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Energy Transfer LP ET

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Morningstar’s Analysis

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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Energy Transfer in the Right Place at the Right Time During Winter Storm; Raising FVE

Travis Miller Strategist

Analyst Note

| Travis Miller |

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.

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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. 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 Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 11,421

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