The following is a summary of the Energy Transfer LP (ET) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Energy Transfer reported Q1 2024 adjusted EBITDA of $3.9 billion, up from $3.4 billion in Q1 2023.

• Distributable Cash Flow (DCF) increased to $2.4 billion, up from $2 billion in the same period last year, resulting in an excess cash flow of about $1.3 billion.

• The company proposed a quarterly cash distribution of $0.3175 per common unit, a 3.3% increase from Q1 2023.

• Energy Transfer invested $460 million in organic growth capital, primarily in the Midstream and NGL and Refined Products Segments.

• No outstanding borrowings were reported under the company's revolving credit facility in Q1 2024.

• The company redeemed $1.7 billion of senior notes using available cash and the proceeds from the revolving credit facility.

• The company increased 2024's adjusted EBITDA guidance to between $15 billion and $15.3 billion.

Business Progress:

• The company reported record volumes through crude pipelines and good performance across operations, with notable progress in NGL and Refined Products.

• Crude oil segment's adjusted EBITDA rose to $848 million, due to stronger pipeline volumes and higher terminal throughput.

• Growth projects are expected to drive future business, with 2024 growth capital expenditures projected to be approximately $2.9 billion.

• -The company announced progress in the Warrior project, as well as plans for 8-10 megawatt gas-fired power plants in Texas.

• Energy Transfer is exploring plans for a blue ammonia hub as a new avenue for growth.

• An effort to connect to possible gas demand within 10 miles of their pipelines is underway, with a focus on power plants and a large chip manufacturer in Texas.

• The company is also engaging with several power plants on natural gas power generation expansions, mainly in Texas and Oklahoma.

• Energy Transfer cites growing demand for gas-powered data centers, especially around Artificial Intelligence.

• The company anticipates an increase in gas demand and expects prices to rise to between $3.50 and $3.60 by the end of the year.

• Project 'Blue Marlin,' expected to be commercially operational within two and a half to three years, is underway.

More details: Energy Transfer IR

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