Energy Transfer LP Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 Adjusted EBITDA and operational volumes were achieved, with strong growth in natural gas and NGL segments. 2026 guidance was raised, major pipeline and terminal expansions are underway, and capital discipline remains a focus amid competitive and regulatory dynamics.
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Q3 2025 adjusted EBITDA was $3.84B, with record volumes in key segments and strong long-term contract growth, especially from data centers and power plants. 2025 guidance was lowered, but major projects and disciplined capital allocation are set to drive earnings growth in 2026–2027.
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Q2 2025 Adjusted EBITDA rose to $3.9B, with record volumes in several segments. Major new projects like the Desert Southwest and Hugh Brinson pipelines are underway, supporting long-term growth, while full-year EBITDA is expected at or slightly below the lower end of guidance due to Bakken and dry gas softness.
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Q1 2025 adjusted EBITDA rose to $4.1B, with strong midstream and NGL performance, while 2025 guidance remains $16.1–$16.5B. Major growth projects are on track, and the company is well positioned for future demand from LNG, power, and data centers.
Fiscal Year 2024
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Record 2024 results with Adjusted EBITDA up 13% and DCF up 10% year-over-year. 2025 guidance calls for $16.1–$16.5 billion Adjusted EBITDA and $5 billion in growth capital, with major projects in NGL, midstream, and natural gas to drive future earnings.
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Q3 2024 Adjusted EBITDA rose to $3.96B, driven by record volumes and strong exports, while DCF remained flat at $1.99B. Integration of Crestwood and WTG assets is progressing, and 2024 guidance is unchanged with major growth projects underway and robust demand for natural gas and exports.
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Q2 2024 Adjusted EBITDA rose to $3.76B, with record volumes in crude oil and NGL pipelines and exports. 2024 guidance was raised for both Adjusted EBITDA and growth capex, reflecting strong base business and recent acquisitions, including WTG.