Energy Transfer Q1 net income $1.32B, adj EBITDA $4.1B; distribution raised >3%

Energy Transfer LP

Net income $1.32B ($0.37/unit) vs $1.24B a year ago; adjusted EBITDA $4.1B vs $3.88B.
Distributable cash flow $2.31B; growth capex $955M, maintenance $165M; guidance reaffirmed: FY adj EBITDA $16.1-16.5B, capex ~$5B.
Quarterly distribution raised >3% to $0.3275/unit ($1.31 annualized).
Interstate natgas volumes record, crude oil vol +10%, NGL vol +4%, NGL exports +5%.
Strategic: HOA with MidOcean for Lake Charles LNG (30% funding for 30% LNG); approved Mustang Draw plant (275 MMcf/d, in-service Q2 2026).

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