Energy Transfer (ET) Q4 2024 earnings summary

Executive summary

• Adjusted EBITDA for 2024 reached $15.5 billion, up 13% year-over-year and at the high end of guidance, setting a partnership record.

• Distributable Cash Flow (DCF) for 2024 was $8.4 billion, up 10% year-over-year, also a record.

• Net income attributable to partners for Q4 2024 was $1.08 billion, with net income per common unit of $0.29.

• Completed WTG Midstream acquisition and formed a Permian Basin JV with Sunoco LP.

• Major projects advanced, including FID on Hugh Brinson Pipeline, NGL export expansions, and long-term agreements with Cloudburst Data Centers and Chevron.

Financial highlights

• Q4 2024 Adjusted EBITDA was $3.88 billion, up 8% year-over-year; full-year 2024 Adjusted EBITDA reached $15.48 billion.

• Distributable cash flow attributable to partners was $1.98 billion for Q4 2024 and $8.36 billion for FY 2024.

• 2024 organic growth capital spend was $3 billion, focused on midstream, NGL, and refined products.

• 2025 growth capital expenditures are expected to be $5 billion, with major allocations to interstate natural gas, NGL/refined products, midstream, and crude oil segments.

• Quarterly cash distribution increased to $0.3250 per unit, up 3.2% year-over-year.

Outlook and guidance

• 2025 Adjusted EBITDA guidance is $16.1–$16.5 billion, up ~5% from 2024 at the midpoint.

• 2025 growth capital expenditures projected at $5.0 billion; maintenance capex at $1.1 billion.

• Majority of earnings growth from current projects expected to ramp up in 2026 and 2027.

• Anticipates strong volume growth from the Permian Basin and rising natural gas demand from power and data centers.

• Global demand for U.S. NGLs remains robust, supporting further infrastructure development.