Energy Transfer LP


SKU: ET-1 Category:


Energy Transfer delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street. Notably, NGL pipelines, fractionators, and terminals for NGL and refined products witnessed unprecedented activity, while the crude segment also marked significant volumes. In tandem, intrastate and midstream segments, they have maintained volumes near peak levels. They announced a quarterly cash distribution of $0.3125 per common unit, a noticeable uptick from the $0.265 in the preceding quarter of 2022. The crude oil segment demonstrated robust performance, with adjusted EBITDA reaching $706 million. Elevated volumes on pipelines and the strategic acquisition of Lotus assets contributed significantly. Energy Transfer’s Interstate segment witnessed a surge in adjusted EBITDA, reaching $491 million compared to $409 million in the third quarter of 2022. The Gulf Run pipeline’s operational commencement in December 2022 and increased volumes across several pipelines fueled this growth. Upon closing, the acquisition of Crestwood Equity Partners is anticipated to be immediately accretive to DCF per unit. They also disclosed a non-binding HOA with TotalEnergies. The company provided insights into ongoing growth projects, including expansions in NGL export capacity at Nederland and optimization initiatives at the Marcus Hook terminal. Significant progress is reported in the Lake Charles LNG project, with negotiations ongoing for equity partnerships and LNG offtake agreements.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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