Q4 2025 Energy Transfer LP Earnings Call Transcript
Key Points
- Energy Transfer LP (ET) achieved a record adjusted EBITDA of nearly $16 billion for 2025, marking a 3% increase from 2024.
- The company recorded record volumes across its interstate midstream NGL and crude segments, as well as record NGL exports from its Nederland and Marcus Hook terminals.
- Energy Transfer LP (ET) is investing significantly in organic growth, with a projected capital expenditure of $5 billion to $5.5 billion for 2026, focusing on enhancing natural gas assets.
- The company is actively expanding its infrastructure, including the upsizing of the Desert Southwest Pipeline Project to meet increased customer demand.
- Energy Transfer LP (ET) has secured long-term agreements with major companies like Oracle and Entergy Louisiana, indicating strong demand for its services.
- Distributable cash flow (DCF) attributable to partners decreased slightly to $8.2 billion in 2025 from $8.4 billion in 2024.
- The company faced a $58 million loss due to lower gains related to the timing of NGL and refined products inventory hedges.
- Loading delays at the Nederland terminal due to fog resulted in a $14 million impact, which is expected to be recovered in the first quarter of 2026.
- The crude oil segment experienced a decrease in adjusted EBITDA to $722 million from $760 million in the fourth quarter of 2024, primarily due to lower transportation revenues on the Bakken pipeline.
- Energy Transfer LP (ET) suspended the development of the Lake Charles LNG project, citing a focus on capital discipline and more attractive risk/return profiles elsewhere.
Good morning, and welcome to the Energy Transfer Fourth Quarter 2025 Earnings Call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Tom Long, Co-Chief Executive Officer. Please go ahead.
Thank you, operator, and good morning, everyone, and welcome to the Energy Transfer Fourth Quarter 2025 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 morning. As a reminder, our earnings release contains an update to guidance and 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
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