Energy Transfer LP Common Units (NYSE:ET) Q3 2024 Earnings Conference Call November 6, 2024 4:30 PM ET

Company Participants

Tom Long - Co-Chief Executive Officer
Mackie McCrea - Co-Chief Executive Officer
Dylan Bramhall - Group Chief Financial Officer

Conference Call Participants

Jeremy Tonet - JPMorgan
Jean Ann Salisbury - Bank of America
Manav Gupta - UBS
Theresa Chen - Barclays
Keith Stanley - Wolfe Research
Gabe Moreen - Mizuho
Michael Blum - Wells Fargo
Zack Van Everen - TPH
John Mackay - Goldman Sachs

Operator

Hello, and welcome to the Energy Transfer Third Quarter 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] As a reminder this conference is being recorded.

I would now like to turn the conference over to Tom Long. Please go ahead.

Tom Long

Thank you, operator, and good afternoon, everyone. And welcome to the Energy Transfer's third quarter 2024 earnings call. I'm also joined today by Mackie McCrea and other members of the senior management team who are going to be able 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. Also 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 September 30, 2024, which we expect to file tomorrow November the 7th.

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.

Let's start with the financial results. For the third quarter of 2024, we generated adjusted EBITDA of $3.96 billion, compared to $3.54 billion for the third quarter of 2023. We had record volumes through our crude oil mid-stream gathering and NGL pipelines, as well as through our NGL fractionators. In addition, we saw strong crude and NGL exports during the quarter and increased volumes through our refined products pipelines.