Like some other major energy companies, Energy Transfer, the Dallas company that completed a merger with Oklahoma City’s former Enable Midstream Partners in 2021, wasn’t able to match or exceed the $1.11 billion in net income it recorded in the first quarter of the year.
Instead, Energy Transfer reported net income attributable to partners of $911 million or 25 cents per unit. At the end of March, the first quarter net income per common unit was 32 cents per unit.
Second quarter adjusted EBITDA for the three months ended June 30, 2023 was $3.12 billion compared to $3.23 billion for the three months ended June 30, 2022.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended June 30, 2023 was $1.55 billion compared to $1.88 billion for the three months ended June 30, 2022. The 2Q distributable cash flow compared to $2.01 billion at the end of March.
During the second quarter of 2023, Energy Transfer’s assets continued to reach new milestones, with volumes increasing across most segments compared to the same period last year.
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- NGL fractionation volumes were up 5%, setting a new Partnership record.
- NGL transportation volumes were up 13%, setting a new Partnership record.
- Midstream gathered volumes increased 8%, setting a new Partnership record.
- Intrastate natural gas transportation volumes were up 3%, setting a new Partnership record.
- Interstate natural gas transportation volumes were up 17%.
- Crude transportation and terminal volumes were up 23% and 15%, respectively.
As to the remainder of 2023, Energy Transfer expects the full-year 2023 adjuted EBITDA to range between $13.1 billion and $13.4 billion. The company admits that’s slightly “tighter” than the previous range of $13.05 billion to $13.45 billion.