Energy Transfer LP Q4 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Energy Transfer Q4 & Full-Year 2024 Earnings Summary

Overview

  • Adjusted EBITDA for full-year 2024 was $15.5 billion, a record high and up 13% versus 2023.
  • Full-year Distributable Cash Flow (DCF), as adjusted, was $8.4 billion, up 10% from 2023 and also a record.
  • Record volumes moved across interstate, midstream, NGL, and crude segments.
  • Record NGL export volumes from Nederland and Marcus Hook terminals.

Q4 2024 Financial Performance (Compared to Q4 2023)

  • Adjusted EBITDA: $3.9 billion, up from $3.6 billion.
  • DCF: $2.0 billion, flat versus last year.

Segment Results (Q4 2024 vs Q4 2023)

NGL & Refined Products

  • Adjusted EBITDA: $1.1 billion vs $1.04 billion.
  • Drivers: Higher throughput, higher pipeline rates, strong NGL exports, and increased optimization gains.

Midstream

  • Adjusted EBITDA: $705 million vs $674 million.
  • Drivers: Higher Permian volumes, Crestwood and WTG acquisitions; partly offset by lower dry gas volumes and higher expenses.

Crude Oil

  • Adjusted EBITDA: $760 million vs $775 million.
  • Drivers: Growth in crude gathering and contributions from Permian JV and Crestwood; offset by lower Bakken transportation revenue and weaker marketing earnings.

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Operator: Good day, and welcome to the Energy Transfer Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Tom Long, Co-Chief Executive Officer. Please go ahead, sir. Tom Long: Thank you, operator, and good afternoon, everyone, and welcome to the Energy Transfer fourth 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 segments' results in detail, and we encourage everyone to take a 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 beliefs as well as certain assumptions and information currently available to us and are discussed in more details in our Form 10-K for the year ended December 31, 2024, which we expect to file this Friday, February 14. I'll also refer to adjusted EBITDA and distributable cash flow, or DCF, both of which are non-GAAP financial measures. You will find a reconciliation of our non-GAAP measures on our we

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