In its recently released earnings report, Energy Transfer LP (ET) has not only surpassed earnings expectations but also achieved record volumes and received credit upgrades. The company's fourth-quarter adjusted EBITDA stood at $3.6 billion, compared to $3.4 billion in the same period the previous year. Additionally, their reported EPS was $0.37, exceeding expectations of $0.29.

Throughout 2023, Energy Transfer generated an impressive adjusted EBITDA of $13.7 billion, a 5% increase from the previous year and a partnership record. The company's distributable cash flow (DCF), adjusted to partners' holdings, reached $7.6 billion, resulting in approximately $3.6 billion in excess cash flow after distributions.

The strong financial performance can be attributed to the record volumes moved across all segments, including the transportation, storage, terminal, and fractionation operations. The NGL and refined products segment showed significant growth, with adjusted EBITDA of $1 billion, driven by transportation and storage operations, lower operating expenses, and increased international demand for natural gas liquids. NGL export volumes experienced a 13% increase in the fourth quarter of 2023, and Energy Transfer maintained a 20% market share of worldwide NGL exports.

Energy Transfer's credit ratings have also seen positive changes. Standard & Poor's upgraded the company's senior unsecured credit rating to BBB with a stable outlook in the previous year. Recently, Fitch also upgraded Energy Transfer's senior unsecured credit rating to BBB with a stable outlook, reflecting the company's efforts to balance growth, improve its balance sheet, and reduce leverage.

To finance its growth and refinancing activities, Energy Transfer completed a $3 billion issuance of senior notes and $800 million of junior subordinated notes in January 2024. These funds were used to refinance existing indebtedness, redeem outstanding preferred units, and pursue general partnership purposes.

Looking ahead to 2024, Energy Transfer has provided guidance for organic growth capital expenditures between $2.4 billion and $2.6 billion. The company plans to focus on expanding export facilities, storage tanks, and processing capacity, as well as initiating various infrastructure projects to meet growing demand.

With a robust financial position and a positive market outlook, Energy Transfer predicts its adjusted EBITDA for 2024 to be between $14.5 billion and $14.8 billion. The company aims to strike a balance between pursuing new growth opportunities, reducing leverage, maintaining distribution growth, and increasing equity returns for its unit holders.

Energy Transfer's strong performance and strategic initiatives position the company well in the energy sector, allowing it to capitalize on increasing global demand for crude oil, natural gas, natural gas liquids, and refined products.

Please note that the information provided is based solely on the provided context and does not include any other external sources or opinions.