Energy Transfer LP (NYSE:ET) Q4 2023 Earnings Call Transcript

Michael Blum: No, that covers it. I appreciate it. Maybe my second question, I just wanted to ask, obviously, you were very active in 2023 on the M&A front. So I wanted to just get your thoughts on what the landscape looks like in 2024 for you, and are you still kind of in digestion mode, or are you kind of ready to roll with the next deal present itself? Thanks.

Tom Long: Ready to roll. Michael, no, that is a good question. I think we’ve been saying for some time, we’ve been very consistent on our M&A discussions with everyone that we felt like it made a lot of sense in the midstream space, and you’re seeing it. You’re seeing it now. And we’re going to continue to evaluate opportunities, but the other thing that’s worth highlighting here is that we are staying very disciplined with these acquisitions to even doing someone with no premium, just doing at the market. And you can see the results. They’re accretive. They’re deleveraging. And it’s the reason why we’ve ended up with the continued growth in our distributions at the same time that our balance sheet is strengthening, and it’s showing in our ratings, et cetera. So it’s one of those where it makes sense and where it’s FID. And remember, as large as we are, there’s a lot on the FID side. So we’ll continue to evaluate and we’ll continue to look at opportunities.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Tom Long for any closing remarks.

Tom Long: Well, once again, I want to express a lot of appreciation to all of you for joining us today. We always thank you for a lot of really good questions, good dialogue, and as you can see, we’ve got a lot of really good things to talk about. And therefore, we look forward to continuing dialogue even after this call with anyone. So thank you, everyone. You all have a great day.

Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.