or curtailment in such operations, which costs, delays or curtailment could adversely affect our business.Risk factors (Item 1A)
Panhandle Eastern Pipe Line FERC rate proceeding
subject tonamed as a riskBy an order issued on January 16, 2019, the FERC initiated a review of Panhandle’s then-existing rates pursuant to Section 5 of the NGA to determine whether the rates charged by Panhandle are just and reasonable and set the matter for hearing.Risk factors (Item 1A)
USACE Nationwide Permit 12
subject tonamed as a riskAny changes to the USACE NWP program that exclude our projects from coverage could require us to reroute pipeline projects, or seek individual permits that involve longer permitting timelines, leading to construction delays.Risk factors (Item 1A)
Technology
Butane blending gasoline vapor pressure specifications
subject tonamed as a riskIn addition, our patented butane blending services are reliant upon gasoline vapor pressure specifications.Risk factors (Item 1A)