Energy Transfer (ET) Q2 FY25 earnings call

Energy Transfer reported a mixed Q2 FY25, with overall adjusted EBITDA growth driven by strong midstream and interstate gas performance, but offset by weakness in NGL, crude, and intrastate gas segments. The company announced significant FIDs for natural gas infrastructure, including the Desert Southwest pipeline and Hugh Brinson Phase 2, alongside NGL export and processing expansions. Management revised its full-year adjusted EBITDA guidance downwards, citing specific regional and market headwinds, while expressing strong confidence in its long-term growth trajectory from these new projects a