1. Despite strong FY24 performance, Energy Transfer's units are down 3% due to concerns over a $5 billion growth CapEx guide; 2. The recent M&A was strategically sound but primarily funded through issuing new ET units; 3. The FY25 EBITDA guidance increase of $600 million-$1 billion is strong, showing ET's strategy is working; 4. The $5 billion CapEx budget is less concerning as it focuses on optimizing existing assets and is mostly covered by cashflow.