Q2 2024 Energy Transfer LP Earnings Call Transcript
Key Points
- Energy Transfer LP (ET) reported a significant increase in adjusted EBITDA for Q2 2024, reaching $3.76 billion compared to $3.12 billion in Q2 2023.
- Record volumes were achieved through crude oil and NGL pipelines, as well as record NGL exports.
- The company completed the acquisition of WTG, enhancing access to growing supplies of natural gas and NGL volumes.
- Energy Transfer LP (ET) raised its 2024 adjusted EBITDA guidance to between $15.3 billion and $15.5 billion.
- Moody's upgraded Energy Transfer LP (ET)'s senior unsecured credit rating to Baa2, reflecting improved financial strength.
- The interstate segment saw a decline in adjusted EBITDA, dropping to $392 million from $441 million in Q2 2023.
- Operational gas sales and maintenance project costs negatively impacted the interstate segment's performance.
- The company faces legal challenges related to pipeline crossings in North Louisiana.
- The Haynesville and Marcellus/Utica basins experienced a decline in production due to lower natural gas prices.
- Energy Transfer LP (ET) has significant capital expenditures planned, with 2024 growth capital expenditures expected to be approximately $3.1 billion.
Please stand by for streaming text.
(audio in progress) Please go ahead, sir.
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 go through the segment results in detail, and we encourage everyone to 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 21 E. of the Security 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 details in our fee Form 10 Q for the quarter ended June 30th, 2024, which we expect
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