Energy Transfer LP Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance Highlights

  • Adjusted EBITDA was $2.6 billion, up from $2.4 billion in Q2 2020.
  • Distributable Cash Flow (DCF) was $1.4 billion, up from $1.3 billion in Q2 2020.
  • Excess cash flow after distributions was approximately $980 million.
  • Energy Transfer reduced long‑term debt by $5.2 billion year‑to‑date and $1.5 billion during the quarter.
  • Quarterly distribution declared at $0.1525 per unit ($0.61 annualized).
  • Full‑year 2021 adjusted EBITDA guidance maintained at $12.9–$13.3 billion.

Segment Performance

NGL & Refined Products
  • Segment adjusted EBITDA was $736 million (vs. $674 million in Q2 2020).
  • NGL transportation volumes rose to 1.7 million barrels/day from 1.4 million.
  • Strong export volumes from the Nederland and Marcus Hook terminals.
  • Total NGL export capacity now over 1.1 million barrels/day.
Crude Oil
  • Segment adjusted EBITDA decreased to $484 million (vs. $519 million in Q2 2020).
  • Lower tariff rates and softer crude marketing affected results.
  • Bakken and Bayou Bridge pipeline volumes improved year‑over‑year.
  • Management believes the segment has bottomed and expects improvement as markets recover.
Midstream

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Operator: Greetings and welcome to Energy Transfer's Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom Long, Chief Financial Officer. Thank you. You may begin. Tom Long: Thank you, operator. Good afternoon, everyone and welcome to the Energy Transfer's second quarter 2021 earnings call and thank you for joining us today. I'm also joined today by; Mackie McCrea and other members of our senior management team, who are here to help answer your questions after our prepared remarks. Hopefully you saw our press release we issued earlier this afternoon, as well as the slides posted to our website. As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Security Exchange Act of 1934. These statements are based on our current beliefs, as well as certain assumptions and information currently available to us, and are discussed in more detail on our quarterly report on Form 10-Q for the quarter ended June 30th, 2021, which we expect to be filed this Thursday, August the 5th. I'll also refer to adjusted EBITDA and distributable cash flow or DCF, all of which are non-GAAP financial measures. You'll find a reconciliation of our non-GAAP measures on our website. I'd like to start today by looking at some of our second quar

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