Energy Transfer LP: Synergy Capture from Crestwood Acquisition &

Energy Transfer LP reported robust financial results for the first quarter of 2024, generating an adjusted EBITDA of $3.9 billion, an increase from $3.4 billion in the same period of 2023. Distributable cash flow (DCF) attributable to partners was $2.4 billion, compared to $2 billion in the prior year, resulting in excess cash flow after distributions of $1.3 billion. The company announced a quarterly cash distribution of $0.3175 per common unit, up 3.3% from the previous year. Credit ratings improvements were noted, with Fitch upgrading Energy Transfer’s senior unsecured credit rating to BBB, following a similar upgrade by S&P in 2023. The company reported no outstanding borrowings under its revolving credit facility at the end of the first quarter and took steps to redeem preferred units and senior notes, improving its financial flexibility.