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Energy Transfer(ET) - 2024 Q3 - Quarterly Results
ETEnergy Transfer(ET)2024-11-06 21:21

Financial Performance - Net income attributable to partners for Q3 2024 was 1.18billion,withnetincomepercommonunit(basic)at1.18 billion, with net income per common unit (basic) at 0.33[1] - Revenue for Q3 2024 was 20.772billion,slightlyupfrom20.772 billion, slightly up from 20.739 billion in Q3 2023[14] - Net income attributable to partners increased significantly to 1.183billioninQ32024from1.183 billion in Q3 2024 from 584 million in Q3 2023[14] - Adjusted EBITDA for Q3 2024 was 3.96billion,upfrom3.96 billion, up from 3.54 billion in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was 3.959billion,comparedto3.959 billion, compared to 3.541 billion in Q3 2023[16] - Consolidated Adjusted EBITDA for Energy Transfer LP reached 3,959millioninQ32024,comparedto3,959 million in Q3 2024, compared to 3,541 million in Q3 2023[22] - Operating income for Q3 2024 was 2.181billion,slightlydownfrom2.181 billion, slightly down from 2.233 billion in Q3 2023[14] - Interest expense increased to 828millioninQ32024from828 million in Q3 2024 from 632 million in Q3 2023[14] - Depreciation, depletion, and amortization expenses rose to 1.324billioninQ32024from1.324 billion in Q3 2024 from 1.107 billion in Q3 2023[14] - Net income per common unit (basic) increased to 0.33inQ32024from0.33 in Q3 2024 from 0.15 in Q3 2023[14] - Total distributions to partners for Q3 2024 were 1.105billion,upfrom1.105 billion, up from 984 million in Q3 2023[16] - Maintenance capital expenditures increased to 392millioninQ32024from392 million in Q3 2024 from 202 million in Q3 2023[16] Cash Flow and Distributions - Distributable Cash Flow attributable to partners for Q3 2024 was 1.99billion,a1.99 billion, a 4 million increase from Q3 2023[2] - Distributable Cash Flow for Q3 2024 was 2.631billion,upfrom2.631 billion, up from 2.513 billion in Q3 2023[16] - Distributable Cash Flow attributable to partners increased due to higher realized natural gas sales and pipeline optimization, contributing 100million[25]−EnergyTransferannouncedacashdistributionof100 million[25] - Energy Transfer announced a cash distribution of 0.3225 per common unit (1.29annualized)forQ32024[5]−TotaldistributionstopartnersforQ32024were1.29 annualized) for Q3 2024[5] - Total distributions to partners for Q3 2024 were 1.105 billion, up from 984millioninQ32023[16]SegmentPerformance−IntrastatetransportationandstoragesegmentAdjustedEBITDAincreasedto984 million in Q3 2023[16] Segment Performance - Intrastate transportation and storage segment Adjusted EBITDA increased to 329 million in Q3 2024, up from 244millioninQ32023[24]−InterstatetransportationandstoragesegmentAdjustedEBITDAdecreasedto244 million in Q3 2023[24] - Interstate transportation and storage segment Adjusted EBITDA decreased to 460 million in Q3 2024, down from 491millioninQ32023,primarilyduetohigheroperatingexpenses[26]−MidstreamsegmentAdjustedEBITDAincreasedto491 million in Q3 2023, primarily due to higher operating expenses[26] - Midstream segment Adjusted EBITDA increased to 816 million in Q3 2024, up from 631millioninQ32023,drivenbyhighergatheredvolumesandNGLproduction[28]−NGLandrefinedproductstransportationandservicessegmentAdjustedEBITDAdecreasedto631 million in Q3 2023, driven by higher gathered volumes and NGL production[28] - NGL and refined products transportation and services segment Adjusted EBITDA decreased to 1,012 million in Q3 2024, down from 1,076millioninQ32023,despitehighertransportationvolumes[31]−CrudeoiltransportationandservicessegmentAdjustedEBITDAincreasedto1,076 million in Q3 2023, despite higher transportation volumes[31] - Crude oil transportation and services segment Adjusted EBITDA increased to 768 million in Q3 2024, up from 706millioninQ32023[22]−NGLandrefinedproductstransportationandservicessegmentAdjustedEBITDAdecreasedby706 million in Q3 2023[22] - NGL and refined products transportation and services segment Adjusted EBITDA decreased by 70 million due to a 100milliondecreaseinmarketingmargin,partiallyoffsetbya100 million decrease in marketing margin, partially offset by a 25 million increase in terminal services margin and an 8millionincreaseintransportationmargin[33]−CrudeoiltransportationandservicessegmentAdjustedEBITDAincreasedby8 million increase in transportation margin[33] - Crude oil transportation and services segment Adjusted EBITDA increased by 121 million, primarily due to a 150millioncontributionfromrecentlyacquiredassetsandthePermianjointventurewithSunocoLP[36]−InvestmentinSunocoLPsegmentAdjustedEBITDAincreasedby150 million contribution from recently acquired assets and the Permian joint venture with Sunoco LP[36] - Investment in Sunoco LP segment Adjusted EBITDA increased by 237 million, driven by acquisitions of NuStar and Zenith European terminals, partially offset by higher operating and administrative expenses[39] - Investment in USAC segment Adjusted EBITDA increased by 20millionduetohigherrevenue−generatinghorsepowerandmarket−basedratesoncompressionservices[41]−AllOthersegmentAdjustedEBITDAdecreasedby20 million due to higher revenue-generating horsepower and market-based rates on compression services[41] - All Other segment Adjusted EBITDA decreased by 49 million, primarily due to intersegment eliminations from the formation of the Permian joint venture[42] Volumes and Production - Crude oil transportation volumes increased by 25%, and crude oil exports rose by 49% in Q3 2024[3] - Midstream gathered volumes and produced volumes increased by 6% and 26%, respectively, in Q3 2024[3] - Gathered volumes in the midstream segment increased to 21,027 BBtu/d in Q3 2024, up from 19,825 BBtu/d in Q3 2023, driven by higher Permian region activity[28] - NGL transportation volumes increased to 2,237 MBbls/d in Q3 2024, up from 2,161 MBbls/d in Q3 2023, primarily due to higher Permian region volumes[31] - Crude oil transportation volumes increased to 7,025 MBbls/d in Q3 2024 from 5,640 MBbls/d in Q3 2023, driven by growth in gathering systems and contributions from recently acquired assets[35] Acquisitions and Investments - Energy Transfer completed the acquisition of WTG Midstream, adding 6,000 miles of gas gathering pipelines and 1.5 Bcf/d of processing capacity[4] - Investment in Sunoco LP contributed 456milliontoAdjustedEBITDAinQ32024,upfrom456 million to Adjusted EBITDA in Q3 2024, up from 257 million in Q3 2023[22] - Investment in Sunoco LP segment Adjusted EBITDA increased by 237million,drivenbyacquisitionsofNuStarandZenithEuropeanterminals,partiallyoffsetbyhigheroperatingandadministrativeexpenses[39]−Thecompanyowns36.4237 million, driven by acquisitions of NuStar and Zenith European terminals, partially offset by higher operating and administrative expenses[39] - The company owns 36.4% of the Bakken Pipeline, 60% of Bayou Bridge, and 87.7% of Permian Express Partners, among other non-wholly owned subsidiaries[53] Credit and Liquidity - As of September 30, 2024, the Partnership had 3.34 billion available under its revolving credit facility[5] - The company's revolving credit facility has 3.336billionavailableoutofa3.336 billion available out of a 5 billion facility, with a maturity date of April 11, 2027[45] Assets and Liabilities - Total assets as of September 30, 2024, were 124.43billion,upfrom124.43 billion, up from 113.70 billion as of December 31, 2023[13] Non-Wholly Owned Subsidiaries - Total Adjusted EBITDA related to unconsolidated affiliates was 181millioninQ32024,comparedto181 million in Q3 2024, compared to 182 million in Q3 2023[48] - The company's proportionate share of Adjusted EBITDA from non-wholly owned subsidiaries was 400millioninQ32024,upfrom400 million in Q3 2024, up from 326 million in Q3 2023[52] - Adjusted EBITDA of non-wholly owned subsidiaries reflects the total Adjusted EBITDA on an aggregated basis[54] - Proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries reflects the amount attributable to the company's ownership interest[54] - Distributable Cash Flow of non-wholly owned subsidiaries reflects the total Distributable Cash Flow on an aggregated basis[54] - Proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries reflects the amount attributable to the company's ownership interest[54] - Ownership percentage reflects the total economic interest held by the company and its subsidiaries[54] Capital Projects - The Partnership approved construction of its ninth fractionator at Mont Belvieu, with a capacity of 165,000 Bbls/d, expected to be operational in Q4 2026[3]