Core Viewpoint - Energy Transfer's unit price has declined over 12% this year, underperforming the S&P 500's 10% gain, but the company is expected to recover due to several catalysts [1][10] Financial Performance - In 2024, Energy Transfer achieved a 13% growth in adjusted EBITDA and a 10% increase in distributable cash flow, driven by acquisitions and strong market conditions, resulting in a 42% spike in unit price [3] - For the current year, adjusted EBITDA is expected to be at or below the low end of the $16.1 billion to $16.5 billion guidance range, indicating a growth rate of less than 4% due to lack of acquisitions and cooling market conditions [4] Future Growth Prospects - Energy Transfer plans to invest $5 billion in organic expansion projects this year, with several projects entering commercial service, which is expected to contribute to income growth in 2026 and 2027 [5] - Additional projects are planned through the end of the decade, including the Hugh Brinson phase 2 in 2027 and the Desert Southwest Expansion project in 2029, which could enhance long-term growth potential [6] Acquisition Strategy - Acquisitions have significantly contributed to Energy Transfer's growth, with notable deals since 2019 totaling over $22 billion, leading to a 10% compound annual adjusted EBITDA growth from 2020 to 2024 [7][8] - The company is in a strong financial position, with a leverage ratio in the lower half of its target range, allowing for potential acquisitions to further accelerate growth [8] Impact of Affiliated MLPs - Energy Transfer will benefit from acquisitions made by its affiliated MLPs, such as Sunoco LP's recent acquisitions, which are expected to enhance earnings growth and positively impact Energy Transfer's bottom line [9]