Energy Transfer delivered a strong performance in the first quarter of 2025, reporting net income of 1.32 billion US dollars, a 7 percent increase year-over-year. Adjusted EBITDA rose 6 percent to 4.10 billion US dollars, reflecting robust growth across key operational areas including interstate natural gas, crude oil, and NGL transportation volumes.
Co-CEOs Tom Long and Mackie McCrea highlighted continued operational momentum during the company’s earnings call, noting record-high volumes in several segments and a solid foundation for long-term growth driven by increasing demand for natural gas in power generation, data centres and LNG export markets.
Energy Transfer saw year-over-year increases in transportation volumes: interstate natural gas rose by 3 percent, crude oil by 10 percent, NGL by 4 percent, and NGL exports grew by 5 percent. Midstream gathered volumes also increased by over 2 percent. Distributable Cash Flow attributable to partners remained stable at 2.3 billion US dollars.
The company invested approximately 955 million US dollars in organic growth during the quarter, primarily across the interstate, midstream and NGL & refined products segments.
Operationally, Energy Transfer commissioned the first of eight planned natural gas-fired electric generation facilities in Texas and began construction on the Hugh Brinson Pipeline. Strategically, the company advanced its LNG ambitions through a Heads of Agreement with MidOcean Energy for the Lake Charles LNG project. The agreement includes MidOcean funding 30 percent of construction costs and receiving an equivalent share of LNG production.
Lake Charles LNG also secured two major commercial agreements in April—one binding sale and purchase agreement with a Japanese utility for up to 1.0 million tonnes per annum, and a heads of agreement with a German energy company for an additional 1.0 mtpa.
In the technology sector, Energy Transfer entered into a long-term supply deal with Cloudburst Data Centres, positioning itself to capitalise on rising energy demand from AI-driven data infrastructure.
Segment results were mixed:
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Midstream: Adjusted EBITDA rose significantly to 925 million US dollars from 696 million.
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Interstate Natural Gas: Increased to 512 million US dollars from 483 million, setting volume records.
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NGL and Refined Products: Slightly decreased to 978 million US dollars from 989 million.
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Crude Oil: Fell to 742 million US dollars from 848 million.
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Intrastate Natural Gas: Declined to 344 million US dollars from 438 million.
Looking ahead, Energy Transfer expects further announcements related to data centre expansion in Texas and continued progress on LNG development. Management emphasised that the company’s integrated asset base and financial strength position it well to manage market volatility while supporting long-term growth.
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