Table of Contents
⚠ Disclaimer: This entry may be incomplete, out of date, or inaccurate. It is AI-maintained on a best-effort basis. Do not rely on it as a sole source — verify claims independently using the sources listed below.
Summary
Energy Transfer LP (NYSE: ET) is a diversified midstream partnership whose pipelines include large Texas intrastate systems and interstate lines such as Transwestern. Headquartered in Dallas, Texas per its FY2025 10-K cover (SEC). Of the pipeline operators reviewed, it discloses the most data-center-specific contracting, including at least one behind-the-meter campus. All figures in this entry come from ET’s own Q1 2026 earnings presentation (2026-05-05) unless noted; they are company claims and mix binding and conditional agreements, which are separated below.
Key Facts
- Status: active
- Type: Public master limited partnership (NYSE: ET); value-chain position: pipeline operator (intrastate and interstate), with small on-site generation
- 2026 guidance (May 2026): adjusted EBITDA $18.2B–$18.6B (raised from $17.45B–$17.85B); growth capital about $5.5B–$5.9B
- Contracted capacity (company): 6+ Bcf/d of contracted pipeline capacity, 18-year weighted average life, $25B+ expected firm-transport fee revenue (spans all customers, not only data centers)
Data center and power agreements (company-reported)
| Counterparty / project | What | Binding status per company slide |
|---|---|---|
| Oracle (three U.S. data centers, two in Texas) | Multiple long-term agreements to supply about 900,000 Mcf/d; first pipe in service | Long-term agreements described as signed |
| Nexus Hubbard Campus, Central Texas | Firm transportation, initial about 150 MMcf/d by end of 2026; Nexus is building a behind-the-meter AI campus with on-site gas generation | Long-term firm transportation agreements |
| Arkansas data center | About 150 MMcf/d firm transportation on the EGT pipeline, mid-2027 target | Letter of intent |
| CloudBurst Next-Gen Data Center campus, near San Marcos, Texas | Up to 450,000 MMBtu/d firm supply, enough for up to about 1.2 GW of behind-the-meter power for at least 10 years, starting with Phase 1 | Subject to CloudBurst reaching FID with its customer |
| Fermi America | 10-year agreement for about 300,000 MMBtu/d | Subject to Fermi’s election |
| Entergy Louisiana (utility) | At least 250,000 MMBtu/d from December 2028, 20 years | Binding |
Infrastructure
- Hugh Brinson pipeline: about 400 miles, Waha to ET’s network south of Dallas–Fort Worth; Phase I about 1.5 Bcf/d (42-inch) sold out, in service Q4 2026 expected; Phase II compression to about 2.2 Bcf/d west–east expected Q1 2027; about $2.7B combined.
- Desert Southwest Expansion (Transwestern): about 520 miles, 48-inch, up to about 2.3 Bcf/d from the Permian to New Mexico and Arizona; up to about $5.6B excluding AFUDC; FERC pre-filing March 2026, certificate filing expected Q4 2026, in service by Q4 2029.
- Springerville Lateral: about 120 miles, 30-inch, about 625 MMcf/d to gas generation replacing two coal plants; about $600M; Q4 2029.
- Own generation: constructing eight 10 MW gas-fired facilities in Texas, two online.
What It Is / How It Works
ET sells firm transportation and, in some cases, supply, to data center developers and utilities. Because the Texas lines are intrastate they sit under state rather than FERC jurisdiction (general regulatory context), which is one reason ET can announce Texas campus connections faster than interstate competitors. The Nexus arrangement is the clearest BTM pattern: the pipeline delivers fuel to an on-site generation plant that is not connected as a grid-supplied load.
Notable Developments
- 2026-05-05: Q1 2026 presentation: guidance raised; data center agreements listed above; Hugh Brinson Phase I targeted Q4 2026. (Energy Transfer)
- 2025-02-10: Energy Transfer and CloudBurst announced the gas supply agreement above; the release gives Energy Transfer’s network as more than 105,000 miles of gathering and transportation pipelines. (Nasdaq release)
- No ET Q2 2026 results were fetched in this review; check for updates to the Oracle volumes and Hugh Brinson timing.
Key People
Not confirmed in this review: the executive-officer section (Item 10) of ET’s FY2025 10-K was not in the portion read, and ET’s leadership page returned no content. Names are therefore omitted rather than recalled; verify against the filing. LinkedIn: not found.
⚑ Shared background: Kinetik’s CEO Jamie Welch (Group CFO and Head of Business Development, Energy Transfer Equity family, June 2013 to February 2016) and Chief Accounting Officer Steve Stellato (VP and Controller, Energy Transfer Partners, six years) both previously worked at Energy Transfer, per Kinetik’s management page.
People — Last Reviewed: 2026-10-21
Supply Chain Position
Operator of intrastate and interstate gas pipelines; downstream customers are data center developers (Oracle, Nexus, CloudBurst, Fermi America, an Arkansas site), utilities (Entergy Louisiana) and power generators. Build-out relies on pipeline contractors; see MasTec and Quanta.
Claim Verification
Claim: ET will supply about 900,000 Mcf/d to three Oracle data centers
Status: Company-reported; not independently verified
Supporting sources: ET Q1 2026 presentation
Refuting / questioning sources: None found; no independent confirmation of volumes or of which generation (grid-connected vs on-site) the gas feeds.
Summary: Treat the volume as a contractual ceiling; Oracle’s own projects were not checked here.
Claim: Data center contracts total 6+ Bcf/d
Status: Misleading if read as data-center-only
Summary: The 6+ Bcf/d figure is ET’s total contracted pipeline capacity across customer types, not a data center total; the listed data center agreements include an LOI and two conditional agreements.