BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Energy Transfer Announces First Quarter 2024 Financial Results
Energy Transfer LP (NYSE:ET) revealed robust financial outcomes for the first quarter of 2024, showcasing substantial growth and strategic advancements in its operations.
Robust Financial Performance in Q1 2024
Energy Transfer reported a significant increase in net income for Q1 2024, with earnings reaching $1.24 billion, and net income per common unit at $0.32. The Adjusted EBITDA rose impressively to $3.88 billion from $3.43 billion in the same quarter the previous year, marking a robust growth trajectory.
Distributable Cash Flow and Capital Expenditures
The company experienced a notable increase in distributable cash flow, which climbed to $2.36 billion, up by $348 million from the first quarter of 2023. Investment in growth remained strong with capital expenditures totaling $461 million for new projects, alongside $115 million allocated for maintenance.
Operational Highlights and Volume Increases
Energy Transfer's operational performance saw remarkable increases across various segments:
- Crude oil transportation volumes surged by 44%, a record for the partnership.
- Crude oil terminal and NGL fractionation volumes increased by 10% and 11%, respectively.
- NGL exports and transportation volumes rose by approximately 6% and 5%, respectively.
- Natural gas and midstream volumes also saw increases, enhancing the company’s throughput capacity.
Strategic Developments Boosting Future Growth
The company has made strategic moves to bolster its infrastructure and service capabilities:
- The completion of the Trunkline Pipeline backhaul project added 400 MMcf/d of capacity.
- Approval of eight 10-megawatt natural gas-fired electric generation facilities set to enhance operations in Texas by 2025 and 2026.
- Two projects aimed at de-bottlenecking NGL pipelines from the Permian Basin, increasing capacity significantly.
Financial Outlook and Ratings Upgrade
Energy Transfer has adjusted its full-year 2024 Adjusted EBITDA forecast to range between $15.0 billion and $15.3 billion, reflecting an increase from earlier projections due to successful acquisitions and project developments. Moreover, the company received a credit rating upgrade to BBB by Fitch Ratings, following a similar upgrade by Standard and Poor’s in 2023.
Dividend and Debt Management
In April 2024, Energy Transfer declared a quarterly cash distribution of $0.3175 per common unit, a 3.3% increase over the previous year. The company also plans to redeem all outstanding Series E Preferred Units in May 2024, demonstrating strong fiscal management and commitment to shareholder value.
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