Energy Transfer LP (ET) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

and welcome to the Energy Transfer Second Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. Should you need assistance during the conference call, you may signal an operator by pressing the star key followed by zero. After today's presentation, there'll be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this 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 Second Quarter 2025 earnings call. I'm 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 that Our earnings release contains a thorough MD&A that goes through the segment results in detail, and we encourage everyone to take a 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 June 30, 2025, which we expect to file tomorrow, Thursday, August 7. 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 websi...