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Energy Transfer

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A major U.S. midstream energy partnership transporting, storing, processing and terminaling natural gas, crude oil, NGLs and refined products.

Last updated October 19, 2026

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Overview

Energy Transfer LP is a publicly traded Delaware limited partnership focused on midstream energy infrastructure in the United States. Its activities span the gathering, processing, transportation, storage and terminaling of natural gas, crude oil, natural gas liquids (NGLs), refined products and liquefied natural gas, together with NGL fractionation and related logistics services. Unlike an exploration-and-production company, Energy Transfer generally earns its strategic importance from operating or owning interests in the infrastructure that connects production basins with utilities, industrial customers, refineries, export terminals and other pipeline systems. The business began in 1996 through the partnership of Ray Davis and Kelcy Warren. It expanded through a combination of organic infrastructure development, acquisitions and the consolidation of affiliated publicly traded partnerships. Major steps included the acquisition of Southern Union, the integration of Sunoco and Sunoco Logistics interests, the purchase of Regency Energy Partners, and the 2018 combination of Energy Transfer Equity and Energy Transfer Partners into a simplified operating structure known as Energy Transfer LP. The company subsequently acquired SemGroup and agreed to acquire Crestwood Equity Partners, with the Crestwood transaction completed in early 2025 according to the cited reference material. Energy Transfer’s portfolio includes extensive natural-gas transportation and gathering systems, crude-oil and refined-products pipelines, NGL infrastructure, storage assets, fractionation facilities and marine or land-based terminals. Its affiliated and partly owned systems include the Dakota Access Pipeline, Energy Transfer Crude Oil Pipeline, Bayou Bridge Pipeline, Florida Gas Transmission, Trunkline, Transwestern, Desert Southwest, Panhandle Eastern, Sea Robin, Revolution and Mariner East systems, as well as the Rover pipeline. Through its ownership interests, it is also connected to Sunoco LP, USA Compression Partners and Lake Charles LNG. Sunoco provides an important commercial and distribution relationship through fuel marketing, terminaling and pipeline operations, while USA Compression adds compression services to the broader midstream platform. The company’s scale is concentrated in the United States, with especially substantial infrastructure in Texas and major facilities in the Houston, Nederland and Mont Belvieu areas. Reference material describes approximately 140,000 miles of pipelines across the country as of 2025, including roughly 105,000 miles associated with natural-gas transportation. Energy Transfer is also described as one of the world’s larger NGL exporters. Its current growth agenda includes projects intended to connect producing regions with demand centers and export markets; in 2025 it announced the Desert Southwest Pipeline, a proposed 516-mile natural-gas project linking the Permian Basin with markets in Arizona and New Mexico and targeted for operation in 2029. Energy Transfer has also been a prominent and controversial participant in U.S. pipeline development. The Dakota Access Pipeline generated sustained opposition from the Standing Rock Sioux Tribe and environmental organizations because of concerns involving water protection, cultural resources, consultation and the project’s climate implications. Construction-site protests led to hundreds of arrests and litigation involving both the project and activist groups. Energy Transfer’s later civil litigation against Greenpeace and related organizations produced a major 2025 North Dakota jury verdict awarding the company $666.8 million, although Greenpeace has appealed. This dispute remains a significant part of the company’s public profile alongside its role as a large-scale infrastructure operator.

History

Energy Transfer was established in 1996 by Ray Davis and Kelcy Warren as a platform for acquiring and developing U.S. midstream energy infrastructure. Its expansion has combined pipeline construction with ownership stakes in affiliated partnerships and operating companies. The resulting business covers multiple hydrocarbon streams rather than a single commodity: natural gas, crude oil, NGLs, refined products and LNG-related infrastructure. A major early expansion came in 2011, when Energy Transfer and Regency Energy Partners formed a joint venture to acquire midstream assets from Louis Dreyfus Highbridge Energy for approximately $2 billion. The assets became associated with Castleton Commodities International. In 2012, Energy Transfer acquired Southern Union Company, adding more than 20,000 miles of gathering and transportation pipelines. During the same period it acquired Sunoco, Inc. and obtained control of Sunoco Logistics Partners, giving the group a significant crude-oil and refined-products logistics network. In 2014, the company acquired Susser Holdings Corporation, operator of the Stripes convenience-store chain. The stores were subsequently rebranded under Sunoco and A-Plus identities. In 2015, Energy Transfer acquired Regency Energy Partners for approximately $11 billion. It also proposed acquiring Williams Companies for roughly $32.6 billion, a plan that ultimately did not proceed. The proposed Williams transaction reflected the company’s ambition to build a larger national natural-gas infrastructure platform. In October 2018, Energy Transfer Equity completed its acquisition of Energy Transfer Partners. The restructuring reduced the complexity of the affiliated partnership structure and created Energy Transfer LP as the principal operating entity. In 2019, Energy Transfer acquired SemGroup for approximately $5 billion, broadening its crude-oil, refined-products and terminal operations. Rick Perry, a former U.S. energy secretary, rejoined the company’s board in 2020. The Dakota Access Pipeline became the company’s most visible infrastructure project and one of its most contentious. Energy Transfer owns a 36.4 percent interest in the Dakota Access and Energy Transfer Crude Oil Pipeline systems. Beginning in 2016, the project faced protests and litigation led by or associated with the Standing Rock Sioux Tribe and environmental activists. Opposition focused on the pipeline’s route, potential effects on water resources and culturally significant areas, and the consultation process. Protest activity led to arrests and confrontations involving law enforcement and private security personnel. Energy Transfer later sued Greenpeace USA, BankTrack and Earth First! over their opposition campaign, alleging racketeering, defamation and related misconduct. A federal court dismissed the earlier lawsuit in 2019. In 2025, the company brought a further civil action seeking $300 million in damages. A North Dakota jury awarded $666.8 million to Energy Transfer and found Greenpeace and related entities liable for several claims; Greenpeace has disputed the findings and appealed. The company continued to grow through acquisitions and infrastructure development. In 2023 it announced an agreement to acquire Crestwood Equity Partners for approximately $7.1 billion, and the transaction was completed in early 2025. Also in 2025, Energy Transfer announced the Desert Southwest Pipeline, a proposed 516-mile natural-gas project connecting the Permian Basin to Arizona and New Mexico markets. Reference material describes the resulting enterprise as operating or owning interests in approximately 140,000 miles of U.S. pipelines, with particularly extensive natural-gas systems and a large NGL export position.

  • 2025

    Crestwood transaction completes

    [1]

    The acquisition is completed in early 2025, expanding Energy Transfer’s gathering, processing, storage and logistics network.

  • 2025

    Desert Southwest Pipeline announced

    [1]

    Energy Transfer announces a proposed 516-mile natural-gas pipeline from the Permian Basin toward Arizona and New Mexico markets, with a stated 2029 operating target.

  • 2023

    Crestwood acquisition is announced

    [1]

    Energy Transfer announces a definitive agreement to acquire Crestwood Equity Partners for approximately $7.1 billion.

  • 2019

    SemGroup is acquired

    [1]

    The approximately $5 billion acquisition adds further oil, refined-products and terminal infrastructure.

  • 2018

    Energy Transfer LP structure is formed

    [1]

    Energy Transfer Equity completes its combination with Energy Transfer Partners, simplifying the group’s partnership structure.

  • 2016

    Dakota Access protests intensify

    [1]

    Construction of the Dakota Access Pipeline becomes the focus of major demonstrations, legal challenges and clashes involving activists, tribal representatives, private security and law enforcement.

  • 2015

    Regency Energy Partners acquisition closes

    [1]

    The approximately $11 billion transaction materially increases Energy Transfer’s natural-gas gathering and transportation operations.

  • 2014

    Susser Holdings is acquired

    [1]

    Energy Transfer acquires the operator of the Stripes convenience-store chain, later rebranding locations under Sunoco and A-Plus names.

  • 2012

    Southern Union and Sunoco interests expand the platform

    [1]

    The acquisition of Southern Union adds more than 20,000 miles of gathering and transportation pipelines, while the Sunoco transaction adds control of important crude and refined-products logistics assets.

  • 2011

    Louis Dreyfus Highbridge assets acquired through a joint venture

    [1]

    Energy Transfer and Regency Energy Partners form a joint venture to acquire midstream assets for approximately $2 billion.

Products and positioning

A large, diversified U.S. midstream infrastructure platform serving production basins, utilities, industrial users, refineries and export markets.

  • Natural gas infrastructure

    Natural-gas transportation and gathering

    Energy Transfer operates a large network of gathering, processing and transmission assets that move natural gas from producing regions to utilities, industrial customers, storage sites and connecting pipelines. Reference material describes approximately 105,000 miles of natural-gas transportation pipelines. Key systems include Panhandle Eastern, Trunkline, Transwestern, Florida Gas Transmission and Desert Southwest.

  • Crude oil logistics

    Crude-oil pipelines and terminals

    The company owns or operates interests in crude-oil transportation, acquisition, storage and terminaling assets. The Dakota Access and Energy Transfer Crude Oil Pipeline systems connect Bakken production with downstream markets, while other assets and terminals support Permian and Gulf Coast logistics.

  • Natural gas liquids

    NGL infrastructure

    Energy Transfer’s NGL business includes transportation, storage, fractionation and export-related infrastructure. These assets separate mixed NGL streams into marketable components and connect U.S. production with domestic users and international buyers. The company is described in the reference material as one of the world’s larger NGL exporters.

  • Refined petroleum products

    Refined-products logistics

    Through Sunoco-related operations and other infrastructure, Energy Transfer provides pipeline transportation, storage and terminaling for refined petroleum products. These capabilities support refineries, fuel distributors, terminals and retail-market supply chains.

  • LNG infrastructure

    Lake Charles LNG

    Energy Transfer owns Lake Charles LNG, comprising an LNG import terminal and regasification facility near Lake Charles, Louisiana. The asset gives the company a position in LNG-related terminal infrastructure in addition to its broader pipeline and storage portfolio.

  • Compression services

    USA Compression Partners

    Energy Transfer holds a 46 percent non-economic general-partner interest and approximately 38 percent of the outstanding common units of USA Compression Partners L.P. The affiliate provides compression services used to maintain pressure and throughput in natural-gas gathering and transportation systems.

Controversies

  • 2026

    Standing Rock Sioux Tribe files lawsuit seeking shutdown of Dakota Access Pipeline

    The Standing Rock Sioux Tribe filed a lawsuit in the U.S. District Court for the District of Columbia against the U.S. Army Corps of Engineers and the U.S. Pipeline and Hazardous Materials Safety Administration. The tribe seeks to overturn the Army Corps' May record of decision granting an easement for the Dakota Access Pipeline's river crossing, to rescind the safety agency's approvals of spill response plans, and to shut down the pipeline developed by Energy Transfer. The tribe alleges the environmental review does not resolve issues of pipeline safety, spill response, threats to its sole source of drinking water, treaty rights, and federal obligations, and argues a spill would threaten its community's health and welfare.

  • 2025

    Greenpeace civil litigation and jury verdict

    Energy Transfer pursued a further civil action seeking $300 million over alleged support for Dakota Access protests. A North Dakota jury later awarded Energy Transfer $666.8 million and found Greenpeace and affiliated entities liable for defamation, trespass, nuisance and civil conspiracy claims. Greenpeace denies the allegations and is appealing.

  • 2021

    FERC proposes $20.2 million penalty for Energy Transfer and Rover Pipeline

    FERC proposed that Energy Transfer Partners LP pay $20.2 million, alleging it misled the Commission about the purchase and demolition of a historic Ohio property that could have affected review of the Rover Pipeline. The proposal gave Energy Transfer and affiliate Rover Pipeline LLC 30 days to respond; the allegations are not stated as a final determination.

  • 2017

    Energy Transfer lawsuit against environmental organizations

    Energy Transfer sued Greenpeace USA, BankTrack and Earth First! under claims involving racketeering and defamation connected with Dakota Access protests. A federal court dismissed the lawsuit in 2019.

  • 2016

    Dakota Access Pipeline opposition and construction-site clashes

    The Dakota Access Pipeline drew intense opposition from the Standing Rock Sioux Tribe and environmental activists over water, cultural-resource and consultation concerns. Protests produced hundreds of arrests and confrontations involving private security and law enforcement.

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Marketing campaigns

  • 2016ReZpect Our Water

    United States · International

    Standing Rock-linked young activists organized a run from North Dakota to Washington, D.C., and promoted an international campaign opposing the Dakota Access Pipeline. The campaign emphasized water protection, Indigenous rights and opposition to the project’s route.

    Outcome. The campaign helped generate international attention and sustained political and legal pressure around Dakota Access construction.

Brand decisions

  • 2025

    Develop the Desert Southwest PipelineProduct launch

    Background

    Growing Permian Basin production and demand in the desert Southwest created a potential need for additional natural-gas transportation capacity.

    Action taken

    Energy Transfer announced a proposed 516-mile pipeline connecting the Permian Basin with markets in Arizona and New Mexico, targeting operation in 2029.

    Aftermath

    The project represents a planned expansion toward southwestern U.S. demand centers, subject to development and applicable approvals.

  • 2023

    Agree to acquire Crestwood Equity PartnersM&A

    Background

    Energy Transfer sought to extend its U.S. midstream gathering, processing, storage and logistics footprint.

    Action taken

    The company announced a definitive agreement to acquire Crestwood Equity Partners for approximately $7.1 billion.

    Aftermath

    The acquisition was completed in early 2025 and increased Energy Transfer’s operating scale.

    Transaction value. Approximately $7.1 billion (Announced 2023; completed early 2025)

  • 2019

    Acquire SemGroupM&A

    Background

    Energy Transfer pursued additional crude-oil, refined-products and terminal infrastructure.

    Action taken

    The company acquired SemGroup for approximately $5 billion.

    Aftermath

    The transaction expanded Energy Transfer’s oil logistics and terminal portfolio.

    Transaction value. Approximately $5 billion (2019)

  • 2018

    Simplify the partnership structureStrategy

    Background

    The affiliated Energy Transfer Equity and Energy Transfer Partners structures created organizational complexity.

    Action taken

    Energy Transfer Equity completed its acquisition of Energy Transfer Partners and consolidated the operating structure as Energy Transfer LP.

    Aftermath

    The group operated through a more unified publicly traded partnership.

  • 2015

    Acquire Regency Energy PartnersM&A

    Background

    The transaction was intended to expand Energy Transfer’s natural-gas gathering and transportation footprint.

    Action taken

    Energy Transfer completed the acquisition of Regency Energy Partners for approximately $11 billion.

    Aftermath

    The combination strengthened the company’s position in U.S. natural-gas midstream infrastructure.

    Transaction value. Approximately $11 billion (2015)

  • 2012

    Acquire Southern Union and Sunoco interestsM&A

    Background

    Energy Transfer sought to broaden its geographic reach and add both natural-gas transportation and liquid-fuels logistics.

    Action taken

    It acquired Southern Union and became a controlling owner of Sunoco and important Sunoco Logistics partnership interests.

    Aftermath

    The transactions created a more diversified platform spanning natural gas, crude oil, refined products and terminals.

Recent events

  • Reported

    Standing Rock Sioux Tribe files lawsuit seeking shutdown of Dakota Access Pipeline[3]

    The Standing Rock Sioux Tribe filed a new lawsuit in the U.S. District Court for the District of Columbia against the U.S. Army Corps of Engineers and the U.S. Pipeline and Hazardous Materials Safety Administration, seeking to overturn the Army Corps' May record of decision granting an easement for the Dakota Access Pipeline's river crossing, to rescind the safety agency's approvals of spill response plans, and to shut down the pipeline developed by Energy Transfer. The tribe alleges the environmental review does not resolve issues of pipeline safety, spill response, threats to its sole source of drinking water, treaty rights, and federal obligations, and argues a spill would threaten its community's health and welfare.

  • Reported

    FERC proposes $20.2 million penalty for Energy Transfer and Rover Pipeline[5]

    FERC proposed that Energy Transfer Partners LP pay $20.2 million, alleging it misled the Commission about the purchase and demolition of a historic Ohio property that could have affected review of the Rover Pipeline. The proposal gave Energy Transfer and affiliate Rover Pipeline LLC 30 days to respond; the allegations are not stated as a final determination.

  • Reported

    Energy Transfer to acquire Enable Midstream[6]

    Enable Midstream Partners announced an agreement to become part of Energy Transfer in an all-equity transaction valued at about $7.2 billion.

  • Reported

    Pennsylvania fines Energy Transfer over pipeline construction violations[4]

    Pennsylvania fined Energy Transfer more than $30 million after a state investigation found numerous regulatory violations during construction of its Revolution pipeline. The penalty was part of a settlement agreement with subsidiary ETC Northeast Pipeline LLC.

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