能源转换 2025年度报告

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report. If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No The aggregate market value as of June30, 2025, of the registrant’s Common Units held by non-affiliates of the registrant, based on the reportedclosing price of such Common Units on the New York Stock Exchange on such date, was $55.98 billion. As of February13, 2026, the registrant had 3,440,314,575 Common Units outstanding. DOCUMENTS INCORPORATED BY REFERENCE PART IITEM 1. BUSINESS6ITEM 1A. RISK FACTORS47ITEM 1B. UNRESOLVED STAFF COMMENTS96ITEM 1C. CYBERSECURITY96ITEM 2. PROPERTIES98ITEM 3. LEGAL PROCEEDINGS98ITEM 4. MINE SAFETY DISCLOSURES102PART IIITEM 5. MARKET FOR REGISTRANT’S COMMON UNITS, RELATED UNITHOLDER MATTERS AND ISSUERPURCHASES OF EQUITY SECURITIES103ITEM 6. [RESERVED]104ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS104ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK134ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA136ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE136ITEM 9A. CONTROLS AND PROCEDURES137ITEM 9B. OTHER INFORMATION139ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS140PART IIIITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE141ITEM 11. EXECUTIVE COMPENSATION147ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDUNITHOLDER MATTERS161ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE163ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES164PART IVITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES165ITEM 16. FORM 10-K SUMMARY166SIGNATURES172 Table of ContentsIndex to Financial Statements Definitions The following is a list of certain acronyms and terms used throughout this document: Table of ContentsIndex to Financial Statements TigerTiger Pipeline and/or ETC Tiger Pipeline, LLC, a wholly owned subsidiary of Energy TransferTranswesternTranswestern Pipeline and/or Transwestern Pipeline Company, LLC, a wholly owned subsidiary of EnergyTransferTRRCTexas Railroad CommissionTrunklineTrunkline Pipeline and/or Trunkline Gas Company, LLC, a wholly owned subsidiary of Energy TransferUnitholdersPreferred Unitholders and holders of Energy Transfer Common UnitsUSACUSA Compression Partners, LP, a publicly traded partnership and consolidated subsidiary of EnergyTransferWhite CliffsWhite Cliffs Pipeline, L.L.C.WTG MidstreamWTG Midstream Holdings LLC Forward-Looking Statements Certain matters discussed in this annual report, excluding historical information, as well as some statements by Energy Transfer LP(the “Partnership” or “Energy Transfer”) in periodic press releases and some oral statements of the Part