Sunoco LP (SUN) and Energy Transfer LP (ET) shared their 2026 roadmaps on Tuesday, and both companies are thinking big. The two partnerships are closely connected—Energy Transfer holds a controlling stake in Sunoco—so their coordinated strategies offer a window into how major midstream players are positioning for the next phase of energy infrastructure growth.

Sunoco's Billion-Dollar Blueprint

Sunoco is targeting adjusted EBITDA between $3.1 billion and $3.3 billion for 2026. That guidance incorporates about $125 million in synergies from Parkland, accounts for a 50-day maintenance turnaround at the Burnaby Refinery kicking off in late January, and assumes the TanQuid acquisition closes in the first quarter of 2026.

Beyond that baseline, the company has laid out an aggressive capital plan. Sunoco expects to deploy at least $600 million in growth capital expenditures next year, part of a multi-year strategy that includes bolt-on acquisitions averaging at least $500 million annually. Maintenance capital expenditures are pegged at $400 million to $450 million.

The partnership also plans to return to its long-term leverage target of 4x in 2026, a milestone that should give it more financial flexibility. Distribution growth is set at a minimum of 5%, with future increases to be announced quarterly. Sunoco expects its distributable cash flow per common unit to climb for the ninth straight year, extending an impressive track record of returning capital to unitholders.

Energy Transfer Doubles Down on Infrastructure

Meanwhile, Energy Transfer is projecting adjusted EBITDA between $17.3 billion and $17.7 billion for 2026, including contributions from SUN and USAC. The company plans to invest $5.0 billion to $5.5 billion in growth capital, focused squarely on expanding its natural gas network.

Energy Transfer emphasized that it's pursuing high-return opportunities backed by long-term contracts, targeting mid-teens returns at sub-6.0x EBITDA build multiples. These growth investments exclude affiliates Sunoco LP and USA Compression Partners, LP (USAC), keeping the capital allocation focused on its core midstream operations.

The company highlighted several major projects expected to ramp up or come online next year. The list includes the Nederland Flexport NGL expansion, Mustang Draw I and II processing plants in the Permian Basin, Hugh Brinson Pipeline Phase I, NGL expansions on the Lone Star Express and Gateway Pipelines, and natural gas pipelines supporting data center facilities in Texas. That last item is particularly notable given the surging power demands from the data center boom.

Price Action: SUN shares were down 0.17% at $53.35, while ET stock was up 0.30% at $16.48 at the last check on Tuesday.