Energy Transfer LP Q2 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Adjusted EBITDA was 3.76 billion dollars, an increase from 3.1 billion dollars in Q2 2023. Excluding 80 million dollars of transaction expenses, adjusted EBITDA exceeded 3.8 billion dollars.
  • Distributable Cash Flow was 2.0 billion dollars, up from 1.6 billion dollars in Q2 2023.
  • Record crude oil and NGL pipeline volumes, record NGL exports, and strong performance in fractionation and refined products infrastructure.

Segment Performance

  • NGL & Refined Products: 1.07 billion dollars in adjusted EBITDA, up from 837 million dollars last year. Driven by record volumes across Mariner East, Permian pipelines, NGL exports, and higher gains from hedged inventory optimization.
  • Midstream: 693 million dollars in adjusted EBITDA, up from 579 million dollars. Growth primarily from Crestwood assets and increased Permian volumes.
  • Crude Oil: 801 million dollars in adjusted EBITDA, up from 674 million dollars. Supported by record transportation throughput and higher exports. Base business excluding acquisitions saw 4 percent EBITDA growth and 8 percent transportation growth.
  • Interstate: 392 million dollars in adjusted EBITDA, compared to 441 million dollars previously. Impacted by lower operational gas sales, 12 million dollars in maintenance costs, and 35 million dollars in shipper refunds.

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Operator: Good day, and welcome to the Energy Transfer Q2 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Tom Long, Co-CEO. Please go ahead sir. Tom Long: Thank you, operator, and good afternoon, everyone. And welcome to the Energy Transfer's second quarter 2024 earnings call. I'm also joined today by Mackie McCrea 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 afternoon. As a reminder, our earnings release contains a thorough MD&A that goes through the segment results in detail and we encourage everyone to look at the 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, as well as certain assumptions and information currently available to us and are discussed in more details on our Form 10-Q for the quarter ended June 30, 2024, which we expect to file tomorrow August the 8th. I'll also refer to adjusted EBITDA and distributable cash flow or DCF, both of

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