Energy Transfer delivered record Q1 adj. EBITDA of $4.9B, up 20% Y/Y, with broad-based segment strength and robust distributable cash flow. Management raised 2024 EBITDA guidance to $18.2B–$18.6B and increased growth CapEx, reflecting a deep backlog of mid-teens-return, fully contracted projects. ET enhanced its moat with strategic acquisitions and long-term data center supply agreements while raising its quarterly distribution to $0.3375 per unit.