Energy Transfer LP Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Adjusted EBITDA: Approximately $4.9B, up from $4.1B in Q1 2025. (Improvement of ~$800M)
  • Distributable Cash Flow (DCF): Approximately $2.7B, compared to ~$2.3B in Q1 2025. (Increase of ~$400M)
  • Record operational volumes across:
    • Midstream gathering
    • NGL fractionation
    • NGL exports
    • Crude oil transportation
  • Organic growth capital spent in Q1 2026: ~$1.5B

Updated 2026 Guidance

  • Adjusted EBITDA guidance raised to $18.2B–$18.6B (from $17.45B–$17.85B)
    • Increase driven by $500M beat in Q1 and strong market conditions
  • 2026 Organic growth capital: $5.5B–$5.9B (prior: $5.0B–$5.5B)
    • Increase due to new projects and accelerated project timelines

Segment-Level Performance

NGL & Refined Products
  • Adjusted EBITDA: ~$1.2B (vs. ~$978M in Q1 2025)
  • Growth drivers:
    • Record Gulf Coast pipeline throughput
    • Record Mont Belvieu fractionation performance
    • Record Nederland terminal exports
    • $65M hedge timing gains (vs. losses last year)
    • $50M increase from propane/butane premiums
    • $25M improvement due to prior-year inventory writedowns
Midstream
  • Adjusted EBITDA: ~$887M (vs. ~$925M in Q1 2025)

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Operator: Good morning, and welcome to the Energy Transfer LP First Quarter 2026 Earnings Call. All participant lines will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. To ask a question, please press star then one on your touch tone phone. To withdraw your question, you may press star then two. Please note this event is being recorded. I will now turn the conference call over to Tom Long, Co-Chief Executive Officer. Thank you, and over to you. Tom Long: Thank you, Operator, and good morning, everyone, and welcome to the Energy Transfer LP First Quarter 2026 Earnings Call. I am also joined today by Marshall McCrea, Dylan Bramhall, and other members of the senior management team who are here to help answer your questions after our prepared remarks. Hopefully, you saw the press release we issued earlier this morning. As a reminder, our earnings release contains an update to guidance and a thorough MD&A that goes through the segment results in detail. We encourage everyone to review the press release as well as the slides posted to our website to gain a full understanding of the quarter and our growth opportunities. As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These statements are based upon our current beliefs, certain assumptions, and information currently available to us and are discussed in more detail in our Form 10-Q for the quarte

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