Energy Transfer Reports Fourth Quarter 2024 Results and Announces 2025 Outlook
DALLAS–(BUSINESS WIRE)–Feb. 11, 2025– Energy Transfer LP (NYSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter and year ended December 31, 2024.
Energy Transfer reported net income attributable to partners for the three months ended December 31, 2024 of $1.08 billion. For the three months ended December 31, 2024, net income per common unit (basic) was $0.29.
Adjusted EBITDA for the three months ended December 31, 2024 was $3.88 billion compared to $3.60 billion for the same period last year, an increase of 8%.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended December 31, 2024 was $1.98 billion.
Growth capital expenditures in the fourth quarter of 2024 were $1.22 billion while maintenance capital expenditures were $309 million.
2025 Outlook
- Energy Transfer expects its 2025 Adjusted EBITDA to range between $16.1 billion and $16.5 billion.
- For 2025, the Partnership expects its growth capital expenditures to be approximately $5.0 billion. Maintenance capital expenditures for 2025 are expected to be approximately $1.1 billion.
Operational Highlights
- Energy Transfer’s volumes continued to grow during the fourth quarter of 2024.
- Crude oil transportation volumes were up 15%.
- NGL transportation volumes were up 5%.
- NGL exports were up more than 2%.
- Midstream gathered volumes increased 2%.
- Interstate natural gas transportation volumes were up 2%.
- In December 2024, Energy Transfer completed the initial phase of the Sabina 2 pipeline conversion from Mont Belvieu to Nederland, which increased the capacity for multiple products from 25,000 barrels per day to 40,000 barrels per day.
- In November 2024, Energy Transfer completed the optimization of the Grey Wolf processing plant in the Permian Basin, which increased the capacity of the plant from 200 MMcf/d to 250 MMcf/d.
- Energy Transfer also recently commissioned the first of eight, 10-megawatt natural gas-fired electric generation facilities to support the Partnership’s operations in Texas.
Strategic Highlights
- Yesterday, Energy Transfer announced that it has entered into a long-term agreement with Cloudburst Data Centers, Inc. (“CloudBurst”) to provide natural gas to CloudBurst’s flagship AI-focused data center development. Per the agreement, Energy Transfer would utilize its Oasis Pipeline to provide natural gas to CloudBurst’s Next-Gen Data Center campus in central Texas, subject to CloudBurst reaching a final investment decision with its customer.
- In December 2024, Energy Transfer announced that it has reached a positive final investment decision for the construction of the Hugh Brinson Pipeline, an intrastate natural gas pipeline connecting Permian Basin production to premier markets and trading hubs in Texas.
- In December 2024, Energy Transfer announced a 20-year LNG Sale and Purchase Agreement (“SPA”) to supply 2.0 million tonnes of LNG per annum to Chevron U.S.A. Inc. related to its Lake Charles LNG project.
- In February 2025, the Partnership approved construction of an additional processing plant in the Midland Basin. The Mustang Draw plant will have a capacity of approximately 275 MMcf/d and is expected to be in service in the first half of 2026.
Financial Highlights
- In January 2025, Energy Transfer announced a quarterly cash distribution of $0.3250 per common unit ($1.30 annualized) for the quarter ended December 31, 2024, which is an increase of 3.2% compared to the fourth quarter of 2023.
- As of December 31, 2024, the Partnership’s revolving credit facility had an aggregate $2.21 billion of available borrowing capacity.
- For the three months ended December 31, 2024, the Partnership invested approximately $1.22 billion on growth capital expenditures.
Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership’s multiple segments generate high-quality, balanced earnings with no single segment contributing more than one-third of the Partnership’s consolidated Adjusted EBITDA for the three months or full year ended December 31, 2024. The vast majority of the Partnership’s segment margins are fee-based and therefore have limited commodity price sensitivity.
Conference call information:
The Partnership has scheduled a conference call for 3:30 p.m. Central Time/4:30 p.m. Eastern Time on Tuesday, February 11, 2025 to discuss its fourth quarter 2024 results and provide an update on the Partnership, including its outlook for 2025. The conference call will be broadcast live via an internet webcast, which can be accessed through www.energytransfer.com and will also be available for replay on the Partnership’s website for a limited time.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with more than 130,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 44 states with assets in all of the major U.S. production basins. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (“NGL”) and refined product transportation and terminalling assets; and NGL fractionation. Energy Transfer also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and approximately 21% of the outstanding common units of Sunoco LP (NYSE: SUN), and the general partner interests and approximately 39% of the outstanding common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer LP website at www.energytransfer.com.
Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. SUN’s midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements SUN’s fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. SUN’s general partner is owned by Energy Transfer LP (NYSE: ET). For more information, visit the Sunoco LP website at www.sunocolp.com.
USA Compression Partners, LP (NYSE: USAC) is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USAC partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USAC focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. For more information, visit the USAC website at www.usacompression.com.
Forward-Looking Statements
This news release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results, including Adjusted EBITDA, and impact current projections, including capital expenditures, are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
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Source Energy Transfer Press Release
