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Energy Transfer LP ET

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Morningstar’s Analysis

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Energy Transfers Reports Good Q3, Keeps Laser Focus on Leverage for Time Being

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Energy Transfer’s third-quarter results were good, and it reiterated its full-year EBITDA guidance with a midpoint of $13.1 billion compared with our estimate of $13.15 billion. Management said it may come in at the lower end of the range, about $12.9 billion, but we expect there to be ample marketing opportunities in this environment, particularly on the gas and natural gas liquids side that Energy Transfer should be able to capture. With its recent expansion at the Nederlands terminal, the partnership has ramped its natural gas liquids exports to a leading position, and export volumes are expected to ramp up more over the next year. We will maintain our fair value estimate and no-moat rating while we incorporate these results into our model. 

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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.

8111 Westchester Drive, Suite 600
Dallas, TX, 75225
T +1 214 981-0700
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Hard Assets
Employees 11,421