Energy Transfer LP
ET
Energy
3
exclusion reasons
3 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Energy Transfer LP operates one of the largest and most extensive networks of midstream energy assets in North America, including over 114,000 miles of pipelines transporting crude oil, natural gas liquids, and refined products. This infrastructure is essential to the operations of fossil fuel producers and refiners, categorizing the company as a provider of fossil fuel ancillary services.
The company has a documented history of operational and regulatory failures directly tied to this infrastructure. It has reported hundreds of hazardous liquid spills to federal regulators, including incidents involving crude oil and refined petroleum products. A 2025 lawsuit alleges the company unlawfully manipulated the price of natural gas futures and options contracts on the NYMEX. Furthermore, the company is the subject of a securities class action lawsuit concerning disclosures made by its senior executives. This pattern of incidents and legal challenges underscores systemic governance and operational risks inherent in its role servicing the fossil fuel sector.
Standing Rock Sioux Tribe v. U.S. Army Corps of Engineers (ongoing) — Energy Transfer; Dakota Access Pipeline (DAPL) built through treaty territory of Standing Rock Sioux without FPIC; Army Corps EIS ordered by federal court, canceled by Trump administration Feb 2025; pipeline operational since 2017 carrying ~700,000 bpd; active litigation by Standing Rock, Cheyenne River, Oglala, and Yankton Sioux tribes; Mni Sose (Missouri River) crossing is tribe's primary water source and sacred site
Energy Transfer LP has accumulated over $100 million in environmental penalties, primarily for pollution incidents from its pipeline operations. Its Mariner East pipeline project in Pennsylvania has received approximately 125 notices of violation since May 2017, mostly for drilling fluid spills into waterways, including two major incidents that contaminated private water wells. The company's operations in Texas are associated with air pollution estimated to cause 16–22 premature deaths annually.
The company has also pursued aggressive litigation against environmental groups. In 2017, Energy Transfer sued Greenpeace International, alleging the organization made false claims about environmental damage related to the Dakota Access Pipeline. A separate $300 million federal racketeering lawsuit against Greenpeace is proceeding as of 2025. The company's SEC filings acknowledge material risks from pollution, spills, and associated public health impacts and countermeasure costs.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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