ET - Energy Transfer: Steady As She Grows
2024-05-09 16:38:21 ET
Summary
- Energy Transfer reported strong growth in adjusted EBITDA and distributable cash flow for Q1 2024.
- The company's segments, including NGL and Refined Products, Midstream, and Crude Oil, showed significant growth.
- Energy Transfer continues to see growth opportunities, particularly in its LPG export complexes, and is reducing leverage and delivering distributable cash.
Energy Transfer First Quarter Review:
Energy Transfer ( ET ) reported another excellent quarter of near across the board growth for the first quarter of 2024. The big picture numbers were:
- Adjusted EBITDA of $3.9 billion compared to $3.4 billion for the first quarter of 2023.
- $460 million of growth capital expenditure.
- Distributable Cash Flow was $2.4 billion compared to $2 billion for the first quarter of 2023.
- Excess cash flow after distributions of approximately $1.3 billion.
- Adjusted EBITDA guidance increased to between $15 billion to $15.3 billion from prior guidance range of $14.5 billion to $14.8 billion to reflect Sunoco's acquisition of the NuStar assets, which closed May 3rd.