Energy Transfer(ET) - 2024 Q3 - Quarterly Results

Financial Performance - Net income attributable to partners for Q3 2024 was $1.18 billion, with net income per common unit (basic) at $0.33[1] - Revenue for Q3 2024 was $20.772 billion, slightly up from $20.739 billion in Q3 2023[14] - Net income attributable to partners increased significantly to $1.183 billion in Q3 2024 from $584 million in Q3 2023[14] - Adjusted EBITDA for Q3 2024 was $3.96 billion, up from $3.54 billion in Q3 2023[2] - Adjusted EBITDA for Q3 2024 was $3.959 billion, compared to $3.541 billion in Q3 2023[16] - Consolidated Adjusted EBITDA for Energy Transfer LP reached $3,959 million in Q3 2024, compared to $3,541 million in Q3 2023[22] - Operating income for Q3 2024 was $2.181 billion, slightly down from $2.233 billion in Q3 2023[14] - Interest expense increased to $828 million in Q3 2024 from $632 million in Q3 2023[14] - Depreciation, depletion, and amortization expenses rose to $1.324 billion in Q3 2024 from $1.107 billion in Q3 2023[14] - Net income per common unit (basic) increased to $0.33 in Q3 2024 from $0.15 in Q3 2023[14] - Total distributions to partners for Q3 2024 were $1.105 billion, up from $984 million in Q3 2023[16] - Maintenance capital expenditures increased to $392 million in Q3 2024 from $202 million in Q3 2023[16] Cash Flow and Distributions - Distributable Cash Flow attributable to partners for Q3 2024 was $1.99 billion, a $4 million increase from Q3 2023[2] - Distributable Cash Flow for Q3 2024 was $2.631 billion, up from $2.513 billion in Q3 2023[16] - Distributable Cash Flow attributable to partners increased due to higher realized natural gas sales and pipeline optimization, contributing $100 million[25] - Energy Transfer announced a cash distribution of $0.3225 per common unit ($1.29 annualized) for Q3 2024[5] - Total distributions to partners for Q3 2024 were $1.105 billion, up from $984 million in Q3 2023[16] Segment Performance - Intrastate transportation and storage segment Adjusted EBITDA increased to $329 million in Q3 2024, up from $244 million in Q3 2023[24] - Interstate transportation and storage segment Adjusted EBITDA decreased to $460 million in Q3 2024, down from $491 million in Q3 2023, primarily due to higher operating expenses[26] - Midstream segment Adjusted EBITDA increased to $816 million in Q3 2024, up from $631 million in Q3 2023, driven by higher gathered volumes and NGL production[28] - NGL and refined products transportation and services segment Adjusted EBITDA decreased to $1,012 million in Q3 2024, down from $1,076 million in Q3 2023, despite higher transportation volumes[31] - Crude oil transportation and services segment Adjusted EBITDA increased to $768 million in Q3 2024, up from $706 million in Q3 2023[22] - NGL and refined products transportation and services segment Adjusted EBITDA decreased by $70 million due to a $100 million decrease in marketing margin, partially offset by a $25 million increase in terminal services margin and an $8 million increase in transportation margin[33] - Crude oil transportation and services segment Adjusted EBITDA increased by $121 million, primarily due to a $150 million contribution from recently acquired assets and the Permian joint venture with Sunoco LP[36] - Investment in Sunoco LP segment Adjusted EBITDA increased by $237 million, driven by acquisitions of NuStar and Zenith European terminals, partially offset by higher operating and administrative expenses[39] - Investment in USAC segment Adjusted EBITDA increased by $20 million due to higher revenue-generating horsepower and market-based rates on compression services[41] - All Other segment Adjusted EBITDA decreased by $49 million, primarily due to intersegment eliminations from the formation of the Permian joint venture[42] Volumes and Production - Crude oil transportation volumes increased by 25%, and crude oil exports rose by 49% in Q3 2024[3] - Midstream gathered volumes and produced volumes increased by 6% and 26%, respectively, in Q3 2024[3] - Gathered volumes in the midstream segment increased to 21,027 BBtu/d in Q3 2024, up from 19,825 BBtu/d in Q3 2023, driven by higher Permian region activity[28] - NGL transportation volumes increased to 2,237 MBbls/d in Q3 2024, up from 2,161 MBbls/d in Q3 2023, primarily due to higher Permian region volumes[31] - Crude oil transportation volumes increased to 7,025 MBbls/d in Q3 2024 from 5,640 MBbls/d in Q3 2023, driven by growth in gathering systems and contributions from recently acquired assets[35] Acquisitions and Investments - Energy Transfer completed the acquisition of WTG Midstream, adding 6,000 miles of gas gathering pipelines and 1.5 Bcf/d of processing capacity[4] - Investment in Sunoco LP contributed $456 million to Adjusted EBITDA in Q3 2024, up from $257 million in Q3 2023[22] - Investment in Sunoco LP segment Adjusted EBITDA increased by $237 million, driven by acquisitions of NuStar and Zenith European terminals, partially offset by higher operating and administrative expenses[39] - The company owns 36.4% of the Bakken Pipeline, 60% of Bayou Bridge, and 87.7% of Permian Express Partners, among other non-wholly owned subsidiaries[53] Credit and Liquidity - As of September 30, 2024, the Partnership had $3.34 billion available under its revolving credit facility[5] - The company's revolving credit facility has $3.336 billion available out of a $5 billion facility, with a maturity date of April 11, 2027[45] Assets and Liabilities - Total assets as of September 30, 2024, were $124.43 billion, up from $113.70 billion as of December 31, 2023[13] Non-Wholly Owned Subsidiaries - Total Adjusted EBITDA related to unconsolidated affiliates was $181 million in Q3 2024, compared to $182 million in Q3 2023[48] - The company's proportionate share of Adjusted EBITDA from non-wholly owned subsidiaries was $400 million in Q3 2024, up from $326 million in Q3 2023[52] - Adjusted EBITDA of non-wholly owned subsidiaries reflects the total Adjusted EBITDA on an aggregated basis[54] - Proportionate share of Adjusted EBITDA of non-wholly owned subsidiaries reflects the amount attributable to the company's ownership interest[54] - Distributable Cash Flow of non-wholly owned subsidiaries reflects the total Distributable Cash Flow on an aggregated basis[54] - Proportionate share of Distributable Cash Flow of non-wholly owned subsidiaries reflects the amount attributable to the company's ownership interest[54] - Ownership percentage reflects the total economic interest held by the company and its subsidiaries[54] Capital Projects - The Partnership approved construction of its ninth fractionator at Mont Belvieu, with a capacity of 165,000 Bbls/d, expected to be operational in Q4 2026[3]