Energy Transfer LP (NYSE:ET) reported strong financial results for the first quarter of 2024, showcasing robust performance and growth in various operational aspects. The company’s net income attributable to partners for the quarter reached $1.24 billion, with net income per common unit at $0.32. Adjusted EBITDA for the same period was $3.88 billion, reflecting a positive trend compared to the previous year.
Distributable Cash Flow attributable to partners saw a significant increase, reaching $2.36 billion for the first quarter of 2024. The company’s strategic investments and operational efficiency contributed to this growth, with growth capital expenditures totaling $461 million and maintenance capital expenditures at $115 million.
Operational highlights for the first quarter included notable increases in volumes across various segments of Energy Transfer’s assets. Crude oil transportation volumes surged by 44%, setting a new record for the Partnership. Additionally, NGL fractionation volumes, NGL exports, and interstate natural gas transportation volumes all experienced positive growth.
Energy Transfer’s strategic initiatives in the first quarter of 2024 focused on enhancing its infrastructure and operational capabilities. The approval of natural gas-fired electric generation facilities in Texas and projects to de-bottleneck NGL pipelines demonstrate the company’s commitment to expanding its capacity and improving efficiency.
Furthermore, the completion of the Trunkline Pipeline backhaul project and the conversion of the Sabina 2 Pipeline highlight Energy Transfer’s ongoing efforts to optimize its existing assets and provide enhanced services to its customers. These initiatives are expected to contribute to the company’s long-term growth and operational excellence.
