Energy Transfer LP Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Energy Transfer Q4 & Full Year 2022 Earnings Summary

Financial Highlights

  • Full-year 2022 adjusted EBITDA reached a record $13.1 billion, up from 2021.
  • Full-year distributable cash flow (DCF), as adjusted, was $7.4 billion, generating $4.4 billion in excess cash after distributions.
  • Q4 2022 adjusted EBITDA was $3.4 billion, more than 20% higher than Q4 2021 ($2.8 billion).
  • Q4 DCF was $1.9 billion, up from $1.6 billion in Q4 2021.
  • Excess cash flow after Q4 distributions was approximately $965 million.
  • Quarterly distribution raised to $0.305 per unit ($1.22 annualized), a 75% increase over Q4 2021 and 15% over Q3 2022. Distribution level now restored to early 2020 levels.
  • Leverage ratio now within the targeted 4.0–4.5x range.
  • Available liquidity at year-end: $4.2 billion.

Segment Performance

NGL & Refined Products

  • Q4 adjusted EBITDA: $928 million (up from $739 million in Q4 2021).
  • NGL pipeline transport volumes reach a record 2 million barrels per day vs. 1.9 million last year.
  • Fractionation volumes hit a record 962,000 barrels per day (up from 895,000).
  • NGL exports exceeded 2021 levels; nearly 43 million barrels of ethane exported in 2022. Expectation for 2023 is over 60 million barrels.
  • Energy Transfer continues to export about 20% of global NGL volumes.

Midstream

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Operator: Good day, and welcome to the Energy Transfer Fourth Quarter and Full Year 2022 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. Tom Long: Thank you, operator, and good afternoon everyone and welcome to the Energy Transfer fourth quarter 2022 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 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 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 detail in our Form 10-K for the full year ended December 31, 2022, which we expect to file this Friday, February 17. I'll also refer to adjusted EBITDA and distributable cash flow, or DCF, both 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 going over our financial results. For full year 2022, we generated

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