Energy Transfer LP, the company that acquired Oklahoma City-based Enable Midstrean Partners, LP in 2021 and expanded its operations to 114,000 of pipelines across the U.S. said it had improved first quarter net income of $1.32 billion or 37 cents a share.
The Dallas company said it beat the $1.24 billion reported in the first quarter of 2024. Adjusted EBITDA for the three months ended March 31, 2025 was $4.10 billion compared to $3.88 billion for the three months ended March 31, 2024.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended March 31, 2025 was $2.31 billion compared to $2.36 billion for the three months ended March 31, 2024. Growth capital expenditures in the first quarter of 2025 were $955 million, while maintenance capital expenditures were $165 million.
Operational Highlights
- Energy Transfer’s volumes continued to grow during the first quarter of 2025 compared to the first quarter of 2024.
- Interstate natural gas transportation volumes were up 3%, setting a new Partnership record.
- Crude oil transportation volumes were up 10%.
- NGL transportation volumes were up 4%.
- NGL and refined products terminal volumes were up 4%.
- NGL exports were up 5%.
- Midstream gathered volumes were up more than 2%.
- In February 2025, Energy Transfer commissioned the first of eight, 10-megawatt natural gas-fired electric generation facilities to support the Partnership’s operations in Texas.
- During the first quarter of 2025, Energy Transfer commenced construction of Phase I of the Hugh Brinson Pipeline and secured all pipeline steel, which is currently being rolled in U.S. pipe mills.
Strategic Highlights
- In April 2025, Energy Transfer entered into a Heads of Agreement with MidOcean Energy (“MidOcean”) for the joint development of the Lake Charles LNG project, under which MidOcean would commit to fund 30% of the construction costs and be entitled to receive 30% of the LNG production.
- In February 2025, Energy Transfer entered into a long-term agreement with Cloudburst Data Centers, Inc. (“CloudBurst”) to provide natural gas to CloudBurst’s flagship AI-focused data center development.
- In February 2025, Energy Transfer approved construction of an additional natural gas processing plant in the Midland Basin. The Mustang Draw plant will have a processing capacity of approximately 275 MMcf/d and is expected to be in service in the second quarter of 2026.
Financial Highlights
- In April 2025, Energy Transfer announced a quarterly cash distribution of $0.3275 per common unit ($1.31 annualized) for the quarter ended March 31, 2025, which is an increase of more than 3% compared to the first quarter of 2024.
- As of March 31, 2025, the Partnership’s revolving credit facility had an aggregate $4.37 billion of available borrowing capacity.
- The Partnership continues to expect its 2025 Adjusted EBITDA to be between $16.1 billion and $16.5 billion, and its 2025 growth capital expenditures to be approximately $5 billion.
Energy Transfer benefits from a portfolio of assets with exceptional product and geographic diversity. The Partnership’s multiple segments generate high-quality, balanced earnings with no single segment contributing more than one-third of the Partnership’s consolidated Adjusted EBITDA for the three months ended March 31, 2025. The vast majority of the Partnership’s segment margins are fee-based and therefore have limited commodity price sensitivity.