UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended DECEMBER 31, 2025 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-32740 ENERGY TRANSFER LP (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ...

Core Viewpoint - The focus is on generating a 7%+ income yield through investments in energy stocks while minimizing principal loss risk [1]. Group 1: Investment Strategy - The investment strategy involves a portfolio of energy stocks, including both traditional and renewable energy sectors, targeting international companies with competitive advantages and strong dividend yields [1]. - The leader of the investing group, Energy Profits in Dividends, emphasizes income generation through energy stocks and closed-end funds (CEFs), while also managing risk through options [1]. Group 2: Research and Insights - Subscribers gain access to exclusive investment ideas and in-depth research that is not available to the general public, enhancing their investment decision-making [1]. - The service has been operational since 2010, providing both micro and macro-analysis of domestic and international energy companies [1].

I am a full-time analyst interested in a wide range of stocks. With my unique insights and knowledge, I hope to provide other investors with a contrasting view of my portfolio, given my particular background.If you have any questions, feel free to reach out to me via a direct message on Seeking Alpha or leave a comment on one of my articles.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the ...

Group 1 - It is essential for investors to regularly update their outlooks, models, and projections due to the rapidly changing variables in capital markets [1] - The focus is on US equity research, particularly on dividend growers and earnings compounders that demonstrate growth at a reasonable price [1] - The aim is to incorporate intrinsic value calculations into every analysis to enhance valuation models [1]

Core Viewpoint - Energy Transfer presents a high total return potential driven by a strong dividend yield and ongoing expansion projects [1][2][9] Expansion Projects - Energy Transfer, in partnership with Kinder Morgan, has approved two significant expansion projects on the Florida Gas Transmission pipeline, investing $535 million in FGT Phase IX and $110 million in the South Florida Project, with completion expected in 2028 and 2030 respectively [4][5] - The company plans to invest between $5 billion and $5.5 billion in growth capital projects this year, supporting various projects including the $2.7 billion Hugh Brinson natural gas pipeline and the $5.6 billion Transwestern Pipeline expansion, anticipated to be operational by 2029 [6][7] Financial Performance - Energy Transfer expects a 9% to 12% growth in adjusted EBITDA this year, a significant increase from the previous year's 3% growth, which supports plans to increase its distribution by 3% to 5% annually [8][9] - The company has a market capitalization of $65 billion and a current dividend yield of 7.03%, indicating strong income potential for investors [6]

Market Overview - The market is currently experiencing a rotation period, with a significant surge in value stocks compared to growth stocks, marking the largest shift in over four years [3] - Despite recent slowdowns, the market outlook remains promising as it navigates through key challenges, including changes in Federal Reserve leadership and government negotiations [2] Company Analysis: Enterprise Products Partners L.P. (NYSE:EPD) - Enterprise Products Partners L.P. reported fiscal Q4 2025 earnings on February 3, achieving $13.79 billion in revenue, which is a 2.87% decrease year-over-year but exceeded consensus estimates by $1.43 billion [11] - The company's EPS for the quarter was $0.75, surpassing estimates by $0.06, driven by growth in the Natural Gas and Petrochemical & Refined Products segments, although offset by lower oil prices [11] - Analysts have raised price targets for EPD, with Wells Fargo increasing its target from $36 to $38 and Scotiabank from $35 to $37, while both maintained a Hold rating due to discrepancies between operational data and financial outcomes [9][10][12] Company Analysis: Energy Transfer LP (NYSE:ET) - Energy Transfer LP released fiscal Q4 2025 earnings on February 17, reporting revenue of $25.32 billion, a 29.57% year-over-year increase, but an EPS of $0.25 fell short of estimates by $0.11 [14] - The company experienced volume growth in the fourth quarter, with NGL and refined product terminal volumes up 12% and NGL transportation volumes increasing by 5%, driven by demand from data centers and power generation [15] - Energy Transfer has set its 2026 adjusted EBITDA guidance between $17.45 billion and $17.85 billion, an increase from the previous range of $17.3 billion to $17.7 billion [16]

Group 1 - The article discusses the analysis of oil and gas companies, focusing on identifying undervalued firms within the sector [1] - The author emphasizes the importance of understanding balance sheets, competitive positions, and development prospects of these companies [1] - The investment group, Oil & Gas Value Research, aims to find under-followed and out-of-favor midstream companies that present compelling investment opportunities [3] Group 2 - The oil and gas industry is characterized as a boom-bust, cyclical market, requiring patience and experience for successful investment [3] - The article mentions that the author has a beneficial long position in EPD AM shares, indicating a personal investment interest [4] - The investment group includes an active chat room for discussions among oil and gas investors, facilitating the sharing of recent information and ideas [3]

Core Viewpoint - Adamera Minerals Corp. has identified a large-scale copper-gold target at its South Hedley Copper Gold Project, which has the potential to evolve the Max prospect into a significant copper-gold porphyry opportunity [1][4]. Project Location and Context - The South Hedley project is strategically located between the historic Nickel Plate gold mine and the active Copper Mountain mine in southern British Columbia [2][6]. - The property spans 20,000 hectares and is situated within the Quesnel Trough, a region known for hosting several major mineral deposits [4]. Geological Findings - Initial work at the South Hedley project has included geophysical surveying, geochemical sampling, and prospecting, which have defined two gold and base metal targets [3]. - The Max prospect is located on the edge of a horseshoe-shaped geochemical anomaly, with a 2 square kilometer magnetic anomaly suggesting a possible buried diorite intrusion [3][4]. - Geochemical analysis revealed copper values up to 1,450 ppm and gold values peaking at 1.61 g/t (1,610 ppb), indicating a strong correlation between copper and gold anomalies [7]. Technical Interpretation - The geochemical zonation pattern observed is typical of porphyry-style copper-gold systems, with the Max prospect identified as a high-priority target area [8][14]. - Ground magnetic data indicates a coherent magnetic high feature at depths below 110 meters, interpreted as a potential source for mineralization [8][10]. Next Steps in Exploration - The company has submitted a Notice of Work for drilling to test high-priority target areas, with plans for an induced polarization survey to map chargeability and resistivity at depth [17][23]. - Further geochemical analyses and infill sampling surveys are planned to assist in vectoring within the mineralized system [23]. Additional Prospects - A second prospect, the Glix Prospect, has been identified approximately 15 kilometers from the Max target, considered comparable to a gold-bearing skarn environment [19].

Achieved record partnership adjusted EBITDA of nearly $16 billion for 2025, driven by record volumes across interstate midstream, NGL, and crude segments. Strategic focus on the 'crown jewel' Hugh Brinson pipeline provides bidirectional flexibility to move 2.2 Bcf per day West-to-East and 1 Bcf per day East-to-West, effectively linking Texas supply to high-demand markets. Capitalized on the convergence of energy and technology infrastructure by utilizing pipeline corridors that align with fiber optic ...

The results of Energy Transfer LP's ( ET ) Q4 report demonstrate that the company is continuing to pursue its previous strategy of expanding its energy transportation operations. Taking into account current forecastsMy professional journey in the investment field began in 2011. Today, I combine the roles of an Investment Consultant and an Active Intraday Trader. This synergistic approach allows me to maximize returns by leveraging deep knowledge in economics, fundamental investment analysis, and technical t ...