Energy Transfer LP (ET) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and welcome to the Energy Change for Q1 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance today, please ring one of the conference specialists by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To answer your question, please press star then two. Please note today's event is being recorded. I would now like to turn the conference over to Tom Long. Please go ahead. Thank you, Operator. Good afternoon, everyone, and welcome to the Energy Transfer First Quarter 2025 Earnings Call. Also joined today by Mackie McCree and other members of the Senior Management Team who are here to help answer your questions after our prepared remarks. Hopefully you saw the press release we issued earlier this afternoon. As a reminder, Our earnings release contains a thorough MD&A that goes through the segment results in detail, and we encourage everyone to look at the release, as well as the slides posted to our website to gain a full understanding of the quarter and our growth opportunities. As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Security Exchange Act of 1934. These statements are based upon our current beliefs as well as certain assumptions and information currently available to us, and are discussed in more detail in our Form 10-Q for the quarter ended March 31st, 2025, which we expect to file this Thursday, May the 8th. I'll also refer to adjusted EBITDA and distributable cash flow, or DCF, both of which are non-GAAP financial measures. You'll find a reconciliation of our non-GAAP measures on our website. So let's start with our ...