Energy Transfer (ET) Q2 2024 earnings summary

Executive summary

• Q2 2024 net income rose to $1.99 billion, up 62% year-over-year, driven by higher segment margins and a $598 million gain from Sunoco LP's West Texas asset sale.

• Adjusted EBITDA for Q2 2024 reached $3.76 billion, up 21% year-over-year, including over $80 million in transaction expenses and contributions from recent acquisitions.

• Distributable Cash Flow attributable to partners was $2.04 billion, up from $1.55 billion year-over-year.

• Record operational volumes achieved in crude oil, NGL transportation, exports, and terminal activities.

• Major acquisitions included WTG Midstream and NuStar, and a Permian Basin JV with Sunoco LP, expanding pipeline and terminal assets.

Financial highlights

• Q2 2024 revenues were $20.73 billion, up from $18.32 billion year-over-year; operating income was $2.30 billion, up from $1.84 billion.

• NGL and refined products Adjusted EBITDA was $1.07 billion, up from $837 million year-over-year.

• Midstream Adjusted EBITDA rose to $693 million, driven by acquisitions and higher Permian volumes.

• Crude oil segment Adjusted EBITDA increased to $801 million, with crude oil exports up 11%.

• Sunoco LP segment Adjusted EBITDA was $320 million, mainly from NuStar and Zenith acquisitions.

Outlook and guidance

• 2024 Adjusted EBITDA guidance raised to $15.3–$15.5 billion, reflecting acquisitions and base business outperformance.

• 2024 growth capital expenditures expected to be $3.1 billion, up from $2.9 billion, mainly due to WTG and Crestwood-related projects.

• Strategic focus remains on balancing organic growth, leverage reduction, and distribution growth.