Energy Transfer LP (ET) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $20.77 billion for the quarter, slightly up from $20.74 billion in the same period last year. The increase is attributed to higher volumes in the midstream segment and contributions from recently acquired assets.
Net income for the quarter was $1.43 billion, up from $1.05 billion in the previous year. This increase was primarily due to the absence of a $625 million non-operating litigation-related loss recognized in the prior year.
Adjusted EBITDA for the quarter was $3.96 billion, compared to $3.54 billion in the previous year. The increase was driven by higher earnings across multiple segments, particularly in midstream and crude oil transportation.
Energy Transfer completed the acquisition of WTG Midstream Holdings LLC on July 15, 2024, for $2.28 billion in cash and 50.8 million newly issued common units, expanding its gas gathering and processing capabilities.
Sunoco LP, a subsidiary of Energy Transfer, completed the acquisition of NuStar Energy L.P. on May 3, 2024, and sold 204 convenience stores to 7-Eleven, Inc. (SVNDY) for approximately $1 billion.
Operating expenses increased due to higher maintenance costs and employee expenses. Interest expense also rose due to higher debt levels and interest rates.
The company declared a quarterly distribution of $0.3225 per unit for the quarter ended September 30, 2024, reflecting an increase from the previous quarter.
Energy Transfer's capital expenditures for 2024 are expected to be between $2.8 billion and $3.0 billion for growth projects and between $970 million and $1.0 billion for maintenance projects.
The company maintains compliance with all debt covenants and has a total debt of $59.26 billion as of September 30, 2024, with $3.09 billion in floating rate debt.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Energy Transfer LP quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].