On November 1, 2023, Energy Transfer LP (ET, Financial) released its financial results for the quarter ended September 30, 2023. The company reported a net income attributable to partners of $584 million for the third quarter of 2023. The net income per common unit (basic) was $0.15 per unit.
Financial Performance
The company's Adjusted EBITDA for the third quarter of 2023 was $3.54 billion, showing a significant increase from $3.09 billion for the same period in 2022. The Distributable Cash Flow attributable to partners, as adjusted, for the third quarter of 2023 was $1.99 billion, compared to $1.58 billion for the same period in 2022.
Operational and Strategic Highlights
Energy Transfer's assets continued to reach new milestones during the third quarter of 2023, with volumes increasing across most segments compared to the same period last year. The company also announced its entry into a definitive merger agreement to acquire Crestwood Equity Partners LP. The transaction is expected to close on November 3, 2023, subject to customary closing conditions.
Financial Highlights
Energy Transfer now expects its full-year 2023 Adjusted EBITDA to range between $13.5 billion and $13.6 billion. The company's senior unsecured debt rating was upgraded by Standard and Poor’s to BBB with a Stable outlook. In October 2023, Energy Transfer announced a quarterly cash distribution of $0.3125 per common unit for the quarter ended September 30, 2023.
Balance Sheet and Income Statement Summary
As of September 30, 2023, the company's total assets were $107.57 billion, compared to $105.64 billion as of December 31, 2022. The total equity was $40.56 billion, compared to $40.66 billion as of December 31, 2022. The company's revenues for the third quarter of 2023 were $20.74 billion, while the net income was $1.05 billion.
Outlook
Energy Transfer LP (ET, Financial) continues to benefit from a portfolio of assets with exceptional product and geographic diversity. The company's multiple segments generate high-quality, balanced earnings with no single segment contributing more than one-third of the Partnership’s consolidated Adjusted EBITDA for the three months ended September 30, 2023.
Explore the complete 8-K earnings release (here) from Energy Transfer LP for further details.
