Energy Transfer LP (NYSE:ET) Q2 2024 Earnings Conference Call August 7, 2024 4:30 PM ET

Company Participants

Tom Long - Co Chief Executive Officer
Mackie McCrea - Co Chief Executive Officer

Conference Call Participants

Jeremy Tonet - JPMorgan
John Mackay - Goldman Sachs
Keith Stanley - Wolf Research
Theresa Chen - Barclays
Spiro Dounis - Citi
Michael Blum - Wells Fargo

Operator

Good day, and welcome to the Energy Transfer Q2 2024 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. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Tom Long, Co-CEO. Please go ahead sir.

Tom Long

Thank you, operator, and good afternoon, everyone. And welcome to the Energy Transfer's second quarter 2024 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 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 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 details on our Form 10-Q for the quarter ended June 30, 2024, which we expect to file tomorrow August the 8^th.

I'll also refer to adjusted EBITDA and distributable cash flow or DCF, both of which are non-GAAP financial measures. You will find a reconciliation of our non-GAAP measures on our website.

I'll start today by going over our financial results, for the second quarter of 2024, we generated adjusted EBITDA of $3.76 billion, compared to $3.1 million for the second quarter of 2023. This number includes over $80 million of transaction expense. Absent these transaction cost, adjusted EBITDA would have been over $3.8 billion.

We had record volumes through our crude oil and NGL pipelines, as well as record NGL exports. We also saw strong performance from our NGL fractionators and our refined products pipelines and terminals. DCF a trivial to the partners of Energy Transfer as adjusted was $2 billion compared to $1.6 billion for the second quarter of 2023.