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Energy Transfer LP ET

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Morningstar’s Analysis

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Energy Transfer Can't Resist the M&A Temptation; Cutting FVE On Enable Deal

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are cutting our Energy Transfer fair value estimate to $18 per unit from $20 after the company announced plans to acquire Enable Midstream Partners in a $7 billion all-equity transaction, including assumed debt.

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Company Profile

Business Description

Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S. midcontinent region. Its pipeline network transports about 22 trillion British thermal unit per day of natural gas and 4.3 million barrels per day of crude oil. It also has gathering and processing facilities, one of the largest fractionation facilities in the U.S., and fuel distribution. Energy Transfer also owns the Lake Charles gas liquefaction facility, which it plans to convert into one of the largest LNG export facilities. It combined its publicly traded limited and general partnerships in October 2018.

Contact
8111 Westchester Drive, Suite 600
Dallas, TX, 75225
T +1 214 981-0700
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 11,421

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