Energy Transfer LP (ET) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and welcome to Energy Transfer's Q2 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please schedule a conference question for pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I'd now like to turn the conference over to Tom Long, CEO. Please go ahead. Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer Second Quarter 2026 Earnings Call. I'm also joined today by Mack McCree, Dylan Bramhall, and other members of the senior management team who are here to help answer your questions after our prepared remarks. Hopefully you saw the press release we issued earlier this morning as a reminder Our earnings release contains an update to guidance and a thorough MD&A that goes through the segment results in detail and we encourage everyone to look at the release as well as the slides posted to our website to gain a full understanding of the quarter and our growth opportunities. As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Security Exchange Act of 1934. These statements are based upon our current beliefs as well as certain assumptions and information currently available to us and are discussed in more details in our form 10Q for the quarter ended June 30, 2026, which we expect to follow later this week. I'll also refer to adjusted EBITDA and distributable cash flow or DCF, both of which are non-GAAP financial measures. You'll find a reconciliation of our non-GAAP measures on our website. Let's s...