Energy Transfer Reports Third Quarter 2024 Results

DALLAS–(BUSINESS WIRE)–Energy Transfer LP (NYSE:ET) (“Energy Transfer” or the “Partnership”) today reported financial results for the quarter ended September 30, 2024.


Energy Transfer reported net income attributable to partners for the three months ended September 30, 2024 of $1.18 billion. For the three months ended September 30, 2024, net income per common unit (basic) was $0.33.

Adjusted EBITDA for the three months ended September 30, 2024 was $3.96 billion compared to $3.54 billion for the three months ended September 30, 2023.

Distributable Cash Flow attributable to partners, as adjusted, for the three months ended September 30, 2024 was $1.99 billion, an increase of $4 million from the three months ended September 30, 2023.

Growth capital expenditures in the third quarter of 2024 were $724 million, while maintenance capital expenditures were $359 million.

Operational Highlights

  • With the addition of new organic growth projects and acquisitions, volumes on Energy Transfer’s assets continued to increase during the third quarter of 2024.

    • Crude oil transportation volumes were up 25%, setting a new Partnership record.
    • Crude oil exports were up 49%.
    • Midstream gathered volumes and produced volumes were up 6% and 26%, respectively, setting new Partnership records.
    • NGL fractionation volumes were up 12%, setting a new Partnership record.
    • NGL transportation volumes were up 4%, setting a new Partnership record.
  • The Partnership recently completed a 50 MMcf/d expansion to the Orla East processing plant in the Permian Basin.
  • The Partnership also recently completed construction of a 30-mile crude oil pipeline that allows Energy Transfer to transport approximately 100,000 Bbls/d of crude oil from its terminals in Midland, Texas to Cushing, Oklahoma.
  • Energy Transfer recently approved construction of its ninth fractionator at Mont Belvieu, which will have a capacity of 165,000 Bbls/d. Frac IX is expected to be in service in the fourth quarter of 2026 and will increase the Partnership’s total fractionation capacity at Mont Belvieu to more than 1.3 million Bbls/d.

Strategic Highlights

  • In July 2024, Energy Transfer completed the acquisition of WTG Midstream Holdings LLC (“WTG Midstream”), which added approximately 6,000 miles of complementary gas gathering pipelines and extended Energy Transfer’s network in the Midland Basin. The transaction also added nine gas processing plants with a total capacity of approximately 1.5 Bcf/d, and an additional 200 MMcf/d processing plant is currently under construction.
  • In July 2024, Energy Transfer and Sunoco LP formed a joint venture combining their respective crude oil and produced water gathering assets in the Permian Basin. Energy Transfer serves as the operator of the joint venture.
  • With forecasts suggesting that natural gas fueled power demand will increase significantly in the future, Energy Transfer is seeing increasing opportunities to provide natural gas to power plants and data centers spread across its natural gas footprint, from Arizona to Florida and from Texas to Michigan.

Financial Highlights

  • In October 2024, Energy Transfer announced a cash distribution of $0.3225 per common unit ($1.29 annualized) for the quarter ended September 30, 2024.
  • As of September 30, 2024, the Partnership’s revolving credit facility had $3.34 billion available for future borrowings.

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 ended September 30, 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 Wednesday, November 6, 2024 to discuss its third quarter 2024 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 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, 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.

 
 
 

ENERGY TRANSFER LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(unaudited) 

 

 

September 30,

2024

 

December 31,

2023

ASSETS

Current assets

$

13,336

 

 

$

12,433

 

 

 

 

 

Property, plant and equipment, net

 

95,012

 

 

 

85,351

 

 

 

 

 

Investments in unconsolidated affiliates

 

3,268

 

 

 

3,097

 

Lease right-of-use assets, net

 

836

 

 

 

826

 

Other non-current assets, net

 

1,965

 

 

 

1,733

 

Intangible assets, net

 

6,102

 

 

 

6,239

 

Goodwill

 

3,910

 

 

 

4,019

 

Total assets

$

124,429

 

 

$

113,698

 

LIABILITIES AND EQUITY

Current liabilities

$

12,371

 

 

$

11,277

 

 

 

 

 

Long-term debt, less current maturities

 

58,995

 

 

 

51,380

 

Non-current derivative liabilities

 

 

 

 

4

 

Non-current operating lease liabilities

 

742

 

 

 

778

 

Deferred income taxes

 

4,110

 

 

 

3,931

 

Other non-current liabilities

 

1,613

 

 

 

1,611

 

 

 

 

 

Commitments and contingencies

 

 

 

Redeemable noncontrolling interests

 

418

 

 

 

778

 

 

 

 

 

Equity:

 

 

 

Limited Partners:

 

 

 

Preferred Unitholders

 

3,892

 

 

 

6,459

 

Common Unitholders

 

31,308

 

 

 

30,197

 

General Partner

 

(2

)

 

 

(2

)

Accumulated other comprehensive income

 

42

 

 

 

28

 

Total partners’ capital

 

35,240

 

 

 

36,682

 

Noncontrolling interests

 

10,940

 

 

 

7,257

 

Total equity

 

46,180

 

 

 

43,939

 

Total liabilities and equity

$

124,429

 

 

$

113,698

 

 
 
 
 

ENERGY TRANSFER LP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per unit data)

(unaudited) 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

REVENUES

$

20,772

 

 

$

20,739

 

 

$

63,130

 

 

$

58,054

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

Cost of products sold

 

15,612

 

 

 

16,059

 

 

 

47,818

 

 

 

44,761

 

Operating expenses

 

1,358

 

 

 

1,105

 

 

 

3,723

 

 

 

3,224

 

Depreciation, depletion and amortization

 

1,324

 

 

 

1,107

 

 

 

3,791

 

 

 

3,227

 

Selling, general and administrative

 

297

 

 

 

234

 

 

 

889

 

 

 

700

 

Impairment losses

 

 

 

 

1

 

 

 

50

 

 

 

12

 

Total costs and expenses

 

18,591

 

 

 

18,506

 

 

 

56,271

 

 

 

51,924

 

OPERATING INCOME

 

2,181

 

 

 

2,233

 

 

 

6,859

 

 

 

6,130

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

Interest expense, net of interest capitalized

 

(828

)

 

 

(632

)

 

 

(2,318

)

 

 

(1,892

)

Equity in earnings of unconsolidated affiliates

 

102

 

 

 

103

 

 

 

285

 

 

 

286

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

(11

)

 

 

 

Gain (loss) on interest rate derivatives

 

(6

)

 

 

32

 

 

 

6

 

 

 

47

 

Non-operating litigation-related loss

 

 

 

 

(625

)

 

 

 

 

 

(625

)

Gain on sale of Sunoco LP West Texas assets

 

 

 

 

 

 

 

598

 

 

 

 

Other, net

 

74

 

 

 

13

 

 

 

104

 

 

 

37

 

INCOME BEFORE INCOME TAX EXPENSE

 

1,523

 

 

 

1,124

 

 

 

5,523

 

 

 

3,983

 

Income tax expense

 

89

 

 

 

77

 

 

 

405

 

 

 

256

 

NET INCOME

 

1,434

 

 

 

1,047

 

 

 

5,118

 

 

 

3,727

 

Less: Net income attributable to noncontrolling interests

 

238

 

 

 

451

 

 

 

1,337

 

 

 

1,080

 

Less: Net income attributable to redeemable noncontrolling interests

 

13

 

 

 

12

 

 

 

44

 

 

 

39

 

NET INCOME ATTRIBUTABLE TO PARTNERS

 

1,183

 

 

 

584

 

 

 

3,737

 

 

 

2,608

 

General Partner’s interest in net income

 

1

 

 

 

 

 

 

3

 

 

 

2

 

Preferred Unitholders’ interest in net income

 

67

 

 

 

118

 

 

 

294

 

 

 

340

 

Loss on redemption of preferred units

 

 

 

 

 

 

 

54

 

 

 

 

Common Unitholders’ interest in net income

$

1,115

 

 

$

466

 

 

$

3,386

 

 

$

2,266

 

NET INCOME PER COMMON UNIT:

 

 

 

 

 

 

 

Basic

$

0.33

 

 

$

0.15

 

 

$

1.00

 

 

$

0.73

 

Diluted

$

0.32

 

 

$

0.15

 

 

$

0.99

 

 

$

0.72

 

WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING:

 

 

 

 

 

 

 

Basic

 

3,415.2

 

 

 

3,144.0

 

 

 

3,384.9

 

 

 

3,122.3

 

Diluted

 

3,441.2

 

 

 

3,167.7

 

 

 

3,410.7

 

 

 

3,145.9

 

 
 
 
 

ENERGY TRANSFER LP AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

(Dollars and units in millions)

(unaudited) 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Reconciliation of net income to Adjusted EBITDA and Distributable Cash Flow(a):

 

 

 

 

 

 

 

Net income

$

1,434

 

 

$

1,047

 

 

$

5,118

 

 

$

3,727

 

Interest expense, net of interest capitalized

 

828

 

 

 

632

 

 

 

2,318

 

 

 

1,892

 

Impairment losses

 

 

 

 

1

 

 

 

50

 

 

 

12

 

Income tax expense

 

89

 

 

 

77

 

 

 

405

 

 

 

256

 

Depreciation, depletion and amortization

 

1,324

 

 

 

1,107

 

 

 

3,791

 

 

 

3,227

 

Non-cash compensation expense

 

37

 

 

 

35

 

 

 

113

 

 

 

99

 

(Gain) loss on interest rate derivatives

 

6

 

 

 

(32

)

 

 

(6

)

 

 

(47

)

Unrealized (gain) loss on commodity risk management activities

 

(53

)

 

 

107

 

 

 

50

 

 

 

182

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

11

 

 

 

 

Inventory valuation adjustments (Sunoco LP)

 

197

 

 

 

(141

)

 

 

99

 

 

 

(113

)

Equity in earnings of unconsolidated affiliates

 

(102

)

 

 

(103

)

 

 

(285

)

 

 

(286

)

Adjusted EBITDA related to unconsolidated affiliates

 

181

 

 

 

182

 

 

 

522

 

 

 

514

 

Non-operating litigation-related loss(b)

 

 

 

 

625

 

 

 

 

 

 

625

 

Gain on sale of Sunoco LP West Texas assets

 

 

 

 

 

 

 

(598

)

 

 

 

Other, net

 

18

 

 

 

4

 

 

 

11

 

 

 

8

 

Adjusted EBITDA (consolidated)

 

3,959

 

 

 

3,541

 

 

 

11,599

 

 

 

10,096

 

Adjusted EBITDA related to unconsolidated affiliates(c)

 

(181

)

 

 

(182

)

 

 

(522

)

 

 

(514

)

Distributable cash flow from unconsolidated affiliates(c)

 

127

 

 

 

131

 

 

 

373

 

 

 

364

 

Interest expense, net of interest capitalized

 

(828

)

 

 

(632

)

 

 

(2,318

)

 

 

(1,892

)

Preferred unitholders’ distributions

 

(72

)

 

 

(129

)

 

 

(290

)

 

 

(376

)

Current income tax expense

 

20

 

 

 

(25

)

 

 

(241

)

 

 

(69

)

Transaction-related income taxes(d)

 

(18

)

 

 

 

 

 

181

 

 

 

 

Maintenance capital expenditures

 

(392

)

 

 

(202

)

 

 

(785

)

 

 

(601

)

Other, net

 

16

 

 

 

11

 

 

 

72

 

 

 

21

 

Distributable Cash Flow (consolidated)

 

2,631

 

 

 

2,513

 

 

 

8,069

 

 

 

7,029

 

Distributable Cash Flow attributable to Sunoco LP(c)

 

(290

)

 

 

(181

)

 

 

(647

)

 

 

(514

)

Distributions from Sunoco LP

 

60

 

 

 

43

 

 

 

182

 

 

 

130

 

Distributable Cash Flow attributable to USAC (100%)

 

(87

)

 

 

(71

)

 

 

(259

)

 

 

(201

)

Distributions from USAC

 

25

 

 

 

25

 

 

 

73

 

 

 

73

 

Distributable Cash Flow attributable to noncontrolling interests in other non-wholly owned consolidated subsidiaries

 

(364

)

 

 

(345

)

 

 

(1,052

)

 

 

(983

)

Distributable Cash Flow attributable to the partners of Energy Transfer

 

1,975

 

 

 

1,984

 

 

 

6,366

 

 

 

5,534

 

Transaction-related adjustments

 

15

 

 

 

2

 

 

 

19

 

 

 

14

 

Distributable Cash Flow attributable to the partners of Energy Transfer, as adjusted

$

1,990

 

 

$

1,986

 

 

$

6,385

 

 

$

5,548

 

Distributions to partners:

 

 

 

 

 

 

 

Limited Partners

$

1,104

 

 

$

983

 

 

$

3,269

 

 

$

2,923

 

General Partner

 

1

 

 

 

1

 

 

 

3

 

 

 

3

 

Total distributions to be paid to partners

$

1,105

 

 

$

984

 

 

$

3,272

 

 

$

2,926

 

Common Units outstanding – end of period

 

3,423.7

 

 

 

3,145.1

 

 

 

3,423.7

 

 

 

3,145.1

 

(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.

 

There are material limitations to using measures such as Adjusted EBITDA and Distributable Cash Flow, including the difficulty associated with using either 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 measures that are computed in accordance with GAAP, such as operating income, net income and cash flows from operating activities. 

 

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 valuation 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. 

 

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. 

 

Definition of Distributable Cash Flow 

 

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 investees’ distributable cash flow. 

 

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. 

 

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: 

 
  • For subsidiaries with publicly traded equity interests, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiary, and Distributable Cash Flow attributable to our partners includes distributions to be received by the parent company with respect to the periods presented.
  • For consolidated joint ventures or similar entities, where the noncontrolling interest is not publicly traded, Distributable Cash Flow (consolidated) includes 100% of Distributable Cash Flow attributable to such subsidiaries, but Distributable Cash Flow attributable to partners reflects only the amount of Distributable Cash Flow of such subsidiaries that is attributable to our ownership interest.
 

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. 

 

(b)

Non-operating litigation-related loss recognized in the three and nine months ended September 30, 2023 represents the loss associated with a recent adverse ruling. This non-recurring, non-operating loss has been excluded from the Partnership’s calculation of Adjusted EBITDA. 

 

(c)

These amounts exclude Sunoco LP’s Adjusted EBITDA and distributable cash flow related to its investment in the Permian joint venture, which amounts are eliminated in the Energy Transfer consolidation. 

 

(d)

For the three and nine months ended September 30, 2024, the amount reflected for transaction-related income taxes reflects current income tax expense recognized by Sunoco LP in connection with its April 2024 sale of convenience stores in West Texas, New Mexico and Oklahoma. 

 
 
 
 

ENERGY TRANSFER LP AND SUBSIDIARIES

SUMMARY ANALYSIS OF QUARTERLY RESULTS BY SEGMENT

(Tabular dollar amounts in millions)

(unaudited)

 

 

Three Months Ended

September 30,

 

2024

 

2023

Segment Adjusted EBITDA:

 

 

 

 

Intrastate transportation and storage

$

329

 

 

$

244

 

Interstate transportation and storage

 

460

 

 

 

491

 

Midstream

 

816

 

 

 

631

 

NGL and refined products transportation and services

 

1,012

 

 

 

1,076

 

Crude oil transportation and services

 

768

 

 

 

706

 

Investment in Sunoco LP

 

456

 

 

 

257

 

Investment in USAC

 

146

 

 

 

130

 

All other

 

(28

)

 

 

6

 

Adjusted EBITDA (consolidated)

$

3,959

 

 

$

3,541

 

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. 

 
 
 
 

Intrastate Transportation and Storage 

 

 

Three Months Ended

September 30,

 

 

2024

 

 

 

2023

 

Natural gas transported (BBtu/d)

 

13,214

 

 

 

15,123

 

Withdrawals from storage natural gas inventory (BBtu)

 

2,325

 

 

 

 

Revenues

$

678

 

 

$

973

 

Cost of products sold

 

272

 

 

 

664

 

Segment margin

 

406

 

 

 

309

 

Unrealized (gains) losses on commodity risk management activities

 

(11

)

 

 

14

 

Operating expenses, excluding non-cash compensation expense

 

(61

)

 

 

(71

)

Selling, general and administrative expenses, excluding non-cash compensation expense

 

(11

)

 

 

(13

)

Adjusted EBITDA related to unconsolidated affiliates

 

6

 

 

 

6

 

Other

 

 

 

 

(1

)

Segment Adjusted EBITDA

$

329

 

 

$

244

 

Transported volumes of gas on our Texas intrastate pipelines decreased primarily due to less third-party transportation and decreased gas production from the Haynesville area. Transported volumes reported above exclude volumes attributable to purchases and sales of gas for our pipelines’ own accounts and the optimization of any unused capacity. 

 

Segment Adjusted EBITDA. For the three months ended September 30, 2024 compared to the same period last year, Segment Adjusted EBITDA related to our intrastate transportation and storage segment increased due to the net impact of the following: 

 
  • an increase of $100 million in realized natural gas sales and other primarily due to higher pipeline optimization from physical sales; and
  • a decrease of $10 million in operating expenses primarily due to a change related to fuel consumption that is offset in cost of products sold in 2024; partially offset by
  • a decrease of $13 million in storage margin primarily due to the timing of financial gains;
  • a decrease of $11 million in retained fuel margin primarily due to a change related to fuel consumption that is offset in operating expenses in 2024; and
  • a decrease of $4 million in transportation fees primarily due to a contract expiration on our Louisiana system.

Contacts

Energy Transfer
Investor Relations:
Bill Baerg, Brent Ratliff, Lyndsay Hannah, 214-981-0795

or

Media Relations:
Vicki Granado, 214-840-5820

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