Energy Transfer (ET) Q4 2024 earnings summary

Executive summary

• Achieved record FY 2024 Adjusted EBITDA of $15.5 billion, up 13% year-over-year, and distributable cash flow of $8.4 billion, with Q4 2024 Adjusted EBITDA at $3.88 billion, up 8% year-over-year.

• Reported Q4 2024 net income attributable to partners of $1.08 billion and net income per common unit of $0.29.

• Increased quarterly cash distribution to $0.3250 per unit, up 3.2% year-over-year.

• Completed WTG Midstream acquisition, formed a Permian Basin JV with Sunoco LP, and advanced major projects including Hugh Brinson Pipeline and new NGL export capacity.

• Operational growth included record volumes in crude oil, NGL, and midstream segments, and new long-term contracts.

Financial highlights

• Full-year 2024 revenues were $82.67 billion, up from $78.59 billion; Q4 2024 revenues were $19.54 billion.

• Growth capital expenditures totaled $3.0 billion for FY 2024, with Q4 2024 growth capex at $1.22 billion.

• Maintenance capex for FY 2024 was $1.0 billion; Q4 2024 maintenance capex was $309 million.

• Q4 2024 distributable cash flow attributable to partners was $1.98 billion.

• As of December 31, 2024, revolving credit facility had $2.21 billion available; facility size is $5.0 billion.

Outlook and guidance

• 2025 Adjusted EBITDA guidance is $16.1–$16.5 billion, up ~5% at midpoint.

• 2025 organic growth capital expected at $5 billion, with major investments in interstate natural gas, NGL/refined products, midstream, and crude oil segments.

• Maintenance capex for 2025 projected at $1.1 billion.

• Most earnings growth from new projects expected to ramp up in 2026 and 2027.

• Core business strength and project backlog support continued growth in NGL, natural gas, and crude segments.