Energy Transfer Lp · NYSE:ET
Energy Transfer Lp — Q4 2024 Earnings Presentation
18 slides from Energy Transfer Lp's earnings presentation, Feb 11, 2025
Slide 1: Q4 2024 Earnings
Q4 2024 Earnings February 11, 2025
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 4th 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: 2024 – Delivering Results
2024 – Delivering Results Financial Operational Delivered FY’24 Adj. EBITDA¹ of $15.5B – a new partnership record ET volumes FY’24 compared to FY’23 ‒ High-end of 2024 guidance range of $15.3 – $15.5B ‒ Record Crude oil transportation volumes - up 25% Growth Capital² was $3.0 billion – within
Slide 4: What’s New?
What’s New? Q4 2024 Adjusted EBITDA 2025 Adjusted EBITDA Guidance Q4 2024 Net Income Attributable to the Partners $3.88 $16.1-$16.5 $1.08 BILLION BILLION BILLION Up 8% vs Q4 2023 Midpoint up 5% vs FY 2024 Operational Financial Strategic Energy Transfer volumes compared to Q4’23 Announced 2025 Gu
Slide 5: Nationwide Footprint
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 5
Slide 6: Capturing Growth in 2025 and Beyond
Capturing Growth in 2025 and Beyond We believe three main themes will drive critical growth within the midstream space, and Energy Transfer’s asset base is perfectly positioned to capitalize on all three Continued Strong Natural Gas Power Global Demand for US Permian Basin Volume Demand Continues to
Slide 7: Leading Natural Gas Pipeline Footprint
Leading Natural Gas Pipeline Footprint Well Positioned to Meet Growing Electricity Demand Gas-fired power plants Energy Transfer is pursuing opportunities to serve growing power loads from new served via direct and demand centers across its pipeline network indirect connections: ~185 80 Recently com
Slide 8: Disciplined Growth Targeting Strong Investment Returns
Disciplined Growth Targeting Strong Investment Returns 2025E Growth Capital: ~$5.0 billion¹ % of 2025E • A significant amount of 2025 spend will be directed toward the Permian Basin, including: – Permian Processing Expansions (Badger, Red Lake IV and Mustang Draw*) – Processing plant capacity additi
Slide 9: Growth Project Backlog
Growth Project Backlog Project Name Project Overview Status Upgrading four processing plants to add ~200 MMcf/d of incremental processing capacity in West Texas (Includes adding 50 MMcf/d at Q4 2024-Q1 2025¹ Permian Processing Upgrades Grey Wolf, Orla East, Arrowhead II and Arrowhead III, respective
Slide 10: Hugh Brinson Pipeline Project
Hugh Brinson Pipeline Project¹ Serving Premier Texas Markets and Supporting Data Center and AI Growth Hugh Brinson Pipeline Project: Phase 1 Includes the construction of ~400 miles of 42” pipeline from Waha and the Midland Basin to Maypearl, TX • Capacity of 1.5 Bcf/d • Backed by long-term, fee-ba
Slide 11: Outlook Supported by Strong Core Business
Outlook Supported by Strong Core Business 2025E 2024E Adjusted EBITDA $16.1- $15.3- $16.5 $15.5 Billion billion Balancing M&A and Organic Growth 2025E Adjusted EBITDA Breakout Adjusted EBITDA Commodity ($ in Billions) Spread1 5-10% 0-5% $16.1-$16.5 $15.5 $16 $13.0 $13.1 $13.7 $12 $10.5 $8 $4 Fee² $0
Slide 12: Capturing Share in Rapidly Growing NGL Business
Capturing Share in Rapidly Growing NGL Business NGL & Refined Products Adjusted EBITDA Energy Transfer NGL Exports p $4,500 1,000 $4,000 900 $3,500 800 700 $3,000 $ in millions 600 MBbls/d $2,500 500 $2,000 400 $1,500 300 $1,000 200 $500 100 $0 0 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 2014
Slide 13: 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 14: Permian Basin Processing Expanding to Meet Growing Demand
Permian Basin Processing Expanding to Meet Growing Demand Permian Basin Footprint Extensive Permian Basin Footprint: • Currently have ~4.9 Bcf/d of processing capacity in the Permian Basin • Have significant acreage dedications to ET processing plants in the Red Lake III & IV Permian Basin Proce
Slide 15: Leveraging asset base and expertise to develop projects to reduce environmental footprint
Leveraging asset base and expertise to develop projects to reduce environmental footprint Power Generation Constructing 8, 10- Construction underway on 8 natural gas-fired electric generation facilities to support Energy Transfer’s MW natural gas-fired operations in Texas. The first of these facil
Slide 16: Appendix / Non-GAAP Reconciliations
Appendix / Non-GAAP Reconciliations
Slide 17: 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 Q4 YTD Net income $ 4,825 $ 140 $ 6,687 $ 5,868 $ 5,294 $ 1,692 $ 1,992 $ 1,434 $ 1,447 $ 6,565 Interest expense, net 2,331 2,327
Slide 18: Non-GAAP Reconciliation Definitions
Non-GAAP Reconciliation Definitions 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 sho