Thu, May 8, 8:30 PM (15 days ago)
**Energy Transfer LP (ET, ETprI) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $21.02 billion, down 2.8% YoY. - **Net Income:** $1.72 billion, up 1.7% YoY. - **Operating Income:** $2.49 billion, up 7.6% YoY. - **Cash Flow from Operations:** $2.92 billion, down 22% YoY. **Profit Margins:** - **Operating Margin:** 11.9% (up from 11.0% YoY). - **Net Margin:** 8.2% (up from 7.8% YoY). **Cash Flow & Earnings Changes:** - **Free Cash Flow:** $1.72 billion (down from $2.57 billion YoY). - **Capital Expenditures:** $1.25 billion (up from $728 million YoY). **Quarterly Performance:** - **Revenue Growth:** Negative, primarily due to lower crude sales. - **Operating Income Growth:** Positive, driven by cost management and operational efficiencies. - **Net Income Growth:** Positive, despite higher interest expenses. **Trends & Uncertainties:** - **Positive Trends:** Strong operational performance, cost management. - **Uncertainties:** Volatile commodity prices, regulatory changes, and integration of acquisitions. **Future Operations Impact:** - **Growth Capital Expenditures:** $5.00 billion expected for 2025. - **Maintenance Capital Expenditures:** $1.10 billion expected for 2025. - **Debt Levels:** $59.78 billion as of Q1 2025, with compliance with all debt covenants. **Segment Performance:** - **Intrastate Transportation and Storage:** Segment Adjusted EBITDA down 21% YoY. - **Interstate Transportation and Storage:** Segment Adjusted EBITDA up 6% YoY. - **Midstream:** Segment Adjusted EBITDA up 33% YoY. - **NGL and Refined Products Transportation and Services:** Segment Adjusted EBITDA down 1% YoY. - **Crude Oil Transportation and Services:** Segment Adjusted EBITDA down 13% YoY. - **Investment in Sunoco LP:** Segment Adjusted EBITDA up 89% YoY. - **Investment in USAC:** Segment Adjusted EBITDA up 8% YoY. - **All Other:** Segment Adjusted EBITDA down 124% YoY. **Regulatory & Legal:** - Ongoing regulatory proceedings and legal cases may impact future operations and financial performance. - Compliance with environmental regulations and safety standards remains a priority. **Outlook:** - Focus on operational excellence, cost management, and strategic investments. - Continued monitoring of market conditions and regulatory environment. - Expectation of stable to growing cash flows and distributions to unitholders.