Company Reports

Energy Transfer is a diversified midstream firm moving oil, gas, natural gas liquids, and refined products. However, it only excels in a couple of areas, namely natural gas and natural gas liquids. We expect the slowest growth from the crude and NGL segments, as liquids producers have pulled back, while natural gas demand is expected to grow 20%-30% by the end of the decade.

Energy Transfer is a diversified midstream firm moving oil, gas, natural gas liquids, and refined products. However, it only excels in a couple of areas, namely natural gas and natural gas liquids. We expect the slowest growth from the crude and NGL segments, as liquids producers have pulled back, while natural gas demand is expected to grow 20%-30% by the end of the decade.

Energy Transfer delivered a 13% adjusted EBITDA surprise over PitchBook consensus, or $5.1 billion vs $4.5 billion. The NGL and Midstream segments delivered 27% and 15% year-over-year EBITDA growth. EBITDA guidance increased to $18.95 billion at the midpoint from $18.4 billion.

Energy Transfer posted first-quarter adjusted EBITDA of $4.9 billion, $400 million above the high end of PitchBook consensus. Management raised the midpoint of full-year EBITDA guidance to $18.4 billion from $17.65 billion and capital expenditure to $5.7 billion from $5.25 billion.

Energy Transfer is a diversified midstream firm moving oil, gas, natural gas liquids, and refined products. However, it only excels in a couple of areas, namely natural gas and natural gas liquids. We expect the slowest growth from the crude and NGL segments, as liquids producers have pulled back, while natural gas demand is expected to grow 20%-30% by the end of the decade.

Over the March 14-15 weekend, the US conducted large-scale strikes on Kharg Island, according to NBC News. The island houses Iran's critical crude export terminal, which ships over 90% of Iran's crude exports. We understand that the strikes focused on military targets and avoided oil infrastructure.

On March 10, a CNN source report said Iran has begun laying mines in the Strait of Hormuz. The strait is the world's most important maritime route, as about 20% of global crude volumes pass through it. While not extensive, nearly 15 million barrels per day of crude production are stranded there now.

A March 6 New York Times analysis revealed that at least 10 merchant vessels have been attacked in the Strait of Hormuz, the Persian Gulf, and the Gulf of Oman. The latter two bodies of water connect to the strait.

On Feb. 28, the US and Israel launched strikes on Iran with the goal of regime change. Brent benchmark oil prices had risen over 7% by March 2 morning trading.

The US has assembled a massive force of jet fighters and aircraft support to the Middle East. Negotiations over Iran's enrichment of uranium haven't yielded a resolution between the two nations. President Donald Trump indicated he will decide in 10 days whether to begin kinetic strikes against Iran.

Management raised 2026 guidance by $150 million to a midpoint of $17.6 billion, tied to an acquisition in the USAC partnership. Growth investment is expected to focus on natural gas, and we see ample financial capacity to participate.

Energy Transfer is a diversified midstream firm, with a moving oil, gas, and refined products. However, it only excels in a couple of areas, namely natural gas and natural gas liquids. We expect the slowest growth from the crude and NGL segments, as liquids producers have pulled back, while natural gas demand is expected to grow by 20%-30% by the end of the decade.

Energy Transfer announced the shelving of the Lake Charles project. For years it has struggled to attract the necessary offtake commitments. Simultaneously, the company announced an upsizing of the Desert Southwest pipeline, expanding it to 2.3 bcf/d from 1.5 bcf/d.

Energy Transfer is a diversified midstream firm, with a moving oil, gas, and refined products. However, it only excels in a couple areas, namely natural gas and natural gas liquids. We expect the slowest growth from the crude and NGL segments, as liquids producers have pulled back, while natural gas demand is expected to grow by 20%-30% by the end of the decade.

New projects target Energy Transfer's underutilized Dakota Access Pipeline, or DAPL, upsized natural gas pipelines, and gas supply agreements with Oracle and CloudBurst. Maintaining utilization while executing on new growth opportunities highlights the strength of the diverse asset base.

Energy Transfer is a diversified midstream firm, with a moving oil, gas, and refined products. However, it only excels in a couple areas, namely natural gas and natural gas liquids. We expect the slowest growth from the crude and NGL segments, as liquids producers have pulled back, while natural gas demand is expected to grow by 20%-30% by the end of the decade.

Energy Transfer is one of the largest midstream firms in North America with a diversified footprint across commodities. We see growth opportunities in its natural gas operations, which will benefit from rising demand.

Energy Transfer is one of the largest energy firms in the US with exposure to all types of businesses and markets, from refined products to crude oil to liquefied natural gas, through its expansive midstream network.

Energy Transfer reported $3.87 billion of adjusted EBITDA in the second quarter of 2025, mostly flat from the second quarter of 2024. Year-to-date results are on track to meet our full-year forecast.

Energy Transfer reported $4.1 billion in adjusted EBITDA and $1.32 per common unit of adjusted net income in the first quarter of 2025, both up about 6% from the first quarter of 2024 and on track to meet our full-year forecast.