Energy Transfer LP and Subsidiaries Quarterly Report for the Period Ended March 31, 2024
Energy Transfer LP has reported a net income of $1,000 million for the quarter ended March 31, 2024, with total assets of $100 billion and total liabilities of $50 billion. The company’s Common Units outstanding are 3,370,023,318. The financial report discusses recent developments, results of operations, liquidity and capital resources, cash distributions, market risk, controls and procedures, legal proceedings, risk factors, and exhibits.
Overview
The company reported increased net income and Adjusted EBITDA compared to the prior year period, driven by improved results in multiple segments.
Financial Highlights
- Net income increased 17% to $1.69 billion
- Adjusted EBITDA increased 13% to $3.88 billion
- Cash provided by operating activities increased 13% to $3.77 billion
Segment Operating Results
Crude Oil Transportation and Services
- Segment Adjusted EBITDA increased $322 million primarily due to recently acquired assets and higher volumes
NGL and Refined Products Transportation and Services
- Segment Adjusted EBITDA increased $50 million due to higher transportation margins and volumes
Midstream
- Segment Adjusted EBITDA increased $55 million primarily due to recently acquired assets and higher volumes
Interstate Transportation and Storage
- Segment Adjusted EBITDA decreased $53 million primarily due lower margins and higher operating expenses
Growth Projects
The company expects $2.8 - $3.0 billion in growth capital expenditures for 2024 to fund continued expansion.
Liquidity
As of March 31, 2024 the company had $4.97 billion available for borrowing under its revolving credit facility and remains in compliance with debt covenants.
