Energy Transfer (NYSE: ET) is a Dallas-based midstream energy company that develops and operates infrastructure for the transportation, storage and processing of hydrocarbons. The company’s operations focus on moving and storing natural gas, natural gas liquids (NGLs), crude oil and refined products through an integrated network of pipelines, terminals, storage facilities and processing plants. Energy Transfer provides core midstream services such as gathering, compression, fractionation, processing, and bulk transportation to support production and downstream supply chains.
Its asset base spans an extensive network across the United States, connecting producing regions, processing centers, petrochemical hubs and coastal and inland markets. The company serves a broad set of customers including exploration and production companies, refiners, utilities, petrochemical manufacturers, commodity marketers and other commercial shippers. In addition to physical infrastructure, Energy Transfer engages in commercial activities related to capacity contracting, throughput agreements and energy marketing that link production basins with end-use markets.
Energy Transfer’s business model is centered on fee-based, asset-backed services that generate revenue from long-term contracts, throughput volumes and service fees, while also participating in fee-for-service and market-exposed activities. As a large midstream operator, the company’s performance is influenced by regional production trends, pipeline flows, refining and petrochemical demand, and regulatory and permitting environments. Management emphasizes operating reliability, safety and regulatory compliance to maintain service continuity across its diversified infrastructure portfolio.