Energy Transfer raised its full-year 2026 adjusted EBITDA guidance to $18. 8 billion-$19. 1 billion after reporting second-quarter results, up from its previous range of $18. 2 billion-$18. 6 billion. The partnership also increased its expected 2026 growth capital spending to $5. 6 billion-$5. 9 billion. The figures exclude capital spending by affiliates Sunoco and USA Compression Partners, while consolidated adjusted EBITDA includes both businesses.
The stronger outlook followed higher activity across the partnership’s natural-gas and NGL businesses. NGL transportation volumes rose 13% to a record, NGL exports increased 25% to a record and fractionation volumes grew 3%. The company also completed upgrades to its Lone Star Express pipeline, adding more than 90,000 barrels per day of Permian NGL takeaway capacity, and signed long-term agreements covering about 300,000 barrels per day on its y-grade assets.
Several projects are scheduled to support growth beyond 2026. The Hugh Brinson Pipeline entered commercial service, with Phase I expected to reach its full 1. 5 billion cubic feet per day capacity by September 1, 2026; a second phase is expected to raise capacity to about 2. 2 billion cubic feet per day in the first quarter of 2027. Energy Transfer also placed the 275 million cubic feet per day Mustang Draw I processing plant into service in June and brought two additional 10-megawatt natural-gas-fired generation facilities online in West Texas.
Energy Transfer continues to target annual distribution growth of 3%-5% and a leverage range of 4.