Infrastructure and Capacity - Energy Transfer operates approximately 12,200 miles of intrastate natural gas transportation pipelines with a transportation capacity of about 24 Bcf/d[23]. - The interstate transportation and storage segment includes approximately 20,090 miles of interstate natural gas pipelines with a capacity of 20.1 Bcf/d, plus an additional 7,085 miles and 12.4 Bcf/d through joint ventures[27]. - In July, Energy Transfer completed the acquisition of WTG Midstream, which adds approximately 6,000 miles of gas gathering pipelines and eight gas processing plants to its network[28]. - The ET-S Permian joint venture operates over 5,000 miles of crude oil and water gathering pipelines with crude oil storage capacity exceeding 11 million barrels[28]. - Lake Charles LNG has a regasification facility with a send-out capacity of 1.8 Bcf/d and derives revenue from long-term contracts with Royal Dutch Shell[30]. - The midstream segment has an aggregate processing capacity of approximately 12.9 Bcf/d, focusing on natural gas gathering, compression, treating, and processing[36]. - The crude oil transportation segment operates approximately 17,950 miles of crude oil pipelines and has a storage capacity of approximately 73 MMBbls[41]. - The NGL and refined products segment includes approximately 3,760 miles of refined products pipelines and 35 active marketing terminals, with 8 MMBbls of refined products storage capacity[39]. - The company has a total net gas processing capacity of 12,000 MMcf/d across various regions, with the Permian Basin having the highest capacity at 4,945 MMcf/d[69]. - The Southeast Texas System includes three natural gas processing plants with an aggregate capacity of 510 MMcf/d, processing rich gas to produce residue gas and NGLs[70]. Financial Performance and Strategy - Energy Transfer's subsidiaries are expected to fund growth capital expenditures and working capital needs through operational cash flows[18]. - The company distributes available cash to unitholders on a quarterly basis after meeting cash requirements for distributions, capital expenditures, and debt service[17]. - The business strategy includes growth through strategic acquisitions and increasing cash flow from fee-based businesses[118][120]. - The company intends to enhance profitability of existing assets by adding new volumes under long-term commitments[121]. - No single customer accounted for more than 10% of consolidated revenues during the year ended December 31, 2024[134]. - The company has a diversified portfolio of customers across the energy industry, including municipalities and independent power generators[133]. Regulatory Environment - Energy Transfer's operations are regulated by the FERC, which oversees the business and operations of interstate natural gas pipelines[29]. - The company is subject to FERC regulations, which require maximum rates to be filed and approved, and may allow for discounts based on competition[137]. - The FERC can impose civil penalties of up to approximately $1.5 million per day per violation for non-compliance with anti-market manipulation laws[139]. - The company’s intrastate natural gas operations are regulated by the TRRC in Texas, ensuring rates are just and reasonable unless challenged[142]. - The company’s NGL pipelines are subject to FERC regulation under the Interstate Commerce Act, requiring just and reasonable rates[143]. - The FERC has the authority to investigate and alter rates if found unjust or unreasonable, which could impact the company’s revenue[155]. - The company’s ability to charge rates that fully recover costs is not guaranteed, as FERC may not approve all proposed rate changes[138]. - Regulatory changes may require the company to incur additional capital expenditures and increased costs in the future[151]. Environmental Compliance and Initiatives - As of December 31, 2024, the company recorded accruals of $278 million for estimated environmental liabilities, slightly up from $277 million in 2023[182]. - Accruals for environmental remediation activities amounted to $197 million and $213 million at December 31, 2024 and 2023, respectively[183]. - The company is subject to extensive and frequently changing federal, state, and local laws and regulations, which could increase operational costs and compliance expenses[183]. - Environmental compliance costs have historically not had a material adverse effect on the company's business, but future costs could be significant due to changing regulations[177]. - The company may incur substantial costs for environmental remediation due to potential liabilities under laws such as CERCLA and RCRA[178]. - The company has implemented procedures to ensure governmental environmental approvals are updated as necessary for both existing and new operations[177]. - The company anticipates that compliance with existing and anticipated environmental laws will increase overall business costs, including planning and operational expenses[176]. - Future costs for environmental remediation activities will depend on various factors, including the identification of additional sites and changes in environmental laws[188]. - The company is subject to the Clean Air Act and state regulations, which may require significant capital expenditures for air pollution control equipment in the future[190]. - Compliance with the Clean Water Act and state laws necessitates obtaining permits for discharging pollutants, which could lead to increased costs and delays in operations[191]. Climate Change and Sustainability Efforts - Climate change may lead to increased volatility in seasonal temperatures, affecting the market for natural gas and NGLs, which could impact demand for the company's services[203]. - The company recognizes the need to decrease emissions and is actively pursuing opportunities to reduce its environmental footprint[204]. - The company has reduced its carbon footprint by utilizing a diversified mix of energy sources, with approximately 20% of electrical energy purchased daily originating from solar and wind sources[205]. - Since 2019, the company has entered into dedicated solar contracts to purchase 148 megawatts of solar power to support its operations[205]. - The company operates around 37,100 solar panel-powered metering stations across the United States[205]. - The alternative energy group was formed in February 2021 to enhance efforts in supporting renewable energy projects and reducing the environmental footprint[206]. - The company has installed approximately 12,000 low-emission pneumatic devices throughout its pipeline systems, significantly reducing methane emissions[207]. - The voluntary installation of thermal oxidizers has led to a reduction of VOC and methane emissions by 98% or more at many of its natural gas processing and sweetening plants[207]. - The use of optical gas imaging cameras at over 2,200 gas gathering and processing facilities aids in emissions reduction and improves safety[207]. - The implementation of innovative liquids management processes has minimized flash emissions and methane emissions across the natural gas gathering pipeline system[207].

Core Viewpoint - The article emphasizes the importance of investing in businesses that have direct or indirect exposure to growth catalysts, as these factors facilitate easier bottom-line growth for companies [1]. Group 1 - The author has been investing since September 2017 and has a strong interest in dividend investing since 2009, indicating a long-term commitment to this investment strategy [1]. - The blog "Kody's Dividends" documents the journey towards financial independence through dividend growth investing, showcasing a personal approach to investment [1]. - The author expresses gratitude for the blog's role in connecting with the Seeking Alpha community, highlighting the importance of community in investment analysis [1]. Group 2 - The author holds long positions in several major companies, including ET, AMZN, GOOGL, META, and MSFT, indicating a diversified investment strategy [1].

The energy sector is often out of favor among many investors, but suddenly comes into focus at certain moments. Left for dead during the pandemic, energy prices spiked in 2022 following the pandemic reopening and Russia's invasion of Ukraine, before subsiding.Now, electricity generation capacity is back on investors' radars as AI data centers have increased the demand for electricity in a way not seen for a couple decades.The following two stocks stand to benefit handsomely from this shift in the demand out ...

Core Viewpoint - The Cash Flow Kingdom Income Portfolio aims to achieve an overall yield in the range of 7% to 10% by combining various income streams to create a steady portfolio payout [1] Company Summary - Energy Transfer LP (NYSE: ET) reported strong quarterly earnings, benefiting from AI trends and offering an attractive distribution yield while maintaining a reasonable valuation despite significant gains over the past year [1] Analyst Background - Jonathan Weber, an engineer by training, has been active in the stock market and as a freelance analyst since 2014, focusing primarily on value and income stocks, with occasional coverage of growth stocks [2]

Energy Transfer (ET -0.81%) recently closed the books on 2024 by reporting its fourth-quarter and full-year results. The master limited partnership (MLP) set several records.That strong momentum should continue in 2025. Here's a look at the MLP's record year and what's ahead in 2025.Breaking records across the boardEnergy Transfer generated $15.5 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) last year, a 13% increase from 2023's total. That hit the high end of ...

Energy Transfer (ET) reported fourth-quarter 2024 adjusted earnings of 29 cents per unit, which missed the Zacks Consensus Estimate of 36 cents by 19.4%. The bottom line also decreased 21.6% from the year-ago figure of 37 cents.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Total Revenues of ETRevenues of $19.5 billion missed the Zacks Consensus Estimate of $24.2 billion by 19.3%. Total revenues also decreased 4.8% from the year-ago figure of $20.5 billion.Full-year 2024 revenues tot ...

Energy Transfer LP (NYSE: ET ) delivered a robust performance since November 8 when I wrote my bullish call , returning almost 20% to its investors over the three-month period. I believe that there is still solid potential for furtherAs an investor who started my path five years ago with my own capital, I represent a blend of hands on experience and academic background in corporate finance. Due to my relatively young age I thrive on discovering long-duration growth opportunities and actively seek out opport ...

In the aftermarket session following Energy Transfer's (NYSE: ET ) Q4 Conference Call, units were down 3% on the day despite the company hitting the upper end of the FY24 15.3–$15.5B EBITDA guide. If the questions on the conference call were anyIndividual investor and family office principal with over 20 years of investment experience. I favor fundamental analysis and look for individual issues and asset classes that are out of favor and represent a good risk/reward trade off. I often employ options strateg ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for 2024 was $15.5 billion, up 13% from 2023, marking a partnership record [6] - Distributable cash flow (DCF) attributable to partners was $8.4 billion, a 10% increase from 2023, also a partnership record [6] - For Q4 2024, adjusted EBITDA was $3.9 billion, compared to $3.6 billion in Q4 2023 [7] - DCF for Q4 2024 was $2 billion, consistent with Q4 2023 [8] Business Line Data and Key Metrics Changes - NGL and refined products segment adjusted EBITDA was $1.1 billion, up from $1.04 billion in Q4 2023, driven by higher throughput and rates [9] - Midstream segment adjusted EBITDA increased to $705 million from $674 million in Q4 2023, attributed to higher volumes in the Permian Basin [10] - Crude oil segment adjusted EBITDA decreased to $760 million from $775 million in Q4 2023, impacted by lower transportation revenue [11] - Interstate natural gas segment adjusted EBITDA fell to $493 million from $541 million in Q4 2023, due to lower interruptible utilization [12] - Intrastate natural gas segment adjusted EBITDA rose to $263 million from $242 million in Q4 2023, due to pipeline and storage optimization gains [13] Market Data and Key Metrics Changes - Record volumes were moved across interstate, midstream, NGL, and crude segments for the year [7] - Record NGL exports were achieved from Nederland and Marcus Hook terminals [7] Company Strategy and Development Direction - The company plans to spend approximately $5 billion on organic growth capital in 2025, focusing on various segments including intrastate natural gas and NGL [15][16][17][18] - Key growth projects include the Mustang Draw processing plant and expansions at existing terminals to meet international NGL demand [18][23][24] - The company is positioned to capitalize on the anticipated rise in natural gas demand, particularly for power generation and data centers [30][36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the Permian Basin and the increasing demand for natural gas [35] - The new administration is viewed positively, with expectations of reduced regulatory burdens benefiting the industry [71][74] - Adjusted EBITDA guidance for 2025 is projected between $16.1 billion and $16.5 billion, reflecting a 5% increase from 2024 [34] Other Important Information - The company is actively pursuing M&A opportunities as part of its growth strategy, while also focusing on organic growth projects [97][100] - The company is renegotiating contracts from previous years to align with current market conditions [140] Q&A Session Summary Question: Can you talk about the returns you're seeing with incremental projects? - Management targets mid-teen to upper teen rates of return depending on project synergies [40][41] Question: Does the $5 billion growth CapEx include any unsanctioned projects? - The $5 billion includes sanctioned projects with great rates of return [50] Question: Is the CloudBurst project supporting a new gas-fired power plant? - Yes, the project is expected to scale up over time, potentially reaching 450 million cubic feet per day [55][56] Question: How much do you think natural gas demand could grow in the next five to seven years? - Management believes they can capture between 3 and 4 billion cubic feet of demand over the next 18 to 24 months [83] Question: Are you worried about competition in the NGL space? - Management focuses on their customers and market needs rather than competitors, believing they can fill their assets effectively [108][109] Question: How do you view the rate of contracts from 2019 and 2020? - The company is in negotiations to restructure those contracts to reflect current pricing [140]

Q4 2024 Earnings February 11, 2025 Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET's 4th quarter 2024 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoco LP (SUN), USA Compression Partners, LP (USAC), and ET (collectively, the Partnerships), and their subsidiaries and this presentation may contain statements about future events ...