Energy Transfer has announced a significant capital expenditure forecast for 2026, projecting between US$5.0 billion and US$5.5 billion in growth spending. This marks a continuation of the company’s aggressive investment strategy aimed at expanding its midstream infrastructure and supporting long-term growth.
The 2026 outlook represents a notable increase compared to prior years. In 2025, Energy Transfer expects to close the year with approximately US$4.6 billion in growth capex and US$711 million in maintenance capex, bringing total spending to roughly US$5.3 billion. This follows a sharp rise from 2024, when growth capital was in the range of US$2.4 billion to US$2.6 billion, with maintenance costs between US$835 million and US$865 million. According to company filings, total 2024 capex landed near US$4.16 billion, underscoring the upward trajectory of investment.
2025 was Energy Transfer’s year of peak organic backlog conversion. The company executed its secured project backlog — Permian NGL expansions (Lenorah II, Badger), Nederland Flexport, Transwestern Desert Southwest, Hugh Brinson Phase II, and Bethel storage cavern. Other major capital commitments included crude and gas pipeline optimization, Permian Express upgrades, and long-haul corridor expansion (see “Universal Plant Services Presents: 2025 Capex Comparison,” GCM Resource Center Report).
“Our 2026 capital program reflects confidence in the continued demand for energy infrastructure and our commitment to delivering long-term value for our stakeholders,” said Tom Long, chief executive officer. He added that the spending will focus on projects that enhance connectivity and optimize existing assets.
Chief Financial Officer Marshall McCrea echoed this sentiment, noting, “We are allocating capital toward high-return projects that position Energy Transfer for sustainable growth. The increase in capex over the past two years demonstrates our ability to execute on opportunities that strengthen our footprint.”
The company’s escalating investment underscores its bullish outlook on US energy markets and its role in meeting growing demand for natural gas and liquids transportation. With 2026 shaping up to be another record year for capital deployment, Energy Transfer appears poised to maintain its momentum in the midstream sector.
