Energy Transfer Q2 net income $1.16B, Adjusted EBITDA $3.87B; Transwestern $5.3B expansion

Energy Transfer LP

Net income $1.16B vs $1.31B YoY; diluted EPS $0.32.
Adjusted EBITDA $3.87B vs $3.76B YoY; DCF $1.96B vs $2.04B.
Record volumes: crude +9%, NGL +4%, midstream gathered +10%, NGL exports +5%.
Transwestern 1.5 Bcf/d expansion costing ~$5.3B; in service Q4 2029.
Quarterly distribution raised to $0.33/unit (+3% YoY); FY25 EBITDA guidance narrowed to lower end of $16.1-16.5B.

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