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ENERGY TRANSFER REPORTS RECORD FIRST QUARTER 2019 RESULTS WHILE DELIVERING ON CAPITAL PROJECT BACKLOG
Net income attributable to partners of $870 million, reflecting an increase over previous periods primarily due to the impact of the simplification transaction.
Record Adjusted EBITDA of $2.80 billion, up 40 percent from the first quarter of 2018.
Record Distributable Cash Flow attributable to partners of $1.66 billion, up 39 percent from the first quarter of 2018.
Distribution coverage ratio of 2.07x, yielding excess coverage of $856 million of Distributable Cash Flow attributable to partners in excess of distributions.
Placed Bayou Bridge pipeline expansion in-service in March.
Reaffirms 2019 outlook for Adjusted EBITDA of approximately $10.7 billion and capital expenditures of approximately $5 billion.
Dallas - May 8, 2019 - Energy Transfer LP (NYSE:ET) (“ET” or the “Partnership”) today reported financial results for the quarter ended March 31, 2019.
ET reported net income attributable to partners for the three months ended March 31, 2019 of $870 million, an increase of $507 million compared to the three months ended March 31, 2018. For the prior period, net income attributable to partners continues to reflect only the amount of net income attributable to the legacy Energy Transfer LP partners prior to the simplification merger transaction of ET and Energy Transfer Operating, L.P. (“ETO”) on October 19, 2018 (the “Merger”).
Adjusted EBITDA for the three months ended March 31, 2019 was $2.80 billion, an increase of $795 million compared to the three months ended March 31, 2018. Results were supported by increases in all of the Partnership’s five core segments, with record operating performance in the Partnership’s NGL and refined products and crude businesses.
Distributable Cash Flow attributable to partners, as adjusted, for the three months ended March 31, 2019 was a record $1.66 billion, an increase of $461 million compared to the three months ended March 31, 2018. The increase was primarily due to the increase in Adjusted EBITDA.
Key accomplishments and current developments:
Operational
ET is currently progressing with plans on a Bakken pipeline optimization project, which is targeted to start up in 2020.
ET is currently expanding its Permian Express pipeline system by an incremental 120,000 barrels per day. The Permian Express 4 expansion is expected to be in-service by the end of the third quarter of 2019.
ET and Phillips 66 Partners LP (“PSXP”) launched a non-binding expansion open season in April 2019 for expanded joint tariff transportation service connecting into Bayou Bridge.
ET and PSXP announced in March 2019 that the second phase of the Bayou Bridge pipeline was complete and ready for service.
Strategic
ET and Shell US LNG, LLC initiated an invitation to tender to solicit engineering, procurement and construction (EPC) bids for the Lake Charles LNG liquefaction project in May 2019.
ET announced an expanded presence in China to meet growing demand for LNG and NGL products by opening an office in Beijing in April 2019.
ET signed a non-binding letter of intent with Sunoco LP to enter into a joint venture on a diesel fuel pipeline to West Texas.
ET sold a 30 percent interest in Red Bluff Express pipeline to a subsidiary of Western Midstream Partners LP.

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The following information was filed by Energy Transfer Lp (ET) on Wednesday, May 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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