Energy Transfer reported on Wednesday higher adjusted earnings for the fourth quarter 2023, and expects earnings to grow for 2024.
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The company’s adjusted EBITDA for the three months ended Dec. 31, 2023, was $3.60 billion, versus $3.44 billion for the same period last year. Energy Transfer expects its 2024 adjusted EBITDA to range between $14.5 billion and $14.8 billion, the midpoint of which would be a 7% increase from 2023.
Adjusted EBITDA in 2023 was $100 million above the high end of the company’s 2023 estimates.
For 2024, Energy Transfer’s growth capital expenditures will range from $2.4 billion to $2.6 billion, the company expects, with maintenance capital expenditures between $835 million and $865 million.
The company’s natural gas liquids (NGL) fractionation volumes and transportation volumes reached a new company record for the fourth quarter 2023, the company said. NGL exports were up more than 13%.
Crude oil transportation and terminal volumes were up 39% and 16%, respectively.
During the fourth quarter, Energy Transfer completed its previously announced merger with Crestwood Equity Partners. The merger is expected to generate $80 million of annual cost synergies by 2026 with $65 million in 2024.
In November 2023, Energy Transfer announced it entered into a nonbinding Heads of Agreement with TotalEnergies related to term crude oil offtake from its proposed Blue Marlin Offshore Port for 4 million barrels per month.
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