: The merger would have created the world's largest energy infrastructure group, operating over 100,000 miles of oil and gas pipelines.
: The merger was contingent on a Section 721(a) tax opinion from counsel (Latham & Watkins). Due to the changing market, counsel became unable to certify the transaction as tax-free, providing ETE with a legal basis to terminate the deal.
: Continues to operate as an independent major midstream entity, focusing on U.S. pipeline infrastructure for "pipes and power".
In late 2021, a court ordered Energy Transfer to pay Williams a , plus approximately $85 million in attorney's fees.
: To enter the ETE deal, Williams had first to cancel its own acquisition of Williams Partners, incurring its own $428 million termination fee in 2015. Current Company Status (2026)
: Remains a major infrastructure player; as of April 2026, analysts have noted a positive earnings outlook with expected Adjusted EBITDA of $17.45–$17.85 billion for 2026.
: The deal was designed to move toward a C-Corp structure (Energy Transfer Corp LP) as Master Limited Partnerships (MLPs) were falling out of favor with investors. The Collapse and Termination