Summary
Energy Transfer LP (ET) reported mixed financial results for the first quarter of 2018. Total revenues increased significantly year-over-year, driven by higher sales in NGLs, crude oil, and refined products, as well as increased gathering, transportation, and other fees. This revenue growth was partially offset by higher costs of products sold and operating expenses, leading to an increase in operating income. However, the company also recognized significant losses on extinguishments of debt and increased interest expenses. Net income attributable to partners saw a substantial increase, reflecting the strong revenue performance. The balance sheet indicates a decrease in total assets from the prior year-end, largely due to a reduction in current assets held for sale and a decrease in long-term debt.
Financial Highlights
43 data points| Revenue | $11.88B |
| Cost of Revenue | $9.24B |
| Gross Profit | $2.64B |
| SG&A Expenses | $148.00M |
| Operating Expenses | $10.78B |
| Operating Income | $1.10B |
| Interest Expense | $466.00M |
| Net Income | $363.00M |
Key Highlights
- 1Total revenues increased by 22.9% to $11.88 billion compared to $9.66 billion in the prior year period.
- 2Net income attributable to partners rose to $363 million from $239 million in the first quarter of 2017.
- 3Operating income improved significantly to $1.10 billion, up from $757 million in the prior year, driven by higher revenues across most segments.
- 4Long-term debt decreased from $43.67 billion at year-end 2017 to $41.78 billion at the end of the first quarter of 2018.
- 5The company recognized a loss of $106 million on extinguishments of debt during the quarter.
- 6Capital expenditures for the quarter totaled $1.74 billion, reflecting ongoing investments in growth projects.
- 7ETP's Segment Adjusted EBITDA increased by 30.2% to $1.88 billion, indicating strong performance in its transportation and storage operations.