Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q3 2024 Earnings Presentation
16 slides from Energy Transfer Lp's earnings presentation, Nov 5, 2024
Slide 1: Q3 2024 Earnings
Q3 2024 Earnings November 6, 2024
Slide 2: Forward-looking Statements / Legal Disclaimer
Forward-looking Statements / Legal Disclaimer Management of Energy Transfer LP (ET) will provide this presentation in conjunction with ET’s 3rd quarter 2024 earnings conference call. On the call, members of management may make statements about future events, outlook and expectations related to Sunoc
Slide 3: What’s New?
What’s New? Q3 2024 Net Income Q3 2024 Adjusted EBITDA 2024 Adjusted EBITDA Guidance Attributable to the Partners $1.18 $3.96 $15.3-$15.5 BILLION BILLION BILLION Up 103% vs Q3 2023 Up 12% vs Q3 2023 Midpoint up 12% vs FY 2023 Operational Financial Strategic Energy Transfer volumes compared to Q3’2
Slide 4: Unique Nationwide Footprint
Unique Nationwide Footprint Asset Overview Natural Gas Natural Gas Liquids (NGLs) Crude Refined Products Storage Mont Belvieu NGL Complex Terminals Processing Major Terminals Marcus Hook Terminal Houston Terminal Lake Charles Regas Nederland Terminal Cushing Terminal Midland Terminals 4
Slide 5: Leading Natural Gas Pipeline Footprint Well Positioned to Meet Growing Electricity Demand
Leading Natural Gas Pipeline Footprint Well Positioned to Meet Growing Electricity Demand Energy Transfer is pursuing opportunities to serve growing power loads from new Gas-fired power demand centers across its pipeline network plants served via direct and indirect connections: ~185 80 Plants Serve
Slide 6: Disciplined Growth Targeting Strong Investment Returns
Disciplined Growth Targeting Strong Investment Returns 2024E Growth Capital: $2.8 - $3.0 billion • Nederland NGL expansion % of 2024E • Nederland storage tank expansion • Lone Star Express and Gateway NGL Pipeline projects • Mont Belvieu Frac and storage facilities optimization NGL & Refined Product
Slide 7: Growth Project Updates
Growth Project Updates Project Name Project Overview Status Constructing ~30 miles of pipe to add a direct connection from Midland to ET’s pipeline from the Permian Basin to Cushing; expected to In Service Midland to Cushing Pipe Connection be able to transport ~100,000 Bbls/d of crude from ET termi
Slide 8: Comprehensive Permian Gas Takeaway Solutions
Comprehensive Permian Gas Takeaway Solutions Flexibility to Provide Natural Gas Delivery to Most Market Hubs Waha Header Permian Natural Gas Takeaway Project • Energy Transfer’s Waha header connects to more than 10 different natural gas pipelines, as well as to the TPP header¹, which contains over C
Slide 9: Outlook Supported by Strong Core Business
Outlook Supported by Strong Core Business 2024E Adjusted EBITDA $15.3- $15.5 billion Balancing M&A and Organic Growth 2024E Adjusted EBITDA Breakout Adjusted EBITDA Commodity ($ in Billions) Spread1 5-10% 0-5% $15.3-15.5 $13.7 $13.1 Fee² ~90% 2022 2023 2024E Pricing/spread assumptions based on curre
Slide 10: Worldwide Markets for Rapidly Growing LPG Business
Worldwide Markets for Rapidly Growing LPG Business Energy Transfer YTD 2024 Top 20 LPG Exports by Destination Nederland Terminal 30 25 20 million barrels 15 10 5 0 YTD 2024, Energy Transfer has exported LPGs to approximately 50 countries 10 Source: Internal
Slide 11: Expanding World-Class NGL Export Facilities
Expanding World-Class NGL Export Facilities Marcus Hook Terminal Marcus Hook Terminal • Construction continues on the first phase of an optimization project Total NGL Export Capacity Houston Terminal > 1.1mm Bbls/d Nederland Terminal • Construction is underway on an expansion which is expected to ad
Slide 12: Leveraging asset base and expertise to develop projects to reduce environmental footprint
Leveraging asset base and expertise to develop projects to reduce environmental footprint Constructing 8, 10- Power Generation MW natural gas-fired Construction underway on 8 natural gas-fired electric generation facilities to support Energy Transfer’s operations in Texas. These facilities are exp
Slide 13: Growth Through Organic Projects and M&A
Growth Through Organic Projects and M&A Key asset additions since Q3 2022 Woodford Express Crestwood Equity Partners Gulf Run Pipeline Bear Processing Plant • Purchase price of $485mm¹ • Valued at $7.1B² • (In Service December ’22) • (In Service June ’23) • (Closed September ’22) • (Closed Novembe
Slide 14: Appendix / Non-GAAP Reconciliations
Appendix / Non-GAAP Reconciliations
Slide 15: Non-GAAP Reconciliation
Non-GAAP Reconciliation Energy Transfer LP Reconciliation of Non-GAAP Measures * 2019 2020 2021 2022 2023 2024 Full Year Full Year Full Year Full Year Full Year Q1 Q2 Q3 YTD Net income $ 4,899 $ 140 $ 6,687 $ 5,868 $ 5,294 $ 1,692 $ 1,992 $ 1,434 $ 5,118 Interest expense, net 2,331 2,327 2,267 2,306
Slide 16: Non-GAAP Reconciliation Definitions
Non-GAAP Reconciliation Definitions (a) Adjusted EBITDA and Distributable Cash Flow are non-GAAP financial measures used by industry analysts, investors, lenders and rating agencies to assess the financial performance and the operating results of Energy Transfer’s fundamental business activities and