# EDGAR Filing Document

**Accession Number:** 0001276187
**File Stem:** 0001193125-26-010615
**Filing Date:** 2026-1
**Character Count:** 13615
**Document Hash:** ce75cc4fedd32ebb43cacf763f12d2b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-010615.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0001193125-26-010615

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260112

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energy Transfer LP
- **CENTRAL INDEX KEY:** 0001276187
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 300108820
- **STATE OF INCORPORATION:** OK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-279982
- **FILM NUMBER:** 26527683

**BUSINESS ADDRESS:**
- **STREET 1:** 8111 WESTCHESTER DRIVE
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** 2149810700

**MAIL ADDRESS:**
- **STREET 1:** 8111 WESTCHESTER DRIVE
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Energy Transfer Equity, L.P.
- **DATE OF NAME CHANGE:** 20050823

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAGRANGE ENERGY LP
- **DATE OF NAME CHANGE:** 20040113
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energy Transfer LP
- **CENTRAL INDEX KEY:** 0001276187
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATURAL GAS TRANSMISSION [4922]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 300108820
- **STATE OF INCORPORATION:** OK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 8111 WESTCHESTER DRIVE
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** 2149810700

**MAIL ADDRESS:**
- **STREET 1:** 8111 WESTCHESTER DRIVE
- **STREET 2:** SUITE 600
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Energy Transfer Equity, L.P.
- **DATE OF NAME CHANGE:** 20050823

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LAGRANGE ENERGY LP
- **DATE OF NAME CHANGE:** 20040113

**Filed Pursuant to Rule 433 of the Securities Act** 

**Registration No. 333-279982** 

**January 12, 2026** 

**Final Pricing Terms** 

**Energy Transfer LP** 

**$1,000,000,000 4.550% Senior Notes due 2031** 

**$1,000,000,000 5.350% Senior Notes due 2036** 

**$1,000,000,000 6.300% Senior Notes due 2056** 

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| | | | |
|:---|:---|:---|:---|
| Issuer: | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| Expected Ratings (Moody's / S&P / Fitch)\*: | Baa2 / BBB / BBB | Baa2 / BBB / BBB | Baa2 / BBB / BBB |
| Security Type: | Senior Unsecured Notes | Senior Unsecured Notes | Senior Unsecured Notes |
| Form: | SEC Registered | SEC Registered | SEC Registered |
| Pricing Date: | January 12, 2026 | January 12, 2026 | January 12, 2026 |
| Settlement Date (T+10): | January 27, 2026. We expect that delivery of the notes will be made against payment therefor on or about January 27, 2026, which will be the tenth business day following the date hereof. This settlement cycle is referred to as "T+10." Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the date that is one business day preceding the settlement date, will be required, by virtue of the fact that the notes initially will settle T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes prior to the date that is one business day preceding the settlement date should consult their own advisors. | January 27, 2026. We expect that delivery of the notes will be made against payment therefor on or about January 27, 2026, which will be the tenth business day following the date hereof. This settlement cycle is referred to as "T+10." Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the date that is one business day preceding the settlement date, will be required, by virtue of the fact that the notes initially will settle T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes prior to the date that is one business day preceding the settlement date should consult their own advisors. | January 27, 2026. We expect that delivery of the notes will be made against payment therefor on or about January 27, 2026, which will be the tenth business day following the date hereof. This settlement cycle is referred to as "T+10." Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the date that is one business day preceding the settlement date, will be required, by virtue of the fact that the notes initially will settle T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of notes who wish to trade notes prior to the date that is one business day preceding the settlement date should consult their own advisors. |
| Ranking: | The notes will be our general unsecured obligations. The notes will rank equally in right of payment with all our existing and future senior debt, including debt under our revolving credit facility and our existing senior notes, senior in right of payment to our existing and future subordinated debt and junior to the indebtedness and other obligations, including trade payables, of our subsidiaries that do not guarantee the notes. As of September 30, 2025, after giving effect to this offering and the application of the net proceeds as set forth under "Use of Proceeds" in the Notes Preliminary Prospectus Supplement (as defined below), we would have had total senior debt of $51.9 billion, total junior subordinated debt of $3.8 billion, and we would have been able to incur an additional $5.0 billion of debt under our revolving credit facility. | The notes will be our general unsecured obligations. The notes will rank equally in right of payment with all our existing and future senior debt, including debt under our revolving credit facility and our existing senior notes, senior in right of payment to our existing and future subordinated debt and junior to the indebtedness and other obligations, including trade payables, of our subsidiaries that do not guarantee the notes. As of September 30, 2025, after giving effect to this offering and the application of the net proceeds as set forth under "Use of Proceeds" in the Notes Preliminary Prospectus Supplement (as defined below), we would have had total senior debt of $51.9 billion, total junior subordinated debt of $3.8 billion, and we would have been able to incur an additional $5.0 billion of debt under our revolving credit facility. | The notes will be our general unsecured obligations. The notes will rank equally in right of payment with all our existing and future senior debt, including debt under our revolving credit facility and our existing senior notes, senior in right of payment to our existing and future subordinated debt and junior to the indebtedness and other obligations, including trade payables, of our subsidiaries that do not guarantee the notes. As of September 30, 2025, after giving effect to this offering and the application of the net proceeds as set forth under "Use of Proceeds" in the Notes Preliminary Prospectus Supplement (as defined below), we would have had total senior debt of $51.9 billion, total junior subordinated debt of $3.8 billion, and we would have been able to incur an additional $5.0 billion of debt under our revolving credit facility. |
| Net Proceeds (before offering expenses): | $2974800000 |  |  |
| Delivery: | DTC (deliverable through Euroclear and Clearstream) | DTC (deliverable through Euroclear and Clearstream) |  |
|  | **<u>$1,000,000,000 4.550% Senior Notes due 2031</u>** | **<u>$1,000,000,000 5.350% Senior Notes due 2036</u>** | **<u>$1,000,000,000 6.300% Senior Notes due 2056</u>** |
| Principal Amount: | $1000000000 | $1000000000 | $1000000000 |
| Maturity Date: | January 15, 2031 | January 15, 2036 | January 15, 2056 |
| Interest Payment Dates: | January 15 and July 15, beginning July 15, 2026 | January 15 and July 15, beginning July 15, 2026 | January 15 and July 15, beginning July 15, 2026 |
| Benchmark Treasury: | 3.625% due December 31, 2030 | 4.000% due November 15, 2035 | 4.750% due August 15, 2055 |
| Benchmark Treasury Price / Yield: | 99-12 ¾ / 3.759% | 98-18 / 4.179% | 98-23 / 4.832% |
| Spread to Benchmark: | +83 bps | +118 bps | +148 bps |
| Yield to Maturity: | 4.589% | 5.359% | 6.312% |
| Coupon: | 4.550% | 5.350% | 6.300% |

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| | | | |
|:---|:---|:---|:---|
| Public Offering Price: | 99.830% of the Principal Amount | 99.933% of the Principal Amount | 99.842% of the Principal Amount |
| Make-Whole Call: | T+15 bps | T+20 bps | T+25 bps |
| Call at Par: | On or after December 15, 2030 | On or after October 15, 2035 | On or after July 15, 2055 |
| CUSIP / ISIN: | 29273V BJ8 / US29273VBJ89 | 29273V BK5 / US29273VBK52 | 29273V BL3 / US29273VBL36 |
| Joint Book-Running Managers: | BofA Securities, Inc.<br> Deutsche Bank Securities Inc.<br> Mizuho Securities USA LLC<br> MUFG Securities Americas Inc.<br> SMBC Nikko Securities America, Inc.<br> Barclays Capital Inc.<br> BBVA Securities Inc.<br> BMO Capital Markets Corp.<br> CIBC World Markets Corp.<br> Citigroup Global Markets Inc.<br> Credit Agricole Securities (USA) Inc.<br> Fifth Third Securities, Inc.<br> J.P. Morgan Securities LLC<br> Morgan Stanley & Co. LLC<br> PNC Capital Markets LLC<br> RBC Capital Markets, LLC<br> Regions Securities LLC<br> Scotia Capital (USA) Inc.<br> SG Americas Securities, LLC<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> U.S. Bancorp Investments, Inc.<br> Wells Fargo Securities, LLC | BofA Securities, Inc.<br> Deutsche Bank Securities Inc.<br> Mizuho Securities USA LLC<br> MUFG Securities Americas Inc.<br> SMBC Nikko Securities America, Inc.<br> Barclays Capital Inc.<br> BBVA Securities Inc.<br> BMO Capital Markets Corp.<br> CIBC World Markets Corp.<br> Citigroup Global Markets Inc.<br> Credit Agricole Securities (USA) Inc.<br> Fifth Third Securities, Inc.<br> J.P. Morgan Securities LLC<br> Morgan Stanley & Co. LLC<br> PNC Capital Markets LLC<br> RBC Capital Markets, LLC<br> Regions Securities LLC<br> Scotia Capital (USA) Inc.<br> SG Americas Securities, LLC<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> U.S. Bancorp Investments, Inc.<br> Wells Fargo Securities, LLC | BofA Securities, Inc.<br> Deutsche Bank Securities Inc.<br> Mizuho Securities USA LLC<br> MUFG Securities Americas Inc.<br> SMBC Nikko Securities America, Inc.<br> Barclays Capital Inc.<br> BBVA Securities Inc.<br> BMO Capital Markets Corp.<br> CIBC World Markets Corp.<br> Citigroup Global Markets Inc.<br> Credit Agricole Securities (USA) Inc.<br> Fifth Third Securities, Inc.<br> J.P. Morgan Securities LLC<br> Morgan Stanley & Co. LLC<br> PNC Capital Markets LLC<br> RBC Capital Markets, LLC<br> Regions Securities LLC<br> Scotia Capital (USA) Inc.<br> SG Americas Securities, LLC<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> U.S. Bancorp Investments, Inc.<br> Wells Fargo Securities, LLC |

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\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

**Additional Information** 

The Issuer has filed a registration statement (including a base prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission ("SEC") for this offering (the "Notes Preliminary Prospectus Supplement"). Before you invest, you should read the Notes Preliminary Prospectus Supplement, the base prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, you may obtain a copy of the Notes Preliminary Prospectus Supplement and related base prospectus if you request it by calling BofA Securities, Inc. toll free at 1-800-294-1322, Deutsche Bank Securities Inc. toll free at 1-800-503-4611, Mizuho Securities USA LLC toll free at 1-866-271-7403, MUFG Securities Americas Inc. toll free at 1-877-649-6848 or SMBC Nikko Securities America, Inc. toll free at 1-888-868-6856.

This pricing term sheet supplements the Notes Preliminary Prospectus Supplement filed by Energy Transfer LP on January 12, 2026 relating to the base prospectus dated June 5, 2024.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.