Energy Transfer reports higher earnings for Q4 2023
By Stephanie Kelly
NEW YORK, Feb 14 (Reuters) - Energy Transfer reported on Wednesday higher adjusted earnings for the fourth quarter 2023, and expects earnings to grow for 2024.
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. (Reporting by Stephanie Kelly; editing by Jonathan Oatis)
