Energy Transfer LP

For Q1 2026, adjusted EBITDA was approximately $4.9 billion, up from approximately $4.1 billion in Q1 2025. DCF attributable to partners, as adjusted, was approximately $2.7 billion versus approximately $2.3 billion a year ago. Segment adjusted EBITDA was approximately $1.2 billion for NGL and refined products (vs. $978 million), $887 million for midstream (vs. $925 million), $869 million for crude oil (vs. $742 million), $519 million for interstate natural gas (vs. $512 million), and $437 million for intrastate natural gas (vs. $344 million). The company spent approximately $1.5 billion on organic growth capital in the quarter. Full-year 2026 adjusted EBITDA guidance was raised to approximately $18.2 billion-$18.6 billion from approximately $17.45 billion-$17.85 billion, and organic growth capital guidance was raised to approximately $5.5 billion-$5.9 billion from approximately $5.0 billion-$5.5 billion.

Tom Long emphasized that the quarter showed Energy Transfer’s assets are well positioned to capture volatility and market disruptions. He highlighted strong first-quarter performance, a large pipeline of contracted growth projects, and the ability to capture upside from optimization, while saying the company remains focused on completing projects safely, on time, and on budget. His tone was confident and constructive, with repeated references to long-term growth, capital discipline, and the company’s broad footprint across supply basins and demand centers.

Dylan Bramhall said the company beat internal plan by more than $500 million in Q1, and about $300 million of that was likely one-time in nature, though he noted Energy Transfer sees similar benefits often. He said the guidance raise reflects continued outperformance across most segments and that the midpoint assumes a conservative commodity price deck; if prices stay near current levels, results could land at the high end or above. He also pointed to drivers including volumes, rates, spreads, and the contribution of new projects, while reinforcing the company’s long-term leverage target of 4 to 4.5x EBITDA and annual distribution growth target of 3% to 5%.

Analysts pressed management on the impact of Middle East conflict on producer behavior, commodity flows, and export demand. Management said the situation is increasing interest in U.S. energy supplies and could lead to more drilling and higher demand for Energy Transfer’s infrastructure, but they also acknowledged they are not expecting a sudden rush in activity. Questions also focused on Desert Southwest, Springerville, FGT, DAPL Canadian crude, ethane exports, and Bayou Bridge; management said these projects are largely backed by long-term contracts or clear demand, with several still awaiting FID or customer elections.