Energy Transfer Reports Strong First Quarter 2023 Results and Updates 2023 Outlook
DALLAS–(BUSINESS WIRE)–Energy Transfer LP (NYSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter ended March 31, 2023.
Energy Transfer reported net income attributable to partners for the three months ended March 31, 2023 of $1.11 billion. For the three months ended March 31, 2023, net income per common unit (basic and diluted) was $0.32 per unit.
Adjusted EBITDA for the three months ended March 31, 2023 was $3.43 billion compared to $3.34 billion for the three months ended March 31, 2022.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended March 31, 2023 was $2.01 billion compared to $2.08 billion for the three months ended March 31, 2022.
Growth capital expenditures in the first quarter of 2023 were $407 million while maintenance capital expenditures were $149 million.
2023 Outlook Update
- Given Energy Transfer’s acquisition of Lotus Midstream Operations, LLC, as well as continued increasing demand, the Partnership now expects Adjusted EBITDA for the full year 2023 to be between $13.05 billion and $13.45 billion (previously $12.9 billion to $13.3 billion). The Partnership expects its 2023 growth capital expenditures to be approximately $2.0 billion.
Operational Highlights
- During the first quarter of 2023, Energy Transfer’s assets continued to reach new milestones, with volumes increasing across all segments compared to the same period last year.
- NGL fractionation volumes were up 18%.
- NGL transportation volumes were up 13%, setting a new Partnership record.
- Midstream gathered volumes increased 14%, setting a new Partnership record.
- Intrastate natural gas transportation volumes were up 5%.
- Interstate natural gas transportation volumes were up 11%, setting a new Partnership record.
- Crude terminal volumes were up 6%.
- Energy Transfer exported record NGL volumes out of the Nederland Terminal and record ethane volumes out of the Marcus Hook Terminal in the first quarter.
- During the first quarter, Energy Transfer completed the optimization project on Oasis Pipeline, adding more than 60,000 Mcf/d of natural gas takeaway capacity out of the Permian Basin.
Strategic Highlights
- Today, the Partnership completed the acquisition of Lotus Midstream Operations, LLC for total consideration of $900 million in cash and approximately 44.5 million newly issued common units.
- The acquired assets add approximately 3,000 miles of crude oil gathering and transportation pipelines that extend from Southeast New Mexico across the Permian Basin of West Texas to Cushing, Oklahoma.
- Integration of operations and assets is now underway, including the construction of a 30-mile pipeline and terminal optimization project that is expected to enhance connectivity within the Permian Basin and provide a direct link between Midland and Cushing.
Financial Highlights
- In April 2023, Energy Transfer announced a quarterly cash distribution of $0.3075 per common unit ($1.23 annualized) for the quarter ended March 31, 2023.
- Increased 2023 outlook for Adjusted EBITDA and capital investments to reflect addition of Lotus Midstream and growing strategic asset base.
- In the first quarter of 2023, the Partnership redeemed $2.15 billion aggregate principal amount of its senior notes. For the quarter, Energy Transfer reduced its long-term debt by approximately $1.0 billion.
- As of March 31, 2023, the Partnership’s revolving credit facility had an aggregate $3.01 billion of available borrowing capacity.
- For the three months ended March 31, 2023, the Partnership invested approximately $407 million 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 30% of the Partnership’s consolidated Adjusted EBITDA for the three months ended March 31, 2023. 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, May 2, 2023 to discuss its first quarter 2023 results and provide an update on the Partnership. 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 approximately 120,000 miles of pipeline and associated energy infrastructure. Energy Transfer’s strategic network spans 41 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 34% of the outstanding common units of Sunoco LP (NYSE: SUN), and the general partner interests and approximately 47% 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 master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers, and distributors located in more than 40 U.S. states and territories, as well as refined product transportation and terminalling assets. For more information, visit the Sunoco LP website at www.sunocolp.com.
USA Compression Partners, LP (NYSE: USAC) is a growth-oriented Delaware limited partnership that 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 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 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.
The information contained in this press release is available on our website at www.energytransfer.com.
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ENERGY TRANSFER LP AND SUBSIDIARIES |
|||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(In millions) |
|||||||
|
(unaudited) |
|||||||
|
|
March 31, 2023 |
|
December 31, 2022 |
||||
|
ASSETS |
|
|
|
||||
|
Current assets |
$ |
11,370 |
|
|
$ |
12,081 |
|
|
|
|
|
|
||||
|
Property, plant and equipment, net |
|
80,004 |
|
|
|
80,311 |
|
|
|
|
|
|
||||
|
Investments in unconsolidated affiliates |
|
2,861 |
|
|
|
2,893 |
|
|
Lease right-of-use assets, net |
|
813 |
|
|
|
819 |
|
|
Other non-current assets, net |
|
1,585 |
|
|
|
1,558 |
|
|
Intangible assets, net |
|
5,322 |
|
|
|
5,415 |
|
|
Goodwill |
|
2,566 |
|
|
|
2,566 |
|
|
Total assets |
$ |
104,521 |
|
|
$ |
105,643 |
|
|
LIABILITIES AND EQUITY |
|
|
|
||||
|
Current liabilities |
$ |
10,162 |
|
|
$ |
10,368 |
|
|
|
|
|
|
||||
|
Long-term debt, less current maturities |
|
47,229 |
|
|
|
48,260 |
|
|
Non-current derivative liabilities |
|
43 |
|
|
|
23 |
|
|
Non-current operating lease liabilities |
|
791 |
|
|
|
798 |
|
|
Deferred income taxes |
|
3,759 |
|
|
|
3,701 |
|
|
Other non-current liabilities |
|
1,374 |
|
|
|
1,341 |
|
|
|
|
|
|
||||
|
Commitments and contingencies |
|
|
|
||||
|
Redeemable noncontrolling interests |
|
494 |
|
|
|
493 |
|
|
|
|
|
|
||||
|
Equity: |
|
|
|
||||
|
Limited Partners: |
|
|
|
||||
|
Preferred Unitholders |
|
6,080 |
|
|
|
6,051 |
|
|
Common Unitholders |
|
27,057 |
|
|
|
26,960 |
|
|
General Partner |
|
(2 |
) |
|
|
(2 |
) |
|
Accumulated other comprehensive income |
|
13 |
|
|
|
16 |
|
|
Total partners’ capital |
|
33,148 |
|
|
|
33,025 |
|
|
Noncontrolling interests |
|
7,521 |
|
|
|
7,634 |
|
|
Total equity |
|
40,669 |
|
|
|
40,659 |
|
|
Total liabilities and equity |
$ |
104,521 |
|
|
$ |
105,643 |
|
|
ENERGY TRANSFER LP AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(In millions, except per unit data) |
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|
(unaudited) |
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|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
REVENUES |
$ |
18,995 |
|
|
$ |
20,491 |
|
|
COSTS AND EXPENSES: |
|
|
|
||||
|
Cost of products sold |
|
14,610 |
|
|
|
16,138 |
|
|
Operating expenses |
|
1,025 |
|
|
|
949 |
|
|
Depreciation, depletion and amortization |
|
1,059 |
|
|
|
1,028 |
|
|
Selling, general and administrative |
|
238 |
|
|
|
230 |
|
|
Impairment losses |
|
1 |
|
|
|
300 |
|
|
Total costs and expenses |
|
16,933 |
|
|
|
18,645 |
|
|
OPERATING INCOME |
|
2,062 |
|
|
|
1,846 |
|
|
OTHER INCOME (EXPENSE): |
|
|
|
||||
|
Interest expense, net of interest capitalized |
|
(619 |
) |
|
|
(559 |
) |
|
Equity in earnings of unconsolidated affiliates |
|
88 |
|
|
|
56 |
|
|
Gains (losses) on interest rate derivatives |
|
(20 |
) |
|
|
114 |
|
|
Other, net |
|
7 |
|
|
|
21 |
|
|
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) |
|
1,518 |
|
|
|
1,478 |
|
|
Income tax expense (benefit) |
|
71 |
|
|
|
(9 |
) |
|
NET INCOME |
|
1,447 |
|
|
|
1,487 |
|
|
Less: Net income attributable to noncontrolling interests |
|
321 |
|
|
|
205 |
|
|
Less: Net income attributable to redeemable noncontrolling interests |
|
13 |
|
|
|
13 |
|
|
NET INCOME ATTRIBUTABLE TO PARTNERS |
|
1,113 |
|
|
|
1,269 |
|
|
General Partner’s interest in net income |
|
1 |
|
|
|
1 |
|
|
Preferred Unitholders’ interest in net income |
|
109 |
|
|
|
106 |
|
|
Common Unitholders’ interest in net income |
$ |
1,003 |
|
|
$ |
1,162 |
|
|
NET INCOME PER COMMON UNIT: |
|
|
|
||||
|
Basic |
$ |
0.32 |
|
|
$ |
0.38 |
|
|
Diluted |
$ |
0.32 |
|
|
$ |
0.37 |
|
|
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING: |
|
|
|
||||
|
Basic |
|
3,095.5 |
|
|
|
3,083.5 |
|
|
Diluted |
|
3,115.4 |
|
|
|
3,100.5 |
|
|
ENERGY TRANSFER LP AND SUBSIDIARIES |
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|
SUPPLEMENTAL INFORMATION |
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|
(Dollars and units in millions) |
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|
(unaudited) |
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|
Three Months Ended March 31, |
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|
|
2023 |
|
|
|
2022 |
|
|
Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow(a): |
|
|
|
||||
|
Net income |
$ |
1,447 |
|
|
$ |
1,487 |
|
|
Interest expense, net of interest capitalized |
|
619 |
|
|
|
559 |
|
|
Impairment losses |
|
1 |
|
|
|
300 |
|
|
Income tax expense (benefit) |
|
71 |
|
|
|
(9 |
) |
|
Depreciation, depletion and amortization |
|
1,059 |
|
|
|
1,028 |
|
|
Non-cash compensation expense |
|
37 |
|
|
|
36 |
|
|
(Gains) losses on interest rate derivatives |
|
20 |
|
|
|
(114 |
) |
|
Unrealized losses on commodity risk management activities |
|
130 |
|
|
|
45 |
|
|
Inventory valuation adjustments (Sunoco LP) |
|
(29 |
) |
|
|
(120 |
) |
|
Equity in earnings of unconsolidated affiliates |
|
(88 |
) |
|
|
(56 |
) |
|
Adjusted EBITDA related to unconsolidated affiliates |
|
161 |
|
|
|
125 |
|
|
Other, net |
|
5 |
|
|
|
59 |
|
|
Adjusted EBITDA (consolidated) |
|
3,433 |
|
|
|
3,340 |
|
|
Adjusted EBITDA related to unconsolidated affiliates |
|
(161 |
) |
|
|
(125 |
) |
|
Distributable cash flow from unconsolidated affiliates |
|
118 |
|
|
|
86 |
|
|
Interest expense, net of interest capitalized |
|
(619 |
) |
|
|
(559 |
) |
|
Preferred unitholders’ distributions |
|
(120 |
) |
|
|
(118 |
) |
|
Current income tax expense |
|
(18 |
) |
|
|
41 |
|
|
Transaction-related income taxes(b) |
|
— |
|
|
|
(42 |
) |
|
Maintenance capital expenditures |
|
(162 |
) |
|
|
(118 |
) |
|
Other, net |
|
5 |
|
|
|
5 |
|
|
Distributable Cash Flow (consolidated) |
|
2,476 |
|
|
|
2,510 |
|
|
Distributable Cash Flow attributable to Sunoco LP (100%) |
|
(160 |
) |
|
|
(142 |
) |
|
Distributions from Sunoco LP |
|
43 |
|
|
|
41 |
|
|
Distributable Cash Flow attributable to USAC (100%) |
|
(63 |
) |
|
|
(50 |
) |
|
Distributions from USAC |
|
24 |
|
|
|
24 |
|
|
Distributable Cash Flow attributable to noncontrolling interests in other non-wholly-owned consolidated subsidiaries |
|
(314 |
) |
|
|
(317 |
) |
|
Distributable Cash Flow attributable to the partners of Energy Transfer |
|
2,006 |
|
|
|
2,066 |
|
|
Transaction-related adjustments |
|
2 |
|
|
|
12 |
|
|
Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted |
$ |
2,008 |
|
|
$ |
2,078 |
|
|
Distributions to partners: |
|
|
|
||||
|
Limited Partners (c) |
$ |
966 |
|
|
$ |
617 |
|
|
General Partner |
|
1 |
|
|
|
1 |
|
|
Total distributions to be paid to partners |
$ |
967 |
|
|
$ |
618 |
|
|
Common Units outstanding – end of period (c) |
|
3,096.7 |
|
|
|
3,084.7 |
|
|
(a) |
|
Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer’s fundamental business activities and should not be considered in isolation or as a substitute for net income, income from operations, cash flows from operating activities or other GAAP measures. |
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There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using any such measure as the sole measure to compare the results of one company to another, and the inability to analyze certain significant items that directly affect a company’s net income or loss or cash flows. In addition, our calculations of Adjusted EBITDA and Distributable Cash Flow may not be consistent with similarly titled measures of other companies and should be viewed in conjunction with measurements that are computed in accordance with GAAP, such as operating income, net income and cash flow from operating activities. | |
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Definition of Adjusted EBITDA | |
| We define Adjusted EBITDA as total partnership earnings before interest, taxes, depreciation, depletion, amortization and other non-cash items, such as non-cash compensation expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt, and other non-operating income or expense items. Inventory adjustments that are excluded from the calculation of Adjusted EBITDA represent only the changes in lower of cost or market reserves on inventory that is carried at last-in, first-out (“LIFO”). These amounts are unrealized valuation adjustments applied to Sunoco LP’s fuel volumes remaining in inventory at the end of the period. | ||
| Adjusted EBITDA reflects amounts for unconsolidated affiliates based on the same recognition and measurement methods used to record equity in earnings of unconsolidated affiliates. Adjusted EBITDA related to unconsolidated affiliates excludes the same items with respect to the unconsolidated affiliate as those excluded from the calculation of Adjusted EBITDA, such as interest, taxes, depreciation, depletion, amortization and other non-cash items. Although these amounts are excluded from Adjusted EBITDA related to unconsolidated affiliates, such exclusion should not be understood to imply that we have control over the operations and resulting revenues and expenses of such affiliates. We do not control our unconsolidated affiliates; therefore, we do not control the earnings or cash flows of such affiliates. The use of Adjusted EBITDA or Adjusted EBITDA related to unconsolidated affiliates as an analytical tool should be limited accordingly. | ||
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Adjusted EBITDA is used by management to determine our operating performance and, along with other financial and volumetric data, as internal measures for setting annual operating budgets, assessing financial performance of our numerous business locations, as a measure for evaluating targeted businesses for acquisition, and as a measurement component of incentive compensation. |
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Definition of Distributable Cash Flow |
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We define Distributable Cash Flow as net income, adjusted for certain non-cash items, less distributions to preferred unitholders and maintenance capital expenditures. Non-cash items include depreciation, depletion and amortization, non-cash compensation expense, amortization included in interest expense, gains and losses on disposals of assets, the allowance for equity funds used during construction, unrealized gains and losses on commodity risk management activities, inventory valuation adjustments, non-cash impairment charges, losses on extinguishments of debt, and deferred income taxes. For unconsolidated affiliates, Distributable Cash Flow reflects the Partnership’s proportionate share of the investee’s distributable cash flow. |
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Distributable Cash Flow is used by management to evaluate our overall performance. Our partnership agreement requires us to distribute all available cash, and Distributable Cash Flow is calculated to evaluate our ability to fund distributions through cash generated by our operations. |
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On a consolidated basis, Distributable Cash Flow includes 100% of the Distributable Cash Flow of Energy Transfer’s consolidated subsidiaries. However, to the extent that noncontrolling interests exist among our subsidiaries, the Distributable Cash Flow generated by our subsidiaries may not be available to be distributed to our partners. In order to reflect the cash flows available for distributions to our partners, we have reported Distributable Cash Flow attributable to partners, which is calculated by adjusting Distributable Cash Flow (consolidated), as follows: |
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| For Distributable Cash Flow attributable to partners, as adjusted, certain transaction-related adjustments and non-recurring expenses that are included in net income are excluded. | ||
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(b) |
For the three months ended March 31, 2022, the amount reflected for transaction-related income taxes was related to an amended return from a previous transaction. | |
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(c) |
Distributions to Limited Partners for the three months ended March 31, 2023 include $14 million of distributions related to the 44.5 million common units issued in the Lotus Midstream acquisition in May 2023. Common units outstanding as of March 31, 2023 exclude those 44.5 million common units, as the issuance occurred subsequent to the end of the period. |
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ENERGY TRANSFER LP AND SUBSIDIARIES |
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SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT |
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|
(Tabular dollar amounts in millions) |
|||||
|
(unaudited) |
|||||
|
|
Three Months Ended March 31, |
||||
|
|
|
2023 |
|
|
2022 |
|
Segment Adjusted EBITDA: |
|
|
|
||
|
Intrastate transportation and storage |
$ |
409 |
|
$ |
444 |
|
Interstate transportation and storage |
|
536 |
|
|
453 |
|
Midstream |
|
641 |
|
|
807 |
|
NGL and refined products transportation and services |
|
939 |
|
|
700 |
|
Crude oil transportation and services |
|
526 |
|
|
593 |
|
Investment in Sunoco LP |
|
221 |
|
|
191 |
|
Investment in USAC |
|
118 |
|
|
98 |
|
All other |
|
43 |
|
|
54 |
|
Adjusted EBITDA (consolidated) |
$ |
3,433 |
|
$ |
3,340 |
The following analysis of segment operating results includes a measure of segment margin. Segment margin is a non-GAAP financial measure and is presented herein to assist in the analysis of segment operating results and particularly to facilitate an understanding of the impacts that changes in sales revenues have on the segment performance measure of Segment Adjusted EBITDA. Segment margin is similar to the GAAP measure of gross margin, except that segment margin excludes charges for depreciation, depletion and amortization. Among the GAAP measures reported by the Partnership, the most directly comparable measure to segment margin is Segment Adjusted EBITDA; a reconciliation of segment margin to Segment Adjusted EBITDA is included in the following tables for each segment where segment margin is presented.
In addition, for certain segments, the following sections include information on the components of segment margin by sales type, which components are included in order to provide additional disaggregated information to facilitate the analysis of segment margin and Segment Adjusted EBITDA. For example, these components include transportation margin, storage margin and other margin. These components of segment margin are calculated consistent with the calculation of segment margin; therefore, these components also exclude charges for depreciation, depletion and amortization.
Intrastate Transportation and Storage
|
|
Three Months Ended March 31, |
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|
|
|
2023 |
|
|
|
2022 |
|
|
Natural gas transported (BBtu/d) |
|
14,697 |
|
|
|
13,973 |
|
|
Withdrawals from storage natural gas inventory (BBtu) |
|
6,000 |
|
|
|
21,858 |
|
|
Revenues |
$ |
1,290 |
|
|
$ |
1,632 |
|
|
Cost of products sold |
|
985 |
|
|
|
1,171 |
|
|
Segment margin |
|
305 |
|
|
|
461 |
|
|
Unrealized losses on commodity risk management activities |
|
174 |
|
|
|
46 |
|
|
Operating expenses, excluding non-cash compensation expense |
|
(62 |
) |
|
|
(63 |
) |
|
Selling, general and administrative expenses, excluding non-cash compensation expense |
|
(14 |
) |
|
|
(12 |
) |
|
Adjusted EBITDA related to unconsolidated affiliates |
|
6 |
|
|
|
6 |
|
|
Other |
|
— |
|
|
|
6 |
|
|
Segment Adjusted EBITDA |
$ |
409 |
|
|
$ |
444 |
|
Transported volumes increased primarily due to increased utilization on our Enable Oklahoma Intrastate Transmission system and higher production in the Haynesville Shale.
Segment Adjusted EBITDA. For the three months ended March 31, 2023 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment decreased due to the net impacts of the following:
- a decrease of $33 million in realized natural gas sales and other primarily due to lower pipeline optimization;
- a decrease of $17 million in retained fuel revenues related to lower natural gas prices; and
- an increase of $2 million in selling, general and administrative expenses primarily due to higher legal fees and insurance expenses; partially offset by
- an increase of $21 million in storage margin primarily due to higher storage optimization;
- an increase of $1 million in transportation fees primarily due to higher fees on our Haynesville and Oklahoma assets; and
- a decrease of $1 million in operating expenses related to a $9 million decrease in cost of fuel consumption, offset by increases in ad valorem taxes, outside services utilities and materials expenses.
Interstate Transportation and Storage
|
|
Three Months Ended March 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
Natural gas transported (BBtu/d) |
|
16,818 |
|
|
|
15,098 |
|
|
Natural gas sold (BBtu/d) |
|
22 |
|
|
|
41 |
|
|
Revenues |
$ |
634 |
|
|
$ |
566 |
|
|
Cost of products sold |
|
2 |
|
|
|
19 |
|
|
Segment margin |
|
632 |
|
|
|
547 |
|
|
Operating expenses, excluding non-cash compensation, amortization, accretion and other non-cash expenses |
|
(186 |
) |
|
|
(171 |
) |
|
Selling, general and administrative expenses, excluding non-cash compensation, amortization and accretion expenses |
|
(31 |
) |
|
|
(31 |
) |
|
Adjusted EBITDA related to unconsolidated affiliates |
|
121 |
|
|
|
88 |
|
|
Other |
|
— |
|
|
|
20 |
|
|
Segment Adjusted EBITDA |
$ |
536 |
|
|
$ |
453 |
|
Transported volumes increased primarily due to our Gulf Run Pipeline being placed in service in December 2022, as well as more capacity sold and higher utilization on our Transwestern, Panhandle and Trunkline systems due to increased demand.
Contacts
Energy Transfer
Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795
or
Media Relations:
Vicki Granado, 214-840-5820
