Energy Transfer LP (NYSE:ET) Q3 2023 Earnings Conference Call November 1, 2023 4:30 PM ET

Company Participants

Tom Long - Co-Chief Executive Officer

Mackie McCrea - Co-Chief Executive Officer

Conference Call Participants

Jeremy Tonet - J.P. Morgan

Spiro Dounis - Citi

Michael Blum - Wells Fargo

Brian Reynolds - UBS

Jean Ann Salisbury - Bernstein

John Mackay - Goldman Sachs

Neel Mitra - Bank of America

Gabe Moreen - Mizuho Securities

Operator

Good day, and welcome to the Energy Transfer Third Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded.

I would like to turn the call over to Mr. Tom Long, Co-CEO of Energy Transfer. Please go ahead.

Tom Long

Thank you, Operator, and good afternoon everyone. Welcome to the Energy Transfer's third quarter 2023 earnings call. I'm also joined today by Mackie McCrea 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 well as the slides posted to our Web site.

As a reminder, we will be making forward-looking statements within the meaning of Section 21E of the Securities 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 September 30, 2023, which we expect to file tomorrow November 2. 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 financial measures on our Web site.

We will start today by going over our financial results for the third quarter of 2023. We generated adjusted EBITDA of $3.5 billion, compared to $3.1 billion for the third quarter of 2022. In our base business, we had strong performance across our operations, including record volumes through our NGL pipelines, fractionators, and NGL and refined products' terminals, as well as record volumes in our crude segment. In addition, volumes in our intrastate and midstream segments remained near records. DCF attributable to the partners of Energy Transfer as adjusted was $2 billion, compared to $1.6 billion for the third quarter of 2022. This resulted in excess cash flow after distributions of $1 billion.