How many subsidiaries does Energy Transfer LP file with the SEC?

450, listed in its most recent exhibit 21. They are incorporated across 25 jurisdictions, led by Texas, Mexico, Delaware. 30 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Energy Transfer LP financially healthy?

Energy Transfer LP scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Energy Transfer LP (ET)

NYSE, NYSE · MLP · Natural Gas Transmission

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

450 entities across 25 jurisdictions, 30 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-19 — see the exhibit.

Which other public companies file entities in the same places:

Delaware275 Texas79 Canada20 Oklahoma10 Barbados10 Mexico6 Belize6 Pennsylvania6 Bermuda5 Netherlands4 Puerto Rico4 France4

Subsidiaries of Energy Transfer LP as disclosed in its SEC filing
Entity	Jurisdiction	Note
San Felipe LLC	Texas
Arguelles Pipeline, S. De R.L. De C.V.	Mexico
Atoka Midstream LLC	Delaware
Bakken Holdings Company LLC	Delaware
Bakken Pipeline Investments LLC	Delaware
Bayou Bridge Pipeline, LLC	Delaware
Bayview Refining Company, LLC	Delaware
Belize Power Partners Ltd.	Belize	offshore centre
Blue Marlin Offshore Port LLC	Delaware
Buckeye Products Pipe Line, L.P.	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

4 / 7

PASSReturn on assets positiveROA 3.1%
PASSOperating cash flow positiveOCF 10.1B
FAILReturn on assets improving3.8% → 3.1%
PASSCash flow exceeds earningsOCF 10.1B vs NI 4.4B
FAILLong-term debt ratio falling47.7% → 48.3% of assets
PASSCurrent ratio improving1.12 → 1.22
FAILNo share dilutionno data
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.66× → 0.61×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$39.0B	−$648.0M	$2.2B	—	—
FY2021	$67.4B	$5.5B	$8.3B	—	—
FY2022	$89.9B	$4.8B	$5.7B	—	—
FY2023	$78.6B	$3.9B	$6.4B	—	—
FY2024	$82.7B	$4.8B	$7.3B	—	—
FY2025	$85.5B

Identity

CIK: 0001276187
LEI: MTLVN9N7JE8MIBIJ1H73
FIGI: BBG000BM2FL9
SIC: 4922 · Natural Gas Transmission
Incorporated: OK
Headquarters: DALLAS, TX

Ownership

Institutional: 32.5%
Institutions: 1,413
Insiders: 10.3%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other natural gas transmission companies

Energy Transfer LP files under SIC 4922 — all 10 natural gas transmission companies compared on assets and F-score.

ENTERPRISE PRODUCTS PARTNERS L.P.EPD KINDER MORGAN, INC.KMI WILLIAMS COMPANIES, INC.WMB Targa Resources Corp.TRGP DT Midstream, Inc.DTM Kinetik Holdings Inc.KNTK

Questions about Energy Transfer LP

How many subsidiaries does Energy Transfer LP file with the SEC?: 450, listed in its most recent exhibit 21. They are incorporated across 25 jurisdictions, led by Texas, Mexico, Delaware. 30 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Energy Transfer LP financially healthy?: Energy Transfer LP scores 4 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.