Energy Transfer (ET) Q3 2024 earnings summary

Executive summary

• Q3 2024 Adjusted EBITDA reached $3.96 billion, up 12% year-over-year, driven by record volumes in crude oil, midstream, and NGL pipelines, as well as recent acquisitions and strong exports.

• Net income attributable to partners for Q3 2024 was $1.18 billion, up 103% year-over-year, with basic EPS of $0.33.

• Distributable Cash Flow attributable to partners was $1.99 billion, flat year-over-year, with $1.7 billion spent on organic growth capital in the first nine months.

• Integration of Crestwood and WTG assets is progressing, with new projects and a Permian Basin JV with Sunoco LP enhancing reliability and network reach.

• Major acquisitions included WTG Midstream and NuStar, expanding pipeline and terminal assets.

Financial highlights

• Q3 2024 revenues were $20.77 billion, nearly flat year-over-year; operating income was $2.18 billion, slightly down from $2.23 billion.

• Adjusted EBITDA for Q3 2024 was $3.96 billion, up from $3.54 billion in Q3 2023.

• Q3 2024 distributable cash flow attributable to partners was $1.99 billion.

• Growth capital expenditures for Q3 2024 were $724 million; maintenance capital expenditures were $359 million.

• Distribution per common unit for Q3 2024 was $0.3225 ($1.29 annualized), up 3.2% year-over-year.

Outlook and guidance

• 2024 Adjusted EBITDA guidance remains $15.3–$15.5 billion, reflecting asset strength and diverse product offerings.

• 2024 organic growth capital expenditures expected at $2.8–$3.0 billion, focused on NGL/refined products and midstream.

• No major headwinds anticipated for Q4; upside potential from optimization and strong natural gas spreads.

• Anticipates increased natural gas demand from power plants and data centers, with opportunities to supply across a broad geographic footprint.

• Ninth fractionator at Mont Belvieu approved, expected in service Q4 2026, increasing total fractionation capacity to over 1.3 million Bbls/d.