Q3 2024 Energy Transfer LP Earnings Call Transcript
Key Points
- Energy Transfer LP (ET) reported a significant increase in adjusted EBITDA for Q3 2024, reaching $3.96 billion compared to $3.54 billion in Q3 2023.
- The company achieved record volumes through its crude oil midstream gathering and NGL pipelines, as well as strong crude and NGL exports.
- Energy Transfer LP (ET) is making progress on several growth projects, including the expansion of NGL export capacity at the Nederland Terminal and the construction of the Badger processing plant in the Permian Basin.
- The company has a strong liquidity position, allowing it to fund organic growth opportunities while reducing leverage and maintaining distribution growth.
- Energy Transfer LP (ET) is well-positioned to capitalize on rising natural gas demand due to its extensive pipeline network, particularly in Texas and Oklahoma.
- The NGL and refined products segment saw a decrease in adjusted EBITDA, primarily due to lower gains from the optimization of hedged NGL inventory.
- The interstate natural gas segment experienced a decline in adjusted EBITDA, impacted by lower IT utilization in dry gas areas due to lower gas prices and weaker spreads.
- Energy Transfer LP (ET) faces challenges in integrating the recently acquired WTG assets, with some operational issues identified post-acquisition.
- The company remains exposed to volatile natural gas spreads, which could impact financial performance if spreads do not remain favorable.
- Despite progress, Energy Transfer LP (ET) has not yet reached a final investment decision (FID) on the Warrior pipeline project, indicating potential delays in execution.
Hello, and welcome to the Energy Transfer's third quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to hand the call to Tom Long. Please go ahead.
Thank you, operator, and good afternoon, everyone, and welcome to the Energy Transfer third quarter 2024 earnings call. I'm also joined today by Mackie McCrea and other members of the senior management team who are going to be able 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 segment results in detail, and we encourage everyone to look at their release as well as the slides posted to our website to gain a full understanding of the quarter and our growth opportunities.
Also as a reminder, we will be making forward-looking statements within the meaning of
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