1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
We are raising our fair value estimate for Energy Transfer to $18.50 per unit from $18 after the company reported a $2.4 billion pretax gain from the mid-February winter storm in Texas, boosting first-quarter adjusted EBITDA to $5.0 billion and earnings to $1.21 per unit. The storm benefit was the primary driver of our fair value estimate increase. We are reaffirming our no-moat and stable moat trend.
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. It combined its publicly traded limited and general partnerships in October 2018.
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