ET - Earnings call transcript Q3 2024

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Operator

Hello, and welcome to the Energy Transfer's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to hand the call to Tom Long. Please go ahead.

Thomas Long

Thank you, operator, and good afternoon, everyone, and welcome to the Energy Transfer Third Quarter 2024 Earnings Call. after by team and be who help your today the members able joined answer management remarks. senior are questions also Mackie other McCrea of to I'm prepared our going to you the this release issued we Hopefully, earlier saw afternoon. press

growth earnings at our a contains well posted the their information the release reminder, we XX, goes we are encourage distributable to thorough I'll detail, slides results of adjusted as These refer September our upon within in to XXXX, ended as and are opportunities. website a based us XXE DCF, XXXX. our and detail as gain quarter are Exchange quarter of our discussed to or that everyone to through of in which release well As be X. MD&A our the November segment statements Securities statements file the available also assumptions to Section Also for financial look as understanding measures. reminder, forward-looking currently the will full flow, both Form and of XX-Q we of a the and tomorrow, more to a making EBITDA beliefs Act and expect cash in current non-GAAP as which meaning certain

measures a non-GAAP find You'll reconciliation of on website. our our

with Let's results. the financial start

our record through $X.XX our NGL compared the through the For volumes EBITDA pipelines adjusted oil third We third as quarter and of billion NGL for to had as of generated $X.XX billion. midstream XXXX, fractionators. of well we quarter gathering XXXX. crude

and products on the third our first refined quarter of XXXX, and billion, excluding adjusted, billion compression products Energy increased we CapEx. primarily months X crude consistent spent [indiscernible]some growth year. NGL USA capital, in and the $X.X Midstream Transfer, $X.XX segments, strong and as through pipelines. and approximately saw And the with organic partners of last exports for refined to NGL the we the addition, quarter of during In DCF was attributable volumes

were Now Adjusted start was third for by the Mariner to quarter. Refined and growth strong optimization from primarily Products. gains was as of turning This EBITDA billion million as of NGL year for to segment pipeline hedged inventory due compared We'll well lower our in results the of exports over we across $XXX XXXX. quarter billion East the which $X.XX third compared as third $XX offset with last NGL by NGL operations to the gains $X.XX in this year. quarter million recognized

million higher November in EBITDA Crestwood XXXX. for adjusted primarily The the of of Ford respectively. due Midstream, XXXX and Permian as July was Eagle and For the was addition as the million to $XXX and WTG XXXX, well the third compared increase quarter to $XXX volumes in Basin assets

from claim. in $XX addition, proceeds we the million In quarter, recognized onetime during interruption business a

SUN as Crude Oil throughput and XX%, EBITDA which assets. XXXX. For primarily $XXX third venture segment, was well transportation the higher exports, the million oil Permian to due the quarter the with of were the joint was The of formed record crude compared adjusted to oil recently Crestwood for up $XXX crude acquisition and as million increase WTG

Excluding these throughput on oil business increased X%. our acquisitions, crude base transportation

quarter adjusted $XXX was compared the $XXX Interstate for million EBITDA For segment, the million third Gas Natural to XXXX. of

to and prices utilization Run. areas demand was due This the the Gulf gas lower weaker in During spreads. pebble, and gas saw by quarter, higher dry we tramline IT offset on lower

The quarter of increase last XXXX the and maintenance operating $XXX had onetime operating expenses gas due Additionally, increased related project quarter opportunities. costs. pipeline $XXX to year. in segment, of third million million to adjusted gains recorded to benefit increased optimization expenses intrastate EBITDA was $XXX of primarily reduced million a was that natural And compared for third the approximately we to due higher primarily the in

overall capital Turning is and assets of to feet XXX in LP mentioned will capacity last have operations improve the to barrels and XXX,XXX East And downstream will upgrade announced progress. on to acquisition system plant. Integration million July, recently their combined we per day. West businesses. export additional of more we making our billion. gathering now a which completed cubic on expansions assets to ninth are have of and in synergies the our than recently for processing to the million per million continues for at bring X Products day and We in look our in-service have Basin in QX incremental combined a the we systems total to add to turning XX and of to of losses will NGL as phase processing the expected that progress organic WTG and Belvieu our underway, efficiencies will initial day. Taking the call, venture enhance of processing upgrades foot will be construction X.X the are our Permian Sunoco other Mont cubic customers. Also day Mont for our service per expected fractionation expanding design At on and our respective and anticipated $X.X Belvieu, XXXX at of growth in Permian of our mid-XXXX. is our NGL be spent This XXXX approved and enhances processing recently growth approved market expenditures oil construction capacity approximately our Transfer Terminal, barrels on in for our our in project that Refined our and which and our the and fractionator, executing to expansions. be several Energy which At the service Permian capital drive to capacity an facilities, the expect on joint capacity a good segments. the per continues Orla Midstream remains which completed Texas schedule Nederland growth approximately crude Basin. growth produced value reduce water projects, reliability, customers. No combining guidance We're while opportunities formation and primarily projects offerings integrating XXXX.

feet of construction million in Badger Basin is the Permian cubic underway. per processing Additionally, the plant XXX day

As in a service which being relocated utilize idle the Basin. expected will is an be this to mid-XXXX, in plant, Delaware reminder, that to plant is

Looking that crude to assets, of recently Permian at to from pipeline Basin add we from our completed to connection construction pipeline direct the Cushing. a a our XX-mile Midland flows

per are result, to day to a XXX,XXX our we our crude terminal Oklahoma. As transport in of Midland, now terminals approximately from oil in Cushing, barrels able Texas

the electrical around play is forecasted increasingly update meet With for generation role For and growth needs, data reliability becoming it necessity that grid natural significant a opportunities. and a gas this AI center clear important, brief helping creating power rising in demand. will

natural gas industrial pipeline footprint, positioned capitalize manufacturing intrastate decades power the and on interstate and extensive AI Transfer's for to we data the anticipated plants come. rise centers, Energy for best demand gas are and gas natural in Given to natural onshore

standpoint opportunities across Texas We natural have truly never seen from our gas this to last spread throughout demand Arizona Florida footprint or served power level opportunities and approximately only of direct our Michigan. We XXX currently plants to via a these gas-fired plants XX since from activity states states, have call. these are pull and our from connections increased in indirect with serve and

currently to consume per to in do gas aggregate in serve have had Bcf states XX power day. X could requests We XX approximately plants up loads to connect that that not we

In over data XX in addition, could data we up XX in consume centers requests states. day. have had centers loads from prospective per to aggregate These gas XX Bcf

information of purposes. the may be meter behind of optimal Many pipeline on cost determine to working reliability are and electric Some seeking to these and for proximity are still these developers connect. locations

to on in we generation X support our transfer facilities. XX-megawatt addition started construction operations and reliability increase energy In natural gas-fired for our own have and customers Texas, system electric

The expected next these first in to XXXX facilities in be be to the throughout service first is of and year, XXXX. in of service remainder with the quarter expected

them forward and to providing Nederland. We look more We CapturePoint, also like discussions Marlin our offshore optimizations, with project projects of progress the on to development bring Star ammonia at sequestration as updates and projects, and a pipe Lake carbon Warrior, Lone we hubs make closer these customer oil LNG, other Charles advance, continue Blue and project several including to growth blue FID. capture Charles on

guidance. Looking EBITDA at

We continue to $XX.X between to be adjusted billion. to $XX.X EBITDA XXXX billion expect

the multiple product our and geographic results assets these We Our offerings. products strength both a having of and excited our footprint reflect diverse the business services, and about domestically benefit demand remain of for and internationally. our the and

broad for power significantly new wide have the fuel and gas suggests future. demand will seen increase power We that consensus demand in natural of the range estimates a

plant our We data are natural needs center seeing pipelines several across increasing gas AI, by driven power of already growth. and power

that believe pipeline Given particularly demand. help our the natural companies meet one positioned Energy is the to gas and we best of network, in Texas Transfer in industry Oklahoma, this extensive

sheet a our distribution flexibility to We question. to also now leverage, remarks. our maintain balance organic further growth please growth up that with maintaining our continue our for liquidity unitholders. This allows line open concludes a the and to prepared our rate strong Operator, while equity targeted returns reducing also opportunities increasing first fund position the

Operator

from Thank with you JPMorgan. first Instructions] question comes very Tonet Jeremy Today's [Operator much.

Jeremy Tonet

you a sizable the demand for you sounds as the pretty interesting, number This XX bcf all other out seems Slide plants, of laid on it thank X and here, X, details call. pull pretty here.

this at there's start the to point this how But that operating the trend? could could do system impact having plan? uncertain this And think entering much this growth you so the granted still. a do How you leverage lot And outlook? ET see when

Marshall McCrea

years we're even transitioning going more out different natural Certainly a liquids. direction. that gas X fuels. a Jimmy, liberals gas transitioning figured is have the clearly, Mackie. we this we're very anticipated. heard And of into how out in natural We've for fossil question more we're and And

referenced. benefit footprint described feel our partnership we as looking that our very the a at we the page can assets with on So United fortunate you States, throughout as

every So rush a is pipelines. to of build and sudden data the or X follow-up chasing large last we're years, our for X of any centers all we've possible just gas been plant power or to this with on power a additional This a kind that plants. consumer -- of

So ahead curve. of the way we're

immediate And volumes delivery access like for about going and are it's to being we or through states I We the we Do are had for close showed optimum potentially our with our of most positioned they where South these ability chasing close large centers kind last power Tom's come pipeline. about to storage these fair are get to partnership last multiple looking on throughout XX comment to lot in move and to we're get plants we whether team It's pipelines excited And were our power a remarks, like necessary. We that? miles us data to own this. our are crazy ironic. first But assets. week, is are and the to X very the the almost that of those do the we within very future. excited expect they're the opportunities prepared to In throughout to storage and these our or share to of with that. of almost our through this assets, and places expect our a where to Midwest we're cities plants our just Bcf. services X facility. No. It's create already was

and these power prepared and down going proximity a most to really lot where road are system opportunities. negotiations of in data in excited our advantage those about to our of plants we're the centers is team and close well take of So

Jeremy Tonet

Pipeline within affordable an Makes was there appealing. it. just seems there. Wanted how growth Certainly I announcement expansions the I regarding move going you season forward? type parameters? and wondering, outlook could what sense. your And that Got Mississippi allocation I I guess, going open guess, CapEx guess, forward is see a gas capital reliable And along, off natural impact, South do think like of system to your

Marshall McCrea

is Mackie because population, just Yes, growth on next or day Coast gas in of again. going kind East The X another demand everything project over desperately else. enormous, Jeremy, natural by the and and this That's up years. it's of the the X is Florida that's needed

And there. so an season we do have open out

Perryville a area have of response, are kind lot Florida of tremendous a interest, enormous. forward We the to curve from

a opportunity how It's So excited involved, the of part we're think we go do of kind we growth. real premature and an possibility will very see capital there's that timing be of that. on a and but that there, of we way

Jeremy Tonet

as what Got quick you they Permian case if see seemed your that it. need here I It could. talking for a for like egress on means there. And their quite just seems the Diamondback wondering one, like just one and Warrior, bit was it, call last recently partnership the outlined about it

wondering, sooner than here? an later you rather Just with see this event being a FID do

Marshall McCrea

if Yes, know progress. announce it. Yes. say FID, to didn't I going won't made not call I'd the last announce tremendous I said disappointed this that on certainly we be I we're We've on call, We're disappointed. but

We in We're it's but FID. push a are certain that very not market likely, producer pipeline weeks, there a also to strides. to a degree, within lot we've getting made unique It's is but a of it pull. yet,

So it's you you in energy ties directions a to well. We XX-inch where like needed. or basin, system as interstate going But two we Texas. a into all the both to It's pipeline, intrastate this. pipelines well our inches if our have almost describe think there. of as probably to markets hand pipes. It of multiple Texas, know out intrastate trying extends about Most XX-inch cartage XX that going Northeast to connected had system fourth

our We X have also of pipelines. own

lot our of a course, have upside core to of Ship XX-inch just Channel. that Pass -- ultimately Dulce. Sempra Houston as goes Katy goes XX Houston to to there And Golden Southeast, that a have we and of goes and Arthur, We of and down the that and well where pipelines Agua course, tied interstate kind to pipeline XX as we system and pipelines Texas,

third set became missing by XX-inch anticipated the offering that Bcf there flexibility X,XX XX we advantage all profitable and made ago growth we're with down So that basin at more happened just second, pipes most fourth population the really we what of up sense being Well years and what all was now. uniquely X so other take on Basin, built to markets. dramatically. producers, of happened more it and these for What first, slowed shelves when the these we're is to

we've using had of these unutilized. not a a pipes, lot -- got We're we all lot of but So idle idle, underused capacity. capacity

to is water but just I be going so go us, points all it's described. for exciting from underutilized these to this benefit and going great also that And project to a capacity to it's

-- in so weeks, FID, days to in the we to coming hope we not if locked have option to it's And purchase an actually be steel. already

a we kind good to FID, do, So that project good know that. And have of We it structuring will happening. this new and what to price the XXX,XXX anticipate than ability to add we the compression the announcing we'll in power amount are it the important, significant we return, for about of that majority anticipated with when initially, coming new we are all all we're and steel. feel a rate these a data that the get that's plants future, where where move good why on, these feed be we if more reason XXX,XXX, of that's centers we'll

get it So it's an do and finish line. important intend project to we to for us, the

Operator

next The Bank comes Jean Salisbury with from America. Ann of question

Jean Ann Salisbury

remind et possibly more band permit LNG the cetera? of status contracts, imminent, of us on assuming Lake can the Trials lifting EPC the of With you just

Marshall McCrea

at running that elected, get he's rational, FID. and me looking I'm get team reasonable country will that some we once assured this Mason to we and that Trump his people Well, and Tom

that of to got really the other parts EPC and forward. a by we've of to happened hope but optimistic a So executed, We've momentum. to We the still a financing, and our that excited is we're to business have significant We've of lot got going we'll we're contract move bring signed good do yesterday some course do. very many what need that. end that markets We've up in lot work of about new the very we year. got partners to announce help

very getting we're yes, LNG finish bullish to line. So on

Jean Ann Salisbury

one Slide more it pretty X. with West. to demand? would you meet the Can just on to that to potential do then you expand Transwestern comment on And be the looping project significant Could Or that a compression?

Marshall McCrea

there's and probably a it's lot that we not Yes. question. leave of more Everybody and going kind significantly question going your from east, answer great a But it What point. I'll to be this kind increase of pretty need can structured potential directly, for you lot to going the likely to a contracts standpoint, there's certainly gas at we move west focused a do west an maxed going point. when but we whole how the some at at for we're where projects efficiency can't volumes some kind is look are compression our out more, think the is, to more move of to

Operator

Manav is Gupta The UBS. with from next question

Manav Gupta

since is quarter the you an going? JV? things SUN And a Do been could expectations? over your How provide It's on the that. are And how progressing update the just understand completed acquisition about integration also, I'm to assets of trying you that Sorry us meet WTG. there?

Marshall McCrea

was that is with other great working were Gosh, built bullish. we existing those we issues Yes. deal some have started we even was acquisition. as We those to that would about issues said, again. some have Mackie This plants issues We're when excited plant We're identified knew we it. and I -- we a dealing the WTG we're so with through and like and closing. around we closed, so running the

incredible somebody come top to those acreage, of have now of high-quality And leased are hundreds of else, that acres top us. just dedicated thousands hundreds that of of but of to that, are future have acres We on assets. in going we to years thousands right amount will

Europe, to most asset products as don't I and of Pills, listened have job not the very mass and Joe going this terminals, done for the unbelievable also for guys for how what but feeding Carl And excited call but way well our doing GMP on us. amount with know partnership. and NuStar them, that Kim put to partnership. the acquisition the alone They there And Sunoco, going -- distribution then fine So do do here, just to morning, fit into to jumping a them NGL perfect just follow what into is their We're pipelines. of incredible an business. midstream you over as But perspective. in only that guys our they're a then about but many add bigger in you what from job what much -- great not a only a our it's an on stand a when business and downstream

Permian Dawson Basin, system assets counties in didn't County We new the those big some of and have a in where just we the pretty extensive but coincidentally, have Howard presence throughout were. a store

from a blending X. plus of was form lending case to one perfect it of in So situations. barrels, benefited producers. X just to X the This can opportunities, situation a ways. And classic One, good where of X we can parties, a identified kind offer service our pipeline feeding JV then those more system. two, where than We've already a kind those downstream benefit numerous really that is is of third exchanging we

progress excited that us. with very already the the from in the we're made great assets about we're we partners So opportunities excited integration, is the to Basin. we're Houston Sunoco They're growth partners also about diesel the line, Permian on Nolan JC and those seeing moving and on

of to a excited partnership so growing look to we with them part And and forward this it. be

Operator

Chen The with next from question comes Barclays. Theresa

Theresa Chen

the data infrastructure on first, that natural center theme feeding and Maybe gas demand.

returns. existing of in peers. the talk -- competition incremental those how But Bcf about compare question have developed the be is Can you many XX one your you just returns from much given could the that the eventually magnitude, dynamics projects one how competitive will to and that think potentially today? of types And day another I per backlog realize. of of question would what's

Marshall McCrea

rate question at is way that got projects we This hurdles meet again. the differently. I that guess Mackie our look don't of is we look any make answer to You all Yes, we return bet. that We've on sense.

aspect far revenues also sit your to in the our question, we other that projects, gosh, but We synergistic tied spot. to competitive look for are as a great as

got we we're nobody where at Worth the especially get If data look significant there's area, going the at Warrior Basin of provide huge in price influx just diameter the that can. pipe, Dallas-Fort looking can you finish Permian that of we big supply. can especially for That's line. be can could to centers, the some we just that We've if service to a these

unparalleled to state have the We ability around gas from move storage get our facilities.

and to ability our We DFW increase well area as as around down Houston. have in massive storage the storage

a So lot Yes, competition. there's going be of to

get As no. I expect that in we our said to states. We part in earlier, of considerable we're as to get And share. as other XX well do optimistic a Texas, Bcf, do fair expect

look that we we'll that we're quite we to achieve our volume. to And same and on so think return a do that the able pretty do confident we all will be of hurdles projects, significant on

Theresa Chen

this Got million budget Delaware plant. it. year, processing of point looks though a your And Midstream, it like in decreased $XXX new new there's growth terms for capital even within by spending bullet the

So added the are have you a moving project spending? decreased please? there, parts What

Dylan Bramhall

is really a total that couple Yes. There's of Dylan. looking Theresa, buckets cost when decrease. this we're at

of projects of lower at here. cost in a number all, got we've that are First coming

we're team costs. on but I a doing great there have do reduced is think stuff job some the in DMC we constructive, --

we Secondly, adding projects. stuff. several always we're Well, have

being then and hurdles have third, disciplined have there smaller that amounts We into outright or being And cancellations year. on We're to return that been scopes next due we've met. out are pushed those. reduce had not deferred really several either some

Operator

The with Research. next Keith comes question Stanley Wolfe from

Keith Stanley

on start to the LPG export Flexport Wanted project.

a ARB day have is how of capacity you you might remind be When to You how the referenced much then us exposure And contracted full the facility an would spread? phase and barrels XXX,XXX online? initial spot can mid-XXXX. in just the

Marshall McCrea

contracted, especially or But it expect the a all to XXX,XXX LPG may because question not depending agreements, bit the to there continue fully about the facility exactly built part we ethane is products excited but need to more it. are it ethane are fully through we X- the to contract for the they're agreements, little less only barrels answer of You LPG We're the for it X- little Typically, third that and as on contracted. day. a coming in part, these quarter. be to also again, But a for contracts that bit little the bet. difficult in. It's that. This track Mackie again. a is Once we the on We bit most we insatiable expect demand XX-year over fully and be PDHs all aren't world. for X-year be the ethylene ethane LPG China, demand roof all to international the there's throughout an and continues the for grow with world, just to

And We're so beyond we're stay of doing we on to we and what be are trying definitely ahead Nederland, that. at doing we're very what bullish will expanding today.

Keith Stanley

EBITDA Second gain be year the question, the end item guidance Midstream? in of Are besides for range maintained. just for insurance high was EBITDA The mindful be would quarter-over-quarter any the that in of to there down QX QX? headwinds imply on the will

Thomas Long

to is there. forecast We how out always answer quarter. But guidance conservative we don't Keith. headwinds the put Short and no. numbers you have as know, fairly out we're going as any we into the

X I one, possibly occur would So the items have baked for we anything quarter. could you. that Number optimization here's put during in the that don't back at

you if see pretty a stayed look as So But spreads views itself. pretty be look of But of you what strong. and gas we at and differing as those natural is Texas. And the staying we'll can out. how the the may move they month pretty second right down, But upon October, we're up around even now, through item they the based really see -- conservative spreads across few get present December, end volatile. can how we

again, So once another that's upside.

in, you So end that that range, you top if the will can see what X take have. depending of you clearly on those items be view we at

Operator

with Mizuho. The next Gabe question is Moreen from

Gabriel Moreen

cadence processing expansions. capacity couple additional plants Just I 'XX a of for know announcements. on had a got quick of you've question here set in

you 'XX you competitors now extent you of of back to in the announcing for the and stuff stand already you'll announcing plans Some I'm just here Q get new where curious half terms of need of in ahead think of the additions. announcing things the how a 'XX. feel be though, curve in in kind your are

Marshall McCrea

not is called on Mustang We've plants Mackie be ahead Lake Red as the online second to significantly. the the We've stay try compression also looking in we've we this other of Lake Badger will West announced increased quarter but and to coming in Basin Midland brought that's got of another Red project a construction got already just that's course fully Gabe, year. getting We that out year. under just X close be in Yes. Midland FID, Delaware. of at Yes, will Bluff other another growth. Red increasing again. the speak. kind lined on which where and are X and behind still in of process next to adding and We're the capacity our growth draw, fairly in We're WTG plant in Texas, we capacity next

about with continue are just new what that consistent future asset worried of announced the to are we've growth kind Basin, we contracted Barnett worry plays we don't in the discovered just I guess, just And base very a giving. announcing. already being and that we of that, really fortunate of big attention Basin we've and of stand others we type Woodford in We're basin. pipeline continued such or and phenomenal see that keeps Central to what out be, Permian about the have what pay the and ahead a So just what with in have

Gabriel Moreen

of the declines recovery some I And and places year, of sort like of or the about Haynesville and seen think have year this to gas maybe the terms what for dry year-on-year also, embedding if in the of that next may by that. you're half even back Haynesville some up volumes impacted extent guidance volume been prices, follow we've I'm things in into to exposure prices. in like in thinking in I just gas can wondering just

Dylan Bramhall

Yes.

the answer I'll far we diversified are to by U.S. our that. But fortunate because feel look job. Tom in do always will pipeline at when good try [indiscernible]. assets me tell the very a Let company very We we funny. by far. me it's

bit, months were And is picks so for residue were these hurt preparing the you as yes, several it referred our was if up seems numbers results example, some our interesting like just to segments, And little at crude last really looking NGL residue we look areas, and over our we you a versa. if at, vice down even and significantly. our division interstate at the pipeline within pipelines, lean areas, this for if it looking if you

together. we're you'll $XXX,XXX trunk day lining, I Rover up Bcf. But was Tiger get and on think Panhandle you and over a at around it X.X then look

in So even segments, some times. that our pipeline offsetting offset will we have embedded tough gains

back. all our So lean spreads deal, And where Rover in gas we just of some we another and there's see very more coming the signed -- well. Yes, on in now. deal our residue had on volume. XX-year gas open season those areas, of a comes know recently tightening right rich Tiger, we fact, enormous But from but we we performed Rover, reserves we've that Haynesville. long-term in significant that We're the have

lot of many Tiger have will no down fund A that full [indiscernible] worries again downstream. going future remain We grow that to to begin years and whatsoever the come. further for for and

a on very word the little hedged, areas pipelines struggle of we're the producers up where or bit, our it feel a So our I making set we struggle pipeline. we are up other is and way in little bit guess, our

Operator

with from Wells comes question Fargo. next The Michael Blum

Michael Blum

think demand, to all per on fit that with $X gas how the guess given given over growing this opportunities I Slide billion back natural X spending these think, framework gas of, billion the demand time? does that higher I to possibly wanted all could year? with you seeing your side. all trend that I you're in CapEx that go Do to the $X percolating

Dylan Bramhall

Good Yes, question. again. Bill this is

as $X think I the to we've discussed $X billion. billion

you bigger If called out and spend just $X.X lumpy a projects really some result on capital clearly the the we've even warrior spend talk that. illustrative, that, as like additional $X.X at recently cash we of be bigger number work. company that as a as look to about at, have look done we just put and added slides out, we're more bigger and getting acquisitions footprint. But run that a we recently, -- and these of can started talking looking But but a about those have that's they that as to billion flow we've rate, such the the within of it opportunities billion supports we the a

And in so any of on kind given an above can year even though timing. that's that below based framework, illustrative be we or

Michael Blum

scope of ask pipeline the project Great. Sabina where are if I list in to you a you and Slide proposed talk And wondering about X just process? the I'm that then project. could you X, the as on wanted

Marshall McCrea

year, We that bought service next barrels about assets Michael, the -- of that Sabina of X, make barrels. to Yes, back. that. actually of for Mackie. to project this will a quarter We first we excited bring twice good on anticipated is a are closing number while We Sabina amount a us. We close

X, that which opportunities So was And asset that's channel project also very And came across crackers. Sabina ship that the we're a to natural number excited over us some gets chasing there. what a of gasoline with about. we're

work to will can of excited benefit on X pipeline and got that the that first but in what quarter fully about very revenues to So do. from next we're we the year. Sabina offer start our happening flowing what's still some partnership,

Operator

Zackery question with The TPH. Van next Everen comes from

Zackery Van Everen

come gas Bcf Permian side gas online, about, now from saw the if call flowing We a Just just online system? one pipes? day. been on a X.X on and saw Matterhorn of is think recently, it, that do we when flowing other guys it's on production curious your shifting that right was the came you I Or Permian. most jump

Marshall McCrea

is Mackie. question. a It's This great

though was didn't flowing that In much it. on we there even gas fact,

for was other to We less that's it than thought news significantly our assets than direct have as far don't yes, But flowing access WTG, that. off us. as are of Matterhorn. go, But we example, those assets into So it. we that, to gas

most So assets. is that our gas of flowing own through

Zackery Van Everen

pull. you're like the idea And that of connects from and an be? all will project that is a market? that goes over cartridge that into that And South then way have what this back some maybe Interesting do some conversations possibility sounds Mississippi of note that to will mix Warrior, it it close. be very you and gas there contracting, of you Based a some you. push, supply then Got on demand going to

Marshall McCrea

we would exactly lot this where heavier question that's have towards It's the going. will our Mackie is guess Yes. it way. market option. all of little guess customers a specifics wouldn't a I I answer on than get again. bit weighted push. I your It's pool But the producer

go gas that or Gulf through from system East. looking their yes, cartage, Perryville the Tiger ability to taking they're into they'll at we're to Run our a project if have a example, For

feed are kind and assets, that. intrastate now, certainly both different So in pulling east, we'll going fill But right directions up of of a interstate. could our it lot and our potentially customers

Operator

from Sachs. The John comes with Goldman next Mickey question

John Mackay

maybe, I'm maybe crux wanted could intrastates. be a a here versus online the I Can I inter-state obviously again, go thinking on of to get back Texas it break little because X, faster what opportunity you could And like kind we little for time an in elsewhere. this Slide us everyone than to lines else. come the down what just guess what maybe Texas of probably can in is bit

trying breakdown look could that frame like. up to what Just

Dylan Bramhall

data Yes, Texas states. chasing. I statement can in there, out these move centers It's other can quicker answer so even of and move are many probably so when fair plants that at other data to and some many are companies we're There centers power many a projects so quicker that we can unrelated that looking that.

even look that the quickly if up some opportunities opportunities those of around data there there's could fairly look Arizona quickly. at as then some at may And However, in the Midwest, you some well. move move you fairly and centers,

for the along us and are -- However, cost [indiscernible] actually Texas certainly and signing and And how showing lead I projects. where as some with we're agreements far those probably we is prices of to we which these that -- that really little ability the to a plants be better support storage to bit are going feed our some out to Texas, have of some power earlier, facilities, of of data a going to we goes be off then realize little them in centers our lot are gas today. of quicker chasing down, all long-winded really going kind of move to companies gosh, some be and and will you come there's over Texas. pulling bit assets, the pulling opportunities Peter may with the answer They're grid a these but grid if of agree to But probably we units. quicker than mentioned that

John Mackay

for going your I one your of terms NGL from plants? guys you be position capacity appreciate that. about an update thinking second own just your us what give maybe what can you me. you're the versus WTG in And post to is Permian acquisition, how Could just flow

Marshall McCrea

on so built XX-inch exceed contracts which But come quickly kind now, dream and already years, Yes, X what in the the have great the be some question. we all clearly, because when whenever our X. year. years it's next and accommodate we're the line signed speak, sitting with believe, over the year we what looping that pipes. I We're haul in X and our today from years or our least we over see would at we've at or pipeline looking expanding next or on right should the pretty next to XX capacity we're be assets volumes of capacity anticipating middle what of sometime and pumps we foresee NGL next will we we good shape for process ago WTG. But as or cross we're of of and that good, point, we Lonestar additional type will continue to up adding at X these some whether X the grow, completed,

Operator

Thank I remarks. call you. Tom question-and-answer to now session. our like the would back concludes to closing Long for This turn

Marshall McCrea

on right incredible election. through the is hoping happened call order. we an believe room the I Americans, ever had about built woken to see constitution, that's and with have believe that we what have the But ask of gosh, this last on result has lot influence somebody than have fear was really sensationalized this majority refreshing, X country the gone refreshing to to And change this about start only a saying that years. believe administration And recognized least if with has a is And This it's that I earlier what that questions up what and the hours. started Before question election through that, that the Americans. is to and XX tried should was climate this in happening. don't probably this incredibly talking and the that the comfortable more greatest there's but not Mackie. our what world this mongering it, now. would guys it's we we do country, process. shocking this has country. people still They still think have of the half, They you in a I an Americans to we over country, over believe want majority Americans still what laws. And And is of about last industry at simple and to know misinformed that the come document law I'm you is country, and have

what's but come the enter. But When everything, parties many power safety enraged how the political for over they doing they and at for American insane drugs an can country process to have all that people are allow be for Look power one for willing the X dream, doing with tens an they're everything and practical them. to good last our and sick of the political years. look how coming go to are reason issues and legal administration in through one when and our so all of country. is, games You for can that is into people it you just this probably come you at them and are millions just purposes, is of of that just won't

statutes the need X a line, and matter dollars that to asking that and trying last But billions projects instead companies the get require believe being we're years, there in them be be the We're in of regulated. that reasonable, being attack are of regulation I we administration be urging can when And of have gas and hundreds onerous all honored the regulated. these parlay for permits you we are we they need be to years allow few of permits agencies that is done done periods and the that that to are years, ignored of a what not not we're asking don't go we've fresh certain a breadth going getting So to is that mean, projects just what of to I not then times of oil aren't worse, industry forward. into in in agencies. bring. Trump to line. the that anyway, buy had that mean by with at

international LNG so are last We're what's country. excited LPG. world in We're the for in needs really our for underbid we world the this the So that that our world needs that the developing for XX market days. excited excited happened about developing that's

next direction, incredible mean, So what's we year the and the spot, just turn such we blessed I for an wonderful we future to with many or all morning, years we've that that were assets and what incredible great the over Energy X of come. an an employees years last in yesterday, partnership. incredible talking have Kelsey's but especially We and that has leadership for our events a X we been have. Transfer what this the and happened happened believe fortunate

heal ago. our So back to land time we're all where and very started and happen good. years grateful to and this thankful Things it's God is and get

Unknown Analyst

for to you. forward all Bye-bye. to us. joining you Thank look We talking

Operator

has you for now participation. concluded. Thank your conference The

lines. your You disconnect may now

Energy Transfer (ET) 6 Nov 242024 Q3 Earnings call transcript